Filling vacancies is a top priority for landlords and managers. When properties are all filled, you have maximum income to help you cover all your expenses, management or maintenance challenges, and also keep your property upgraded so that the properties continue to keep good residents longer and attract the most ideal residents. Without such cash flow, its so easy to go into a downward spiral of poor property upkeep, unpaid rent, evictions, and vacancies.
Property owners are losing money throughout the year from vacancies and uncollected rents (from no-pays and evictions). The goal of a business owner is to have a business that operates at maximum profit. A vacancy is costing the landlord far more money sitting empty than a minor repair being attended to. And yet many landlords have vacancies that have been sitting empty for weeks and even months, but the landlord still has minor repairs on the top of their “To-Do” list, instead of filling the vacancy.
If the properties are filled with paying residents, you can pay someone to get the repairs done and still have funds for other matters.
Just like in the restaurant business, it’s vital to “turn tables” as quickly as you can and seat new residents. In the rental business, once you have a vacancy, it is vital to fill it. The end goal is to stay on track toward building your net worth with rental properties.