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Maintenance Is Your Best Amenity, But How Are You Showcasing It?

Maintenance Is Your Best Amenity, But How Are You Showcasing It?

One of the biggest benefits of apartment living is maintaining a resident's apartment.  Residents don't have to try to find a contractor, don't have to wade through reviews, don't have to price shop, and don't even have to alter their schedule to be there while their problem is fixed.  But do we do a great job of showcasing that value beyond saying, "we provide maintenance"?

Tony Sousa recently wrote, "Maintenance is your best amenity" in the ShareSpace, which I agree with 100%.  And as Toni Blake recently discussed in her Webinar Wednesday event, we need to work to properly showcase all the benefits we are providing to residents to justify our rents. 

Not all features of apartment living are readily apparent, such as the taxes we pay, or the incredible increases we are seeing in insurance costs. That also applies to maintenance – how do we showcase and quantify the value of maintenance?

One of our biggest challenges on that front is that a lot of our renters are those who have never owned a home, so they don't know the nightmare scenario of a busted pipe that bursts at two in the morning.  Running around trying to find the water cut-off valve, sopping up the water, renting giant fans – and that's even without the prospect of finding a contractor to fix the leak.  Sifting through ratings is a chore, and then trying to get a price quote is often impossible, even in the most straightforward situations.  So the homeowner then pays a trip fee and then hopes that the contractor isn't trying to gouge them.

So the question becomes, how do we illustrate that benefit to someone who has never lived through it?  How do we quantify the value of maintenance when some of that maintenance prevents a disaster?

So let's make a list!  What are some of the ways to showcase the value of maintenance beyond saying the uninspiring, "we take care of maintenance"? 

 
This comment was minimized by the moderator on the site

It's incredible how much time it takes to have a nice lawn and flower beds without weeds when you're doing the work yourself. Entire weekends get dedicated to "yard work". Or how incredibly expensive it is to pay someone to do those things to free up your time. For me, this is one of the best amenities apartments provide!

  Felicia Norman
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Thanks for bringing this up, Brent. While the media wants to devalue our rent, the TRUTH is that RENTING is THE BEST financial choice! I am working with my clients to build marketing tools for the leasing teams that share the local closing costs of buying a home, the average local HOA fees, and the average cost of local home repair. The numbers tell a great story about the value of our service team. The truth is ON OUR SIDE. We need to help our teams know it, share it with our residents and future residents, and publish it everywhere so renters find it when looking for an apartment. Single-family realtors have published 90% of the content about renting versus owning. We have some work to do on our industry PR!

You can see more in my last Wednesday Webinar, which is still available, and my 2024 Trend Report at http://www.TotallyToni.com

Here is my research from CO - you WILL need to make sure your numbers are true representations of your local cost to be authentic.
It's not hard to find with a few Google searches.

The TRUTH will add VALUE to the renter's perception of our service!
Renter versus Owner is a great financial deal for the renter. We are the owner, and WE PAY their cost of living, plus take on all the financial risk.

Homeowners pay the mortgage PLUS HOA Fees and home repair costs!
While the media bashes us for our fees, let’s give our renter a chance to see the fees involved in closing on a home.

The average cost of a home in Colorado is $528,285.00
Down Payment: $100,000.00
Closing Costs Include:
Application Fee: $100.00
Appraisal fee: $500.00
Home Inspection Fee: $500.00
Underwriting Fees: $3,000.00
Title Insurance: $3,000.00
Title Search Fee: $500.00
Transfer Tax: $4,000.00
Two months mortgage in reserves: $4600
____________________________
Total Upfront Cost: $116,300.00

For ongoing costs, factor in the $2,300.00 monthly mortgage payment, property taxes, homeowner’s insurance, utilities, HOA fees, and routine maintenance and repairs.

Colorado...

Thanks for bringing this up, Brent. While the media wants to devalue our rent, the TRUTH is that RENTING is THE BEST financial choice! I am working with my clients to build marketing tools for the leasing teams that share the local closing costs of buying a home, the average local HOA fees, and the average cost of local home repair. The numbers tell a great story about the value of our service team. The truth is ON OUR SIDE. We need to help our teams know it, share it with our residents and future residents, and publish it everywhere so renters find it when looking for an apartment. Single-family realtors have published 90% of the content about renting versus owning. We have some work to do on our industry PR!

You can see more in my last Wednesday Webinar, which is still available, and my 2024 Trend Report at http://www.TotallyToni.com

Here is my research from CO - you WILL need to make sure your numbers are true representations of your local cost to be authentic.
It's not hard to find with a few Google searches.

The TRUTH will add VALUE to the renter's perception of our service!
Renter versus Owner is a great financial deal for the renter. We are the owner, and WE PAY their cost of living, plus take on all the financial risk.

Homeowners pay the mortgage PLUS HOA Fees and home repair costs!
While the media bashes us for our fees, let’s give our renter a chance to see the fees involved in closing on a home.

The average cost of a home in Colorado is $528,285.00
Down Payment: $100,000.00
Closing Costs Include:
Application Fee: $100.00
Appraisal fee: $500.00
Home Inspection Fee: $500.00
Underwriting Fees: $3,000.00
Title Insurance: $3,000.00
Title Search Fee: $500.00
Transfer Tax: $4,000.00
Two months mortgage in reserves: $4600
____________________________
Total Upfront Cost: $116,300.00

For ongoing costs, factor in the $2,300.00 monthly mortgage payment, property taxes, homeowner’s insurance, utilities, HOA fees, and routine maintenance and repairs.

Colorado Average Monthly Rent: $2,100.00
Application fee: $60.00
Deposit: $250
____________________________
Total Upfront Cost: $310.00

Will there be HOA Fees? $2300 PLUS $401 = $2701
$4815.00 a year

Homeowners pay the mortgage.
PLUS, Home Repair Cost
Average Cost of a Home Repair
Greeley, CO $510

This does not include trip cost fees and wait time for availability.
Residents will call late in the day and say, “This morning I noticed.” They don’t call until late, but they expect it to be fixed that day. This shows total disrespect for the value and time of the service we provide.

RENT INCLUDES:
Property taxes, property insurance, school taxes, street usage fees, garbage removal, legal fees, repairs, seasonal landscape, tree and grounds maintenance, amenity maintenance, appliance repair, and MORE! Your property management company owns thousands of dollars in equipment for upkeep and pays for a professionally trained staff to manage your community.
Apartment residents enjoy a fantastic quality of life, excellent service, high-end design details, luxury amenities, and location without the financial risk and cost of ownership!

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  Toni Blake
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We used to have a "maintenance wall of fame" in one of our leasing offices. It had a pic of each maintenance-grounds tech and housekeeping person and number of years of experience. We made it a stopping point during the tour to go by, showcase this to our prospects and show them the professionals that would be taking care of them, the community and their apartment home. It really made quite the impression! And the tech team seemed to appreciate being acknowledged as well.

  Laura Bruyere

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