Time is money. When you've got a vacant unit for rent, every day that passes is one less day of rent you can collect. It's a frustrating truism for landlords and property managers everywhere. While it's easy to chalk this dynamic up to a hazard of the trade, experienced property managers know not to settle. Follow Scott Safadi of Cal Bay Property Management's advice to mitigate the financial losses associated with vacancies.
Respond to Inquiries ASAP
In the on-demand economy that has erupted over the last few years, people expect near-instant replies to the messages. Research shows that those who respond within one or two minutes are 40 percent more likely to directly communicate with prospective renters. In just 20 minutes time, about 20 percent of prospective renters will have moved on to the next property!
Qualify Leads Before Wasting Time
For all the benefits of an instant response, you risk wasting valuable time if you don't properly qualify your leads. Upon first contact, communicate your criteria for renters. If you don't allow pets, for instance, it makes sense to weed out prospective candidates who have dogs.
Bring Leasing Into the 21st Century
Still relying on fax machines and scanners to aid your screening and leasing process? Catch up to the 21st century by letting renters progress through the process independently. An online leasing platform can minimize the time it takes to submit applications, pay fees, consent to screenings and sign the lease.
- Scott Safadi, Cal Bay Property Management
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