Tips & Tricks

4 Ways to Reduce the Vacancy Rate of Your Rental Properties

May 17, 2024

As the warm weather approaches, the rental market is heating up.

As property managers, keeping your rentals occupied during the busy season is key. 

Prospective tenants are on the hunt for their next home, and you'll want to ensure your properties stand out from the crowd. 

Implementing a few key strategies can help reduce vacancies and get your properties rented fast

Adding some basic automation to your property management processes benefits property managers and prospective tenants in many ways. This allows you to maximize leads, ease the leasing process, and lighten your workload. 

Here are 4 ways to reduce your vacancy rate:

1. Automate lead communication

With the recent influx of new property management automation software, prospective tenants have little patience for waiting even a few hours to hear back after their initial inquiry. 

Adding an AI leasing assistant to your listings allows leads to get their questions answered, complete pre-screening questionnaires, and schedule tours within minutes.

2. Allow self-showings

In the summer, everyone is ready to find their next home quickly. When you're stuck coordinating times to show your properties, spending your days behind the wheel going back and forth between homes, you lose hours of showing times daily. 

There are a lot of benefits of using self-showings for your rental property, including saving time, giving your leads more flexibility, and shortening the leasing cycle. 

Find a platform to verify leads, and allow them to check out the property whenever works for them — all while keeping your property secure.

3. Enable scam protection for your listings

Nearly $400 million was lost to rental scams in 2022, and scammers are only getting more sophisticated. Stop scams before they happen by enabling scam protection for your listings

Protect yourself and your tenants with advanced scam protection features, including: 

  • ILS Monitoring: Detect, identify, and remove fraudulent listings across the web.
  • AI Facial Recognition: Verify the identity of prospects with live facial ID matching.
  • Geolocation Verification: Confirm a lead's location matched the property address to weed out scammers.

By implementing these security measures, you can keep your rentals safe from fraudulent activity.

4. Incorporate AI in your listings

First impressions matter, especially online. 

Use AI tools like ChatGPT to improve your listings with generative suggestions to make your listings shine. This will help you craft creative titles and informative content for property descriptions to help you stand out online. With smarter descriptors, you can attract and convert more leads to keep your properties rented.

By leveraging cutting-edge technology like AI leasing assistants, self-showings with anti-fraud protective measures, and optimized listings, you can provide the seamless experience today's renters expect.

We've helped hundreds of property managers reduce their vacancy rates to as low as 1.5%. We'd love to do the same for you! Book a demo to learn more.

Showdigs is the only leasing software that handles your entire rental funnel

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