Property Managers: Attracting Long Term Owners Now

It’s no secret that retaining a resident costs much less than finding a new one. A vacant unit can mean trouble for a property’s cash flow as the income from rent has stopped but the operating costs, of course, have not. But what about those who are “just looking”? How do you convince them to opt for condo in your community?

Given the rise in housing prices, many people are opting for the ease and convenience of condo life. With amenities like swimming pools, gyms, and common areas that don’t require maintenance, it’s no wonder people are opting to downsize.

But what exactly are they looking for?

For Property Managers, realtors, and management companies, it’s important to remember what potential buyers are looking for; especially if they happen to be moving into a smaller space for the first time. Here’s what you’ll need to highlight:

1. Be sure to show as many available units as you can, walk around the entire building, and make sure to highlight the local community culture.

2. Show all options available: buyers might not always tell you exactly why they are looking to move so it’s important to show them a variety of add-ons. For example, even if potential buyers do not drive, they might want to rent out a parking space. They might also like to know that lockers are available should they need it in the future.

3. Lastly, be straightforward. Condo buyers want to know exactly what their monthly fees cover so have it ready and clearly displayed so they don’t have to go hunting. And don’t forget, potential buyers will often want to speak with current owners to get a sense of what it’s like to live in the building. Why not take the initiative and introduce prospective buyers to members of your board association or happy tenants?

   Don’t underestimate upgrades. From covered parking to extra storage space, gym memberships, free grocery delivery service, kitchen appliances, electronics, and even gift cards (which of course are tax deductible!), many potential residents are attracted to simple incentives that will make a big difference in their day to day life. Let us know what you’ve done in your community to incentivize buyers! Tweet us @ConciergePlus