It’s always difficult to compete with a bigger business. No matter how good the housing market might be at any given moment, it’s still tough for a small real estate business to compete against any larger competitor. While you might not be able to match the other company in terms of volume, you can make up for it by trying the following methods to stay competitive.
Offer Competitive Pricing
Perhaps the best way to take a chunk of business away from the bigger firms is to offer competitive pricing. This might mean reducing your profits a bit, but lowering your rents overall will allow you to entice customers to look at your properties. If you aren’t in a position to lower your rents, try to lower the other fees that associated with your properties. Covering trash or parking or even reducing your application fees can make your properties more attractive.
It can be tough to find a place to live when you have pets. If you are willing to allow pets in your properties, you’ll bring in a huge number of potential renters. While pets can definitely cause damage, you can attach a pet fee to your leasing contracts in order to recoup some of the related costs. Allowing pets in your properties gives you access to a huge base of clients that your competition refuses to serve.
You might be amazed at the impact that some simple real estate marketing can have on your business. If you can work with a good marketing firm, you’ll increase the profile of your company and start to pull away renters from the big companies. A good marketing firm will help to play up your strengths and transform your image in the eyes of the public.
Offer Professional Perks
Finally, you might want to start looking at the little things that can make your rental units more attractive. Offer valet garbage service, ensure that you have great professional snow removal services, and think about hiring professional cleaners to keep the properties looking great. These perks won’t impact your bottom line much, but they will absolutely change the character of your properties – and they’ll attract new renters at the same time.
While you may never really beat the big companies, you can easily survive alongside them. Try to find the customers that your competition doesn’t serve and make sure you market directly to them. If you can find the right niche, you don’t have to worry quite as much about going toe to toe with the bigger companies.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.