Physical Appearance of Property
Redwood Landing ensures that our staff walk the property on a regular basis to address any issues that affect curb appeal. The company performs an initial property inspection and a formal property inspection on a monthly basis. Further, the company ensures that all units are visited and examined on a biannual basis provides annual updates to owners regarding recommended capital improvements.
Moreover, the owner is offered the opportunity to participate in annual maintenance operations performed by the company for its property owners. The economy of scale pricing enjoyed by company is passed through to the client for routine maintenance services such as: gutter cleaning, pressure washing, water heater flushing, tree trimming, pest control, asphalt resealing, and wood surface sealing. This gold standard of care assists with the continued maintenance and performance of the property and can be arranged for with package pricing on an annual basis.
Professionalism of Staff
To ensure the professional appearance of the staff-members, Redwood Landing has a written dress code. All employees are required to conduct business in a professional manner, with special emphasis on maintaining and fostering the integrity of both Redwood Landing, and the subject property.
Resident Qualification Standards
Redwood Landing’s Resident Qualification Standards are consistently applied when processing applications for residency. Assuming the applicant qualifies based upon credit, a Criminal History will be run. Applicants must qualify based upon the full market rent of the apartment, and not based upon any discounted rent. In addition, a verification of income and rental reference are required of each prospective tenant. This will ensure a more credit-worthy renter who is less likely to be evicted or skip.
A primary focus is to educate associates on Redwood Landing standards of customer service and resident retention. Associates are routinely “shopped” to ensure that they are applying the principles of leasing and customer service valued by the company. Upon hiring, Associates sign a release authorizing us to have them audio and video shopped. Through this process, the staff learns how to provide better customer service, which translates into more leases and better resident retention.
Outreach Marketing and Implementation of Marketing Action Plan
The staff are introduced to several programs such as Redwood Landing’s Multifamily Referral Program and Preferred Employers Program. These programs are designed to offer incentives to external influencers by referring individuals to our Redwood Landing’s managed communities. Redwood Landing provides marketing flyers, brochures, posters, advertisements, etc., which can be custom designed to meet your property’s needs.
Optimal Price Strategy
Based on our analysis, if we anticipate a softening of the rental market, offering concessions will be necessary in certain markets from time to time. In these softer markets, we feel that constantly offering large periods of free rent (2 month free) is a losing strategy in that it encourages unqualified traffic and leads to higher turnover. It is our experience that in order to achieve the highest possible revenue for the property, we will need to focus on both achieving the highest possible rent per lease and minimizing vacancy loss. The first step in this is to identify the property’s true price point in the market (net price after concessions). We then apply a price strategy for quoting rents, as opposed to quoting abnormally high rents with large free rent periods. The effect of this is to stabilize the income stream of the property and focus on real rent growth by steadily raising rents as market conditions improve or exposure decreases.
By focusing on real rent and lease expiration management, the staff can increase rents on more desirable unit types. The result of this plan is minimized vacancy loss by operating the property at sustainable rents.