by Theresa Bradley-Banta

Is your multifamily property or apartment building fully leased? That’s great!

Why not put out a “No Vacancy” sign so everyone in the neighborhood knows that you’re doing a fantastic job at your property? And who wants pesky potential residents bothering on-site managers and leasing agents? They’ve got more important things to do right?

Smart multifamily property owners are always ready, willing and happy to talk to potential renters. Take a minute and think about your strategies. What are you trying to do? You want renters. You want income. And you want to keep your property at full occupancy.

A “No Vacancy” sign says, “Go away! We’re full. We don’t need you!”

Here’s an alternative: Invest in a “Now Pre-leasing!” sign.

A pre-leasing sign:

  • Delivers the message that your property is full—without turning away interested renters.
  • Implies that your property is a desirable place to live. People are getting in line to rent from you!
  • Creates a sense of urgency.
  • Helps potential new residents plan. They can pre-lease a unit from you while waiting for their current lease to expire.
  • Keeps your managers on their toes. There’s nothing worse than a manager who loses contact with the local rental market.
  • Builds a pre-qualified waiting list for your upcoming vacancies.

Give it a try the next time your property is at 100% occupancy. You just might be pleased with the results.

Related Article

 
5 Extraordinary Ways to Market and Lease Apartments

How to Attract and Keep Happy Residents

Seven Excellent Tenant Screening Questions

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Theresa Bradley-Banta writes about investing in real estate while avoiding the pitfalls that plague many new investors. She is a 2017 PropTech Top 100 Influencer and winner of 14 American and International real estate awards for her website and real estate investing programs. As featured on: The Equifax Finance Blog, AOL’s Daily Finance, Scotsman Guide, The Best Real Estate Investing Advice Ever Show, Stevie Awards Blog, Rental Housing Journal, and Investors Beat among others.

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