| If you own to rent, know why renters move and what | | | | a MLS for rentals. Its been very effective for |
| amenities they choose in their new digs. If we can | | | | establishing a ball park number. |
| isolate the major needs of tenants we can begin of | | | | 2. Drive your neighborhood and notice for rent signs. |
| offer those amenities ourselves and we can certainly | | | | Call them and get a sense of your local market before |
| punch up our new listings advertising by highlighting | | | | you price your home or unit. |
| those amenities in our advertising. | | | | 3. Notice the curb appeal of units in your area. There |
| HUD produces a study every two years or so and | | | | are many cosmetic upgrades that are inexpensive yet |
| polls tenants that have moved. Paying attention to our | | | | create interest.a. Try some flowers or landscaping to |
| tenants is the best way to create strong interest in our | | | | make the front more attractive at little cost to youb. |
| available rentals and to assure good tenant retention. | | | | Try offering some high tech amenities such as DSL or |
| Keeping good tenants assures a stable cash flow, | | | | wireless in the buildingc. Offer storage if you have |
| allowing us to plan with some assurance ,new business | | | | under utilized space such as a basement aread. |
| activities and maintain a stable maintenance program. | | | | Consider installing a revenue sharing plan for either |
| The first question asked is "why do renters move" | | | | storage units or laundry room. There are companies |
| According to the US census Bureau about 1 in 3 move | | | | that will provide the equipment on shared revenue |
| every year. With home sales slowing we see rentals | | | | basis. |
| gaining strength and in my market, San Francisco, we | | | | FAIR HOUSING |
| see apartment sales which are based on cash flow | | | | Be sure you are aware of fair housing laws as they |
| and bought for investment increasing in price. | | | | relate to what and how you can describe a property |
| The first reason given in the HUD study was to begin | | | | or you can face a discrimination law suit. |
| a family. This means to us that if your tenant has given | | | | Fair housing laws prohibit making, printing or publishing a |
| you a thirty day notice to terminate and you have a | | | | notice, statement, or advertisement that indicates any |
| larger unit coming up, you should consider an offer to | | | | preference, limitation, or discrimination based on a |
| move them to the larger unit. | | | | protected class. Advertising must show that all people |
| Target Market: New families. If you have a large unit | | | | and classes are being equally considered. Fair housing |
| vacancy then you might consider new families as a | | | | laws address all types of statements newspaper, |
| target market. Please be careful of Federal fair | | | | radio, magazines, and television. All of the above |
| housing laws, you cant discriminate for or against | | | | including vacancy signs are advertising and must not |
| children. Post flyers in laundromats, near family clinics, | | | | prohibit making any statement indicating a preference |
| family birthing classes. | | | | or put limits on housing. |
| The second reason given for a move was job | | | | Images in Advertising: If you customarily use |
| location. | | | | advertising with photographs or drawings of people, try |
| Target Market: We think it would be good for an | | | | to use men, women, children, people with disabilities, |
| owner to be aware of transportation, location to | | | | and people of all races, nationalities and ages in a way |
| highways and emphasize being close to any large | | | | that reflects the population as a whole. A key is to be |
| companies or industrial parks in your area. The target | | | | sure to use images that are representative of society |
| market should certainly include employees in these | | | | in general. |
| locations and your listings should mention ease of | | | | Language: Avoid using words or phrases that show a |
| travel or even travel time to large employees. Place | | | | preference or discourage anyone because of his or |
| flyers near work places with good access to your | | | | her protected class. Describe the property itself and |
| area, local community papers and internal company | | | | not the targeted audience. |
| newspaper | | | | Marketing to a protected class: Be careful with your |
| Another big reason when choosing units is price. The | | | | language. Dont make assumptions about the need of a |
| key take away here is know you market. Price you | | | | group of people. It is best to objectively describe the |
| unit or home according to the area and your amenities. | | | | property and allow the prospective applicant to |
| If you price too low you may wait years to get to | | | | determine their needs, but it can be mentioned that |
| market value for that unit, especially if its rent | | | | your unit has access for the disabled or that you are |
| controlled. If you price too high, you may wait months | | | | near schools and playgrounds and that families are |
| for a rental causing a loss in the unit. | | | | welcome. There are other exceptions. It is advisable to |
| Action Plan | | | | always be careful and consult with your attorney or |
| 1. Search craigs list for units in your area with the | | | | apartment association. |
| same size and amenities. We like to use craigs list as | | | | |