5 Tips for Minimizing the Duration of Vacancies
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation.
Here are 5 strategies to reduce the time units spend vacant:
Preventative Action
While tenant retention doesn’t help fill vacant units faster it can help to reduce the number of vacancies in your portfolio and encourage customers to stick around for the long run. To do this property managers can negotiate long term lease agreements, offer reduced rents for resigning or other discounts to management fees. Ask customers for feedback as to why they chose their unit and draw attention in listing to those elements. If your tenants widely agree on a particular value of your organization’s service, for example: on site gyms and pools, don’t neglect to features those elements in your online listings. It’s important to gather this information before you need it, to have it readily available as soon as a unit becomes vacant.
Prompt Posting
List your vacancies as soon as possible, it may seem obvious but the sooner a vacant unit is listed the more time it will have to draw attention of prospects. Every second units are vacant they should also be listed online so listings can be garnering as much attention as possible. Automation can facilitate the process of posting units immediately depending on your online prop……
Here are 5 strategies to reduce the time units spend vacant:
Preventative Action
While tenant retention doesn’t help fill vacant units faster it can help to reduce the number of vacancies in your portfolio and encourage customers to stick around for the long run. To do this property managers can negotiate long term lease agreements, offer reduced rents for resigning or other discounts to management fees. Ask customers for feedback as to why they chose their unit and draw attention in listing to those elements. If your tenants widely agree on a particular value of your organization’s service, for example: on site gyms and pools, don’t neglect to features those elements in your online listings. It’s important to gather this information before you need it, to have it readily available as soon as a unit becomes vacant.
Prompt Posting
List your vacancies as soon as possible, it may seem obvious but the sooner a vacant unit is listed the more time it will have to draw attention of prospects. Every second units are vacant they should also be listed online so listings can be garnering as much attention as possible. Automation can facilitate the process of posting units immediately depending on your online prop……