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Granada Hills – Property Management – How Do You Compete With The New Apartment Communities?

PROPERTY MANAGEMENT GRANADA HILLS

How Do You Compete With The New Apartment Communities?

The Wall Street Journal recently noted that the share of new homes being built as rental apartments is at its highest level in four decades. While it certainly helps the economy, an increase in apartment homes can strike fear in the hearts of many property managers. After all, these newer units will likely boast state of the art features, along with a long list of amenities designed to attract renters. So how does your (older) property compete with these sparkling new communities? Here are just a few suggestions:

Play up your property’s best features. Does your community offer incredible views? Make sure you note that in your advertisements. State of the art work out room? Brag about it to the health clubs in the area. Take whatever is the best part of your property and make sure that you prominently display it at all times.
Keep your property pristine. While it may be difficult initially to compete with a brand new property, letting your own become cluttered and dirty won’t do you any favors. Always keep your windows sparkling clean, trash picked up and landscaping neat. Create your own good first impression.
Use their marketing efforts to your own advantage. New housing will likely drive more people to the area, providing a great opportunity to market the benefits of your own community to a new set of prospective tenants.
Consider a community facelift. Has the arrival of a new property made you realize that it may be time to update your own? Even something as small as pruning overgrown trees, or a new paint job can make your property more competitive.
Focus on tenant retention. If your community has a high occupancy rate, you should concentrate on retaining your current tenants rather than worrying about the competition in the area. It costs less to retain a current tenant than it does to find a new tenant. Keep the ones you have.
Embrace the challenge. We can all become complacent in our daily lives; both personally and professionally. Look at your new competition as a challenge to manage the best property you can in the best way you can.
Don’t compete. If you’re happy with your property, just continue to manage it the way you always have and don’t worry about the competition.

Let’s face it; there will always be competition for renters. By concentrating on making your property the best that it can be, you’ll be able to handle the new competition with ease.

Posted by Alexis Hammond

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

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