Convincing quality tenants to move into their property instead of a competitor’s isn’t always an easy task, but it’s what professional property managers try to do every day. Property mangers such as Martin Feinberg do that by sending the message that a renter will benefit more by moving into their unit than somewhere else. This can often be done by offering competitive rental prices or by focusing on the advantages of a desirable location. However, some units or properties are not going to win on price, location, or other traditional benefits alone. And though high-priced amenities can draw in renters, not every property manager or rental property owner has the budget for those. In those cases an experienced property manager can get creative in order to stand out from the competition.
Here are three affordable ways for property managers to attract and keep great renters.
- Incentivize with Cash Back for Good Renters
Most investment property owners understand that tenants who always pay rent late or damage property end up costing them money. One option, instead of punishing renters who violate the terms of their lease, is to reward those good and reliable renters that don’t. One way to do this is to offer a cash-back deal, where renters can receive two percent of all rent paid if they pay on time for six months and pass a property inspection.
Under such a deal, a renter who pays $1,000 a month could qualify for a check for $120 at the end of a set term.
Another option is to shave that amount off of the next month’s rent. This kind of incentive will save an owner money in the long run and give good renters a reason to stick around.
- Offer a Workspace for Renters Who Work From Home
According to the New York Times, 43 percent of surveyed employed Americans said they spent at least some time working remotely.
Though there are benefits from working from home, being cooped up in a house or apartment with minimal face-to-face social interaction is often a big downside. Some property managers capitalize on that challenge by offer a workspace outside of the tenant’s apartment.
An under utilized lobby or outdated rec room can be a great place to set up a shared workspace for renters. Free Wi-Fi, a few tables and chairs, and perhaps a couch and coffee table is really all it takes to turn any space in a dedicated workspace.
- Community Gardens and Rooftop Farms
A lot of people, including an increasing number of millennials, love to garden. One way for property managers to take advantage of this trend is to set aside minimal funding for a community garden that tenants can share. If no extra land is available, a rooftop garden might be a possibility. The initial startup costs would be an investment but a resident garden club could handle the other details.
For those property managers that are unsure of what amenities to focus on, sending out a short survey to their existing tenants could be one way to gain that information. A survey run as a contest or with incentives can help guarantee good answers and also spread the word.