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How To Attract Quality Residents To Your Apartment Community
Not following best business practices can destroy your apartment building investment.
A high-quality resident is someone who pays rent on time, treats the unit and apartment community as if it were their own home and is courteous to the neighbors.
High-quality residents not only make your life easier, they make you and your passive investors more money in the long run.
Sure, low-quality residents can help you increase your occupancy rate in the short-term. But they will negatively impact other important financial factors longer term.
Low-quality residents lead to higher turnover costs, both due to more frequent turnovers and more expensive, lengthier turns.
They also lead to more expenses associated with evictions, higher bad debt (i.e., uncollected debt after a resident moves out) and a higher amount of delinquent rent.
Therefore, the successful apartment syndicator or property manager will proactively implement procedures with the purpose of attracting the best-qualified residents in the area.
This approach minimizes the number of low-quality leads and maximizes the higher-quality ones, which has a positive feedback effect: Attract high-quality residents to your apartment and they refer your apartment to others, which brings in more of the same caliber.
Winston Rowe & Associates a publisher of Free eBooks and commercial real estate due diligence prepared this article, they can be contacted at 248-246-2243 or visit them online at http://www.winstonrowe.com