Thursday, July 22, 2010

Resident Retention At Your Apartment Communities: Reasons To Stay

Classifying Your Assets
So how can you tell which aspects of your business are hygiene factors and which are motivation factors? First, you should ask yourself this question: if you do not provide a certain service, are your residents going to get upset? If the result of your service, or lack thereof, is an angry tirade, it is generally a hygiene factor. For example, waiting two weeks to fix a broken window will probably result in a screaming resident causing chaos in the leasing office, and constitutes a hygiene factor. The second way to determine if your “amenities” are actually hygiene factors is to look at your competitors. If every one of your competitors has the same amenity, then it is no longer unique and therefore, not a motivating factor to stay at your community. In fact, some amenities will switch sides over time. For example, online rent payment is still relatively new in the industry and many residents will see this as a value-added benefit to living at your community. But two years down the road, it is likely that most communities will have some sort of online rent payment. At that point, it will have slipped from a motivating factor on the renewal process to an expectation, or hygiene factor.

Remember that classifying your assets and amenities should be based upon your local competition. For example, a feature in a Class A property may be an expectation in one region while being a motivating factor in another region. Additionally, a feature may be a hygiene factor in a Class A property while being a motivation factor in a Class C property. Here are some examples of some common hygiene factors and motivating factors for a sample Class A property. Remember these factors are unique to this specific community based upon its local competition. Another Class A property might classify these factors completely different based upon its own set of circumstances. (Note: I included “Locks on doors” to illustrate that almost every asset in your community could be classified in this manner)

Illustration 2

Two factors probably jumped off the page at you. First, I am sure some of you might have looked at the motivating factor, “Resident Friendships,” with a curious eye. Did you realize that your residents should be considered assets as well? If your resident “Jennifer” has made three good friends at your community, those friendships are unique to your property and reasons for Jennifer to continue living at your community. In our industry, we continually refer to creating a “sense of community” because we instinctually know that residents who form emotional bonds with their community are more likely to stay. Therefore, forming those types of relationships can be very strong motivational factors.

Second, maintenance is generally not a motivation factor for a Class A property. Maintenance is crucial to retaining your residents; however, since it is an expectation rather than a perk, it should fall into the hygiene factor category. In other words, if your residents are paying Class A level rent, they are expecting Class A level service. However, in special cases a specific service can move from hygiene factor to motivation factor if it is truly going “above and beyond.” For example, your maintenance tech enters an apartment for a leaky faucet but also notices that a light was out and they need a new air filter. Without request, the maintenance tech takes care of these issues, as well. Service such as this can be considered a motivating factor if it outpaces the service provided by your competitors.

Using Your New Information
So now you have categorized all your assets and services into hygiene factors and motivation factors, how should you use this information? Categorizing your property’s assets in this way helps you determine where your property’s true value is, and will help you to market it to prospects as well as motivating your current resident to renew. Retaining a resident is a function of satisfying their needs (hygiene factors), giving them reasons to stay (motivation factors), and reminding them that you do both. Maybe you previously considered your maintenance as a motivating factor and now realize that your motivating factors column is looking a bit bare. In this case, you need to increase the number of motivating factors for living at your community. The more cash-strapped your community is, the more creative you have to get. One of the most cost-efficient motivation factors can be establishing a sense of community through inexpensive events and using a resident portal that includes a social interaction component.

Categorizing your assets and services will also allow you to promote your community more effectively to both prospects and residents. Back to the restaurant example, imagine the reaction if they advertised, “All our food is served warm!” They clearly do not understand that this is an expectation, not a perk; therefore, you will probably be wondering how good their food is if “warm food” is the best thing they can advertise. In other words, their advertising has turned into a negative because they did not fully understand their own business and its place in the competitive environment. It is ok to include hygiene factors into your promotional materials, but it is imperative that you understand that they do not constitute some revolutionary feature. Instead, it is best to focus on your motivation factors, which are essentially your competitive advantages relative to your peers.

Ultimately, using these tools will ensure that you have created both reasons for your residents to stay as well as fulfilling their expectations so you don’t inadvertently push them out the door. Once you have implemented these programs, you will be able to more effectively promote your community to both prospects and your existing residents, inspiring more leases and a strong improvement in renewals.

Thursday, June 17, 2010

Duplex Apartments in Delhi NCR

A Duplex apartment is a dwelling containing of two units or two different floors by sharing a common central wall. Actually Duplex apartment will occupy less ground compared to a regular sized house and mostly these duplex apartments will allow two units to share a common perpendicular wall. Commonly the accurate meaning for duplex apartment is that the entrance for both units will be on the ground floor only. Inside the house the bottom floor will contain the rooms like living room, kitchen, bath room and dining room. The second floor will generally reserve for bedrooms and bathrooms.

Purchasing a duplex apartment will treat as a single building even it will have two separate units. These duplex apartments are not used for the owners as one to use for their own and another for rental purpose to get rent as income. There are both advantages and disadvantages of these duplex apartments.

The Advantages are huge living area will available. This is well suitable for joint family or the family with more members. Privacy and security can be in superior. Store capacity will be high. The Disadvantages are too much of expensive, higher and usually more service bills and advance amount will higher.

Duplex apartments will available with all the ultra modern facilities and with innovative scientific security services. There are many duplex apartments are available in Delhi and NCR for sale and rental. If you want to buy duplex apartment in Delhi you have to spend a lot of money to purchase it. Because Delhi is the most preferred location for NRI’s and for executives and they are ready to spend as much as on those properties.

Mostly these duplex apartments in Delhi NCR will available at prime locations. It is better to buy duplex apartment in NOIDA or in other NCR regions is better to buy duplex apartment in Delhi, the capital city. Because of the existing crowd and property values Delhi is in sky-scraping position. Multi millionaires can afford to buy these properties but to some middle income group may not able to buy it. For them NCR is the best solution to buy duplex apartments and luxurious apartments. Purchasing such type of expensive properties you must be careful and have to enquire more and more the details about the property, location, facilities, available services, security, and proximity to major locations.

Thursday, June 3, 2010

Rohini Real Estate Market in Delhi

Rohini is one of popular area of North Delhi and Rohini has been divided into various sectors. Rohini is mainly famous with having Delhi Development authority Flats (DDA flats) for Lower Income group and Middle Income Group. Rohini property rate is less comparatively with Delhi city because being Rohini the farthest from the capital city. The first commercial district in Delhi is the Rohini district which is to be connected by the Metro rail and then have good connectivity.

This Metro rail project is not only benefited for the people who have already residing in Rohini but project will helps more people who are residing along the Shahdara-Rithala Metro corridor. These factors are making Development in Rohini which is becoming as one of the hot commercial spot of the Delhi. In Rohini there are various malls, multiplexes and commercial complexes available for buying, Rent or for lease purposes and many are still under construction. The major reason for the real estate development in Rohini is the Metro.

From Rohini to other places the accessibility is very convenient and comfort. The distance from New Delhi Railway Station to Rohini is approximately 18kms, distance between Punjabi Bagh and Rohini is approximately 07kms, distance between Vasant Vihar and Rohini is approximately 27kms, distance between Nehru Palace and Rohini is approximately 31kms, distance between ISBT and Rohini is 15kms, distance between ITO and Rohini is approximately 21kms. Due to this convenient connectivity Rohini Real Estate market has became one of the hotspot of Delhi. Many investors want to invest on Rohini property.

Many Builders and Developers are already started their ventures in Rohini. A 2bhk apartment with 1000 sq in Rohini Sector-9 will available for sale at Ronini for RS.38lakh. Not only lesser price of Rohini property compared to Delhi NCR has became demandable but also there are many factors to consider which will effect our daily routines such as crowd, greenery, open space, water shortages during summer and traveling connectivity to most important destinations.

These all make Rohini property market demandable. After Metro operation has became started the Rohini Delhi property prices has increased by 40-70% according to the property available area. Few years before the journey from Rohini to central Delhi it will take almost one-and-a-half hour but now this traveling time has reduced o 40 to 45 minutes only by Metro and the comfortable roads of Rohini.

Tuesday, June 1, 2010

Ansal API in Construction for Delhi NCR

Ansal API, a New-Delhi based realty firm is launching a major township for 115 acre of land in Gurgaon and in Delhi with the expected target sales of Rs.2, 000 crores. The company is looking for investment upto Rs.1, 500 crores to the make the planning execution and also will be raising the investments through its customer in the form of advances in 1st phase of call on issuance of ownership. 

The developers have received a sanction of Rs.1, 300 crores to the build the township for land acquisition from HDFC bank from which Rs.500 crores are already invested and Ansal API official claimed that they are building one of the biggest township under the head of green projects which is supported by ministry of new & renewal energy to be constructed as luxury apartments in NCR.

The technology factor used in the township will be one of the most expensive materials, equipments which have increased the cost of land and residential ownership by 7-10% as it includes the value addition of solar power by getting the project more enviornment friendly. The cost of each unit for luxury apartments in NCR will go upto start range of Rs.55 lakhs to Rs.5-7 crores, which includes the villas, service apartments, and plots too.

Ansal API managing director said that they are most likely in the position to raise debt by the ratio of 1:1 as they are in comfortable position to service its debts from the regular operations and are not willing to raise the equity funding by way of raising the capital for the organization for any investment concerns.
So lot of concentration will be provided by way for rising from the customer itself for secure and more reliable source. Any the project will be ready for living in mid of year 2011.

Friday, May 28, 2010

Delhi is Evergreen Real Estate Destination

Delhi the national capital city of India there are many people with various culture and customs are coming from different state and various countries. All over the city population has spread and the lack of accommodation is resulting for the new coming people now. Although the superior locality like Lutyen’s zone in Delhi the real estate is facing a rough phase to preserve the continuity. The Lutyen’s region consists of area like Prithviraj Road, Amrita Shergill Marg, Aurangzeb Road, Golf link etc the real estate properties are selling like hot cakes.

In Delhi the posh localities are having huge prices. In these areas for many years several families are living and having their own properties which are having high value. Now really many investors don’t wants to make new investments in these areas to have their own houses. And also more number of properties is not available for sale in here. Because the families which are living here for many years doesn’t want to sell them and also the property cost is very high. Outstanding demand for properties and fewer properties are available for sale makes the property value to rising extreme. According to Delhi real estate brokers, any of the area in Lutyen’s the residential property costs around RS 2 to 4 Lakhs per sq ft. in future this value may vary depending upon the location and area unit in Delhi.

In this zone of Delhi the properties are regarding too much number of Civil servants, Politicians, Industrialists and business people. This zone is having its historical significance and popularity. In Delhi Real estate sector builders are saying that still there is natural spark which makes them so attractive. Also they said that there is a slowdown phase that tough Delhi properties like other metros have been growing. But Lutyen’s and its places in Delhi will never lose its significance in the real estate market of Delhi. Having a Delhi property is a big deal in itself and owing one in the posh area like Lutyen’s region mean having status.