Operating a rental property can be a great way to make income, but if your property has more vacancies than it does rented apartments, then you are potentially missing out on a lot of revenue. While sometimes multiple vacancies can be the result of a bad market, in many instances, there are steps that management can take to reduce vacancies and get more units filled. Here’s how you can reduce vacancies in your rental property.
Fix Any Issues
Remedying persistent issues can be costly, which is why so many property owners end up putting these annoying tasks off for a later date. However, you’re hurting yourself in the long run if you don’t take care of these persistent problems. Not only do you have less to offer new tenants, but there is a chance that the current tenants you have will pack up and leave at the end of their lease, especially if they made formal complaints that were never addressed.
If your laundry room is subpar, upgrade your equipment. If tenants frequently complain about mismanagement in the parking structure, then invest in parking management software to get things organized. If the floors in your building are dated or unattractive, install some attractive hardwood flooring. While these updates might feel costly, they can do wonders for improving the appeal of your property to both new and current tenants alike.
Be A Good Marketer
If you just put a sign outside of your property notifying passersby of your open house, then you shouldn’t be surprised when few potential tenants show up to view a unit. These days, online marketing drives just about every decision that consumers make, including where they’re going to live. If people don’t see it online, chances are that they won’t see it at all.
To successfully market your property, you should be posting ads across all online renting platforms. You can also use social media, particularly community- and neighborhood-oriented groups where your post is likely to be seen by many local prospective renters. Not only should you market widely, but you should market consistently. You should be updating these posts at least once a week until all of your vacancies have been filled.
Managing a rental property can be very stressful. Unlike what the uninformed might assume, it’s not a job where you just kick back and watch the money roll into your bank account. Indeed, it involves a lot of marketing, selling and repairing any issues that your tenants might have with the property. However, if you work hard, you can eliminate vacancies in your property and enjoy the maximum revenue that your investment ought to be bringing you each month.