Every landlord knows that vacancies mean lost money on a rental property. Not only do you lose money from rent, but many times you also have to spend money on marketing trying to fill the property. Here are a few tips to find new tenants quickly and fill every property.
Do Some Maintenance
Having a vacancy is the perfect opportunity to go into the property and see what needs to be fixed and updated. Do the walls need a new coat of paint? Maybe the dishwasher needs an update or the sink in the bathroom has a small leak. There are all things to take care of before you list the property to ensure it’s move in ready. This is also a good time to do a thorough cleaning of the rental, doing things such as deep cleaning the carpets, washing the exterior of the windows, and dusting inside the cabinets.
Update all Information
Since you’ve done all the work to make your property look completely new, it only makes sense you would want to update your pictures of the space and make sure all of your information is still correct. Good pictures can make a big difference on whether or not potential tenants will tour or apply for a property. Also, if you just updated your appliances, this would be a good thing to include in your advertising of the property.
Play Your Strengths
Figuring out what market you should advertise towards will help you find a tenant much faster than trying to appeal to every audience out there. Maybe your property caters to pet owners or is close to public transportation. Maybe your space has a backyard in a neighborhood where that’s hard to find. Or maybe you have beautiful hardwood floors and granite countertops. Whatever your appeal may be, highlight it in your advertising and be sure to point them out during tours of the property.
There are many ways to appeal to renters online, including putting listings on sites such as Zillow and Craigslist. You can also put listings on community Facebook pages to help spread the word and get more traffic to your sites. 59 percent of property shoppers now use mobile sites, so be sure to make your website mobile friendly. You can also offer a 360-degree tour of different rooms in the property so potential tenants can have a better idea of what the space looks like and what to expect when they come in for an actual tour.
Offer Move-In Specials
If you really want a tenant to move in quickly, many times move-in specials can help convince a tenant on the fence to sign a lease. These may include offering the first month’s rent for free, waiving the security fee, suggesting a lower rent in exchange for a longer lease agreement, or waiving the application fee. Small adjustments such as these could make the difference in whether or not a potential tenant chooses your property over another.