Filling Units for Residential MF
Hey all!
I have a quick question. I am an out of state investor in California and i recently acquired a 4-plex in Indiana. I have an incredible PM that my friends/family have worked with for over a decade. Im running into an issue of us filling it/getting applications with good tenants. Does anyone have any ideas about how to solve this and get our units filled quicker? Any thoughts on this would be helpful thank you!
Most Popular Reply
It's a difficult time for leasing in Indiana; Cold weather, holiday travels, Christmas spending, high interest rates on credit cards, and so forth.
Below are some key alterations to increase the units' marketability:
Listing presentation - Photos, description, etc.
Listing syndication - Zillow, Realtor.com, Apartments.com, (dare I say) Facebook marketplace, etc.
Lead processes - How quickly is the first response to incoming leads? What are barriers to an application being completed and are they appropriate?
Tenant requirements - Are the requirements too stringent and out of line with competing listings?
Price - Naturally the top reason as long as the items above are reasonable. Can you settle with a slightly lower rate that would offset the expense of a longer vacancy at a higher rate?
You could also offer rent specials, such as half-off a month's rent if the lease begins by a certain date, one month of free utilities, or a refundable application fee upon successful move-in. It's a numbers game coupled with a bit of luck. Keep moving forward. It only takes one person to get a unit filled!