If you’re looking to broaden your network of rental prospects, it’s a good idea to reach out to your existing tenants for viable leads. This referral network is valuable as your tenants may know other tenants who are looking for properties to rent. Approaching your existing tenants for rental prospects is easy, most of the time you can ask. To further make it worth their while, provide incentives to provide you qualified leads. Read on for strategies to capture leads from existing clients.
1. Just Ask
Reach out to your renters and share that you are looking for renters for available rental properties or vacant units. Just by suggesting and asking if they know anyone who may be looking to rent, or in some cases, take over an existing lease may open up some opportunities. Due to the COVID-19 pandemic, rental needs are shifting and spreading the word that you are looking for renters can be a win-win for all.
2. Entice them With Monetary Incentives
As humans, money motivates most of us. If there’s an incentive and it’s in the form of a gift card, a credit on a rental account or cold-hard cash, your tenants will do their best to share your interest in reaching prospective renters. Be sure to clearly outline what you are offering in terms in exchange for signing a lease or for an application. For example, a tenant application can warrant a small reward like a $25 Amazon gift card, but if the prospect actually signs a lease, there should be a noteworthy incentive.
3. Have Materials Ready for Presenting
To achieve a well-executed referral program, you need to have materials ready for presentation. Have a PDF document with the details of your building on standby that can be emailed upon request. Invest in the production of the written materials. Make sure there are no spelling errors, the format is easy to understand and it’s succinct. No one wants to read pages and pages of information. In addition, have professional photos taken. If your budget doesn’t allow for this, take photos during daylight hours and make sure that the apartment is neat and clutter-free. Pictures and creative written materials will go a long way.
4. Brainstorm With Your Tenants to Develop Prospects
If you have a good relationship with certain tenants, send them an email and ask if you can set up a time to talk. If they are students, perhaps you can suggest methods for them to advertise your properties. If they are young professionals, perhaps they are involved in local clubs or community projects with circles of friends. Building your network in this way is essential because you can meet new people that may be looking for a new place to live!
5. Ask Your Tenants to Write a Property Review
The WYL platform is a great way for tenants to share their appreciation of their living experiences. Prospective tenants are always willing to read unbiased apartment reviews to help them make a decision about their next move. These reviews can make or break your property. You can incentivize great reviews by providing your tenants with a safe enjoyable experience and then ask your tenants to leave a review.
6. Deliver on Your Promises
Don’t cut corners when compensating your tenants for their help. Even if some of the leads don’t pan out, it’s important to be responsive to their referrals and uphold the agreement you made with them. If you don’t follow through on your deal, they won’t be happy.
Approaching Your Tenants for Referrals and Why it Works
To improve your chances to find qualified tenants for your vacant properties, reach out to your existing renters and encourage them to tell their friends that you have properties open for rental. Asking your tenants to reach out to their network is a great way to get referrals. Be certain to provide incentives for these leads. Perhaps gift cards for prospects that fill out applications, and if the prospect does in fact sign a lease, you could offer a rent credit or other monetary incentives.
Remember; happy tenants will be more than happy to ask their network of friends and family to rent with you!