Filing a Vacancy effectively
Have you been struggling to fill a vacancy? There are ways to help figure out what’s preventing you from finding the perfect tenant? Here are a few things that can help and one to stay away from.
Check out comparable units around your area to make sure that your price isn’t scaring off possible long term tenants. You will have to consider which makes the most financial sense for you, lowering your rent a little bit to make your rental more attractive, or letting an empty unit sit on the market for another month or two. Lost cost on an empty unit can lead to having to raise the rent in the future to make up for the loss previously.
Does your advertising headline pull people in or send them away looking for more? Make sure any pictures of the property that are available are flattering, bright, and colorful. Last thing you want is for a possible tenants first impression to be drab and dark. Always make sure to describe what is around your property and mention popular locations of interest. Is your contact information easy to find? If they can’t reach you all else is pointless.
Would the unit be more appealing with a small cosmetic change or two? What should you be promoting as an attractive amenity? New paint, new carpet can go along way to bring in new tenants and could be worth the upfront cost.
Many tenants can only consider pet-friendly units that will let them bring their cat or dog along. If you’re wary of potential damage, update your lease agreement to make sure you’re covered, whether through a pet deposit or a monthly fee. Those that have pets are aware of this cost and should haven’t a problem with it.
Birds of a feather flock together. So ask your favorite tenants whether they know anyone looking for a place to live, and offer a referral bonus in return. Usually tenants will not recommend someone that might come back to haunt them but will recommend those they wish to live with long term.
Remember you don’t have to loosen your requirements for residents. You don’t want to increase the probability that a bad tenant will slip through the cracks by lowering screening standards just to fill a unit. In the end, it might be better to wait one more month to find the perfect person than to end up with someone who skips out on rent or damages the unit.