3 Ways to Shorten the Length of Vacancies
Many factors play into how fast your vacant units will be filled, such as time of year, nearby amenities and schools, as well as local jobs and access to public transportation. Although some of these things are not under your control, there are ways to help shorten the length of your vacancies.
Add On Extras
Do you have extra appliances such as washer and dryers you can install? Let potential residents use those appliances free of charge if you are having trouble filling a particular unit. Then advertise a special: Get Free Washer & Dryer When You Sign Before “X” Date!
How about special parking? If your complex or community offers covered parking or reserved spaces at a premium, try adding this feature to your vacant unit to increase your chances of someone signing sooner.
Throw in a membership to a local fitness facility, or purchase a pre-paid toll plaza plan if your vacant unit is near major highways. Unique bonuses draw the attention of renters searching for a new home.
Most counties/municipalities have organizations that aide in transitional programs to get folks into appropriate housing. Check with these programs to see if they are in need of a home for a family or individual. This can lead to a partnership in the future where you may be able to fill vacancies much faster.
Try staging the home with minimal furniture to allow online searches to be more effective. Prospective residents will get a feel for what kinds and sizes of furniture might fit, or what purpose rooms could serve for. Take new photos of the home on a sunny day, and update your listings. Ask yourself, “What is this home missing?” when you compare it to others in the neighborhood. If you decide you need to renovate or add updated appliances, now is the time! Reconsider the value of the home after any major upgrades to be sure you are at or near the current market value.
Sierra is the Office Administrator for Quinn Property Solutions, Inc. in Cecil County, Maryland. QPS offers experienced rental property management in addition to buying, selling, and leasing real estate locally.
Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.