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