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Managing a Successful Apartment Complex.

What defines “Success?” A quick Google search will state that success is simply, “The accomplishment of an aim or purpose.” Essentially, completing the task at hand as expected with the available resources and despite any obstacles/distractions. While this may seem straightforward, nowhere in this definition does it identify the acceptable metrics for success.

Is it enough to say that simply completing a task makes it a success? Or is there a need to look more closely and define the standards of acceptable performance? When asked to define success, world renowned technologist, business-leader, and philanthropist, Bill Gates, described it as, “Feeling like you made a difference” (Bliss, 2018).

The Vision of Alexander Forrest Investments is to Prosper All Stakeholders and our Mission is to EXCEED Property Owner expectations. “Success” for AFI is not as simple as achieving a desired outcome. Rather, we place extensive, measurable goals in the paths of our Onsite Teams and provide constant coaching on how to surpass even these lofty objectives.

One measurable our Managers strive for is to achieve BLUE PROPERTY STATUS. Despite our ~+/- 5000 managed-units across the country, the number of properties that are able to achieve this goal on a recurring basis is relatively low. Why? Read on to learn more about what it means to be a BLUE Property:

  1. 100% Occupancy – ALL Units on the property are FULL and a waiting list has been established.
  2. Pre-Leasing 30 Days in Advance – All future notice/lost renewal units are PRE-LEASED prior to current tenant move-out.
  3. Less than 1% on Accounts Receivable – Manager has collected a minimum of 99% of all outstanding items on the Income Statement.
  4. Achieved Monthly Renewal Goal – Varies by month (typically 60% of presently expiring leases).
  5. 4.7+ Google Rating – Property must have greater than a 4.7/5.0 review rating on Google.

Given the robust nature of these key performance indicators, one can see why it is such a sought-after goal! Rather, than simply completing a task, AFI chooses to measure success through exemplary performance that exceeds standard expectations.

References:

Bliss, Dan E. “12 Remarkably Successful People Define Success.” www.globalexperiences.com, 1 Aug. 2018, www.globalexperiences.com/blog/successful-people-define-success.

Colin CosbyManaging a Successful Apartment Complex.