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.

You can reach more potential renters by using digital marketing, rental listing websites, and other social media avenues.

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.

4Retain tenants

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.

Be Great,

Grant Cardone

Disclosure: This content is intended to be used for educational and informational purposes only. Before investing, you should always do your own analysis based on your own financial and personal circumstances before making any investment. Grant Cardone is an industry expert who has been investing for over 30 years and his opinion is based solely on his own personal experience and circumstances. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment. Investment involves great risk and there is no guarantee of performance or results.

We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice.  We recommend seeking the advice of financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.

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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.

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