Do Your Homework; Fill Your Vacancies
If you have empty apartments or rental homes, you are either making little profit or even losing money on them. No rental property owner can keep that up for long. So how do you fill vacancies in such a competitive market?
Do your homework. It takes diligence and research to keep up with everything that’s happening in your market—and if you don’t know what’s happening, how can you expect to stay ahead of the competition, fill your empty units, and keep making a profit?
First, research fair market rents. If you haven’t done so in a while, you might find that your rentals are priced above what tenants are willing to pay. It might be painful to lower your rents, but telling yourself it’s a temporary measure should ease it. You can always go up when it’s time to sign the next lease, so don’t let rental units sit empty because you’re charging too much.
Next, put your marketing hat on. In this economy, sharp marketing skills are absolutely vital for every business owner—including rental property owners. Appropriate, consistent, targeted marketing can make all the difference between filling vacancies and staring at your own “For Rent” signs. Study up on social marketing, keep relisting ads on Craigslist.com, and hit the streets to post fliers in neighborhood coffee shops and day care centers, if that’s what it takes to find your best tenants. Do what your competition is not willing to do.
Think about your offer. Do you have what tenants want? Are your rental units clean, bright, attractive, and well-kept? Or do you need to do some tidying up and add some new landscaping? Tenants want to live in nice places, so make sure your properties fit that description. Do you allow tenants to keep pets? If not, you might want to rethink that policy. Pets are more important to people than ever before, and if you prohibit them, you are eliminating a big section of your market. Are you welcoming and respectful to potential tenants? Maybe your approach, presentation, and interactive skills need some freshening. Take an honest look at yourself. And make sure you put a smile on your face when you’re talking to potential tenants on the phone—and of course, when you meet them for the first time.
Doing your homework in these areas will at least help you stay on top of your local market. And it could even fill some empty rental units for you!