A private, 35-seat theater; spa services; an upscale wellness and fitness center; personal concierge services; shuttle service; resort-style pools with upgraded furniture; social events such as poolside parties, hikes and cocktail hours; an on-site wine café – no, this isn’t the list of amenities offered at a five-star resort. It’s just some of the “lifestyle enhancements” luxury condo and apartment complexes are offering their residents.
During the past decade, renting became not just the alternative for those who could not afford to buy, but a choice for city-dwellers who desired a maintenance-free living situation. It’s a trend particularly affecting young professionals in large urban areas.
As the renters of the world became more prevalent, especially for higher-end developments, builders began creating luxury living environments to lure new tenants. Success in this market requires two tactics: building in a plethora of amenities and attracting potential tenants to view developments.
There are more than 115 million housing units in the United States, and one-third of all U.S. housing is rented. Property management is a huge industry that only continues to grow as the home-buying market continues to decline.
Meanwhile, single-family rental units spring up seemingly daily, and property management companies often use promotional products to stay competitive and to attract and retain the influx of renters. But the work isn’t over once the lease is signed. Property managers not only have their hands filled with their basic duties – negotiating rental agreements; collecting rent and tracking tenant deposits; keeping up-to-date with federal, state and local laws; responding to tenant requests; and generally keeping all residents happy – but must also be constantly working to ensure tenants will renew their lease once it has expired.
“As a property management company, we use promotional products for both current and prospective residents,” says Julie Mitchell, a creative project coordinator for a Phoenix-based property management company with five live properties in Arizona and 10 more in the planning stages.
With corporate offices based in the second fastest-growing city for the apartment industry (Las Vegas is No. 1), Mitchell’s company must stay on the cutting edge of knowing what their potential and current residents want – including when it comes to deciding which promotional products to give them.
“Items we’ve used include pens, water bottles, coffee mugs, sports bottles, brochures, embroidered towels for both the pool and fitness, notepads and aprons,” Mitchell reports. “We also use promotional materials for move-in incentives. For example, we recently ran a promotion where we were giving iPods to people moving in within a certain timeframe and signing a specified lease term.”
Lease-signing incentives are common for property managers, and are usually big-ticket items, including DVD players and other home-based tech products.
To show their tenants they care about them even after the ink dries on the lease, property management companies hold contests and host events and parties where promotional products are used as prizes, or simply give away useful promotional products such as pool or fitness towels.
“Promotional products help us brand our company, gain new leases, keep residents and market our company,” Mitchell concludes.
This article was written by Lauren Vasquez for Corporate Logo Magazine. Reprinted with permission.
Lauren Vasquez is one of the few Phoenix natives still living in the Valley of the Sun, where she’s been a home renter for seven years with her dog, Dozer. She is also the associate editor of Professional Door Dealer magazine, but much more interesting than the magazine’s title would imply.
This post was written by Corporate Logo