Financial analysts consistently forecast uncertainty concerning the recession. Some hold that we could be left with ho-hum economic growth for years while others are sure an upturn is just around the corner. In either case, some people are hesitant to commit to leases. In these turbulent times, offer your residents a gift of immeasurable value – peace of mind.

Many corporations have stepped up and created programs to assist with essentials like transportation, clothing and housing. These give relief to customers should they suffer job loss or other financial hardships. Earlier this year, General Motors Corporation, Ford Motor Company and Hyundai Motor America offered programs which covered payments or allowed returns if customers lost their jobs. JetBlue Airways offered full-fare refunds to customers who were laid off before their trips. Jos. A. Bank offered rebates to customers who were laid off after buying suits and they got to keep the suits!

Across the U.S. in our industry, programs are being launched with the same purpose. GrayCo, Inc. offers their Peace of Mind Program, Western National Property Management has a layoff protection plan, Greystar Management offers The Greystar Employment Assurance Program and Northland Investment Corporation provides its Rent Assurance Program, all which release residents from their lease without penalties if they are laid off. Goldberg Cos. Inc.'s residents can receive 60 days rent-free and be released from lease requirements if their job loss comes after they have made three rent payments. Morgan Management offers a rental assurance program with a slightly different twist: rent will be immediately reduced by 20 percent, for up to three months, upon involuntary unemployment. All of these programs are offered with a new or renewed lease.

If your community has felt the effects of the slump (and few haven't) this is customer service at its best. In times of difficulty, anxiety and hardship you are offering your residents some assurance and peace of mind. Priceless!

Another prospect has just made a hasty exit from the site after seeing the interior of your model. They were polite, though decisive. "What's wrong," you may be thinking. "There isn't any ratty old furniture or any furniture at all! The carpets are so freshly-vacuumed; you can still see the vacuum-tracks!"

Then it dawns on you, your model is out of fashion.

The goal in furnishing a model is to create a silhouette that a renter can project upon, moving themselves into the unit mentally. What is going to matter in terms of accessorizing your model is the presence of furniture. Simplicity and timelessness are what you're looking for. No shag carpet and nothing too trendy or postmodern. Dogs playing poker or Elvis in oils on velvet art are to be avoided. Wowing them with your sense of design is subject to the renter's sensibilities, which are going to be impossible to predict. Moderate expense is key and don't dismiss second-hand alternatives for models. Thrift stores and garage sales can keep your budget in check while providing you with options. No one looks at the label, and fabric fresheners and cleaners work wonders.

Keeping your model up-to-date will not only help prospects visualize their new home, but is also important for the onsite photography for your website and print brochures. Remember a good first impression is always key, so a sophisticated model in person and in photos is your first step to influencing your prospective residents.

With the current state of the economy, we've noticed an increase in the multifamily industry of creative endeavors to bring in new residents and stand apart from the rest. The Dallas Business Journal featured a story of one such endeavor developing in the Dallas/Fort Worth area.

Los Angeles-based Learning Links Center plans to acquire 1,200 plus units over the next year with up to 3,500 over the next three years. With each community that Learning Links buys, the owners forgo rent on one unit and convert it to a study area where a teacher provides free after-school tutoring. These apartments will also offer free or discounted rent to teachers who agree to live in their community and tutor youth who live there.

"The goal is to make the apartments more appealing to renters and minimize vacancy and vandalism," says George Pino co-founder. "The resource centers in the two buildings we have them in have been very well received," Pino continues. "The kids, as well as the families and the communities in general, have loved the concept and have really taken to it."

The expense of one unit, in the case of the Learning Links properties has resulted not only in being well received by the existing and new residents but the Dallas Business Journal article is most likely only the beginning of the media that will ensue as this development continues.

Reference: Dallas Business Journal, Learning Links Centers open Dallas office