Apartment Blogs

 For most metros across the U.S., today's dismal apartment market performances look like bumps along a road that will lead to stronger fundamentals over the coming few years. Throughout Texas, for instance, it's hard to envision a scenario where job production doesn't crank up again during the next economic cycle, attracting additional households that will absorb the glut of apartments seen now. Diverse markets like the Bay Area, Denver and Boston, too, are examples of spots where debate about the outlook mainly just centers on the likely timing of the comeback.

Even some of the nation's apartment markets that rank among the worst performers at present simply are coping with punctured bubbles that don't seem to have permanently derailed them from long-term trends. For all its current troubles, Phoenix very well could add more jobs than any other metro across the nation during the next decade, and the resulting additional residents eventually will fill up the metro's vast excess housing inventory. In the Inland Empire, as well, the economic and demographic trends still point to a favorable future performance.

But there are other locations where it's appropriate to wonder whether long-term history actually tells us much of anything about the future. Maybe recent difficulties mark a tipping point setting the metro on its way to a role in the overall U.S. picture that's quite different from the position seen in the past.

You read it right -GOOD Customer Service is DEAD. Where is the LOVE?

(Video: Black Eyed Peas - Where is the Love?)

At least my assumptions is that someone is reading this.  I thought the real estate market was DEAD?  I thought only dudes on infomercials were getting anything out of this game?  While that may be true, I can tell you that Deb and I seem to be doing fairly well and we live smack dab in the middle of (wait for it) Michigan!  I guess there are worse fates, but possibly not when the topic of conversations is real estate, real estate investing and even worse still - MULTIFAMILY REAL ESTATE INVESTING!

Well, don't sweat it.  We all have our cross to bear and since my parents moved to Michigan prior to my being born, I have to endure this.  My sin is I did the same thing to my children as well.  ALL my girls LOVE it here!  They are worse than me.  The point I am trying to make is why do anything if you can't have fun doing it, why run any business if you can't make money at it and why put yourself at a foundational disadvantage right out of the gate by doing this in Michigan!?!  WHY?

Because someone needs to.  Today that someone is me and several thousands of other Michiganians.  I can't wait to be the guy that watches us live up to our own promise and the promise of our forefathers.  Work hard, keep quiet and great things will happen.  The fact that I am out here should show you that I am already failed at the "keep quiet" part.   But I believe we can work hard and I believe that great things will come of it. 

All this talk about a depression, soft market and price drops. OH MY! Not to mention pay freezes, working twice as hard for half as much traffic, it's not a wonder that there is a lack of motivation out there. How do we change this and re-invigorate our teams, win leases, and enjoy our jobs once again? The apartment industry is an awesome industry - how do we stop singing the blues and bring that skip back into our step?

If you talk to my friends, business partners and co-workers, they will tell you I am a HAPPY person, always with a smile, a laugh, sunshine in my eyes, and a skip in my step. How do I keep the skip in my step, even in the midst of all this bad news?

It's as simple as changing your tune - literally.

Everyone knows - being shy about business - especially leasing, won't win you any leases. Have fears or doubts? Your prospects can smell it a mile away -and so can your competion. So what WILL win you leases? 

This is a picture of me in 2nd grade. I had just transferred to a new school. I was a toothless, innocent, unsure and extremely SHY child with ONE WISH: More than anything in the world, I wanted to make friends. Being shy didn't win me any friends. And to make matters worse, I was the smallest child in the class. Who gets bullied around the most? Well, the weakest link of course - MOI. How do you win friends in this environment? 

Fast forward to today's apartment leasing world: That toothless, SHY, unsure child pictured is YOUR property. The bullies out in the world are your competition. They're bigger, better, faster, have deeper pockets, YOU name it, they're IT. You're feeling overwhelmed, underappreciated, and more than ANYTHING, you not only WANT new leases, you NEED new leases. How do you win leases in this environment? 

As I was reading some old blogs I ran across one where the conversation revolved around the value of retaining existing residents. One of the points that was in the center of that conversation was the cost of loosing and replacing a resident.

One of my favorite resources for great information is DigitalBuzsBlog.com.  I am currently developing outlines with detailed  'how to's" for using New Media Marketing,  including the policy suggestions for my clients. Want to see what Coke is doing? Check out this blog on Coke's newly released Social Media Policies. You will find a link to download the 3 page document with the entire contents of  Coca-Cola's new social media policies. Coke does business in 206 countries and collaborated with their Ethical Compliance, Legal and Marketing teams.   It is nice to know that Coke just released their's, maybe we aren't so far behind. It's also nice to know they were able to keep it simple. Coke created a Social Media Certification Program as a first requirement to any team member participating as a Spokesperson. You can see the 10 Principles for Online Spokespeople listed in the blog.

What department is responsible for developing  your company policies?

This statement was made on a call I was on and at first I agreed. Something did not ring right though... Here are my thoughts and I would love to hear yours.

No doubt this economy is impacting all of us in some way and it is safe to say that many are now looking at change as a necessary evil. It is human nature to be content with status quo in most cases. So here is the question that came to mind; have we changed over the last 200 hundred years because we had to or because we felt we could make things better?

I strongly believe that most changes have come from the possibility of a better way to do things and not from the pain that could be caused by not changing.   In fact most inventions may have been looked at unnecessary by many and are now "indispensable".

I LOVE American Idol. At the audition stage in the game, when the judges are trying to find the best talent in each city, in 10 seonds or less, they can tell whether someone MIGHT have what it takes to "Be The NEXT American Idol."

In some ways, American Idol is very similar to the resume-interview-callback-job offer process. The end result is the same: Every company is looking for their NEXT rockstar. Are you IT?

(Picture provided by nickel.media on Flickr through creative commons license.)

 1/12 of the year is over, and the clock is ticking. Have you made progress towards your occupancy goals, or have you started the year off already behind? Your PRIME leasing season is coming - are you ready? Whatever the case, the best way to maximize your upcoming leasing opener is to call your Internet Listing Service (ILS) account rep TODAY.

Why?

#1: ILS's for the apartment industry are your BIGGEST source of traffic.

#2. Because you are UNDERUTILIZING all that they offer.

It's time to Get READY, Get SHARP, CALL! Work smarter and pull ahead of your competition. Your ILS partner can help.