Anyone who has listed a rental property at one time or another has looked at their ad traffic and wondered why more people aren’t reaching out. “Is the monthly rent too high? What’s happening in the real estate market? Are my kitchen appliances out of date already?”
If you want more views on your property there are dozens of strategies to explore. You can rewrite your description or touch up the paint. Taking new photos and refreshing the post are options here too. Yet in some cases, these more simplistic remedies might not be enough for the impact you desire. In such instances, you can consider rental concessions from what you originally posted to the marketplace.
A rental concession can be defined as an accommodation that modifies the original expectations associated with a lease agreement to increase its appeal. This can be done with advertised properties or existing leases to be resigned. An example of a concession would be offering a rent pricing special. Another one often seen is adding free utilities into your lease terms.
Ikos has recognized the expanding number of concessions resulting from the COVID-19 pandemic. As recently as November 18, 2020 Zillow Group even reported that “A Third of Rental Listings are Offering Concessions” across the United States.
In conditions such as these Ikos Client Advisors are most invaluable. They can determine what concessions will be advantageous for you or if any at all would even be necessary. The lease terms for your property are unique with their own selling points. Your Advisor will help you assess them along with the traffic seen in Homebase to craft a strategy which maximizes attention for your ad.
As astute renters browse a wide range of options, tactics like these can help you stand out from the competition. Does your house have a big backyard? Including landscaping fees in your monthly rent could be worth consideration. Have tenants up for renewal started to work from their apartment? Perhaps bundling their internet utility into your agreement will make their decision to resign much easier.
It's also worth noting here that the cash flows of larger real estate companies often allow them to be the first to use concessions in their ads. This is typically the case as they will incur fewer cost implications than most residential investors. Recognizing this, our Client Advisors will analyze the comparables around your listing. They can determine if competing terms have changed significantly since your space was last up for rent.