Real Estate Gladiators is an industry leader in the property management industry serving Issaquah, Bellevue, Kirkland, the greater eastside and surrounding areas.
Real estate investors cannot make money on their rental properties unless they’re able to keep those properties occupied with good tenants who pay rent on time and take care of the home. One of your most important jobs as a landlord is to attract high quality tenants to your property. Once you have them in place, you need to do everything you can to keep them there. Vacancy and turnover costs eat into an investor’s ROI faster than any other expense.
At Real Estate Gladiators, we have developed some unique plans to find and keep great residents. We’re sharing some of those with you today.
Incentivize with Cash Back for Good Renters
Good tenants like a good value, and they especially like earning money back. So, incentivize your tenants by providing cash back when they do things like pay rent on time every month during their lease. When they know there’s an extra bonus in it for them, they’ll be motivated to perform brilliantly during the course of the lease. Even a small discount when they’ve paid rent on time for several months can make tenants feel valued and save you money in the long term.
Tenants like Flexibility and Mobility
Modern tenants appreciate flexibility and service. If you have renters who work remotely, provide them with a workspace that makes them feel special. An area where they can connect their laptops and feel like they’re working in a communal and supportive environment can go a long way. Dedicate some space to your building where there’s excellent internet and perhaps free coffee or water. This will give your tenants who work from home a new experience that gets them outside of the same four walls.
Provide Community Gardens and Rooftop Farms
Living sustainably and with an eye towards environmental stewardship is important to tenants in Bellevue. Try providing some space for community gardens. Rooftop farms are also very popular these days, and tenants will enjoy having the ability to grow their own herbs, vegetables, and flowers. Outdoor space is important, even in an apartment building, so take some time to make the property look pretty. Good landscaping, attractive flowers, and an eco-friendly living space will help you attract and keep modern, conscientious tenants.
How to Find the Best Incentives for your Property
Every property is unique, so don’t be afraid to think creatively about how you can maximize your space to find and retain some really great tenants. If you’re renting out a single-family home where a community garden and a business center is impossible, do something else. Perhaps you can offer tenants a gym membership or a discount on premium streaming services like Netflix or Hulu. You can have your home wired to accommodate smart technology or upgrade to energy efficient appliances. You need to know your local market and your tenant pool in order to really impress good tenants.
We’d be happy to share some more ideas and resources. When you’re ready to talk about tenant retention, contact us at Real Estate Gladiators.