Tips for Filling Your Vacant Units Quickly

Trying to fill rental vacancies can be challenging in a world where there are so many options for renters out there. This becomes especially challenging when you have a rental in an area that doesn’t have too many businesses or schools nearby. This article is to highlight how to make your rental stand out and rented before you can even think twice about it.

Marketing Online
The world runs on the internet these days, that is one thing that is for sure. This makes it important to know the best places on the internet to market your property to get the most traction and leads. Sites like Apartment.com, Zillow, Rently, and Rent.com are great options that renters seek out because they know and trust these sites. You can also use Airbnb or Vrbo to advertise if you are open to more short-term options. One thing to mention about the short-term rentals with Airbnb and Vrbo, however, is there are no leases involved. It is very comparable to renting a hotel room for a few nights and leaving, and thus you will most likely need a fully furnished and all-inclusive property for this to be your best option.

It is probably a safer bet to steer clear of Facebook Marketplace and Craiglist, as in the past years, it has proven to be a not-so-dependable or safe option for your rental. There are instances where listings have been duplicated and renters have been scammed because they thought they were talking with you, the owner of the building. However, you can post your listings on your company’s Facebook page, so that you can gain access to your social media following without worrying about Marketplace Scammers.

For your listings, you will want to make sure you provide a detailed description of the property, what all the rent includes, what the tenant will be responsible for, and whether it is pet-friendly or not. Taking high-quality photos is imperative in attracting attention to your unit, as well as ensuring you are taking care of the unit well.

Price the Unit Correctly & Competitively
You will need to do some research to figure out what the right price for your rental should be. Checking out what properties are in your area and the cost that they are being marketed for will give you an idea of how you should market yours. You don’t want to market it too high, or you won’t get any bites! However, marketing too low will diminish your profit margin, and no one wants that! Finding a happy medium is key to setting your rental up for success.

Follow up Timely!
When an inquiry comes through your system that a prospective tenant is interested in your rental property, you should response as quickly as possible. Chances are they are inquiring about multiple properties from multiple property management companies. Whoever takes the prospects bite first is the one who will get their attention the loudest.

Putting the prospects first will show that they will be tended to even as a tenant if they were to need assistance with their rental.

Offer Virtual and Self Tours
The global pandemic of COVID-19 paved the way for some interesting advancements when it came to remote working and living. Virtual tours are a great way for the tenant to view the unit as if they were walking through the property themselves when they were still on the couch! This is great in case someone is located far away and cannot get to the property or if someone is sick and doesn’t want to be around anyone.

Self-tours are another way for prospects to view units. If you put a lock box, specifically one that is easily controlled by property management from their phones, you can offer people who are interested in the chance to do their own tour. Whether the prospect wants to view the unit after hours or on a weekend, they can go online and request a self-tour. In most cases, it will ask for identity proof and a credit card in case any damage takes place while you are viewing. This allows for much greater flexibility for tenants and property managers.

Offer Flexible Leasing Options and Deals
If you are still not getting inquiries after polishing up your listing and offering multiple ways to view the unit, you should consider offering an optional lease term or a special offer. These can look like allowing for a shorter lease for a slight increase in rental amount or offering the first month of rent for free if the tenant signs up for a certain length of time.

It can be beneficial to offer fully furnished and all-inclusive options that allow traveling families who don’t want to carry furniture with them from place to place to have the same comfort of living in a home.

First Impressions are Important
Getting the prospect to show that they are interested in your unit is one thing, but sealing the deal when they show up to the property to view it in person, is the deal maker. Take a few moments before a showing to ensure that the house or apartment is clean, smells pleasant, and there are not any unwanted items left behind.

If there are any maintenance concerns that need to be addressed, it is best to be done prior to the potential tenant even stepping foot in the unit. You want the tenant to see the unit in its best light so that they can imagine how they will live in the space.

If there is anything special about the unit, such as a fireplace, garden tub, or balcony, you should make a note to highlight these features as you are doing your walk-through.

Make it Easy to Apply!
You will of course want your interested party to apply! Making an online option is the easiest way to do so because all screening and verifying is instant with the power of the internet. Of course, if you have someone who only can apply with a paper application, you should still have a method in place for that scenario. Not everyone is very computer savvy, nor does everyone have access to the internet. So, remaining flexible with the needs of the prospect will give you a better chance to lock in a signed lease.

There are many other ways to really reach out to the public and get your units filled with great and qualified tenants. If you are in the Ohio Valley region and you are looking for help listing your rental, give our office a call today to get the details and get your units off the market.

 

Call the Harvey Goodman Realtor office at 740-695-3131 for more information!