Show Me The Value, It’s Not All About The Price

imagePeople select a new apartment home largely based on location. Price point and lease terms are also taken into consideration. But when it comes to the choice to renew, the decision is based on customer satisfaction.

With a rent adjustment for the renewal, the apartment may be priced “right” as supported by a marketing survey; but will a resident see, appreciate and agree with the value?

There is sometimes a confusing dynamic when a resident moves out identifying the reason as “rent too high.” Managers search to justify:
-changes in household income
-changes in employment
-change in household composition.

After all the rent was acceptable at the time of move in, and possibly the rent hasn’t even changed. The change may not involve the price-instead its the value the apartment represents.

-Has the resident needed to make repeated calls to resolve maintenance problems?
-Is the coin operated laundry often out of service?
-Are there problems with neighbors that can’t be resolved?
-Has the apartment home proven to be “less” than anticipated?

imageAs a management company how can the value of the apartment be the focus of the renewal? how is this apartment home convenient for the resident are changes being made to increase the convenience?

Individuals who choose to rent, need / want convenience. They have a busy life style, whether they’re a career individual. single parent, or a senior citizen enjoying a carefree schedule. ¬†Emphasizing the value will improve the likeliness of a renewal.

Can you point out the value in yor closing on a renewal or a lease?

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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