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Get an Edge over Your Competition in Filling Vacancies

by Jeffrey E. Taylor   

Ever thought of buying a used U-Haul?

A Missouri landlord bought an out-of-service U-Haul truck to offer as an extra perk to rental applicants and new residents. He bought a used U-Haul truck for just a few thousand dollars.

When applicants are applying, the landlord makes mention of the fact that he can offer them free moving assistance with a truck. This perk definitely gives the landlord an edge over his competition.

Obviously, the truck also comes in handy for general maintenance use in the landlord's normal rental operation by transporting carpet, appliances, etc..

And if a resident goes sour, the truck can be used to assist in helping a problem resident get moved out of the property, so that it can be more quickly turned around and ready for the next resident. Depending on the circumstances, the move-out assistance may or may not be offered for free.

Use a limousine to fill vacancies?

One Michigan rental owner said one of the most popular strategies to fill vacancies was to use a limousine. The owner bought a limousine no longer in use at a big discount. Then he advertised that the limousine was an exclusive bonus perk available to those who rent his properties.

Residents could "hire" out the limousine for practically nothing (just the minimum cost of paying a low hourly fee to the driver). Prior to the "limousine" advertising, the owner had a 20% vacancy rate. Now the owner has a waiting list.

Offer a dog run as a service upgrade

Here is what one Southern California rental owner offers his pet-owning residents as a service upgrade. He offers to put up a fenced in dog run. His dog-owning applicants love the idea and are willing to pay an extra $45 per month for this upgrade.

Residents who desire this added service upgrade sign an additional service agreement, which permits the owner to increase his income--even in a rent-controlled area. The landlord loves the added benefit that with the addition of the dog run, there is less "wear and tear" and property destruction to the property from the dogs that are now in a fenced area.

About the Author:

jeffrey taylorJeffrey E. Taylor, C.P.L. is CEO of Mr. Landlord, Inc., a national property management consulting firm - coaching over 50,000 landlords annually. He is the publisher of the Mr. Landlord Newsletter, the largest circulated real estate newsletter in the country, with over 10,000 monthly subscribers. Jeffrey Taylor has been interviewed on numerous radio talk shows and quoted in hundreds of publications, including The Wall Street Journal, Smart Money, and Personal Finance Magazine.

Known to thousands as Mr. Landlord, Jeffrey Taylor is the author of a dozen publications, books, and reports on various aspects of rental property management.

 
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