We continue the exploration of methods to reduce vacancy times of your Port Royal homes for rent or Naples luxury rentals. As we said previously, if you have these kinds of properties in your portfolio, every day they stand empty costs you a lot of money.

Read on for the final 5 tips on reducing downtime for your rental portfolio.

Provide incentives. Whenever a tenant serves you notice find out why and offer them an incentive to stay. For example, if they sign for another year, offer a discount on the rent or on a couple of months rent. You could also offer a gift incentive like an extra appliance for the house. These little things can mean the different between someone leaving and staying on another year. It will cost you, but it’s much cheaper than having the property stand empty and having to find another tenant.

Provide extras. Think about providing white goods, satellite TV, upgrades, garbage disposals and the like. While luxury properties will have most of these things, offering something on top of the standard rental can convince tenants they are on to a good deal. Offering to upgrade an existing appliance or other value-add the tenant might suggest means they get to enjoy an enhanced property. It also means any subsequent tenants will too, which will help the marketability of the house.

Offer to include utilities in the rent. Another expense, but one you can make up in the rent. Removing even a small expense from a tenant can mean the difference between then leaving for somewhere more affordable or staying with you. Even if it costs you an extra few dollars a month, at least you’ll recoup it in the rent.

Get to know your tenants. If you’re a more hands-on landlord, it pays to get to know your existing tenants. Try to build up some kind of relationship with them and make sure they see you in a positive light. Use psychology, it’s a lot more difficult to leave a friend than an anonymous landlord. By being amiable and striking up conversations with your tenants you can increase their loyalty to you. Not only does it help you retain tenants, it will also improve your reputation. Word of mouth is as important in this business as in any other.

Reward existing tenants. You don’t have to offer them prizes, but refrain from increasing the rent for longer term clients as much as possible. If you have a relationship with them, subtly let them know it’s because they are longer term tenants and it’s in recognition of that.

Experience will also teach you other methods of retaining tenants or filling vacant properties quickly. The Naples luxury rentals market is a hot one, so you need every advantage you can get.

These ten ideas just for the basis of what you need to know to be a successful landlord. Keep an eye on our blog for other hints and tips of running a profitable property rental business.

Related posts:

1. Preparing Your Naples Luxury Rental for Occupancy

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