As a landlord, one of the top goals you should have is keeping your rental units occupied. A high occupancy rate will keep your cash-flow positive and will help you stay profitable in your business. Here are some of the top methods you can use to keep your units occupied.
Advertise
Advertising is the way you will get your business's name out there and find tenants, and you should plan on advertising all the time, even at times when you do not have units available for rent. If you advertise all the time, people will know about your company and may end up calling you before they begin looking elsewhere for an apartment to rent.
Price them right
Keeping the right price on your units is another important factor with keeping your units occupied. If you overcharge for the units, you might have trouble finding people who want to rent from you, as they will be able to find comparable units for cheaper prices by looking elsewhere. If you undercharge, you might attract the wrong crowd or lose money simply because you are not charging enough for the units.
Focus on great maintenance
Another important aspect of keeping your units occupied is focusing keeping them properly maintained. When you keep your rental properties in great condition, they will attract a better crowd which means you might be able to get more money each month for the rent.
Make tenants want to stay there
You can also have a better chance of keeping your units occupied if you take care of the good tenants you have by making sure you do things that cause them to want to keep living there. Being a good listener to them when they have concerns is one important area to focus on. Keeping up with repairs and maintenance will ensure that your tenants have a positive experience living on your property. .
Start a waiting list
You should also consider starting a waiting list for your units. If you have a waiting list, you will always have people to call if you end up with available units. When potential tenants find out you have a waiting list, it could make them want to be on it too, as they may think more favorably about your units if there is a waiting list of people who want to move in there.
Keeping all rental units occupied is a full-time job. If you find that you do not have time to do all these steps and that your business is suffering because of this, you could choose to hire a company that could help you. To do so, call a property management firm today to learn more about the services they provide.
