A Secret to Maximizing Resi Rental Revenue
One part of LCOR property management director Kathy Masteron’s job has become easier in light of the stiff competition for luxury resi tenants. Because maintaining stellar reputations on apartment-rating sites, Yelp, and social media is so critical, property managers don’t have a choice about what level of customer service to pay for. It just has to be top of the line, she says. That means fast completion of work orders, attentive maintenance, and small perks like designer coffee in the lobby 24/7.
But the online attention also pays off with higher IRR via increased traffic and lower advertising costs. And an unquestioned reputation for quality customer service also means above average retention and referrals. LCOR’s 308-unit 25 Broad St across from the NYSE is full, and Williamsburg’s 142-unit 34 Berry has been full since it opened five years ago. Leasing just launched for the 234 units at 250 N 10th St (above) in the same submarket, and Kathy tells us the new mural by street artist Mr. Brainwash on the building’s only masonry wall has been a big talking point among residents.
