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Top 4 renter incentives for property managers in Fort Worth

Property managers in Fort Worth brace for a tough 2024 market; image of Fort Worth Stockyards iconic sign.

Fort Worth property managers employ incentives to make their properties more appealing to prospective renters and differentiate their rentals from the competition. With careful planning and a little research, we’ve found four incentives to help attract and retain DFW-area apartment renters.

But first, a property manager’s word of caution

Determining which renter incentive your property will offer should account for current market conditions, your target demographic, and the specific needs and preferences of renters in the area. While there is no one-size-fits-all answer, some incentives tend to be more popular in certain markets.

Here are the top four incentives we’ve found to be most effective in Dallas-Fort Worth area markets

Incentive 1: Discounts on rent

Offering discounted rent for a specific period or initial months can be a powerful incentive in any market. Renters are often attracted to cost savings, and promotions such as “first month free” or “half off the first three months” will quickly grab their attention.

Need to keep valuable renters? Consider implementing a referral program and rewarding current residents with a rent credit or similar perk when they refer a friend who signs a lease.

Incentive 2: Waived fees

Dallas-Fort Worth has a competitive rental market outlook, and waiving certain costs like application fees, security deposits, or pet fees (especially pet fees) can help separate a property from the competition. Lowering up-front costs is appealing to many renters, especially recent college graduates moving to a new city for their first real job.

Incentive 3: Upgraded amenities or services

The local population appreciates high-quality amenities and services and has come to expect them. Highlighting upgraded features like a modern fitness center, rooftop lounge, or convenient package delivery system can attract renters looking for a more luxurious living experience.

Incentive 4: Flexible lease terms

Shorter lease durations or month-to-month options are enticing as well. This offers renters greater flexibility to suit their needs and lifestyles.

How do I choose an incentive for my property?

You’ll need to do market research to understand what your competitors offer, and what your average (great) renter wants in an incentive.

Property managers can ask questions like these to fine-tune incentive offers:

  1. Why did you decide to check out our apartments today?
  2. Have you heard about our current special? Does that interest you?
  3. What other apartments will you be looking at? (Then research what those properties are offering.)

Start with research

The answers to those questions will provide some context for the rest of your research, which should include:

  • Outline target audience demographics. Use tenant data to determine who is in your target audience: age, income level, lifestyle, and priorities when renting a property.
  • Research current local market conditions. You need to understand current rental market trends, demand, and competition. Then you can tailor your incentive to address gaps and/or opportunities.
  • Survey current tenants. Use your annual tenant survey to gather information about incentives from people who have signed a lease and are in your target audience. Are they considering a move? What would entice them to stay? Do they have friends who are looking at apartments? What would help their friends choose your property?
  • Research competitors. Analyze what your competitors are offering in terms of renter incentives. Check their websites, social media, and advertising materials to see if they provide any unique or effective incentives and how they market them.
  • Evaluate costs and benefits. Assess the costs associated with the different incentives you are considering and compare them against the potential benefit they may offer. Consider factors such as initial costs, ongoing expenses, and the potential return on investment (ROI) of increased occupancy and tenant satisfaction.
  • Align with marketing strategy. Ensure the chosen incentive aligns with your overall marketing strategy and property positioning. Consider incentive promotion, how well it aligns with your property’s unique selling points, and how it fits into your overall branding.
  • Test and monitor. Once you have selected an incentive, implement it on a trial basis and monitor its effectiveness. Track metrics such as the number of leads generated, conversions, and overall occupancy rates. Adjust or fine-tune the incentive if needed based on the collected data.

Seek professional advice from property managers in Fort Worth

If you are unsure about which incentive would be most effective, consider consulting with professionals in the industry who have experience in your specific market segment. They can provide valuable insights and recommendations based on their expertise.

Remember, choose renter incentives strategically and tailor each to meet the needs and preferences of your specific target audience and local market conditions. Continuously evaluating and adapting your incentives based on feedback and market trends will help ensure their effectiveness in attracting and retaining tenants – especially the most valuable tenants who pay on time and contribute to building a community that feels like home.

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Rental property management companies: 2 critical ways to increase occupancy in 2024

Rental property management in DFW will look different in 2024; blog post image depicting Dallas skyline at night.

As rental property management companies nationwide brace for what could be a volatile year ahead for rental properties, occupancy rates are still a concern for the current year.

As managers struggle to rise above the DFW average 95 percent occupancy, the question is not what’s going to happen in the new year. It’s how can we increase occupancy right now by attracting and keeping great tenants?

Here are two ways we’ve found to increase and maintain occupancy and, more importantly, create relationships with valuable, long-term tenants.

Rental property management in DFW: Attract and retain great tenants with two essential moves

Move 1: Communicate, communicate, communicate

We really can’t say it enough. If you want to build relationships with people, talking to them and listening to them are essential moves.

By providing excellent customer service and building strong tenant relationships, property managers can enhance tenant satisfaction and retention. Satisfied tenants are more likely to renew their leases, recommend the property to others, and contribute to positive word-of-mouth marketing, all of which can lead to better occupancy rates.

It’s a win-win for everyone, but especially for your property revenue. If your rental property management team lacks communication skills, here’s a game plan to help develop them:

  • Create a communication culture. Encourage and emphasize the importance of open and transparent communication in the organization. Host regular team meetings, set up feedback channels, and create opportunities for apartment managers and staff to share their thoughts and ideas without fear of reprisals.
  • Lead by example. Senior leaders and managers should lead by example and actively demonstrate the value of communication and feedback. By actively listening to their employees, seeking feedback, and acting upon it, leaders can set a precedent for the rest of the organization.
  • Provide training. Rental property management company managers sometimes lack the necessary skills for effective communication and feedback. Provide training programs and resources to help apartment office staff develop these skills. This can include workshops on active listening, constructive feedback, and conflict resolution.
  • Empower and involve employees to empower tenants. Move away from a command-and-control approach and empower employees to make decisions and take ownership of their job responsibilities. Involve them in decision-making processes and solicit their input. This not only promotes communication but also shows that their opinions and contributions are valued. Respect trickles down into every interaction they have.
  • Implement feedback channels that get used! Establish formal feedback options such as regular performance reviews, surveys, and suggestion boxes. This provides employees with a platform to express their opinions and concerns. Also, take action based on feedback to show that it’s valuable and you take it seriously.

Once your team has mastered speaking and listening with an open mind, your next essential tactic is to find prospective tenants.

Move 2: Market your multifamily property in the right places, to the right people

Attracting great tenants is probably the biggest mystery most multifamily properties face, but it doesn’t have to be. What many rental property management companies don’t offer is a thorough market analysis to pinpoint:

  1. A property’s target audience; and,
  2. How to most effectively reach them through marketing efforts.

Here’s how you address both in just about any market:

  • Online advertising. Utilizing platforms such as Google Ads, social media ads, and targeted display ads can effectively reach potential apartment tenants. Not sure about content? Focus on all your in-demand amenities and services!
  • Content marketing. Creating valuable and engaging content, such as blog articles, videos, and virtual tours, can attract and inform potential tenants. Sharing this content through various channels, including social media and email marketing, helps build brand awareness and establish credibility.
  • Referral programs. Encouraging current tenants to refer friends or family members can be an effective way to acquire new tenants. Offering incentives, such as discounts or gift cards, can motivate tenants to spread the word about their positive living experience.
  • Local partnerships. Collaborating with local businesses, community organizations, or universities can attract new tenants. Offering exclusive discounts or perks to their members or students can increase visibility and referrals.
  • Online reviews and reputation management. Monitoring and managing online reviews on platforms like Google, Yelp, or Apartment Ratings is crucial. Positive reviews can greatly influence potential tenants’ decision-making process. Encouraging satisfied tenants to leave reviews and promptly addressing any negative feedback are essential for maintaining a positive online reputation.

Find rental property management companies that do all this, and more

Now that you understand what’s required to attract and keep the best tenants, it’s time to put your plan into action. Whether you’re a property manager, a real estate investor who handles management, or the owner of a rental property management company, we’re here to help.

Class A Management has successfully managed multifamily properties in Texas, Ohio and Oklahoma for more than 40 years, and we’re happy to give back by sharing what we’ve learned. Reach out with any and all questions.