3 Tips to Market a Vacant Apartment Rental
A vacant apartment rental is one that’s not making you any money. Fortunately, that apartment won’t sit empty very long if it’s properly maintained and you know how to market it the right way. You have to be savvy, proactive, and focused on making sure prospective tenants know what you have to offer, so you can get the apartment rented and keep your income stream flowing. If you avoid marketing or don’t provide the right message to potential renters, your apartment could sit vacant for a long time.
First, don’t overlook the way the apartment looks. If it needs some work, consider getting that done before you start advertising. You only get one chance to make a first impression on a potential tenant, and if the apartment doesn’t look clean, safe, and comfortable, you’re going to have a harder time renting it. It doesn’t have to be perfect or look completely brand new, but it does need to be clean and reasonably up to date. Once those things have been taken care of, it’s time to start marketing it, so you can get potential tenants coming by to take a look.
Second, make sure you’re marketing the right way, and really showcasing what you have to offer. If you post to sites like Craigslist, for example, you have to do it quite frequently. Otherwise, your posting will get buried under all the new offerings each day, and no one will know you have an apartment for rent. By providing information on your apartment frequently and keeping things up to date, you’ll be more likely to attract people who are looking to rent in the price range you’re offering the apartment for. While they may not all be approved, some could turn out to be very good tenants.
Third, focus on what you’re saying, not just where you’re saying it. If you’re marketing in all the right places but you’re not providing information that gets tenants interested, they aren’t going to want to rent from you. Be honest about your apartment, but don’t skimp on listing the great features it has. You want tenants to read your posting and see themselves living in the apartment, enjoying all the amenities it has to offer. It’s a great way to get them interested and thinking about living there, even if they hadn’t considered that building or area of town before.
When you need to rent a vacant apartment quickly you can try all kinds of ideas, including lowering the rent, reducing the security deposit, and offering freebies or perks. These can bring in tenants, but you might also end up giving away more than you can comfortably afford. Instead of taking that risk, focus on presenting a clean, nice-looking, updated apartment, and marketing it with the right words in the right places. Doing those things will go a very long way toward getting you a great new tenant, so you don’t have a vacant apartment costing you money.