The article posits that waiving fees and not reducing rents is the best way to attract residents while maintaining property value as stabilized rent levels aren’t affected (while Other Income is). The article provides other non-monetary means to attract residents such as creating and maintaining an on-going sense of community at the property resulting in a favorable reputation in the market. The article  stresses that owners and operators need to continuously ‘stick to the basics’ such as having highly responsive maintenance teams, creating and fervently adhering to the property’s advertising budget and campaign, responding lightning-fast to questions from prospects, and having a laser-focus on the property’s rental rates vs. its competition.

 

 

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.