The Secret Weapon to Competing in a Renter’s Market

There’s an abundance of rentals and competition on every block so how do you make your home irresistible and market-ready? Comps and Extras speak volumes to those trying to get more for their money.

Apartment buildings do it; Commercial landlords are doing it; so why not follow suit and compete on the same level?

The secret weapon to renting out your home among the masses is to show it like it’s the last of its kind. Show prospective tenants all they can get if they were to rent out your home.

People are looking for value; they want to live like royalty while remaining within their budget but how many of us actually can find a place that luxurious with all the bells and whistles? As a landlord you must think outside the box to entice renters.

1.Less “stuff” makes a home seem roomier. Most homeowners believe a home that looks lived in will rent out quicker but that’s just the opposite. Homes that are empty allow prospective clients to visualize where their furniture and mementos can be placed. Empty fosters imagination. All you need is a good paint job and a clean bright home that welcomes you in.

2.Offer more than the landlord down the street; many landlords compare and then decide to lower their price to meet demand and while that may be smart it should be the last option. How about offering free cable with the monthly rent? You can negotiate a package deal with your cable company and offer the most basic package perhaps with 1 premium channel; that may run you $30 per month that can be integrated into the rent. How about free internet? Again, you can get a package deal from most vendors.

3.If you live near a community center with a fitness club think about throwing in a membership and it’s not as expensive as you think. Most community centers offer a monthly or 3 month package deal that may run you $50 for 3 months. You could offer prospective tenants a 6 month deal.

4.If your rental home is near a golf course a great enticement is a membership towards weekend golfing.

5.Think about offering maid service; call around to compare services and prices and perhaps offer a once-a-month service that’s included in the rent.

6.Offer military veterans a special – a lower monthly rent or smaller security deposit.

7.Offer uniformed police a deduction in rent for a longer lease.

You can always think of other services to offer that compliment your rental property. Finding renters is not difficult in this market but you must sell your property and let clients see all the reasons they should choose you over the rental next door.