Vacancy is one the largest controllable expense you have. In Northeast PA our vacancy is a bit higher than markets such as Denver, Co Austin, TX ect. Creating notices and building a waiting list is the best way to curb vacancy. The silent investment killer.
Make your renters give you a notice before moving out! Get your property listed asap and start collect names/phone numbers!
Notices!
In Pennsylvania there are certain laws that govern leases and the notices depending on length and different circumstances. Its pretty simple to read so here’s a link for that: 68 Pa. Cons. Stat. Ann. §§ 250.101 to 399.18 I’m not a lawyer so here’s some more https://www.legis.state.pa.us/WU01/LI/LI/US/PDF/1951/0/0020..PDF .
- So now that, that’s out of the way. Here’s what I do.
- Put in lease that it is required to give a 30 day notice before moving out. So I know whether or not they plan on renewing their lease.
- All my leases typically go month to month after the initial time period is over. In that case the required notice is 15days.
- Not all renters actually give the notice but it’s great when they do.
Creating Waiting Lists
On all my rentals I have initial listing photos. So I have photos on my phone or the cloud or wherever of the property before it is rented. I also have a description of the unit and sometime of template to easily relist my units on all apartment platforms.
- I start collecting emails and phone numbers. As people inquire I ask them a few qualifying questions and get their email and phone number for future follow up.
- Obviously you need to develop your own system but mine looks like a prebuilt message that prompts questions based on the inquiry. If I get good answers, I respond with messages to get their email ect. and to inform them more about the property.
- About a week before move out I call my waiting list and schedule showings.
- Usually I’m collecting a security deposit before the required 30day return of deposit is up from my last tenant.
Some Final Thoughts.
It is generally important for landlords to keep vacancy rates low because vacant units do not generate income. If a property has a high vacancy rate, it can be financially burdensome for the landlord and may even result in a loss of income. In addition to lost income, high vacancy rates can also lead to increased maintenance and repair costs, as vacant units are more susceptible to damage and may require more frequent cleaning and upkeep.
However, it is also important for landlords to be selective about the tenants they choose to ensure that they are responsible and will take good care of the property. It may be worthwhile for a landlord to have a higher vacancy rate for a short period of time in order to find a responsible, reliable tenant who will stay for an extended period of time.
In general, it is important for landlords to strike a balance between maintaining low vacancy rates and finding responsible, reliable tenants.
Good luck out there! Happy 2023!
