This especially true for smaller property management companies in Michigan or ones in charge of managing smaller apartment communities. These have to compete with larger property management companies which naturally tend to have greater, more robust marketing budgets.
However there are ways to prevent drops in your revenues and raise in your vacancy rates; even if your financial resources are limited or non-existent you can use these best practices to help get dividends in the longer term.
An important part of rethinking your marketing strategy is to focus on providing better service to existing tenants and applicants. That is easier to do in smaller apartment communities of 50 families than in case of larger ones having more than 300 families. You and your staff can start by taking time to familiarize yourselves with the members to deliver personal service.
Secondly, you can highlight the better aspects of your closely knit communities to all potential renters. Make sure that your open house tour also highlights these aspects of community living. A full service community center and a state of the art security system on the premises can all impress potential applicants.
Instead of giving a month of free-rent, offer some unique gifts like a fruit basket or a gift card to the local shopping/grocery outlet. You must remember the simple fact that everyone likes a free gift; so these are sure to be appreciated by your new tenants.
These are some of the best practices in leasing.
