Tenant turnover is a big expense for landlords. In fact, it can cost between $1000 to $5000, transforming rental units into money drains. But a few tips and practices can help landlords fill their properties fast and keep them occupied.
Keep track of units
If you are a landlord or property manager of more than one unit, keeping track of your real estate is essential to spot vacancies before they occur. To make things easier, Ajar Online offers its clients the ability to generate automated reports to show unit vacancies and visualize trends.
Know the market
Tenants know what is fair in the market they are targeting and so should landlords. If a unit is too overpriced, chances are that vacancy rates for that unit will be high. Knowing exactly what rent prices the market can handle will help you maintain a competitive price.
Through years of accumulated data on the real estate market, Ajar Online is able to help its clients set the right prices for their properties.
A great property sells itself
Keep the property clean and conduct regular inspections to make sure all maintenance works are up to date. The aim is to present potential tenants with a place they would want to live in. This also includes fresh coats of paint on the walls, well maintained heating or cooling systems, clean running water, etc.
Up your advertising game
As soon as you know that one of your units will become vacant, start looking for new tenants. Act immediately to refresh the property and make any necessary repairs.
Cast a wide net when advertising the vacancy and benefit from all the platforms available, such as Ajar Online’s property listing platform Find Ajar. And once the requests start coming in, remember to be responsive and to show great care when choosing your next tenants.
Stay Tech Savvy
Tenants today are tech savvy, and you should be too. By offering tech savvy solutions such as online payments and instant maintenance requests, you’ll be sure to attract higher quality tenants, faster.