When a tenant moves out, it can be a bit daunting to figure out how to fill their space. Knowing where to start is an especially hard task. Here are a few tips to help you get the word out there and fill the vacancy fast.
With the ever-increasing online world, there are many ways to make your property fill quickly. Online applications allow you to screen tenants before a showing. They’re also easy to fill out and keep you organized. Tenants can also browse pictures and make sure it’s a good fit for them before getting in touch with you. Take advantage of sites such as Zillow and Craigslist to show your property to a wider audience. It’s also a good idea to make your site mobile-ready as more and more people are searching for properties on their phones.
Focus Your Marketing
Think of your ideal tenant and advertise toward that audience. Make a list of the things that make your property special and be sure to highlight them in your listing. If it’s close to a lot of shops and public transportation, say it’s great for social people. If it’s in a quiet neighborhood, advertise it as such.
Offer a Referal Program
Word of mouth is a great way to get new people into your properties. To encourage this, offer your other tenants rewards for referring their friends. You could offer them gift cards or discounts on a month’s rent. However, even if you trust the tenant that referred them, be sure to screen every applicant.
Make the Most of Property Showings
Confirm your appointment the morning before the showing, they’ll be more likely to show if they get a reminder. Include accurate, high-quality photos and detailed descriptions of the property so the applicants have a good idea of what they’ll see before they come to the showing. Afterward, be sure to follow up with those that came and see if they have any questions. Remind them they can fill out an application online.
Include the Price in the Listing
Many landlords are afraid this will deter people from looking at the listing, but this will let you know that anyone that reaches out is serious about the property. It will also keep your potential tenants informed and give time for fewer questions later.
End Your Leases Strategically
The housing market becomes slow starting in September and speeds back up starting in March. If the lease on your property ends during this busy season, it’ll be much easier to find a new tenant and you’ll get top dollar for your property. Do your best not to end a lease from September through February, as this is when the market is slowest.