As we’re approaching the industry’s slow seasons, we all can benefit from adopting some tenant-attracting strategies.
Compared to winter and autumn, the spring and summer months can bring about a slow down for the CRE biz. Property owners who still have vacancies on their hands should step up the game to get tenants – especially when it comes to multifamily properties.
Here are 4 winning ways to lease rental properties within multifamily buildings.
Everybody Loves Incentives
If you’re looking to attract tenants to your multifamily property, you’ve got to sweeten the deal.
Incentives can work wonders in catching the eyes of today’s buyers and renters. Consider offering special offers on the internet, cable, or TV packages. Properties that are located nearby commercial assets such as gyms, vets, or cafes can even partner up with these businesses to provide discounts to renters as a ‘welcome to the neighborhood’ package.
When it comes to incentives, get creative. Zero-in on the tenant experience to get an idea of what renters in your area are looking for.
Consider Lowering the Asking Price
Dropping the price point of your vacant units can be a powerful way to spike the market interest of your property’s listings.
The good news is this actually won’t be hurting your profit margins. Reducing the asking price by a couple of hundred dollars on a unit that’s been unoccupied for a great length of time can save money in the long run.
Having vacant units sitting in your complex is probably costing you more money than you think. Empty apartments are still consuming utilities but not producing positive income – resulting in a negative asset. Long-standing vacancies take a huge hit to annual ROI.
Multifamily property owners should lower the asking rent for properties that have been sitting on the market as we’re entering into the spring and summer.
Don’t Ignore the Power of Curb Appeal
Appearance plays a pivotal role in attracting tenants to your multifamily property. Remember, it’s about more than just choosing a unit in a commercial real estate property. It’s about finding the perfect home, which innately means delivering one’s lifestyle goals.
And, this isn’t only achievable via ultra-luxe amenities. Aesthetics play a powerful role in giving the market what it wants. Today’s buyers and renters are looking for a multifamily property that lives up to their design goals.
Consider sprucing up the exterior of the building with some new landscaping and plant additions. Lobbies are a big point of influence – so don’t forget to focus your efforts there, too.
Work With a Tech-Savvy Team of CRE Pros
As with any commercial real estate endeavor, working with an outstanding team of professionals is the best way to enhance any deal.
Make sure that your choice is actively using technologies to get your listings out to a broader audience and catching the eyes of prospective leads. Including HD video content such as VR touring technologies and overhead neighborhood tours with drones can also enhance your property’s web presence.
Spring and summer are approaching quickly, so use these 4 insider’s tips to fill up your vacant multifamily units.