Have you been struggling to fill a vacancy for what feels like forever? How can you figure out what’s preventing you from finding the perfect tenant? Here are five “to-dos”–and one major “don’t do.”
How to Fill Vacant Units ASAP: Tip #1
Double-Check Your Rent
Check out comparable units in your town to make sure that sticker shock isn’t scaring away potential tenants. Which makes the most financial sense for you–lowering your rent a little bit to make your rental more attractive, or letting an empty unit sit on the market for another month or two?
How to Fill Vacant Units ASAP: Tip #2
Improve Your Ads
Is your headline enticing? Are the photos appealing? Does your listing address questions about the unit’s amenities, location, and availability? Is your contact information easy to find? Is the listing posted on all of the major sites?
How to Fill Vacant Units ASAP: Tip #3
Bring the Unit Up-to-Date
Would the unit be more appealing with a cosmetic change or two? Are there other attractive amenities that you should be promoting? If new paint, carpeting, appliances, and other cost-effective apartment updates will bring in new tenants ASAP, it may be worth the upfront cost.
How to Fill Vacant Units ASAP: Tip #4
Consider Allowing Pets
Many tenants can only consider pet-friendly units that will let them bring their cat or dog along. If you’re wary of potential damage, update your lease agreement to make sure you’re covered, whether through a pet deposit or a monthly fee.
How to Fill Vacant Units ASAP: Tip #5
Ask Other Residents for Referrals
Birds of a feather flock together–so ask your favorite tenants whether they know anyone looking for a place to live, and offer a referral bonus in return.
How to Fill Vacant Units ASAP: Tip #6
Don’t Lower Your Standards
By loosening your requirements for residents, you’re increasing the probability that a bad tenant will slip through your screening process. In the end, it’s better to wait one more month to find the perfect person than to end up with someone who skips out on rent or damages the unit.
Lastly, consider hiring a property manager who has the time and expertise to fill vacancies with ease. With the right property manager in place, you won’t just find great tenants faster–you may also find that they stick around longer, too. When you’re ready to start your search, All Property Management will be here to help.
Robin Burinskiy is the Senior Content Writer and Managing Editor for the All Property Management Blog and Buildium Blog. She cut her teeth as a marketing copywriter at Wayfair and TechTarget, and she spends her free time perfecting her lifestyle blog, Feather & Flint. She holds degrees in psychology, sociology, and songwriting.