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The following was written by guest blogger Nick Baur, Founder of the South Side Investment Club.
If you’re a real estate investor seeking to increase your return on investment of a buy-and-hold property (keeper property), you might want to consider reducing the time the property is vacant. Here are seven ways that could help you reduce the vacancy rate:
1. Do Your Homework Before You Buy
Location, Location, Location… Search out the areas that have low vacancy rates. Talk to local realtors, property managers, and seasoned investors who have been renting units for over a decade before you take the plunge and buy a property.
For example, I want to own property where supply of rental properties is low, and the demand is high. I own properties in a town where the schools are in the Top 50 Schools in America. Demand for rental property is high and the average days on the market to rent are usually less than two weeks.
2. Price Your Property Correctly
If you offer a good price compared to the competing properties, it will rent faster than the other properties.
3. Make Sure Your Property is in Drop-Dead-Gorgeous Condition
All tenants want to live in a really nice home and when they are happy there, they don’t move. I had a tenant in Connecticut that loved their kitchen and bath in my rental property and lived there for 12½ years!
The house was in such great condition when I rented it to her that I never stepped foot into the house during the entire time that she rented from me.