Topics in Building Management Software
Fill Rental Vacancies before They Are Vacant
A vacancy in a rental property means lost revenue. Every month that the unit or property is vacant hurts a landlord’s bottom-line. The most important step a landlord or property manager can do to prevent vacancies is to act before the unit is vacant.
The first step in preventing unit vacancies is finding out a soon as possible if a tenant is going to renew the lease. Tenants should give property owners or managers at least 30 day notice that they plan on moving out. However, as a landlord you shouldn’t wait that long to ask a tenant if they are moving. Three month before the lease is up the landlord should ask the tenant if they plan on renewing the lease. This reminds the tenant to begin thinking about whether they plan on leaving or staying so they and you are not surprised when the lease runs out. In addition, if a tenant tells you they plan on moving out this gives you time to begin setting up your marketing plan so that the unit won’t sit empty for month.
The first thing a landlord or property manager should do when they find out a tenant is not renewing their lease is tell their other tenants. Word of mouth is a powerful marketing tool. Offering current tenant’s incentives like a finder fee in the form of a onetime reduction in rent can motivate tenants to spread the word about a soon to be available apartment.
In addition to the tips mentioned already, Brandon Turner, Senior Editor and Community Director of BiggerPockets.com, list several tips to keeping vacancies down, including
Using a detailed Craigslist post with pictures to showcase your rental unit
Answering Your Phone as a potential tenant may be call you and may not leave a message
Creating a big for rent sign and putting it by a busy road near your property
It is important to remember to balance quality of a potential tenant with the need to fill a vacancy. Often if a rental unit is left vacant for too long property owners can get nervous and cut corners on finding quality tenants. The best way to make sure you do not fall into that trap is to be proactive and start early when it is time to market your vacant property.
Having a Property management system that alerts you when it is time to remind your tenant to renew your lease is important. RISSOFT management property software has a reminder system that can help you track important aspects related to managing your property. Once you are notified that it is time to ask your tenant if they plan on renewing the lease you can start the marketing process so that you can prevent your unit from siting empty.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.