Vacancy – A Building’s Cancer And How To Kill It

photo credit: That Canadian Grrl



As a property manager or owner you have to kill vacancy in your portfolio of property. It can absolutely not be tolerated at all. It’s like a cancer that eats away your cash flow until your buildings sicken and eventually die.

Advertising

Your advertising should be targeted to your market. Who wants to rent in your building? Who do you want to rent to? I’ll take 20 ads in 20 different spots before one big ad in one spot.

Suite Preparation Is Key

As a landlord you’re in the business of selling housing services. Your product should be ready for sale and presented in the most attractive way possible. Showing dirty, smelly, unprepared suites is a waste of your good advertising money.

Showing The Apartment

Once you have one apartment ready you can use it to rent others. I would much rather show the suite that the potential residents would rent but if the choice is showing the dirty unprepared space and showing a “model” suite, I’ll go for the “model” suite any time. I do not allow showings on unprepared suites.

Promotions, Discounts and Free Rent

You should definitely use promotions, discounts and free rent to attract all the potential tenants who are only concerned about price and who don’t have any money. I’ll leave these tenants for those who want them. I have eliminated all promotions, discounts and free rent. If vacancy is a cancer, promotions, discounts and free rent are like syphilis, aids and tuberculosis.



It’s a gift that keeps on giving you migraines as these residents stay on with their lack of money management skills, dysfunction and late payment. Don’t do it.

Providing Value

You don’t need gimmicks and tricks to get people to rent your apartments, you need to provide value. An emphasis on price is a big mistake. I don’t want the cheapest place around, I don’t want to attract the cheapest tenants – I want to attract the best tenants. I like to have the best value place around.

Value = Price/Quality

Limited Space

No matter how much space you have available now, you only have so many. It’s not time for a fire sale, get as much rent as you can, do as many improvements as you can and get the best tenants you can get.

What Comes Next?

So you’ve rented out all your suites. What to do? Raise the rent now!

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