A New Game Plan via Multihousingnews.com

As multifamily assets are bought and sold, one of the challenges facing owners and operators is how to reposition older properties that are underperforming. Whether the goal is to better compete with new product in the neighborhood or to mend a tarnished reputation, there are a number of tips that can help.

Many of the marketing techniques that are working for high-end apartment communities can also be applied to mature properties that are struggling, according to Kevin Thompson, senior vice president of marketing at Bell Partners Inc., a multifamily real estate investment and management company based in Greensboro, N.C. The Bell portfolio includes 225 communities and more than 64,000 units in 15 states, spanning a spectrum of ages and market classes.

To ensure marketing success, Thompson suggests finding the competitive edge by looking at the asset from the prospect standpoint. “What feature or amenity stands out the most, from a marketing and advertising perspective? An older asset may have a better location and bigger floor plans. Perhaps it’s more affordable, or can be marketed at ‘lower rent per square footage,’ or located in a well-established neighborhood,” says Thompson. These are a few examples of features to emphasize.

Read more...A New Game Plan via Multihousingnews.com