Hire a professional management company.
At least that is what the statistics say. According to the article posted by AllPropertyManagement.com. According to the article, “Based on responses from 298 property management companies located in 201 cities across the US, the average annual vacancy rate for a professionally managed property is 5.5 percent, compared to the 8.8 percent national average reported by the US Census Bureau. Respondents cited expert tenant screening, superior customer care during tenancy, swift action against delinquent tenants, and general local market knowledge as reasons for their success in preventing long vacancies.” Lower vacancy means more income. By keeping a tenant in the property longer you are delaying the cost of turnkey, time vacant and the cost of leasing.
Here is a link to the article, http://www.allpropertymanagement.com/about/press-room/release/all-property-management-survey-show-professional-property-managers-reduce-rental-vacancy-rates-nearly-40-percent/
Post by John Durham