Filling out your vacancies may be harder than you think, and if your rental properties stay empty for too long, it could mean trouble for your finances. If you’re having trouble filling out your rentals, here are some of the best tips that successful commercial property management companies swear by:
1. Make the best listings
To attract more tenants to your rental, you need to have a good listing. Here are some tips to create high-quality listings that will surely catch the best tenants’ eyes:
- Come up with an eye-catching title for your listing
- Create well-written and detailed descriptions
- Focus on the strengths of the property but don’t lie about its weaknesses
- Upload great-looking and high-quality photos, preferably with staging
2. Start finding a tenant as soon as possible
Once your current tenant informs you that they are moving out, start looking for new tenants to replace them immediately. The earlier you start, the less time your property will remain vacant.
3. Ask your current tenants for help
Your existing tenants can be a great help when it comes to filling out a vacancy. If a tenant is moving out, offer them a monetary incentive for a successful referral. On the other hand, if a unit has been vacant for quite some time, ask the neighboring tenants to give you referrals or promote the listing for you.
4. Make the unit look attractive
Prepare your vacancy for touring by making necessary repairs and cleaning up the place, ideally right after the old tenant moves out. In this way, you are prepared whenever a potential tenant calls in for a viewing.
5. Come up with a good deal
If you’re having trouble filling out a unit, possibly because of its disadvantageous qualities or something other, try offering a deal to attract more potential renters. For example, you can offer a lease without requiring a security deposit, or you can waive the first month of rent. With a good deal right in front of them, most potential tenants would be more inclined to sign the dotted line right away.
6. Add a sign on your property
People passing by won’t know if your property is for rent unless you put up a sign. If you own a building, put up “Vacancies Available” by the front where people can see. If you own a rental house, a simple “For Rent” will do. Make sure you display your contact number and office hours as well.
7. Use social media
Social media is a powerful advertising tool; use it to your advantage. Make a Facebook page to advertise your rental properties whenever they become vacant. To widen your reach, ask friends, family, colleagues, and tenants to share your posts so they end up on the feeds of potential tenants.
No landlord wants to have their rental property to be vacant for too long because aside from profit lost, you would still have to pay for maintenance expenses even with no one living there.
To fill out your vacancies as quickly as possible, use the aforementioned tips to find more potential tenants. But if you need a little more help, don’t hesitate to contact a property management company to handle the problem for you.