As a property manager, there may be times when you encounter difficulties in finding tenants for your property. In a case like this, where there are lots of properties similar to yours available, what can you do to stand out? Give people an incentive!

One of the basic economic principles is that incentives matter, and it really is so true. If you provide people with an incentive, they’ll be more inclined to choose your property over others. Incentives are great because you can target them to your specific property or target market. For example, if your property is located on a golf course near a country club, you can team up with the club and offer those who rent with you a lower membership rate. This same kind of thing can also work with properties in college towns, too. Team up with the local cable and internet provider and offer a ‘student special’ with lower rates to those students who decide to rent with you.

Aside from market specific incentives, you can also offer general incentives too. You can offer a reduced application fee (or get rid of the fee all together) to those who sign before a certain date. You could even offer cash incentives, or gifts for tenants, too. The purpose of having an incentive is to make your property stand out when the competition is very similar, so it’s important to also factor your competitor’s incentives as well.