A resident’s or future resident’s expectation and perception of value is made up of a lot of different factors; but the level of service your community provides is one of the biggest of them all. The service team has enormous and far-reaching influence over perceived value, reputation, leasing, retention, renewal efforts and more; and yet beyond technical ability, few […]
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Posts Tagged
‘Raising Rents’
Note from Tami: Still true today! Grow Taller 4 Idiots By Brad Marting, CPM, CAPS 2000 It is often said that establishing maximum rental rates can determine the success or failure of a multifamily housing investment. But it is more often said than done. Historically, rents have been increased based upon overall occupancy percentage. […]
Offer your residents an incentive to renew their leases early. This can be, and has been, done during an open house, or you can set aside a special month, like February or March, for the renewal incentive. This is how it works: Advertise to your residents through your newsletter, emails and notices that you are […]
None of us want to pay more money for the apartment or house we are renting. Most of us have trouble increasing our customers’ prices when we ask for a new renewal commitment. One of the things I’ve learned is that perception is reality. So the key to raising the rents while keeping resident retention […]
Here’s a guaranteed way to get your residents to visit the office when you have trouble getting them to respond to your letters and calls at lease renewal time. Have you ever noticed that when the UPS person leaves a sticker on the resident’s door, they come running to the office? A post-it note from […]
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