by Danny Soule – 6.12.13
In April, Lindsay Machak with Multifamily Executive ran an article about the top five most underutilized amenities at apartment communities. Three top executives in the industry contributed their feedback about these amenities and whether or not they were deemed underutilized at their communities.
The five amenities listed were: Racquetball Courts; Volleyball Courts; Theater Rooms; Clubhouses; Putting Greens.
To piggy-back on this article, I’d like to provide my thoughts on these amenities, as well as a few amenities I feel may be some of the more utilized amenities at communities.
Racquetball Courts: I can see racquetball courts being an amenity that may be well used at an active senior community. Outside of this demographic racquetball courts just seem like too large of a space commitment to really get the return on investment to justify having this at the typical community.
Volleyball Courts: I am a fan of this amenity, because I enjoy playing volleyball. Student Housing, or Military geared communities, always seem to have volleyball courts and from my experience, this is commonly a popular selling tool with these clientele groups. As an amenity at a conventional property, I could see the space being better used as a dog park.
Theater Rooms: This amenity always has the “wow” factor behind it, but that is really about it. I can’t remember the last time I was touring a community and there was actually someone in the theater room. It’s an expensive amenity that requires a tremendous amount of upkeep and is oftentimes abused by residents.
Clubhouses: I personally love walking into a beautiful clubhouse. It’s the first impression factor that prospects get and is when they begin to develop their mindset as to whether or not they can see themselves living at the community. Now in terms of the clubhouse being an amenity that many people utilize, it is not typically a well populated area. Despite this though, I think it is still well worth the investment to have a nice clubhouse, because it will definitely be helpful as a deciding point when it comes to your prospects.
Putting Greens: I honestly think putting greens are an amenity of the past and was typically something that was put in a space to just fill an area. Putting greens are typically never used and they are normally a forgotten amenity that never gets taken care of. Just as with the volleyball court, if there is a choice between a pet area and putting green, I would always go with the pet area.
Now, if you’re looking to have amenities that will get usage and will be appreciated by your residents, here are a few must-haves for your community:
Pet Areas: Roughly 75% of apartment renters own pets. Enough said.
Transportation: Regardless of whether your community is student housing located close to campus, or a conventional community located near a shopping center, having some sort of complimentary shuttle is an amenity residents use across the board. In addition, this is something that will make your community stand-out from your competitors and show that your community is willing to go the extra mile for it’s residents.
Social Areas: Whether it is a grilling area, a courtyard with tables and chairs, or just an inviting clubhouse, residents are looking for a sense of community in the apartments they are choosing to live at. Now the kicker to this is that it’s not just about having these areas, it’s about encouraging engagement with these areas, which is on the management staff to coordinate. Host cookouts. Plan a speed dating night. Have themed parties. These are things that are outside the box and will give residents an opportunity to meet fellow residents.
Complimentary Wi-Fi: Does this area have Wi-Fi? This is one of the more common questions our leasing specialists get on tours when it comes to showing the clubhouse and social areas at communities. As many areas Wi-Fi can be provided in, the better for your community. We are such a technologically spoiled society these days that we have to be able to have Wi-Fi as much as possible. Definitely take this into consideration when developing, or upgrading, your community.
These are just a few of the amenities I have seen well-utilized at communities. Are there more that you have seen work at your community? Feel free to comment and share!
by Danny Soule – 5.17.13
This is a great app for your smart phone that can really be of assistance for not only leasing agents, but also for prospects.
The app is called RoomScan and was created by Locometric. RoomScan allows you to measure the dimensions of a room by simply holding your phone up to each of the walls in the room. The app is also incredibly accurate with only a small margin of error of plus or minus 2%.
Seeing the app in action is quite impressive, as it is a very user friendly system and fun to use.
As a prospective apartment shopper, RoomScan would allow you to have an exact idea of what can and cannot fit in a potential apartment. You will never have to wonder if your bed was going to be too large for the room, or if that sofa was going to extend past the end of the wall with the exact dimensions RoomScan can provide.
From a leasing agent perspective, utilizing RoomScan would enable you to to provide extremely accurate dimensions to your prospects for every single room of their new home. In doing this, you would not only be educating the prospects on the apartment, but you would also be getting them involved with the tour. This will also allow a leasing agent to prepare ways to overcome objections if a room is small. Most importantly, using RoomScan will make your tour even more memorable, which in turn would make you standout from your competitors.
I cannot tell you how many communities I have shopped where the leasing agent does not know the dimensions for each room. It is unhelpful and it makes it appear as if the agent doesn’t know the community. By using RoomScan, you will look knowledgable and impress your prospects with the exact specifics of the apartment.
Take the time to download the app and give it a try. If you are a leasing agent, I think you will find this app to be very helpful to your presentation of the apartment and could absolutely lead to more leases. Plus, the app is free!
Tags: Apartment Leasing
, Apartment Selling
, Lease Up
, Leasing Agent
, leasing tips
, Marketing Ideas
, Model Apartment
, Student Housing
by Danny Soule – 5.10.13
Now that you are beginning to lease-up your new community, it will basically sell itself since it’s new…right?
Gone are the days when a community leased-up on its’ own simply because it was the newest kid on the block. The main reason for this is whereas there used to maybe be only one new kid on the block at a time, now there may be five or six new communities that could all potentially be pre-leasing at the same time. The newness of your community can still be sold, but when there is new product surrounding you that your prospects will surely be visiting, it’s time to figure out how you can stand out from the pack.
It’s a fact that, as a leasing agent, you cannot control how your community was built and what amenities were or were not included in the development of the community. You are required to sell whatever the make-up of your community may be. If your community has very nice features, but the newer community just down the road has even nicer features, there is nothing you can do about that. You cannot change the dynamic of your property. Therefore, since you cannot alter your apartment’s features, you have to concentrate on controlling something you can do better than your competitors, no matter what their product is like, and that is customer service.
There are many ways to “out” customer service a competitor and it’s the little things that go into this that can make you and your community memorable to a prospect:
-Always go out of your way to properly greet a prospect. Properly greeting a prospect is accomplished by meeting the prospect as they walk into your community’s doors, welcoming them to your community by name, introducing yourself and then asking them if they are looking for a new apartment home today. If it is an appointment that is walking through the front doors, assume the person walking in is your appointment and greet them by their first name.
-Ask questions about what a prospect is specifically looking for in their new home and show true genuine interest in determining which apartment home you have available will be perfect based on their needs.
-Cater your tour to exactly what the prospect is looking for based upon the questions that you ask. This will show the prospect that you truly listened to what was important to them. If the prospect says that they enjoy to cook and you know you have tons of amenities in your kitchens, then spend the extra time to point out each amenity, as the prospect that is interested in these features will truly see the value in them.
-After the tour is over, take the prospect to a quiet place in your office to discuss the application process. If they are still on the fence on whether they want the apartment or not, figure out exactly what may be holding them back to ensure that there is nothing you missed they may be looking for.
-Regardless of whether or not the prospect fills out an application, treat them as if they did and thank them for stopping by. To go the extra mile, stand up when the prospect is ready to leave, walk them out the front doors of your community to their car and shake their hand and thank them once again for coming by. This may be the most important customer service act, because prospects will always remember the last thing that occurred on their tour.
Going above and beyond of what is asked of you from a customer service aspect is the most inexpensive way to make your community stand out…it’s free! It is on the leasing staff to ensure they are always prepared to wow each and every prospect that walks through the front doors. I promise you if you are able to implement these basic customer service pointers, you will have a buzz generated by people talking about the service they received at your community, as well as more leases!
by Danny Soule – 4.24.13
Prior to picking up the phone, a prospect has most likely researched your community online and has determined it is a viable option for their next apartment home. So why do some leasing agents struggle to convert over 50% of their phone calls into walk-ins? A decade ago, people drove past your property and called the number on the sign in order to learn some important details about the community. But when the phone rings today, 90% of your prospects are simply confirming a rental rate, availability and making sure that you are open. If you are not convincing these prospects to walk-in the door, you are doing something wrong. Here are 5 keys to converting a phone call into a walk-in.
- Bring the enthusiasm: In sales, there is NOTHING more important than being excited about your product. Smile, be enthusiastic and let the tone of your voice convey the pride you have in your community. Act as if your property is the PERFECT place for your prospect to live and that they will NOT find a better value anywhere else in town.
- Listen: Most salespeople are known for having the gift of gab. But you should only be speaking 25% of the time. The rest of the time, you should be asking questions about your prospect’s lifestyle and listening to their answers. People buy from someone they like, and people like someone who listens.
- Get their information: This is more than just a phone number and move-in date. Get their pet’s name, what they do at their job, their favorite football team and where their spouse works. There is a direct correlation with the amount of information written on a guest card and the number of leases you can secure. The more you know about your prospect, the better chance you have of leasing to them
- Sell the property: Have you ever described your favorite restaurant to someone? Have you ever told them about an awesome vacation you took? The detail and enthusiasm in which you described these places should match the way you describe your property to a prospect. Don’t just list the amenities, but tell them how they are going to feel lounging around the pool and meeting their neighbors on a sunny Saturday afternoon.
- Build Rapport: The number one reason why someone moved in 2012 was not price, job transfer or the economy. It was because they were not satisfied with management or maintenance at their former community. Find a way to establish rapport with your prospect and they will associate their connection with you to the way they will be treated if they become a resident of your community. Find a connection, a similar hobby, a favorite band or just a way to make them laugh. If you connect with your prospect on the phone, they WILL come see your community before choosing to lease somewhere else.
Tags: Apartment Leasing
, Apartment Selling
, First Impression
, Lease Up
, Leasing Agent
, Leasing Calls
, leasing tips
, phone sales
, Positive Attitude
by Danny Soule – 2.13.13
CLASS would like to welcome guest blogger James Vanar, a Senior Director with Love Funding to weigh in on the effects that LIHTC properties will have on the Multifamily market in 2013. Thanks for stopping by James.
“You’ve heard of the “fiscal cliff,” but what about the “LIHTC ledge”? Over the next eight years, more than 1 million apartment projects backed by low-income housing tax credits could leave the affordable housing stock. That’s according to the worst-case scenario laid out in a new study commissioned by the Department of Housing and Urban Development (HUD). Here’s the gist: A wave of LIHTC properties established between 1995 and 2009 are reaching the end of their restriction periods, giving their owners the opportunity to convert those properties back into market-rate units if they wish.
Committed to fulfilling its mission of supporting the nation’s affordable rental housing stock, HUD has gone to great lengths nationwide to implement significant application processing improvements. These changes are enhancing an already very attractive financing option for multifamily properties. The agency’s latest move is worth calling out in particular, especially for those who have been attracted to HUD’s non-recourse loan programs but frustrated in the past by its lengthy underwriting and processing timeframes.
Last year, HUD unveiled a new pilot program to test an accelerated approval process for the purchase or refinance of affordable multifamily rental properties. The program has been such a success that HUD recently expanded it nationwide, and some applicants are receiving HUD commitments in less than 45 days. These shortened time periods have been a boom for LIHTC project acquisitions as they pave the way for sellers to accept reasonable financing contingencies.
The LIHTC program is perfect for any owner or developer looking to refinance or acquire properties of three key types: affordable housing projects with 90% or more of the units covered by Section 8, older properties that had LIHTCs that are now re-syndicating with new LIHTCs, or newly constructed properties that have LIHTCs and are stabilized. If you’re unsure whether your project applies, feel free to contact James at (949) 215-1682 or email@example.com.”
by Danny Soule – 12.6.12
When leasing apartments it is important to give some thought into the buying behavior of our potential residents. In most cases, a decision to lease an apartment is not made entirely by the prospect who tours the apartment. When there are other occupants living in the unit, their feedback becomes essential. Even when the apartment is for only one person, most prospects will consult a friend or relative for advice on where to live.
Buying behavior tells us that the person who first finds the apartment will become a proponent of leasing the unit. The other party who was absent at first contact becomes the opponent of the purchase and immediately assumes the role of devil’s advocate. For example, if you show an apartment to a guy and he returns later with his girlfriend, the guy will assume to role the proponent while the girlfriend will be the party that still needs to be sold.
That is why it is so important to get the contact information of everyone who will be living at the property. In most relationships, whether it be a companion or roommate situation, the two parties will choose different stances on the purchasing decision. Therefore we need to focus on not just the party who inquires about the apartment but also the party who is absent during the initial inquiry.
The next time someone views an apartment without their roommate, get the address of the roommate and send them a quick note letting them know you can’t wait to meet them. You should also shoot them an email saying how much they will love the community and attach a gift card or coupon for a local restaurant that you have teamed with for cross marketing. The roommate who is absent will be blown away that they received the note and email prior to even viewing the property. They will come in with a “softer opposition” to buying and you will certainly set yourself apart from the competition.
This same technique can be used for first time renters who will be consulting with their parents prior to leasing. See if you can get the email address of the parents and drop them a line explaining why their son or daughter will be comfortable and happy living at your community. You will immediately get the seal of approval from mom and dad.
When speaking with a prospect, try to determine EVERY person in their life that will be an influencer in the decision. Then target those influencers with thank you notes, emails and phone calls. Your prospect will trust the opinion of their family and peers so go the extra mile to make sure they will be an advocate for your community!
Tags: Apartment Leasing
, Apartment Selling
, buying habits
, Lease Up
, Leasing Agent
, Leasing Calls
, Marketing Ideas
, Positive Attitude
, Resident Referral
, sales techniques
, Word Of Mouth
by Danny Soule – 11.26.12
With occupancy on the rise throughout the nation, apartment rental rates are approaching record highs. In order to maximize the monthly NOI in these positive market conditions, more and more owners and management companies have started using revenue management software, such as Rainmaker and Yieldstar. Revenue management takes into account availability, recent lease prices and market conditions to determine the best pricing options for each apartment. This very same system has long been used for booking airline tickets, hotels and car rentals, which is evident if you have ever tried to purchase any of these three items during the holidays.
In addition to the monetary benefit of maximizing rents, there are site level benefits that can be leveraged by your staff and help the prospects as well.
- Leasing consultants are empowered to negotiate pricing options with the prospects without having to check with the manager. This ability stems from the manager preapproving the pricing options consistently sent over from the revenue management representative, which enables the leasing consultant to know what exactly they have to offer at the beginning of each day.
- By having a pricing matrix, monthly concessions become obsolete and allow for the leasing consultants to be able to offer different rental amounts dependent upon the prospects flexibility. Also, the rental prices are revenue neutral, so the leasing consultant is not incentivized to sway the prospect into signing a longer lease term.
- There are a variety of pricing options based upon the flexibility the prospects have with their lease term length. This in turn allows for the leasing consultant to find the best apartments that fits the prospects needs in not only lease term length but also in desired rental amount.
- Marketing pieces that are created for the community are able to be designed without the use of any special rental amounts, or highlighted concessions.
- From a follow-up standpoint, the leasing consultants will be able to create more urgency and will also be able to provide updated pricing information for the prospects apartment they were interested in. Having this constant feed of updated pricing information will also help to make the leasing consultants be more proactive in their follow-up.
Revenue management software is a great addition to any community, regardless of if your occupancy is at 80%, or 99%. Using this software ensures that your community’s NOI is at its peak amount each month and takes the hassle of having to worry about effectively pricing your apartments as your occupancy changes. Even though the software will require the on-site team to be more diligent each day in learning their prospects needs and learning their pricing matrix, the benefit of being able to provide the best option to each prospect, will ultimately lead to more leases.
by Danny Soule – 10.25.12
Craigslist is the most consistently effective marketing piece at CLASS. It is a free marketing tool and contains controlled content, which enables the poster to determine which specifics are highlighted about the community. With a goal of obtaining inquiries from your post, you must first find a way to stand out amongst the sea of listings.
Below, I have put together a list of the top ten tips that can lead to more leases.
- Make Your Title Unique. Since a Craigslist ad is only beneficial if it gets clicked, your ad needs a catchy title. Posting that you have a “Great 2 Bedroom Apartment Available” is neither catchy, nor original. Make your ad stand out by trying something completely out of the box. During the Tiger Woods scandal, we had a leasing specialist that posted an ad with the title “Tell me a good Tiger Woods joke and your application fee will be waived!” This was a unique title that had the phones ringing off the hook.
- Stand Out From The Crowd. Scrolling down on a page of Craigslist ads is very similar to watching the Matrix screen from the movie. It is a screen of convoluted gibberish that all seems to run together due to similar fonts and punctuations. Try using a font that no one else is using. My favorite ads that pop off the page are in all caps. It’s something simple, but it allows for the title to break up the monotony of an entire page of listings.
- Post Pictures. At the end of each post’s title, if the individual has posted pictures to the ad, you will see the abbreviation IMG. Many people screen their search by looking for posts with pictures. Without pictures, your “Amazing 2 Bedroom Apartment” is no different than the 30 other ”Amazing 2 Bedroom Apartment” ads listed on the same page. Pictures are great but choose them wisely. There does not need to be anything in your pictures that can raise a possible red flag for a renter. Make sure you use pictures of a model unit or exterior shots taken during the summer months.
- To Post, Or Not Post The Actual Price? There’s always the burning question whether or not to post the actual price of the apartment. This all depends upon the property type and your target market. If your property is having a problem with a majority of your traffic being unqualified, then post the actual price. If your property is a little bit higher in price than your competitors, post your market rate and save your incentives for closing. In the end it doesn’t hurt to mix-up the pricing to see what responses you get.
- Get Creative With Your Ads. Just because Craigslist offers a generic format does not mean that you need to make every ad the same. Get creative. Try using a blind ad, in which you post the ad to make it appear as if a single individual is subletting an apartment, rather than a leasing agent at a community. Oftentimes, people will be more inclined to call a single renter, because they feel they may be more likely to get a good deal. Also, there are many template making sites (i.e., Postlets, Vflyer, TinyMCE, etc.) that can be used to spruce up your ads and make them stand out from the crowd. In turn, by posting different types of ads, you are less likely to have an ad flagged, or ghosted.
- Post All Throughout The Day. Just as you should post many different types of ads, you should also post ads at different times throughout the day. If you are someone that is posting three ads a day, all in the morning, then you are not posting to your best advantage. Once an ad is posted, all it takes is 100 more ads to bump you to page 2. You never know when someone is going to hop on Craigslist and do a generic search for “Apartments in Atlanta,” so you want to increase your chances by having an ad towards the top of the list all throughout the day. In some cities this is a very easy task to accomplish since there are not that many ads posted daily, but with a city like Los Angeles where there were roughly 1,300 apartment ads posted yesterday, it’s much more difficult. Therefore, post throughout the day and keep track of which ads you post at each time to determine when you get the best response.
- Post In Surrounding Areas. This is a technique that you may try, but you still want to make sure you are posting in your primary location. This is advantageous if you are in a location that is in between two major Craigslist cities. Try posting ads in both locations to see where you get the best response.
- Target Key Words In Your Ads. It is very important that you list key search engine friendly terms in your title and throughout the body of your ad. In listing these highly searched terms, you are increasing the likelihood of your ad coming up in a search. Does your community offer a walkable lifestyle by being located near shops, restaurants, etc.? Are you within a prominent school district? Is the area of town a desirable location that people would search for by name? These are all key points that you want to have listed throughout your ad. In addition, Google has increased the relevancy of Craigslist ads on searches, so there is a strong possibility your Craigslist ad could pop up in a general Google search.
- Determine The Number Of Ads You Should Post. As a general rule, we instruct our leasing specialists to post 3-5 times per day. If you are located in a city in which there is no one posting for apartments, then just post enough to ensure you are located near the top of the page throughout the day. If you are located in a city where there is an extreme amount of postings, such as Los Angeles, it is a good idea to aim at posting large amounts of ads. Many people are indifferent about posting this many ads and say that if you post this frequently, then the ads are going to be ghosted, which is always a possibility. Therefore, make sure you are posting 10-15 unique ads all throughout the day while rotating accounts and computers to change up the IP address.
- Be Consistent. Be consistent in how you post on Craigslist. If you post 3-5 ads on Monday and don’t post again until Saturday, don’t be surprised if you aren’t getting any phone calls. Craigslist is what you make it, so you have to get in the habit of posting daily. Don’t give up on Craigslist if you aren’t getting an immediate response, because after all, it’s a free marketing tool!
by Danny Soule – 10.23.12
CLASS is pleased to have guest blogger Chris Player, CIC, of Stevens Hale and Associates provide some much needed insight into different areas of risk exposure in multifamily communities. Thanks for sharing Chris!
“Apartment executives face a number of day to day challenges. From real estate market conditions to HR issues to tenant safety concerns; many executives rely on Property and Casualty Insurance products to reduce the exposure these challenges present. Here are 3 important risk exposures facing apartment owners.
- Data Breach and Network Security Insurance: Often referred to as Cyber Liability, protects an organization from a failure to prevent unauthorized access to the company’s network/server. Many personal information records are kept for tenants, which may include social security numbers. Whether an outside hacker or an angry employee looking to make a few bucks; the cost to restore one’s identity is very costly (see HIPAA and HITECH Act).
- Tenant Discrimination: A handicap tenant signed a lease in a second story unit. The tenant requested a first floor unit once available but the apartment management did not follow up on the request. The tenant suit claimed the apartment community failed to accommodate his handicap. This suit exceeded $10,000 in legal fees to the property. Many insurance carriers offer Tenant Discrimination coverage for Fair Housing violations.
- Employment Practices Liability: A prime example of this exposure is when apartment leasing agents show a unit to a prospective tenant. The prospect makes an unwanted advance to the employee which results in a sexual harassment lawsuit to his/her employer, the apartment owner.
These areas are often overlooked when identifying areas of risk on a multifamily property. With your onsite staff reliant on the internet, and with increasing tenant discrimination regulation, it is very important to explore some tools to mitigate this risk.”
If you have any question about Property and Casualty policies, please email Chris at firstname.lastname@example.org
by Danny Soule – 9.17.12
First off, on behalf of myself and the other 100 million or so individuals in this country that fall into the category “Millennials,” I’d like to say you are welcome to every individual that is involved in the multifamily industry. It is in large part thanks to us “Echo Boomers,” “Generation Next” members, or whatever other catchy slogan tag you’d like to attach, that the apartment industry has taken off, seeing lower vacancy rates than have been seen in years.
My generation is absolutely pro-rent, because after all, we were old enough to appreciate the housing crash and are pretty much content on forking out rent each month on an apartment. With this point in mind, by not being weighed down with a mortgage payment, my generation is able to stay mobile for job seeking opportunities and at least try to save money, which is a necessity, because we are one of the most affected generations by the recession. Now, just because my generation is actively looking for an apartment, it does not mean that we are just going to go out and decide to lease the first apartment that we see. We are a different kind of consumer and us Generation Y renters are a unique bunch that have very specific things that we are looking for in an apartment itself, as well as in the community.
As opposed to just giving you a collaborative itemized list of what a Millennial renter is looking for in an apartment, I figured I would provide a little different perspective on the matter. It just so happens that I will be in the market for a new apartment home this upcoming January and I am going to provide a few specifics of what I am looking for, because after all, my name is Justin Coleman and I am a Generation Y renter.
Square Footage. I am not necessarily concerned with the exact square footage of an apartment. I learned my lesson whenever I downsized from a 1,200 square foot apartment to a 600 square foot apartment that more size is neither necessarily better, nor is it even necessary since, like a large majority of individuals in my generation, I am not married and I do live by myself. I just need enough space to comfortably contain all of my belongings and furniture, but at the same time, I don’t want to have to be side-stepping furniture in my living room, or having to stand on my bed in order to be able to open the drawers in my dresser.
Price. This is a big one in my search. I know the price range that I can financially afford and I also know the price range that I personally want to afford, so ideally, I want to find an apartment somewhere in the middle, but preferably more towards the personal side. I don’t want to necessarily have to alter my lifestyle due to my apartment being so outrageously costly, so I am not trying to live above my means. On the other hand I can justify paying a little bit more in rent if the community’s location can offer me the ability to save some money in other areas of my lifestyle, which I will discuss shortly.
Connectivity. Connectivity in this particular context refers to technologically connected. More specifically this is going to refer to both Internet accessibility and most importantly, cell phone signal strength. In regards to the cell phone signal, I have never had an apartment with a land line, nor do I really have any intentions of changing this trend anytime in the future. Therefore, it is pertinent that I have an apartment that has a strong cell phone signal to ensure I have no problems with service. This is why any leasing agent that takes me on a tour of an apartment will see me with my cell phone out the whole time making sure I have signal all throughout the community. When it comes to Internet accessibility, ideally, I just want to make sure the community is in a location where there are multiple Internet company options to avoid any sort of monopoly Internet company treatment I have seen at some communities I have been to in the past. Also, if the community can have open access free Wifi in as many common areas as possible, this would be a huge plus.
Location. Location is without a doubt the most important factor for me in my apartment search. With living in a major metro area like Atlanta, which my generation is predominantly migrating towards areas like these, the location of where you live dictates your entire lifestyle and also determines additional expenses that may be factored into the living standard. I am looking for a few specific things when it comes to the ideal location of my next apartment: close proximity to at least one of the major interstates; walkability with shops, restaurants, public transportation, etc. nearby; most importantly, somewhere in the middle area of town where my office is located and where the airport is, since most of my driving consists of traveling to these two places. Ultimately, I want to wastine as little time as possible on commuting, albeit to work, the grocery store, airport, friends houses, etc. This is where I can justify spending a few more dollars on my rent if where I am considering living saves me time and money on transportation throughout the city.
These are just the four main things that I am looking for as I begin my apartment search, but every person will have their additional preferences as they go from community to community. Obviously if you are a community owner, or involved in upper tiered management, most of these items on my list cannot necessarily be controlled or altered to appeal to every Generation Y member. After all, your property is going to be located where it’s located, the price can only be altered so much, the square footage of apartments are not able to be changed and oftentimes, there is not a whole lot of control over the Internet situation at a community. Regardless, every community is going to potentially appeal to someone based upon their interests and lifestyle demands and needs, so you need to concentrate on the things that can be controlled, especially how the community is sold. On the other hand if you are a developer, or builder, then I’d probably take these interests listed above that I am looking for into consideration, because even though the other 100 million or so Generation Y members may not be looking for the exact same things as me, I’d be willing to bet most of them have similar desires.
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