The first thing they asked Gulley was what strategies he is using to protect against vacancies and slowing rents.
''In February, slower traffic at many of our communities was the first indicator that the 10-year party might be over,'' Gulley says.
The company, however, was already upgrading its entire marketing and leasing efforts, which included launching a homebuyer assistance program.
''In addition, we recommend focusing more on proactive measures such as constantly monitoring occupancy trends far enough in advance to be able to quickly address any issues and get results,'' he adds.
Gulley says market surveys need to be updated weekly, if not daily, while monthly updates are fine in stronger markets.
Rahe and Stack also were curious as to where an apartment owner will get the ''biggest bang for the buck'' in improvements.
Gulley says renters want to perceive they are getting a lot of value for their money. Apartment owners should consider investing washers and dryers, concierge services, homebuyer programs, and health club facilities.
They also asked Gulley if mold is a big concern for apartment owners. For the most part, mold is not prevalent in a dry state such as Colorado, he says.
''It is a huge concern in terms of the health hazard and potential liability if it is present,'' he adds.
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