Nowadays, most customers expect instant and reliable services.
Even as the pandemic struck brick and mortar stores, consumers ordered an entire week’s groceries with a click of a button. When there was no source of entertainment, they pulled out their smartphones and caught up on world news.
Based on the current on-demand economy and the fact that it is better for your property’s cash flow to have all units leased out, it is your responsibility as a landlord to provide potential tenants with quick responses. Posting your rental properties online on the most popular websites is a critical strategy for independent landlords and property managers alike, according to Goodjuju.
With that in mind, we’re about to provide you with 4 tips to help you will vacancies faster:
How to Fill Vacancies Faster
1. Speed-Up Responses to Inquiries
The quicker you respond to tenant inquiries, the less likely you are to lose good renters to your competitors. However, this doesn’t mean you should respond within the hour. Potential tenants are going to shift their focus to other properties within minutes.
Studies show that landlords that respond to tenant inquiries within a minute or two are 40% more likely to engage with prospective renters. Sure, it isn’t humanly possible to do this on your own, which is where property managers come in.
2. Short-List Leads Efficiently
Once you’ve found interested renters, it will be time for you to determine whether they are suitable for your rental unit. For instance, you wouldn’t want to find out that your renters have pets if your unit isn’t pet-friendly. In order to avoid wasting valuable time with leads that don’t qualify, you need to set consistent criteria for applicants.
Most tenants don’t even read the criteria for listings before sending an email or calling. For this reason, you need to communicate your criteria each time you respond to inquiries.
3. Cross-Sell to Leads
Don’t write off potential renters if they aren’t a suitable fit for your rental unit. Instead, if you own other rental properties, you could check to see whether they are interested. Cross-selling vacant units is also a great way of increasing your chances of filling vacancies faster across various properties.
4. Remember to Follow-Up
Following up is crucial, and even though it sounds like a common practice, most landlords and property managers forget to do so after initial contact.
Studies have shown that 30% of all landlords and property managers only follow-up with potential tenants after the first contact. In contrast, following up with tenants after 4- or 5-days has been found to be five times more effective.
It is high time you let go of the outdated and inefficient leasing processes you’re used to. If you make the most out of these 4 strategies, your rental properties will never sit vacant. Granted, this may result in an increase in cash flow, but you’ll still have quite a headache dealing with countless applicants.
Our advice: hire experienced property managers and let them manage each step of your leasing process.