Four Tips on Filling Rental Vacancies
Hard money lenders, here is a fact you should know. Rental vacancies are at almost its lowest rates these days in history. If there is a gap between tenants, you could easily turn the hard money investments to a non-profitable business. To avoid this happening, try the following five tips to obtain interest from prospective renters and fill vacancies as quickly as you can.
Obviously tenant turnover may cost you a big fortune every time when a tenant finishes its renting period. However it is also your best time to get everything in your property re-organized and ready for the next rental. Take advantage of this chance to check the property status, correct the unit information and update the latest photos of your property before it is try to market it for the next rental.
If any necessary repairs or upgrades are needed, try to fix it before next renters move in. Nowadays, move-in ready is more welcome to new renters, especially to those who want a new and clean place to live in.
Under most scenarios, renters will notify the property managers that they will move out at least 30 days before they actually move out. The moment that the tenants notify you or the property manager, you should start thinking about how to market your property and target prospective new tenants with interest to take over the next rental.
Remember that the best way for your property to stand out in a highly competitive renting market is to only focus on the unique and undefeatable features and amenities which set your property apart from your competitors. Instead of outreaching your property to the whole rental market, it’s more efficient and rewarding if you target only to a customized niche.
Initiate online application
Online applications are now conquering the market since an online portal simplifies the application process for both potential renters and hard money lenders. Besides, it is convenient for property owners to review the profiles of new tenants to decide on who they should rent their houses to. When the future tenants catch a glimpse of your photos and description of the property, hook them right there on the online application process. You are almost halfway on your future cooperation.
Leverage on word-of-mouth effect
Who are the best marketing ambassadors for your property? Definitely your past and current pool of renters! Leverage on their social network to target anyone who are interested in finding a property to rent by offering incentives, i.e. referrals or gift cards.