With what has happened over the last few months, creativity is key in resident retention, leasing, and in keeping your staff motivated. Who would have thought this virus would basically stop the world from turning and our country and the apartment industry on its head? Job losses, furloughs (which is basically a temporary job loss), and creating situations which have impacted our teams have complicated operations and how we do business. Virtual apartment showings, dealing with higher delinquency because millions are on unemployment, social distancing, and so much more have created an environment where thinking outside the box is not only prudent, but necessary.
Many of us went through the downturn in 2008 and 2009, and that that was bad. We're now in a situation where it's not economic based; however, it is. We are now faced with challenges we think that are out of our control; however, in some ways they are. This is where creativity meets results or lack of it meets failure. I recently responded to a posting by a property manager who said prospects would only do in person viewings when her company would not allow them. I suggested issuing a satisfaction guarantee, but only if she was confident in her product and her property. She indicated her company was not interested in that after she approached them and her regional said that was a "not financially good idea." I simply shook my head after getting her response thinking closed minded approaches can lead to closed or empty properties.
We cannot be afraid to think outside the box, nor should we be afraid to throw everything on the wall and see what sticks as I like to say. These are challenging and unique times, and for that it demands different and unique approaches to get us through these times. I say don't just think outside of the box, but be prepared to build a new one.
Good luck,
Larry
