It’s becoming increasingly challenging for Property managers in today’s cut-throat rental industry. Keeping tenants is especially challenging if you are managing rental properties in a popular marketplace where tenant rates can fluctuate purely based on other property managers rental prices. Keep reading below to find out the creative ways property managers retain tenants
One approach to draw in more renters and secure present ones is by offering discounted extra services, or “value-add services.” Reaching out to local businesses to offer discounted services like babysitting will set you apart from the pack.
Starting and then building relationships with local businesses is a proven way to increase your success as a property manager. In return for promoting them and their service offerings in all your rental listings, and to your current tenants, they promote you and your property management company to their customers.
The key Is to pick services that your tenants will get the most value out of. Study what type of people live in your properties. If possible, figure out what each tenant has in common with each other. Do they all have children? Gym junkies? Dog lovers? Find things that will benefit the most of your tenants.
Here are Three creative ideas property managers are using to retain tenants. Remember, use this post as a guide; each property manager will have a different set of services that will appeal to their specific portfolio.
Babysitting & Child Care.
Parents often state that choosing the right childcare center can be a draining process. Take that pressure off them by offering discounted local childcare services. There are a variety of different types of childcare below are a few of the most common ones used:
Family Day Care
Occasional short-term Care
OSHC – Out of School Hours Care
If you are unsure which care service you should offer, we recommend reaching out to a local childcare service that provides no appointment drop-in sessions.
Remember: Make it as easy as possible for your tenants to use the service you are offering. Most couples with children would find the no appointment drop-in sessions beneficial. Find a tenant problem and offer them a discounted solution to it!
Gym Memberships & Fitness
This is the value-add service that is often the most popular among tenants. Many businesses already offer this to employees, which makes coming up with an arrangement a lot easier for you. You can provide two different styles of membership when it comes to this.
The first is to create one or two accounts and treat the gym like you would a community pool, keys are available to access the gym whenever you like. The second is to offer a discount on the membership price by building relationships with local gyms.
Both options have their pros and cons, the first option costing you which you would have to factor in when deciding which one to go with.
Grocery and supplies delivery
It’s safe to assume that at least 80% of your tenants attend a supermarket at some point during the week. That alone should prove to you that offering some form of grocery delivery is worthwhile.
Seek out the best price for delivery by contacting all the grocery stores in your area. Many stores are owned by national and international chains which means offering delivery is becoming more common.
To begin with find smaller, franchised stores that have more room to negotiate a deal or discount.
If you have no luck with negotiating a deal, consider doing it yourself. As crazy as it sounds, for the right property manager delivering groceries to your tenants is simply another stream of income that will benefit their business.
Property Managers Retain Tenants in Different Ways
To gain traction in a competitive market, you must set yourself apart from the pack. Property managers retain tenants differently. The whole idea of offering a discounted service is that you are offering a unique deal that tenants will not get using any other property manager, thus staying with you in your portfolio. This is done all while forming relationships with local businesses, a win-win situation for property managers.