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9 Valuable Tips To Help Fill Vacancies Quickly

In order for an investment property to be profitable, landlords need to have a steady stream of tenants renting their units. However, this is easier said than done. With highs and lows of the real estate market, there are times when you may difficulty finding tenants to fill your vacant units. To protect your profits, here are some valuable tips for filling vacancies quickly.

 

How to Fill Vacancies in Your Rental Property

Though it may be difficult, landlords must be able to find tenants to rent their vacant units. Without rental income, landlords may end up paying out of pocket for utilities and other expenses. Thus, your investment property could turn out to be a liability. If you want to avoid these problems, consider these nine strategies for filling vacancies quickly.

 

1. Check Your Rent

If you are having problems with filling rental vacancies, it’s possible that the asking rent is too high. While landlords are free to decide how much to charge, you still want to make sure that your rent is competitively priced. Survey other rental properties to see how much they are asking for and then adjust your price. While lowering the rent might not be ideal, it’s much better than having a vacant unit for a prolonged period of time.

 

2. Start Advertising as Soon as You Receive Notice

advertising | fill rental vacanciesIn order to rent your properties faster, start advertising units as soon as you receive notice from the current tenant. This will lessen the turnover time between tenants, thereby allowing you to fill rental vacancies faster.

According to Florida’s landlord-tenant law, landlords have the right to exhibit a rental property to prospective tenants. However, you must provide the current tenant at least 12 hours’ notice prior to entry.  Your showings should also be scheduled between 7:30 am to 8 p.m.

 

3. Clean and/or Update Vacant Units

Make sure to perform a move-out inspection before your current tenant leaves. You’ll be able to see ahead of time if the unit needs extensive cleaning or if there are repairs to be made. Landlords can also use this time to plan for cosmetic upgrades. This way, you’ll be able to quickly prepare the unit after the tenant leaves. Once cleaning and other preparations are out of the way, you can proceed to showing the rental property to potential tenants. By lessening the turnover time between tenants, you’ll be able to fill rental vacancies much faster.

 

4. Make Your Listings as Detailed and Accurate as Possible

When showing vacant units, it’s natural to come across people who turn out to be unqualified or unsure about your property. If you want to fill a rental vacancy quickly, ensure that you are showing to serious and quality tenants. You can do this by making listings as detailed and as accurate as possible.

Your listings should include realistic and high-quality photos of the property, complete details about the available unit, a list of amenities available to tenants, proximity to schools, shops, or freeway, details about rent and the security deposit, your pet policy, and so on. For more efficient use of your time, try to schedule multiple showings in one day.

 

5. Utilize Online Marketing Strategies

At this day and age, landlords must know the basics of online marketing if they want to fill rental property vacancies quickly. Nevertheless, here are some online marketing strategies you can try:

  • Optimize your website for a seamless user experience
  • Improve SEO to increase online visibility
  • Ask former or current tenants to post reviews online
  • Respond to negative comments to show engagement
  • Include photos, videos, and catchy descriptions in your listings
  • Join Facebook groups for renters in your area
  • Use hashtags on Twitter or Instagram to find prospective tenants
  • Post listings on websites like Zillow, Apartments.com, Rent.com, Trulia, and Zumper

 

6. Offer Current Tenants Rewards in Exchange for Referrals

Renters are more likely to know other renters. As such, you can ask your current tenants if they have referrals for prospective tenants. If you have a great landlord-tenant relationship, they will be more than willing to help you out. However, you can also offer rewards to fill vacant units faster. If there are incentives such as gifts or discounts, your tenants will make more of an effort to refer people who are qualified to rent your vacant units.

 

7. Provide Discounts or Perks to Prospective Tenants

discount | filling rental vacanciesFilling vacancies will be easier if you offer discounts or perks to prospective clients. For instance, offering flexible lease terms, a discount on the first month’s rent, or free utilities/amenities for the first three months can make your rental property more attractive to prospective clients. This might make a small dent in your profits but it is much better than having no tenants at all. Moreover, this gesture can go a long way in building a relationship with your tenants.

 

8. Create Programs for Tenants

If there are a lot of rental properties in your area, you might want to create special programs for your tenants. You can set up a community garden for tenants, host social gatherings, or have playdates for pets or children. These programs will help your rental property stand out and thus, allow you to fill vacancies much faster. You can also strengthen relationships by fostering a sense of community within your rental property. In addition, tenants can become more loyal and more willing to renew their leases when the time comes.

 

9. Hire a Property Management Company

 Landlords don’t always have the time to look for prospective tenants. Thus, in order to fill vacancies quickly, they may end up lowering their standards or settling for unqualified tenants. This could lead to bigger problems later on such as having tenants who pay rent late or destroy your property.

If you want to fill vacancies quickly and have qualified tenants at the same time, it might be time to hire a property management company. Property managers have the time, tools, and resources to find the best tenants for your property. They can also adjust their strategies depending on if you’re looking to fill commercial property vacancies or residential units. A property management company can be a worthwhile investment for landlords who are struggling with property management tasks like finding tenants, managing maintenance and repairs, and collecting rent.

 

9 Strategies to Help You Fill Vacancies Quickly

The prospect of having vacant units can be scary. However, that doesn’t mean that landlords have to settle for less. Even if you are pressed for time, it’s still possible to find quality tenants for your rental property. Just consider these nine strategies and you’ll be able to fill vacancies quickly.

If you need help with your property, make sure to check out our online directory for property management companies, HOA management companies, and real estate agents.

 

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