Brent, thanks for he feedback. I will look into titling. Something I know I don't put much thought...
And to give you feedback on your videos from #30, I personally really like them. I wouldn't get ups...

Training Trivia

In which of the following situations should you cease follow-up with a prospective resident?

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571836304 [{"id":"232","title":"After three unsuccessful attempts at reaching them","votes":"18","pct":"22.50","type":"x","order":"1","resources":[]},{"id":"233","title":"When you hear from a competitior that they have leased with them","votes":"7","pct":"8.75","type":"x","order":"2","resources":[]},{"id":"234","title":"When they have told you they are putting off their move for a while","votes":"4","pct":"5.00","type":"x","order":"3","resources":[]},{"id":"235","title":"None of the above","votes":"51","pct":"63.75","type":"x","order":"4","resources":[]}] ["#ff5b00","#4ac0f2","#b80028","#eef66c","#60bb22","#b96a9a","#62c2cc"] sbar 200 200 /polls/vote/86-in-which-of-the-following-situations-should-you-cease-follow-up-with-a-prospective-resident No answer selected. Please try again. Thank you for your vote. Answers Votes ...
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Posted by on in Property Management
Whether you’re already a property owner who has been managing the day-to-day of this business for a while, or you’re just beginning to consider a multifamily investment opportunity, there are 6 resources you need in order to get the most from this experience. These include: Business plan. You wouldn’t (or shouldn’t) open up a retail store without a business plan, so why would you start out on a multifamily venture without knowing your goals and plans to achieve them? And, simply stating “reach and stay at occupancy” isn’t good enough. You need to have a well thought-out strategy on how you’re going to grow revenue over the next 3-5 years. Don’t let this intimidate you. Use a tool like LivePlan. This online platform guides you through all the steps you need to create a comprehensive plan for a small monthly fee. Solid lease. You need a comprehensive lease that is updated regularly and fully accounts for every possible contingency and situation. One of the best investments you will make is in having a professional review your lease and make corrections based on your individual property; this is especially true if your lease has been adapted from another property or is a generic download from a site like NOLO. Reliable management software. There are many out there, and there are few major differences between them; so, this choice really comes down to personal preference. The important thing to remember is that you need one, and a reliable one at that. Such...

Posted by on in Apartment Marketing
At one time in the not-so-distant past, managers everywhere and in every industry felt that marketing was the dispensable line item when things got tough. If budgets needed to be cut, marketing was typically the first to go. Now, however, we realize just how valuable marketing is in adding to the bottom-line, and by cutting back, we tend to cut back on potential earnings as well. There is no difference in multifamily. Marketing is crucial and should be an integral part of your business plan. Yet, the wonderful thing about how far we’ve come with technology is how far we’ve been able to drive down the cost of effective marketing tactics, with many of the most productive methods available for no cost at all. Here are the 8 we consider to be the most valuable: Wordpress. These days, there’s no need to pay thousands of dollars for a nice looking website. You can easily set up a Wordpress site using one of the free themes inherent to the platform. Just add some photos and text, as well as your contact information, and you’re good to go. (Of course, our suggestion is to spend some money here – your website is your brand, so hiring a pro from guru.com to build you a quick WordPress site is probably best. But if you know CMS, this is a money saver.) Twitter. In our opinion, there’s no better way to reach your target market than to do so in 140 characters or less,...

Posted by on in Apartment Marketing
You can hardly open a trade magazine, read an online article or go to a conference in the multifamily industry these days without hearing something about data. “Big Data” has become the buzz phrase in the industry, promising benefits of using data to improve customer experiences and increase revenue as it has in many other industries. While Big Data does have to be analyzed and transformed into real business intelligence, there’s no questioning the importance of data to marketers in all industries, including multifamily. If you’re not using accurate data to market your apartment communities, you’re missing out on a number of important benefits: Improved channel selection. Selecting the right channels for your integrated marketing communications is vital to its success. Unfortunately, a lot of the data being distributed to apartment marketers is skewed or just plain inaccurate. Data accuracy is of the utmost importance to any apartment marketing program to ensure you’re spending your money on the sources that produce results. Because data can be manipulated so easily by making inappropriate comparisons and changing the definition of a metric, it’s important to dig deeper about any number you’re given – especially leads and unique visitors. Leads should only be counted if they result in connected phone calls and delivered emails, and visits are not the same as unique visitors. The key is to do your homework about marketing channels and ask a lot of questions, especially about those bold-print numbers being shared with you. Just because a channel is receiving a...

Posted by on in Apartment Marketing
What is your plan for capturing the interest of your target market? Do you have a multifaceted strategy, or are you merely relying on the tried-and-true approach of curb appeal and word of mouth? While the latter methods may work, they don’t scrape the surface of available marketing tactics. And, in limiting yourself, you’re likely missing out on some great tenant prospects. What you need is a comprehensive lead generation strategy. Marketo, a leader in digital marketing software and solutions, defines lead generation as “the marketing process of stimulating and capturing interest in a product or service for the purpose of developing sales pipeline.” Creating a strategy, therefore, means identifying the right mix of marketing tactics to reach, attract, and convert the target audience; in this case, prospective tenants. Here, we look at the 5 components every lead generation strategy needs to be effective and successful. Know who you are marketing to. Before you can ever build a successful strategy, you must know who you are trying to reach. What are the population demographics of your community? What are the demographics of your current tenants? Once you know who you are most likely going to appeal to, you are better positioned to choose marketing tactics that will reach them. Identify what you are marketing. Now you know who you are marketing to, you should also know which features and amenities of the property they like best and make a list. These are the points you will try to include in...

Posted by on in Resident Retention
Whether you’re a brand new landlord or someone who’s been renting homes and apartments for years, there’s one thing you must know about, and that’s tenant screening. Research shows that only 44 percent of DIY landlords conduct sex offender checks, and only 51 percent conduct criminal background checks and contact past landlords for rental history and identity verification. Tenant screening gives you valuable information that can help you carefully consider possible tenants. Here’s a look at why tenant screening is an important part of the rental process and how to find the right screening company to work with you: The Value of Tenant Screening Tenant screening basically works like this: landlords use a screening service to find information about a prospective renter that indicates how likely the person is or isn’t to fulfill lease terms. Tenant screening reports will typically show information like credit history, eviction records, whether or not the individual has a criminal record, whether or not the individual is a registered sex offender, employment verifications and rental references. By consulting this information about a potential renter before agreeing to a lease, a landlord gains several benefits: 1.     Accurate Information. Any landlord can ask potential renters to provide information on previous addresses, employment history, references, etc., but how do you know if that provided information is true? “Be prepared for a lot of denials … because many landlords don’t wish to take on the liability of a troubled tenant,” says Gigi Starr of the San Francisco Gate. Since renters...

Posted by on in Apartment Leasing
Picture this; You are a leasing agent. You are dedicated to your company, you love your team and you are excited to come into your “second home” everyday. Your office is sometimes hectic and occasionally so slow you can hear the crickets chirping. But you love it, every minute of it, except for those rare occasions where you question your sanity and that of the Property Management business as a whole.  One day, the mail carrier arrives like he does every other day laden with bills and packages. Except for today. Today is a special day. Today he has mail for you, oh dedicated leasing agent. “What is this?” You exclaim to yourself. “A letter for me? That NEVER happens.” But today it has. Today is a special day. You excitedly tear open the envelope and the contents bring joyous tears to your eyes.  It’s a HAPPY GRAM! A beautiful hand written card with the inscription inside reading: Dear Leasing Agent, Great Job on the awesome leases this week. Three in one day! WOW! We are proud to have you as part of our team and revel in your successes!  Enclosed please find this Starbucks gift card as a token of our appreciation!       Go Team !!!! You stare proudly at the card and its contents. Your smile is wider, your eyes are brighter, you cannot wait to tell your team of your fortune.  Your love and commitment to your team is strong, and with this one small gesture you’re certain that...

Posted by on in Apartment Leasing
Exceed your resident's expectations and your promises on their move in day!  When the time comes to move in your residents, don’t just live up to what you promised, exceed it.  This does not have to involve a lot of extra work, energy and financial burdens on your part.  Simple things like baking a batch of cookies and brewing some coffee as a surprise mid-afternoon snack or personally delivering a pizza and drinks to their apartment can go a long way toward exceeding expectations.  Other than that, if you just treat your residents as you would want to be treated if you were in their shoes you will do fine. Additionally, when your new residents arrive to move in, make sure that you and your staff introduce yourselves again. Mention the staff members that are not present and explain everyone's roll in making their move in flawless, their stay memorable and the community the greatest.  Don't forget to give them a quick run down of the amenities , and let them know how to get in touch with you if they need you.  If your community provides additional services like exercise classes, resident events, trash service, area discounts and cleaning, make a quick reference to these services and tell them they can learn more about them in their move in package (you should always have move in packages that feature this information.).  Moving is ranked as one of the top three most stressful times in a person's life. Your job is...

Posted by on in Apartment Leasing
Assessing real performance in multifamily sales is an incredibly hard pursuit. In my post last week, I shared how selling in the apartment world is different from just about any other sales process. One of the chief differences is the inability to use typical sales effectiveness metrics when assessing performance. Over the last year, as I’ve been sharing our findings and experience about the sales process with hundreds of operators, one of the most common questions/concerns I get is about assessing their leasing team. While there are certainly some key metrics you can use to assess performance, the nature of multifamily sales requires more holistic metrics. As the saying goes, “What gets measured gets done.” Therefore, it’s important that you select metrics that cause success. Given the structural demand of our industry, short-term (and even mid-term) performance is driven more by external factors than by anything happening with your organization. When selecting your metrics, you want to be able to assess the combination of the system and process you provide, as well as the contribution of the individual. Here are the five we recommend everyone track: 1. Time to full production Turnover is a fact of life in the multifamily industry, and especially as it relates to the sales side. Sales in general has higher turnover rates than other jobs, and the very nature of a job on site means there will be turnover. While there are certainly things you can do to reduce turnover, you’re not going to eliminate...

Posted by on in Construction and Development
One question I have to ask on a daily basis when recruiting in real estate development and construction management is “what are you presently making on a base salary and what is your potential bonus structure?” I’d say about 75% of candidates answer this question honestly with maybe a fib margin of about 2%. Then there are the “Ball-Parkers” who like to use broad round numbers  that add some padding to their bottom line in a bit more noticeable way but nothing server, that population is probably around 15%. The last 10% are the worst. Those that really don’t want to tell you want they’re making. “What will the offer be” is what they ask during my initial phone review. “Well, at this point ZERO” is my reply. I go on to explain the necessity of being forthright when providing one’s compensation.  I also have to remind them that just because you’re making “X” doesn’t mean you have to settle for “X + some % bump”. You are still in control of your own destiny here, but we have to work within our client’s boundaries to provide an offer that makes both parties happy. Otherwise, neither I, nor my client will consider you as a candidate. Why is this? Client’s need to be able to gauge if they can afford someone and the recruiter managing the deal can’t say “hey, this one is great, but I have no idea what they’re making”. It kills the mood and it kills the momentum. Client’s immediately think “if...

Posted by on in Property Management
What happens when Corporate comes to town? Here’s an idea to consider. What if your teams were excited to see them?   Wait…what?   One of our VP’s today called me in to her office to show me the “best present she’s ever gotten!!” (A direct quote and I honestly don’t think I added enough exclamation points to the sentence though, she was really excited.) Intrigued, I followed her to her office. She had received several thank you cards, each with several heartfelt messages from her teams, and a beautiful hand-painted jewelry box.   Two weeks ago, she had spent time with some of our teams in Texas. After her visit, each team got together and wrote her thank you cards and as a whole sent her the gift.   This got me to thinking, how many teams actually THANK you when Corporate comes to town? And would they even want to? Let’s be honest, in my experience it’s always, “Oh no! My VP/Regional/Corporate team is coming to town. AAAHHH!” (Maybe some gnashing of teeth and rending of clothing if they’re really dramatic.) It’s stressful, an inconvenience with a little dash of fear tossed in when Corporate comes to town.   But in this case, it was clear that she was there to help mentor the teams. This all goes back to my previous blog post about serving our teams and our corporate culture. Our company’s core values are Proceed with Integrity  |  Value People  |  Embrace Opportunities  |  Pursue Excellence ...