Tuesday, May 10, 2011

Attracting the Best Renters

Our strategy for insuring we attract and retain the very best tenants is to create a "Designer Home" with many "Wanna Stay" features - i.e. features the occupants like a lot and can't find elsewhere. We aspire to the opposite of the "white box" Much value can be added by caring and putting forth effort. Constant engagement in the question, "what would make this a more special home to live in?" Quality of workmanship contributes much to this cause. Constant innovation, shopping for components, finding closeout bargains and an unyielding desire to "notch up" the quality and desirability of each home all contribute to making it happen.

In the spirit of this strategy, our Managing Partners "walk the walk" by:

Always maintain 6 professional grade images for each property of designer/”wanna stay” features that can be used for advertising the rental of the unit in the investments dropbox folder.

Perform at least one annual improvement while the property is occupied that adds a designer/”wanna stay” feature.

Performs at least one formal inspection/renter happiness survey that insures the property is being maintained clean and well and encourages the tenants to provide you with ideas for improvements that will result in that tenant being happier, ideally staying longer, attracting and retaining future tenants.

Is constantly asking everyone (contractors, tenants, designers, business associates, prospective tenants) what would be "cool"? What would make you want to live here? What would make you want to live here for a long time?

In short, creating homes that have the features that attract long term amazing renters is our passion.

1 comment:

  1. With the number of foreclosed homes being swept up by investors with the intent to rent in the future, it seams to me that the rental competition will go up not down going forward.
    If my belief is correct then the best thing that we can do is create WOW rental units that will stand out above the competition. WOW or designer homes do not have to compete on price. They will be the homes that people want to live in and stay in. If we spend the time to create fantastic rental units that will be our best hedge against a change in supply and demand dynamic that we could see in the future