What tenant wouldn’t love the allure of high speed Internet? This is among many rewards that investors are offering in order to retain or reward long term occupants.
There are other rewards that are just as effective and cost the investor a bit less in order to keep the tenants such as gift cards to dining establishments after the renewal of a lease or gift cards at furnishings establishments for extending an existing lease.
Smart investors realize that an empty home, apartment, mobile house, and so on is cash that is being lost each month that these sit vacant.
The same savvy investors likewise recognize that by keeping tenants longer they are frequently able to lengthen the installation of new carpet, new paint, and other cosmetic repair tasks that are often required when a home is turned over. In addition to the costs of these repair services there is also the time troubles of these repair services, as many of these can not be finished in the course of a day or more and leave the home out of commission for at least a week if not longer. Bottom line is that the time the home sits vacant is needed income that is lost.
If you do have an empty home there are things you can do in order to entice renters to sign a lease. One point that numerous prospective occupants discover enticing is providing to allow them to select the color design for the walls. Too many rentals permit only white walls to their tenants. Imagine the benefits of not only permitting them to have walls in designer colors but also doing the work for them (you could contract with a local painter to do all your rentals at a low rate). This is a wonderful incentive to many tenants who like the idea of the great appearance but not necessarily the expenditure or work associated with producing that look. The capability to have the option of colors when moving in is a big bonus offer to many occupants that ought to not be overlooked or overlooked. This premium offer might also result in an enhanced rent …
Another thing that renters discover valuable and value in a rental property are the little luxuries such as a dishwasher, waste disposal, built-in microwave, and washer/dryer. These thoughts are luxuries that numerous find are well worth signing a longer lease and even paying a little additional for each month.
Garages and carports are another excellent bonus offer to potential tenants if you have the properties to offer this. There are other enhancements you can make to a home that makes it more enticing to long-term renters. Some of these would consist of ceiling fans, a fenced in yard for youngsters or animals, and free cable tv. It is the little touches that frequently attract tenants and you will be impressed at the distinction they make. The popular book Mr. Landlord recommends a method where you may provide these benefits as a ‘shopping list’ to contribute to your regular monthly cash flow.
By offering your renters something that every other landlord in the location is failing to provide you are attracting attention from the rest. You are likewise producing a ‘spoiled’ tenant who isn’t going to be content with what the other property managers need to provide when the time to restore the lease happens. For this reason he or she is most likely to remain for yet another 6 months or year until the new lease expires, at which time you, as the savvy investor you are, can persuade them to again name their price for staying and offer yet another beautiful incentive in order to keep your customers pleased.
Curtis Waters
Curtis is a Senior Partner in a real estate investment firm that focuses on property acquisitions, rentals, optimization, and sales. Curtis has a network of financial institutions, hedge funds, wholesalers, and bulk sellers that he uses to acquire properties at superior prices. Curtis is more conservative with investor funds than with his own money.
Fabulous ideas! I especially love the ‘choose your paint colors’ idea.