Key Takeaways
- Start preparing for turnover as soon as you know a tenant plans to leave so repairs, cleaning, photography, and marketing can move forward without unnecessary gaps.
- Compare your asking rent with truly comparable Santa Monica rentals, considering location, size, condition, parking, amenities, and outdoor space rather than relying on your property’s purchase price.
- Make your listing do more work by using clear photography and specific details that help prospective renters quickly understand the property’s layout, features, and location.
- Treat the first days after listing as a critical leasing period by having the marketing ready, responding promptly, and making property viewings as convenient as practical.
A rental property that is unoccupied does not just sit idle. It incurs expenses each day. You will still pay mortgages and property taxes, alongside the insurance costs.
The rental may have other utility costs that need to be incurred as well. On top of everything else, there will not be any earnings made from the rent.
For property owners in Santa Monica, the need to attract tenants becomes very crucial. There are many rental options available; therefore, every rental property needs to be marketed very well because otherwise, it may fail to attract many tenants even if it is cheap.
Thus, the landlords should focus on minimizing vacancy and make all necessary arrangements from the beginning.
Below, the Los Angeles Property Management Group shares some correct ways to do it.
Get Started Before They Vacate
The best way to ensure that you do not have a vacant property is to have everything in place before the tenant moves out.
Once you are certain that your property will be vacated, getting organized can begin. The first thing to do is review the condition of the apartment. If you need to schedule contractors where appropriate, determine which repairs you need to order, and arrange for cleaning.
Additionally, you should prepare your marketing materials and check all important features of the property. All this is needed to cover the gap between the tenant’s move-out date and the completion of your property to get back on the market.
Determine the Rental Price Based on the Current Market
One of the most crucial decisions you will have to control once a property is ready for rent is pricing. It is also the easiest area where landlords develop emotional ties. The rental market does not take into consideration how much you purchased the property for.
Tenants compare your property to other properties available. That is why pricing should be based on the comparable rentals in the market today.
This means you should price your house based on the rental values of properties that are actually comparable in terms of location, size, condition, amenities, parking, outdoor area, level of the building, and other features.
For instance, a property near the beach will attract a completely different renter than a property located inland. Also, a property with dedicated parking will have absolutely different competitors compared to a property without this feature.
When comparable properties are being leased for less money than the rent you are asking for, this is a problem that no matter how good your photography may be will not solve.
The goal is not to set the price as low as possible. It is to identify the most competitive price the market can actually bear.
Make the Listing Reflect the Property
A potential tenant may never step on your property if your listing does not appeal to them. And this is why photography is so important. Dark and blurry out-of-focus photographs could make your otherwise good rental unit look small.
Using professional photography could be worth the cost, especially when competing in a crowded market. Make sure to show your property from the best side.
If it has big windows, display them. If it has a good kitchen, display it well. If it includes parking, mention it. If the property has an outdoor space, demonstrate how usable it actually is, too.
Write a Description Providing Real Answers
The rental listing should provide more than just “nice apartment located in the great neighborhood.” This phrase can be found in a thousand listings.
Give the prospect some useful information. Provide the layout, approximate size, number of bedrooms and bathrooms, parking, laundry, outdoor space, appliances, and other important details.
Location is critical in Santa Monica. Depending on the rental property, the tenant may value the proximity to the ocean, public transport, work centers, eateries, retail, parks, schools, or highways and other fast access routes.
Use the First Days to Your Advantage
The first days after listing a rental are of extreme importance. Your rental is fresh on the market, and potential tenants hunting for rental property are very well aware of fresh listings.
Have your pictures ready, double-check the listing, confirm the rental price, organize the showing, etc. Responding promptly to inquiries is essential. The potential tenant might have viewed three other properties and filled out applications at another location.
Make Viewings Easy
The simple fact is that filling openings is not easy sometimes because there are challenges associated with property viewings. Potential renters have work, family, and other responsibilities.
If you have a specific time for showings, it implies that you may lose many potential tenants. If you can, offer many showing times.
You can offer one or two showing windows in certain fixed intervals or sporadic appointments, or think of some other way of allowing potential tenants to see the property without unnecessary delays.
If the property is occupied, be sure to observe any necessary notice and similar privacy regulations when giving access. When the property is vacant, make sure it is clean, secure, well-lit, and fully ready for guests.
Final Thoughts
There is monetary loss associated with each empty day. However, simply filling a property for any price will not help. The best leasing strategy is positioned between these two extremes.
You aim to act fast, but you do not want to be reckless. You also want to stay competitive without offering discounts without reason.
You want the property to gain attention without making false claims. Finally, you want to have a smooth application procedure without taking away from the tenant screening. If you want help filling vacancies professionally, contact Los Angeles Property Management Group today!
Frequently Asked Questions
How Should I Decide Whether To Adjust My Asking Rent?
We recommend evaluating the asking rent against current, genuinely comparable properties rather than focusing on what you originally paid for the investment.
In Santa Monica, meaningful comparisons can include location, unit size, condition, parking, outdoor space, building characteristics, and other amenities. If comparable properties are consistently priced below yours, that may be useful feedback about your positioning.
What Should I Complete Before A Santa Monica Rental Is Vacant?
Once you know a property will become available, we recommend preparing as much as possible before the move-out date. Review the property’s condition, identify repairs or improvements that may be appropriate, arrange cleaning, and prepare accurate marketing materials in advance.
You can also confirm important property details and gather the information needed for the listing. Getting these pieces organized early can reduce the amount of time between possession and marketing.
Does Santa Monica Rent Control Affect How I Market A Vacancy?
It can, depending on the property’s status and applicable rules. Santa Monica has a rent control system, and the City maintains information about controlled units, including Maximum Allowable Rent information and registration requirements.
Owners should determine whether a particular unit is subject to rent control before setting or advertising rent and should review current City requirements when a tenancy changes.
How Can I Make Rental Showings More Effective?
We recommend reducing avoidable delays between an inquiry and an opportunity to see the property. Where practical, offering multiple showing windows can accommodate different schedules and help keep interested prospects engaged while the listing is new.
Before a showing, the property should be clean, secure, well-lit, and presented consistently with the marketing. If the property is occupied, owners and managers also need to account for applicable notice and entry requirements.
When Should I Start Marketing A Rental That Will Become Vacant?
We recommend beginning the preparation process as soon as you have reasonable certainty that the property will become available.
Photography, property details, pricing research, cleaning, repairs, and showing plans can all be organized ahead of the actual vacancy. This approach gives owners a better opportunity to have the property ready for market promptly after turnover.
