Don’t overact. Instead, look over the 4 key areas of apartment ownership:

1. Curb Appeal

2. Turning Apartments

3. Marketing

4. Training

Curb Appeal. Make sure your apartment complex is attractive and appealing to passersby. Inexpensive flowers planted by the entrances give immediate punch. Keep the lawns and sidewalks maintained and clean.

Turning Apartments. Rather than wait until you have a new lease signed to get an apartment ready, make sure you have plenty of apartments ready for move-in should a prospective renter need one right away. Prospective renters are suspicious if all they can view is the model apartment…they want to see the actual one they will be moving into.

Marketing can be expensive, especially advertising. Check your ads carefully. Is all the contact information correct and there? Does the message “grab” the reader? Are the photos appealing? Don’t cut advertising until you know its effectiveness. Publicity, on the other hand, can be free, provided you can write a good press release and sell it to the media. Think of a “hook” – something timely that will grab the attention of a newspaper or magazine editor.

Track Sources. Make sure your employees know and track every source and lead they get.

Shop your leasing office. Call/email the leasing office. Make sure they are asking for the source. Make sure, too, that voice/email has a friendly, inviting tone.

Training is key. A good time to skip training is NEVER! It helps with employee morale and to keep your team engaged and competitive. For training sources, try your local apartment association or ask the East Bay Apartment Industry Partners. Keep your staff sharp and competitive with continued education. Now is NOT the time to cut costs in this area. Your staff is the introduction that each prospective renter has with your apartment complex.

Cut costs by streamlining expense items not critical to the everyday running of your business. Check and survey prices on every office supply.

For other ideas and more, see Mary Gwyn‘s article in the March 2009 issue of www.naahq.org

If I can be of assistance, please contact me at Pete@ConsultPete.com or 925-719-3569. To learn more about my background, visit Consult Pete. To learn more about my company strategy, visit Commercial MasterMinds.