One of the greatest headaches for property managers and landlords is how to fill vacant units fast. Anytime your property is vacant, you are losing income. In some cases, it can take a really long time to find tenants willing to rent your property. On the other hand, depending on the condition of your property, it is possible to keep the property occupied at all times ensuring there is no cut in your income flow.
A great way to fill vacant units very fast is to figure out what’s preventing you from finding the perfect tenants. You also need to check the condition of your property. When you are searching for perfect tenants, it is good to know the rental markets are different; the condition of the rental market in areas such as Glendale, Beverly Hills may be totally different from what is obtainable in areas such as West Hollywood or even Santa Monica.
Read on to find out how you can fill vacant units easily:
- Compare Rents
Is your rent scaring tenants away? When you are not able to get tenants as fast as you would’ve liked, it may be that your rent is scaring them away. Compare your rents with other properties in your area.
Check if it will make financial sense to lower your rent a little so you can make your property very attractive. This option may be better than letting an empty unit sit on the market for a number of months.
- Improve the Property
Does your property looks old? Is it lacking in modern amenities? Tenants are looking for properties they will be proud of. If your property is old or lacks modern amenities, it could be the reason you are struggling to find tenants. Consider renovating the property or equipping it with more modern amenities. You can consider getting new paint, carpeting, appliances and other effective items that will bring your property up to date and make it more attractive to tenants.
- Improve Your Marketing
How are you marketing your property? You can fill vacant units faster if you have effective marketing strategies. Consider expanding the current marketing campaign or changing it entirely. If your ads are not performing, consider changing them entirely or improving them. Make sure your listing address questions about location, availability, amenities inside the unit, and other information needed by potential tenants.
Don’t forget to add your contact information so potential tenants can easily reach you. Finally, you’ll need to consider using major sites for your ads.
- Consider Allowing Pets
More families are adopting pets. You can fill vacant units faster when you allow pets such as cats or dogs. If you are wary of the damages the pets might cause, you can update your lease agreement to ensure that you are covered for any damages caused by the pet.
- Ask for Referrals
Don’t be ashamed of asking other residents for referrals, after all, birds of same feather flock together. Other residents of the building might know people searching for new units. You can go ahead and give incentive to residents that refer new tenants to your property.