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?