Mike Brewer
Wire Closet Shelving
Raise rent in a down market
Seth writes of the 7% solution [Read Here]. The basic premise is couched in the ever popular trend of discount brokers in the real estate industry. Seth suggests thinking about moving commissions to 7% in lieu of 4 or 5% as the discounters are now doing. His question is what would you do different in order to substantiate the value of being at 7%.
It is an interesting thought for our business. What if, in lieu if discounted rents or concessions, we came of with amazing value adds to substantiate raising rents in a down market.
What would you add?
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Self Aware
"Being aware of yourself and how you affect everyone around you is what distinguishes a superior leader." –Edie Seashore
So true. Have a great week and be aware that attitudes are contagious.
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ApartmentRatings.com Strikes again
Mike Brewer · · 1 Comment
"Now renters can see what other residents are paying at thousands of apartment communities. This is an important tool that helps renters find and choose the best apartments," said Jeremy Bencken, president and general manager of ApartmentRatings.com. "Our goal is to build services that focus on providing renters unique and hard-to-access information about apartments. Ultimately we believe our apartment ratings and apartment reviews, and now pricing survey information, drive more informed, more serious customers to our advertisers." [Read the full story here]
Let me get this straight Jeremy , the renter is going to give you the information that you will publish on your site? And, you are going to validate that in some way, I trust? I mean what is to stop the user from reporting a less than true rate not unlike some of the simply untrue reviews on the site.
Maybe you should back up and think about driving a more informed, more serious consumer to good quality communities, not to the advertisers. This important tool helps renters choose the best value, not necessarily the best apartment. It’s seem a bit disingenuous to suggest they would get "the best," don’t you think? And, I’m not convinced that it is hard to get this information. I did an anonymous shop of my market just about a week ago and it took all of 8 phone calls and about 25 minutes of my time.
I say all that and I am a fan of the site and consumer reviews believing that the astute apartment searcher would negate the many exaggerated comments that are posted.
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Recruit for Character
"I can’t tell you how many times we passed up hotshots for guys we thought were better people, and watched our guys do a lot better than the big names, not just in the classroom, but on the field—and, naturally, after they graduated, too. Again and again, the blue chips faded out, and our little up-and-comers clawed their way to all-conference and All-America teams." -That from Bo’s Lasting Lessons and offering from Bo Schembechler, long time and legendary coach at Michigan.
Is the same not true for our apartment business’? The apartment management and marketing business is nothing less than an amazing opportunity to work with amazing business people. How important is character in your hiring decisions? Are your interview questions about property management laced with character identifiers? Should they be?
Have a great Monday (my favorite day of the week). M
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