Are Your Apartments Priced Right But Still No Leases?
If you are a landlord, there is not a worse feeling than having your apartments sit vacant. Or better yet, you know that feeling when they sit vacant even when the price is right? If you find yourself in this situation, then read along.
Usually price is the determining factor of how quickly you can move something. In this case, price an apartment competitively, and it will get rented out. Expect the apartment to sit if it's priced too high. That's just how it works. Because, trust me, prospects know when something is overpriced.
But what if your apartments are priced competitively and still no leases?
Here are some reasons why you are experiencing vacant apartment syndrome:
1). You are renting apartments during the wrong time of the year
Keep in mind, like everything else, rentals are seasonal. So if you are trying to rent apartments in Philadelphia, chances are that the best time will be in Spring. If you have an apartment lease up in Florida, you may want to evaluate what times during the year are the best times to lease apartments. Knowing your market and when peak season takes place, will be very beneficial for the success of your lease up.
2). You are not marketing enough
I cannot stress enough the importance of marketing. You can have the BEST rental in Philadelphia, but if you are not marketing it that way, then you have nothing. So, ask yourself, how am I marketing? And am I spending enough on marketing? Establishing a healthy marketing budget is a good place to start. Then find out what platforms, or websites, you would like to market your Philadelphia rentals.
3). You are not converting prospects
Don't have a knack for sales? Well, that could explain why your apartment is sitting vacant. If you have a leasing specialist doing your leasing for you, then ask yourself if they are qualified. Or perhaps, do they have adequate leasing agent training? If not, then it is important to train your leasing staff, or hire a rental agent that can convert those prospects into leases for you.
You Don't Need to Rent Apartments on Your Own
Wise Owl Company has helped many property managers and landlords in Philadelphia and other areas! If you need leasing agent training, or need advice on getting a good start on your lease up, feel free to reach out! Simply schedule a consultation call with us today, and we will see how we can help you!