As a newly-established landlord, the process of promoting and growing your investment rental property may be overwhelming. Where do you start? Who should you contact? Who’s the best business for you to work with to get the most business possible? Visio Lending explores why this type of partnership can be beneficial and what types of businesses you could partner with to grow your rental business.
Step one: Identify local businesses that would mesh well with your rental property.
Step two: Reach out to those companies and create those connections.
Step three: Establish the terms at which you will help stir up business for each other.
This is a two-way street so be sure to be ready to propose sort of offer, whether it’s posting signage for the other business in your property, sending announcements to tenants about upcoming events, or something else such as an event-focused proposition.
“As a landlord, you could also put together a package of exclusive discounts for new tenants,” said Visio. This could mean creating an entire book of business with discounts for new tenants and calling it an “exclusive discount” package. Another option is to partner with just one business and provide a benefit to both new and existing tenants, and then changing that partner periodically, sch as each month or each year. Finding options to sweeten the deal will help grow your business while helping to create that community feel so many renters value and seek out.
Here are several types of business you could partner with:
This is a great option for landlords as it gives you a benefit you can provide to attract new tenants while also giving the other company exposure. In single-family rentals you could propose a discounted membership rate for a couple of months and, in exchange, you would market the local gym to potential and existing tenants.
With multi-family units such as apartment complexes, a local gym “sponsor” could be a great option. This sponsor could use your workout facility to put up banners, display marketing materials for fitness classes, or even provide an on-site trainer who comes in a few times to recruit your tenants. In exchange, they might be able to market your property on their social media.
Dog Parks and Veterinarians
For pet-friendly properties, marketing to pet owners can have significant results. “Some dog parks offer sponsorships,” said Visio. “For those that don’t, you could visit in-person and talk with pet owners to provide them with information on your pet-friendly property.
Local veterinarians are another great option because they supply information to their clients on local pet-friendly businesses. “There are many opportunities with vets to market your business,” said Visio. “Ask to provide information for them to supply to clients, and if they have a website, you can purchase some branded slip leashes or other pet products and give them to the vet to give away to clients.”
Local Furniture Stores
Furniture stores are a great way for you to market your local listings. As you prepare your property for showings, partnering with a local furniture store who can stage your property and have a sales team member on-hand at an open house could be significantly beneficial for both parties. In exchange for displaying the store’s product, they could provide your new tenants with a discount or free delivery on new furniture.
Find opportunities to connect with local remodeling companies in your area to see where you can work together. “For some, they complete jobs where the homeowner will need to briefly move out,” said Visio, “and they may be willing to recommend your property to their clients who need a temporary rental in exchange for mentioning them on your social media pages or referring their company to fellow landlords.”
There are several mutual benefits for landscaping companies and landlords to work together. For example, a landscaping company could landscape a property for a showing or open house. Simply placing a sign in the front lawn displaying who did the work and providing the company’s brochures inside could show dedication to local businesses and stir up business for both the landlord and the landscaping company. “Another option could be to see if you could get a discount on landscaping for all of your properties in exchange for referrals to other landlords or referrals to tenants if you don’t pay for landscaping at your properties once they are rented,” said Visio.
Collaboration and partnerships are one of the best ways to give yourself a marketing edge while also staying involved and helping your local community. Get out there and make those connections. What’s the worst that could happen?