Achieve Zero Vacancy Rate
Your investment property should be maintained, whether rented or not. Across hundreds of properties that we manage, we typically have zero vacancies. But that rate is not something that happens overnight or happens magically. Rather, it takes day-to-day processes of follow-ups and making sure that you are staying on top of everything. So in…
Your investment property should be maintained, whether rented or not. Across hundreds of properties that we manage, we typically have zero vacancies. But that rate is not something that happens overnight or happens magically. Rather, it takes day-to-day processes of follow-ups and making sure that you are staying on top of everything. So in today’s article, we share how we achieve zero vacancy rate by maintaining well-kept properties.
#1 We don’t charge commission fees.
You might have a property manager who tries to keep the management of the properties to themselves as well as the rentals. Why are they trying to do that? It is because they make money on it by earning a commission. That commission is either paid by you, the landlord, or the tenant, or split of each one. When we say a split, typically that fee that they make is up to one month’s rent, which is a significant amount in the city of Boston. Our rents are very expensive, ranging from $2,000 to $4,000. Each time they were able to rent an apartment, that is how much they make.
It’s different with Green Ocean Property Management. With us, our property managers have salaries. These are staff members who will go out and show these units with no fee to you the landlord or to the tenants themselves. That means as the landlord, there is more money in your pocket because if tenants don’t have to pay additional fee:
- they are more likely to rent your property over someone else’s
- they are going to save more money
As your property manager, we want to help you make more money. We want to make that property as easy as possible to rent for the tenant, too. That means more demand and less chance of vacancy. So we do the rentals in-house and don’t charge on commission: not from you, the landlord, or your tenant. Plus, we will advertise and show that property. It takes a lot of time, obviously, but it is an important job to take care of your properties.
#2 We conduct weekly market comparisons.
We maintain constant conversations with you, the landlord, to ensure that you know what’s going on with your properties. We get feedback from the agent showing the property, but we also make sure that we walk through that property and see what it looks like. Are there any pets? Are there any unwanted smells? Does the front door need to be painted? You don’t want to go on a property with a bad curb appeal and prospective tenants don’t like it before they even set foot into it.
#3 We keep in touch with your residents.
Sometimes, your residents might have small little repairs that they want to get done. We want our residents to be happy so we keep our communication lines open. That is something that happens during the entire course of their occupancy. We are quick to respond to make sure our current tenants are happy with the state of the property they are renting. We do reports and ask for suggestions on how we can improve throughout the year.
If there is anything they want to say, they want to know that it is addressed. When you have prospective renters come into the property and ask, “Hey, how is the management? How is the landlord?” Your current tenants can attest and say, “They are really attentive. They listen to our needs.” It is a much different conversation than hearing, “Well, they don’t take care of things. They don’t address it.” People listen to those types of reviews, and we want our our current tenants to be our biggest proponents.
If you or anyone else you know is looking for a proactive property manager to help make sure that you achieve zero vacancy rate in any of your properties, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.
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