Increasing Your Occupancy Rate: How to Market Your Property

occupancy rate

Running rental property is a great opportunity to make income and grow your business, but it’s never been so complicated when it comes to working with tenants and finding new ones. Raising your occupancy rate can help you pay off property, build your profits, and help increase the value of your current rental spaces.

These tips can help you get more applications leading to more tenants and more occupancy in your properties.

Fair Price

It’s easy to panic when you initially or suddenly have a lower occupancy rate, fewer renters than rooms. You might want to raise the price of your available spaces to make up the difference quicker, but that can backfire. 

Right now many people are moving to smaller cities to escape the high rent and the crowds. No matter where your property is you want to make sure you’re rent is fair and equal to the value of the property itself. You’ll scare away more than one possible applicant with a price too high for the space.

Photos and Posts

Some people might walk around the neighborhood to see where the “for rent” signs are posted, but a lot of people are turning to online applications. List your property on places like apartments.com or Zillow to boost views and let people see your property has places available.

Another crucial component is the photos. Make sure you capture the entire apartment, have a few different angles, and include a picture of each room. Let people know what they’re looking at and all of the benefits. Nothing can turn a possible tenant off like a lack of actual photos.

Be Available

This has less to do with marketing and more to do with customer service. Real estate agents and building managers exist to help people and be available. Make sure you are checking emails and returning phone calls. A lot of apartments may find their occupancy rates slipping because of poor service or lack of availability when people tried to reach out.

Online Presence

While tools like a physical mailer campaign can be incredibly useful, the internet is here to stay. Having an online presence, especially a website, can help increase occupancy rate and help you manage tenants.

If people don’t know where to look for your properties or how to reach you, you’ll be missing out on building cash flow that could be easily yours. Include photos of your properties, the amenities, basic rental rules, and how to contact you for a tour or rental contract. There are plenty of easy tools for building websites now so you can have a professional landing page for any possible renters.

Occupancy Rate on the Rise

These tips may feel simple but you’d be surprised how many agents of property managers don’t think to take good photos or post on rental sites to increase the occupancy rate. And once you start getting more applications you’ll be ready to consider how best to choose your new tenants.

If you found these useful, whether you’re looking to buy or sell, we’ve got great resources for you and your real estate needs.