As a property company, it’s important to always consider the potential upside of every investment and to vet potential tenants to make sure they’re the type that we want in our properties. Horror stories abound about tenants who don’t pay and who damage properties once you’ve begun the eviction process.
But what about the Class-A tenants? What about the upwardly mobile millennials and late Gen-Xers who prefer to rent but will care for your property just as well as if they owned it? What about empty nesters with disposable income who have chosen to downsize and move back to the city now that their kids are grown and off on their own? According to a recent report from the National Multifamily Housing Council, many of the occupants of luxury high-rises belong to one or the other demographic.
If you want to have more tenants who pay on time and who almost never get in touch except to send your property manager a signed lease renewal, then you need to put yourself in their shoes and consider what type of community you would want to live in if you were renting. Does your business provide that? If you lived in your investment without being the owner, would it feel like home to you? Does your business environment feel like a bunch of random strangers with nothing in common but a landlord, or does it provide a sense of community for those who live there?
These are questions that we as investors in the apartment community space need to constantly ask ourselves because the competition for Class-A tenants is fierce.
Property management has a huge role to play. It’s not just about efficiency and taking the work of maintaining the units off your hands; it’s also about tenant relations, and property managers can make or break the sense of community that is at the forefront of your tenants’ minds whether they share their concerns during their tenancy or not.
For more information on how Marquette Management helps make metro Chicago the best place to work, live and invest, contact us today.Back to all posts