Having a vacant property for months on end is clearly not something any landlord would want: you’ll still be paying fees to keep the property and market it, when no rent is coming in. The quicker your property gets rented out, the quicker rent payments will start coming in. So here are some tips on how to fill in your vacancy quickly:
#1. Use free advertisement
You will want to give your property a wide exposure to the public. You might choose to go with traditional advertising channels such as print media or radio ads, or try digital channels such as social media. There is no one-size-fits-all approach to advertising your property and you will need to choose the strategy that works best for you.
#2. Start advertising early
Preferably, your tenant will notify you at least a month before moving out of the property, so you should start advertising the property immediately. This will give you a bigger chance of getting new tenants in early. Your tenants must allow you to market the property to other tenants even if they still live in it, provided that you give them the proper notice.
#3. Price below competition
If you price your property below comparable vacancies in your vicinity, it will gain more attention and people will be more interested. To rapidly build interest in your property and get it rented out quicker, you could make a special offer for a move-in. For example, you could offer to take a certain amount off the monthly rent if the tenant decides to move in by the first of the month.
#4. Be as detailed as possible
You must include all relevant details about your property when doing your ads. This will include details on the location, size, monthly rent, facilities, pet policy, security deposit, and contact info. By so doing, you will avoid wasting your time showing your property to people who aren’t really interested, or getting numerous phone calls to answer questions that should have been answered in your ad such as: “How many bedrooms does the property have?”
Although your main aim is to fill your vacancy quickly, with a quality tenant who you are sure is going to pay rent on time and not cause any havoc, will be worth the wait. Renting to the wrong tenant might work against you and actually cost you more money in the long run.