Occupancy & Marketing
Occupancy: Occupancy, occupancy, occupancy. At Summit Property Management, our goal of 100% occupancy is paramount for EVERY property we manage and is on-going in EVERYTHING we do. Thousands of dollars are lost when only a few units are vacant; therefore maintaining a fully occupied community is essential. To ensure 100% occupancy, our leasing and marketing does not end when the property is fully occupied; nor does it end when a wait list exists.
- Application Process: Continuing to expand an up-to-date waitlist can lead to faster turnover and less vacancies. In order to get on our wait list, a prospect must first apply. The application process is both streamlined and stress free. Whether the prospective resident does an onsite visit or prefers to apply through the mail, our community managers screen all applicants. If the applicant is applying for an income restricted unit (section 8, LIHTC, Rural Development, HOME) our Director of Compliance Monitoring manages the application process from interview to occupancy. This ensures that all Regulations are being followed for the protection of owners and investors.
- Anticipating Turnovers: One of our most successful strategies to achieve and maintain 100% occupancy is that of anticipating turnovers. Our community managers are trained to keep their eyes and ears open to their residents. If a manager hears about a resident moving out prior to the written notice, they can avoid lost rent by beginning to contact wait list applicants and immediately prepare a marketing plan to lease the unit. Keeping up with what is happening in the community allows us to anticipate turnovers and quickly fill vacancies with very little lost revenue.
- Tenant Relations: Tenant relations begin from the moment a prospect walks in the door. From the community tour to the application process, our community managers are there to help. Once a prospect becomes a resident, each of our community managers understands the importance of maintaining a trusting relationship with all residents. We treat our residents with dignity and respect, are prompt in responding to tenant service requests, and have thus established a friendly and welcoming community at each of our properties. When a resident is happy with their apartment and living environment, it is likely that they will not only renew their lease, but also refer prospective tenants to the property.
Marketing Initiatives: Summit takes marketing efforts very seriously. Marketing our properties goes hand in hand with occupancy and 100% occupancy is ALWAYS our goal. Becoming a well-known entity in the community at large is an ongoing process and something we strive for at all our properties.
- Marketing Plan: Every year we create a strategic marketing plan for each property. The plan outlines the annual marketing budget, specifies where the money is going on a month-to-month basis, and shows how much is allocated toward each marketing opportunity. The plan provides each manager with a marketing “road map” for them to follow throughout the year, with adjustments when necessary. (See a sample Marketing Plan.)
- Weekly Property Tours: Each Wednesday afternoon, properties managed by Summit host an open house which allows prospective residents to take a tour of our property, meet the management staff in a low- key friendly environment, and get all their questions answered.
- Ongoing Marketing: Along with placing ads for individual vacant units, Summit believes in marketing the property throughout the year even when all units are full. Becoming a “house-hold” name takes more than just classified advertising in the local newspaper. We believe in getting out into the community in other ways to make our properties known. Some of our marketing initiatives include:
- Purchasing a booth at the annual Senior Expo
- Key chains, bookmarks, and magnets
- Quarterly postcards to all Waitlist Applicants and Prospects
- Yellow pages ads
- Quarterly magazine publications
- Banner sponsorship of sporting events, charities, fundraisers
- Property Brochures- See a sample Brochure
- Community Relations: Summit understands that our reputation in the community at large has an impact on leasing efforts. With that idea in mind, we host events that allow residents and non-residents time to share together on our properties. These events not only promote our properties to prospective tenants, but they also help to establish important, on-going relationships with community members and leaders.