In addition, the company will continue to concentrate on its six metropolitan markets. “Our goal is to be the dominant owner and manager in the niche markets within those six metropolitan markets,” says Nelson Leenhouts. “By that, I mean we have the extraordinary goal of owning 10 percent of each of those markets.”
While 6.4 percent is the highest portion of a given market that the company currently owns, it’s willing to wait patiently for the right opportunities.
In the meantime, the company continues to focus on resident satisfaction. Because residents are such an integral part of Home Properties’ success, the company offers a money-back guarantee, says Nelson Leenhouts. “If a resident is unsatisfied for any reason, we’ll give back that day’s rent. Or, if they move into one of our communities and choose to leave within 30 days, we’ll give them their deposit back,” he says.
The money-back program costs the company about $3 per unit per year, says Nelson Leenhouts, but “it demonstrates that we put our residents first.” And, since residents are so important to Home Properties, the company wants them to feel like part of the family. It even offers them a 2 percent stock discount on the company’s stock.
For investment purposes, Nelson Leenhouts believes that residents often would be better off renting and investing in Home Properties than leaving and buying a house. And by offering them the discount, it’s another way for Home Properties to make its residents feel like part of the family.