Empty units mean money lost. For every day that your unit is empty, you lose from $15 to $30 that can never be regained. Although every property manager hits a dry spell now and then, there are things you can do to prevent big losses.
Keep these tips in mind to ensure you can rent to quality tenants in a timely manner.
Make Cosmetic Repairs
This one should go without saying, but a high-quality property will attract high-quality tenants. Properties with visible wear and tear or undesirable features, such as aging fixtures and dingy appliances, won’t impress the type of reliable renter who will subsequently keep it from disrepair (and pay rent on time). Investing in repairs will pay off in the long run with a steady stream of high-quality renters.
Make Paying Easier
It’s a cash-free world out there. That’s why making your rent-payment methods electronic is so important (and attractive to quality tenants). Sending a renter to an ATM every month to grab enough cash or to dust off their rarely used checkbooks is a big turn-off in today’s marketplace.
Make Yourself Reachable
If your potential tenants can’t get a hold of you, you’ll miss out on opportunities to rent. Make sure your property management website and social profiles list the hours you keep as well as all the ways in which to reach you, including calling, texting, emailing and messaging via social media. Force yourself to check these inboxes often and respond in a timely and consistent manner to build a positive, trustworthy rapport.
Make Your Property Visible
Speaking of social media, are you displaying your units in easily searchable places? Consider uploading realistic and unedited photos (savvy tenants can tell a perfectly lit, airbrushed image from a mile away) of all areas of the property to give a potential applicant a full picture of what they’re getting into before they bother setting up a visit.
Make Time for Individual Visits
Making the time for one-on-one walk-throughs prior to leasing will greatly benefit your image with potential buyers. Great landlords attract great tenants, so putting your best foot forward is key. Make sure you stand out as a friendly face with a high level of service, both before and after you sign the lease.
Great tenants are worth the effort it takes to get your empty unit ready. The good news is these are simple things you can do that will go a long way toward attracting quality tenants, which will help you make more money in the long run.