Just Right Pricing, A Personalized Approach to Affordable Leasing

Does your property offer “Just Right” pricing? If its an affordable property, it probably does, and this unique sales tool is overlooked, ignored, or forgotten.  Instead of focusing on the regulations and the administration of the policies putting the applicant as the focus.

The catch phrase describing most affordable properties, “Rent Based On Your Income” creates, in many cases a negative impression built on long standing opinions that housing for low and moderate income families is poor in quality, poorly maintained and abused by fraud. Many individuals that could benefit from affordable housing never apply because they aren’t aware they could qualify and benefit from rental rates that can be adjusted if income changes or rental rates that are regulated against increases.

“Just Right”

The “Just Right” description creates a mental picture from Goldilocks and the Three Bears. Prices and security deposits that aren’t too high, not too small, but “Just Right.”image

The leasing dialog can start out with an explanation that a personalized approach is used to determine the rental rate and (depending on the program) the security deposit. In many cases, medical or child care expenses will be included in the calculation to determine the rental rate. Before the actual rent is finalized, an additional adjustment for the utilities paid by the resident is also included. A prospective resident receives personalized service from the leasing staff.  Focusing on the individual and their personal circumstances as opposed to their ability to provide verification of their income and assets.

Diminishing Wait List

The luxury of lengthy wait list for many affordable properties has imagediminished with changing economic and demographic adjustments. These properties are competing for qualified households that will be good residents for their property.   Applying a personalized approach for leasing will set the ground work for a management environment that provides personalized service for all residents.

Lori Hammond
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Lori Hammond

Thirty plus years experience in an industry best characterized as "no two days are the same" provides the foundation for Lori Hammond's experience in Property Management.With education and career experiences in Mid-Michigan, the audience for the blog Property Management Minutes is growing.Connect with her on , Linkedin, and on Blog.
Lori Hammond
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One thought on “Just Right Pricing, A Personalized Approach to Affordable Leasing

  1. Hi Lori! I have been in PM for over forty years, a former HUD official and have managed thousand of affordable units. I have always said, and managed, with the premise that affordable properties should be managed at the same level as the most expensive conventional community. GREAT ARTICLE!!! Nicole Turner. http://www.nicolebturner.com.