Effective Rental Incentives for a Successful Property
Trulia, a respected name in the real estate industry, has come up with a list of what it’s calling the most effective rental incentives that property managers should consider when wooing a potential resident or trying to retain a beloved one. Of course, blogger and Chief Landlordologist at Cozy, Lucas Hall, says incentives aren’t to be offered without careful consideration.
Whether you are trying to convince an applicant to sign a lease or encourage a great resident to renew, incentives act as the carrot at the end of the proverbial stick. With that said, I believe that no one should get a prize for doing the bare minimum or fulfilling what is required of them in the lease.
Incentives are Mostly Rent-Related
Well, that’s no surprise. And, fortunately some of the incentives Trulia mentions are already offered to all Pacific Crest Real Estate residents, like the ability to pay your rent and make maintenance requests online. Other incentives might need a manager’s approval, such as offering a month free.
Trulia even went so far as to suggest you offer residents “anything they want (within reason),” and with good reason …
At the end of the day, every landlord and manager needs to market their properties creatively to attract the best possible renters, and to retain those who treat the property with respect and pay rent on time.
As Hall’s article suggests, it’s okay to think outside of the box and even to ask residents what they’d like. You never know what that might be! Maybe it’s a simple request or an inexpensive maintenance request, maybe they’ll want something other tenants will want too.
Consider your options and listen to your residents and you’ll discover the incentives that will lead your property toward success.