One sure way to retain tenants is ensuring they are happy and satisfied. As a landlord, you can offer tenant incentives to ensure they feel appreciated and that they have a good place to call home. These little motivations will build a good relationship with your tenants.
What does that mean for you? You will be able to collect rent on time and have full occupancy for your property because tenants stay, and they stay longer.
Below are some of the ways through which you can offer tenant incentives to your tenants and reduce turnovers:
Financial Incentives and Discounts
In the real estate industry, just like in any other business, rebates and good incentives ideas attract customers. You can offer reasonable discounts for instances your tenants pay at least 15 days before the deadline.
You can also decrease the discount and spread it over a reasonable period to encourage tenants to pay on time. Financial incentives, in general, are catchy and are one of the tenant incentives that will appeal to every renter. Besides discounts, you can offer:
- A rent refund or one month rent-free.
- A cash bonus for tenants who renew their leases, or reducing the amount of rent.
Always weigh all the factors before offering financial incentives to ensure they do not in any way affect the profitability of your business.
Work With Your Tenants Regarding Property Upgrades
You should constantly do simple tenant upgrades such as repainting and landscaping the surrounding accordingly. Tenants who intend to stay for a long period of time or at those that have been around for a while may request upgrades from time to time.
These may include upgrades such as carpet replacements, additional parking, kitchen and bathroom remodeling or an upgrade of an appliance that is near the end of its life.
Voluntarily Enhance Security
Taking care of some of the recurrent expenses such as security and TV can make your property attractive to most tenants. Willingly take charge of security to reduce the burden on the renter and assure them of safety.
Offer Flexible Terms Regarding Deposit
Large apartment units usually offer a waiver on the first month’s deposit. You can, however, spread it over several months to allow the renter time to move in smoothly. Some renters may not have the ability to pay both the rent and deposit at the same time.
Offer Flexible Lease Terms
Offer flexible lease terms as tenant incentives to impress them. For instance, if pets are not allowed, you can weigh the risks against the rewards. If other occupants have no problem with it, then you can consider allowing pets.
Other flexible terms may include the ability to sublet, especially for tenants such as students who may not be around during holidays and may prefer to sublet instead of completely moving out.
Provide Online Payment Options
Provide a variety of payment options to make the process as easy as possible for tenants. Online payment has become extremely common nowadays, and tenants would jump at the opportunity to use such payment options. This will also decrease the incidence of late payments.
Providing tenant incentives s is a way of saying you value your relationship. This way, you strengthen your rapport, and you put a cap on tenant turnover.
If you find yourself needing expert advice and excellent property management, you need to get in touch with LCI Realty. We can connect you with tenants, help you find the right property to invest in, or even manage your property so you can enjoy the cash flow without the headache. Contact a member of our team today.
Click here to read more from LCI Realty.