Income property managers often worry about vacant units. It is normal to have a few, and, at times, they are welcomed with open arms (you have time to repaint them and bring them up to date). Still, having too many can put you in the red because the income is largely cut off.
That being said, to rent your units quickly, you should enhance them and use the right tools and resources. Here are 6 tips for property managers to rent units easily and quickly the next they are available!
- Set the Right Rent Price: Renting an apartment can be difficult when the price is not right. The rent should not be too high compared to the true value. There are certain elements to consider. For example, the location and the neighbourhood (activities and services), the inclusions/exclusions in the lease, the similar units in terms of size in the area, the state of the unit and the building, etc. You cannot be too greedy, but if a price that is too low might attract unwanted potential tenants. For instance, a 17-year old student probably should not live in a luxurious apartment building with mostly families.
- Do Not Avoid Mentioning the Problems and Defects During a Visit: This tip might seem controversial, as some think that renting your unit will be easier if everything looks beautiful. In a way, yes, but it could have the opposite effect. A tenant that asks you if the other tenants are noisy because this is the main reason why they left their other apartment needs an honest answer. When you say that noise is not a problem, but you hear the upstairs tenant walking as if they were in the same room a few seconds later, the trust is broken. It is better to be transparent right away to ensure that the tenant has a good idea of the apartment and that they do not resent you for having lied to them once they start living in the unit.
- Repair and Refurbish the Unit: Repainting the unit, changing the flooring, the counter, the bathroom faucet, etc. will not cost a fortune, but more people might be interested in your unit. You could also jack up the price a bit, which is better for your building’s performance. Staging your space is great for renting or selling a building. If the current tenants still live there, make sure that you arrive early or that you talk to the tenants prior, so the unit is presentable. A sink full of dishes or an unmade bed is not appealing to potential tenants.
- Take Advantage of Technology: Nowadays, there are various online tools to help managers highlight their properties. Many websites are interesting because of their price and their benefits, and you should learn more about them. For example, Kijiji, LesPacs, Kangalou, and many other international websites for foreigners are available in just a few clicks at cost-effective rates.
- Be Open to Your Tenants’ Needs: Without giving in to every demand, you could ask your tenants: “What would you need in this apartment to be fully satisfied?” You would be surprised as to how quickly you can rent your unit if you are willing to make a few small changes. You can then adjust the term of lease, whether it is changing the move-in or move-out date, adding the renovations to be completed (changing the kitchen flooring), lowering the rent by a few dollars or giving the first month free, etc.
- Do Not Try to Control the Visit: The potential tenant should feel at ease and should not feel like you are hiding rooms or information about the unit. Let them visit the unit freely and remain at their disposal in case they have any questions. You could also encourage them to visit the rest of the building or boast about the advantages of the neighbourhood or the building (services, quiet area, janitorial service). Moreover, schedule the visit at the right time. If the unit’s main strong point is the natural lighting and the lights are dim, avoid scheduling a visit during the evening.
In short, these are a few tips to rent your unit easily and quickly without spending a fortune. Be creative, but remember that a vacant unit is better than bad tenants!
Good luck with your visits!