Keeping vacancy rates low is dependent on key services that professional property management provides, according to a nationwide survey of property managers, reports Virtual Strategy magazine.
Respondents in the study conducted by All Property Management, an online network of property management companies, cited expert tenant screening, superior customer care during tenancy, swift action against delinquent tenants, and general local market knowledge as reasons for their success.
Sixty-seven percent of companies surveyed said they typically fill a vacancy in four weeks or less. Fifty-one percent of professional managers claimed they can keep the cost of rehabbing a property between renters under $1,000.
"Rental law, maintenance requirements, accounting best practices, and how to effectively market and show a property is critical to maintaining cash flow while preserving the integrity of a rental property investment,” All Property Management CEO Reggie Brown told the magazine.
Those surveyed indicated that preventing long rental vacancies is best accomplished by professional property managers who are focused on minimizing turn-over and re-renting vacancies quickly, according to the article.