How can you handle tenant referrals when there are no available units?

1 Keep a waiting list

One option is to keep a waiting list of prospective tenants who have been referred by your current ones. You can ask them to fill out a pre-application form and pay a small fee to reserve their spot on the list. This way, you can maintain a pool of interested and vetted candidates who are ready to move in when a unit becomes available. You can also communicate with them regularly and update them on the status of your inventory.

3 Expand your network

A third option is to expand your network of other property managers or landlords who have available units in your area. You can refer your tenant's friends or family to them and ask for a referral fee or a commission in return. This way, you can help your tenant's referrals find a suitable place to live and generate some extra income for yourself. You can also build relationships with other professionals in your industry and exchange leads and referrals.

4 Market your property

A fourth option is to market your property as a desirable place to live, even if there are no vacancies. You can create a website, a social media page, or a newsletter that showcases your property's features, amenities, and events. You can also collect testimonials, reviews, and ratings from your current tenants and display them on your platforms. This way, you can create a positive image of your property and attract more attention and interest from potential tenants who may want to join your waiting list or check your availability in the future.

5 Be transparent

A fifth option is to be transparent with your current tenants and their referrals about your availability and expectations. You can explain to them why you have no vacancies, how long the wait time is, and what the application process entails. You can also inform them of any policies, rules, or criteria that you have for accepting new tenants. This way, you can avoid any misunderstandings, frustrations, or disappointments that may arise from the referral process and maintain a good reputation with your tenants and prospects.

6 Be grateful

A sixth option is to be grateful for your current tenants and their referrals, regardless of whether you have vacancies or not. You can thank them for their trust, support, and recommendation and express your satisfaction with their tenancy. You can also send them a card, a note, or a small gift to show your gratitude and appreciation. This way, you can strengthen your relationship with your tenants and make them feel valued and respected as part of your property community.