Rental property vacancies stand for lost income. Minimizing vacancies is something every landlord needs to take seriously. Otherwise, there’s no protective financial barrier between you and the rental unit expenses.
There are many running expenses that go with your rental property ownership. Repairing and maintenance seem to the obvious expenses, but even marketing and advertising take a bite out of your bank account.
Quickly accepting any potential tenants may seem like a good idea to some landlords. Welcoming unscreened tenants can create more expenses down the line. There needs to be a smarter way of filling these rental units.
In the following paragraphs, you’ll learn about ways to fill vacancies. There are many strategies to lower the tenant turnover rate while filling the empty properties. Let’s take a closer look.
Boost the tenant retention rate
Before we focus on how to find tenants, let’s see how you can keep good renters around. This way, you’ll reduce the frequency of sudden vacancies. Your regular rental income will reflect this important reduction.
Longer leases? Reduced rates!
When the time arrives for lease renewal, offer your tenants a chance to receive reduced rates. Let’s say that you discussed a renewal for a year. Instead, you can offer reduced rates when they agree to sign up for eighteen months or two years. While your profits may drop, you’ll guarantee a reduced vacancy rate and this provides great savings.
Regular maintenance and repairs
Practice a proactive mindset. Landlords that genuinely care about the rental unit’s maintenance leave a good impression. This means responding to any complaints without downplaying the issues. Nor delaying the solutions. In turn, when your tenants face attractive housing options, your behavior as a landlord might tip the scales in your favor.
Listen to your tenants
By this, we don’t necessarily mean to only respond to their complaints.
It’s no secret that every rental property needs some upgrades from time to time. Your current tenants might miss something that could be useful for future tenants as well. You can ask what they’d love to see on the property. If their proposal looks like a good investment, then you should definitely consider it. This will boost both tenant retention and the property’s appeal in the long run.
Get the word out there
Advertising is paramount. You need to let as many people know as you possibly can. Each person that receives your marketing communication raises the chance of finding a suitable tenant. Even if the particular person isn’t interested, they might know someone who’s looking for a rental home.
People are all about digital marketing these days. But what about using the power of traditional techniques? When you put out signs that say “For Rent”, you’ll immediately catch the attention of motorists and people walking by. You may use additional signs as well.
For example, you could put the first sign a bit further down the road. That sign could indicate that you are looking for tenants along with a visible arrow pointing at the rental property.
Use relevant groups, message boards, and similar digital spaces to advertise your rental units. For example, you could find Facebook groups created for sharing information about local rentals. Some landlords use social media ads to target users based on certain criteria, such as gender, location, age, and interests.
Find listing sites that allow you to advertise your property. The best part about this option is that many of the most popular listing sites are free. When you advertise on these web listing services, provide as many details about your property as possible. Some people look out for certain keywords that grab their attention.
For example, if you allow pets, then be sure to point that out in the description.
Since we live in the age of constantly cheaper digital devices, crafting videos is easier than ever. Video walkthroughs offer a view inside the property without the hassle of actually getting there. When you offer comprehensive video material, you can be sure that people who actually come to see the rental have more interest in it.
If you don’t have the confidence in making videos, hire a professional do to the job. When you have multiple rental units, you could save money on the promotional materials by bulk ordering. Ask to get all the videos from the same company or freelancer.
Copywriting skills come handy when you want to keep your rental units filled. Do more than just blatant advertising. Try to tell a story about your property that catches people’s attention. By carefully picking the right details, your potential tenants could create a story in their heads about what it’s like to live there.
How would they feel? What would it be like to invite their friends over? What do the amenities tell about their lifestyle?
How do you fill the vacancies?
You have two main options. First, you can boost the tenant retention rate. This means being a great landlord to your existing tenants. Be proactive, a good listener, and conduct regular maintenance.
Don’t be afraid to take on projects first voiced by your tenants. These upgrades could raise the rental property’s value for the next tenants as well.
The second option is to focus on marketing. Use relevant online and offline communication channels. Sometimes the easiest solution is just to use well-thought signage.
Combining great writing and attractive videos make your property stand out from the rest. You’ll definitely reap benefits from putting your creativity into action!