Offering referrals for successful tenant placement

COVID has hit Auckland CBD as prices for apartments plummit, and competition for anyone to take the properties is heating up.

Some agencies are targeting people in the same blocks, many are offering referal prizes etc… We have yet to do this, but one owner is very keen so are going to run a trial.

I am keen to hear if anyone has tried a similar thing with good sucess?

Our aproach is:

Do up a flyer (will try to attach one soon, turns out I am a new user! hahaha) and drop to neighbouring properties, or put on the notice board of the block.

Follow up a successful applicants referer with a $200 Prezzy Card (like a pre-loaded visa card with $200 so can be used anywhere) I am drafting some T&C’s but keen to see if anyone has anything else that could help with this approach?

Thanks everyone. Hope you are safe and well.

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@Ashley_Giles we often see this in markets that have been industry inflated, like mining towns, where labour requirements drop and rental prices plummet. I think all your customer facing ideas are awesome, however, sharpen up your internal processes. Make sure your team arm armed with market trends to ensure they review prices inline with the market and adapt quickly. More importantly though, make sure they know how to have these difficult conversations with landlords. Consider 12 month leases with a 3 or 6 month rental discount. Good luck!!