Tag Archives: social

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?

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