Vacancies in your rental property quickly translate to lost income. Ideally, you would avoid vacancies whenever possible and be able to find new tenants easily. Or, even better, renew leases with your existing tenants.
However, there are situations where a vacancy is unavoidable. So what can you do in such situations as a landlord in Northern Virginia? Here’s how to fill vacancies in your income property as efficiently as possible without compromising on the quality of your renters.
Advertise, Advertise, Advertise
The only way people will find out you have a vacant unit for rent is by advertising. Whether it’s word of mouth, physical signs, online ads, or even ads in a local newspaper, you never know who is looking for a new place.
A vacancy is an opportunity to revamp your advertising efforts. Make sure your website is up to date and all your contact information is correct. Refresh the landscaping and have a professional take photos of your building or property. Be as detailed as possible in your online ads and highlight unique features of your building, the unit, or the location.
If you have a multi-unit income property, you can even have a community social gathering and invite tenants to bring their friends and family. Renters tend to know other renters, so it could be a good opportunity to attract new tenants and showcase your property.
Offer Discounts or Deals
One of the ways to attract new people to your property is to offer money off the rent or another special deal in your advertisements.
You don’t have to offer a lower rent for the entire lease term—just money off the rent for the first month or the first three months, whatever is doable for you. Although this won’t generate as much income for you, having tenants paying rent every month is better than no tenants and no income.
If you’re not keen on taking money off the rent, you can offer other deals for new tenants, such as free utilities for the first month. If you’re considering applicants who meet all your criteria and seem like a great fit but are hesitant about signing a year-long lease, you can even consider being flexible on lease terms.
Incentivize Existing Tenants
Ask your existing tenants if they know of anyone for your vacant unit. This is where having a great landlord-tenant relationship can pay off. People are more likely to refer others to your property when they know you take care of things.
You can even incentivize your tenants by offering them a discount on their rent, utilities, or pet fees if they refer someone who ends up signing a lease. Of course, if you don’t want to offer discounts on these things, you can always offer a gift card.
Hire a Property Manager
A property manager knows how to market your unit and can help you quickly fill any vacancies with great tenants. Working with an experienced property manager can also simplify the process and make filling your vacancy a breeze. Get a quote for our property management services in Northern Virginia by contacting Circle Property Management at (703) 349-0144 today.
About The Author
Patrick H. Page - Principal Broker | Licensed in Virginia and the District of Columbia
