Here at CLASS, we’ve earned our reputation as the most effective solution for apartment leasing and marketing firm in the nation, offering apartment vacancy solutions and other leasing services to our clients. We know that, as a property manager, you face a lot of challenges. While many of the challenges haven’t really changed over the years, the cause of these challenges have. Today we’re going to talk about some of the most common and universal problems property managers are facing today.
- Residents: Do you know that it now costs about 7 times as more to bring on a new resident to your property rather than renewing an existent resident? This means that obviously, taking care of your existing residents should be paramount. One thing that hasn’t changed over the years is the resident’s demand for comfort, and rightly so! While their desire to be comfortable hasn’t changed, the amenities that they desire have!
- Operating Costs: Energy costs and overhead will always be a challenge for property managers. Energy saving initiatives should always be a priority and something you can even get your residents in on without making them feel like you’re being controlling. The green movement has picked up a lot of steam in our country! Look to buy supplies and equipment in volume to offset the rising costs of energy and maintenance.
- Leases: Resident leases have become a huge challenge for today’s property managers. Residents are looking for more flexibility with their lease terms, more termination options, and the ability to sublet if they need to. Finding a middle ground is key with your residents.