Vacancies in your rental properties can be costly. But advertising isn’t an inexpensive endeavor either. So is there a happy medium? Yes! Here are three ways to find qualified candidates without emptying your wallet.
One: Ask Around. Former and current residents can be your best resource in the search for trustworthy tenants. Create a recommendation program to incentivize residents to refer prospective renters to you. Or ask them to write a testimonial that you can include on your website and social media pages.
Two: Find Your Niche. One of the best ways to stand out from other properties is to play up your strengths. Ask yourself What sets me apart from other communities? Do you rent
primarily to students on a campus? Or perhaps you cater to retirement-age residents. Once you determine your niche, focus on doing it better than anyone in your market. Remember… you can’t be everything to everyone.
It’s better to hone your talents and excel in one particular area, than to spread yourself too thin and miss the mark with prospects and residents.
Three: Network. Find local property associations or contact your Chamber of Commerce. Position yourself as an expert in the multifamily housing industry by writing articles about top-of-mind issues for renters. Or offer to be a guest writer on an association’s blog site. You can also host workshops that focus on educating prospective tenants on key topics’like what to look for during a rental inspection or how to understand the fine print in lease agreements.
You can also establish relationships with non-competing companies in your area. Determine a way that you can funnel new business to them and, in turn, they can send clients to you. In other words, if you offer student housing, you could share referrals with campus bookstores, coffee houses, or fitness centers.
Plus, attending small business and marketing associations’ lunch and learns and shared interest groups is a great way to meet other professionals and share ideas on how to generate new business.
By focusing your efforts and using established, credible connections, you can drive new prospective tenants to your door… with little to no cash out of your pocket.