Having trouble with high vacancies? Here are some of the best strategies to increase the occupancy rate in a multifamily complex.
Suppose you’re involved in a new apartment complex, and you want to figure out how to make the most money out of it.
In that case, you have to find ways to get more people into your property; that’s the occupancy rate.
If you currently struggle with vacancies, consider the following tips that could help you increase the percentage of rented units.
Top 6 Occupancy Rate Improvement Tips in Real Estate
1Provide quality customer service
Creating an amazing rental experience is one of the most important steps you can take to keep your tenants happy.
Make sure that you are there to help them out and take care of their needs any time they require something.
2Focus on marketing
Another one of the best ways to increase occupancy rate is to focus on promotion strategies.
3Review rental rates periodically
By reviewing your rates, you can decide to increase or decrease leases depending on demand.
Not only will it help you keep track of the market, but it will also give you an ongoing competitive advantage.
If you can get more people to stay longer, you’ll continue to get the cash flow you need.
Let them know that if they have other family members that need housing, you have extra units for them. Get the most out of the current occupants; every customer can lead to another.
5Update listings regularly
Time passes, and you forget to take new photos and videos of your unoccupied units. Stay on top of it and get a team of professional videographers and photographers to record new media for your listing.
Additionally, whenever something changes, make sure to update any information on your listing to reflect its current standing.
6Form a property management team
An effective team can help you find new tenants by following up with prospects, helping with marketing, and lowering your vacancy rates.
You don’t have to do it alone. There are professionals out there who can make your life a whole lot easier.
Final thoughts on how to increase occupancy rate
So, there you have it! Six great strategies you can use to work towards boosting the occupancy rate of your property.
Keep in mind that some may work better for you than others. So, try a few and see what has the highest impact in your situation.
Finally, with creativity, effort, and dedication, you should be able to fill those vacancies in no time at all.
To learn more about the moves I’ve been making in real estate for more than 30 years, check out my free training.