How to Reduce Vacancies: Motivate Tenants to Extend Lease

Survey results reduce vacanciesYou’ve got to see these survey results. They give you big data insights into what your ideal resident wants. Information like this helps you:

 

1 – Reduce your vacancy rate. Keep your existing customers happy so they forget about moving. 

 

2 – Spend your upgrade dollars more effectively. You want every dollar you spend/invest to increase your rental’s attractiveness to your ideal tenant.

 

3 – Write more effective marketing ads. Learn the buzz words that make your idea resident take notice.

 

Take a look at this SlideShare presentation and see my thoughts below.

 

Jump Start Your Plan to Reduce Vacancies 

 

This great information won’t make you money unless you take action. To give you a head start, let me share how I’m going to use the information to reduce vacancies:

 

My 25- to 34-year-old ideal resident wants:

 

1 – Rent concessions more than cash. This tells me tenants in this age group may lack financial management skills and appreciate the simplicity of lower expenses. I don’t like rent reductions because they hurt net operating income evaluations. However; I’ll continue looking for ways to lessen their expenses.

 

2 – Free Internet more than TV (but multimedia entertainment is top on their list). I’m currently giving them complimentary Wi-Fi and asking them to donate towards the cause. So, I’ve got this one covered.

 

3 – New flooring followed by washer/dryer upgrades. I’m installing floating vinyl plank flooring during turnovers and I’m in the midst of a laundry room remodel. So the survey results suggest I’m moving in the right direction.

 

4 – Covered parking as an on-site perk. My rental applicants always ask to see my off street parking. I need to figure out how to afford some type of covered parking. Maybe a shade sail?

HELP –  How can I make a carport pay for itself? Please leave suggestions in the comment section.

 

5 – Gym memberships as an off-site perk. This is an interesting idea. I’ll just keep it on my radar for now.

 

How about you? Leave a comment and tell me how you’re going to take action.

 Photo Credit: mars_discovery_district

 

 

2 Responses

  1. That’s an awesome SlideShare presentation Al – thanks for sharing. We always offer the discounted rent incentive to tentants for renewing leases. I can’t speak for everyone, but it seems to work pretty well from what I’ve seen!

  2. Right on Seth. Thanks for sharing.

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