With everything that is involved with real estate investing, vacancies are the thing that stresses me out the most. For good reason though, considering all the costs and uncertainty that goes along with it. I try very hard to keep good tenants happy by being responsive and fixing issues quickly. I will also try and give the tenant some type of upgrade to get them to renew their lease as well. This is usually a cap-ex item like an upgraded appliance, ceiling fan, shower head, etc. These are going to be items that need to be upgraded anyhow but make the tenant feel appreciated.

However, if you have a vacant unit that isn’t renting there are a few things that could be the issue. While you could always lower the rent until you get some applications, there are other things you can do instead or in addition to.

Make it Spotless: Once all the turnover repairs have been made, make sure everything has been thoroughly cleaned. You will also want to make sure there are no lingering odors by opening windows or getting an ozone machine. While you could do this yourself, it might be worth it to pay $150 to have a professional clean it.

Upgrade the Decor: If the decor is looking a little outdated with stained oak cabinets, white walls, and brass fixtures, it might be time for an upgrade. you will usually get the most bang for your buck by switching out brass hardware and fixtures for brushed nickel.

Take Better Photos: While I recommend you have professional photos taken, you could take them yourself with a quality digital camera. If you choose to do them yourself, make sure they are bright, you have all the lights on and you use a wide-angle lens. You can use these photos for years to come so it is worth investing in.

Enhancer the Description: the description of your rental should try and sell it, not just inform. If you are unsure of what to write, get “inspiration” from other ones in your area. Especially look at listings from larger complexes for ideas.

Create a Video Tour: This will not only make it more appealing but cut down on the number of “tire kickers” who want to see the property. Do a walkthrough of your property with your phone and go into each room, paying special attention to any upgraded or unique features. From there, I will upload it to YouTube and add the link to my listings.

Free, Not Reduced: If all else fails, opt to give free rent instead of reducing the price. If I want to fill a property quickly, I will offer 2-4 weeks of free rent after move-in and advertise it at the beginning of my listing. That will entice people to apply but allow you to keep the rent higher. Since rents are usually raised by a percentage, you can keep that higher base amount for when you need to increase the following year.

Poor Tenant Applications?: If you are getting applications but none of them are meeting your rental requirements, you might need to adjust your criteria based on your location. While you can have a very nice property, your neighborhood will determine the applicant pool. You can also ask for a cosigner if the tenant does not financially qualify for a property.

If your property is not renting, you can always lower the price until you get applicants. However, that should be your last resort. Try these first and if you are still not receiving applications, then lower the price.

CTTO Article Source: www.biggerpockets.com