What’s in a Word? Defining Luxury at the Local Level
In the world of property management, curb appeal is always a major consideration. The way you dress your property has everything to do with the type of resident you attract. You want your first impression to say, “We care about the tiny details because we value your tenancy and do everything we can to make your home comfortable, beautiful and enjoyable”.
Another way to capture your audience’s attention is to speak the same language. If you follow industry trends, you already know that luxury properties are a valuable commodity in major cities – Philly, Boston, New York. Philly.com reported a luxury high-rise building recently opened with almost a third of the units leased – primarily to 20-something tenants with incomes ranging from $50,000 to $150,000.
Luxury: Local, Lifestyle, Linked
But what defines luxury is different in different areas. Luxury in Philly isn’t the same as luxury in Harlingen, Texas or Memphis, Tennessee. In sun-drenched Arizona, luxury may be a stunning view of the desert sunrise, where South Florida tenants want access to quiet beaches away from the tourist trade.
Climate, tenant demographics, city population and culture all influence expectations. When you market a property as luxurious, make sure your marketing strategy focuses on local expectations. If you’re targeting young, active tenants highlighting a state of the art gym and secure bicycle garage resonates more than a full-brochure description of your community health center with visiting nurses that check blood pressure and monitor glucose levels for seniors.
Luxury equals lifestyle. Even small-scale upgrades gain points. Customized spaces with a hint of whimsy appeal to many tenants. Incorporating unusual textures and patterns on interior surfaces and expanding indoor storage garner bonus points for many apartment home seekers.
Decorate your apartments with residents’ visitors in mind. Will they feel comfortable? Does the community feel like “home”? Key interior elements include abundant storage, including built-in shelving, subtle lighting elements and plenty of tech support – USB outlets, docking stations and extra electrical outlets for entertainment and digital equipment.
Size doesn’t determine the “lux factor”. Size isn’t as important today as amenities. Enhanced security systems, HVAC zoning technology, privacy drapes and programmable lighting are just a few features that attract tenants.
Although granite countertops and garden tubs were once at the top of the list for many luxury apartment seekers, technology, convenience and efficiency are hot sellers today. Tenants who enjoy cooking for friends and relatives look for smart ovens and high-tech cook tops that enable efficient and organized entertaining.
Savvy property managers take time to get to know their prospects. Tour competitive properties. Talk to local real estate brokers who specialize in luxury home sales. Get a feel for what your tenants expect from an apartment community living experience.
One of the most successful marketing strategies you can implement is learning the language your targeted audience speaks. What’s in a word? Success, plain and simple.
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AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.