How to fill vacancies?

[Brandon Turner]

Hey folks,

Just wondering if other landlords can share their experiences in filling vacancies. Any creative ideas?

[Account Closed]

Here is what we do, we are at 100% occ in an area with 15% vacancy.

1- Get your price range for the unit size from current CraigslIst postings. Go below that rate. Remember 1 month vacancy is 8+% rent drop over a year lease, so be flexible.

2- Drop to one month security, so first and security. Do not go below that.

3- Rest of current month free with immediate occ possible.

4- Suspend payment for application and credit check, still run the checks, but you pay for them and remember to get them to sign application allowing you to run check.

5- Make sure your place is clean and presents well. If it needs paint, paint it. If it is dirty, clean it, including windows and window coverings.

6- Allow co-signers, parents, someone with good credit for really bad credit.

7- Cover lawn care yourself.

DO NOT:

1- Put in extra appliances.
2- Pay Utilities, this is an open wound
2- Allow partial payments or payment schedules