To induce potential renters to move into your property instead of your competitor’s is an uphill task but surely not impossible. To accomplish this task, you have to portray such an image of yourself through your gestures that renters’ may convince by the fact, that, they will be in much advantage by moving into your circle than they will be somewhere else. Many of your competitors would try to emulate and compete by offering competitive rental prices or by building upon the advantage of an appealing location.
But in long run, you cannot always surpass your competitors on rental cost, location, or offering customary advantages. Budgetary lines may not always be in your favor to provide high-priced amenities to induce renters. In this scenario, you have to adopt strategy of creativity to surpass your competitors.
Adhere to following strategies to induce and keep great renters:
- Write a Compelling listing:
With 91% of tenants using an internet listing service to find their next rental, writing a compelling listing is the first step in attracting quality tenants. It’s the primary way to entice potential tenants to view the property so when you’re writing the listing, ask yourself the following questions:
- Is there a hook in the listing’s headline that would pique the interest of my desired tenant?
- Is the listing descriptive and informative yet concise?
- Is it easy for potential tenants to contact me?
If the answer is no to any of the above questions, you may want to take a step back and rewrite your listing. Taking the time to do so will help you attract a larger pool of quality tenants and can also increase your chance of leasing the rental sooner!
- Endow with Bonus of Cash Back for Good Renters:
Renters who do not pay their rent on due date constantly or ruin property end up costing you money. Instead of just punishing renters who violate the terms of their lease, why not follow same suit for your best renters through reward? Some property managers have begun to offer a cash-back deal. Typically, they offer about two percent of all rent paid if tenants pay on time for six months and pass a property inspection.
For instance, a renter who pays $1,000 a month could qualify for a check for $120 at the end of the term you set. Alternatively, you might just offer to shave that amount off of the next month’s rent. This kind of incentive can help you save money and give your best renters a reason to stick around.
- Create effective advertising:
Once you’ve identified characteristics you like in good tenants, think about what factors contribute to a good rental experience for landlord and tenant. What did you as the landlord have to offer your last tenant? Was the last tenant happy and satisfied? Assessing this information will help you decide how to focus your rental ad.
For example, let’s say you’ve determined that your ideal tenants have almost always had younger children, enjoyed a secure and clean environment and worked downtown. A good strategy then would be to advertise benefits that appeal to those types of tenants such as “near parks and schools”, “secure, well maintained rental”, “close to downtown”, “secure, well-maintained rental looking for ideal tenant”, or ” secure, well -maintained rental with caring and professional landlord”.
Look at other ads that stand out. Your ad needs to make a statement and be different. What will make a tenant read and respond to your ad?
- Advertise the proximity of physical fitness centers, shopping malls, art museums, or other popular attractions:
Good tenants choose their residence carefully, and they want to be located near facilities that support or enhance their life style. A tenant who prides herself on physical fitness will want to hear that there is a jogging trail or gym nearby. A person who prides himself on being part of the local art scene may want to live near a museum or gallery. If you read the ads placed by other landlords, you’ll notice that few mention the proximity to local attractions.
Consider setting aside minimal funding for a community garden that your renters can share. If you don’t have extra land to spare, you could also consider installing rooftop gardens. You might need to invest in the initial startup costs but then you can encourage your residents to form a local gardening club to handle the rest of the details.
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LOS ANGELES PROPERTY MANAGEMENT GROUP