Rent referrals are an easy way to earn extra money. They benefit both the property manager and you. All you have to do to score extra bucks is give your manager the contact information of your friend looking for a place (be sure to ask your friend if this is ok). If your friend rents from that complex, you pad your wallet with extra cash. Your friend can then do the same thing with someone he or she knows.
It’s important to know how rental referrals work. Here’s the lowdown.
When do referral incentives become available?
Typically, you see rental referral incentives during the winter or fall months. This time of year is not considered peak renting season, so it’s more difficult to fill vacant apartments. A little extra help for your manager can be good for you both. During these cold months, keep your eye out for information about rental incentives.
The perks of providing rent referrals
Providing rent referrals is a win-win for you and your apartment manager
- You have the chance to directly impact who your neighbors are
- You are well rewarded for your help. You get to pad your wallet with some extra fun money
- Since rent referral incentives come up during the slower months, this is a great way to earn some extra money for your Christmas shopping
- Your apartment manager now has good feelings about you; you made their job easier
- You could to have your friend(s) nearby
- You help alleviate apartment hunting stress for your friend
Providing the right prospects
If you want to earn referral money, you need to provide your manager with prospects who are truly qualified. Ask your manager what the qualifications are for new applicants. This includes things like credit history, criminal history, landlord references, and income to rent ratios.
Your manager has to hold everyone to the same standard. Your friend who was recently evicted may not be considered by your manager; putting in a good word for them will not change that outcome. Make sure your prospect qualifies under these conditions to ensure there’s a chance for them to be accpeted (and for you to receive your referral money).
Related: 5 ways you’re driving your property manager nuts without knowing it
How do you get paid?
There are two ways to get paid with rent referrals.
- Your manager may cut you a check for the referral amount.
- You might receive a rent credit to use toward your next month’s rent. The rent credit is more commonly used.
When do you get paid?
When your friend signs a lease and receives keys, that’s when you’ll get paid. If your friend moves in on the first of the month, a rent credit would likely be applied for your next month’s rent.
Remember: you don’t automatically get credited or paid, just be sharing a name and contact info. Your friend has to rent in order for you to receive your money. Sometimes, people don’t qualify or change their mind. Therefore, money is not received until keys are given. Refer friends who are sure to qualify . . . and if they want to live where you do, your odds are great!
Get the Deets Up Front
It’s always a good idea to get the details of the referral program in writing: the offer, the acceptance letter, and the details regarding payment. Your manager will provide you with all of this information. Once you have it, you can confidently start sharing qualified referrals.
There are so many perks to providing your manager with leads. There’s no better way to help a friend, your manager, and yourself, all at the same time.
Related: Other money-saving articles
