Vacant rental units take money out of landlord pockets. The sooner they can get new tenants, the better their cash flow will be. However, landlords must be careful not to compromise quality tenant screening techniques for the sake of filling the vacancy, or they will risk problems later.
The following are some effective ways to market vacant rental units and fill them quickly with desirable tenants.
1. Narrow the Marketing of Vacant Rental Units to a Specific Type of Tenant
General “For Rent” notices are commonplace, and they all begin to look the same to potential renters searching for a place to live. Make listings stand out by explaining why the vacant rental units are ideal for certain tenants. Give reasons why the location is perfect for a family, seniors or the young professional just out of college.
2. Create a Professional Looking Listing
Investing time in creating a listing with photos, lists of amenities and statistics is important for success. When a listing looks refined and professional, it will draw a higher class of tenant to the property. The landlord will gain credibility with potential renters by ensuring the listing is appealing, accurate and full of useful information.
3. Make Extensive Use of the Internet
Today’s tenants go online with their smartphones and tablets to check out listings for vacant rental units. Many are accustomed to finding what they want on social media sites and other Internet resources. Landlords should create a dynamic presence for themselves and their properties with a website or social media page such as Facebook or Pinterest.
4. Advertise Where the Tenants Are
List properties in the locations most likely to draw the kinds of tenants desired. Consider contacting the human resource departments of large employers in the area to get involved in any referral programs they might have. Some realtors specialize in relocating people and businesses; they can also be a valuable resource. Local colleges often have housing departments that will list properties for rent.
5. Streamline the Screening Process
Landlords should strive to be as fast and efficient as possible with their tenant screening. If potential renters are kept waiting too long while the process is taking place, they may decide to look elsewhere. A professional tenant screening service can offer quick turnaround on thorough background checks.
The more time and attention a landlord places on focused marketing efforts, the better their chances are of finding ideal tenants to fill vacant rental units. Time invested in creating efficient marketing and screening processes can pay off with profitable, problem-free quality tenants.