Marketing 101:

Dictionary.com defines marketing as, "the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing and selling."

Sure, in apartment marketing you're not shipping your apartments anywhere or storing them for future use, but you are providing goods to a consumer, i.e., applicant/resident, advertising to the public and selling your apartments. No, not selling as putting a price on what you would take for your apartments, but selling as in telling others what you have to offer them and them buying in what you have meaning, they apply.

How much of an impact does 1 vacant really have on my community? Think about this:

Landmark Apartments has 20 apartments. They consist of five – 1 bedrooms renting at $450; 10 – 2 bedrooms renting at $550; and five – 3 bedrooms renting at $650. The budget is written as though all the units are filled so that means Landmark Apartments should be collecting $27,000 for their one bedrooms; $66,000 for their two bedrooms; and $39,000 for their three bedrooms. Annually, Landmark Apartments should be collecting $132,000.

Remember…the budget is written as if ALL the units were filled and there were no vacancies, but in reality, let’s just say in one month period we had three – 1 bedrooms filled (two vacant); eight – 2 bedrooms filled (two vacant); and four – 3 bedrooms (1 vacant) filled. Landmark Apartments has an occupancy rate of 75%. In the one month, Landmark Apartments should have collected $11,000 in rent but since there are five vacant units, Landmark Apartments only collected $8,350.

From the $8,350, Landmark Apartments has to pay a manager who works 20 hours a week at $8.50 an hour; a janitor who works 20 hours a week at $7.50 an hour; and a maintenance person who works 15 hours a week at $9 an hour. Site payroll alone is $1,820 a month.

Landmark Apartments also has a landscaping bill for $700 a month; a pest control bill for $200 a month; an internet bill for $150 a month; five credit and criminal reports totaling $60 a month; a phone bill for $200 a month; electric bills averaging $325 a month; a sewer bill averaging $175 a month; a water bill averaging $190 a month; traveling expenses for the Site Manager and the maintenance averaging $290 a month; office supplies averaging $125 a month; the cost of a new printer at $400; carpet replacement for one unit at $1200; a new stove at $350; a new refrigerator at $450; paint supplies around $100 a month; a dehumidifier at $325; a new hot water heater at $300; petty cash averaging $172 a month and maintenance expenses a month averaging $250. This month’s total expenses is $5,962.

In just one month, Landmark Apartments has paid out $7,782 in expenses and that is not even counting taxes or the mortgage.