Real estate is different from other businesses. If you run a store or a restaurant, you'll have good days and bad. You'll have ones where your profit is high and other days when you are relatively quiet. But quiet in real estate terms is something different and scary. It means no tenant and no income.
When you find yourself in that situation, you'll want to resolve the problem quickly. Here are some creative rental leasing strategies that will help you do that.
Offer a Flexible Lease to Reduce Rental Vacancies
Tenants want flexibility, especially if unsure about their long-term plans or job prospects. You can attract more tenants and secure faster leases by adding in some flexible terms. For example, you could offer a shorter notice period or waive fees for early termination. Make sure you advertise these terms when you list your property online.
Offer Early Lease Renewal Incentives
You can entice your tenants to renew their lease early by offering some attractive incentives. You might tempt them with:
- Discounted rent
- Upgrades such as new appliances
- Other bonuses like a gift card to a local restaurant or store
A small incentive doesn't have to cost much, but it can give you peace of mind. Once a good tenant has signed a lease renewal, you don't need to worry about remarketing your property.
Partner With Local Businesses
Contact local businesses and inquire about vouchers and discounts for your tenants. This is a win-win: offering your tenants a small bonus and incentive and introducing new customers to local businesses. You could offer vouchers for local restaurants, events, or gym memberships. Focus on the offers that will most appeal to your target market.
Hudson Valley Property Leasing: Open House Events
Many open houses have a similar approach, and prospective tenants might find it difficult to differentiate between one property and another. So, think about some creative ways you can make your open house stand out. Try a theme like a barbecue or live music event. Make it as inviting as possible to maximize attendees.
Allow Tenants to Customise the Interior
Making a living space more personal can mean a lot to a tenant. This attractive proposition can be enough to help you with your lease renewals. You could provide a budget for a cosmetic makeover, like repainting walls, new flooring, or landscaping the garden. Assisting renters in personalizing their homes will encourage them to stay long-term.
Leasing Strategies Hudson Valley: Referral Program
You can encourage people to recommend your property to their friends and family by setting up a referral program. With a referral program, you offer contacts a financial reward for every successful recommendation. It can make a difference when you are trying to fill vacancies, and you can call on your contacts to give you their referrals.
Rental Leasing in Hudson Valley, NY: Finding a Tenant
Don't wait for the perfect tenant to find you. Use these innovative and creative rental leasing strategies to help your property market itself and bring you a trusted, long-term tenant as swiftly as possible.
PMI Hudson is the best solution for your business if you want to lease your property fast. We have an experienced team to help you get your Hudson Valley property noticed. Find out more about our services here.