One important part of developing a successful apartment community marketing plan is to size up your marketing strategy to that of your competitors'. Here are a few tips that every community should analyze to gain a stronger competitive advantage:
1. Real Competitor
Q: I’d like to make energy improvements and improve comfort in my properties. Are there incentives and services available to help?
A: Absolutely! Portland General Electric commends you for recognizing that investments in energy efficiency deliver benefits for both your business and your tenants. Take advantage of free assistance that can start paying dividends right now.
PGE offers a free energy consultation
In strong rental markets, many leasing employees are faced with the wonderful challenge of being 100% leased. Some apartments are being rented “sight unseen,” and perhaps there are only a few days in any given month where vacant apartments are available to look at before the new residents move in. For communities that have rented and done away with their model apartments, many leasing consultants are now in situations where they have nothing to show, even if they have unrented notices. The following question expresses this dilemma and the leasing consultant’s frustration:
This month, parents of incoming college freshman begin shopping for dormitory essentials. In a recent weekly ad circular, major retailer Bed, Bath & Beyond alerted shoppers that among those “must-have” items for the Class of 2016 are bedbug pillow and mattress protectors, repellent sprays and luggage encasements.
The Multifamily Applicant Risk Index (MAR Index) Report indicates an increase in national renter credit quality and applicant pool quality for the second quarter 2012 and now includes renter trends. The second quarter 2012 MAR Index value increased six points from the first quarter 2012 and three points from a year ago.
Here is how Portland-Vancouver-Beaverton, OR-WA performed in the second quarter compared to last year:
• Portland-Vancouver-Beaverton, OR-WA: 2Q12 MAR Index = 115
• Portland-Vancouver-Beaverton, OR-WA: 2Q11 MAR Index = 114
For the sixth quarter in a row, the apartment industry improved across all indexes in the National Multi Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions. The survey’s indexes measuring Market Tightness (76), Sales Volume (54), Equity Financing (58) and Debt Financing (77) all measured at 50 or higher, indicating growth from the previous quarter.
In most scenarios involving an individual performing labor or a service for another party, the relationship between the two parties is cleanly delineated. For example, if Company hires an Individual as a file clerk, pays the Individual an hourly wage, and expects to see the Individual on a daily basis, Individual is most likely an employee. On the other side of the coin, if Company hires that same Individual to clear a clogged drain, pays Individual for the service, and doesn’t expect Individual to return another time, Individual is usually described as an independent contractor.
Statistical lease scoring increases acceptance levels and helps maximize occupancy with renters of better credit quality
Student housing research proves that service, security, and well-apportioned apartments trump razzle-dazzle amenities
Throughout 2012, local, state and national lawmakers will propose hundreds of measures that will directly impact the financial bottom line and business operations of National Apartment Association members, and others in the multi-family housing industry. While NAA actively monitors more than 100 policy issues, this update focuses on five high-priority issues that are at the top of the list for many NAA members.
1) Budget Issues
How often have you entered a vacant apartment with a client in tow, and had no idea what was on the other side of the door? Have you ever gone to show a vacant apartment and the key wouldn’t work? In the leasing business it is easy and tempting to fly by the seat of your pants and assume things will simply work out for you. Lack of planning, however, sets you up for big risks with your prospective tenants and your sales numbers.
You have listed your property in the print guides and online. You have made it rent ready and are excited for your new tenants. But are you missing one of the most important marketing techniques available to rental property owners? Having your own website is an integral part of maximizing your rental business.
Getting residents to swallow a rent increase has never been easy; but it's more difficult now than ever thanks to today's economic market conditions. In order to successfully increase rents, your team must be ready for battle. They must understand why the increase is necessary and be confident in explaining it, over and over again. They must be prepared to resolve objections and show residents why living in your community is worth a little extra. In short, your team must be well trained!
Start from Day One
Seattle - Apartment Insights survey shows big bump in rents and overall firming of the rental market, reports Tom Cain of Apartment Insights .
The data are from his Seattle firm’s 2nd quarter statistics and trends on 50+ unit properties in the King/Snohomish market.
The vacancy rate for conventional, stabilized 50u+ properties is 4.83%, down from 5.21% in the first quarter. This marks the second consecutive quarterly improvement.
The vacancy rate was 4.69% a year ago.
If you are the general contractor building a new apartment community, is your carpenter more important than the electrician? Does the plumber play a larger role than the roofer?
As aggressive real estate investors, we are used to investing every last dime in our properties. As our properties grow in value we harvest the equity through refinancing and invest again. Sometimes as we are rushing forward to build our real estate empires, we run into a small problem- the problem of being out of cash.
Dear Maintenance Men:
My building was built in the 1970s and it is now time to re-plumb my water lines. Since the property is on a slab with a flat roof, all the new plumbing will need to go through the walls. I am a bit worried about all the drywall holes that will be needed to complete the work. I know plumbers are not drywall contractors, so how do I keep my walls from being completely destroyed in the process? - Albert
It's difficult to ignore that the “Green Movement” is spreading. We hear about it on the news when the talk turns to renewable energy. New homes are being built to maximize energy efficiency. Commercial properties are striving to become LEED certified. Water conservation is becoming increasingly important as drought persists in many regions of the country. Parents are more concerned about the impacts that chemicals may have on their children. But what does this all mean to you as Property Managers?
Q: My units have old, electric baseboard heaters, which are expensive for residents and not very attractive. I’d like to make a change before next winter, what do you suggest?
In an important victory for the National Association of Home Builders (NAHB) and its members who rely on the National Flood Insurance Program (NFIP), Congress has reached an agreement to reauthorize the program through Sept. 30, 2017.