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.
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