Few things are more troubling, time-consuming, and frustrating than a vacant rental property.
You put all of this time and effort into finding the ideal property, searched endlessly for ways to decorate the interior without breaking your budget, and hustled to find a new property manager you could trust to hold down the fort.
You are left twiddling your thumbs, wishing that someone, anyone would reach out.
That’s what many landlords would do.
But not you! You know that with a few simple tricks you can end vacancies forever and have potential tenants beating down your door.
Here are those tricks.
1. Word of Mouth
One of the most forgotten tools in the marketing world is word of mouth. If you have existing tenants in nearby properties, reach out to them and let them know about the vacancy.
Ask them to reach out to their friends and family about the vacancy and have them keep an ear to the ground for anyone who might be interested.
If you really want to spice up the deal, you can also throw in a finder’s fee, comped rent, or a gift card to boost their motivation.
While this trick might be simple, you would be amazed at how quickly we’ve filled vacant spots with this one simple tactic.
Yeah, I know. Cliche right? Leave it to the landlords to fill up the streets with “For Rent” signs.
But it’s a cliche for a reason… It works.
One of the easiest ways to quickly and inexpensively promote your vacant property is to put up for rent signs in the front yard, window, and in nearby parks/medians (after asking for permission of course)
This will increase the likelihood that a passerby, pedestrian, or neighborhood friend will take note of your property and either inquire or recommend it to someone else.
3. Free Online Listings
Another great way to increase your property’s exposure and reduce vacancies is to use online property listings like Craigslist to find potential tenants.
While this particular method can result in some less than savory renters, if you have a solid process for vetting all potential tenants, it’s a phenomenal way to fill vacancies quickly.
4. Online Newspaper Ads
While the traditional newspaper is all but dead, the concept is still alive and well. It’s just migrated onto the internet.
Go to your regional newspaper online and see what you need to do in order to list your property. Most of these newspapers will charge a small fee that will help you get exposure for pennies on the dollar.
5. Property Management Companies
While it’s not the cheapest option on the list, it is the most effective.
Hiring a third party to handle your property management and listings is a great way to eliminate vacancies without having to waste your time trying to market the property yourself.
At eLeasing solutions, we offer several different property management services that you can take advantage of to quickly fill vacancies and resuscitate dead cashflow.