There’s no denying it: vacancies are a pain. They’re a drain on your income and and hassle to fill. But solving this problem isn’t rocket science – you just have to understand a few insider tips from experienced property managers like Scott Safadi of Cal Bay Property Management.
A quick and easy way to promote vacant apartments is to list all vacancies on your website as soon as you know about them. Folks can’t apply for apartments they don’t know are vacant!
It also helps to offer some kind of friends and family incentive bonus. Renting to friends of current tenants is a great way to build community and find reliable tenants. Consider offering your current tenants gift cards, discounted rent or even cold hard cash in exchange for referrals. Of course, the key is to only provide these bonuses if and when the new tenant has signed their 12-month lease!
Another easy way to win over prospective tenants? Print colorful, appealing flyers and post them in high traffic areas like bus stops, metro stations and cafes. This low cost option might surprise you with its effectiveness – there’s just no replacing good old-fashioned advertising!
– Scott Safadi, Cal Bay Property Management