Apartment Blogs

 

I started working in this industry in 1994 at a 238 unit community.  I can remember working and living on-site and how I truly enjoyed going to work everyday.  Each day brought new challenges and was always fulfilling.  I loved my property and treated it as if it were my own personal investment each day.  I worked long hours (because I wanted to), did landscaping on the weekends, decorated the property for the holidays, and so much more and enjoyed every minute of it. 

What do we have today?  Today I see people who grumble as they walk in the door because they would rather still be in bed and they don't want to deal with that resident today and they are not shy to tell you that. If they don't tell you that you can probably read it on their Facebook page. We have people who tell prospects they can't view an apartment without an appointment. I mean after all, who do they think they are walking in our offices without notice? We have people who refuse to talk with a resident because they are "off the clock".  We have people who refuse to bend over and pick up trash while walking property because it's not their job.  We have a "Maintenance Department" and an "Office" and neither should ask the other a question. The last time I checked, one can not function without the other can they? And this list can go on and on.

I've had a LOT of conversations recently, and one topic has been a recurring theme: Success. Two recurring questions: 1.) How do we make our apartment communities more successful? 2.) How do we make OURSELVES more successful?

As a consultant and a writer of a popular industry blog, I meet with A LOT of people. I meet with EVERY kind of person in the industry from site personnel to vendors at every level, from to Regional Managers to directors to VP's to CEO's/COO's/CFO's, to developers, partners, investors & owners of apartment communities.

My answer is ALWAYS the same: PARTICIPATE, PARTICIPATE, PARTICIPATE!

We're done discovering, it's time to just do it. And by the way, your plan today will change 6 months from now. It has to. Things are moving that fast!

 

As seen @ Tidbits from The Apartment Nerd

How will you spend your money and time preparing for the purpose?  The wise investors will not go cheap on due diligence.

Spending time and money  putting together the complete plan can go far to assure the success of the purpose.

The wise investor will know and have a plan to deal with physical issues, economic factors, residents, and on and on.  The plan should seek to increase revenue, to cut cost, and to increase profit.

Let's use 2010 as a time for introspection and our personal role in making our company / community a success.  When all the technology is in place, all the systems are updated, and you have lots of bells and whistles...guess what counts the most?  Our people skills! 68% of customers say they quit spending money with any given business because of the way they are treated by people in the office / at the front desk or counter!  I have been harping on this for 10 years...should I give up?  That will happen when I see our industry truly practicing superb people skills.

So for the new year, let's all take a look at how we treat others...are we compassionate, do we have empathy for them when there is a problem, do we speak kindly with a goal of retaining our customers?  It really does make a difference in occupancy, reputation, referrals and bottom line .  Plus you will like yourself better.

Let's promise ourselves to study, think and practice the skill of people management...and to never be part of the problem...but a big part of the solution.  Happy New Year. 

The downturn in the economy has caused many landlords to lower their credit requirements for new tenants. Of course, lowering credit requirements increases financial risk.  Renting to a tenant with little or poor credit increases the likelihood that the tenant will at some point leave owing the landlord money. 

 

This change in rental criteria is understandable, considering the need to keep all units rented.  But know that when you lower your standards and in turn incur debt, this debt will be tougher to collect than if you had rented to a tenant with good or great credit.  If you use a collection agency to collect the debt, you should also lower your expectations about how much you feel they should collect.

Recently, a close friend of mine asked me, "what does professionalism mean to you & how does it pertain to our apartment industry? I want our company to be more 'professional' and I want to better understand what that means." THIS - from one of the smartest most professional people I know? I took the question seriously.

My first attempt: Duh! Professional is... you know, someone who conducts business in a professional manner - you know - a professional!! It's one of those terms that gets thrown around a lot, but what does it REALLY mean?

I pondered some more and I realized it was a VERY relevant question to our apartment/property management/real estate development industry. There are numerous property management companies out there:  from the biggest of big - the HUGE REITS, to the smallest of small - the "mom & pop" duplexes managed by (you guessed it,) "mom & pop." How do we define "professional" and "professionalism" in an industry that is so wide? And, maybe more importantly, you are wondering - why would we want to? And who cares?

When I first moved to Washington state, I went on a quest to find a Mexican restaurant that had decent chips and salsa.  It seems like it would be an easy thing to find, but, alas, it took me almost two years to find a place that I liked where the chips didn't have too much salt on them or the salsa wasn't just large chunks of vegetables without any "sauce" factor to it..  Now that I've found that restaurant, I don't stray too far unless I'm outvoted on Mexican dining options.  Deciding dinner with friends IS a democracy, after all.

Last night while dining with our friends, Mike, amateur philosopher and observer of the human condition, pointed out something about the economy.  "No matter how bad it's gotten, they still give you free chips and salsa," he said.

It's true.  In a year of record cut backs and trimming of any fat that's visible, there are some icons that, if we're smart, we don't touch.  Sometimes it's something as small as chips and salsa..  This place hadn't changed the chips it was using to something cheaper, or the salsa to a less pricey brand (possibly because there were no cheaper options and I just like low grade chips and dip!), and it never stopped giving free refills on the basket.  And it didn't raise the price on the rest of the food to compensate for losses this last year either.

Ask yourself what little things are iconic about your property?  What do you have/do/provide that others in your area don't?  If your answer dances in the realm of, "I don't know," maybe this is a good time to think about what YOU can do to create iconic ideas.  Whether it's the way you welcome a resident, the way your maintenance team works with residents in their homes, or even the cookies we put out or the drinks we offer.

Iconic means it's remembered, it stands out and it's recognized.  It doesn't have to be big, it doesn't have to be flashy, and it doesn't have to be expensive.  It can be as simple as chips and salsa.

 

Heather is a consultant, speaker, and trainer in the Seattle area with BTLD Consulting.  Check out more of her property management ideas at www.behindtheleasingdesk.com !

The Internet connects us like no other medium, and social networking sites are a great way to stay in touch and turn connections into business. Here are the top ten opportunities that social networking offers and why you should stay connected in 2010:

1.     Spread a consistent message/image to a large audience about your brand, identity, and products/services

2.     Meet people in your industry, find employees and employers, ask for referrals, and get/give advice

I don't want to call this 'the wish list'. I want to call it the "vitally important list" for properties. Yes, I know this will vary by location, but let's put together  a list of what we hear as the 'must haves' from the majority of our prospective renter clients, shall we? 

I'll start with a few things I wouldn't go without: