3 Ways to Promote Vacant Apartments to Raise Your Occupancy
As a property manager, you have many responsibilities, including coming up with ways to promote inventory that has high vacancy. It could be a particular floorplan, or location on your property that has stayed empty for longer then you care to admit. You may need to think outside the box when it comes to getting those units occupied. Below you will find some helpful tips for pushing inventory that you may be having a hard time moving and make them more appealing to prospective renters.
When looking for ways to push inventory, the first thing that comes to mind for most property managers is offering some type of rent special, whether it be a free month, no deposit, etc. While specials are likely to catch the eye of potential prospects, you may not want to take the financial hit. In this case, there are other methods of pushing inventory that could be helpful.
Staging is one method that may help in getting some apartments leased. It can be difficult for prospects to picture what a space may look like without furniture. Having a staged apartment can really help them visualize what they will be able to do with the space, and allow you, the Property Manager, to rent units that may be typically more difficult to occupy.
Be Creative With Space
What if you have an overstock of 2 or 3 bedroom apartments but your prospects seem to only want 1 bedrooms? There are a lot of prospective tenants that may be willing to lease a two bedroom if it is marketed in an appealing way. If you can convince a prospective tenant that there is a good use for that extra bedroom, they may be willing to spend a bit more for the extra space. This is where creativity comes into play. Is your prospective tenant a pet owner? Perhaps they would like the extra bedroom to set up a special space for their beloved furry friend. Maybe your prospect is from out of town and plans to have family visit frequently, in which case an extra bedroom would be very beneficial, for both space, and privacy purposes. The person you are showing an apartment to possibly works from home. You could suggest that the extra bedroom be set up as a home office.
Perhaps you are working with a young couple that will be expanding their family in the next few years. You can save them from having to move again by offering them that two bedroom apartment. Suggest that they use the space as extra storage until they are ready to turn it into a nursery. Down the line, it could even be used to set up a playroom.
In addition to practicality, there are lots of fun things that you can suggest for the extra space. Man caves, and more recently, she-sheds (which could be a bedroom rather than an actual shed!) have grown in popularity. She-sheds and man caves can be a fun way to use extra space and the design and décor options are endless.
Take the time to think about what might appeal to each prospective tenant and use it as a way to help market the inventory you are trying to push. You just might make a lightbulb go off in someone’s head and be able to get rid of some of that inventory you’ve been sitting on.
Are you and owner and need assistance managing your apartment community, we are here to help! Contact Prime Companies at 518.785.9000 or firstname.lastname@example.org