Any landlord would tell you that vacant rental units or properties are money pits, and they would be right. Even without residents, you are still expected to maintain the space, not to mention market it to find new tenants.
Leaving your units vacant for too long is not a good idea if you want to maximize profitability. While it won’t provide you with guarantees, there are a couple of practices that you can adopt to find tenants quickly.
Key Highlights:
- Vacancies reduce profitability, so speed matters: Filling empty units quickly helps minimize losses and maintain steady rental income.
- Strong listings attract more tenant interest: Competitive pricing, high-quality photos, and relevant keywords improve visibility and increase inquiries.
- Virtual tours make your property more accessible: Video walkthroughs and 360° tours allow renters to explore the space conveniently, speeding up decision-making.
- Social media expands your reach quickly: Platforms like Facebook and Instagram help generate fast, organic traffic and connect you with active renters.
- Simple upgrades can significantly boost appeal: Improvements like fresh paint, smart home features, modern appliances, and high-speed internet make your property stand out and lease faster.
Improving Your Rental Listing
Your rental listings shape first impressions. What potential tenants see first can make all the difference. To improve your rental listings, you can do the following:
Price Your Listing Competitively
You can quickly catch a tenant’s interest by setting the right rent price. You can research similar properties in Columbus to either match or slightly undercut the market rates. A well-priced unit, even with a lower price, will generate more inquiries and will get leased faster.
Use High-Quality Photos
Professional-looking photos get significantly more clicks. Make sure that photos are well-lit with natural light, and highlight the selling points of the property. Some landlords prefer hiring professional photographers, since they only need photos of the property taken once.
Add Relevant Keywords
Search engine optimization (SEO) is another factor that influences visibility. By using relevant keywords, search engines will recognize your listing as something your target audience is looking for. For instance, adding “in-unit laundry” to your description attracts tenants who are looking for that exact amenity.
Offering Virtual Tours
Virtual tours provide convenience for tenants. Instead of going to open houses, they can browse through virtual tours instead. Here are the most common types of virtual tours:
Video Walkthrough
This is the simplest and easiest type of virtual tour to create. All you have to do is walk through the property to showcase the rooms and selling points, all while describing what the advantages of the property are. You can even create these yourself by learning from existing video walkthroughs.
360° Virtual Tour
This kind of tour allows potential tenants to get a feel of an entire room while standing in a fixed spot. 360° photographs essentially let interested parties “look around,” which offers more freedom than video walkthroughs. However, you require specific equipment to take 360° photographs of your rental property.
Utilizing Social Media
Prospective renters no longer limit themselves to rental listing websites. Social media platforms like Facebook and Instagram offer better chances of organic traffic.
Many tenants browse through Facebook Marketplace to find suitable rentals for themselves, and the format makes it easy for you to create rental listings. You can also post on community groups to reach your target market more efficiently.
Although you can also post video walkthroughs on Facebook, Instagram is the go-to for virtual tours. Through Reels, you can post high-quality videos that can be accessed on a dedicated panel on your Instagram page.
Upgrading Your Rental Property
Even the simplest upgrades can make the biggest difference. Doing your research allows you to determine which amenities or upgrades would have the best return on investment.
Fresh Coat of Paint
The most cost-effective upgrade you can do is to apply a fresh coat of paint on your interior or exterior walls. It makes the property look newer, and you can update the color scheme to make it look more modern.
Smart Home Features
Tenants are now looking for modern features in rental properties, and smart features are all the rage due to the convenience they bring. Smart thermostats, smart locks, and even smart speakers can serve as selling points for prospective tenants.
Modern Appliances
More recent models of appliances aren’t just attractive to renters, but also come with features that make them energy efficient. Stainless steel appliances and in-unit laundry can immediately increase the value and appeal of your property.
High-Speed Internet
Internet connection is basically a necessity more than it is a luxury. People need it for communication and work, not just entertainment. High-speed internet is among the most sought-after amenities, so much so that not having it puts you at a disadvantage.
FAQs: Finding Tenants
Why is it important to fill rental vacancies quickly?
- Vacant units still generate expenses without producing income, so filling them quickly helps maintain cash flow and maximize profitability.
How can landlords make their rental listings more effective?
- Use competitive pricing, write clear and engaging descriptions, include relevant keywords, and add high-quality photos to attract more potential tenants.
Does pricing affect how fast a property gets rented?
- Yes, pricing is one of the biggest factors. A competitively priced unit attracts more inquiries and can significantly reduce vacancy time.
Are professional photos necessary for rental listings?
- While not required, professional or high-quality photos can greatly increase engagement and make your property stand out from other listings.
How can social media help landlords find tenants faster?
- Social media platforms like Facebook and Instagram increase exposure, allowing landlords to reach a larger and more targeted audience quickly.
What types of upgrades help attract tenants quickly?
- Simple upgrades like fresh paint, modern appliances, smart home features, and high-speed internet can significantly improve a property’s appeal.
Expert Marketing for Vacancy Reduction
Putting together a marketing plan can be understandably exhausting, considering how many aspects you have to worry about. With a property manager, you will immediately have access to marketing resources like a dedicated leasing specialist, professional photos, and video tours.
Bickerstaff Parham Property Management even offers online advertising exposure and professional market analysis to make informed decisions. If you stick with us, you don’t have to worry about prolonged vacancies, since we will ensure that your property is presented in the best light.
Schedule a free consultation, and determine whether our services are what your rental business needs.
More Resources
Is Outsourcing Your Tenant Screening Process a Good Idea?
Georgia’s New Rental Application Fee Rules: What Columbus Landlords Must Know
