3 Tips To Help You Rent Your Apartments Faster
Posted on: 3 January 2016
If you own rental property and are having trouble finding tenants, your cash flow is likely suffering. Successful property rental relies on keeping the units occupied, yet this can sometimes be hard to do, especially if there are a lot of rental properties in your area. Here are three tips that may help you find tenants faster for all your unoccupied units.
Offer referral bonuses
People like incentives, and you could offer your current tenants an incentive that may encourage them to begin looking for people to rent your unoccupied units. You could offer any type of incentive you want, including these examples:
- $100 gift card to a local grocery store, gas station, or restaurant
- Money off their next monthly rental payment
- Special parking place for a certain amount of time
Any type of incentive you offer may cause your tenants to want to find tenants for you, but you will have to type up a letter to let them know about the incentives you are offering.
Offer move-in incentives
In addition to offering incentives to people that help you find tenants, you could also offer incentives to anyone that moves into one of your units. You could offer the same types of incentives as mentioned above, or you could offer a lower monthly rental amount for a certain length of time.
If you decide to offer move-in incentives, make sure you clearly post this information when you advertise. Letting people know about these incentives may encourage them to look into the units you have available instead of looking elsewhere.
Make some improvements to your units
Advertising is also an important part of finding tenants, but many landlords still experience problems keeping their units full. If this is your situation, it might be time to make some improvements to your properties. You may want to consider adding some extra amenities that people want, such as free high-speed Internet services with a signed one-year lease.
Another option is to build an exercise room in or near your units and offer free memberships to your tenants. By doing this, you might be able to offer things to your tenants that are not available through other landlords. This could help you set your units apart, and it could be enough of an incentive for people to move into your units.
Another option you have is to hire a property management firm, like Management Services, to take over the management duties of your units. If you would like to learn more, contact a property management firm in your area today.
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