You’ve got a great Tampa rental property and a tenant for the next 12 months.
But, who’s going to occupy your property after them?
Will they stay for a second year?
How do you minimize vacancies and ensure you won’t lose money in the future?
Graystone Investment Group recommends the following 3 steps for ensuring your Tampa property stays occupied. Follow these and you’ll continue collecting rental income month after month with no interruptions!
- If your current tenant is not interested in signing a second year’s lease, you’ll need to begin showing the property to potential tenants while it is still occupied. It is recommended that you do not establish personal relationships with your tenants, as this tactic becomes difficult; you may want to bother them or intrude.
- Inspect for damage BEFORE your tenant moves out. It is much easier to schedule repairs at the end of a tenant’s lease than it is at the beginning of a new tenant’s lease when they are trying to move in and get settled. Alternatively, you’ll need to schedule repairs in between leases, which may add additional time to your property’s vacancy (more money lost).
- Be aware of when your lease terms begin/end. For example, the holidays are a busy time for everyone. If you’re lease ends right before the holidays, chances are you won’t have a new tenant until after the New Year. You’re busy, vendors (such as professional cleaners) are busy, and so are potential tenants.
About Graystone Investment Group:
You can take the headache out of property management, and limit your risk of vacancies by relying on Graystone Investment Group. We provide top-notch property management and maintenance for the duration of time you own your investment. Our services are especially useful when investors own multiple pieces of property; we save them time and money.
Our team does this work at rates that are typically 30% lower than what the average contractor would charge.
For more information on investment properties and property management, feel free to contact us today.
Other Articles by Graystone Investment Group: