| Developing the right acquisition plan can create | | | | defining who the best customers are and how to |
| synergistic action between projects. Good | | | | attract them. As outlined, focus develops a beneficial |
| investments and good investment plans should seek | | | | series of reinforcing actions for the portfolio. |
| to achieve synergy because synergy can mean | | | | Focused location or types of location offers the a |
| reduced management effort, improved revenues, | | | | sales and marketing opportunity because the |
| reduced costs, better income performance and lower | | | | management team is able to intensely dig into the |
| overall investment project risk. | | | | best means and methods to reach the renting |
| The three key focus areas most investors can | | | | audience. Additionally, a focused location makes hiring |
| capitalize on when investing in multiple properties are: | | | | and support simpler for the entire portfolio. Further, |
| | | | support services can be more focused with fewer |
| 1. Construction and materials, | | | | contractors, less staff and other benefits. Another |
| 2. Location, and | | | | key advantage of a focused location is the marketing |
| 3. Affordability | | | | materials can be honed to better describe nearby |
| How can you convert these points into synergistic | | | | entertainment, sites, services, etc. Additionally, the |
| opportunity? | | | | staff's capacity to become true experts about the |
| Construction and materials allows you to reduce your | | | | area is significantly improved. |
| maintenance load because you are able to share | | | | Purchasing a common set of properties allows you to |
| common materials, reduce costs because of | | | | appeal to and better close prospects as one location |
| increased shared volume, reduced labor because of | | | | fails to satisfy the customer while another location |
| greater familiarity and therefore faster work on the | | | | proves perfect. In another permutation, the portfolio |
| part of your maintenance team, and the opportunity | | | | can include properties from various tiers. This creates |
| to install lower cost common materials. Additionally, if | | | | the opportunity to sell another property if the |
| you have common construction, the opportunity to | | | | property being considered turns out to be too |
| develop techniques and preventive maintenance | | | | expensive or not upscale enough. With a |
| processes creating a cycle of reinforcing | | | | complementing commission structure this approach |
| improvements. The idea extends to features and | | | | can lead to strong inter-property sales efforts. |
| amenities also. You improve your supportability | | | | In short, a few common focus items can result in a |
| factors for your entire portfolio resulting in not only | | | | cycle of continually improving cost management, |
| lower cost by greater customer service performance. | | | | revenue development, sales effectiveness, marketing |
| Finally, from a sales and marketing perspective the | | | | effectiveness, and finally asset value support. |
| common features allow more focused attention | | | | |