What tenant wouldn’t love the allure of high-speed internet and a computer of their very own? This is one of many incentives that investors and home owners are offering in order to retain or reward long-term tenants. There are other rewards which are just as effective and cost homeowners a little less in order to keep the tenants such as gift cards to restaurants after the renewal of a lease or gift certificates at furniture stores for lengthening an existing lease. Savvy investors understand that an empty house, apartment, mobile home, etc. is money which is being lost each month that these sit empty.
The same savvy investors also recognize that by keeping tenants longer they are usually able to prolong the installation of new carpet, new paint, along with other cosmetic repairs that are often required each time a dwelling is turned over. Besides the costs of these repairs another highlight is the time problems of these repairs as much of these cannot be completed in the path of a day or two and leave the apartment away from commission for at least a week or else longer. Bottom line is that the time the apartment sits empty is important income that is lost.
If you absolutely have an empty apartment or house you can find things you can do in order to entice renters to sign a lease. Another thing that many potential tenants find appealing is offering to allow them to select the color scheme to the walls and flooring. A lot of rental units permit only white walls for their tenants. Imagine the benefits of not only allowing them to have walls in designer colors but in addition doing the work for them. This is a great incentive to many people renters who love the concept of the final look but not necessarily the cost or work involved in creating that are. The ability to have the colors associated with preference when moving in is a huge bonus to many renters that should not be neglected or overlooked.
Another thing that tenants find helpful and appreciate in a rental property are the little luxuries such as a dishwasher, garbage disposal, built in microwave, automatic washer, or dryer. These things are luxuries that lots of find are well worth signing a prolonged lease and even paying a little extra for each month. Garages and carports are yet another excellent bonus to potential tenants if you’ve got the facilities to provide this. There are many enhancements you can make to a property that means it is more appealing to long-term tenants. A few of these would include ceiling fans, a fenced-in yard for children or pets, and free cable television. It is the little touches that usually appeal to renters and you will be pleasantly surprised about the difference they make.
By offering your tenants a thing that every other landlord in the area is neglecting to offer you are standing out through the rest. You are also setting up a ‘spoiled’ tenant who isn’t going to be happy with what the other landlords have to offer when the time to renew the lease appears. For this reason he or she is likely to hang around for yet another six months or year prior to the new lease expires, at which time you, as the savvy investor you might be, can convince them to once again name their price for staying and offer yet another beautiful incentive to keep your clients happy and in place.
You must be logged in to post a comment.