Creative Rental Incentives

 

As the rental market shifts, many homeowners are seeing a decrease in activity on rental properties, and an increase in the number of days on market. The market is not necessarily bad, though- we're simply moving from an overheated rental market toward something that resembles a more balanced and 'normal' market.

Many homeowners are asking "what can we do to get this rented more quickly"?

Assuming the home meets the basic minimum showing expectations (the home is clean, well advertised, good photos, easy scheduling, etc.), there are several incentives and strategies that you can offer to help get your rental listing across the finish line.

I've outlined some strategies that we've implemented successfully over the years, that have helped promote our rental listings and get more traffic through the door.

 

Do A Marketing Reset

 

Take The Home Off The Market

• Remove the listing for 3 or 4 days
• This is a good opportunity to clean and freshen up the home

Choose One or More of The Promotions Below

• Reducing the price at this time will be incredibly effective
• We like to take 1 or 2 promotions from each of the different categories below

Relist The Home

• Relist it before the weekend. Thursday is usually a good day to hit the market
• The listing will look new, with a new price, new photos, and a full market refresh
• The listing will pop up as new on all of the rental platforms

 

1. Revise The Advertising

 

Revise The Marketing Description

• Re-write the description to promote selling features of the home
• Include nearby attractions or upcoming events

List The Home on The MLS

• This will promote the home to local real estate agent and their clients
• The MLS may syndicate out to new websites and reach more potential renters

Order Professional Photography

• Professional photos help highlight the homes features and present it in it's best light
• Drone photography may be beneficial if you have particularly special grounds or outdoor features

Consider Staging The Home

• Virtual staging can help if the home feels sterile, empty, dark, boring, or cavernous in the photos
• Physical staging is much more expensive, but can be effective if the negative feedback above is coming after people have toured the home in person

 

2. Revisit The Rental Criteria

Update Your Pet Policy

• Switch to a pet friendly policy. Many well qualified renters have pets.
• Consider reducing or removing pet fees

Offer Flexible Lease Terms

• Offer a 6-9 Month lease option
• Consider offering a month-to-month option

 

3. Offer A Rental Promotion

Do A Price Reduction

• This is by far the most effective method of increasing traffic
• It reaches everyone immediately on all platforms
• It often triggers an email notification or app alert to people who have viewed the listing in the past
• It may bring the listing into a prospective renter's price range and now show up in their search

Give 1/2 Month or 1 Month Free

• Renters get 50% off your second month if lease is signed by X date
• First or last month free with lease signed by X date

Include 1 or More Utilities

• Free internet for 1 year
• Prepay for 1 free tank of fuel oil

 

4. Make a Smart Home Upgrade

Install Smart Locks

• Front door smart lock upgrade at move-in
• Smart garage door openers

Install Camera(s)

• Video doorbell
• Video floodlights
• Stick-up cameras

Install a Smart Thermostat

• Nest thermostat upgrade
• Ecobee thermostat

Install a Smart Home Hub

• Amazon Echo, Google Nest Hub, or similar
• Alexa, Apple Home Pod or similar

 

5. Make Home Improvements

Respond to Market Feedback

• Listen to any negative feedback from the agents or prospective renters that have seen the home and look for repeatedly mentioned items that can be addressed (cleanliness, paint blemishes, etc.)

Make Interior Improvements

• Better Lighting: Adding lamps and replacing bulbs with warm colors can make the home feel more cozy
• Air Fresheners: Homes that have been vacant for a while can benefit from a light cleaning and deodorizing
• Light Staging: Window coverings, lamps, area rugs, plants, shower curtains, etc., can all help make the home feel more warm and inviting

Improve The Curb Appeal

• Spruce up the mulch, garden beds, and overall landscaping
• Install exterior lighting. There are many affordable solar options available.

Offer an Upgraded Fixture Package

• Upgraded light fixtures, faucets, or small appliances
• Any other affordable fixture that's easy to install
• Allow renter to select their own from a pre-determined list of options

 

6. Offer a Move-In Gift

Give a Free Gift Card

• Home Improvement: Home Depot, Lowes, Décor stores, etc.
• Groceries: Local grocery store, Adam's, Sam's Club, etc.
• Pet Supplies: Chewy, pet grooming or similar service for pet-friendly homes

Offer a Free Service

• Cleaning: Gift certificate for professional cleaning
• Pre-pay for 1 or more landscaping or snow removal services.

Give a Free Subscription

• 1 year free streaming service (Disney Plus, HULU, HBO Max, etc.)
• 1 year membership to shopping club like Sam's Club, BJ's or Costco

 

This is just a short list of some of the incentives and strategies that have worked for us. Hopefully, this has inspired you to use some of these suggestions, or spin off some new ideas!

If you have any feedback or suggestions, we'd love to hear from you! You can reach us at [email protected].