Does your property offer “Just Right” pricing?
If its an affordable property, it probably does. This unique perspective is often overlooked.
Instead we can place the focus on the applicant, offering personalized service. Not unlike a sales person in a clothing or shoe store; we can help our prospects find a housing solution that is the perfect fit for their budget or personal finances.
The catch phrase describing most affordable properties, “Rent Based On Your Income” creates, in many cases a negative impression.
This is 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 may be adjusted if income changes. Many affordable rental rates that are regulated or limited against increases.
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.” Budget Based!
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 considered 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 satisfy the guidelines for the agency regulations, changes the perspective of the service that we provide.
Diminishing Wait List
The luxury of lengthy wait list for many affordable properties has diminished. In some cases, changing economic and demographic adjustments have resulted in households with higher incomes. exceeding the income limits for some agency programs. Affordable properties are competing for households that will be qualified for their program guidelines, but actually have the income necessary for other housing opportunities. Applying a personalized approach for leasing will set the ground work for a management environment that provides personalized service for all residents.