Reward Your Residents

I’ve been advocating for months the importance of owners retaining their existing residents. We’re in a sea change of new units coming online, occupancies are flat or declining, rents have plateaued and concessions are back. A few months ago Salt Lake City led the nation with the highest percentage of Class A properties offering concessions. While I haven’t seen any recent statistics, if we’re not Numero Uno we’re likely close to the top of that concessions list. The attached article cites companies offering rewards to residents who’s owners participate with the reward companies. It’s pretty simple: pay your rent on time and get reward points for dining, rideshare, travel, fitness memberships…you get the idea. It’s similar to points one earns when using a credit card offering rewards. Seems like a great idea not only to promote on time rent payments but also as a marketing tool in attracting new residents. Very smart.
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.
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