As a rental property owner, a vacancy can be your worst nightmare. If your property is vacant, you don’t have any incoming cash from it—plain and simple.
This is why, if you have an upcoming vacancy or are ready to start renting out a new property, you should work to fill the vacancy as quickly as possible. We’ve listed a few tips below for making this process as quick and painless as possible.
Just got 30 days notice from your current tenant? Closing on your new property in a couple weeks? Now is the time to start marketing. Chances are, you’ll find a new tenant that works with your timeline, and then you can move on to more important things, like prepping the house for move-in.
Just as important as when you market your property is how you market your property. Online listings can be effective, but only if posted to the right places. Make sure that you do what you can in your listing to weed out anyone who isn’t completely serious about renting your property.
Try an open house.
Particularly useful if the property is already vacant, an open house gives you the chance to show your property to multiple potential tenants at once, without having to schedule separate showing times. This could be a very efficient way to get your property filled quickly. But only if you…
Make sure the property is “show-ready.”
Don’t make your potential tenants imagine what it would be like freshly painted or cleaned. Take care of what you can in terms of updates and cleaning before you show it to potential renters. The look of a property that is “ready to go” will be much more attractive, and you’ll be able to fill your vacancy more easily.
If you’re feeling desperate to get a property rented out quickly, you might try offering some kind of incentive to your new renter. Maybe you’ll take a few hundred dollars off their first month’s rent, send in a housekeeper for the first two months, or throw in the first month of landscaping. Don’t go overboard (after all, you’re still trying to make money!), but do realize that a vacancy will cost you far more than these small incentives will.
Hire a property management company.
This is the absolute easiest thing you can do to fill your vacancies. A property management company basically takes over the reins for you, handling everything from marketing and filling your property, to lease agreements and payment collection. So sit back, relax, and let someone else deal with all the work!
So stop sitting on vacant properties and do something to fill those spots fast! Not only will you get more positive cash flow, but you’ll also get peace of mind.
Need more help filling your rental property vacancy? Contact Real Property Management to take advantage of our years of expertise in managing rental properties. We can give you a free management quote that will show you how simple it can be to own your rental property. Give us a call at 480-719-1243 today!