Maximize NOI

Day 2 of the Apartment Finance Today Conference covered some interesting NOI Building ideas. Since deal velocity has slowed considerably it's time to get back to basics and maximize efficiencies. Lee Harris (Cohen-Esrey), Richard Kelly (LumaCorp), Dave Richitelli (ista North America) and Jeff Kelly (Tucson Realty & Trust) spent some time digging into the multitude of ideas out there that WILL increase NOI if we take the time to get educated.

Some of the topics:

• Credit Cards - reduce bad debt and attract renters
• Revenue Management - manage expirations and realize quick payback
• Green ideas that save money - Lighting, monitoring gas boilers, irrigation efficiencies and submetering
• Trash removal, Low Cost Physical Improvements and Surety Bonds

Focusing on customer service needs to be a core competency of apartment operators. Those with a sound strategy will whether any storm. Especially those caused by speculators who were in the business for a quick hit. This customer service theme was also emphasized in the Keynote by Dr. Tony Downs from the Brookings Institution.

The discussion that took place was lively and participants were enthusiastic about making investments in products and services that offered immediate ROI.