Your Oklahoma City Rentals and the Benefits of Referral Fees

Most new investors with Oklahoma City rentals don't realize how much work is actually required of them until they have purchased several properties. However, once the "newness" wears off of the whole "I'm a landlord" attitude, these investors begin to see that there is more required of them than just finding tenants and collecting monthly rent. This is why a lot of successful investors have given their management responsibilities over to professional Oklahoma City property management firms.

One of the jobs that has to be done, regardless of who is providing your property management in Oklahoma City, is finding and keeping tenants in your properties. Without this, you won't be able to turn a profit with your Oklahoma City rentals. This is where offering current tenants referral fees, or bonuses, when they refer a prospective tenant to you and the prospect signs a lease comes in. Believe it or not, there are actually a few benefits associated with tenant referral fees, which make this worth serious consideration.

• Free Advertising - The trick to finding tenants is through effective advertising. It doesn't matter if you prefer advertising through the newspapers, on billboards, the internet or another method - if you don't find an effective strategy, you're wasting your time and money. When you offer tenants a referral fee for finding more tenants, you are actually getting a lot of free advertisement. Not every tenant is going to be successful at finding new tenants, but that doesn't mean they won't be trying! Word of mouth from actual tenants is one of the best ways to get more tenants.
  
  
• Possibly Better Tenants - Most people hang out with others similar to themselves, which means that your reliable tenants are more likely going to be referring you reliable applicants. Therefore, your chances of obtaining better tenants for your Oklahoma City rentals when you've got reliable tenants trying to help you find more tenants.
  
  
• More Time - Additionally, when you provide renters with an incentive for advertising, your property managers in Oklahoma City have more time to focus on the other details of property management.