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Property Managers: Most Effective Rental Incentives

effective rental incentives

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.

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Owners: Let’s talk about utilities, amenities, and incentives

 

power billUtilities: What’s included?

One of the first questions prospective residents ask is, “What utilities are included?” In our experience, the average resident expects owners and tenants to share utility expenses, and some expect all of them to be covered. If you’re wondering what the right answer is, it’s whatever is best-suited for your property … and there are many things to consider. For example, if you provide a utility you may need to install meters and establish a billing system – both of which are things we can assist you with.

What’s in it for you?

Protection against the few tenants who fail to pay their bills, more control over your building’s expenses, and the ability to track utility usage rates by unit.  (click to continue reading)

Three spring cleaning tips for property managers

Photo credit: Spring Tulips by Aarthi Ramamurthy

Photo credit: Spring Tulips by Aarthi Ramamurthy

Spring is in the air, which means its time to for a little spring cleaning. Here are “three Rs” to help you tidy things up around your property: Refresh, rejuvenate, and renew.

Refresh:

Start with your property’s entryway. Freshen up the front table with a colorful flower arrangement, make sure interior plants are getting adequate water and sunlight, and wipe away any marks on the walls or floor that may have shown up over the winter. A fresh coat of paint couldn’t hurt, either. (click to continue reading)

How to succeed in the property management world

 

How to succeed in property management

 

Success in property management is a process, not a destination

Success in property management is measured in many different ways, and happy residents and operating income for the property’s owners are usually at the top of the goal list. But finding a balance between the financial and human sides of the business is the ultimate goal, and it won’t be easy …

To be successful in the property management world, you have to become adept at monitoring resident welfare, budgeting, managing a maintenance crew, marketing your property, risk management planning, tenant retention, leasing procedures and more. That’s a lot! After a while, and with persistence, you identify what techniques work, how you can be most efficient, and what to do in certain scenarios. (click to continue reading)