The responsibility of renting a property is critical, but simply generating traffic and having a trained sales staff will not rent units. We are operators in a commodity market. By definition, this implies that as owners and managers we have to provide some basic underlying conditions to rent.
First on the list, as operators we gain nothing by trying to sharply under price the market and if we over price the market, we will not rent. This is a delicate item because if we price too low we lose money and if we price too high we will not rent at all. Further, this means we have to be competitive on concessions as well as basic price. With all this in place, if as owners and operators, we can establish a position of greater value we will have a sustainable edge in the market.
Next, our property must be priced to compete with properties on amenities. Visits and calls are generally determined by bedrooms, bathrooms, and amenities. Pricing to fit against the competition in this area is critical.
A clean well maintained property is another basic point. Property management processes and procedures that assure this are critical to renting units. As always, customer service wins the day.
Finally, social condition will kill renting and can be a great rent enabler. If resident prospects see a clean area, late model vehicles, quiet and low key resident interactions, etc. Residents and resident prospects need to feel safe in the neighborhood. The probability begin increasing quickly that they will choose your community as their new home if safe, clean, and friendly conditions.
Blake Ratcliff – The apartment marketing guy
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