4 Easy Things Landlords Can Do to Rent Vacancies

Every day or week or month a rental unit you manage remains vacant represents a loss in income for landlords, owners and property management companies. Do not let your rentals sit empty! In addition to advertising, which you obviously have to be doing, here is a list of simple things you can do to help minimze the time your rental properties remain vacant:

• Keep up the unit inside and out at all times. Keep the rental in ready to move in condition. If that means painting, polishing and landscaping, get it done. Make sure the interior of the apartment or home is as clean and bright as possible, the exterior is inviting and the yard is kept free of debris and well maintained. First impressions are critical. An owner should show pride in ownership. If you are managing property for others, make sure the homeowner understands that.
• Consider allowing pets. While it is true that unruly pets can cause damage and problems for neighbors or landlords, not allowing renters with pets shuts out a significant percentage of potential tenants. In a competitive market accepting pets could be the difference between filling your vacancy right away and having it remain vacant for weeks. You can set limits on the types of pets you will accept and/or require a pet deposit to offset any potential costs.
• Offer a referral fee to your current tenants. Many times, word of mouth is the most effective form of advertisement. A tenant who is leaving or a tenant with whom you have a solid good relationship may be able to refer additional tenants to you. Cash compensation would likely motivate them to do so.
• Offer incentives, gifts or upgrades. Offer a discount on rent, pay all utilities for the first month, give a small move in gift such as a new appliance or perform an upgrade such as adding a new dishwasher. These types of incentives attract tenants, create goodwill and can also add long term value to the unit.

Use these tips to attract new tenants, get people in the door and get your vacant rentals occupied. In slow or competitive markets, implementing these ideas can have a positive impact on your bottom line.

Related Posts: Advertising Vacant Apartments or Homes for Rent | Rental Applications 101