Real Estate Investors Offer Perks to Retain Tenants
What tenant wouldn't love the allure of high-speed Internet and a computer of theirs? This is one of many incentives that investors and property owners are offering in order to retain or reward long-term tenants. There are extra rewards that are real and cost a little less for property owners so as to keep the renters such as gift cards to restaurants after the lease renewal or gift cards at furniture stores for increasing an existing lease. Understanding investors know that an empty house, mobile home, apartment, etc. is money that is being lost each month that these sit empty.
The same savvy investors also realize that by keeping tenants longer they are often able to prolong the installation of new carpet, new paint, and other cosmetic repairs that are often required when a dwelling is turned over.
In addition to the costs of these repairs, there is also the time problems of these repairs as many of these cannot be completed in the course of a day or two and leave the apartment out of commission for at least a week if not longer. The end result is that the time the apartment sits empty is important income that is lost.
If you do have a vacant apartment or house there are things you can do in order to lure tenants to sign a lease. One thing that many prospective tenants find attractive is proposing to allow them to select the color pattern for the flooring and walls.
So many rental units allow only white walls to their tenants. Imagine the benefits of not only allowing them to have walls in designer colors but also doing the work for them. This is a great incentive to many renters who love the idea of the final look but not necessarily the expense or work involved in creating that look. The ability to have the colors of choice 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, washing machine, or dryer. This stuff is bonuses that several finds are very worth signing a longer lease and even paying a little extra monthly.
Carports and Garages are another great advantages to possible tenants if you have the abilities to offer this. There are other improvements you can add to a property that makes it more attractive to long-term renters. Most of these would comprise a fenced in yard for children or pets, ceiling fans, and free cable television. It is the small touches that regularly appeal to tenants and you will be surprised at the change they make.
By providing your renters something that every other property-owner in the area is failing to provide you are standing out from the rest. You are likewise creating a 'spoiled' tenant who isn't going to be happy with what the other landlords have to provide when the time to renew the lease reaches.
For such reason he or she may like to stick around for yet another six months or even a year until the expiration of the new lease, at which time you, as the understanding investor you are, can sway them to again name their price for staying and provide yet another attractive enticement in order to keep your clients happy and in place.