Posted on: 11 March 2016
It can be difficult to fill your property up with tenants. This is particularly true with smaller properties that have smaller budgets compared to larger companies out there with much more significant marketing budgets. So, when you're already behind, how can you get yourself side-by-side with the rest of the competitors so that you can give them a run for their money? Here are a few ideas that don't require a lot of money but have the opportunity to pay out substantially in the long run:
1. Take a Look at Your Current Marketing Strategy
If you are positive that you do not have the financial resource to compete, then you need to begin looking at the level of customer service that you can offer to the applicants that come through your doors. While it may not seem like it at first, what really attracts customers is always and will always be about the service that is provided. Luckily for you, as a smaller property manager, you are in the best possible position to offer this. After all, isn't it a lot easier to familiarize yourself with 75 tenants than 500? So, take a little bit of time out of your typical day to get to know your tenants. Don't stop with you, though, as you should ensure the rest of your staff members do the same.
2. Think About What Is Truly Great About Your Community and What Sets It Apart from the Rest
One of the best things that you can do to get new tenants is to specifically highlight the best and most unique things about your property and apartment community. So, what are they? Maybe your property has one of the best views of the valley for miles around, or maybe there is a high-tech security system in place. Whatever it may be, emphasize those items to your applicants. Provide a very extensive tour of the community, and if there is something unique about your individual community, make sure to point it out while out on the tour. Give demonstrations when necessary.
3. Consider Taking a Route Other Than Rent Concessions
While many property management companies will offer tenants rent concessions, you may want to consider doing something else. For example, instead of free month's rent, why not offer a gift card to a local grocery store or interior design store to help the tenant fill their fridge or decorate their new space? This will switch things up a bit, and it's still free, which means people will want it!
The aforementioned best practices will help you avoid dropping your revenue while increasing your vacancy rate. It may not seem like it at first, but it is possible to stay competitive with even the biggest of your competitors. Once you get started implementing these tips, you will likely be pleasantly astonished at just how effective they really are.
For more tips, contact a local property management company like CJ Real Estate, Inc.Share