Journal of Property Management - November/December 2009

container, stepstool, plus lighting and a power source. It brings rave reviews from both residents and rental prospects.

Electronic;Locks;Master keys are all but gone, and most “key protection systems” are cumbersome and require a high degree of staff diligence. True electronic locks, using Smart Card technology, are very expensive and, as a practical matter, require the replacement of the door and the door buck. The latest retrofit assemblies can be slipped over the existing door opening while losing only one quarter of an inch in width. These sophisticated locks are completely programmable and offer an uncompromising level of security. They are the locks of the future.

Private;Laundry/Utility;Room;Condominium developers learned over the years that an in-unit laundry room was essential to a successful sellout. Rentals coming on the market are now following suit. Next to an open-room layout, a laun-dry/utility room is the most sought-after feature in up-market rentals. Expect this addition to filter down to moderately priced apartments.

There are so many renters suffering
from allergies who would jump at this
option. If you run out of ideas, try
some decorator paint combinations,
crown molding or upgraded hard-
ware/fixtures. They all cost money,
but they all pay rewards in terms
of quicker rentals, better clientele,
higher rent and a much improved
employee morale.

Popular common-area upgrades include package receiving, a wireless lounge, emergency call stations, a bicycle room and rental storage rooms.

Improvements On A Budget

While the above upgrades are all well and good, what can be added to an existing, mainstream property while keeping within a moderate budget? The answer is variety. Preparing and re-preparing the same apartments with the same paint and carpet year after year is not going to cut it much longer. There are literally hundreds upon hundreds of variations and approaches that will breathe new life and value into time-worn apartments.

How about replacing a bathtub with a shower stall or a walk-in tub? Or, try removing the wall surrounding the kitchen and installing a small island to completely change an apartment’s look and appeal. Adding a computer center is a quick fix that will result in a quick sell. A bookcase system with provisions for a large, flat-screen TV changes the ordinary. Consider installing a 16-inch border of hardwood flooring around the perimeter of the living area and then placing a carpet insert in the center. This presents an entirely new look. Or, what about just offering a choice of either a ceramic tile or hardwood floor?

By the Numbers

A complete, 12-page discussion with step-by-step examples of how to track, calculate, measure and improve your property’s average length of stay and the average number of days of lost rent that occurs between rentals, is available to read or print (free of charge) on the IREM Web site. Visit www.irem.org, click on the “Publications” tab, then “Bookstore” (in the dropdown menu), and select Practical Apartment Management, 6th Edition. On the Web page that opens, you will see a hyperlink that reads, “click here Ch. 19 Length of Stay.”

DON’T;FORGET;THE;BOTTOM;LINE Most planning for a new year includes ways to cut operating costs. Owners love frugal managers who hunt for ways to save money, which can add up to hundreds, and possibly, even thousands of dollars. But, so many managers miss the single best opportunity to add literally tens of thousands of dollars to their property’s bottom line. That is accomplished by increasing the property’s length of stay.

Jot down an estimate of your property’s average length of stay on a piece of paper. Also include the average number of days of lost rent that occurs between rentals. If you don’t know, a guess will suffice and may provide a surprise when the real numbers are determined. Improvement in these two categories is the key to improving a property’s bottom-line profit. The problem is that few properties track these numbers and, without that measurement, improvement becomes just a matter of chance.