| If one hundred people were to drive by your | | | | There is seldom cash to do all things all the time |
| property and make a verbal comment what | | | | even for property presentation. For starters |
| would they say? Would it be positive or negative? | | | | make a list of items that will increase curb appeal. |
| When ten people see an accident seldom do all | | | | Then rank these items in terms of costs. Do the |
| the stories line up perfectly, but when comparing | | | | things that cost the least first and work down the |
| all the information a pattern does begin to | | | | list towards the more expensive items. For |
| develop. The same is true for a multifamily | | | | example, let's say there is rusted cast iron gates |
| property; over a period of time a property not | | | | leading into the courtyard that really need to be |
| only gains a reputation, but a certain level of | | | | replaced. For now, lightly sand and paint them. |
| standing in a community (for better or worse). | | | | Example: there are over-grown trees in the |
| I'm not referring to marketing or property | | | | parking lot that should be removed. For now trim |
| management- just street level, drive-by, glance | | | | them back. Example: there are thirty exterior |
| through the windshield presentation. What does | | | | lighting fixtures on buildings that are old and some |
| your property say to the world that passes by | | | | no longer work. Find one or two suppliers that |
| your front door? | | | | carry a long-standing product, buy and install two |
| Property presentation is an owners initial visual | | | | per month. Start with the most visible area's and |
| contact with current and potential customers. | | | | continue buying two each month until all are |
| There is just no getting around an un-kept parking | | | | replaced. There are numerous things a property |
| lot or peeling paint, over-grown grass or broken | | | | owner can accomplish to upgrade a site without |
| window screens. These items are examples of | | | | breaking the bank. Example: hire a college age |
| low-cost repairs that should be eliminated as | | | | person to pick up the grounds every Saturday |
| barriers to entry for new tenants and to assist in | | | | for two hours. |
| retaining current customers in a multifamily | | | | When looking at your property try to see what |
| property. There are of course two things that a | | | | your customers see and ask yourself if that initial |
| multifamily property owner never has enough of; | | | | comment would be positive or negative. Work on |
| cash and customers (whether cash for cap ex or | | | | the negatives, accentuate the positives. All while |
| variable cost, and customers, even if 100% | | | | not losing sight of the budget. Just another day at |
| occupied, then potential customers on a waiting | | | | the office. What fun! Growing revenue, that is... |
| list). | | | | |