Empty properties are tough on neighborhoods and worse on your pocketbook. Well, the title might be a bit exaggerated, there are multiple methods you can do to keep your buildings fill in the cash flowing.
Reduce tenant turnover
The first step might be so obvious that it’s overlooked. If you don’t want empty buildings, don’t force people to move out. Expensive rates, poor maintenance, and a feeling of disconnect from the owner can reveal the transactional nature of property ownership. If your tenants like you, at a minimum they might give you notice that they’re planning on moving out, which will give you time to find new residents
Make sure maintenance can respond fast
If someone’s lived in one of your units, they’ve changed it. Natural wear and tear, art projects, forgotten decorations or furniture from IKEA that it’s just not worth moving… All these things require a maintenance team to clean, move, repaint, and restore. If you have to hire someone and book them every time you need an apartment cleaned out, you’re going to have time in the middle, which costs you money. Whether that costs you more money than having a maintenance team on call depends on how many units you’re running.
Continue to advertise
While it’s obviously a bad idea to advertise vacancies that aren’t available, continuing your ads in print, online, and around town means that your mindshare will stay prominent. Talking about units you represent means that you can contact people who might want to move to the area, sell them, and have less than a week between when one person moves out and when someone else moves in.
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