How to Fill Vacant Units: 7 Steps to Take ASAP

  • 1 year ago
How to Fill Vacant Units: 7 Steps to Take ASAP

With rental vacancy rates approaching all-time lows, there’s no reason for your rental property to stand empty for very long. Yet, there will be times on your rental investment journey when you wonder where you’ll find your next tenant.

Successful real estate investment depends heavily on earning income from your rental home through comprehensive property management.

This includes setting appropriate rental rates, finding reliable tenants, ongoing rental property maintenance, and more. Keep reading to discover how to keep your rental property occupied and your tenants happy.

  1. Hire a Rental Property Management Team

Property management companies have the skills and experience to ensure your property attracts suitable tenants at the right price.

They’ll conduct extensive research into current rental prices and expectations in your area, and help you set realistic, yet profitable rental rates.

  1. Enhance Your Rental Property Maintenance

Unless you’re working with a residential property management company, your rental property may need some work before it’s tenant ready.

Updating the home’s interiors and seeing to any maintenance issues is a first step for attracting great tenants. Sustaining high standards of repair and maintenance can help you keep them in residence.

  1. Take Great Photographs

A professional photographer helps portray your investment home or apartment in the most flattering way. These images are an indispensable tool for marketing your property both online and offline.

These appealing images are what will first attract the attention of potential renters to your vacancy. They could prompt them to find out more about what you have available.

  1. Market Your Property Effectively

It makes sense that marketing your property online is the best way to reach out to these individuals.

Rental property management companies know how to get your property in front of qualified, committed tenants, using all the latest online marketing tactics.

They’ll use social media, websites, and their list of contacts to help speed up the process.

  1. Consider Going Pet-Friendly

Over 90 million Americans own pets, so you’re severely limiting your potential to attract tenants by denying access to animals.

Allowing pets onto your property does come with risks. You never know if your tenants will take steps to prevent damage or keep your property hygienic.

Regular inspections by a property manager can help allay these fears.

  1. Use the Power of Referrals

Referrals are a reliable way to fill vacant units. Let other tenants in the area know that you have a vacancy. They might know someone looking for a home in the area.

If they’re happy renting from you, they will happily refer their friends and acquaintances to you. For extra impact, you could offer an incentive such as a gift card to thank them for their efforts.

It’s easy to reach out to these potential allies with an email or text, and this marketing method can yield quick results.

  1. Make Yourself Available

Prospective tenants always have questions. Make sure you’re available to answer them.

A missed call can easily turn into a missed opportunity or cause you to lose a valuable lead.

The Easy Way to Limit Tenant Vacancies

It’s easy to see how finding tenants and keeping them can turn into a full-time job. That’s why so many property investors opt to hire a property management service to take care of this aspect.

We can assist with rental property maintenance, inspections, tenant screening, and marketing. Our team has decades of experience in finding tenants and keeping them in place.

Get in touch to discuss your needs today.

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