How to Fill Vacancies During the Off-Seasons
How do you find ways to convince people to rent out your property during this harsh off-season? This is even worse for property owners who are seeking tenants. Learn about some of the methods you can use to attract potential tenants to your property during the winter season.
The winter season is a perfect time to update your marketing strategy and get the word out about your vacancies. If you have stuck to the same reliable marketing strategy, then it’s time for a change. For starters, add a holiday theme to your marketing. It adds a touch of fun and shows that you adapt to the season. In addition, increase the venues of your marketing. If you haven’t done so, place ads in social media, newspapers, networking events, online, and email. Make sure your advertisement stays high quality by hiring a copywriter for your ads and a professional photographer to take appealing pictures of your property.
Temporary Cost Incentives
During the winter season, there is likely some desperation in obtaining new tenants. Embrace seasonal cost incentives in order to draw more interested tenants to your rental units. The winter season already features lower prices due to the demand decrease. Offer some of the following incentives and small gifts in order to sweeten the deal:
Free utilities for the first monthLower rental costs for the seasonGift cards for helpful expenses, like grocery shoppingMemberships to wholesale places like Costco
In general, provide an incentive that will help the future tenant’s moving process and overall life. Spend the money you need to bring new faces to your building.
Don’t Become Too Desperate
While some desperation is necessary during this time to urge you into completing tasks, you also do not want to become overtaken by that feeling and do something you could regret. For instance, you might rush the process and neglect to establish a lease agreement, something necessary to establish rules and protect yourself in case of legal action. Desperation can also drive you to make unrealistic compromises to keep a future tenant interested, such as offering the first month of rent for free. Pace yourself and find the right tenant for your property.
These months offer a great opportunity to meet up with family and friends, as well as spend valuable time with them. If you are unable to fill the vacancies in your home, try talking to these loved ones if they know anyone in need of a new house or a new apartment. You can also expand that search by including coworkers, networking connections, and even previous or current tenants. If they don’t know anyone, ask them to spread the word throughout social media or other venues. Some cities also have tenant placement services that can direct you to potential new tenants.
No matter the season you take in new tenants, stay one step ahead in property management with the help of Home365. To learn more about our services submit your information to get a personalised, no-obligation pricing click here