What has happened to all the renters? Well, Let's examine what has happen in the last few years in the housing markets.
First of all, interest rates have dropped to all time historical lows. This means that many renters have taken advantage of this and went out and bought a house. The second thing that has happened is that most real estate values throughout the country have gone up a lot in a short period of time. Because of this, many more people have decided to start to invest in rental real estate. More landlords, fewer renters equal a soft rental market.
When the market is soft, you have to be better at finding renters.
It's the mission of all business to get and keep customers. Well, the business of owning and managing investment real estate isn't any different. You must have a system and plan in place to find new tenants and keep you old tenants.
Typically owners of small rental property only do one or two things to find tenants. They may run an advertisement in their local newspaper or they may put a sign on the property that says "FOR RENT". This is fine in a good rental market, but if you want avoid vacancy you have to do more.
Here are five simple ideas to help keep those vacancies filled:
>1. Put together a property feature sheet explaining the features and benefits of your property and distribute it to local real estate offices.
>2. Offer bonuses and incentives to your other residents if the refer anyone to you that rents. As an example: gift certificates for dinner out, tank of gas, microwave, etc.
>3. Use the apartment rental services in your area. They can be found in your phone book and will list your property in their "properties for rent list" that they give to residents.
> 4. Make up some cards that say "Properties For Rent - Houses, Duplexes and Apartments. Call Me" and leave them all over. Put them in the envelope when you pay your bills, leave them at restaurants or post them on bulletin boards at stores. Leave them anywhere, be creative and get the word out.
> 5. Create a waiting list. Keep a list of all callers on any rental that you ever had available. When a new unit comes up for rent, notify the people on your list and see if they might have an interest. If you ever get calls from someone looking for a rental and you don't have any available now, put them on you waiting list.
Even though the above list is short, it should give you the idea that you need to have many ways to find renters. I'm sure that if you sat down and thought about it you could create a list of 50 -100 ideas. Once you have your list created, you should now test the ideas and see which ones gave you the best results. By doing this process you will fill your vacancies fast and have a constant stream of new tenants wanting to rent from you.
Copyright 2006 David Schneider
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