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Apartment Blogs


Oct 12
2009

Where's the Traffic?

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Posted by: Sarita LaTorre on Oct 12, 2009 01:00

Tagged in: Untagged 

Hello there! It's a beautiful day in Denver.  The sun is shining; the temperature is crisp and refreshing.  Perfect for touring...but, where's the traffic?

Has everyone experienced lower than normal traffic in the last couple weeks?  What are you doing to increase the traffic and leases at your property?

Communities are using move in psecials to attract prospective residents. Some communities are prorating one to three months rent, others are waiving up front fees.  However, when using specials a community needs to look to the future and to retention.  Is prorating concessions going to hurt the ‘bottom line' in a year?  Every community needs to sustain a healthy NOI at the end of the month. 

The communities I work with are offering upfront concessions only.  This helps with ensuring next year's NOI is met.  Also, think about the rent spread between effective rent and renewal rent.  There probably will not be a huge difference therefore; it looks enticing for the resident to continue staying at the home.
In addition, how would the rent concession affect retaining the resident?  In this volatile economy, resident retention is pivotal.  So, if rent concession is doing more harm than good, what are the other communities doing?  Are you offering to retain residents from the beginning?

I have seen communities offering to clean or replace carpet some time during the lease term.  Perhaps a property can update the features and amenities instead of free rent.  For instance, updating the cabinetry in the kitchens, replacing or adding tiles, installing washer/dryer, painting accent walls are all good incentives for a resident to continue leasing.   I have seen communities helping with the moving costs or even providing moving vans. 

These are just a few ideas I have heard of and used in the past.  Perhaps, you have a great resident retention tool in your arsenal that you would like to share.  I would love to hear any suggestions you may have about resident retention or lease attractors (other than specials).  Please feel free to leave a comment or email me at topseller007@gmail.com. 

 


Comments (4)Add Comment
598
written by Vala Vieregg, October 12, 2009
I've been wondering the same thing, the slow season just hit us last week. My comps are experiensing the same thing. I am right now brainstorming what I can do to bring it back up. We have a marketing department so I am limited with what I can do as most of the pricing and special decision is out of my hands.
2109
written by Karen Long, October 13, 2009
It's that time of year but it feels more unpleasant than ever with the economy still sluggish and people still losing jobs. I think specials have their place but I also think capitalizing on all traffic you generate is important too. Get back to those e-mail customers immediately! Strike up more conversations and ask more questions when someone calls asking for pricing. Every lead is golden!
1973
written by Blake Ratcliff, October 13, 2009
The recession has disproportionately harmed the typical renter base. Also, as long as net job losses continue the effect is weakened total demand. Early in the year this should begin to turn and though unemployment will stay high net job growth will result in net household growth.

Blake Ratcliff
www.apartmentmarketingsolutions.com
925
written by Kimberly Lee, October 15, 2009
Yes, I have noticed almost no calls when just two months ago, I got 5 to 6 good leads on ads placed. This is my first autumn as a manager, but our owner says it's pretty unusual. I agree with the concession being made up front.
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