The Value Menu: How to give your residents more bang for their buck

Creating a plan for value add-ons, enhancements and upgrades designed to give your residents a warm and fuzzy feeling about you and your property, can help your tenants feel as if you’re giving them a great deal. These extra touches can make their lives easier, while making you a landlord they’ll brag about.

Photo credit: Jeremy Brooks / Foter / CC BY-NC

Clean and tidy. Partner with a local dry cleaner to provide pick up and drop off service at your rental office. Negotiate a special resident discount for all tenants who utilize the dry cleaning company. Designate a day when residents can drop off their clothing at the rental office. Then, the dry cleaner picks it up, cleans it, and returns it on a specific day later in the week. Your renters simply swing by the office to retrieve their fresh attire. They’ll thank you for one less errand on their already jam-packed to-do list.

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Insure it! Renter’s insurance is important. So why not host a renter’s insurance night? Contact trusted insurance agents and invite them, along with all of your residents, to come and explain the benefits of maintaining renter’s insurance. Provide refreshments for everyone and make it a very casual, informative get together.

Make improvements. Property upgrades benefit everyone. Renovations can help mitigate future maintenance costs because a well-maintained property may attract renters who are likely to take better care of their surroundings.

Photo credit: UGArdener / Foter / CC BY-NC

Upgrades will also add to your overall property value. Plus, by offering a nicer property, you’ll attract more renters… furthering your rental income with fewer vacant units. Upgrading features in existing residents’ units will show that you value them. It’ll also help them have a place they’re proud to call home… potentially renting from you for many more years to come.