The housing market is a market that constantly in flux. The market that you know like the back of your hand might not be the same market for 2 weeks. Part of working in the industry is learning how to adapt to new markets at a rapid pace. When you’re used to working in such a hot market, it can be a major shock to the system when the market begins to slow. Here are some tips for making sure you can fill your units in a soft market:
1 | Know Your Competition
Make sure you know what you’re up against. Know the properties and amenities, their prices, and what specials they are offering. If you are next to a property of similar quality with amenities and units that match your own but are priced lower with better specials, where do you think the renter will go?
If you know what your direct competition is offering, you are better able to price your units and specials. If you aren’t comfortable moving your prices or specials, make sure you know what makes your units superior to the competition. The more information you have at hand, the better you will be when the market slows down.
2 | Don’t Be Afraid to Offer Specials
Specials aren’t a bad thing. Although it looks like a lot of money to concede upfront, it is most likely a worthwhile investment. Would you rather have a tenant in your unit for 12 months because of a special, or would you rather it continues to sit vacant for who knows how long until you find a new renter? Who knows, that renter might even turn into a longtime tenant, if they choose to renew their lease!
If you do choose to offer specials, make sure you know what the common specials in the area are and try to beat them, at least by a little bit!
3 | Make Sure Your Property is Up to Par
If your property is looking a little under the weather, it is less likely to attract renters. Now is the time to give your property a facelift! Make sure your common areas are in pristine condition and your vacant units are move-in ready at the time of a showing. Renters are much less likely to want to make a place their new home if it is dirty and in need of repair.
Another thing to consider – some people have difficulty conceptualizing an empty space. Hence, it can be extremely beneficial to hire a professional stager who will know how to make your space shine!
This is only a short list of ideas that can help you increase your vacancies in slower periods. There is a multitude of strategies that can be implemented in order to be more attractive to the renters in your market. The best strategy for one property isn’t necessarily going to work for another. Do your research and let the ball be in your court when it comes to a soft market!