2013 has already seen an improvement in occupancy rates in comparison to recent years and the predictions we have read is that this trend is expected to stick around for the remainder of the year. That’s great news for property owners.
However, that doesn’t mean that the competition to attract renters is any less significant in the day-to-day operations of property management companies. And that’s where this week’s blog comes in. In the past we have outlined some key tips on improving customer service in order to attract and retain tenants. It’s imperative to running a business with a respectable foundation for being a key player in the industry, but there is more to it than that if you want to outshine your competition.
Throughout the year we will be featuring ways in which property owners can keep a competitive edge in maintaining high occupancy rates. This week’s topic is the primer to all those that follow: knowing your competition. You have to have an understanding of what’s out there already before you begin to advertise your property as more desirable. Here are a few tips on how:
- Who are they? This one may seem simple but you might be surprised at which companies are attracting the tenants your property would be perfect for.
- Investigate their resources. On which forums do they advertise? How do they maintain their occupancy rates? The intent is not to copy what they are doing but rather uncover any areas in which they may be missing. Areas in which you can build your brand around and offer new business something unique in the community.
- What is their reputation? As previously stated, customer satisfaction is paramount in doing good business. In fact, more people rely on the reviews and opinion of other consumers WAY more than they rely on the information given by the product developers themselves. And your property is your product. If your competitors have a reputation that is not glowing, you know where you need to spend your energy in order to attract positive reviews.
In the blogs to come we’ll go over how to differentiate your property among the others, address problems in operation, and a lot more. So take this time between now and then to look around you and familiarize yourself with your competitors. It’s a safe bet that it’ll be more illuminating than you think.
Jessie Williams, Marketing Coordinator