Vacancies are a bummer. They're a drain on your wallet and on your resources. There's no need to struggle for tenants forever, Cal Bay Property Management's Scott Safadi says. Check out these five recommendations on how to fill your vacant unit as soon as possible:
1. Price check your rent. If you're charging too much, you could be scaring off potential applicants. If you're charging too little, you could discourage the kind of high quality tenant you'd like to attract from looking into your rental. Check out your competitors and make sure you're falling in the "just right" rent category.
2. Update the unit. Be honest with yourself: is the rental aesthetically pleasing? Would you want to live there? A minor splurge on new paint, carpeting or appliances can go a long way to update a unit that is past its prime. Yes, it requires some out of pocket expenses, but you'll quickly recoup the cash from the rent money you receive from a tenant.
3. Allow pets, if you don't already. Animal lovers aren't willing to sacrifice members of their families for cheap rent. Tack on a pet fee or pet rent if you must, but allow folks to move in with their beloved cats or dogs. You'll appeal to a much wider range of tenants if you do so.
4. Ask for referrals. We all have our favorite tenants: you know, the ones who pay rent on time and never keep neighbors up with loud parties or music. Chat those tenants up and ask if they know of anyone looking for a place to live. Chances are good, their friends will be just as respectful and reliable, making this tip a no brainer!
5. Take better photos. Are your advertisements lacking in the photo department? If you don't have great photos, you won't convince anyone to click over to your website, let alone apply to live on your property. Shell out the cash necessary to hire a professional photographer. The results will pay in spades!
However you decide to take initiative and fill the apartment, resist the urge to lower your standards. Great tenants will come. Saddling yourself with a messy, unreliable tenant for the next year just isn't worth it!
- Scott Safadi, Cal Bay Property Management
