It's no secret that rents bottom out over the winter. When the temperature starts to dip, people generally already have their living situations for the time being worked out.
However, this is a general trend that doesn't mean property managers have to give up looking for tenants during the winter. By running winter apartment promos, those in the property management industry can keep their business running year-round.
This article will walk you through five different winter promos that you can use to grow your business.
1. First Month Free
The first item on this list is one of the most generous things you can offer a tenant. While you might wind up a little behind on your earnings for that crucial first month, the potential tenants that this can attract will help you grow in the future. Heck, you can even offer the first six weeks or two months free if you can afford it.
This won't just gain you the money of the tenants you bring in. It will also get your properties, deals, and business sense talked about. Word of mouth is still the best way to grow a business; when people hear good things about your business, they're more likely to patronize you.
2. Long/Short Leases
If you're looking to take on some longer or shorter-term tenants than usual, winter might be the best option for you to do so. Keep in mind that while you're willing to make some compromises because it's a slow season, tenants might be willing to make some compromises too.
They might not even consider a long/short-term lease to be a compromise. If you need some advice on going for shorter-term leases, check out our property management advising service.
3. Waived Application Fees
Another one of the most generous things you can offer to winter clients is a waived application fee. These generally range from 25-100 dollars. A client who just looked at an apartment that was asking for 100 dollars for an application fee might view you as very generous if you're offering a waived fee, even if you only usually charge 25 dollars.
4. Reduced Or Waived Security Deposit
If you're truly looking to bring people in, consider reducing or waiving their security deposit.
Security deposits are one of the biggest sources of stress for tenants. They're constantly worried about losing theirs. Some landlords even have ways of scamming tenants to keep their security deposits.
If you can reduce or waive this deposit, you reduce your potential tenants' stress and make them more likely to rent from you in the slow winter.
Consider These Winter Apartment Promos
The winter is always slow for the world of property management. However, If you can afford to, consider offering promos like the first month free, providing extended leases, waiving application feeds, and reducing your security deposit; you're far more likely to grow in the winter.
Offer these winter apartment promos, and your business is likely to grow.
For more information, contact us today.
