I have become aware that the ability to maximize the performance of a real estate asset requires the capacity to shift quickly to respond to the needs of the market. Even in slow times, the active customers are providing direction, and it is up to the real estate professional to recognize and apply the appropriate tools/skills to achieve the best results.
Even before the recent down-economy, we anticipated a shift in the profile of our prospective residents. Features, such as lease term flexibility, urban-style amenities, "green" operating protocol, and modified credit standards, were adopted early on to capitalize on the potential of the now-current marketplace.
As we are in the customer satisfaction business; the next cycle will bring new resident needs and those who adapt and respond first will realize maximize returns.
Irma Schretter is president of S-C Management Corp., AMO, Brookline, Mass.