Have you been struggling to fill a vacancy? Whether the unit has been open a while or it's during a rental off-season, here are seven tips to help you fill your unit quickly with quality residents.
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?
Is your headline enticing? Are the photos appealing? Make sure you describe your property well. Does your listing address information about the unit's amenities, location, and availability? Ensure your contact information is easy to find and that the listing is posted on all of the major sites.
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.
Many tenants can only opt for 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. There are many things to consider when comes to allowing pets, but making the choice to welcome pets will ultimately widen the number of interested applicants.
Birds of a feather flock together, so ask your favorite tenants whether they know anyone looking for a place to live. To sweeten the deal, offer a referral bonus in return.
By loosening your requirements for residents, you're increasing the probability that a bad tenant will slip through your tenant 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.