QUESTION: What 'intangible' features does your property have that I wouldn't know about by just walking around or driving through?

QUESTION: What 'intangible' features does your property have that I wouldn't know about by just walking around or driving through? Don't say 'great service'. I'm looking for more amazing things your community has (not physical amenities) that I wouldn't know about unless you told me!
Let's see how creative you all are.
Thanks in advance! #multifamilystrong

Beer and iced coffee cold brew tap.

I'm seeing those iced coffee cold brew taps around more and more, Diane! Got anything special that's more 'personality' oriented? Not really a 'physical' feature, but more like a quality of your properties?

Diane Medina we have a Starbucks on our ground-floor retail space, so we cannot offer that, or free coffee as that violates their commercial lease

Handwritten birthday cards with a goodie bag delivered to the door on the leaseholders birthday.

I have a property that was hit by tornado in March. They helped each other move, about 50 have a group text, they’ve really bonded. Opening back up in December and already 25 (70 unit affordable) are moving back (paying to break current leases) because they call it home. Amazing after such a horrific experience that they still call it home and so many want to move back with their neighbors)

Trish Beirne that is the true sense of building community. Hats off to you and your team for laying the groundwork

I manage a student housing community here in Las Vegas and one unique feature we have is our fleet of electronic scooters. Residents can check out a scooter at the front desk and boot scoot boogie their way to class!

Each of our communities offers an in house resident rewards program. The beauty of this is that each property can tailor it to meet their own specific property. While there are general guidelines and marketing materials laid out, we allow each site to work it to their demographics and use it how they see fit.

We have a 48 hour maintenance guarantee...we pride ourselves on 24 hours. We also offer a 30 day guarantee. If you don’t like our community for any reason, you can move within the 1st 30 days.

Brenda Andrews Sherrill we have the 30 day gurantee policy as well???? never heard of anyone else offering it. Do you mind me asking where are you located? We have properties in several states but I'm in Houston Texas

Spruce

Property wide free WiFi. I don’t have it currently but I did at a previous residence.

Low crime

I know this will sound crazy to most of you, but we don’t do rent increases! Our owners have not raised rent for our current residents in over 10 years. When a resident’s initial lease expires and they renew, their rent actually goes DOWN $33 per month! Then, if they renew again after their second lease expires, the rent goes down another $11. Then it stays the same as long as they continue to live with us! We do increase market rent for new people coming in 1-2x per year. Our current market rent is $1200, but I have residents who pay $700 that have lived with us for 20-30 years!

Mike Snyder I’ll bet your turnover is very low. In some ways the fewer turns makes up for the lower rent. Tenant loyalty must be very strong. Interesting approach!

Robin Solis exactly!! It has worked for my company for almost 50 years!

How do you drive revenue? Is it through new residents hiked in market rate??? I'm just working to put my mind around it as an operator. I would love to do this but always project a 3.5 to 4.8 on my renewals of course that varies based on in place rate, market rate and investment to property.

Mike Snyder this is the worst business model I’ve ever heard of LOL but would be great if I was someone who lived there, I would feel very proud of my home and grateful!

Lydia Robertson my owners aren’t interested in growing the company. They are happy with their income and are the least “greedy” business men I’ve ever met. It is a pleasure to work for them, and I have for over 16 years!

Katharine Caskey our residents love where they live, and not just because their rent doesn’t go up!

Lydia Robertson the property could be paid off and they make enough to live comfortably and cover the costs of maintenance.

Mike Snyder thats amazing!! I bet they own the property outright, which probably helps.. i hope to be an owner more like that someday. I can't say I wouldn't do rent increases, but if my bills are paid and I'm still making some money.... no need to be a greedy, right!? My goal is to own about 20 doors.

It reduces turnover costs and vacancy. If some tenants are only paying $700 then they financed the building and had an initial budget of rental rates at $744 and with current market rents at $1,200 they are doing just fine with that model. I’ve worked at places that offered a renewal discount when we were trying to curb turnover in a competitive market in the early 2000s.

We have a great neighborhood feel. It's like Cheers,. where everyone knows your name.

Very active ownership, often can be found onsite working with the operations team and how to improve property and the living experience of our residents.

282 Trees-better air quality

Prior to COVID, we offered towel service at the pool and cool lavender scented towels in the workout rooms. And, the towel/pool attendant will come by and spritz you with water. We have another property in Dallas with its own coffee cafe and you can order almost anything online and either pick it up or have it delivered to your apt. Including food and toiletries.

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Our follow up - we make sure that all issues are addressed big or small!

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Melanie H. Bennett How do promote that with potential residents?

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Lisa Trosien testimony’s in Newsletters and on flyers

Key tag that offers 20% resident discount to the restaurants in the building + others.

Awesome dog community, and I mean the dogs have their own community. They even bark at the shut ins!

One of our draws is that we are connected to The Loop, a non-motorized 130+ mile commutable bike, running, or walking path. It's very scenic and great for cycling, pet walks, etc. It runs along a dry wash except during the Monsoons then it fills with rainwater.

We report positive credit for good payers to help them buy a home if that is their wish.

Low to almost zero turnover in staff

Omg... my peeps. At the end of the day we all have walls, windows and things that can attract but the be all end all is the people that serve. Their tenure, servitude and stories of going above and beyond. That is the biggest point of difference you can have on your comps. Get to know your people, their story.

Intangible can include community experiences, like door deco contests, community activities, relationships, atmosphere, and the “personality” of the community, right?

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Yep! Looking for some 'personality' more than anything else.

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Wow! ... Where's your property?!? I'm coming over!! ;o)