The Dayton Daily News contained an article yesterday - right on the front page - all about how the rental rates continue to fall in the local apartment market. It was such a bleak article full of doom and gloom. I wonder who these so-called experts are? David Dickerson - from Gen Real Estate Group and Peggy Alford of Rent.com have impressive credentials. But so what? What is their role in the Greater Dayton apartment market?
I guess I should not take this type of thing personally, though in some ways, I do. I came back to the Dayton area in February to shore up a declining occupancy at a small apartment community right in the thick of things. There are more than 32 apartment communities that serve as direct competition to this property. In less than 2 months we are back on top at 97% occupied.
The articles describe the glut of the industry - guaranteeing that pricing should decrease: greater the supply, the less of demand. Yes, sometimes you do have to lower the rent. Sometimes you may have to market an enticement of some concessionary source. However, if you know your market and you understand the variables, there is absolutely no reason to panic and take these people's word as law. I think too many Management Companies resort to offering all these concessions (one downtown property this morning posted a freebie of TWO MONTHS of RENT) because they don't train their teams to manage the revenue. They could probably just lower a couple of units' rent and adjust the other pricing accordingly.
On the other hand, too many apartment communities have rental rates that are unrealistic. I don't see how some of these older properties say the rent on a 1 bedroom is $679 but they run a "Special" that reduces the rent on that same apartment to $499!!! Come on - can you really do that? And make any money? I think that is ridiculous!
It would be ideal, if we lived in an ideal world, to have a stablized rental rate system, share it with your competitors, and agree not to offer huge concessions. At least, that is my opinion.
Saturday, March 26, 2011
Wednesday, March 16, 2011
Let's Talk Customer Service!
I recently decided to purchase some furniture. And you know - furniture is not usually something I buy every day, much less frequently. So, I was actually excited by the prospect, even though I didn't really want to do it. I purchased a new couch - no problems. I picked it out, ordered it, made delivery arrangements (3 times!!!!) but it arrived and was perfect. I was happy not to be sitting on the floor any more. Then it came to ordering a bed.
I have never bought myself a new bed - EVER. In the ancient days of being a newlywed, my now ex-husband bought the bedroom set that resides now in another residence. I had of course, as an expectant mom, picked out nursery furniture, a crib being a part of that. Then came twin beds, loft beds, and then a guest bedroom set. But I had never needed to buy myself one. Carpe Diem!
It was fun shopping for it. It was even more fun laying on all those mattress sets, pillow tops, soft and cozy. Firm mattresses - oooh, probably good for my back but goodness, absolutely no give whatsoever. I thought it would feel like sleeping on concrete. Then there are the sleep number beds - too complicated! All those numbers. Who can figure that out at the end of a long day? Once I settled on a beautiful bed - if you saw it you would know immediately that it was "me," I made the delivery arrangements, which turned out to be a complicated mess.
Eventually, the bed arrives and I am so relieved! I had spent the past three weeks sleeping on a twin size air mattress which needed refilling every so often. (That's a fun story all by itself - I will spare you.) I watch the delivery guys unpack the contents of boxes and assemble the bed. Then I look at the bed, specifically the empty middle where the mattresses will be placed. Hummm. Only 2 slats. I ask about this and the delivery guy tells me, "Lady, it only came with the two, so that's all there is. Here, sign the form and Thank You." I look blankly at him and squint my eyes. Hummm. I tell him it looks like there are places indented to hold three slats. "I dunno," he says and holds out the clipboard with pages to sign. I sign.
After the delivery people leave I keep wondering about that 3rd slat so I call Customer Service. The young man who answers the phone tells me abruptly I should not have signed the form and furthermore, EVERYBODY KNOWS you don't sign if you have questions. Really? If I had known this, I tell him, I would not have signed the form. I would have called right then. "Do you need a repairman sent?" he asks.
"No, it isn't broken. I am MISSING something."
We come quickly to an impasse as this person continued to tell me I should not have signed for it and do I want it repaired. I wonder, how do you repair something if it isn't even there. "Sure - send me someone who can tell me if I do in fact need the 3rd slat."
Now, the mattresses arrive. The delivery person is the same person who sold me the set. It is his family's store. He takes one look and asks where the third slat is. I tell him my story. He looks at me as I stand there looking - stupid? Hopeful maybe? Plain old dumbfounded? "Let me take a few measurements and I will make you a third one because the bed should have three. This will help your mattresses last longer and give you more support." He and the helper place the mattresses on the bed frame and tell me he will come back in a day or two with the new slat. And guess what? He does!
This guy's name is Tim. He says his father and brother own the store, Mattress Innovations, in Dayton, Ohio and he is the BEST customer support specialist EVER. He really went out of his way for me. He measured for the new slat, brought it back and installed it on the bed and did all of this without charging me a dime. Not even for delivery!!! I cannot tell you how impressed I am with his level of commitment to me as a customer with a problem. He first noticed there was a problem. He set about solving the problem. Then he made sure I was completely happy with the product. This is the first time in my life that I have been on the receiving end of such care. If you ever need a new mattress, go to Mattress Innovations. They are GREAT!
His attitude helps me to remember that this is what it means to go above and beyond. I hope that I remember this every day when I am working with my Residents, Vendors, and Prospects and other team members.
I have never bought myself a new bed - EVER. In the ancient days of being a newlywed, my now ex-husband bought the bedroom set that resides now in another residence. I had of course, as an expectant mom, picked out nursery furniture, a crib being a part of that. Then came twin beds, loft beds, and then a guest bedroom set. But I had never needed to buy myself one. Carpe Diem!
It was fun shopping for it. It was even more fun laying on all those mattress sets, pillow tops, soft and cozy. Firm mattresses - oooh, probably good for my back but goodness, absolutely no give whatsoever. I thought it would feel like sleeping on concrete. Then there are the sleep number beds - too complicated! All those numbers. Who can figure that out at the end of a long day? Once I settled on a beautiful bed - if you saw it you would know immediately that it was "me," I made the delivery arrangements, which turned out to be a complicated mess.
Eventually, the bed arrives and I am so relieved! I had spent the past three weeks sleeping on a twin size air mattress which needed refilling every so often. (That's a fun story all by itself - I will spare you.) I watch the delivery guys unpack the contents of boxes and assemble the bed. Then I look at the bed, specifically the empty middle where the mattresses will be placed. Hummm. Only 2 slats. I ask about this and the delivery guy tells me, "Lady, it only came with the two, so that's all there is. Here, sign the form and Thank You." I look blankly at him and squint my eyes. Hummm. I tell him it looks like there are places indented to hold three slats. "I dunno," he says and holds out the clipboard with pages to sign. I sign.
After the delivery people leave I keep wondering about that 3rd slat so I call Customer Service. The young man who answers the phone tells me abruptly I should not have signed the form and furthermore, EVERYBODY KNOWS you don't sign if you have questions. Really? If I had known this, I tell him, I would not have signed the form. I would have called right then. "Do you need a repairman sent?" he asks.
"No, it isn't broken. I am MISSING something."
We come quickly to an impasse as this person continued to tell me I should not have signed for it and do I want it repaired. I wonder, how do you repair something if it isn't even there. "Sure - send me someone who can tell me if I do in fact need the 3rd slat."
Now, the mattresses arrive. The delivery person is the same person who sold me the set. It is his family's store. He takes one look and asks where the third slat is. I tell him my story. He looks at me as I stand there looking - stupid? Hopeful maybe? Plain old dumbfounded? "Let me take a few measurements and I will make you a third one because the bed should have three. This will help your mattresses last longer and give you more support." He and the helper place the mattresses on the bed frame and tell me he will come back in a day or two with the new slat. And guess what? He does!
This guy's name is Tim. He says his father and brother own the store, Mattress Innovations, in Dayton, Ohio and he is the BEST customer support specialist EVER. He really went out of his way for me. He measured for the new slat, brought it back and installed it on the bed and did all of this without charging me a dime. Not even for delivery!!! I cannot tell you how impressed I am with his level of commitment to me as a customer with a problem. He first noticed there was a problem. He set about solving the problem. Then he made sure I was completely happy with the product. This is the first time in my life that I have been on the receiving end of such care. If you ever need a new mattress, go to Mattress Innovations. They are GREAT!
His attitude helps me to remember that this is what it means to go above and beyond. I hope that I remember this every day when I am working with my Residents, Vendors, and Prospects and other team members.
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