If You're Struggling to Compete, Read This

ORLANDO—It can be tough to compete for tenants in today's market while keeping costs in check. There's sometimes a thin line between aggressive programs and profits.

How do you walk that line? We asked Yvana Rizzo, senior vice president of asset management for Resource Real Estate, for some tips for property owners looking to compete while staying cost-conscious.

GlobeSt.com: What are the biggest challenges to staying competitive while being cost-conscious?

Rizzo: One of the biggest challenges to staying cost-conscious is keeping up with the ever-changing preferences of residents. Today's prospects demand more from their apartments, homes and communities than ever before. Furthermore, new developments continuously introduce additional services and amenities to the market, making it challenging to compete while still managing costs.

GlobeSt.com: How do you overcome those challenges?

Rizzo: Be sure to understand your market and your prospective resident. There are many low-cost ways to provide the amenities and services that your residents desire without breaking the bank. Free bike share programs, resident concierge services, pet spas and dog walks are all examples of high impact, low-cost services that your residents will appreciate.

GlobeSt.com: What are your top five tips for property owners looking to compete while staying cost-conscious?

Rizzo: Property owners looking to compete while staying cost-conscious should look not just at expense management, but for ways to improve the overall health of their P&L. Focusing on the following three areas will save time and money in the long run: Avoid employee turnover by investing resources in hiring, training and retaining the right people. There are huge expense savings from getting this right the first time.

Don't underspend. If you take shortcuts, your residents will notice. There are plenty of ways to save money, but it should never come at the price of good property maintenance.

Look at your topline first. While expense management is important, a robust revenue stream is more important. Seek out opportunities to increase your income, rather than focusing on cutting costs to the bone.