Function & Value Vs. The Bells & Whistles

Function & Value Vs. The Bells & Whistles
By: Nicholas A. Dunlap, CPM

Each day, the Harvard Business Review publishes a “Stat of the Day”. Today’s stat reflects the attitudes of consumers in relation to the purchases they are making in today’s economy. With that, approximately 60% of consumers today are more concerned with a product’s core function and price than its added benefits or amenities. This attitude certainly transcends into the rental market and can be seen in prospective renters who are looking for the best value or best deal for their dollar. Not only are prospects looking at more apartment homes than before, they are looking at upgraded vs. non-upgraded, specials vs. free rent, location vs. upgrades and more. At the end of the day, the decision is made based on price and functionality. To those who are home more often, the upgraded apartment home might better suit their needs. To those who work long hours and are seldom home, the ability to be a quick drive or bus ride to work can be the difference.

Understand where your market is and analyze where your most recent customers have come from. When you can better recognize these nuances within your business, it is easier to seek out your prospects and succeed, even in a down economy.