How to Boost Occupancy Rate & Get Better Tenants - Our Guide
Vacancies are the bane of every property manager's existence. It's costly, affects the cash flow, and hinders the manager from achieving their bottom line. And with the ever-competitive market, it's tricky to fill in the vacancy, much less find a reliable long-term tenant.
If you're a property manager, having to fill a vacancy and boosting your occupancy rate means you have to do double the work. If your goal is to attract more renters and minimize vacancies, the key is to act quickly. You should pull all the stops in getting the property ready, marketing and promoting properly, and enticing prospective tenants to sign a lease agreement.
Here are some tips that can help your rentals appeal more to renters:
If you market well, there's no doubt that you'll be able to fill your vacancy right away. The secret to marketing a property is accentuating its features that tenants may be looking for. If possible, you should record videos of the property, capture high-quality shots, and even employ state-of-the-art techniques like 360 virtual tours. Doing these can increase the likelihood of getting the attention of better tenants. It may even potentially get you higher rent and fewer days spent on the market.
Create detailed listings.
There's nothing renters dislike more than listings that don't give a full picture of the property. In addition to quality visuals, you should also create a detailed, well-written listing so prospective tenants can visualize your property better before paying a visit. Be sure to be as specific and comprehensive as possible. More often than not, renters already have an idea of what they're looking for, and if your description fits their requirements, then they'll most likely reach out right away. Do your best to mention details like room dimensions, pet restrictions, type of flooring, washer/dryer on-site or in-unit, central heat and air, presence of balcony or patio, complex amenities, the neighborhood vibe, establishments nearby, and public transportation options.
Want quality tenants? Offer add-ons to broaden your appeal to a more desirable market. You can offer things like extra storage space or lighting, air-conditioning, stainless steel appliances, and other things that can entice a higher-income market. Offering these add-ons require an initial investment, but they will eventually pay off and boost the value of your property in the long-run.
Set the rent amount correctly.
There's no exact science behind setting the price on property, but to figure out the right fee, you can look at similar homes for rent in the surrounding areas. These homes for rent are what you are competing against, so you have to be competitive. You have to set the right asking rent amount because renters know what a house or apartment should rent for and what they're willing to spring for. If you marketed and promoted well but no one has expressed interest in renting, it could mean that it's overpriced. You should then adjust accordingly.
Boosting your occupancy rate all boils down to great marketing, irresistible amenities, and the right asking price. If you're in New York and need help in property management, get in touch with us today. We're happy to help.