5 Ways to Fill a Vacant Unit ASAP
Have you been struggling to fill a vacancy for what feels like forever? How can you figure out what’s preventing you from finding the perfect tenant? Here are five "to-dos"—and one major "don't do."
Double-check your rent. Check out comparable units in your town to make sure that sticker shock isn’t scaring away potential tenants. 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?
Improve your ad. Is your headline enticing? Are the photos appealing? Do you address basic questions about the unit’s amenities, location, and availability? Is your contact information easy to find? Is the listing posted on all of the major sites?
Bring the unit up-to-date. Would the unit be more appealing with a cosmetic change or two? If new paint, carpeting, or appliances will bring in new tenants ASAP, it may be worth the upfront cost.
Consider allowing pets. Many tenants can only consider 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.
Ask other residents for referrals. 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.
Don't lower your standards. By loosening your requirements for residents, you’re increasing the probability that a bad tenant will slip through your screening process. In the end, it’s 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.
Lastly, consider hiring a property manager who has the time and expertise to fill vacancies with ease. With the right property manager in place, you won’t just find great tenants faster—you may also find that they stick around longer, too. Just click the button below to find one in your area.