Multi-Housing News - June 2009 - (Page 26)

Green Initiative Turning Over Units Awards 2009 Presented by: By Erika Schnitzer, Associate Editor With summer about to officially begin, the peak season for apartment turnover is here. With rising vacancies, it is tempting to turn over apartments as fast and inexpensively as possible, but it is equally as important not to sacrifice quality in this market. First, walk through the apartment with the present resident before he moves out, notes Lisa Trosien, multifamily speaker, trainer and consultant. It will not only “alert you to any significant repairs that need to be made,” but will also “prep that outgoing resident for any charges they may incur,” which is critical to ensuring there is no loss of revenue. While the day of the new resident’s move-in is not his first visit to his new community, it could be the first time he sees his new home—and first impressions can be everything. Ensure that all appliances, locks and fixtures are in working order. There’s nothing as bad as receiving service requests from a brand-new resident— and he’ll certainly remember this at renewal time. Create the feel of a new home With tightened budgets all around, it is important to recognize how to create a seemingly “unlived-in” environment without breaking the bank. Repainting the walls is obviously one of the first steps in any apartment turnover. Kate Hart, principal designer at Hart & Associates Staging & Design, suggests using a warm, neutral color, as “stark white is too harsh and will look dirty over time.” Next, consider whether the carpet truly needs to be replaced. If so, Hart suggests opting for a light beige, sand or coffee color that would coordinate with any of the resident’s furnishings. For fairly worn carpet that could last one more year, Trosien proposes offering “carpet amnesty.” If your resident damages the carpet, he won’t be charged a fee. You get an additional year out of the carpeting, while the resident doesn’t have to worry about ruining it and having to pay for the replacement. Trosien maintains that this is particularly appealing to residents with pets. Customize the space These minimal steps are what the resident expects. In fact, Hart notes, “By not taking care of your units and making these simple changes, you are actually making your competition look better by comparison.” To make your community stand out, consider “extras” that will make your resident truly feel at home. “The more people can customize their apartment, the longer they are likely to stay. And you’re increasing the value of the asset at the same time,” notes Trosien. These extra steps do not have to be particularly expensive. Hart and Trosien suggest allowing the resident to select an accent wall to paint. While this provides a sense of customization, as Hart points out, “you will not have to repaint the entire unit between renters.” Other customization options include light fixtures, window treatments, kitchen and bath hardware and closet finishes. MHN To comment, e-mail erika.schnitzer@nielsen.com. products & services Recognizing eco-friendly products, services and corporate initiatives Enter Today www.multi-housingnews.com Enter Today www.multi-housingnews.com for entry form, fees and more information 16 categories including “transit-oriented” and “unbuilt” Winning projects will be published by Multi-Housing News and honored at the Design Excellence Awards Breakfast at Multi-Housing World Entries due June 30, 2009 For new product introductions, visit www.multi-housingnews.com/productgallery. 26 June 2009 | Multi-Housing News | Of ficial Publication of Multi-Housing W orld http://www.multi-housingnews.com http://www.multi-housingnews.com http://www.multi-housingnews.com/productgallery

Table of Contents for the Digital Edition of Multi-Housing News - June 2009

Multi-Housing News - June 2009
Contents
From the Editor
Executive Insight: Acquisition Strategy
Investment: Construction Conundrum
Property Management: Tech Tools
Strategy: Property Management
Case Study: TOD
Technology: Resident Payments
Turning Over Apartments

Multi-Housing News - June 2009