After your previous tenants have moved out, you’ll want to fill the vacancy as quickly as possible. High vacancy rates can quickly turn a highly profitable investment property into a money-losing liability.
So, how do you quickly fill your rental vacancies?
Well, the process is pretty straightforward. You need to take some steps to make sure any vacant units in your management portfolio are getting as much exposure as possible.
Here are some tips to generate traffic for a quick fill.
1. Drive traffic to your website
Be where potential renters are: online. According to a study, it was found that 72% of renters use the internet when looking for a new apartment.
It is important for property owners to create their own custom website. A custom-made website makes it easier to integrate with property management software. When done the right way, rental advertisements can be done in one easy click.
2. Increase exposure with rental advertisement syndication
This involves using property management software programs to place rental ads in key locations online. This is an efficient way of marketing your property that doesn’t require much time on your part.
You only need to create one rental ad and the tools take care of the rest. The tools will then syndicate the ad to the top rental listings sites like Realtor, Rent, Apartments, Trulia, Zillow and more.
Enticing your existing tenants to give you referrals is probably the best way to find a new tenant. But this can only work if you have a good relationship with your tenants.
Although some landlords offer incentives to their tenants, providing good property management services on its own can work pretty well. You could offer a cash incentive to any tenant who refers someone who is approved for a lease.
Once the word gets out, you should have applicants lining up for an upcoming vacancy. Better still, tenants who’ve been referred by people known to them tend to stick around much longer.
4. “For Rent” Signs
Although seemingly an old-fashioned way, “For Rent” signs still convert pretty well. They achieve something that online ads can’t. They’re very targeted. An applicant who has a reference to the area is more likely to want to stay, unlike one from a different area.
When taking this route, make sure to state “By Appointment Only” though. This is to prevent unscheduled visits.
5. Instant tenant screening
With instant rental screening, you can review a rental applicant’s qualifications and background on the spot. You only need the tenant’s name, date of birth, and social security number to find out an applicant’s eviction history, creditworthiness, and criminal background.
Other solutions require the tenant to initiate the process. This can take days, especially when the tenant is dragging their feet.
6. Place an Ad in The Local Newspaper
Although an old-school approach, newspaper ads still work. There are still a number of individuals who check their local newspaper for available rentals. Make sure to include a photo of your listing, the basic specs of the property, monthly rent, utilities, and your contact information for best results.
The tips aforementioned are great suggestions that every property owner should bear in mind to successfully fill their vacant rental properties.