Spring rental season is upon us, and vacant rentals are flying off the market, so it’s tough to stay ahead of the competition in Annapolis. Being the capital of Maryland, it’s home to the United States Naval Academy, and there is an abundance of tenants looking for a great place to live. So, how do you stand out from the crowd with your rentals? It’s time to consider move-in specials to bring renters to your properties.
Move-in specials help draw the crowd of tenants to your properties and give you a wider pool of options to fill your vacant space. If your move-in special is top notch, it could sway a deciding tenant away from the competition.
Let’s take a look at multiple move-in specials to help you decide what will work best for your Annapolis tenants.
When Is it a Good Idea to Offer a Move-In Special?
Many conditions may affect whether or not you should offer a move-in special. Some of which include:
- A Saturated Market (Too Much Inventory) – If there are too many tenants and properties to choose from, offering a move-in special would attract a more extensive array of tenants.
- The Property is Priced Above Market Value – It is important to know the price that other Annapolis properties are being rented at so you can compete in the rental market. Tenants look at pricing, amenities, number of bedrooms, and bathrooms, and a wide array of other factors when deciding on where to rent. Make sure your property stands out.
- Fewer People Tend to Move During the Winter Season – The cold, the holidays, children in school, and even finances can hinder a move in the winter. Offering a move-in special may entice them to relocate because you’re offering them a great deal on what they want.
- Nearby Construction – Construction during a move may deter a tenant from renting your property. However, if you can draw them in with a great move-in special, they may be willing to forgive the construction and enjoy their new rental.
While these are common reasons a property owner might consider move-in specials, it is still your decision to offer one or not if you want to draw in clients.
If you are still interested in move-in specials and information about them, read on to find out more!
Top 7 Move-In Specials You Can Offer to Your Prospective Annapolis Tenants
1. Flexible Lease Terms
It’s essential to have an airtight lease agreement that your tenants understand when they move in. However, if you and your property management company work together, there are ways to bend the lease terms just enough to entice prospective tenants.
Here are some great examples of how to do this:
- Include an early lease termination clause, with a 30- or 60-day notice requirement
- 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 a cosigner
If you can make these flexible options work, it will open up your tenant pool significantly and provide tenants for your rentals.
2. Offering a Reduced Application Fee
Moving is expensive. Typically, there are movers to pay, trucks to rent, application fees, deposits, and much more. Trying to lessen the burden on your new tenants might entice them to sign quicker and move you up on their list of top properties.
Reducing simple fees for applications and utilities up-front might also lessen the blow of financial hardship and provide them a sense of security in signing a lease with you.
Saving them that small amount of money may be just what they need to choose you over the competition.
3. Give Tenants the First Month Free
This is the most popular move-in special around, and it is one of the best ways to appeal to tenants.
As previously stated, moving is expensive. If a tenant knows they could be free of rent for the first month could be the push they need to sign the lease and could ease their stress enough to choose your property.
While this incentive does cost you one month’s rent out of pocket, the tradeoff could be more than worth it. The eleven months of rent you’re generating is far better than leaving your property vacant and have zero rent payments for an extended period.
4. Online Rent Collection
Online rent collection has become an increasingly popular method for property management teams across Anne Arundel rental properties, but it can still be considered a special incentive as well.
Many tenants will jump at the chance to pay online. The convenience of being able to pay your bill from your home, rather than having the headaches of mailing rent payments will draw potential tenants in and sway their decision.
5. Property Upgrades
Sometimes, even a simple upgrade can entice a tenant to move in.
Tenants are often seeking places that make them feel at home. So, by informing them of updates and beneficial changes that will be made upon move-in, it can entice them and make them feel excited about the improvements to come.
Some examples of upgrades to offer include:
- New, modern, or matching appliances
- A fresh coat of paint
- Upgraded flooring
- Additional parking spaces
- Bathroom remodels
- Paid landscaping services
While there are always other options to choose from, these are the most common upgrades tenants look for when signing a lease agreement. Sometimes even the smallest (or cheapest) updates will work if the property is already drawing the tenant in.
6. Rent Decrease
If your investment is in a tight spot financially and you need to find a tenant quickly, try decreasing the rental price.
While it will cost you some cash flow, lowering the rent is better than a vacant property that isn’t pull in any cash at all.
7. Offer a Welcome Package
Offering a welcome package to your tenants is a great way to build a relationship and make them feel special and welcome to the property. It may even encourage them to renew the lease later on.
Some things to consider putting in your welcome packet, include:
- 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
Secure a Tenant with Help from a Property Manager
Encouraging tenants to move into your Annapolis rental can be challenging, but whether you’re faced with tough competition the wrong time of year or construction, there’s always a way around the hurdles to secure a tenant.
Try offering some of the above-mentioned move-in specials and see how quickly they change their minds about your property.
And if you need a little help deciding which is best for you, hire a property management company like BMG to help you get the details in order. With us on your side, we can advertise via multiple channels, draft flexible lease agreements, and even collect online rent payments.
Contact us today and see how we can help you lease your Annapolis property in an average of under 30 days!