Why Is My Property Still Vacant?

"Why is my property still vacant?" If you’ve asked this question today or have ever asked it in the past, you should absolutely continue reading. That's because long vacancies can be overcome with smart planning! Unless your property is in extreme distress or in the absolute worst part of town, there is simply no reason to deal with significant vacancy. Landlords fall into traps all the time, we’re here to help them out! If you're ready to stop sacrificing returns and put an end to vacancies, keep reading. 

Bad Marketing Description

The first thing you could be getting wrong is your marketing or listing description. The listing description is critical to your success in renting and filling vacancies fast! If prospects see your listings and are attracted to them, they shouldn't have to call you or dig deeper for important rental information. Things like price, beds/baths, utility responsibilities, assigned parking are necessary. And if you’ve got a fifth floor unit with no elevator, don’t forget to mention the stairs! We've got a full post to help you write the perfect rental listings too.

Not Advertising Through the Most Effective Channels

If you’re only using Craigslist to market your rental properties, you’re virtually guaranteeing higher vacancy rates and lower quality of lead inquiries. Assuming you’re not going to use a leasing agent to list your property on the MLS, there are still a ton of channels for you to try. Zillow, Trulia, and Rent.com are some of the most popular listing sites...and they don’t cost all that much to get started. Facebook marketplace is a great place to list for free these days as well. The majority of renters are searching online, so don’t neglect to get your advertisement in the most important place!

The Rental Rate is Too High

There is also the possibility that you have the unit/property priced too high. Landlords in this scenario are often left confused because they are attracting a good number of leads, just not ones that are well-qualified. Good tenants understand their budget and won’t waste time looking at something they can’t afford. If you’re not getting any bites, or the inquiries you do get are from unqualified tenants, your rental rate is likely too high.

Difficult Application/Screening Process

Making the application and screening process difficult for your prospects is another reason that your property may still be vacant. Some management companies and landlords charge upwards of $75 application fees as a way to “weed out” the bad groups. The thing is, a good tenant knows their value and won’t expect to pay high fees or jump through hoops to get their applications submitted. Today, there are plenty of web-based programs that make things easier for tenants when it comes to applying for a rental property. Our advice, implement one of them to fill your vacancies more efficiently! Tenantverify.net is one affordable option for you.

Cleanliness & ”Rent Readiness”

When you begin showing your property for rent again, conducting a quality showing is crucial. If your property is dirty or there are visibly unresolved maintenance items, you’re probably wasting your time showing it! It becomes very difficult to fill a vacancy if the unit doesn’t appear rent-ready when prospective tenants are taking their first walk through. First impressions mean the most!

Undesirable Feature

These can be difficult to remedy, but if there are any highly undesirable features of your rental, you may be in for extended vacancy. Examples of these are things like bedrooms that are too small, hazardously steep steps, or noisy tenants in the unit above. If there is a single feature that is unappealing enough, owners will waste time and money marketing and showing the property. In instances like this, a discount offer or an alternative rental incentive may be the only way to fill the vacancy faster.

BONUS: Marketing Before Your Tenants Move Out?

We'll leave you with one last piece of advice before you go, and that is: next time you prepare a lease, include a clause that will allow you to begin showing the property before you current tenants move out! Typically at Robert C. White & Company, we begin marketing property on behalf of our owners 45 days in advance. This lead time allows us to show prospects the unit with things in the property (often a plus because people like to see how others use a space) and most of the time start the new lease with a minimal turnaround. With this strategy, RCW averaged less than 19 days of vacancy at all properties in 2020 and less than 12 days on average from listing to receiving a deposit.