Khouri: No doubt each market is different possessing its own nuances. What makes a management company successful is limitless adaptability and flexibility for what may work in one market, may fall flat in another. Staying on the edge of knowledge and being constantly aware of the external factors affecting a market is also key. By way of example, job growth is slow in the Orange County area and unemployment is currently at 8.6%, whereas in the Las Vegas area, unemployment remains in the 12.1% range. As simplistic as it sounds, understanding the basic external factors dramatically affect how we market and lease a community as well as manage the expectations of the owners of our assets--it’s not just all about the market surveys and what the competition may be doing.

GlobeSt.com: In 2010, you solidified 11 third-party management contracts for WNPM. What is your goal for 2011 and how is WNPM actively seeking to meet it?

Khouri: Our goal for 2011 is to add another 2000 units to 2500 units equating to slow yet steady growth. Year to date, we have secured three new management assignments totaling 500 units.

GlobeSt.com: What types of strategies are you employing to strengthen your team? What direct impact have you seen as a result of these strategies at the individual property level? (I.e. increase in renewal, tenant satisfaction, etc.)

Khouri: Strengthening the team starts with engagement. Each day I send a message to my team—all 800 of them—in form of a post on our company intranet. The messages vary from inspirational, motivational, personal experiences to recognizing individual associates who have gone above and beyond. It is my way of keeping us all connected and has gained great popularity. Taking the time to address them each day acknowledges the fact that they are important to me and the success of the company. Another strategy we’ve employed is that we have started to change the way we think as we slowly progress out of the recession.

From a financial standpoint, it is of utmost importance to understand why we have all but eliminated concessions and discounts, pushed the rents and thereby increased renewals. From a resident satisfaction standpoint, we are continuing our care and connect program with our associates which has become a way of life at Western in the way we treat each other and our residents. Resident appreciation weeks throughout the year are popular as well as any individual attention we can give them. It’s not unusual to see staff members standing at the entrance gates to our communities passing out doughnuts and coffee to commuting residents on their way to work. It’s our way of telling them they’re important to us.

GlobeSt.com: What type of strategic initiatives is WNPM employing that make it successful in today’s market?

Khouri: We’ve strengthened our internal leadership and are focused on new business development. What really makes us successful is being both transparent to the client and real. Given our results and full disclosure approach, our clients are our greatest supporters and that equates to an impressive sales tool. Our recent management contracts were obtained through referrals and word of mouth and you can’t buy that kind of advertising. Additionally, we’ve streamlined our management fees so that our new clients don’t feel like we nickel and dime them to death and one fee covers it all. Western is in the relationship business and through our relationships is how we continue to be successful.

GlobeSt.com: How is the company balancing the desire to capitalize on the increase in rents while accommodating residents’ concerns? (I.e. concessions, loyal resident programs, etc.)

Khouri: At the risk of sounding repetitive, in addition to what I mentioned earlier, we also have resident satisfaction surveys and a unique customer cares call line where residents can call in with concerns or questions. Being transparent and communicating often with our residents at the site level is oh-so-important. And it’s also not unusual for me to write a letter every so often directly to a resident thanking him or her for contacting us—be it a compliment or concern.