I have already seen a popular trend this year. Since the beginning of January, I have been working with several property managers and owners who want to replace their current staff. It seems that the current decision makers are standing firm on performance and if its not there, they replace them. Owners want properties that are performing. In this economy there are a lot of people that are still looking for rentals and the owners do not want excuses, they want production. Understandably!
With the economy still soft, apartments have the best opportunity to stay strong with fewer vacancies. Now is the time to capture all possible traffic and rent to them, because if you don’t, being replaced is a strong possibility as there are many qualified managers and leasing agents that are hungry for work and will do whatever it takes to meet goals.
If your property is not doing well, and the heat is on you personally, now is the time to buckle down, get creative, and ask for help! The rentals and traffic are out there, so bring them in and make your goal and property managers happy! Shop other properties that are above 95% occupancy and find out what they are doing differently, and make sure your property has “Disneyland” curb appeal (and if it doesnt- get your maintenance team out there)! If you need a special for pricing, be proactive in asking for one and then sell it on craigslist.com or ForRent.com. Dont forget your residents, make sure they are being treated like kings and queens. Not only will you get your renewals signed, but referrals go a LONG way!
The bottom line here is rent, rent, rent, and then rent some more!
Lia Lovelady, Account Executive