COVID-19 has exposed us to new realities, including social disruption and economic harshness. In that respect, filling vacant units in these trying times can be a truly daunting prospect for most Los Angeles property owners. Thankfully in this post, experts at RTI Properties Inc., a leading Los Angeles property management company, divulge smart tricks to keep your property occupancy rate in the range of 97%-100% amidst the COVID-19 pandemic. Sounds good? Read on.
Following Steps to take to Fill Your Vacant Apartments in Los Angeles Amidst Pandemic:
- 1. Explain That Everything Will Be Remote
- 2. Create a Virtual Tour of the Place
- 3. Create an Electronic Lease and a Month-to-Month Lease
- 4. Double-Check Your Rent
- 5. Bring the Unit Up-to-Date
- 6. Don’t Lower Your Standards.
- 7. Use All Available Internet Resources
- 8. Appealing Online Listings
- 9. Network
- 10. Pass the Responsibility to Los Angeles Property Managers
1. Explain That Everything Will Be Remote
There is an urgent need to adopt new tenant screening policies.
Among the most important requirements is to prequalify potential tenants remotely before offering a virtual tour. This helps cut unnecessary face-to-face interactions and minimize time spent disinfecting a unit after every physical tour. But you will need first to explain the remote process to your prospects.
A critical part of the screening is verifying the individual’s identity. Initially, you only needed to meet the person and check a photo ID. Now, these meetings have been substituted with virtual meetings over Skype, Zoom, and FaceTime. A potential tenant can send their photo ID in the form of a scanned copy.
2. Create a Virtual Tour of the Place
Virtual tours are increasingly becoming a top priority for Los Angeles property manager.
A virtual store is a virtual walkthrough of your property that allows prospects to check each room and zero on finer details remotely. It not only eliminates the need for physical interactions but also serves as your 24/7 salesperson that interested parties can access anytime on their PCs and internet-enabled mobile gadgets.
Rather than publishing the images/videos on your website or sharing them with prospects, you can instead show the units over a video call with interested parties.
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3. Create an Electronic Lease and a Month-to-Month Lease
Electronic rental documents, including leases, make lives much easier for both tenants and property owners. They are remotely accomplishable and easily accessible as most online tools supporting these documents are compatible with mobile devices. Still, electronic leases are legally binding.
Popular online tools for electronic lease management include DocuSign, SignNow, and HelloSign.
There are still plenty of things to worry about when leasing your units to strangers with the current uncertainties. A monthly lease, rather than the usual 12-month lease, can be a timely savior if your concerns turn out to be true. This is because ending a one-month lease is much convenient than a year-long lease, in case the renter turns out to the opposite of what you expected.
4. Double-Check Your Rent
Remember, prospective tenants have plenty of options to consider in your neighborhood. With that in mind, compare your rental rates with your competitors’ to ensure your prices are not scaring away prospects. It makes sense to lower your rental rates during these uncertain times rather than allowing units to stay on the market for months without generating any income.
5. Bring the Unit Up-to-Date
Think about maintenance and repair ideas that will make your properties more appealing, attracting more tenants while possibly giving you the leeway to demand higher rates. Simple property upgrades to consider include:
- Revamping the landscape by pruning trees and shrubs and adding some decorative elements such as potted plants near the front door.
- Freshening up the kitchen, living room, and bathroom with a new coat of paint.
- Upgrading the appliances, curtains, shutters, lighting fixtures, and floors- gives the impression that you are willing to go the extra mile for the occupants’ comfort.
Check out this related article to learn more: Property Management Tips To Upgrade Your LA Property In Budget
6. Don’t Lower Your Standards.
Understandably, investors will do everything possible to fill their Los Angeles apartment rentals amidst the pandemic and may be tempted to lower their tenant qualification standards to sign in more renters. You do not want to take this path. It is better to wait longer to find the perfect tenant rather than loosening your standards, only to create a chance for nightmare tenants to slip through the screening process.
7. Use All Available Internet Resources
You cannot do without online marketing today. Prospects are actively looking for properties and real estate-related information online. Tap into this potential by leveraging effective online marketing strategies for real estate to drive more clients to your doors. List your units on several property-listing websites and share the listings on your social media accounts. Remember to use alluring visuals and compelling content to engage and convert your target prospects.
Reach out to RTI Properties Inc., your Go-to apartment management company in Los Angeles not only to convert your target prospects but also to retain them for the long term. Call us now at (310)-532-5994.
8. Appealing Online Listings
Knowing how to craft fantastic property listing copy can make the difference between a revenue-generating listing and bland listings that get your business nowhere. Implement the following essentials to write Los Ageles property listing that said:
- Define your target audience, keeping in mind your local housing market.
- Lead with a unique, enticing, and descriptive headline
- Distinguish your copy from the pack using a unique selling proposition(USP).
- Leverage story-telling techniques to grab the audience’s attention.
- Use power keywords, including impeccable, captivating, and luxurious, to drive more prospects to your property.
- Include a call to action that tells potential tenants to call you. Do not shy away from adding some sense of urgency to the CTA.
Related Article: Off-Season Leasing Tips For Rentals In Los Angeles, CA
Network with your community and target customers online and in-person to spread awareness of your available units and bring the right people to your business—request personals contacts via emails and postcards to refer prospective tenants to your property. And share your properties on your social media pages. Distribute flyers in your neighborhood can help reach a good number of prospects too. Here’s when you realize the significant role of a professional Los Angeles property manager.
During physical interactions, listen and take mental notes of what people desire in rental properties and look for ways to fulfill those needs. You distinguish yourself as an entrepreneur who cares for their tenants’ well-being, unlike those concerned with the returns only.
10. Pass the Responsibility to Los Angeles Property Managers
A reputable Los Angeles property management company can offload the burden of managing your units off your shoulders and collaborate with you in taking your property earnings to new heights. Whereas this initiative often comes with high initial costs, you will be more than happy to realize how much more money you save in the long run. The property manager takes on marketing and administrative duties to keep the occupancy rate as high as possible, offering you more time and peace of mind to focus on other life aspects.
If you are struggling with managing your Los Angeles apartment rentals, RTI Properties, Inc. can help with leading property management services backed by decades of professionalism, efficiency, and transparency. Call us today at (310) 532-5994 or contact us online to receive a free quote or schedule a free consultation with an expert Los Angeles property manager.