Location to Public Transportation
Many people are not immune the financial mess going on throughout the country. As such, people are looking to save, and gas is one of the first places tenants look. For example, Chicago residents of Logan Square, Lincoln Park, and Wicker Park use the L to get to work and back, so having this close must always be promoted. Many tenants have a 4 block threshold for walking when it comes to the L, if that!
In a down economy, it is all about adding value to your product, and apartments are no exception. Does your building offer laundry? How about free laundry? By placing a washer/dryer even a dishwasher in a unit, more people will reply to your ads because of it. Also, think about incentives such as sports tickets, one month free, and gift cards. This will not only get your apartments noticed more, tenants will have a positive experience and tell others. People love free, so find something you can provide and try it out!
If your apartment is advertised as having hardwood floors, please shine them! By keeping the floors up to date and shining during a showing, renters will take notice! If the floor has miss-matched patterns or significant evidence of wear and tear, it is no longer a selling point.
A Sense of Community
Is there constant communication with the tenants who live in your building? Is there a monthly newsletter welcoming the new tenants and showcasing their talents? Imagine if you could help tenants connect to one another and promote a sense of community? Nobody, I mean nobody does this! As an investor, you not only invest in the building but also the people in it because without them, there’s no point.