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Incentives may be the way to win tenants’ hearts

07 July 2015 Jay Garcia

Property managers have been urged to be creative when trying to convert interest into tenant applications.

RE/MAX Toowoomba director Katie Knight said her company uses periodic promotions during quieter cycles to help bring in more business.

Ms Knight said her office sometimes runs a promotion called ‘Win back your bond or win back your weekends’, in which tenants go into a draw to win the cash value of their bond or six months’ worth of yard maintenance.

“Obviously it’s an investment that you’ve got to promote and push, but it does get people looking at your properties ahead of someone else in the marketplace,” she told the PPM National Property Managers Conference.

Metro Property Management director Leah Calnan agreed that incentives can help businesses distinguish themselves from their competitors.

“Offer things like a week’s free rent, or gift cards, a barbecue, or Foxtel – anything you can think of that’s relevant to that particular area will work well,” Ms Calnan said.

Davey Real Estate property manager Kylie Harbo said property managers need to think outside the box and make their properties more presentable than the neighbourhood competition.

“Also, remember the 10-day rule: adjust prices after 10 days if there’s no interest – and just educate your landlord.”

[Related: Shrew PMs can thrive in tough market]

 

Incentives may be the way to win tenants’ hearts
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