The ELLIS Consulting Group “Marketing Observation and Recommendation” process and written report is a special consulting service designed to diagnose challenges, problems, and conditions that have become barriers to an apartment community (or communities) in reaching its fullest potential as an income producing asset. It is an executive level troubleshooting exercise that might be compared to a medical check-up. Much like a medical doctor, ECG uses a checklist to review most every aspect of the property’s operations including management, Resident relations, marketing and leasing, and maintenance services. After our diagnostic evaluation, we then prescribe or “recommend” solutions and alternatives.
Using a systematic approach, an ELLIS property management consultant will visit the subject property and “observe” the daily operations and make extensive notes on a special checklist. This observation format is rather simplistic but thorough and follows the traditional Four P’s of apartment marketing;
A written report is provided - usually within ten days of our property visit - that provides an overview of our observations along with some general and specific recommendations that will result in an increased value of the property. While the written report is comprehensive, we do not fill it full of public statistics and general demographic information that is available to anyone through the Internet. The “Marketing Observations and Recommendations” Study is a custom report designed to provide immediate impact on your real estate asset and on the on-site employees. A verbal report with recommendations in lieu of the written report is also available.
- People- While we cannot provide a comprehensive assessment of your on-site team in a single visit to your community, we can ask questions, review procedures and records, observe the work patterns and leadership style, and visit with the Residents and vendors to identify any critical personnel challenges or weaknesses. With more than 25 years of experience, we find that this first and most important P, People, is usually the root of all problems.
Note: Our “people” observations include a review of the management style and effectiveness of the individual or individuals who supervise the on-site manager and the rest of the on-site employees.
- Product - We will review many aspects of the apartment community’s overall desirability and functionality. Along with the third P below “price”, our study will determine if the curb appeal, signage, office/leasing center, common areas, amenity package, unit condition, and floor plans are compatible with the property’s target or best rental prospect market. Even the best on-site team cannot lease and retain Residents with an inferior product.
- Price - How does the monthly rental rate and total cost to move-in impact the success of this multi-family asset? Do rental rates seem to be in line with the property’s actual comparables? In their leasing presentation, is the staff creating the value in the property that justifies the current rental rates?
Note: This study DOES NOT include a Market Comparable Study. We will review comparable information provided by the on-site team or the management company/owner. EPMS can provide custom comprehensive market studies in an easy to use and interpret format at an additional cost.
- Promotion - The final part of the study is a review of all current marketing and advertising. This will require a review of current traffic records and leasing policies and procedures. In this portion of the report we also review current “re-marketing” or Resident Retention and lease renewal practices and procedures.