Value Management What is value management The concept

Value Management

What is value management? The concept of Value is based on the relationship between satisfying needs and expectations and the resources required to achieve them. Value Management is concerned with improving and sustaining a desirable balance between the wants and needs of stakeholders (residents) and the resources needed to satisfy them.

Expectations • Your grounds and property are immaculate, clean and organized office, clean amenities, and you are all essential to the overall customer satisfaction. • The apartments are clean, smell good, lights working, AC working, appliances working, doors/windows/walls/blinds/ etc all in perfect move-in condition. • Responding to resident emergencies within 60 mins. Resolving all resident service requests correctly within 72 hours. • Having a good resident retention program in place from the moment the resident moves in to when they move-out. The above round out the basics that every potential and current resident expects, and what you need to ensure you provide daily.

Needs This Is based on your market, pricing, and budget Understanding the wants and needs of your prospect within your market will really help you add long term value to your property Small vs. large upgrades

Small vs. Large Upgrades Small Large upgrades Baseboards Doors Mini blinds Floors Cabinet Hardware New Appliances Accent Walls Mosaic Backsplash Granite Recessed lighting Cabinets Framed mirrors W/D connections Window boarders Exterior- new rugs, fresh flowers in pots, bandit signs Exterior- signage, pool furniture, dumpster enclosures, concrete, amenity upgrades, etc

One of the Biggest Mistakes a Manager can Make! Spend too much…. Spend too little!! Result…… Spend too much- You waste money and material! Spend too little- You starve the property and reduce value!

“Little things” can make the difference between success and failure for a company. The reason is that people react emotionally because of the attention paid to minor details. We all know that when the smile spreads across our customers face, they will be back. Most people think it’s the big things that make a big difference but in reality it’s the result of a lot of little things being done before that. It’s easy to overlook the little things and that’s probably why so few people do them. It’s the little things that can have a huge impact on our customers’ experience.