As a rental property owner, it is your job to find ways to screen for the right kind of tenants to lease your Bel Air property.
This is especially true if you want to become a successful landlord.
While screening, you might look for high quality tenants with good paying jobs, that have the ability to pay their rent on time, and that care for your property the way you feel they should.
However, it is also your job to use perks to entice tenants to sign lease agreements with you.
That’s why, in an effort to lower turnover rates and establish long-term tenants, we are sharing some of the best perks you can offer prospective tenants.
7 Perks Tenants Look for in Your Bel Air Rental Property
The type of tenant perks you can offer vary when it comes to convincing people to lease with you.
They can range from actual rental property amenities, to discounts on rent.
Check out some of the top perks prospective tenants may be on the lookout for that will help you to remain competitive in your area.
In addition to using technology to seek out available rentals online, prospective tenants look for technological advancements they can take advantage of during their tenancy.
Because of this, you might consider providing them the following conveniences:
- The ability to sign lease agreements online
- Online rent collection, since 46% of renters prefer to pay their rent digitally by way of an app, website, or automatic withdrawal
- An online portal for making maintenance and repair requests, as well as submitting other questions or concerns
- A monthly newsletter that is delivered directly to your tenant’s email
- A website that has a blog with helpful tips and tricks
As you can see, using technology in many ways is a great way to attract tenants to lease from you.
2. Well-Maintained Property
It should be a given that you maintain both the exterior and interior of your rental property at all times, especially during times of vacancy.
After all, the more you maintain your property before a tenant moves in, the more appealing it will be for those interested in leasing from you.
A fresh coat of paint, a newly landscaped backyard, and the installation of energy efficient appliances are all things tenants are seeking nowadays when they are looking for a place to rent.
However, there is more you can do that will place you above the competition.
For instance, rather than have your tenants responsible for maintaining the backyard oasis you built for them to enjoy, have a professional landscaper tend to the yard instead.
This way your tenants can enjoy the perk of having a great backyard space to enjoy while leasing from you, without the burden of having to physically maintain it.
In addition, here are other ways you can improve your rental, rather than just repair it (which of course is still required – remember, we are discussing how to go above and beyond):
- Replace the roof
- Change the flooring
- Replace all windows
- Add square footage
- Renovate the kitchen or bathroom
- Change the doors
- Power wash the exterior
- Have the carpets cleaned annually
- Upgrade old appliances
The way these items become tenant perks is to offer them during a tenancy, so your tenants feel they are getting bonus services.
It is also a good idea to mention these improvements to interested tenants as a way to entice them to sign a lease with you.
3. Early Rent Discount
Though not directly related to the physical rental property itself, there are two great ways you can use an early rent discount as a tenant perk to help get interested tenants to sign a lease agreement with you.
To start, you can offer a discount on rent if it is paid before the due date each month.
For example, give your tenants $10 off their monthly rent rate for paying a few days before it is due.
This not only saves your tenants some money, but also encourages them to pay rent on time, which is helpful to you or your Bel Air rental property management.
And people love a good discount, so this type of perk is bound to go over well with all of your tenants.
Additionally, you might consider a twist on the early rent discount concept. Instead of offering a rent discount every month for paying early, inform your tenants that you run a rent refund program.
With this program, you set aside a small amount of money each month should your tenant pay their rent early or on time (whichever you prefer).
If, at the end of their lease term, they have paid you rent early or on time every single month, you will refund them the portion you have been setting aside each month as a bonus.
Again, this creates a great incentive for your tenants to pay on time, helps ensure you receive timely rent payments, and is unique enough to set you apart from other property owners trying to lease rentals in the surrounding area.
4. Security System
Despite being so important, very few tenants willingly spend the money it takes to have a security system put on the property they rent.
They simply don’t want to pay for the system, or the added expense that monthly fees cost them.
This is where offering this as a perk to your tenants comes in handy. For a small monthly fee that you absorb for the tenant, you can offer the security that an alarm system comes with, and make your tenants feel safer while at home.
5. Flexible Pet Policies
According to the American Pet Products Association, nearly 68% of United States households own a pet. And, while allowing pets in your rental comes with a certain amount of risk, it’s definitely a benefit that many tenants will be willing to pay more for.
Open up your tenant pool, cater to pet owners, and rake in a little extra cash by way of pet deposits and monthly rent increases by allowing pets into your rental property.
6. Gym Membership
Gym memberships can be pricey, and not all of your tenants will have that kind of expendable money, even if they want to get healthier.
With rent prices jumping and many people spending nearly half of their monthly income on rent, a gym membership is not always going to be a priority.
However, as a property owner looking to entice high quality tenants to sign lease agreements, offering a yearly gym membership may be something worth investing in.
And, while this is an extra cost to you, it may be more affordable than you think. Especially if you have multiple rental properties.
Talk to your local gym and see what kind of discounts you can get, especially if you will be signing up for multiple accounts. It’s definitely worth a try.
7. Free Stuff
Offering free things to your prospective tenants in exchange for signing a lease agreement has worked for ages.
For example, receiving a TV for signing a yearlong lease agreement in an apartment has proven successful for many rental properties, so its time you get in on this tenant perk and see how it can improve your rental property business.
TVs nowadays are fairly inexpensive, and is something that many tenants will feel is worthy when it comes to making a final lease decision.
There are endless perks you can offer both prospective and current tenants in an effort to encourage them to lease from you and continue to sign lease renewals.
And, with an experienced property management company on your side to handle other things tenants look for, such as 24/7 maintenance and repair, superior customer service, and affordable monthly rent rates, you will be well on your way to success as a property owner.
If you own rental property in Bel Air and need a property manager to help you find qualified tenants, contact Bay Management Group today.
We know what it takes to get high quality tenants into your property, entice them to sign lease renewals, and give you the peace of mind that your rental is being well cared for each month.