Rent from me, Get a Free Wii!
Consider Incentives Instead of Rent Reductions
Having trouble filling vacancies? Here’s an idea: offer a free Wii for every rental agreement signed this month. For anyone who’s been living in a cave for the past few years, Wii is a Nintendo game console that turns televisions into game central. Options include fitness programs, interactive music games, sports like tennis and golf, and hundreds of classic video games.
A broad cross-section of people seem to love the Wii, with enthusiasts getting together to play games, practice sports, or work out at home.
In this tough rental market, the only alternative some landlords consider is lowering rents to incentivize prospective tenants to sign their lease. But a lower rents will impact cash flow for the life of the lease. A popular gift like the Wii can be a great alternative, with a one-time payout of $200 or so.
Consider offering incentives rather than reducing rent to attract tenants.--and keep your cash flow healthier in the long run.