CHECKLIST: BEST-OF-TYPE PRICING EXAMPLES
- Best-of-type pricing can also be used for a variety of property types and features. The principle works the same way, as the best-of-type unit sets the top rent level. Features that may impact rent include:
- Units with cathedral ceiling
- Newer appliances
- New carpet
COMPARISON GRID ANALYSIS
- A comparison grid analysis involves comparing the rents and features of local competitors to the subject property. For purposes of comparison, it is important to choose properties that are similar to the subject in type.
- While contemporary methods of comparison analysis rely upon automated software and other technology, it is important to understand the conceptual methodology of comparison analysis as a foundation in order to maximize the value of such tools. Site managers must rely upon their own knowledge and instincts to complete an effective comparison analysis, regardless of tool.
- To begin, the features you observed in the property analysis are evaluated in the comparison to the subject property and given a rating. For each feature
Q&A
- Q. What’s the difference between marketing and messaging?
- A. In real estate, marketing consists of the methods and strategies used to rent space and retain current residents. Messaging on the other hand conveys what the property is all about and is what you wish to communicate to your target market in order to distinguish the property from the others. Messaging is a strategic approach that goes beyond a color scheme and logo to relay information such as key property strengths, credibility, professionalism, and so forth. Regardless of the marketing method used, it is important to ensure that the messaging is on target.
