How to Fill Vacancies in Your Rental Property

Vacancies in your rental property are at best a hassle and an annoyance and at worst a huge financial burden. Effective marketing is critical to filling vacancies – you need to advertise online, in local establishments, and put signs up on the property to attract locals. But there are some other things you can do to increase your chances of getting a good tenant moved into your property quickly.

1. Take Good Photographs, Set the Right Rental Rate, and Don’t Waste Time

There are a lot of things that you can do as the property owner to decrease the amount of time that yours units stay vacant. Acting quickly is critical. Start looking for a new tenant as soon as you get notice that one of your units will be vacant, and have a maintenance crew ready for the day that the current tenant moves out.

Always use the best photographs that you can to attract the best renters to your property. Try to take pictures of the property when it is clean and empty – prospective renters prefer clean, empty units to those with other people’s belongings in the photos. Once you take pictures, file them away so you don’t have to take new photos every time you need a new tenant.

Setting the right rental rate is critical to finding good tenants. Study comparable units for rent in your area, look at websites that have developed algorithms to help estimate rental pricing, and talk with fellow landlords about what they charge and how they set their rental rates.

2. Offer Referral Bonuses to Current Tenants & Maintenance Crews

You’ve put in the time to make sure that you have good, reliable tenants, so use this asset as a way to find new tenants. Offer your current tenants an incentive for finding you new renters. You can offer a gift card to a local restaurant, $50 cash, or money off their rent if they give you a referral that results in a viable tenant.

Maintenance and cleaning crews that work on your property can be an untapped resource for finding quality tenants. Ask if they know anybody who is looking for a place to live and offer cash or gift card incentives if they refer someone who ends up renting one of your units.

3. Put a Financial Perk in the Rental Listing

Potential tenants may choose your property over other properties if you offer an incentive. It can seem counterintuitive to put up your own money to get renters, but the small investment can pay off in a big way if you can shorten the time that your unit is vacant. You can offer things like free cable for 6 months, $100 off the first month’s rent, a $100 gift card to a local restaurant, or a 30 day guarantee that allows the renter to break their lease and move out if they are unhappy with the property in the first 30 days of their lease.

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