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Home Insider Blogs Douglass Benson's Blog When did I gain a "Competitive Advantage"?
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Mar 28
2010

When did I gain a "Competitive Advantage"?

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Posted by: Douglass Benson on Mar 28, 2010 10:29

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Lately, I have been getting comments from several prospective tenants that the reason they want to move in to one of my buildings is because "It isn't one of those big complexes."  I thought those were the guys I was losing tentants to and competing against? Those were the places I wanted to one day be.   The 100+ unit complex with all the huge out door areas, enormous parking lots, warehouse size laundry areas, etc., etc.

Well, I will accept that.  My wife and I are small time.  Heck, we only own 32 units (of course we are looking for more) but we don't offer the pool, the weight room, or any amenities other than safe, clean affordable places to live.  Maybe that is the key amenity.

So how did I, all the sudden, become the destination place!?!

I think it is a couple of things.  We don't have the loud, rowdy parking lots. We also don't offer the "feels like I am living in a city in and of itself" that the one guy described.  With the struggles going on economically, I might stay with the strategy of buying standalone 12, 16, 20 unit buildings for exactly those reasons. Building a sense of community is one of the things that we do fairly well in our "little" buildings and that appears to be lost in the big complexes.  Bad behavior is not tolerated and being a good neighbor is an expectation. 

The way I see it is like this.  Those that already live with me expect me to do a good job with who joins them, and those that are checking us out expect me to already have good people waiting for them.  That might get to be more difficult the larger the complex.

Regardless, this is our business and all of the sudden, I have a competitive advantage over the big guys. Who knew?

 Doug and Debbie

Esker Properties (32 units small!)


Comments (3)Add Comment
679
written by Jonathan Saar, March 29, 2010
Thanks for the post Doug. Being a small business owner certainly does have its advantages. I am happy that you see it from that perspective. All the best to you and thanks for posting on MFI. This is a great site for small or big companies to learn and share. Take care.
925
written by Kimberly Lee, March 30, 2010
I think what is happening is that you are attracting people that love a more personal feeling where they live. It is an edge, and not every resident realizes it. Sometimes it has it's downsides too.

I live in a 28 unit community, and I know pretty much everyone here. We even managed for 6 months before our main business grew too big and demanding for us to keep managing part time.

One downside I've found of small communities is slower maintenance turn around. I actually got quicker responses when the maintenance team was larger and better trained.

Another is finding an on-site manager who doesn't become buddy-buddy with the residents and yet can still add that personal touch.

You have a great benefit in that you are highly invested in this community. Not sure if you live there, but sounds like it is something you are really putting your time into, which benefits the residents.

Big or small, a caring, quick responding owner makes a world of difference.
363
written by Ian Mattingly, March 30, 2010
We manage communities that range in size from 72 units to 372 units and find that the smaller properties (up to about 150 units) are easier to manage, have fewer headaches with residents, and generally beat the market turnover rates significantly. Of course, they don't generate as much revenue per unit as our larger properties, and they are certainly less liquid when it comes time to sell, so there are many trade-offs.
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