| 03-03-2006 08:54 AM CET - Industry, Real Estate & Construction |
|
Why High Apartment Rental Occupancy Can become a Real Killer for Landlords?
Press release from: Landlord Support
(openPR) - Phoenix, AZ March 2, 2006 - Do you find yourself burning through maintenance and marketing money without gaining ground in cash flow? Are you moving in new residents as fast as they move out? Well, don't feel lonely because many landlords are finding themselves cashless with highly occupied properties.
Many landlords fail to recognize the cost associated with unit turnover costs such as marketing, maintenance, vacancy and concessions.
According to the author, Craig Haskell, a leading multi-family authority and CEO of LandlordSupport.com, "Landlords get stuck in a spinning door. They find themselves churning through units while burning through cash."
Thomas Christensen, an independent contributing writer and researcher for LandlordSupport.com, conducted a survey of over 40 large apartment properties analyzing the real costs associated with unit turnover.
Using an average monthly rent of $645, he found the total unit turnover cost was approximately $2,700.
Look at these two examples. If a landlord turns over 10 units a month, then it will distress their cash flow by $27,000. If a landlord turns over 20 units a month, then it will distress their cash flow by $54,000. No small change.
As you can see, an apartment rental property with high turnover can cause long term cash problems even with a highly occupied property. The secret is to improve resident retention.
Here are some tips to improve resident retention:
1. Resident retention begins before residents move-in.
2. Create a lifestyle on your property.
3. Build a sense of community.
4. Improve customer service.
When marketing a rental property, you're selling a lifestyle not just an apartment unit. Residents that buy into a lifestyle will remain living at a property three times longer than residents buying a pit stop."
Keep building and improving your property's lifestyle and watch your resident retention and cash flow quickly improve.
About the author:
Craig Haskell analyzes apartment investment and management issues and publishes his results in a free weekly electronic newsletter entitled, "Tip of the Week." For more information visit www.landlordsupport.com
For More Information Contact:
Craig Haskell
craig@landlordsupport.com
www.landlordsupport.com
Many landlords fail to recognize the cost associated with unit turnover costs such as marketing, maintenance, vacancy and concessions.
According to the author, Craig Haskell, a leading multi-family authority and CEO of LandlordSupport.com, "Landlords get stuck in a spinning door. They find themselves churning through units while burning through cash."
Thomas Christensen, an independent contributing writer and researcher for LandlordSupport.com, conducted a survey of over 40 large apartment properties analyzing the real costs associated with unit turnover.
Using an average monthly rent of $645, he found the total unit turnover cost was approximately $2,700.
Look at these two examples. If a landlord turns over 10 units a month, then it will distress their cash flow by $27,000. If a landlord turns over 20 units a month, then it will distress their cash flow by $54,000. No small change.
As you can see, an apartment rental property with high turnover can cause long term cash problems even with a highly occupied property. The secret is to improve resident retention.
Here are some tips to improve resident retention:
1. Resident retention begins before residents move-in.
2. Create a lifestyle on your property.
3. Build a sense of community.
4. Improve customer service.
When marketing a rental property, you're selling a lifestyle not just an apartment unit. Residents that buy into a lifestyle will remain living at a property three times longer than residents buying a pit stop."
Keep building and improving your property's lifestyle and watch your resident retention and cash flow quickly improve.
About the author:
Craig Haskell analyzes apartment investment and management issues and publishes his results in a free weekly electronic newsletter entitled, "Tip of the Week." For more information visit www.landlordsupport.com
For More Information Contact:
Craig Haskell
craig@landlordsupport.com
www.landlordsupport.com
News-ID: 5800
|
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR.
openPR disclaims liability for any content contained in this release.
Please set a link in the press area of your homepage to this press release on openPR.
openPR disclaims liability for any content contained in this release.
© openPR 2012 | Imprint
More Releases from
Landlord Support
No further reports available
Comments about openPR
OpenPR is clearly structured and remains true to its principle of confining itself to the essential parts.
OpenPR has proven to be a very good and reliable partner to our media agency:
Within the shortest time the releases are online and go down well with the media representatives.
The success of OpenPR is reflected in the steadily increasing number of press releases.
It is good that OpenPR exists!
Ursula Koslik,Director Marketing & PR, F+W Hamburg
OpenPR has proven to be a very good and reliable partner to our media agency:
Within the shortest time the releases are online and go down well with the media representatives.
The success of OpenPR is reflected in the steadily increasing number of press releases.
It is good that OpenPR exists!
Ursula Koslik,Director Marketing & PR, F+W Hamburg