How to Work With Local Businesses to Provide Extra Benefits for Your Tenants
Competitive rental markets require you to go above and beyond to attract tenants to your properties. One way you can set yourself apart from other properties is partnering with local businesses to offer your tenants unique amenities. Not only will you set yourself apart in a buyer's market, but you'll also form connections with other business owners in the area.
Local Businesses to Approach
The first step in working with local businesses is figuring out which ones to approach. Not every business has something to offer your tenants, so start with the ones that parallel highly desired amenities. Consider beginning with these companies:
- Gyms: You might not have the space to provide a complete gym on-site, but you can send tenants to a high-quality off-site gym.
- Pools: Give your tenants a place to cool off in the hot summers.
- Recreation centers: Is there a great recreation center near your property? Families might appreciate this option more than the typical gym.
- Laundromats: Providing a washer and dryer on-site is ideal, but if that's not a possibility, partnering with a nearby laundromat or laundry service is the next best thing.
- Local ISP: Most people need high-speed Internet access at home, so providing it as part of the rental package can make your property more attractive to tenants.
You can also go beyond basic amenities and offer your tenants something entirely different. For example, partner with a salon or spa to offer your tenants a relaxing service that helps them de-stress after a long week at work. A catering company or private chef service can treat your tenants to the occasional meal. Cleaning services are excellent for your tenants -- and also your peace of mind when it comes to maintaining your property. If you have grocery delivery available in your area, you can cover delivery costs for your tenants.
Local Business Partnership Options
Once you target the type of local businesses you want to work with, you need to determine the structure of your partnerships, such as payment details, where they provide the services, and the partnership's length.
A voucher coupon either covers payment for the service entirely, or offers a substantial discount. You work with the local business to pay for vouchers in advance. These payments may be recurring, such as with a gym membership, or a one-time fee. If you manage multiple properties, you should be able to get a bulk or wholesale discount on your vouchers.
Some businesses may prefer a limited use discount code as a way to introduce the tenant to the company. The business can print you off coupons with a specific code for your tenants, or your tenants can mention your name or the property to receive the discount.
Directly Handling Logistics
For on-site services like monthly cleaning, it may be easier to handle all the payment and scheduling logistics on your end. You can work with tenants on their preferred cleaning days and manage the details with the cleaning service.
When you're working in a crowded market, it pays to go above and beyond a basic rental offering. Local business partnerships provide you with unique amenities that set you apart and help you market your properties.
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