How does a smaller apartment complex compete with the large ones?

[Dan Miles]

Hello BPers!

I was looking at a small apartment complex of 10 units and started researching the area around the complex.  Turns out that there are larger complexes in the area that have amenities such as gyms and pools.  Rent would need to be around the same on the smaller complex’s units as they are on the larger one to turn a decent profit.  Is this even worth pursuing or will I just be stuck with 10 units that I can’t rent due to lack of amenities?  Are there other things that the little guys can do to compete?  How do you all do it?

[Corby Goade]

That is a good question- thanks for asking. In my experience, those larger complexes are managed by corporate property management, very cold and impersonal, inflexible and often inattentive. I've had many great tenants who were willing to give up some of those amenities in order to have a property manager who answers the phone when they call and takes care of problems in a reasonable amount of time, communicating progress along the way.