The market for apartment location services is hot and it’s looking to get even hotter.
It’s also dynamic, and exciting — and because the service is free to people looking for their next apartment, it is a no-brainer.
Equally, if you are an apartment complex or management company, you have a cost-efficient service at your disposal to find the right renters who fit your business profile.
But…and this is a big but…why are there so many dissatisfied customers in both categories and what should you really expect from the best realtors?
Well, I am going to start by outlining the classic qualities of saving time and money.
Then you surround those critical benefits with service excellence to provide the best all-around customer experience.
I know you’ve heard it all before…because they are the only real key reasons to use any product or service — it’s just that only the very best companies and people are able to consistently deliver.
Let me walk you through my views and how I strive to deliver exactly the above and consistently be the best at what I and my brokerage do.
With over 122,000 realtors in Dallas, I have a fair share of competition and if you want to know a bit more about realtors, then check out this article.
On the other side of the coin, you can take a look at the apartment complex industry in Dallas here.
Apartment Locating Services: An Overview
Let’s go a little deeper into the business model.
Apartment complexes need to have their units rented, which sounds obvious and millions of dollars are spent on advertising to achieve what each complex will decide to be its target occupancy — typically this is around ninety percent.
Millions of dollars are spent in constructing the complexes in the first place and those investment dollars need to be returned with a nice profit.
To support their marketing efforts, complexes pay realtors (all apartment locators must be licensed realtors in Texas), a commission which is usually a percentage of the first month’s rental.
The fact that apartment complexes need to support their already expensive advertising efforts, tells you that there is a market for apartment locators and this is why so many realtors are jumping on the bandwagon, especially the newly-qualified ones.
It’s a fast and furious market that doesn’t require realtors to go out and get those hard-to-acquire residential listings or find buyers to represent.
And the cash flow can be consistent if the hard work is put in.
For people looking for their first or next apartment, using an apartment locator is a great way to secure it — the service is totally free and given the fact that searching for an apartment can be a real beating, why not use a locator to take out the heavy lifting?
People can do their own searches thanks to Google, but when you look at the time involved and the fact that you have to physically call the complexes to arrange tours, the hours can soon add up, which takes away valuable time that could be put into something else.
We estimate at the Amazing Brokerage that it takes around 4-5 full working days to locate and secure an apartment.
When Things Go Wrong
The value proposition of saving time and money on both sides of the coin is a simple one and it’s hard to imagine that things could go wrong…but stay with me here because they do, and frequently.
Many apartment complexes see realtors who provide apartment locating services as a necessary evil and that is because many locators simply fail to deliver the value — they are too interested in earning their commissions than delivering the level of service required.
They are not proactive in their approach, many rarely tour the complexes with their clients and they fail to pre-qualify the clients before they visit the complexes.
This amounts to a huge amount of wasted time for the staff who work in and manage the complexes.
Clients who are looking to rent apartments are usually provided with a huge list of available apartments because the locators have access to proprietary industry software that they do not and are then left to look through and choose the apartments they are interested in.
The next step is to tour the apartments and choose the one they prefer, which then involves making an application to the complex and finally, acquiring a lease with an agreed moving-in date.
Unfortunately, the process is rarely that simple — potential renters face huge competition, and units are rapidly rented as they come on the market, or between arranging a tour and actually turning up to view the unit.
Application fees are sometimes lost because renters are not qualified in terms of their income, creditworthiness, or fail a background check, which is usually undertaken by third-party companies on behalf of the complex.
So, it’s not as straightforward as the value proposition would indicate and to me, who has been involved in a service industry for all of my working life, it is simply not good enough.
The Amazing Brokerage Difference
I set up the company because I was totally dissatisfied with the overall level of service in the real estate industry as a whole.
I realized that many realtors were far from experts in their field and were simply interested in earning their commissions, which at the top end of the scale can be absolutely huge…and why not…if the work has been done and the value delivered.
Right from the start, I decided I would be a full-service brokerage offering residential, commercial, and apartment locating services…but from the perspective of having a huge degree of commercial awareness.
It’s the commercial aspect of each real estate deal that matters and even if you are simply renting your first apartment, moving out of your parent’s home.
What are your real estate goals, how long do you wish to rent the apartment and what amount of monthly rent do you qualify for?
These are the finer points that need to be drilled into.
I have many discussions with clients about over-spending on an apartment for one year, after which they are looking to buy their first home, as one example — I want to have clients for life and not just to earn a fast buck.
I will equally look at business plans and their viability for my commercial clients who are looking to find premises for their first business venture — I want to strike the best deal for my client and the landlord!
The Personal Touch
Back to apartment locating — I want to bring the personal touch back into an ever-increasing technological world.
There are too many emails sent, too many texts, and way too little interaction between realtors and clients when it comes down to apartment location services.
For Apartment Complexes
This is a simple one — we understand your business and your commercial goals.
Our goal is to bring you targeted, motivated renters who are pre-qualified before they visit your complex and take up the time of your staff.
It’s the targeted part that is critical — we know how to reach the most suitable renters in relation to your business model and that allows us to offer more value-added services such as specific marketing campaigns, should they be required.
We are also trusted by some of the leading corporations in Dallas to locate suitable apartments for their staff right up to the key executive level.
For Potential Renters
If you come to us for your next apartment, I can personally assure you of one thing — you will not be sent a list of available apartments.
We used to offer this, simply because I thought that it would at least provide details of what’s available…but I quickly realized that it only served to waste time and build up hopes.
Let me explain:
Many clients would get excited to see a unit on the list and be disappointed when it wasn’t available and what use is it to send over a list of thirty or so apartments which only serves to give the client more work, especially in the light of availability.
I make sure that, as experts, we take into consideration exactly what our clients can afford and in line with their real estate goals.
It’s about making sure your application has a high chance of approval before you visit the complex and you don’t lose your application fee.
From there, and as experts, we know all of the apartment complexes that exist in the Metroplex (the ones you would want to live in any way) and then it comes down to what’s available.
It’s our job to know and advise you from the first time we interact with you.
And I make sure personally, that I would never put someone into an apartment that I wouldn’t live in myself, or put a family member or close friend into.
We will also tour each client personally.
And finally, we will personally walk you through the entire process from the first point of contact, the physical tour, through the application and lease process to the moving-in date.
Take a look at our customer experience charter.
Conclusion
The apartment location services industry is in need of a face-lift and my mission is to provide it.
To me, there is an overall lack of commercial understanding of the apartment complexes and management companies, as well as the specific needs of the renters.
Both clients suffer from a huge amount of wasted time, which of course, turns into money.
I want the clients on both sides of the coin to enjoy the true value of our services and the best customer experience.
Get in touch with me personally, if you wish to work with a brokerage that will consistently deliver value, whether you are looking to fill your complex, find apartments in the Metroplex for your staff…or simply looking for your dream apartment.
DK