How to Make Your Units Stand Out When Competing with Luxury & Amenities

As a landlord or property manager, you have to constantly be seeing what your competition is doing and see if there is a way to match it. If you are a smaller or newer property, you may find it difficult to have your units get attention when other properties are more luxurious or have more amenities. Luckily, there are things you can do to help your properties stand out among the competition to attract tenants to your units.

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Create community

Community in an apartment complex can help bring people in. This is especially true if you rent to college students. They want to be engaged in the communities they are a part of, whether that is their school or their living space. Tenants may be willing to bring in other potential tenants because of the community atmosphere, especially when other properties are not as personal and community-oriented. This can be accomplished through events and communal areas where tenants can meet other tenants and spend time together.

Real estate agents

While you may want to do things on your own to bring in new tenants, sometimes it can be useful to connect with real estate agents in your area. They may know people looking to move into apartments or other rental properties and can leverage their networks and resources to fill your units. Connect with real estate agents who are known for moving people into apartments, especially if they have a proven track record for helping students. They may even be able to give you pointers to make your properties stand out without getting too involved with them.

Fresh paint

Sometimes, all your space needs is a fresh coat of paint. You may decide to use the same colors, or you can choose to completely revamp your space and use all new colors. Consider using white paint or another neutral color, which allows your tenants to have more control over the colors they use throughout the rest of their space. This gives them more creativity and freedom to do what they want.

Lanscaping

Before your tenants even enter your property, the first thing they notice is the outside. Part of this includes the landscaping. If your landscaping looks messy, they have that as their first impression, which may leave them thinking the rest of your space will follow suit. Having landscaping that looks good and fits the aesthetic of your property will draw people in and leave a good first impression.

Competitive costs

While luxury and high-end amenities are major selling points, these things also come with a huge price tag. Unfortunately for tenants, the price tag is typically reflected in the rent payment each month, even if they do not use all of the amenities. If your property does not have the luxury and amenities that other local properties do, you may be able to be competitive and stand out with your low costs. This alone may draw some people in, especially student tenants who are looking to save money.

Modernize without overspending

You may not be able to afford upgrading your property to include a state-of-the-art gym or a fancy pool, but there are ways to modernize your interiors without spending a ton of money. Upgrade the handles and knobs on doors and cabinets. Re-caulk around sinks, bathtubs, and showers to make your bathrooms look cleaner. Upgrade your appliances to energy-efficient ones, which will save you and your tenants money in the long term. These small fixes and upgrades can make a huge difference and help give your property a fresh new look for a low cost.

Improve your listing

Your property can look perfect and have everything your tenants want, but if your listing does not showcase everything your property has to offer, you will constantly be overshadowed by luxurious properties that have more amenities. Most tenants begin searching for apartments online, so it is important that this is an accurate depiction of your property. Make sure your photos are clear and high-quality. You may opt to hire a professional photographer if you are not the most confident person behind the camera. Include all relevant information in the listing itself. Think about what you would like to know if you were renting, and include that information.

Manage your online reputation

Having an online presence is crucial in this day and age, especially since potential tenants begin their housing search online. It is important that you post regularly on social media and keep your website and listings up-to-date. You may opt to have your tenants, especially those with positive experiences, post positive reviews of your property online. Your property may be amazing, and your listing could be perfect, but potential tenants are more likely to trust reviews of other tenants than just your listing alone.

It may seem impossible to compete with properties that are more luxurious than yours or that have more amenities, but it is still possible to stand out among your competition.