How to Avoid Long Term Vacancies | Oahu Property Management Tips

Posted Friday, October 16, 2020 - By Kim Grennan

 

A vacant property is expensive for owners. At Elite Pacific Properties, we work hard to limit the number of days your Oahu rental home is unoccupied. We are strategic with pricing and marketing, and we use our local market expertise to place a tenant quickly. If you’re worried about a property that won’t rent or you’re concerned about long term vacancies, contact us. We can help you earn more and spend less by avoiding the expense and the stress of vacant investment properties.

Well-Maintained Homes are Rarely Vacant for Long

This might seem pretty obvious: High quality tenants are interested in high quality properties.

An easy way to avoid vacancy is by making sure your rental home is appealing to the tenants you want to attract. It must be clean, modern, and well-maintained. Don’t be afraid to make some minor and inexpensive updates. You don’t have to do a full rehab project, but a fresh coat of paint, updated flooring, and better lighting can make a huge difference in how quickly your property is rented.

Curb appeal is also important to avoiding a long vacancy period. When you can keep your landscaping clean and healthy, and make sure the front of the property is welcoming and inviting, you’ll have a better chance of renting it out quickly. Check your exterior lighting, and make sure the parking lot or driveway should be in good condition. If someone is driving by the home or walking through the neighborhood, you want to make sure your property gets their attention.

If you want to avoid a long vacancy period, provide a great property.

Be Aggressive and Competitive with Pricing

Your price also affects whether your home is vacant or occupied.

It’s easy to overprice a home, especially if you need to earn a certain amount to offset your own costs. But, you need to understand the local market if you want to arrive at an accurate rental value. All owners want to earn the highest rent possible. Pricing your home for more than what similar properties in your area are renting for will only result in a longer vacancy.

You don’t want to leave any money on the table, so it’s important to list your home at the highest end of the rental value spectrum. But, make sure you’re not out of bounds. Spend some time analyzing market values and looking at data that reflects what other properties are earning. Price your own property at or slightly below the average if you want to rent the home out quickly.

Effective Rental Property Marketing Reduces Vacancy

If your home is priced correctly but it still remains vacant, it could be that you’re not marketing it well enough. Make sure you’re using all the available online advertising channels. Take good pictures and write a compelling and detailed ad. When prospective tenants call for more information, be responsive.

You cannot find good tenants fast unless you are aggressive with your marketing and available to show the home.

Focus on Oahu Tenant Retention

The best way to avoid vacancy is by keeping your current tenants in place. Provide a good tenant experience and a pleasant tenancy.

When you’re responsive to maintenance requests and willing to answer questions and solve problems quickly, your tenants will want to stay in place. Respond to repair requests right away, even if they’re not emergencies. Provide multiple ways for them to pay rent on time and communicate openly and transparently. Don’t lose your tenants every time a lease ends. Those vacancy and turnover expenses are hard to recover.

If you’re having trouble renting out your home quickly, contact us at Elite Pacific Properties. We’re your best Oahu property management solution.