Best Move-In Specials to Attract Tenants

Staying ahead of the competition is tough when you are a property owner.

With tenants looking for great places to live, landlords need to find ways to stand out. One effective method is to offer move-in specials that entice renters to choose your property over others. Move-in specials can attract a large tenant pool, ensuring you have a wide selection of potential tenants. Moreover, a well-crafted move-in special can persuade a tenant to choose your property over another.

When to Offer Incentives to Prospective Tenants

1. Market Conditions:

When competition is high, and property owners are vying for the same tenants, offering a move-in special can help you attract more interest. This way, you can choose the best tenant for your property. Conduct thorough market research to understand what competitors are offering and position your property attractively.

2. Seasonal Considerations:

Fewer people tend to move during the winter. Cold weather, holidays, and school sessions deter many from relocating. Offering an enticing move-in special can help fill vacancies during these slower months. For instance, offering a rent discount during the winter can make your property stand out when there are fewer potential renters looking.

3. Construction Disruptions:

If your property is in an area with ongoing construction, it might deter potential tenants due to noise, blocked areas, and increased traffic. A move-in special can make up for these inconveniences and attract tenants despite the temporary disruption. Highlight the long-term benefits once the construction is completed to assure prospective tenants of the future value.

Attractive Move-In Specials to Offer

1. Flexible Lease Agreements:

Drafting flexible lease agreements can attract a wider tenant pool. Examples of lease terms you can adjust include:

• Early Lease Termination: Allow tenants the option to terminate the lease early with a 30-day notice and a small fee.
• Pet-Friendly Policies: Permit pets with reasonable pet deposits or pet rent.
• Decorating Flexibility: Allow tenants to make temporary changes like painting walls or hanging pictures, provided they restore the property to its original condition upon moving out.
• Subletting Options: Permit subletting with your direct approval to accommodate tenants' changing circumstances.
• Roommate Policies: Allow for roommates to be added to the lease agreement, ensuring everyone living in the property is documented and responsible.
• Cosigner Acceptance: Permit cosigners for tenants who may not meet the income requirements alone, expanding your potential tenant base.

2. Waiving Application Fees:

Moving is expensive. Waiving the application fee can lessen the financial burden on tenants. This gesture can be particularly appealing if your property management company requires every adult to submit an application. The money saved on application fees might be the deciding factor for a tenant choosing your property over another. This small concession can make a big difference in attracting renters quickly.

3. First Month Rent-Free:

Offering the first month free is one of the most popular move-in specials. Moving costs add up quickly, and knowing they don’t have to pay rent for the first month can relieve potential tenants. Although you lose one month’s rent, the tradeoff is worth it. Eleven months of rent payments on a one-year lease is better than a vacant property generating no income. This incentive can be particularly effective for filling vacancies during off-peak seasons.

4. Implementing Online Rent Payment:

Offering online rent collection is still considered a special incentive. Many tenants appreciate the convenience of paying rent online, saving them time and hassle. This added convenience can make your property more attractive to potential renters. Highlight the benefits of online payments, such as automated reminders, easy access to payment history, and the ability to pay from anywhere.

5. Property Enhancements:

Sometimes, the promise of a property upgrade is enough to secure a tenant. Upgrades make the property feel more like home and can include:

• New or Modern Appliances: Replace old appliances with new, energy-efficient models.
• Fresh Paint: Offer to repaint the unit with colors chosen by the tenant within a predefined palette.
• Upgraded Flooring: Replace worn carpets with hardwood or laminate flooring.
• Additional Parking Spaces: Provide extra parking spots or covered parking.
• Bathroom Remodels: Update fixtures, install new tiles, or add a modern vanity.
• Landscaping Services: Include professional landscaping services to maintain a beautiful outdoor space. Even small changes can make a big difference in how tenants perceive the property and can justify a higher rent.

6. Temporary Rent Reduction:

If you need to fill a vacancy quickly, consider offering a temporary rent decrease. While this reduces your immediate cash flow, a leased property always generates more income than a vacant one. You can offer a reduced rate for the first few months or a discount on the first year’s rent, making it easier for tenants to commit.

7. Providing a Welcome Package:

A welcome package can build a better relationship with your tenants and make them feel special. Consider including:

• Gift Cards: Local restaurants, coffee shops, or grocery stores.
• Bathroom Essentials: Towels, toiletries, and shower curtains.
• Kitchen Goodies: Snacks, coffee, tea, and kitchen gadgets.
• Tickets to Local Events: Sports games, theater shows, or concerts.
• Decorative Plants: Easy-to-care-for houseplants.
• Coupons: Discounts to local attractions, gyms, or services. A thoughtful welcome package can encourage tenants to renew their lease and spread positive word-of-mouth about your property. It’s a small gesture that shows you care about their comfort and happiness.

Conclusion

Encouraging tenants to move into your rental property can be challenging, especially with competition, seasonal fluctuations, or nearby construction. Offering move-in specials is an effective way to attract tenants and fill vacancies quickly. Consider these strategies to entice potential tenants and see how they can help you secure high-quality renters.

Are you looking to attract quality tenants quickly? Contact Gordon James Realty,for expert property management services. Our team can help you craft attractive move-in specials and manage your property efficiently. Reach out to us today and discover how we can help you fill vacancies in record time.