Marketing vacant properties requires both knowledge and creativity. The key to success is being honest about any imperfections the building has, while capturing quality photos of the storage area, laundry, living and bedrooms. By giving more details, you will build trust and credibility, which goes a long way.
Always Be Factual
When marketing a vacant building, do not use subjective terms which are open for interpretation, such as charming, beautiful or great area. What one person considers charming or beautiful may not be to another. Instead, prioritize objective terms such as hardwood floor, parking lot, pets allowed, and granite or internet service included. These are specific terms that make it clear to prospective tenants what they will be paying for.
Give A Short Term Discount
One clever way to quickly fill up vacant properties is by offering a temporary discount for those who move in. For example, if you want to rent a vacant apartment, you could make an offer where new tenants get 30 percent off their rent for the first two months. This will be very attractive because not only will it allow new tenants to save hundreds of dollars, but it gives them the opportunity to become acclimated to the property without paying the full price. One way to make the deal even sweeter is to do a limited time deal, where prospective tenants will get a discount on their first or second month’s rent, but only if they move in by a certain date.
Hire A Good Property Manager
A good property manager is worth their weight in gold. Not only are they responsible for managing the property and dealing with repairs and other issues, they can help you market it, doing the leg work and ensuring the building remains occupied. Yes, they will charge the landlord a percentage of the annual revenues the rental brings in, but they are absolutely worth it. They save landlords huge amounts of time and energy, and when they do their job well the landlord should rarely have to interact with tenants directly.
Get Lots of Positive Reviews
The real estate business is competitive; landlords are locked in a battle to capture a finite number of tenants. The longer your building remains vacant, the more money you will lose. Therefore, your job as a landlord is to get your property to stand out from everyone else as much as possible, and the best way to do this is through positive reviews. Even negative feedback (and you will eventually get it) is better than nothing at all, because it brings exposure, albeit unpleasant.
The best way to get positive reviews quickly (you want them on popular, third party websites) is to give your existing and former tenants an incentive to post them. People these days are busy and value their time, so if you contact them asking for a positive review, but give them no incentive to post it, they’ll just ignore you. Offering a free meal at a local restaurant or some other perk is the best way to get rapid positive feedback.