How Did You Create a Waiting List for Your Rentals

Question

I'm on a mission to never have another vacancy again. Part of my plan is to notify folks on my waiting list as soon as I receive a 30-day move out notice. The problem is that I need to create a waiting list.

Does anyone have a wait list for their rentals? If so, please tell us how you;

1) created it, and

2) how you maintain it.

Al Williamson · Answer

Let's aim for the Holy Grail; a waiting list that works just like the one at a popular restaurant. You notify the next "potential tenant" in line, if they pass on your offer, you go to the next person. I want to turn my vacancies just like a well run restaurant turns it tables. In this sense, landlords can learn a lot from the operational tactics used in the hospitality industry. The trick, of course, it to create demand. The other trick is to organize the list and sustain interest in the offering. Have you ever stood in a line that was so long just to sample what others felt justified the long wait? I have ... and I wasn't disappointed. How can we apply this to our businesses?

Konstantin Samorodskiy · Answer

Hello! What solution did you choose for the waiting list procedure? We have a few requests and want to establish one before winter hits pretty hard here :) Our current software (Buildium) doesn't offer any options except just applications. Want to have a tool with all notes, sort/filter options, reminders etc. Have just regular spreadsheet as for now. Thanks!

Roy N. · Answer

@Al Williamson We do not maintain an official waiting list, but we do have two prospective tenants who would like to live in a specific building of ours ... problem is, the incumbents really do not want to move either :) With our student rentals, we typically get referrals from our existing tenants when they give notice ... friends and classmates who come to visit quickly realize out student housing is about the best in the neighbourhood. As others have mentioned here, we also start advertising and showing as soon as we receive notice {Notice here on an annual lease is 3-months}. and usually have the property rented before it becomes vacant. An exception is one "cursed" 3-bdrm upper unit in a duplex which sat empty for 6-months once ... prompting me to gut-it back to the studs and perform an energy efficiency rehab. Like you, we are working to get {by word of mouth} branded as one of the best landlords in the area. The deep energy efficiency retrofits we've been performing on the older properties have not gone un-noticed at City hall. A couple of weeks ago, I had a building inspector from a different part of the City approach me while at dinner with my family, to say that he has heard of the work we are doing and wanted to walkthrough our most recent renovation. I take this as a good sign for future City planning cooperation. Another thing we do is help our tenants move-on. We have helped three tenants move our of one of our properties and into a new home this year: One was a relationship breakdown; the second was a student whose roommates were leaving and had to downsize; and the current one needs a bigger apartment as his Mother had finally gotten out of Syra. In each instance, we did not have a suitable vacancy in our portfolio, so we found them spots with other Landloards in the area. We have already seen pay-back from this behaviour as one of these local landlords has recently referred a tenant to us.

Al Williamson · Answer

Thanks Elizabeth. I'm stepping towards your turnaround standards. Kyle & Ky: I've worked on becoming branded as the best landlord in the neighborhood. I have no competition for that title. So, just like today, I get contacted about openings but I haven't had a framework to track inquiries. I'm learning though. Planning to track potential tenants on a VIP email list. I'll reach out to them from time to time just to strengthen the relationship or, possibly enter them into a raffle. I'm going to figure this out. Having a waiting list is an extremely valuable asset that I've been overlooking. Now that I've publicly declared that I'm going to operate with zero vacancies, I cannot afford to be lazy just because I typically have a strong cash flow.

Elizabeth Colegrove · Answer

@Al Williamson My thoughts (and the way I saw it done at A+ Apartments that I worked), tenants move in to a perfect house, they should move out to one too. Any work that has to be done to the house other than normal wear and tear is taken out of their security deposit. Disclosure: To date all of my tenants have stayed less than 1 year, so I have not allowed for any wear and tear. If someone was vacating after years, I would probably allow for more time/wear and tear. Therefore I require the house to be cleaned and the carpets to be professionally cleaned with receipts. I walk through with touch up paint and anything that has to be fixed. I have had to paint a couple of walls once. I do not have a crew, just me, a few friends and outsourced as needed. As I lose money, any day the units are done, turning is the one thing I try to be super efficient on.

Al Williamson · Answer

Elizabeth Colegrove, You're amazing!!! I love that quick turn. How do handle new painting and floor coverings? Do you have a crew of people helping you clean, repair, and patch? I wrote a plan that lays out steps for me to get in gear once I receive a 30 day. Maybe I should start improving my advertising material now - while I don't have vacancies.

Account Closed · Answer

A) If you own an apartment building, keep visible for rent signs up. This will encourage prospective tenants to call you. B) Market your properties, even if you are at full vacancy. Keep people calling you. C) Remember details about people. For example, you may have full occupancy and someone calls you. Keep all their details in an intake form. Some people will stay where they are until they find the "perfect spot" so they may be waiting for you to call if you have something they like! D) Manage properties for other people. When someone needs somewhere to live, they will know that "you are the guy to talk to" E) By owning more properties, you keep percentages higher. One vacancy in ten properties is 10% vacancy. One vacancy in 100 properties is 1% vacancy. F) Get good with the section 8 program. Depending on where you live, there will always be a waiting list. G) Remember, the best advertising is word of mouth and referrals. So keep your tenants happy, and they will tell their friends, who will seek you out! Hope this helps

Kyle Hipp · Answer

I do not have an official waiting list but I do get asked about any upcoming vacancies from current or past tenants on a regular basis. Others in my life also know about my business and will occasionally contact me inquiring about any openings. I do keep in contact with my tenants as I usually pick up the rent myself each month and try to provide the best service. I have found when I serve people well I get the returns in lower vacancies as well as easier to fill vacancies when they do occur. A true waiting list is harder as people usually don't have an always open window in which to move.

Account Closed · Answer

Exactly @Robert Brubaker It helps if you know how to market on the internet, especially if you are in an urban area. Some people put a lot of stock into yelp reviews, etc. It looks good when you have 5 stars! Also it is thoughtful to give your tenants an incentive to leave a yelp review! Pay them for the time it takes them to log on and leave a review. $10-$20 one time off their rent is a small cost to you, but if you have lots of tenants leaving you positive reviews, it is free advertising!

Elizabeth Colegrove · Answer

@Al Williamson Although I do not use a "list", I have not lost more than one day in rent. Usually not even a day. The day I get notice of an upcoming vacancy. I post it everywhere and advertise. I than show the house, with my tenants approval. I also try to have move out first thing in the morning and move in at the end of the day. This gives me the most amount of time to clean and get ready for the next tenant.