Vacancy can be a huge expense for landlords, and keeping your rental property occupied will help you be more successful. Today, we’re sharing a few tips for how you can reduce your vacancy rate and keep your cash flow consistent.
Create a Property Video
First, make sure you have a clean and well-maintained property. Then, you want to market that property thoroughly by providing a video tour that serves as a virtual walk through. Detail each room so people who are online can take a look at what you have to offer. This saves you time because you won’t have to show the property to everyone, and it saves the prospective tenants time because they can rule the property in or out just by looking at the video.
Write Appealing Listings
Make sure you have plenty of pictures and all the details and pertinent information associated with your property when you create an ad or a listing. People make quick decisions, so when they come across your property, they need that information right at their fingertips or they may move on to the next home.
Advertise with Signs and Online
Place yard signs at the property so you can attract any drive by traffic. Provide instant information so they can jump online and find details or see your virtual tour. You want to market this information in many places across the web so it’s seen by people searching for properties. There are several popular sites that people use. Do a search on the Internet and pretend you are searching for a home yourself. That will give you a list of the best websites and the most common places.
Follow Up and Be Available
Finally, do a speedy follow-up when people do contact you. As I mentioned, you’re working with a short time frame. Make sure you engage them right away when they contact you so they don’t move on and find another property that meets their needs.
If you have any questions about keeping your vacancy rates low, please contact us at Midwest Property Resources.