It’s no secret that when a unit stands vacant your property management company is losing money. So once a tenant gives notice that they are moving out, it’s imperative to get new tenants in there as soon as possible. Following are 3 key steps to help you do just that.
Make sure you're in high demand
Ideally you would like to have a long line of prospective tenants clamouring to get into the first unit you have available. The reality of this dream may vary depending on your location, the desirability of your community and the current state of the rental market. However there are a number of tactics you can use to increase demand for your communities and position yourself to fill vacancies faster:
• build a strong reputation and encourage referrals by providing stellar customer service — always
• use great quality photos (and videos) to generate more interest in your listings
• maintain an attractive and informative website that is optimized for search engines
• be active on social media (in helpful ways) to create awareness of your communities
• respond to all inquiries right away — before someone else snatches up your prospective tenant
Make the time necessary to plan for an extraordinary future with The Property Manager's Guide to Proactive Management.
Know the condition of all units at all times
Knowing the current condition of your units will help you be more prepared as they become vacant because you are already aware of what work needs to be done before a new tenant can move in. The best strategy to stay on top of unit condition is to enlist the help of your maintenance staff.
Maintenance workers are likely to be inside units periodically to complete maintenance requests. Train them to look out for other issues while they are in the unit, such as damaged walls, cabinets, carpets, etc. that will take a bit of time and costs to repair or replace. Some issues may need to be addressed immediately if they are a safety concern or might cause additional damage if not taken care of — while others might be addressed upon move out.
Maintenance staff can also keep an eye out for any violations that you should be aware of, such as hoarding, illegal activity, unauthorized pets or additional persons living in the unit. Mobile-ready property management software makes it easy for them to document any concerns right on the spot.
Use technology to optimize the process
Using a comprehensive property management system that establishes best practice workflows across your entire organization can also go a long way to speed up tenant turnaround. The automated workflow of the move out / move in process in INFO-Tracker™ Property Management Software keeps everything well documented and triggers notifications between various roles and departments at key action points. These notifications are sent to the appropriate parties via email and/or text to ensure that the process rolls along smoothly and is completed in the shortest time possible.
Following the 3 steps outlined above will help limit the amount of time that your units stand unoccupied, which in turn will help to keep your pockets full.
Download The Property Manager's Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.