How To Ensure Your Older Property Stays Competitive

When you run an older property, you may get stressed out when a new developer comes into your neighborhood and builds a brand new complex full of modern features. However, you can still stay competitive with newer properties by incorporating a few new tactics. Here are some great ways to ensure that your older property stands up to the new guys.

Focus On Your Property’s Best Features

Newer places have tons of amenities and a modern spin, but many of these places are the same thing over and over again. They offer the same amenities and same decor as everywhere else. There are plenty of people who would rather live somewhere with older unique charms and features. So instead of trying to compete directly, think about what sets your property apart from these newer models. Do you have interesting woodwork, historical charm, or gorgeous full grown landscaping? Not everyone wants the same thing, so instead of trying to fit in, stand out.

Upgrade Where Necessary

Instead of going for a full costly remodel, consider ways that you can improve your property that add value. Start with a facelift. Paint your interior and exterior and then add new flooring. Then invest in some modern technology. Upgrade your appliances to newer models, add some tech features like Wi-Fi or a digital common space, and modernize your amenities with new equipment. When upgrading, keep everything that makes your property truly unique. Offering a place with older charm but all the great modern features, is extremely attractive to potential residents.

Focus On Resident Retention

The big advantage older properties have over newer developments is that you are more established and connected to your community. Focus on the community you currently have. It is much cheaper to offer incentives for your current residents to stay than to try to attract new ones, especially in the face of market competition. Have resident events, activities, and make gestures of appreciation to make your community even stronger. You can also consider incentivizing staying by offering lower rents and cutting fees for lease renewals. Make sure that you will offer something the newer complexes cannot, a sense of home.

So if you are facing competition from a newer building, don’t worry. Instead focus on what makes you stand out from these newer buildings. Older properties have some distinct advantages. Focus on these advantages and you will have no reason to worry about the competition.

 

4 Fall Staging Tips For Autumn Leases

Residence staging presents a really unique opportunity. The prospects you’re touring around your community have most likely toured other communities within the area, carefully picking and choosing before they choose the option that is best for them. With residence staging, you can give your residence the benefit of bringing the big “wow”, and looking like a place that is easy to call home. Staging can be accomplished in all sorts of ways, with plenty of low-cost options available, and one way to make a big impression is to stage along with the season.

Staging Residences For The Summer Visits

When prospective community members come for a visit or tour, your sample or show residence is what is really going to make the final call. When they see this residence, they’ll know right away whether they’re seriously interested in leasing with you, or whether your community may not be for them. For summer tours and visits, these residences should be staged for the season, and there are a few ways to stage specifically for the hot weather months.

5 Tips For Community Marketing With Instagram

Social media is a resource that should never go to waste when it comes to marketing your community. When deciding on what platforms to prioritize, look to where the people go, and one of the biggest platforms on the rise right now is Instagram. A photo says a thousand words, which gives you a lot to communicate with the photo-based platform. 5 tips for community marketing with Instagram are:

4 Tips For Managing A Work Life Balance In Community Management

Community management teams are in a unique position. It’s not your usual 9 to 5 job, and many community managers live on the same properties they’re in charge of. Frequent phones buzzing, emails coming in, and employees with this question or that can begin to take its toll on even the most seasoned team leader. What you don’t want to experience is burnout, and 4 tips for managing a work life balance in community management are:

3 Simple Tips For Resolving Community Conflicts

In just about any community, you’re bound to have those of many different lifestyles living within close proximity to one another in their residences. What this means is that conflicts are bound to come up from time to time, and those managing the community should know how to diffuse this tension and practice healthy conflict resolution. In an ideal scenario, you will walk away with a satisfying answer for both parties experiencing conflict, as well as for you and your management team. 3 simple tips for resolving community conflicts are:

Why Your Leases Need A Subletting Clause

During the busy season, it’s a good idea to review your lease agreements. One clause that has become more important in recent years is a clause about subletting. With the growing popularity of crowd sourced vacation rentals through websites like AirBnb, FlipKey, and VBRO, property managers need to make sure they are protected.

Six Ways To Help Your Residents Reduce Air Conditioning Costs This Summer

Electrical bills in the summertime can be extremely costly. Especially in particularly hot summers, where the air conditioning has to run more often. Helping your residents save money on air conditioning has multiple benefits. It helps maintain lease renewals and keeps them cool and happy. Here are six ways you can help reduce the costs of air conditioning this summer.

How To Hire Summer Contractors For Your Rental Properties

During the summertime, your rental needs a little more maintenance than usual. Between landscaping, pool cleaning, and painting, you’ll probably have to hire some contractors to get all the work done. However, before hiring anyone, you need to make sure that they are qualified, honest, and reasonably priced. If you need to hire contractors this summer, here is how to make sure that you hire the best possible candidates.

Five Easy Landscaping Tips To Save Time And Money

Making a strong first impression is critical to filling vacancies. During the summer months, that means upping your curb appeal with attractive landscaping. However, elaborate landscaping can be an inexpensive upfront investment that requires a lot of costly maintenance. Fortunately, if you plan your landscaping strategy right, you can achieve curb appeal without minimal work and long-term costs. Here are five ways to upgrade your landscaping that will add curb appeal while also saving you time and money:

Developing A High Potential Team

It’s easy to spot high-performing team members, but what about those high-potential team members that tend to fly under the radar? Investing in development for high-potential team members is a great way to ensure the continued positive growth of your community management, and provides team members with the tools they’ll need to really thrive and flourish.

5 Tips For The Most Effective Follow-Up Techniques

It’s important for management to never underestimate the follow-up. After a great visit or tour, you want to keep that good impression going, and retain that space in the prospects’ consciousness. With follow-up, you’ll show a caring side and a side that is willing to do whatever it takes to incorporate prospects into your community. 5 tips for the most effective follow-up techniques are:

4 Ideas For Community Building Excursions And Trips

Trips and outings can do a great deal for building that community feeling. It gives community members a reason to get together in the perfect setting for fun and engagement, but where are the best places to go? Monthly or seasonally, hosting a trip sign-up in your community encourages residents to get up, get out, and build that community feeling and loyalty organically, and you’ll want to choose locations that offer a great deal for engagement in an inexpensive way that also promises a memorable time. 4 ideas for community building excursions or trips are:

How To Write Attention Grabbing Listings To Attract Renters

When creating a listing for print or online, it is important that copy accurately describes the property. However, finding ways to come up with intriguing and accurate descriptions can be difficult. Often property managers will just use the same description over and over again with little to no results. Writing a listing takes a little practice, but with the right guidance you’ll easily be able to attract the potential renters you need. Here are some tips to get you inspired:

Four Tips To Avoid Late Rental Payments

Late rental payments can be a burden for property managers. Beyond having to follow-up with your renters, without the income it can be difficult to pay your bills on time. Late rental payments are going to be something you will have to deal with from time to time. However, there are some processes you can implement to help reduce the amount of late payments you receive.

5 Things To Buy For Staging Your Rentals Like A Pro

Staging a residence is incredible important for attracting renters and filling vacancies. When you are ready to list your space and start giving tours, you should stage the space. If you’ve never staged a rental before, there’s a couple thing you’ll need to buy. Here is a basic shopping list to get your started.

What You Need To Know About Creating A Community Newsletter

Creating a community newsletter is a really great way to bring your community together while keeping everyone informed and in the know. Within this newsletter you can list any community events that may be going on, local stores and restaurants running promotions, your contact information, and anything else you want the community to know or feel they would benefit from absorbing. So, how do you go about choosing the best format and content for your newsletter?

Building Better Resident Relationships

The relationship management builds with residents makes a huge impact on resident retention. Of course a resident will not wish to stay within a community where they don’t feel heard, appreciated, or part of a larger whole, and the responsibility of building that feeling largely rests on how management approaches resident rapport. It’s important for management teams to remember that residents can always go elsewhere, and it will take something special to keep them a part of your community.