Ten Reasons Your Apartment Community has a Waiting List

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 apartments are a fantastic value for the price121542872 300x200 Ten Reasons Your Apartment Community has a 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

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About Jonathan Saar

Jonathan Saar is the Vice President of Marketing for The Training Factor. He also blogs on his personal website. You can follow along or contact Jonathan on Twitter via @JonathanSaar, Linkedin Jonathan Saar or on Google+.

  • http://twitter.com/TTF_isthere4U Renee Saar

    Well written.  I can’t think of anything to add to that list. My question is: how do you deal with prospective residents who call or visit if you have a waiting list?  Is this the time to slack in trying to make a sale?

  • http://www.thetrainingfactor.com/ Jonathan Saar

    Coming from the apartment communities who actually have waiting lists, they still fill out the guest card and keep in touch with email marketing.  They make sure they connect on a social level as well.  No time to slack but still future opportunities to market. 

  • Mflowers

    Having been a property manager in the industry, you live with the reality that you never know how many keys may be in your drop box on any given day. Slacking on sales and marketing in this industry is suicide by laziness…

  • http://www.thetrainingfactor.com/ Jonathan Saar

    Thanks Mechelle for weighing in on the topic.  You can never sit on your hands ever.  It is so important to be prepared for anything.  If the recent recession did not teach us all something I am not sure what would.  Thanks for taking the time to comment today. 

  • Gerry H

    I remember doing a lease-up where we started selling the units 5 months BEFORE they were built.  I had a waiting list & I worked my waiting list!!  Most of your top ten, including resident activities, is why we were successful!  By the time the residents moved in they knew each other. We had ribbon cuttings evrytime a new building came on line.  We kept them engaged in the whole building process.  I think that is part of the success of any waiting list~~keeping the resident in waiting engaged with the community.  We were also a company that was known in the area for providing outstanding customer service! When you build that kind of reputation it is priceless!!

  • http://www.thetrainingfactor.com/ Jonathan Saar

    Excellent testimonial Gerry!  Thanks so much for sharing.  Your experience highlights the need of a full circle approach.  Building that reputation as you comment on.  I always appreciate your insights!