Achieving a waiting list for your apartment community is the Holy Grail of apartment marketing. It is not easy and very few have achieved it. Even though our current market is a hot bed for rentals right now it should not mean that we slack our hands in any way.
Even if your occupancy percentages are relatively high, one can never forget the amount of turns that can occur from a lack of customer service or maintenance issues. As a matter of fact many property management companies are now including this metric when evaluating individual and community performance. Turns are very costly. From an NOI perspective it serves you better to keep a resident than to replace them. Here are ten reasons why a prospective renter is being asked to be put on your waiting list.
Your location is the most desirable around
You have very low turnover
Your maintenance team’s number one goal is to keep our residents happy
You have a great community where your neighbors are friendly
Your community events are constructed in a way to bring your residents closer together
Your strategic partnership marketing provides a value add to all of your residents
Your digital marketing efforts create a sustainable buzz that organically attracts prospects to your community.
Your office to resident interactions goes above and beyond rent collections and lease renewals
Your curb appeal makes your community stand out as different from your competition
Can you even begin to imagine how your owners would feel knowing that their communities have a waiting list? It is truly something to aspire to. It is possible but certainly takes a combined corporate effort in order to achieve this. Now I want to turn it over to you. Can you add to this list? What are some other reasons why an apartment community would have a waiting list? Please feel free to comment in the section provided below.
Written by Jonathan Saar