Imagine if you will, you are getting ready to go out of town for Thanksgiving Day weekend when you check your email and see that your tenant will be moving out on December 1. Oh no, you thought they would be there longer than that and you remember how hard it was to fill the same property the previous year around the holidays. You have another one that moved out November 1 and it’s still vacant going into the holidays. How can you get your vacant properties rented during this slow time? Is there any way to escape this vicious cycle of year-end vacancies? There are a few tips and tricks to get you through the holiday leasing season. I’ll explain.
How Do You Best Fill a Vacancy During the Holiday Season?
First, you must accept that the holidays are a slow time of year for leasing, just like the holiday season for real estate sales. This is even true for those of us in the sunny southern California markets like Long Beach, Los Angeles, and Orange County. This slower time of year starts a little just before Thanksgiving week and extends until after the new year.
Of course, people still move this time of year, and we still lease and sell properties. Fortunately, there are some things you can do to make the most out of the holiday leasing season.
Four Tips for Holiday Season Vacancies
Treat prospects seriously – prospective tenants looking at homes during the holiday season tend to be more serious. End-of-year moves are often because of job transfers or some kind of scheduling constraints. Regardless, people are looking this time of year because they have to move. You have fewer prospects to focus on during the holiday season, so treat them like gold!
Take advantage of less competition – many self-managing landlords and some property managers are out of town during this time of year, making it hard to show and fill vacancies. Make sure to respond to calls quickly and take advantage of automated systems if you have them to make sure your prospects are being attended to.
Prepare your vacant properties for market – use the slower holiday time to prepare your properties for market. If there are little things you know need to be fixed, get them out of the way during the slow time. You may even want to do some upgrades and renovations to your rental property. The holidays can be the perfect time to upgrade from carpet to laminate flooring or change out those outdated cabinets.
Offer discounts for longer leases – offering a lower rent as an incentive for a longer lease is an “old school” trick that we have had success with. Try offering a discounted rate to prospective tenants who commit to a 14 to 18-month lease. This strategy gives tenants a good deal on rent, letting the landlord recuperate revenue by reducing vacancy time while getting the property out of the holiday season cycle. Everybody wins.
Bottom Line
The holiday season is a slower time for leasing, even in our Long Beach, Los Angeles, and Orange County markets. However, there are things you can do to make the most out of your holiday leasing season. Treat the prospects you do have seriously. There are only a few of them, but the few you have are more likely to make a move during the holiday season. Take advantage of less competition. Many landlords are not around providing more opportunities for those of us who are. Prepare your vacant properties for the market. This is a perfect time to improve and renovate your vacant properties. Offer discounts for longer leases. You will end up netting more in the long run, the lease will end at a better time of year and tenants will appreciate a good deal.
For Real Estate Advice
If you are looking for a real estate broker to guild you through the sales process or a reliable property management company to help you handle a rental property in Long Beach, Los Angeles, or Orange County, California; or you are just considering it and have a few questions about real estate contact the Mike Dunfee Group today! We are happy to help.
Dunfee Real Estate Services, DRE # 02026232
