Property management companies are always on the lookout for ways to attract new tenants, and enhancing the quality of life for potential residents is now a primary focus of many landlords.
According to ULoop, property managers are implementing six specific techniques to appeal to more tenants, and student housing managers in particular are beginning to take notice of these strategies.
Many students (and potential tenants in general) will turn down an apartment or house because of a “no pets allowed” policy.
Pets provide their owners with a sense of security and relaxation, which is why many property managers are becoming more lenient with their rules regarding animals.
Property managers are also practicing flexibility with the number of tenants they allow per room. Since rent remains the same, more landlords are willing to bargain with the number of people in each room as long as they can finalize the tenancy.
Among the other strategies being used by property managers are: updating appliances, adding washers and dryers, investing in alarm systems, and installing pools or hot tubs.
Property management is a very fluid industry, and successful companies are constantly altering and upgrading their housing to appease the wants and needs of tenants.
“It’s important to offer a comprehensive amenities package to renters because often that’s what ultimately helps them choose one apartment community over another. Also, by providing as many conveniences and benefits to tenants as we can it allows them to have the best and most comfortable experience possible,” said Aurelia Vanderkolk, Marketing Coordinator of Becovic Management Group
According to the Colorado Real Estate Journal, property management is the “boots on the ground” of commercial real estate, providing a backbone to the industry that influences how potential tenants view a living space.
“A shortsighted property manager might think that understanding the asset is making sure it has what it needs to operate,” said Hunter Marr, general manager of Unico Properties’ Denver portfolio.
“The floors are dirty, let’s get them cleaned. The heating, ventilating, and air conditioning unit is broken, let’s get it fixed. I’m not saying those are not important, but we have to take understanding an asset to the next level,” Marr added.
As the demands of tenants continue to evolve, it seems as if the duties of a successful property management company will never truly be complete.