Tip #48: A Win-Win
Ask your existing tenants to refer friends to you to fill vacancies. Send out an email or put up a posting in the leasing office when there’s an opening. Offer incentives to the tenant who refers the winning applicants.
Incentives don’t have to be expensive – just a nice gift may be all it takes to coax your good tenants into referring friends. And that’s cheaper than advertising! Consider hosting a barbecue or garden party where tenants who bring guests get something in return.
When friends refer friends, everyone is more likely to want to stay in your rental.
One caveat though: Keep up the friendly property management service. Otherwise, if you get one tenant angry, they’ll all hear about it.