Knowledge Is the Key to Survival

Knowledge Is the Key to Survival
By: Nicholas A. Dunlap, CPM

Anyone who has been inside of my office has seen the large stack of real estate related journals, newspapers and magazines that I keep on-hand to refer to for statistics and data. With that, I was drawn to the December 2009 edition of the Multifamily Executive, a publication that offered a “2010 Survival Guide”, listing 20 points that apartment owners and managers should follow to ensure a successful 2010. While I found a number of the items to be filler-type material, the most important item was all the way at number 17. The advice offered: “Push Rents Wherever You Can.” This is of the utmost importance in a time where one month the street rent is up $40 and the next it might be down $20, depending on vacancy rates and lease terms, a sizable dollar amount stands to be lost if you do not stay aggressive with rents and familiar with your market.

Know where your product fits in the marketplace. Know the rates and specials being offered by your competitors. This knowledge will give you the edge you need to succeed and strengthen your bottom line.