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NOI Now: How to Boost the Bottom Line
Lindsay Machak / MULTIFAMILY EXECUTIVE / September 19, 2013
A 100-unit property can bring in more than a million dollars in additional revenue with just a few tweaks, according to some multifamily management pros.
During a panel session at the MFE Conference in Las Vegas on Sept. 10, a team of five experts discussed strategies of how to boost the bottom line of a 100-unit community with seven strategies.
Determining if you’re charging an accurate amount for rent and then raising the rents to meet your value was one of the first places the experts sought to increase money. It’s also where a 100-unit property might gain more than $400,000.
Using revenue management systems is a valuable tool in raising rents, Todd Bowen, of Kettler Management said. However, you can’t just rely on the computer to do all the work.
“We realize that our employees and team members and the people operating the system must be astute and make very good decisions to optimize those rents,” he said. “We can’t just let it go, so we rely on them to study and get out in the marketplace and interact with our competition in addition to getting into the details of what the system is requesting.”
Creating a sense of community came up as an important factor in both improving occupancy and reducing turnover, panelists said.