After over 20 years of landlording, I've learned hundreds of tips to fill vacancies. Here are 9 tips that I believe are basic and essential for success.
1) Never show a dirty home. Before beginning to show your rental, consider hiring a professional to clean the home thoroughly, including the windows, bathroom, kitchen, appliances, light fixtures, floors, etc., so that everything is sparking clean. Because of the growing competition of “home cleaning” franchises, the prices have become very cost-effective, especially if it will take you two to three days before you can do it. A professional team can do it today in a few hours. You can begin showing your property sooner, rent it faster, and start receiving cash flow quicker. Not only that, a sparkling clean home attracts a better class of residents who appreciate cleanliness and who'll be much more inclined to maintain the property better.
2) Establish a rapport with your prospect. Before you begin showing a property, it's important to ask them what features they are especially looking for in their next home (i.e. large closets, big rooms?) Listen. Listen. Listen. Whatever they say, that you offer (or able to offer) in your rental, be sure to take time to emphasize and direct prospect's attention and conversation to these items during the showing.
3) You must appear to really care. If you don't come across as a warm and caring individual when showing homes to prospective residents, YOU, not the property, may be your biggest handicap in filling your vacancies. In addition, be enthusiastic and accentuate the positive aspects of your rental.
4) Do not talk negatively of prior residents when talking to prospective residents, (i.e. do not use the word deadbeats in front of prospects). Current prospects will think that you must attract that sort of resident. Instead give prospects models that you want them to live up to. And if you stay positive in your communication, the prospect will be ten times more likely to call you back if they don't make the decision to rent from you the same day you show it.
5) Get contact info from everyone who expresses any interest. Always get the phone number, cell number and email address of all prospects who call you. Everyone who contacts you may not make it to the initial showing appointment and everyone who does come, may not make a decision at their first look. By having contact info, you can systematically follow-up with all those who express any interest in your property. If you don't have “caller ID”, get it. You may end up renting to people who didn't even leave a message if you take time to follow-up with them. Most landlords give no further thought to prospects who don't show up for an appointment or don't make quick decisions at the time of showing. However, smart landlords know that by simply calling prospects back or mailing them a follow-up note, you may still have a chance at renting to them.
6) Start advertising as SOON as you get confirmation that you will have a vacancy. Most responsible residents don't wait until they “have to have a place” before looking for a new rental. The more responsible residents start seeking a new home at least 4 to 8 weeks in advance. The more responsible residents are type you want. So the more lead time you have in advertising the better.
7) Know what is appealing about your property. Make a list of the top ten reasons why someone would want to rent your property. If you really want to be able to persuade applicants to rent your property, one key rule of salesmanship is to really know your “product” and believe in it. You need to know what other rentals in your area have to offer. So, as you are creating your top ten list, you will be able to show how your property stands out from the competition. If your property really does not stand out in any perceived way, that may be your problem in filling vacancies.
Measure the results of all your marketing efforts. By constantly analyzing and tracking your results, you'll be able to maximize your advertising dollars and use your money for what works and drop marketing efforts that do not work.
9) You must be willing to try different marketing strategies. If your area is experiencing a lot of vacancies, you can't afford to only do the traditional type of advertising, like classified ads and For Rent Signs. Try innovative ways to reach out to your potential residents. For example, unusual directional signs in the neighborhood leading up to your rental or partnering up with local businesses, merchants, hospitals, private schools, or even the local pizza shop to market your rentals.
See Mr. Landlord live in Cambridge, Nov 18th. Visit
http://www.landlordspace.ca/index.php?topic=39.0 for more details.
Jeffrey Taylor, Mr. Landlord.
