Occupancy is one of the things you need to monitor if you invest in spaces that you lease to either a commercial or residential occupant. This metric allows you to determine or at least approximate the profit or the losses you will incur. You’ll need to reach a certain percentage to mitigate costs and generate net income at a month or year’s end.
Froerer.net and other experts on apartment complex management list the following strategies that boost your occupancy rate.
Start a Referral Program
The tenants you currently have can act as “brand ambassadors” of your property, especially if you have been a good landlord to them. The vetting and background checking process of a prospective occupant is shorter if someone can vouch for them.
To entice a current occupant to act on your behalf, provide them with incentives. A referral program encourages people to recommend your spaces in their networks. The incentive you offer can come in different forms such as money, better rent terms for a month or so, or just gift cards.
Encourage prospective occupants to pre-pay rent months in advance. This is another form of incentive, especially for those who are willing to advance so they don’t have to worry about anything at the end of the month.
Social media is your friend when it comes to marketing vacancies in your apartment complex. Platforms such as Facebook, Instagram, and Twitter are great platforms to display the vacant space. Provide videos and photos to entice a potential occupant to at least a personal visit. Once they see the room, you can make your sales pitch and improve the chances of them signing the contract.
Provide Locators and Realtors with Rewards
Some prospects are looking to realtors and locators to find properties and good value deals on rent. Offer rewards to professionals to put you on top of their lists and recommendations, when they talk to prospective occupants.
These are some of the ideas you can implement to improve the occupancy rate of your property. Try a mix of these to determine which one may work best for you.