Marketing Rental Listings
How does our company handle apartment unit vacancies? We send lease renewal letters to existing tenants 3 months before the end of the lease term. We make sure the tenant responds with an acceptance of the new rental rate and terms, or indicates in writing that they plan to vacate the unit. If the tenant indicates that they intend to vacate at the end of the lease term, we then re-market the apartment and make every effort to get it rented before it becomes vacant. We then turn it around as soon as a move out occurs, and make it ready for the next tenant in less than a week. As a result of this strategy, our firm has a vacancy allowance of only 1%. Planning ahead is critical to implementing this strategy.
Advertising and Marketing
We assign all rental listings to our designated rental brokerage firm and make sure the listings appear on the following platforms:
- Realty MX
- Other listing syndicated websites
Co-Brokering and sharing listings with other firms
Our designated rental brokerage firm co-brokes and shares listings with all REBNY (Real Estate Board of New York) members. A listing assigned to our rental brokerage firm is visible to all member brokerage firms in New York City. This allows for maximum exposure of the rental listings that we manage.
The Make-Ready Plan
We visit the apartment unit to inspect and determine the type of work required before a new tenant moves in. The following questions are asked during this inspection:
- Does the unit need any repairs?
- Does the unit need any upgrades, such as new appliances of fixtures?
- Could an upgrade help to achieve a higher rent?
- Does the return on investment from a unit upgrade justify the cost?
- Did the tenant cause any damage and will the security deposit be used to cover any of the repair work?
Once we have determined the plan for the make-ready, we then schedule our crew to make the necessary repairs and upgrades and paint and clean the apartment as soon as the tenant move out occurs.