Whether you’re operating in a hot rental market or one that’s cooling down, it’s crucial to fill vacancies quickly to ensure the success of your rental business. Vacancies can have a significant impact on your return on investment (ROI), so it’s essential to utilize effective marketing strategies to reduce turnover time and mitigate vacancies. From updating your website to syndicating rental listings and implementing general marketing techniques, these tips will help you attract tenants and minimize vacancies.
Vacancies can be detrimental to your owners’ cash flow, so it’s important to prioritize marketing efforts for vacant properties. By effectively marketing each rental, you can reduce vacancy rates, which will be an attractive selling point when acquiring new owners. Additionally, if your management fee is based on collected rent, renting properties quickly will lead to faster income growth.
Maintaining an up-to-date website is crucial in today’s digital age. According to the National Apartment Association, about 98% of people searching for apartments use online resources. By establishing an active online presence, you can reach a larger pool of potential renters. Creating a custom website through property management platforms or utilizing tools in your property management software can make website maintenance affordable and hassle-free.
To maximize exposure for your rental vacancies, consider utilizing rental advertisement syndication. Many property management software programs offer rental listing advertising and syndication features. These tools allow you to create one rental ad that gets syndicated to top rental listing sites such as Zillow, Trulia, Realtor, Apartments.com, and Rent.com. By partnering with these sites, you can save valuable time and ensure maximum exposure for your properties.
Word of mouth recommendations can also be a valuable resource for finding quality renters. Let your network of friends, family, and acquaintances know that you own or manage rentals. When they or someone they know are in need of a rental, they may reach out to you first. However, it’s important to screen all rental applicants equally, even if you have a personal connection. While word of mouth recommendations can serve as a starting point for your applicant pool, they do not replace proper tenant screening.
Online rental applications offer convenience and efficiency for both property managers and renters. By allowing applicants to complete rental applications online, you can streamline the tenant screening process and keep your records organized. Online applications also provide an opportunity for pre-screening tenants before scheduling in-person showings, saving you time and effort.
Instant tenant screening services provided by online tenant screening companies can expedite the review of rental applicant qualifications and backgrounds. These services allow property managers to quickly obtain reports on an applicant’s creditworthiness, eviction history, and criminal background. Some solutions offer instant reports, while others require applicants to initiate the credit check process. Integrating online rental applications with tenant screening features in your rental software can further streamline the screening process.
Efficient property showings are essential to make the most of your time and your tenants’ time. Showcase excellent photos of the property in your online listings and provide descriptive features to give potential renters a clear idea of what to expect. Consider hosting open houses to accommodate multiple tenant prospects on a single day, minimizing inconvenience for current tenants and maximizing your showing schedule.
By utilizing modern tools and technology, property managers can maximize their marketing efforts. Online tools designed specifically for property management make it easy to create a website, publish rental ads, collect online rental applications, and screen tenants instantly. Additionally, word-of-mouth recommendations and strategic property showings can save time and attract high-quality tenants. Implementing these marketing steps will help you rent properties quickly and provide valuable reasons for owners to continue working with you, ultimately increasing your management income.
