When it comes to filling a vacant rental property, the aim of the game is simple: list your property and attract the best tenants, as quick as you can.
Vacant rental properties can often mean money down the drain - and no landlord wants that!
If you are a seasoned landlord, you probably have a standard way you market and list your properties that you can fall back on when tenants move out.
However, if you are new to the landlord scene, or are out of touch with the latest digital developments, our foolproof method to listing your properties and minimizing vacancies is a must-read.
Here are 4 easy steps you can follow to fill empty rentals in no time at all...
The days of posting an advertisement in your local newspaper to fill a vacant property are gone. In this digital age, there are hundreds of websites you can list your rental property on, that have a far greater reach than your local gazette.
For those landlords with a few rental properties, a great place to start can be to build your own website. Here, you can create a central hub for your property portfolio.
No matter how big your property portfolio is, advertising your property on a listing site such as Zillow, Hotpadsor Truliais a must. Zillow is one of the biggest property listing websites in the US, is free to list and receives massive amounts of traffic.
Ultimately, the right platform to list your property on will depend on the size of your property portfolio, so shop around and see what works best for you.
Writing the perfect, transparent rental listing is a real skill, but there are some basics you can nail from the outset.
Always be factual and informative in your listing so renters know what to expect and steer clear of fluffy words that don't accurately describe the property.
The trick is to be persuasive and professional, without overselling what you have to offer.
LandlordBoss has some great guides on how to create the perfect rental listing so have a read.
It doesn't matter how great your property is, if your prospective tenant can't see this, they might not give it a second look. When listing your property, you need to make a real effort to show it in the best possible light.
First impressions are so important and your rental property is no exception. Make sure that when you list the property, you use plenty of good quality images that show off your rental's best features.
You don't have to hire a professional photographer to get great photos of your property. Educate yourself on basic photography rules and make the most of natural light. If your property is unfurnished, it may pay to stage each room to make it more welcoming.
The trick with a great property listing is to be persuasive. Put yourself in your tenant's shoes and ask, based on this listing, would I want to go see this property?
Unless there is a real shortage of rental properties, most tenants would rather go see a "Warm, Sunny Two Bedroom Inner-City Apartment" over a "2 BdRm - Vacant".
Your rental listing is the perfect opportunity to show off your property's best features - if you do this right, you can attract the best tenants.
Sometimes, landlords can get lazy - especially, if they know there is a shortage of rental properties on the market. They forget the importance of customer service, can be slow to respond to prospective tenants and are just generally unpleasant to deal with.
Our advice? Don't be this landlord. What goes around comes around, and when it comes to filling a vacant property, having a good reputation as a trustworthy and reliable landlord is so important.
You never know when the market may change. Being known as a fair and honest landlord is very helpful when the market becomes saturated with rentals.
Straight from the get-go, treat your tenants with respect. Keep this in mind when you communicate with prospective tenantsand arrange rental viewings.
The best landlord/tenant relationships are built on mutual trust and professionalism. So, think like an AirBnB superhost and go the extra mile for your tenants!
Happy tenants are less likely to leave rental properties, which is great for when it comes to reducing vacancies.
Related: The Best Way to Greet New Tenants
Sometimes, vacancies are inevitable. If this does happen, think positively and don't panic.
If you are short on cash, consider listing your property on AirBnB during vacancies. AirBnb is an easy and effective way you can earn a little extra money from a vacant apartment or house. It has a customer base of over 150 million and has approximately 1.8 million bookings made a night.
Although there are some cons, such as having to furnish the property and clean it more regularly, this may be a cost-effective option.
If cash flow isn't an issue for you, it could be wise to use the time between tenants to prep your rental and make sure it is up to standard. There are many maintenance jobs that are easier to do when the property is empty.
A well-maintained property can make it easier to attract tenants and retain them - so what are you waiting for? Pick up that paintbrush and give your rental a new look.
We hope you found this blog interesting! However, do note that it should not be used as a substitute for competent legal and/or other advice from a licensed professional.
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