One of the biggest challenges in the single-family rental market is making sure the gaps between vacancies are minimal.
There are a lot of different avenues you can go down to mitigate vacant properties. Here are some of the most effective ways to fill vacancies at your property.
Internet Listing Services
There are numerous internet listings services (ILS) available for those who are in the rental market, with some being better catered towards single-family properties than others. Using an ILS is one of the most effective and direct ways of filling vacant properties, as that is the entire goal of the website.
Traditional and Online Marketing
Marketing a single-family property should include multiple methods of attracting serious prospects. Using traditional marketing methods like newspaper ads and lawn signs have been proven to work. When you couple this with buying ad space through online advertising, as well as sharing your property on social media groups and word of mouth, you can bring a significant amount of attention to your property leading to prospective tenants contacting you.
With expertise in your market, a property manager can make chronic vacancies a problem of the past. Having the knowledge of how to reach prospective tenants, vetting, interviewing and finding the perfect fit for your rental property, a good property manager takes all of the work out of your hands. A property manager adds an enormous amount of value to your property outside of filling vacancies, but will ensure that your property always has a tenant living in it.