Five Ways To Fill A Rental Vacancy
By JD Esajian on March 29, 2019
As a landlord, it is essential to keep your unit constantly occupied. All it takes is even a brief vacancy to change everything with the property. Not only will you take a financial hit, but you will also lower your tenant standards, opening the door to greater issues.
In 2019, it is easier than ever to reach a large amount of people at once. Instead of placing a rental listing in a local newspaper and waiting for your phone to ring you can reach hundreds of people in minutes. If you start looking early enough and know the right channels to use, you should never lack for tenant options to fill a vacancy. Keeping your property filled is paramount for rental property success. Here are five tips to help find tenants and avoid a rental vacancy.
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- Social media: It is amazing just how much social media has changed our lives. Everyone has a social media routine they follow as soon as they wake up and throughout the course of their day. Regardless of how old you are and what you are using it for, you cannot ignore its power. If you have a rental property social media should be your starting point for finding new tenants. The key is to give yourself plenty of time before the end of the current lease. Don’t wait until you are in the final month of the existing lease to start your search. You should start your posting campaign at least 60 days out. It is also important to have a good set of photos to use. A brief video is even better, but at a minimum you should have photos you can use every year and on various internet and social media platforms. With just a few clicks, likes, shares and retweets you will be shocked at how many potential renters you can reach.
- Real Estate Websites: To find a tenant, you should think like one. As we stated, the way tenants find rentals has changed dramatically over the years. It wasn’t that long ago that the local classified section was the go to source. Today, it is low on the list for prospective tenants. Today, social media and the internet are the top two options. With the internet there are a handful of popular real estate specific websites, starting with Zillow. Zillow allows you to run a search with numerous filters to see exactly what is available in a specific market, price range and size. Not only should you be using Zillow, but you need to think about the quality of your post. Good pictures are key, but you also need to be descriptive and specific in your wording. In just a few minutes a prospective tenant should have all the pertinent property info without any questions and have a good feel of the property. You can also use this post on all the other various real estate websites you can think of. These sites are free to use and a great way to blanket the market.
- Bandit Signs: Social media and the internet are the obvious options for finding new tenants. However, you shouldn’t ignore the immediate market. If you own a rental, you should start with a bandit sign on the property. Bandit signs are the signs you see usually on front yards during election season. Instead of promoting a specific candidate your bandit sign can read “house for rent…” or “quality rental property”, etc. As long as you have a phone number on the bottom how you word the sign is up to you. Bandit signs can usually be bought in bulk and won’t break the bank. You can start with a few signs on the subject property then move to any other properties you own and then place in strategic locations over town. Some towns have restrictions on where you can put bandit signs, but others allow you to freely post away. All it takes is one interested person to see your sign for a bandit sign campaign to be a success.
- Existing Tenant: It is amazing how many landlords ignore their existing tenant. Towards the end of every lease, assuming things went smoothly, you should ask your tenant if there is interest in renewing. Just because they didn’t sign for an extended period doesn’t mean they don’t want to stay. If you don’t ask you can miss out on a great tenant right under your nose. If the tenant can’t or doesn’t want to extend you should ask if they know anyone that might be interested. You can even give them a small monetary incentive if they bring you a tenant. Not only does working with the existing tenant make showings easier, but they often put a good word in about you and the property.
- Word Of Mouth/ Inner Circle. Social media is great, but it is far from the only way to get the word out to your inner circle. You need to let everyone know that you have a rental property and are looking for a tenant. Email, text and word of mouth can all be effective. You would be surprised at just how much you can learn by simply listening to the people around you. At the local little league game, dance competition and school function inevitably the conversation will turn towards work and life. If the conversation allows, tell people you are an investor and have a rental property over on so and so street. You never know who is currently looking or may know someone that is.
A steady flow of quality tenants can make owning a rental property as smooth as possible. Don’t wait to find your next tenant, use this five important tips.