Don : The only thing I can think of is Mike chasing someone down the alley to get the keys back from the apartment so we didn ’ t have to evict her . Back then I think we were the only two people in the building without guns .
Sharon : If so we require a licensed bartender to serve .
Mike : Communication in general back then was different . Communicating with all your residents . The only way to do it was to leave a note on their door or have them drop by the office . Now you can send out mass texts and mass emails and post on Facebook and there are just a dozen ways to communicate with all your residents . Versus having 100 pieces of paper to stick around the room .
Chris : I was going to ask about resident retention , do you still stick notes on doors when you want them to renew ?
Terry : That is a funny subject because I was in the commercial business at one time and we had an office or retail space which took a lot to retenant that space . It takes a lot of money . So , we really looked at tenant retention . I got here in 1991 and that is about when the resident retention business started in the apartment industry .
Don : During segments of the real estate cycle you wanted the turnover , you needed the turnover to upgrade your property and upgrade your rent … and in other segments of the cycle you cannot afford the turnover , you want everyone to stay put .
Susan : I used to stand at the bus stop when I was working at a community in Montbello with my 6.5 foot security guard and would collect rent as they got off the bus because I knew they got paid the day before or their checks came in … stood there and collected rent , went to the bank and then we waited for the next bus . That is the way we collected rent at that community …
Dennis : As a marketing angle we offered free bus service in Boulder . We painted the buses psychedelic colors , and would not only pick up students who lived in the apartments but also people from businesses too . We would just roll around Boulder letting people on and off . One day a bunch of students got on the bus , they took all their clothes off on the bus , and went streaking ! The bus driver didn ’ t know what to do so she just kept driving around and all the students got off at the campus naked and ran off . It was the weirdest thing .
Chris : Well , I guess that ’ s a good way to end the conversion about our last 50 years . A bunch of naked people jumping off of a bus . Thanks to everyone for helping provide a unique glance at our industry ’ s history .
Susan : It is funny that you say that because all this year I have seen the industry has changed towards next year concentrating on resident retention . Most of the properties I have talked to about goals for 2018 have expressed next year is going to be the year of resident retention .
Chris : Any final stories that you have in your back pocket that you are like , " this story should be told about you time in the industry "?
Terry : We bought a community in 1994 , I got there , and they were showing us around and they had this safe in the floor . Everybody had a small safe , because you had to have some cash . Anyway , I asked the manager how much cash the manager had in the safe and she said about $ 30,000 dollars . I said lock the doors , get a couple maintenance guys , we are going to the bank . Someone would slit your throat for 300 dollars , never mind 30 grand !
38 | TRENDS • JANUARY 2018 www . aamdhq . org