In order to Fill All Rooms
Running at full occupancy is so important to maximize profit.
There are several things that the owner can do to help it.
◆Revise current rent
Dropping rent is the most effective way to fill your empty rooms but it brings profitability down.
Once you get a tenant for low rent, profitability value of the property would go down which brings selling price down at the selling. However having a bunch of vacant rooms would also drop the sales price so proper rent setting is a key.
It may help if you can do some research on competitive apartments in your area or ask around real estate brokers.
◆Differentiate from competitors
Allowing a pet, accepting foreigners and paupers would differentiate your property from others.
Putting a fashionable mirror in a room or keep the bathroom clean gives such a strong impressions in customers’ minds. This would keep the occupancy rate high and expect more revenues.
◆Give some rewards to real estate agent
Did you know some property owners who always get new tenants easily give some kind of rewards to the real estate agent who bring you a customer? You may go, “I am paying him a couple months ads fees already for their service so that’s enough”. However besides the ads fees, there is a custom to pay a reward to a “sales individual” of real estate agent. This isn’t known by many property owners so you would stand out if you apply this custom.
Your agent would go, “it’s supposedly banned by my company policy” but the truth is he/she wants any rewards.
Avoid to ask how much he/she wants over the counter of their office. He/she might be in trouble later on. You should do it privately.
But some sales person wouldn’t want to receive any rewards. Try to guess from the conversation.