How is everyone dealing with high vacancy rate? Today, I will introduce some effective ways to shorten vacancy.
Things to take in account when considering room vacancy measures
When deciding which measure to make, take the below three points into account:
- Take advantage of search engine
- First impression during room viewing
- Fast-acting aid
Most people use online search engines to look for apartments during the room searching process. In order to get your property appeared during the search, it is important to have qualities and equipment that match tenants’ needs.
6 Measures to Shorten Vacancy Time
After getting picked up on the search engine, make sure your apartment is in pleasant condition for customers to view. If your apartment does not match with tenants’ needs, consider strengthening it by implementing fast-acting aids.
1. Installing fast-acting aid
video door phone
One of the most fast-acting solution to attract customers will be installing popular equipment that does not require complicated or long construction period. For instance, video door phone is on the ”necessary feature in tenant recruitment” ranking in both single and family-type apartments. It is relatively low in cost and easy to install.
Dimple key is also popular among female customers who are worried about security. The installation of in-room laundry hanger is also a plus for many female customers.
On the other hand, Washlet and bathroom dehumidifier are also easy to install and contribute fast-acting effects in lowering vacancy rates.
2. Organizing Property’s Appearance
During room viewing, customers look at both the exterior and interior of the apartment. Overflowing mail boxes, stained wallpaper and flooring are not appealing at all. The first impression of the property is determined at the entrance. Having a pleasant and neat entrance leads to higher tenant application rates.
One of the solutions to maintaining a neat exterior is using pressure washing. High pressure water spray washes off stubborn dirt and stain. Price varies depending on the size of the building but it can be done from 50,000 JPY which has a good cost performance. Getting rid of weeds and trimming plants are also necessary to maintain a neat appearance.
Next is the renewal of mail boxes. Worn-out and rusty mail boxes should be renewed immediately. If the mail box is overflowing, consider installing a bigger size as well. In addition, the installation of parcel boxes is also popular among customers.
3. Home Staging
No matter how clean the property is or how many equipment is installed, if customers cannot imagine living in there, none of the above is effective. Often times, unique floor plans are not as popular among customers as it is hard to use and place furniture.
To showcase the apartment, home staging is one solution. Arranging furniture and decor in the room provide customers with a clear image of living there. Compare to an empty room, a fully furnished room is definitely more attractive.
The point in home staging is the choice of arrangement of furniture. If you are not confidence in doing so, get some hints from popular franchise furniture stores such as Nitori and IKEA. One set of furniture can be used multiple times for various rooms. If furniture are not needed anymore, consider giving them to tenants for free or selling on online flea market platforms.
4. Revising monthly rent and other conditions
If you have done the above and the room is still vacant, consider revising monthly rent and other recruitment conditions. Campaigns such as ”zero deposit and key money” or ”free rent” are effective in attracting customers.
If the apartment’s main target are students, consider free rent campaign that matches the period of school semester.
Of course, it is the best to keep the current rent and conditions. But to avoid long-term vacancy, necessary changes may be needed.
5. Subscription service for tenants
The use of subscription service such as Amazon Prime and Netflix has increased recently. Providing such service to tenants with no charge is an advantage when advertising the apartment. In real estate, unlimited storage and furniture rental subscriptions have gained more attention recently.
6. Useful items for free
Some landlords give out free refrigerators or washing machines upon the binding of a lease contract. Tenants are always happy with freebies! Below are some other present ideas.
- Curtain: This is necessary when moving into a new apartment. Setting up curtain in the first place improves the image of the room during room viewing as well. Two birds with one stone!
- Emergency pack: In Japan, where earthquake and typhoon frequently occur, emergency pack is necessary in every home. Appropriate preparation such as water and fuel, portable toilet is crucial in case of emergency.
- Laundry dehumidifier: Many people hang their laundry indoor during hay fever season. If your apartment is equipped with indoor laundry hanger, consider dehumidifier as a present!
Above are the 6 measures to reduce vacancy time. It is not necessary to implement all six. Analyze the reason of vacancy and implement measures that are effective is the key to lower vacancy rates.
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