Analysis: Applying Supply And Demand Simulation
Applying Supply and Demand Simulation
ECO/365
University of Phoenix
December 08, 2008
What causes the changes in supply and demand in the simulation?
If the availability of the apartments were good and in a preferred location, this could have a direct effect on the increase in demand. When consumers look for a place to live the size of the home is crucial in their decision making as well of the economic conditions in the area. With the location, size and economic conditions all factoring into the decisions, the price of the apartments must be determined accordingly. …show more content…
If the demand was high then I would increase the rent and the deposits that are required with the first month’s rent, but also continue to increase the supply as the demand grows. The types of people that landlords rent to will also determine the demand, so mi would be sure that I rent to people who have good jobs and a solid history of paying on time. I would also give the consumer a reason to rent from me rather than the apartments down the street by offering extra amenities that others do not such as water or electricity included depending on the economic conditions in the …show more content…
If you treat your tenants like you appreciate their business then they will stay with you but if you treat them with disrespect and you have a bad attitude then they will look for another place to live. Always treat people the way that you expect to be treated and show them that they are valuable as is their business. They way that you treat the product that you are trying to market speaks for itself and there aren’t any do over’s, first impressions are everything. As talked about in our general discussions, good customer service means good and loyal customers. You may not have the cheapest products or the cleanest business but when you treat people well they will in turn receive the same. Example; I found an apartment that was in a preferred location, economy at the time was wonderful and it was close to my job so this was the perfect apartment. The apartment manager was a very nice woman but the owners of the apartment did not like spending money on the up keep of the place. The apartments were less than six years old and had a fireplace, a swimming pool, a washer and dryer, and a gym for the tenants to use. After being there a few months I noticed that when I dried my clothes they were smelly and a week or so later there was a black ring on my bedroom ceiling above my bed. I contacted the manager and she came by and looked at the place
ECO/365
University of Phoenix
December 08, 2008
What causes the changes in supply and demand in the simulation?
If the availability of the apartments were good and in a preferred location, this could have a direct effect on the increase in demand. When consumers look for a place to live the size of the home is crucial in their decision making as well of the economic conditions in the area. With the location, size and economic conditions all factoring into the decisions, the price of the apartments must be determined accordingly. …show more content…
If the demand was high then I would increase the rent and the deposits that are required with the first month’s rent, but also continue to increase the supply as the demand grows. The types of people that landlords rent to will also determine the demand, so mi would be sure that I rent to people who have good jobs and a solid history of paying on time. I would also give the consumer a reason to rent from me rather than the apartments down the street by offering extra amenities that others do not such as water or electricity included depending on the economic conditions in the …show more content…
If you treat your tenants like you appreciate their business then they will stay with you but if you treat them with disrespect and you have a bad attitude then they will look for another place to live. Always treat people the way that you expect to be treated and show them that they are valuable as is their business. They way that you treat the product that you are trying to market speaks for itself and there aren’t any do over’s, first impressions are everything. As talked about in our general discussions, good customer service means good and loyal customers. You may not have the cheapest products or the cleanest business but when you treat people well they will in turn receive the same. Example; I found an apartment that was in a preferred location, economy at the time was wonderful and it was close to my job so this was the perfect apartment. The apartment manager was a very nice woman but the owners of the apartment did not like spending money on the up keep of the place. The apartments were less than six years old and had a fireplace, a swimming pool, a washer and dryer, and a gym for the tenants to use. After being there a few months I noticed that when I dried my clothes they were smelly and a week or so later there was a black ring on my bedroom ceiling above my bed. I contacted the manager and she came by and looked at the place