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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Enjoy Albuquerque!

Fall & Winter

Balloon Fiesta

Albuquerque International Balloon Fiesta

Albuquerque is known as the hot air balloon capital of the world, and you can experience the excitement firsthand at the International Balloon Festival. The festival lasts a full week with almost 600 balloons launched every morning and balloon glows to enjoy every night. This is absolutely a must see!

Check out the Food & Brew Scene

Sopapillas are a traditional dessert in New Mexico and you can find great sopas in tons of places all over the city. For a great treat, check out Sadie’s, El Pinto, or the Church Street Café.

After your sopas, head out for some craft beers which you can find all over Albuquerque. Check out the patio at Marble Brewery or free yoga on Sundays at Red Door Brewing Company. If you’re more in the mood for dinner and drinks, you can try Nexus, Kelly’s Brew Pub, Chama River, and Canteen Brewhouse which all feature full dinner menus.

Luminaria Tour

Enjoy a bus tour of this New Mexico tradition instead of having to deal with the traffic of driving through the neighborhoods yourself. If you can’t get tickets for the bus ride, there are driving tours in Old Town, Country Club, Ridgecrest, South Valley, Barelas, North Albuquerque Acres, Nor Este, North Valley, and Sunset Memorial that you can enjoy on your own.

 River of Lights

Experience New Mexico’s largest walk-through light display with over 150 light displays, animated sculptures, and synchronized music.

Spring & Summer

Biking

 

Balloon Rides

If watching hot air balloons at the International Balloon Festival isn’t enough, you can take a balloon ride of your own in the hot air balloon capital of the world. There are more than 300 resident balloonists flying hot air balloons every day all year long.

Grab a Cup of Joe at Bike-In Coffee

This coffee shop is not your average place to grab a coffee. In order to enjoy coffee or the signature “scookie” (the marriage of a scone and a cookie), you have to arrive at the coffee shop on a bike. The shop is located just off the Paseo del Bosque Multi-Use Trail at Old Town Farm and can only be accessed by bike.

ABQ Food Fridays and Movies on the Plaza

On Fridays in the summer, Civic Plaza hosts ABQ Food Fridays that offer dinner from a different selected restaurant each week. While you’re eating dinner, there will be live bands or you can enjoy a free movie on the plaza. Different family-friendly movies show weekly. There is some seating available, but moviegoers are encouraged to bring their own chairs or blankets to sit on.

Albuquerque Isotopes Game

Summer isn’t summer without checking out a game at Isotopes Park. Most games have promotional giveaways, there is always entertainment, and you get to cheer on the home team! Plus, who can resist a team named after a Simpson’s joke?

How to Attract Good Renters

Once you have your rental property updated, clean, and ready to go, the next step is finding good renters. Part of finding good tenants is screening the tenants themselves, but it also depends on the way that you present yourself and your property. Here are some things to keep in mind when listing your property and looking for tenants.

Renter

  1. Follow Fair Housing Act rules and be very familiar with the rental laws in your area before you get started.
  2. Advertise your listing on websites that require you to pay a small fee to list with them; you can usually find a higher caliber of tenant using these sites than you can using free sites. Consider listing on social networking sites, putting fliers in grocery stores, or in breakrooms at larger companies.
  3. Make sure that your property is clean and ready to show before letting any prospective tenants in to see it. Good tenants will be more particular when viewing properties – they are your customers and you want to impress them.
  4. Write a complete and professional rental listing. Good tenants reply to good listings that have pictures and provide all the property details.
  5. Act and dress professionally when you meet with the prospective tenant or when you talk to them on the phone. Tenants that you want will respond to your professional demeanor.