Vacancy is one of the biggest drivers of an investment’s performance, and even one month of vacancy is about eight percent of an investor’s gross revenue. SJA Property Management is a leader in the property management industry, serving the Puget Sound area including Redmond, Bellevue, Kirkland, Seattle, and the surrounding cities. We have some ideas about how to control vacancy, and today we’re sharing five steps to help you do that.
Quality Advertising Reduces Vacancy
The content of your marketing and advertising is extremely important. You want to provide clear descriptions that give accurate details about your rental in words that are easy for readers to understand. You also want vivid pictures that make your property pop with an overall professional look. Hiring a professional photographer to capture photos of your property will always help your listing stand out. This is important, especially during slow market times.
Maximum Exposure with Online Advertising
It’s always good to load your property onto numerous websites so it’s seen by as many potential renters as possible. Zillow, Craigslist, Apartments.com, and TurboTenant are all great sites to advertise your rental. There has also been a huge increase in people using social media to show off a rental. Many leads lately have been coming from Facebook Marketplace. Social media is always a good resource to find potential tenants.
Quick Responses to Inquiries
Response time to leads is extremely important, especially during slow times. Schedule appointments for showing your property as soon as you can. Tenants have so many different options to choose from in a slow rental market. You want to be sure they find your property first and you are getting them in to see it before they fall in love with any other possibilities.
Rent-Ready Properties Rent Faster
Another thing to think about is making sure your property is rent-ready when you show it to potential renters. You always want to be sure it smells good and is clean with freshly vacuumed carpets and polished floors. Make sure the temperature inside is set at a comfortable level when you walk in. Always make sure the outside is appealing to the eyes with a freshly mowed lawn. All debris should be cleared away. These things will help potential renters envision themselves in the property, and they are more likely to choose it over any others.
Offer Tenants Incentives
If you have your property looking really good and it’s showing well and you’re being responsive to all inquiries, you can introduce some incentives to seal the deal with potential clients. Rather than lowering the rent, why not offer a $500 bonus for signing a lease? Or, you could offer a certain amount of free rent. This is huge if you are in mid-month and want someone to move in as soon as possible. Offering them a free few weeks of rent will get someone in the property quickly. It will take your property off the market, which will secure income for you at the start of the next month.
November and December are generally slower months in the market, so you have to do all you can to help the process along and find success. Doing things differently to stand out from other renters is important during this time. If you have any additional questions, please contact us at SJA Property Management.