Staying ahead of the competition is tough when you are a property owner in Annapolis. As the capital of Maryland, and home to the United States Naval Academy, there are plenty of tenants looking for a great place to live here.
And other property owners know it.
If you are wondering how to stand out from the crowd of property owners looking to capitalize on the appeal Annapolis provides tenants from all around – think rich cultural history, beautiful architecture, and perfectly maintained landscapes – it is time you consider offering move-in specials to entice renters to lease from you.
Move-in specials have the potential to attract a lot of attention to your vacant property, making sure that you have the largest tenant pool to choose from.
In addition, a good move-in special may convince a tenant deciding between two properties to choose yours over the alternative.
Today, we are going to look at several types of move-in specials to help you decide whether you should consider offering them to your Annapolis tenants.
When a Move-in Special is a Good Idea
Before looking at the various move-in specials you might want to offer your Annapolis tenants, let’s take a look at some of the conditions that, according to RentPrep, affect whether you should offer a move-in special or not:
- Market Conditions. When the competition is tough, and property owners in the same area are racing for the same tenants, consider offering a move-in incentive. This way you can attract the largest tenant pool possible, and be pickier when it comes to tenant placement.
- Less people tend to move during the winter season. Not only is it cold and less desirable to move, the holidays play a role in people’s financial decisions, and school is still in session. All these things cause many people to avoid moving, which means filling your vacant property will be more challenging. Offering an enticing move-in special can help.
- Nearby Construction. If your investment property’s area is experiencing a boom in construction, this will be a good thing for your tenants – after the fact. However, during construction it will be harder to find tenants willing to deal with noise, blocked off areas, increases in traffic, and unfinished buildings near their home. Try offering them a move-in special and convincing them that the construction will be worthwhile.
These are just some of the most common reasons a property owner might consider offering prospective tenants a move-in special.
If this sounds like something you are dealing with right now, keep reading to find out what kind of move-in specials you can offer to boost tenant placement.
Top 7 Move-in Specials You Can Offer Your Prospective Annapolis Tenants
1. Flexible Lease Terms
It is important you draft airtight lease agreements that your tenants understand from the day they move in.
However, if you and your Anne Arundel County property management company work together, there are surefire ways to bend the lease terms just enough to entice prospective tenants, without sacrificing your rental property business.
Here are some great examples of lease provisions you can change to encourage an interested tenant to sign a lease with you:
- Include an early lease termination clause, with a 30-day notice
- Allow tenants to have pets
- Permit tenants to temporarily decorate your property
- Provide the ability to sublet the property under your direct approval
- Make room for roommates to add themselves onto the lease agreement
- Allow for a cosigner
If you can be slightly flexible when it comes to lease terms you are normally very strict about, you will open up the tenant pool significantly, and find someone to lease from you much quicker.
2. Waive the Application Fee
Moving is an expensive endeavor. From moving trucks to security deposits, and application fees to utility deposits, your tenant is going to be spending a great deal of money from the get go.
Try lessening the financial burden by waiving simple things like the application fee. This is especially helpful if your property management company requires every adult in the property to submit an application.
The money you will be saving the interested tenant may be just enough to convince them to go with your property, rather than a nearby competitor’s property.
3. Give Tenants the First Month Free
This is one of the most popular move-in specials you can offer tenants, and is also one of the most appealing.
As mentioned above, moving is expensive. If a tenant knows that they do not have to pay for the first’s month rent, they may feel less stressed about leasing from you.
Although you lose one month’s rent by offering this incentive, the tradeoff can be worth it. Eleven months of rent payments on a one-year lease is far better than a vacant property generating zero rent payments.
4. Online Rent Collection
Though an increasingly popular method for collecting rent payments among experienced Anne Arundel County property management teams, offering online rent collection is still considered a special incentive.
Many people will jump at the convenience of being able to pay their rent online. By saving time, checks, and the headaches that come with mailed rent payments, your potential tenants may be more willing to rent from you if you offer them the chance to pay their rent online.
5. Property Upgrades
Sometimes all it takes to get an interested tenant to move into your rental property is the promise of an upgrade.
Tenants move into rented properties in hopes of making them feel as close to home as possible. This means many will be excited to learn that a permanent and beneficial change will be made to the property upon move-in.
Here are some things you might consider upgrading in order to get a high quality tenant moved in as soon as possible:
- New, modern, or matching appliances
- A fresh coat of paint
- Upgraded flooring
- Additional parking spaces
- Bathroom remodels
- Paid landscaping services
These are just some of the many things you can offer potential tenants in hopes of convincing them to sign a lease agreement with you. And remember, upgrades don’t always have to break the bank.
Oftentimes even small changes are enough to make a tenant feel special.
6. Rent Decrease
If you are in a tight spot and need to place a tenant quickly, one great move-in special you might offer is a decrease on the asking rent.
Again, you will lose some positive cash flow by lowering your asking rent; however, a leased property is always going to make you more money than a vacant one.
7. Offer a Welcome Package
Offering your tenants a welcome package is a great way to build a better relationship, make your tenant feel special, and even encourage them to renew their lease come the end of their term.
In your welcome package, you can offer some generous and thoughtful things such as:
- Gift cards to nearby restaurants
- Bathroom staples
- Kitchen baskets with goodies
- Tickets to a local sports game
- Plants to decorate their home
- Coupons to nearby attractions
Encouraging tenants to move into your Annapolis rental property can sometimes prove challenging. However, whether you’re faced with stiff competition, the wrong time of year, or nearby construction, there are ways around all of it to secure a tenant in your property.
Try offering your potential tenants some of the above-mentioned move-in specials and see how that changes their tune.
And be sure to get Bay Management Group on your side to help advertise your property via multiple channels, to draft flexible lease agreements that satisfy both you and your tenant, and even to collect rent payment online.
Contact us today, and see how we can get your Annapolis property leased in under 30 days on average.