5 Tips That Work To Fill Vacancies – and Fast!
For landlords and property managers, nurturing a robust and consistent cash flow cycle is vital to operating a healthy business.
Few things put a cramp in that goal like vacancies, which gobble cash quickly – especially if they sit for awhile. It may be hard to predict exactly when a resident will leave, but you can predict that at some point, vacancies will happen. That means there are things that you can do to prepare for the inevitable vacancies, to maximize cash flow and minimize profit loss.
Here are five ideas that can help you fill vacancies when you want it done quickly, and right:
- Have service contractors ready to go at moment’s notice
If a resident provides very little notice of their move out, you don’t want to have to scramble to find a reliable and affordable cleaner, painter, plumber – whatever services the space needs. Consider having contractors on call ahead of time*, who understand that there might not always be a big lead time. It’s a good idea to have back-ups, too. The more quickly you get the place in order, the sooner you can move on with filling the space.
- Invest in quality photography and writing
This is not the time to shoot from the hip or cut corners. Some people skimp on pictures, taking them with poor-quality cameras or unflattering light, and throw together bare-minimum specs without much thought about what the interest-piquing aspects of the property are – don’t be that person. Hire a photographer and writer if you’re not able to take photos or communicate the benefits of the space clearly. Remember that the more attractive a property or space appears, the more quickly you’ll snag a good renter. Plus, these are pieces of marketing collateral that you’ll be able to use time and again.
- Be honest and upfront about your requirements
Think for a moment about every possible snag standing between you and a potential renter: Would you really rather they not have pets? Are you willing to accept lower credit scores, or not? Is there any wiggle room with move-in dates? Be open, honest, and upfront in your listings – that will help potential renters discern whether applying is worth their time (and yours!) or not.
- Cover your listing bases : Physical, digital, print
Make sure that you utilize every medium available: the traditional newspaper and local mailer classifieds, the online listings, the actual sign posted out front, the people in your complex who are good renters and may have interested friends and family. You never know what outlet will connect you with the right lead!
- Consider ways that you can make their move easier, while meeting your own financial and business needs
Incentives can often make or break the decision for a potential renter. A move-in special, minimal deposit, or other waived fee will likely make very little difference to you in the long run, but it can make a huge difference to residents who are often faced with especially tight budgets during a move.
If you’re already overwhelmed with your day-to-day landlord tasks, contact us! We are a professional property management team with years of service to Southern California property owners. We are here to help! Contact us.