Are you a landlord or property owner and feel the pressure every time a renter gives their notice that they are moving on to another location? This is pretty normal and understandable especially if you have been lucky enough to have tenants that pay on time and are respectful to the property.
Once a renter has given notice there are a few ways that you can work to fill the vacancy quickly. This will result in no gap in payments and allow you to continue the rental agreement with a new person or family.
If all goes as planned, landlords or property owners should have about 30 days notice when a renter announces a departure. This doesn’t always happen but when it does this time can be used to prep the unit. Take that thirty days and start marketing immediately. Start placing ads in local media outlets as well as online sites for renting.
Use this time to assess if the unit needs repairs, repainting, or any new flooring/appliances. The 30 days notice will give you ample time to make these repairs. The better the unit looks, the more likely you will get a good price and find renters quickly.
Once you have assessed the repair needs of the unit, you should begin marketing the property. Use free online sites, such as Craigslist and Zillow. Use signage in the window or on the lawn of the property so people in the vicinity can be first to know that the unit is available.
Other options for marketing include: using a real estate agent, word of mouth, property management companies, and a traditional newspaper ad. These can be placed weeks prior to the vacancy and allow you to fill the unit even before the previous owners leave.
Use technology such as digital photography, virtual tours, or 360 degree images of the space to help you rent the unit. Consider shooting a video tour of the interior of your property, as well as the outside of your apartment complex and all common areas.
Technology such as social media can also help you get the word out about the vacancy. Sharing of posts can quickly spread and make for light work of renting the unit.
If you have multiple units, some property owners give incentives for other renters to attract good renters by bringing in someone they know and can vouch for. Obviously, background checks and credit checks should always still be run for each applicant, but this can help attract good renters.
How do you fill vacancies fast? Drop us a line in the comments or check out our Facebook page.