Tenant said Yes
Remember January 2020? The good old days. Parties with friends, celebration with family, all your fresh new years resolutions! 2020 was gonna be the year.
It started small for Alex — a call from work telling him he was on unpaid leave during the MCO. Well, no worries, a short holiday would be great! One week became months, with more and more news of businesses shutting down all around the globe, raising uncertainty haunts Alex during the night. And with reduced income, his savings rapidly draining and rent and bills demanding to be paid, Alex’s holiday had become a horrible nightmare.
Adapt or die. Alex reviewed his financials, and found rent to be his biggest expense, RM2,700 per month — but unfortunately, his landlord refused his pleas for a rent reduction. Taking a more conservative stance, Alex decided to move to a new place with his girlfriend after the current tenancy has ended. A quick search online left him pleasantly surprised — many of the rentals were now cheaper than the lease he’d signed 2 years ago.
With many apartments in a desperate state, he was confident he could land an affordable bargain. Alex started bargaining for a few rental units nearby. “There’s another unit on 12th floor renting at RM1,300 only, and it is two bedroom! Can you do RM 1,100?”
Everything changed when he saw this designer unit in a move in ready condition. Pristine, perfect, internet and virtual butler service included and only RM2,200? He couldn’t book in fast enough. No longer did he have to lie awake picturing the disappointment on his girlfriend’s face, told they may have to move for a downgrade. The shame and embarrassment — gone, replaced by relief, joy and excitement to break this great news to his girlfriend. It was time to move into their stylish new lives, where they couldn’t wait to share on their Instagram story, and proudly invite their friends over (after MCO of course)!
Scientific studies have proven that emotion is what really drives your purchasing behaviours, and also, decision making in general. There are hundreds to thousands of identical units available in a building, so the aesthetic of a unit is the biggest weapon to trigger the emotion of your tenant, other than a competitive rental price. If the tenant loves it, they will be able to justify to themselves why they need to rent this particular property of yours. The value of your rental property lies in the enjoyment and lifestyle of your tenant, which is irreplaceable by other properties at a lower rent.