You want to have a good process in place for dealing with rental property vacancies and getting a great tenant in place as quickly as possible. Today, we’re talking about how to fill a vacancy in your Fort Wayne rental property.
You need to maintain a sense of urgency throughout the process of filling your vacancies. A vacant property is obviously not making you any money, and often it’s the largest source of lost income for landlords. You don’t want a vacancy to drag on for longer than it needs to because you will never be able to recoup that lost rent.
While you’re being urgent, make sure you balance that with a high quality and consistent process for finding a tenant. You need to have an application process that is documented and fair. When you screen tenants, you need to do so consistently and fairly to abide by the law and ensure you don’t have the liability of placing a bad tenant in your rental property. One bad tenant can cost you a lot of money in lost rent and property damage. Don’t approve the first person who applies just because you want to avoid a vacancy. Screen well.
Leverage all the technology available to present your property to prospective tenants in the best light. Advertise on the internet with high quality HD photos and videos, if they are available to you. Take advantage of any free advertising sites. You want to get the maximum exposure for your property so you attract a large number of prospective tenants. Then, you can narrow the field of tenants.
The most important thing to remember is that you never want to sacrifice quality for speed. Filling your rental is important, but one mistake could be detrimental to your rental income in the long and short term.