Tag Archives: multifamily

What’s More Important – Material or Social Upgrades?

WHICH WOULD YOU CHOOSE?

Imagine¬†you live in an apartment (and maybe you do)¬†and your lease is about up.¬† The apartment Manager tells you, “If you renew your lease, I can provide the following things for you, but you have to choose either¬†list A or B – You can’t have both”.¬† Which would you choose?:

List A – Material

  • Upgraded kitchen countertop.
  • Above-counter lighting.
  • Professionally steam clean¬†your carpet.

List B – Social

  • Regularly themed resident appreciation parties and events.
  • Promotional give-aways, drawings¬†or contests.
  • Community retail discount programs.

Now¬†ask the same¬†question from the perspective of the apartment Manager or Owner.¬† Let’s assume the expense to the community will be the same regardless of which list is picked.¬† Did your answer change or stay the same?

Lastly, ask yourself the same question from the Manager’s point of view, guessing what the majority of your tenants might pick.¬† Would they lean for the material upgrades or go for the social perks?¬† Your mind is likely spinning because of all the new variables to consider now.¬†¬†How¬†might the social-economic demographics affect your answer (age, income, location, etc.)?

And now the most important question of all, (assuming you can’t have it ALL) do you currently feel¬†your property¬†focuses on¬†the¬†most appropriate¬†types of upgrades and amenities to best match your tenants?¬† What would you change?

What Are THEY Doing That WE Aren’t?

 

Imitation is the highest form of flattery, right?

What Ideas and Strategies Can We Imitate From Single-Family Home Builders?

I commonly hear from the multifamily industry how ‚Äúthe big builders have deeper pockets and can afford more for marketing campaigns‚ÄĚ.¬† I wonder how true this is.¬† What campaigns have you seen from a home builder (or any other industry) that¬†made you think, ‚ÄúUgh, if we could only afford to do that we would get so much more traffic to our properties (or website)‚ÄĚ.¬† Once we get a few ideas down, let‚Äôs take the discussion to the next level on how adjustments might be made to make similar and more affordable campaigns for multifamily.

Since the format of our blog revolves around ‚Äúdialog marketing‚Ä̬†it means it‚Äôs time to share and contribute your thoughts, solutions, ideas and¬†experience¬†below with¬†your group.¬† It‚Äôs amazing how the collaborative power of a talented group (Yes You!) can come up with great ideas to work for us all as individuals.¬† It is because of your experience in multihousing that you are a part of this blog in the first place!

Be the first to comment!

Built in Wordpress — Fueled by The Contrado Group