There are unavoidable costs when it comes to managing a rental property, but you don’t have to spend a lot to fill a vacancy. Save money with these quick tips.
1. Collect an Application Fee
Avoid paying for a tenant’s screening report by collecting an application fee. Not only will this cover the cost for you to pull the report, but it can also help you find tenants who are serious about renting from you. Check with your local laws regarding the rules that apply to collecting an application fee in your state.
2. Market Online for Free
Online marketing is a great way to get your listing the best exposure. You don’t have to spend a dime to get quality leads online. Using a combination of free listing websites and Craigslist will generate more interest in your property and reduce the time your property is on the market.
3. Spend Less on Tenant Screening
Run a tenant credit and criminal background check is a necessary part of filling your vacancy, but it doesn’t have to break the bank. There are many inexpensive options for tenant screening, so be sure to do your research. You can even screen tenants for free.
Save money by avoiding these unnecessary costs and save your rental funds for unexpected repairs, upgrades, and other expenses. How do you save money when filling your vacancy? Let us know in the comments section.