How to fill vacancies?

Question

Hey folks,

Just wondering if other landlords can share their experiences in filling vacancies.  Any creative ideas?

Account Closed · Answer

Here is what we do, we are at 100% occ in an area with 15% vacancy.

1- Get your price range for the unit size from current CraigslIst postings. Go below that rate. Remember 1 month vacancy is 8+% rent drop over a year lease, so be flexible.

2- Drop to one month security, so first and security. Do not go below that.

3- Rest of current month free with immediate occ possible.

4- Suspend payment for application and credit check, still run the checks, but you pay for them and remember to get them to sign application allowing you to run check.

5- Make sure your place is clean and presents well. If it needs paint, paint it. If it is dirty, clean it, including windows and window coverings.

6- Allow co-signers, parents, someone with good credit for really bad credit.

7- Cover lawn care yourself.

DO NOT:

1- Put in extra appliances.
2- Pay Utilities, this is an open wound
2- Allow partial payments or payment schedules

Aly W. · Answer

I agree with Lucia, most applications are incomplete or it's obvious that the tenant can't afford the property. I don't bother with a credit check on those, they eliminate themselves.

We are also doing #7 on her list, cutting the grass ourselves. This also give us a chance to check the house every few weeks since we have to go through the house to get to the back yard.

We're giving our most current tenant a window air conditioner this summer. The lease states it's still our's, we will install/remove it, and if it breaks, we don't fix it.

Account Closed · Answer

Great list, but on point #4, wouldn't that attract lots of loser applicants and end up costing you a ton for paying those app fees, especially if you're paying an agency like NTN to do the screening?

Hi, 
    Not really. We screen the candidates over the phone for salary, jobs, etc and then ask the questions about evictions and criminal records before we do a showing.
    Only after the showing has gone acceptably do we give them an application and go to the next step.
We usually get rid of the dead beats on the phone.
     It does raise the costs a bit, bit the costs aren't really a factor when compared to an empty unit for a month.

Josh Green · Answer

i've heard great things about craigslist.

i personally have never had a vacancy (knocks on wood)....i have only 1 rental and have had it for a little over 2 years. the same tenant has always occupied it.

Mitch Kronowit · Answer

Second what Josh said about Craigslist. That's how we've pretty much found the tenants for both of our rental properties. Give a good description of the property with quality photos and even a link to an outside web page for more info.
          
          I don't waste time and money with "fossils" like the classified ads in the local newspaper anymore. There's probably only a handful of people under the age of 50 that read those nowadays. 
          
          The last time we had to fill a vacancy in our rental condo, I placed an ad in craigslist for FREE, and a comprehensive ad in the paper for around $70. ALL of our applicants came from craigslist ONLY, nobody replied to the classified ad, so there you go.

How to fill vacancies?

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