As an owner of investment properties, you’ll want to find a way to generate interest for your rental property. In our latest post, we offer some great ways to do just that!
As a landlord, you might find it difficult to make your property stand out from the rest. If there are several rental properties available in your neighborhood, getting the price you want may seem difficult, however, it doesn’t have to be! By generating interest for your rental property, you’ll be able to create demand, thus finding high-quality renters to occupy your space. Below we offer 6 great ways to generate interest for your rental property.
Offer Free Rent
Everyone loves getting something for free. You can offer a month of free rent or reduced rent if the lease is signed by a certain date. Doing this will create a sense of urgency, motivating potential renters to move ahead with the lease agreement. Of course, you will need to run the numbers on this first. You don’t want to put yourself in a position to lose money without any way to back out of the contract.
If a month free rent is too much – consider waiving the security deposit or any move-in fees. This too can drive interest.
Think of some out of the box improvements you can make to set your house apart from the rest. They can be small things such as a wifi doorbell, a fancy shower head, a wine refrigerator, or a new energy efficient appliance. Small touches can feel luxurious and have a big impact on how your property is received. It is these small things that will make your property memorable to renters looking at many properties.
Include a Basic Utility
This can be a tricky one. You don’t want to find yourself paying the electric bill for someone who has zero respect for your wallet. They might leave all the lights on all the time or charge up their car on your dime. Paying for a utility that fluctuates can come back to bite you. Instead, offer to pay for something such as basic cable or high-speed wifi for one year. It’s one less expense your tenant will have to worry about and can be a big incentive for many renters.
While many people will put their property up on social media, not every investor uses these platforms for all they are worth. Share your property within local groups and be sure to promptly answer any questions you receive. Spending a small amount on advertising can get your property in front of thousands of prospective tenants in your area. People are on social media already, making it one of the most effective places to advertise.
Share With Local Businesses
Do you know a waiter at the restaurant down the street? Or maybe the lady at the hair salon? Get the word out to local businesses who come into contact with many people throughout the day. You can even ask if you can hang up a flyer so everyone entering the establishment will see your rental in all its glory. Doing this can greatly increase your word of mouth and the overall buzz around your property.
Offer A Referral Bonus
By offering a reward for a signed lease, you’ll be able to spread the word to many more people. If there is a cash incentive, people who hear about your listing are bound to tell people they know about it. Before offering a bonus, make sure you don’t exceed the dollar amount that is allowed by law. Many states have limitations on how much you can pay for a referral fee.