It happens with any property, you will have occasional vacancies that you have to handle. As a property manager, you will want to get that unit rented as quickly as possible, so that you can maximize your rental income. If you purchase a vacant property, then it may take some time to find just the right tenants.

Each month that your property is vacant, you will lose potential revenue. There are a few things that you can do while your property is vacant, however, to maximize your options.

If your property is vacant, this is an excellent time to make any needed repairs or improvements. It is far easier to schedule maintenance tasks when you don’t have to work around a tenant’s schedule. You have a great opportunity to make the unit more appealing to future tenants, by painting, having carpets cleaned, or replacing anything worn or broken.

If your property is vacant for a while and you are having difficulty finding quality tenants, you might want to consider offering an incentive such as a lower first month’s rent, or installing a new amenity like a dishwasher or something. Often these small things can attract a new batch of potential tenants.

Be sure to advertise liberally. This means you should utilize each and every source you can, such as local papers, hanging flyers, online postings, etc. The more that you can get the word out, the more likely you are to find tenants quickly. Make sure you also have a “For Rent” sign prominently displayed on the property to attract those people shopping for a place to live in that neighborhood. Spending a little bit of money on advertising may prevent you from having the property vacant too long, which can be very costly.

If you know that a tenant will be moving out soon, begin to search for replacement tenants before they even leave. You may be able to have a seamless occupancy this way, one tenant moves out and another moves in the next day. This is truly an ideal situation, but it often works well. Ask your current tenant if they know of anyone looking for a place. Begin advertising, and show the unit (with your current tenant’s permission, of course) as often as possible.

Although you do want to rent your property quickly, being patient and waiting for the right tenant is important. Conducting thorough screenings and background checks will save you money, time and hassle in the long run from potentially making poor choices of tenants. Begin to screen potential applicants during the first phone call they make to you about your property. Encourage them to drive by and then set up an appointment with you to see the inside.

Finally, always be sure to carefully follow all fair housing laws and regulations to avoid discrimination. Ask each potential tenant the same questions (using an interview form helps with this). To be a good property manager and landlord, you must adhere to these regulations exactly.