An empty rental property not only fails to earn you money, but it also costs you money as well. You still need to pay any mortgage on the property as well as utilities and taxes even when the property sits empty, which is why you should consider every option possible to get and keep tenants. Note a few simple tips from rental pros for how to increase your occupancy percentage in a rental complex or attract tenants in single units.
1. Know where to advertise
How people find rental properties is not the same as how they find a house to buy. Many areas have booklets that come out every month with available properties listed, and these are often given away at supermarkets and retail stores. The booklets may be a favorite choice for prospective tenants. The internet is also always a good place to advertise rental properties, but rarely will prospective tenants look at sites that have just one property listed in one page. Most prefer to look at a site with dozens of properties grouped together, so their search is fast and easy.
Don't rely on just signs outside the property to advertise. Use the internet and the sites that list several properties for maximum response.
2. Stay on top of the competition
Apartment complex managers should call around to other complexes and ask about their current rent and any specials they have. If a complex won't give that information to a competitor, you may simply pose as an interested tenant. It's vital that you do this so you can keep your own rates and specials competitive. If you cannot lower your prices, you may be able to offer incentives like cable television or internet in each apartment. Whatever you decide to do, always stay competitive and check regularly, as prices and specials change every month.
3. Keep your units as presentable and attractive as possible
Before showing a unit to anyone, no matter the price, you want to make it as attractive and presentable as possible. This means inside and outside the unit. Invest in a good domestic cleaning service like Bras Cleaning Pty Ltd to give it a thorough cleaning inside, and this should include the inside of the kitchen appliances and every nook and corner. Make sure you have a landscaping company that does a thorough job outside, and never underestimate the power of attractive flowerbeds when you're trying to rent an apartment or home.
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