How to Find Tenants and Keep Your Vacancy Rate Low

Investing in properties can be a great way to make money, and in some cases, a lot of it. Despite the advantages, there are some creeping anxieties that tend to find their way into the minds of investors. Perhaps one of the biggest is how they can make sure they keep tenants in their units. Vacancies can mean you take a big hit quickly, so it’s important to keep that from happening.

The following are some of the best tips for property investors to keep in mind when it comes to marketing their units and making sure they keep good renters in them.

Keep It Well-Maintained

Often the best way you can market your units or property is to keep it well-maintained. People want to live places that look nice, and if yours doesn’t, it’s going to be a problem. Keep the property clean and well-manicured, and make sure it looks like a place where other people will want to live.

Also, make sure the curb appeal is good. If you need to paint it or make some exterior repairs, it’s a good investment in terms of avoiding a vacancy. You want people to ultimately see your property and think it looks inviting and like a place they’d want to live.

Take the Sales Funnel Approach

The idea of a sales funnel is based on the idea of grabbing as many leads as you can, even though only a few will make a purchase. It’s the same idea when you’re a landlord. You want to get as many people as you can calling you and interested in your property because that’s what’s going to help you find a good tenant.

This means you should start big with your advertising and marketing and don’t just rely on one method. Do it all from social media and rental sites to putting a sign on the street. The more marketing you do, the more you’re increasing your chances not just of renting a unit but finding the kind of tenant you want to have.

Take Time with Online Postings

Most of the time, people have plenty of options when it comes to finding a rental property. That’s why you need to focus on marketing yours in a way that’s going to get attention. Don’t just do the bare minimum with your online marketing. Take the time to write a full, honest description, and also consider having professional photos taken.

There are certain things people want to see in a listing in addition to photos including not just the basics of the unit, but amenities, when it’s available, whether or not utilities are included, the amount of the security deposit, and even better, some information about the neighborhood.

Finally, offering referral rewards can be good as well. As long as you’re a good landlord and your tenants find that you’re respectful, you can usually offer them around $100 for providing a referral from someone who ultimately signs a lease. Word of mouth can be a good way to keep those vacancy rates low and profitability of your investment high.

Author:.

Carmelo is a marketing writer and blogger helping small and medium size businesses craft winning content strategies. She's always scouting the web for new social media strategies and is slightly addicted to apps. When not tapping the keyboard, you are likely to find her in the park playing with her uncontrollably friendly Irish setter or trying out new vegan recipes.

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