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.


Six Unusual Marketing Strategies To Try In 2018

The market is constantly changing, so it’s always a good idea to revamp your marketing strategies to meet new trends. With the start of the New Year, it’s a great idea to try some different tactics to fill your vacancies. One of the best ways to do this is to think outside of the box and come up with some really creative and unique ways to target your audience. Here are some unusual ideas to inspire you:

Seven Skills To Look For When Hiring An Apartment Manager

When your business grows and it is time to hand over the day to day operations to a new employee, you may not know what to look for in a great apartment manager. When drafting your job listing and interviewing potential candidates, there are some key skills to find. Here are the seven most important skills that any apartment manager should have:

How To Follow Up With A Potential Renter After A Tour

You’ve hooked a potential renter with your great marketing. You’ve given them a tour that went really well. You know they’d be an ideal renter and they’d fit right into your community. However, you haven’t heard back from them about the space. What do you do? Many property managers will just wait and hope to hear back, but we recommend following up with the potential renter to keep the relationship going and fill your vacancy. Here’s how to follow up with a potential renter.

A Beginner’s Guide To Property Management Software

Whether you are first starting out as a property manager or are just looking for a way to improve your business operations, a great investment to consider is property management software. Property management software offers a range of features and benefits and can really help you improve your business. Here is a basic overview of everything you need to know about property management software to get you started.

Building A Successful Community Management Team

Your management team has a huge impact on the success of your community. Everything from resident retention to overall happiness with the community are all affected by your management, and how residents respond to management and their management style.

What To Do When A Renter Is Not Renewing Their Lease

Renter turnover and new vacancies are very costly. Between finding new occupants, vacant rentals, and taking a risk on a new renter, the costs can quickly stack up. When a reliable renter informs you they are not going to renew their lease, you need to take some steps to see if you can keep them. Here is what to do to ensure you’ve done your best to reduce these costs.

How To Prevent Falls During The Winter

During the winter months, the risk of slipping and falling outdoors is higher than in the warmer months. Between the snow and ice and the harsh winter winds blowing debris, there are increased dangers for anyone walking outside. If a renter or their guest falls on your property, you will be financially liable for any injuries. So it is really important to mitigate these risks and reduce the chance of falls. Here are some tips to help reduce the risk on your property.

Four Easy Ways To Reduce Property Management Expenses

With tax season quickly approaching, you are probably reviewing your finances for the past year. If you find that your profit margins are low because your operational costs are high, there are some ways you can scale back while still offering great service. Here are some simple ways to reduce your property management expenses.

Five Tips To Beat The Winter Rental Slump

Winter is the worst time to find new renters. Most people prefer moving during the summer months when the weather is nice. However, during this slow season, there are some things you can do to help fill your vacant apartments. Here are five tips for beating the winter rental slump:

Using Social Media For Apartment Buildings

Over the last decade, social media has become one of the most powerful tools in the world. From connecting with friends to playing games to promoting a business, social media has a huge range of uses. That's why it's surprising that so few apartment complex managers use it to help with their property.

Keeping Your Residents In Their Their Home

Property management is a big job, and one of the biggest aspects of it is simply making sure that your rate of resident retention is as high as possible. Sure, you may be able to rent out a space that becomes vacant, but the reality is that doing so requires additional steps, energy, and resources that you wouldn't have to spend if the existing resident just stayed in their home.

A Closer Look At Curb Appeal In Apartment Complexes

Property owners and managers have to focus their attention on a lot of different things. And with so many responsibilities and considerations, it's easy to forget or overlook something from time to time. One thing that those who are trying to sell a home pay attention to that can be carried over into the world of managing apartment complexes is that of curb appeal.

The Importance Of Curb Appeal In Apartments

Managing apartment complexes is hard work and something that takes considerable effort from anyone involved. For many, the primary focus when it comes to convincing a potential resident to rent or lease an apartment is on the overall attractiveness of said apartment.

What To Do When A Tenant Wishes To Break the Lease

Owning a rental property can be a great way to build long-term wealth and short-term cash flow. While there are clear advantages that come with owning a rental property, there are downsides and risks as well. One negative situation that can arise is...

Easy Steps To Avoid Property Liability Lawsuits

Owning and managing a building of any kind can be difficult and involve a lot of work. But what many don't fully appreciate is that a single issue could sometimes be enough to drag down an owner's finances in a huge way. A perfect example of this? A property liability lawsuit.

Easy Staging Ideas To Attract Residents

Apartments are one of the more complex types of property management challenges that exist today. The reasons are numerous, but one of the key difficulties is in attracting new residents. This is especially true today, where attracting a resident is a competitive process.

Are You Using Social Media Properly For Your Apartments?

The modern world has changed the face of almost everything. And while owning an apartment complex is still somewhat of a straightforward endeavor, the reality is that managing that complex isn't always as easy as some think. From legal considerations to marketing to maintaining satisfaction of your residents, there's a lot to focus on.

5 Ways To Successfully Market Your Rental To Millennials

If you are looking to increase occupancy and resident retention, appealing to millennials is a great business strategy. However, since they are typically long-term renters with no plans to buy in the future, millennials have very different needs and values than previous generations. Simply posting a for rent ad with a list of apartment features is not going to appeal to them. Instead, you have to specifically target them if you want to attract them.