Investment properties are only profitable if you have tenants to rent them out to. With rental vacancy rates at 5.7% in the second quarter of 2020, it’s important for property managers to employ certain strategies to attract potential tenants. Here are the top tips that will help you fill rental vacancies faster.
7 Helpful Tips to Fill Rental Vacancies Quickly
1. Make Sure Rental Listings Are Up-to-Date
Each time there is a vacancy on your investment property, make sure to update the rental listing to reflect the current state of the unit. Include all pertinent information such as the number of bedrooms and bathrooms, address, rent per month, move-in fees, lease terms, available amenities, application requirements, and your contact information. Having all these details listed will save you a lot of time. You won’t have to keep answering the same questions over and over.
Apart from the basic information, property managers can also attract more prospective tenants by including a description of the area. Identify nearby parks, cafés, restaurants, and other attractions. This will give prospective tenants a better idea of what it will be like to live in your rental property.
Complete and accurate listings will attract the most qualified leads to your rental property. With so many tasks and responsibilities, property managers don’t need to waste time catering to those who are not serious about renting your property.
2. Include High-Quality Photos and Videos in Your Rental Listings
Imagery is one of the most important aspects of successful advertising. In this digital age, online content with images will get 94% more views than those without.
Make sure to add high-quality photos to your rental listings. Have at least 10-20 photos that show the interiors, exteriors, communal spaces, and other relevant areas. Take the photos when there is good lighting and try to include different angles.
It’ll be even better if you can include videos in your rental listings. In light of social distancing rules, it’s advantageous to include walkthrough or 3D virtual tours of your rental property. You can still advertise to prospective tenants even if it’s not feasible to have open houses.
3. Complete Necessary Repairs, Include Upgrades
If a long-term tenant has moved out of your rental property, there may be a lot of repairs that need to be done. Take care of all the necessary repairs and replacements as soon as possible to reduce your rental turnover rate. Also, consider investing in upgrades that will make your rental property more attractive to prospective clients.
According to the 2020 Apartment Resident Preferences Report, a significant percentage of renters are interested in smart home features. For example, over 70% are interested in smart thermostats while over 60% are interested in smart lighting and smart locks. If your property has these attractive features, you’ll be able to fill rental vacancies faster.
4. Provide Incentives to Renters
Many property managers are hesitant to offer incentives because they could potentially affect overall profits. However, this is insignificant compared to the loss of rental income due to long-term vacancies.
If you want to fill rental vacancies faster, provide attractive incentives such as flexible lease terms, a free amenity (such as cable TV) for the first six months, or a discount on the first month’s rent. You can also have gifts or gift cards for each signed lease. These incentives could be the deciding factor for tenants who are still considering several other rental properties.
In addition, you can also provide incentives to current or outbound tenants for successful referrals. Your current residents are likely to know other people who would also make for good tenants. Rent discounts and free gifts can also significantly increase tenant satisfaction. The happier the tenants, the more likely there are to renew their lease contracts.
5. Advertise Your Rental Property on Multiple Channels
To get leads for rental property listings, you need to advertise on the top apartment rental sites. Here’s where to post apartment for rent listings:
- Zillow
- Trulia
- Zumper
- Craigslist
- Rent.com
- Apartments.com
- Realtor.com
- HotPads.com
- ApartmentList.com
- ApartmentGuide.com
- PadMapper.com
Apart from utilizing the best rental listing sites, there are many other channels that can help you fill rental vacancies faster. You can target prospective tenants on social media platforms such as Facebook, Instagram, and Twitter. Just make sure to use relevant keywords to optimize your social media posts.
Property managers can also consider the benefits of paid advertising. It’s one of the fastest ways to increase the visibility of your rental listings. There are many effective strategies even if you are on a budget. For example, with pay-per-click advertising, you only pay whenever a prospective tenant clicks on your listing.
6. Consider Online Tenant Screening
Even if property managers want to fill up vacancies quickly, they cannot skip the tenant screening process. This is to ensure that you are leasing your rental property to people who are financially capable and responsible.
Unfortunately, performing background checks can be quite time-consuming. If you want to speed up the process, consider an online tenant screening service. You’ll be able to fast-track the tenant screening process but at the same time, avoid the risks of leasing your rental property to difficult tenants.
7. Utilize Resources of a Property Management Company
If you are a first-time landlord, finding tenants quickly can be difficult. On top of that, you also have to deal with other essential responsibilities such as collecting rent, maintaining the premises, and managing finances.
You can significantly lighten your workload by hiring a property management company. Not only do they have resources to find prospective tenants quickly, but they will also take over the primary duties of the landlord. This is a great option for property investors who do not have the time or skills to also become a property manager.
Take on a Proactive Approach to Fill Rental Vacancies Faster
Property owners or managers must fill vacancies in order to maximize the profits of their rental property. However, depending on the state of the real estate market, finding tenants is not always that easy.
If you want to take on a more proactive approach to fill rental vacancies faster, consider these seven helpful strategies. They will help your rental property stand out, as well as increase the online visibility of your rental listings. You’ll have an easier time finding high-quality tenants who are serious about renting your property.
Need help with filling rental vacancies faster? Feel free to browse our Florida Property Management directory for the best property management companies, HOA management companies, and real estate companies in your area.
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