We retweeted this article January 16, 2013, but think it's worth adding a quick link to it along with a bit of highlighting and commentary:
Every operator wants rent growth. Rent growth, rent growth, rent growth. Ok, ok, ok. I understand. Year over year rent growth is the most important driver of revenue growth. How do you get it?
1. Renewals. …
2. Resident screening. …
3. Expand "other income". …
4. Resident referrals. …
5. Email. …
Please comment on the following questions:
Question: What are your most effective rental revenue growth strategies?
Question: Who is best suited in your firm to focus on rental revenue growth?
We recommend being very careful about #3 (Expand "other income") and #5 (Email).
Concerning #3, be careful about converting anything that is built into the rent rate into a cost that is broken out where the renter can simply opt out or where the tenant may no longer consider it something that is a bonus just for living at your complex, even though the cost is still borne by the tenant.
As for #5 (Email), don't email just to keep your name in front of the tenant. If you don't have something valuable to say, it's likely better not to "bother" the tenants. A multi-layered opt-out feature might be wise where the tenant can get all emails, certain types of emails, monthly summaries or even none.
Insurance/Risk Management Tip:
You should, however, clearly reserve the right to email in the event of any important issues including any emergencies and even if it means notifying the tenants more than once via different means: phone, notices on doors/cars, notice boards/areas, in person, etc. When it comes to real emergencies, it's always better to over do it, so to speak, than to have failed.
Read the whole article (opens in a new tab so you may easily comment here): 5 Multifamily Rental Revenue Growth Strategies – Multifamily Blogs – Experts – Technology, Products :: MultifamilyBiz.com.
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