Owning Riverdale rental properties can be incredibly rewarding. But when you have vacancies, especially within your multi-family units, it can be stressful and challenging. Fortunately, there are some best practices and tips to help you avoid the anxiety that comes with vacancies. Filling your multi-family Riverdale property faster means leveraging a few key strategies.
Planning Ahead & Getting Ahead of Impending Vacancies
Half the battle is being prepared for tenants to move out. Avoid waiting until the property is empty to start marketing. For example, once a renter provides notice, consider placing a sign in the yard of an upcoming opening. You can also make smart use of social media channels to announce upcoming vacancies and create a sense of urgency and build excitement with your messaging. Some multi-family Riverdale property owners keep a waiting list of interested tenants. You can also make calls or send emails to past renting prospects, with an upcoming availability.
The Outgoing Tenant Can Be a Great Resource
When existing renters notify you they’re planning to move out, don’t hesitate to ask for a referral. Great tenants can often be a reliable resource for finding other great tenants. And should your departing renters be in the military or college students, their pool of referrals could include others like them. You can also offer incentives for your outgoing tenants to help spread the word about your soon to be vacant space. Consider offering them a prepaid gift card or discount on the last month’s rent.
Get Creative with Perks & Extras
Owning a multi-family Riverdale property means learning the art of striking a deal. To keep the vacancies to a minimum, you can get creative with incentives and perks. Some offer flexible lease terms, pet allowances, or customized pricing. Others use amenities like free cable for three months to attract new tenants. Even offering a Google Home smart device or Nest thermostat can be a great incentive. It could also be helpful to both existing tenants and potential new renters to start a resident program, like a community garden, movie nights, or craft spaces.
Promoting Your Multi-Family Riverdale Property Lifestyle
Remember, when advertising your multi-family property vacancy, it’s less about the space and more about the Riverdale lifestyle. Of course, you’ll want to include the pertinent details about the property in your marketing efforts. But to really attract new showings, spend a little extra time promoting the local attractions, amenities in the area, and any resident appreciation efforts you offer. Consider using language in your listings that appeals to the senses and inspires potential renters to picture themselves living the Riverdale lifestyle. Make smart use of images and videos that highlight the best your property has to offer.
Vacancies Present a Great Time for Upgrades
Having vacancies in your multi-family Riverdale property can have you feeling a little stressed. But there is a silver lining to consider. When renters move out, you are presented with an opportunity to make property updates and upgrades. If it’s been far too long since you last improved your living spaces, take the time to do so during your vacancy. Whether it means fresh paint, new doors, or a fresh countertop, adding upgrades can be attractive to new tenants. And once complete, you have plenty of new features to promote in your listings.
Managing a multi-family rental property can be incredibly rewarding when you have occupants. But when you face vacancies, you can feel the pressures of filling those spaces faster. Tap into some of these ideas and best practices to keep the timeline of openings to a minimum. And when you’re ready for professional assistance in managing these efforts, contact us!
