Landlords know that an empty rental property isn’t bringing in the rent. So how do you minimize vacancies? We’ll share 3 easy tips that will reduce the time that your property is vacant.
Tip #1: Market Early
If you’re waiting until your current tenants move out before you start advertising for new renters, then you’re wasting valuable time. Start marketing your rental a month before your tenants are vacating. How do you know if your tenants will be leaving? You might consider requiring that your renters give more than the typical 30-days notice in the lease to allow yourself more time to prepare for a transition.
It’s easy to add the date when your rental is becoming available on your listing. Plus, you don’t have to wait until your current tenants move out to show the property.
Screening new tenants? Download our free tenant screening guide for tips and resources.
Tip #2: Put Your Listing Online
Market your listing online for the maximum exposure. Traditional ways of advertising, like signs and newspaper advertisements, can still work for your rental, but posting a listing online will increase your pool of applicants. Don’t limit yourself to one site, either. There are dozens of sites that will allow you to list your unit for free. Better yet, use software that will post to dozens of websites for you.
Tip #3: Minimize Maintenance Time
A diligent landlord knows what state the unit is in before tenants move out. Even before the move-out inspection, it’s good to know if any major repairs need to happen. You don’t want to be surprised by a major project right before a new tenant is moving in.
Some landlords add move-in/out times to the lease in order to regulate the transition. Much like check-in/out times at a hotel, this added bit of information gives you a known deadline for any maintenance you need to do. Remember to check with your local laws regarding leases.