In a crowded rental market, it can be hard to find an edge over your competitors. With apartment communities battling for tenants, spending money on state of the art amenities often seems to be the only way to attract applicants. But what if we told you there is a free option for property managers looking to stay competitive? Scott Safadi of Cal Bay Property Management has the answer.
The key, he says, is knowing your market. As the saying goes, keep your friends close and your enemies even closer! By constantly staying abreast of your competitor’s marketing strategies and upgrades, you can ensure you’re one step ahead.
So what does this research look like? For one, you should be following your competition on social media. Don’t worry about giving them extra likes or followers – you need the valuable intel they’ll project on these platforms. You should also not be afraid to call up competing communities and ask questions as a potential applicant might. There’s no shame in staying in the loop!
You should also consider checking out the competition’s online reputation. Reviews can speak volumes about the way tenants feel about their community. Still, don’t rely too heavily on the intel you learn on Yelp – angry tenants are more likely to leave biased reviews.
– Scott Safadi, Cal Bay Property Management