Hi Mindy! Great to hear from you! Your comments are so true...we will fall back on what is familiar ...
Great article, Rommel! I would like to add that each sales professional will almost always fall back...

Training Trivia

Which of the following is an assumptive pre-close?

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Posted by on in Apartment Marketing
Google Web Search is always evolving in an effort to continually increase each user’s experience. Structured Snippets are a new feature that provides important and relevant facts as “result snippets” in a Web Search. This helps users find the particular information they may be searching for, without having to browse an entire web page. For example, in a search for an apartment community, snippets could return your floor plans, amenities, and rent prices just from the Google search page. Facts will vary with each search, as this feature continues to be perfected and enhanced for easier user experience. This new feature has been brought about due to the partnership between Google Research and the Web Search team. Through machine learning techniques and new algorithms to determine better quality and relevance, each snippet returns up to four facts. You can find snippets on your mobile searches as well....

Posted by on in Social Media and Technology
What do you believe is the greatest invention in human history? Electricity? The number zero? How about Gutenberg’s printing press? Some intellects believe the measurement of time to be the most influential invention in human history. Without social context what does an hour mean? A minute? A century? The same goes for online marketing. Without context and understanding, when is the best time to expect the highest chances to interact with your social media audience? You need to make sure you are posting when your desired audience is using and consuming if you hope to engage and influence them. Similar to time, when to post on each medium is relative. Facebook Best Time: 1pm-4pm results in the highest interaction and engagement Peak Time: Wednesdays at 3 pm Worst Time: Weekends before 8am and after 8 pm Twitter Best Time: Mondays-Thursdays 1pm-3pm Peak Time: Monday-Thursdays 9am-3pm Worst Time: Every day after 8 pm and Fridays after 3 pm Pinterest Best Time: Saturday Mornings Peak Time: Fridays 3pm Worst Time: Sharing during normal work hours Google Plus Best Time: Everyday 9am-10am Peak Time: Wednesdays 9am Worst Time: Early Mornings and Evenings You may be curious to know which time zone the times are referencing. It reflects the time of the users. Adjust your social media campaign to fit your audience, not vice versa. If you are looking to implement a nationwide campaign, I would suggest posting to the EST time zone, allowing your post to be live for the optimal time across all time zones thus allowing...

Posted by on in Multifamily Training and Career Development
If you receive rent from someone who lives in or on your property, you’re considered a landlord and must report the rent you receive as taxable income.  The rent you receive is considered income in the year you receive it even if the payment covers a time period in a different year. For example, if your tenant pays their January rent with their December rent in December 2014, both payments should be included in your 2014 taxes.  With rental properties, you are required to file with federal taxes as well as state taxes. Check the state tax laws where the rental property is located. In some states, you are not required to file a return if your income falls below a certain amount.You will input your data for your rental property into the Business Income and Taxes section.  If your property is located in a different state than your residence, you are also required to file a non-resident tax return. The IRS allows you to deduct necessary expenses required to maintain and manage a property that you rent out.  You are also able to deduct depreciation related to your rental property. Both of these deductibles combined will help to bolster your income on the property.  You’re even allowed to deduct these expenses if your property is vacant, as long as you have the intent of leasing that vacancy out.  With that being said, the expenses can only be deducted the year in which they are paid and not when they are...

Posted by on in Multifamily Industry News and Trends

Freddie Mac's Vice President and Chief Economist, Frank Nothaft, gives a video preview of the September 2014 U.S. Economic and Housing Market Outlook. ...

Posted by on in Miscellaneous
I'm recently returning from a trip to Disney World.  Need I say more?  The land where dreams come true!  The land of hopes, your return to childhood and of course the last stop for all of your savings!!  After paying about $100 a day for tickets to this "land where dreams come true" I enter "The Park" (and by The Park, I mean a park a day as Disney World offers 4 amazing parks, 2 water wonder lands and several food and entertainment venues to choose from).   After you are able to actually get into a park, either by walking two miles from the parking lot, by tram where we are squished between two crying toddlers who clearly were awoken from their slumber, or forced on a ferry or monorail to get to this "magical kingdom" you are greeted by smiling faces!  I mean it we spent 4 days in and out of Disney and even the lady whose job it is to walk around the park looking for gum and scrape it off is smiling and even humming the Disney propaganda.  So how do they do it?  How can Disney possible get their tens of thousands of workers to drink the Disney juice, even when they dealing with crazy people who spit their gum on the ground so others can step on it, even when they have to do that 2 mile trek into work EVERY DAY, even when some of them are the 100 degree heat for hours...

Posted by on in Apartment Investment
There are many types of apartment owners out there.  Some see a cash flow and say, “I am doing well!” and the other see a cash flow and say, “How can I improve or increase my cash flow?” There are those that look at the numbers, perform due diligence, hire the management company and look at the income statement. There are those that roll up their sleeves, get out on the property, and smother their property managers. Then there are those that constantly try to improve.  Whether it is studying their target market, monitoring satisfaction ratings and training to improve them, income optimization,  shortening the time it takes to “turn” or make a unit ready to lease, focusing on collection of “other income”, etc., there is always room for improvement. The first type will often see opportunity to increase their profit by cutting costs or deferring maintenance.  These owners often view themselves as shrewd, conservative, and good business people, but often teeter on the edge of being a slum lord.   Others recognize their property is an asset, not just a cash flow.  The value is far more than the cash flow.  Upon sale, many investors base their offer on capitalized value, but you often see offers re-traded to take into account the deferred or poorly handled maintenance issues.  These physical issues that come up during due diligence often cost the owner far more in the final sale price than it would have with small investments of time and effort along the...

Posted by on in Resident Retention
Budget season is upon us, which means you’re probably on the hunt for ways to save money. Well, one savings strategy you may be overlooking is retaining your current residents. Multifamily professionals spend a lot of time, money and energy on acquiring new residents. But it’s time to shift some (or even a lot) of that focus to your current residents. After all, vacant apartments are expensive. On the other hand, retaining your residents year after year can save you money and improve your bottom line. Looking to improve resident retention in your apartment community? Read on for a few tips. Welcome Residents WarmlyResidents want to live somewhere that feels like home. It’s as simple as that. Start off on the right foot by giving new residents a call or stopping by in person to introduce yourself and ask how their move was. Consider providing a packet of information to new residents with helpful information about your community, like the fitness center hours and how to submit a work order. But don’t stop there. After a new resident has moved in, be sure to smile and greet them by name when you see them out and about. Create a Sense of CommunityResidents who play together, stay together, so be sure to provide your residents with opportunities to meet their neighbors and get involved in your community. Consider organizing social events on a regular basis, such as quarterly or twice a year. Extend personal invitations to new residents to encourage them to attend these events and meet their neighbors....

Posted by on in Apartment Marketing
Do you want to make sure your ads reach people who have already shown interest in your apartment community? You can easily reach people who have visited your apartment’s website by adding Remarketing to your current campaign. This feature helps you follow-up with what could be potential residents, tailoring a message to encourage their return to your site and maybe even to close the deal. Especially if you are already using Google Analytics, adding Remarketing is simple and can quickly improve the performance of your campaign. All it takes is some additional code, or remarketing tags, on the pages of your apartment site. Visitors will be added to a remarketing list, and will then receive your targeted ads. You can rest assured that these ads are reaching the right people at that pivotal moment of deciding whether or not to rent from your apartment community. Through Remarketing, you can set ads to display during online browsing time, during Google searches and even on mobile apps. Strategic Remarketing can help drive sales and promote more online awareness of your apartments for rent. Add Remarketing to your current Google campaigns and start seeing an increase on ROI (Return on Investment), making an important connection with new renters. ...

Posted by on in Apartment Marketing
The marketing gurus at consumer product giants get it: marketing increases product value. They get that marketing increases return on investment. They get that you should never stop marketing even when demand is higher than supply. Consider Apple, which simply never stops marketing. Even when demand far outpaced supply of the iPhone 5s, Apple continued its television, email and online marketing efforts to drive even more demand. Yet, in today’s hot apartment market, in which Axiometrics reports that apartment occupancy hit 95 percent in June, some apartment companies are wondering if they should scale back their marketing activities. It seems like a logical consideration, since there is very little (immediate) supply available to offer and a lot of demand for apartment homes. But what Apple and other consumer-product marketing gurus have discovered is that creating demand even while supply is low has substantial benefits that flow right to the bottom line. Before you say that product companies are able to create more supply while you’re not, remember that you’re able to increase price while in many cases they can’t. There’s only so much people are willing to pay for a phone. And, in this hot market, new apartment communities are being built in droves. Translation: supply is coming. With that in mind, here are the top three reasons to maintain your marketing efforts even in a hot apartment market: 1. Marketing creates more demand, which means higher rents in the market. This is the beauty of price flexibility, which even Apple...

Posted by on in Resident Retention
You spend weeks planning a great resident event at your apartment community. Then, the big day arrives, and attendance is less than stellar. Have you ever been in this situation? Don’t despair! Here are 4 tips for increasing attendance at your next resident event.  Give Residents What They WantYou can plan the best football watching party in history. But if your residents don’t like football, no one will show up. Find out what types of events your residents are interested in attending by sending out a quick survey. Recruit a CommitteeRather than planning and executing the event on your own, recruit a committee of volunteers to help. Residents who are involved in planning the event will be more committed to making the event a success – including recruiting their neighbors to attend! Promote, Promote, PromoteNo one will attend your event if they don’t know it’s happening! So be sure to promote your event to your residents through a variety of different channels. Here are some ideas: Send out an email to residents Include information about your event in your monthly newsletter Hang signs in the elevators, fitness center, mail room and other common areas Post on your social media channels Add information about your event to your online resident portal Ask for FeedbackAsk residents who do attend your events for feedback. What did they enjoy? What could use some work? Then, use that feedback to put together a plan of action for your next event. What other tips do you have for increasing attendance at your...