When you’ve decided to invest in owning a rental property, you’ll inevitably deal with the ebb and flow of renters. This means you’ll have to deal with the process of ensuring that your renter is content enough to stay in your property for a while, but it also means you’ll have to fill property vacancies when your renters move out. If your rental property is unused and unoccupied, it costs you money to pay for utilities, mortgage payments, and other costs without a renter to help cover those expenses. You want to follow these few steps to be able to quickly fill your rental property vacancy.
Posting your rental property to a rental listing site can be one of the quicker solutions to filling a property vacancy. There are many popular websites that receive a lot of traffic from prospective renters that will allow you to list your property for free. For example, Facebook Market, Zillow, and Craigslist are all popular places to post listings. There are even local listing sites that could allow you to market your property to a closer, local audience. This can be helpful if you’re looking for a specific type of renter.
If you’re not already incentivizing your renters to leave a review for your rental property and management, it is an idea that you should consider. Having positive reviews on your property can attract more potential renters to view your property as your popularity spreads by word of mouth. In addition, having positive reviews can also help potential renters to be more willing to sign a contract with you, even if your price isn’t as competitive as it could be. More than 60% of renters will pay more for a property with positive reviews.
Once your renters have notified you that they are going to be moving out, make sure that you communicate your expectations for the conditions of the apartment after they have left. Although they may empty the property and clean it after moving out, your property may need a little bit of attention before it is ready for the next renter to move in. Make sure that any necessary repairs or cleaning services are scheduled and taken care of. Then snap a few photos of the property in its newly cleaned and cared for condition. By posting updated photos of your clean and well-kept property, you’re sure to attract many more renters.
Don’t forget to start working on these steps the minute that you’re notified of your property vacancy. Although the task of filling a vacancy can seem pretty daunting, these steps will greatly facilitate that process and ensure that you find the best possible renters. The sooner that you can advertise your property appropriately, the sooner you’ll be able to fill your vacancy and the more money you’ll be able to save.
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