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Training Trivia

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

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1529800854 [{"id":"232","title":"After three unsuccessful attempts at reaching them","votes":"33","pct":"26.83","type":"x","order":"1","resources":[]},{"id":"233","title":"When you hear from a competitior that they have leased with them","votes":"8","pct":"6.50","type":"x","order":"2","resources":[]},{"id":"234","title":"When they have told you they are putting off their move for a while","votes":"9","pct":"7.32","type":"x","order":"3","resources":[]},{"id":"235","title":"None of the above","votes":"73","pct":"59.35","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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Amenities

- Blog posts tagged in Amenities

Posted by on in Property Management
To generate more rental income, it’s sometimes necessary to put a little work into your property. If a potential renter is comparing your property to a similar, less expensive property, the renter will need to be able to easily identify those aspects (whether it’s aesthetics or features) that make your unit worth more than the competition’s. Depending on where you’re starting from and where you want to go, upgrades may consist of as little as some simple “rejuvenation” projects or, alternatively, some larger-scale renovations. Generally speaking, your bathroom and kitchen are two key areas that play a large role in making or breaking the value of your rental unit as compared to competitors’. All other factors being equal (such as size and location), chances are most renters will select the unit with a nicer looking or more upgraded bathroom or kitchen. Many renters will even be willing to pay a bit more if there is a noticeable difference or greater utility in one or both of these two rooms. In other words, these are the first places you should make improvements if you want to command additional rental income for your property. What does this mean exactly? Let’s take a look. Renovation There’s not really any way around it—complete renovation of a bathroom or kitchen (appliances, lighting, tiling, fixtures, etc.) will cost you a few thousand dollars. However, it will also likely pay off in the form of a higher rent rate. Consider a renter who is looking at your apartment...

Posted by on in Property Management
“A fool is someone who knows the price of everything but the value of nothing.” -Oscar Wilde We live in a world that seems to focus on price— not value. Price is only one factor in a buying decision. What we often don’t realize is that we make value-based buying decisions every day. We buy our clothes, cars and food based on the perceived value that we get from what we purchase. A recent Harvard University study revealed that buyers want more than a “cheap price”. In fact, only 1 out of 6 buyers are true price shoppers. The study also showed that most price objections that salespeople encounter are self-inflicted; meaning salespeople are more concerned about price than customers. In fact, buyers rated price 7.2 (on a 10-point scale), while salespeople rated it price 8.3. Who’s making the bigger deal about the selling price? As a true sales professional, it is your job to determine what the prospect values. Sometimes, higher prices can actually be considered a selling advantage. A higher cost creates a perception of higher quality or a "cut above". Top Leasing Professionals welcome a price difference because it gives them an opportunity to demonstrate how good their product is and how great they really are! Leasing professionals who employ value-added selling techniques sell 3 things: Themselves Living is selling. Start from childhood and remember all the sales you made. You worked up a sales pitch to get your parents to raise your allowance, buy you a nicer...

Posted by on in Property Management
As a property manager, you have a great resource that shouldn’t go untapped right at your fingertips: your tenants. For as well as you know your property, most property managers don’t actually live on-site. Because of this, your tenants are more qualified than anyone else to provide insights into potentially beneficial changes, improvements, and upgrades that can make your property more appealing—and perhaps even more valuable. You can solicit information from tenants in a number of ways: through an old-fashioned suggestion box either on-site or at your property management office, through an online form, or through a questionnaire for tenants to fill out upon move-out (or at any other point during their residency at your property, for that matter). In addition to all this, when it comes to encouraging tenants to share their thoughts and suggestions, property managers may want to consider taking a cue from condo associations. Hosting forums on an annual or bi-annual basis for tenants to submit ideas for changes and/or to vote on potential changes you are considering rolling out at your property is a great way to not only receive important feedback, but also to bring tenants together to brainstorm and share ideas that you may have never even considered. Though you have the ultimate say about what does or does not happen at your rental property, receiving this sort of organic feedback can lead you in the right direction, providing a lot of insight into what tenants do and do not want to see happen...

Posted by on in Property Management
Example Tenant Welcome KitUsing travel-sized toiletries and cleaning items, one can create a unique tenant welcome gift that can create a lasting impression, especially during those hectic first few days of move in.  To choose what to put in the gift basket of goodies, one must think like a new tenant, whose stuff is still boxed up, but everyday things need to get done from the moment of arrival.  Some helpful tasks and accompanying products to include are: Laundry: Include a single use laundry detergent, bleach, and fabric softener to help get that first emergency laundry load underway Cleaning: Even with a professional cleaning, new tenants may want to clean certain things, or even clean their own stuff as they unpack it and set it up.  Thus, include a travel size cleaning solution, paper towels, and Lysol. Dishes: Cleaning that first round of dishes before being fully unpacked can require certain items, so include a sponge, washcloths, liquid dish soap, and a packet for the dishwasher (if there is one). Bathroom:  You could include the typical toiletries, but odds are, those have been prioritized in the packing and you don’t need to provide for emergency supplies (and, those tend to be more brand-specific to each person’s tastes).  Thus, a hand sanitizer can be helpful, and a travel sized roll of toilet paper for move-in day. Miscellaneous: Tape is always needed when moving, and not just when packing up.  Thus, a travel sized roll of duct tape (which is more versatile than packing tape) can...

Posted by on in Property Management
Property Management Handle Repair RequestsProperty management companies, landlords or property managers – try responding promptly to address the tenant’s requests. In some extreme cases, the tenant may be entitled to withhold rent and your property management company could be held accountable for personal injuries as well.   Guide to Handling Tenants Repair Requests:1. If you’re not available by phone at anytime, make sure that you have some type of answering or paging service available at all times.2. Provide all tenants with several copies of Maintenance/Repair Request forms when tenants move in.3. Make additional forms readily available to your tenants. 4. For all telephone requests, complete the form and file it in the tenant's records.5. In responding to all complaints, you may want to verbally follow up and then provide a written response. 6. As a rule of thumb, you should try to fix problems within 24 hours that may cause major inconveniences to the tenant and less serious requests within 48 hours.7. Use a 24-hour repair service if required for personal security and safety problems8. Be sure to comply with state and local laws and ordinancesIt is important to take action at the earliest to address the tenant's repair requests....

Posted by on in Property Management
I came across an interesting twist on the self storage concept today, and just had to share. Storagebymail.com offers free round-trip shipping to a centralized warehouse where your boxes are kept until you need them back. All you have to do is download a label (they even have an app for that), schedule a USPS carrier pickup and pack your boxes. That’s it. The price is $29 per month for 5 boxes, $49 for 10.Easy breezy. Somebody else does all the work. Convenient. And a new solution to that old objection, “not enough closet space”.Take a peek. They’ve taken the U Store It concept and truly made it all about you.Let me know if you have tried this service and what you think....

Posted by on in Property Management
In many ways, the current economic climate makes for a great time to purchase a multi-family investment property. The prominence of short sales and foreclosures has given way to good purchase prices in many areas of the country. Add to this the fact that there are some incredible interest rates out there right now (even for investors) and the fact that many former homeowners have now found themselves back in the rental market, and there’s a very valid argument that this is a good time to get into the multi-family market. If you are considering making a multi-family property investment of your own, following are a few things to consider before taking the leap. Know what you’re looking for Before you even begin to look at properties, have a clear idea of what you’re looking for and what you’re willing to put into a property, both financially and in terms of your time. Of course, this is always subject to change if you find just the right place, but that doesn’t mean that you shouldn’t go into the house-hunting process without a fairly narrow baseline in mind. Aside from basics like location and size, you also want to have know whether you’re looking for a “fixer-upper” or a “as-is” property. Look at the whole package Looking for a multi-family investment property is different from looking for a single-family home and requires a bit more of a discerning eye. Remember that you will be renting multiple units out to different tenants. To...

Posted by on in Property Management
There’s definitely much to be said for setting oneself apart from the pack in business. In fact, particularly when it comes to business, establishing a reputation that sets you apart from the pack in a certain niche or area of expertise can be invaluable. This allows you to be the go-to source when a client is seeking out specific information, thus distinguishing your company from the competition. Of course, there’s also a risk involved in all of this: When dabbling in specialties, you need to make sure there is ample clientele out there for that specialty to keep your business profitable. These considerations should come into play for property managers that are considering investing in unique or specialized properties, such as waterfront or luxury properties. Following is a brief listing of essential pros and cons you should consider when determining whether or not adding more specialized properties to your portfolio is the right business decision for your company. Pros Brand building. Specialized properties can assist in building your brand. For example, realtors in your area with clients looking to rent a luxury apartment will learn to go directly to you, setting your business apart from competitors. Market stability. It goes without saying that the economy and rental market are out of your control. However, certain sectors of the market are more stable than others—if you can identify one of those sectors and cater to it, this will go a long way toward insuring your business thrives even in difficult times. Look...

Posted by on in Property Management
Determining when the time has come to do renovations on your rental property is a process that requires good judgment and a careful analysis of your goals. Depending upon your situation, renovation time may occur before you ever even move tenants into your property or, alternatively, it may be one of the final things you do before selling your investment property. Following are a few key questions to consider when contemplating a renovation. Would I want to live here myself?While you don’t have to outfit every rental you manage like a luxury penthouse complete with every amenity imaginable, it is important to make your rental units as comfortable and livable as possible for tenants. Upon purchasing a rental property (and every few years thereafter), look around your rental unit and ask yourself: Is this somewhere I would want to live? If the answer is no, it’s time to start taking a serious look around at what features could stand changes or improvements. The better condition your rental units are in, the more quality tenants you will attract. And the better quality tenants you attract, the better care they will take of your units. Good tenants are a key element to consistently maintaining the value of your rental property. How do I stack up with the competition?If you are looking to sell your investment property at any point in the near future, you should make yourself familiar with comparable properties in your area. In real estate, sale prices are determined in large...

Posted by on in Property Management
Resident Activities are very important selling tool for us! I remember four years ago when I was on the apartment hunt looking for an apartment community that was going to be home for my self and three children I wanted something that I could find living in a neighborhood but with in an apartment community. I must have look at ten different community's and left each one dissapointed. Several times I ask what do you do for the residents and got oh well we have these great amenities. I wanted to feel connected to my community and get to know my neighbors. I know its a crazy thought but I really wanted that. See I was a single mom going out on my own for the first time sense having kids and previously had only lived in student housing(which trust me there are lots of activities going on it was alot of fun) so I knew that I would need the connection to others and hopefully find a friend or as Anne of Green Gables states, a Kindred Spirit. I finally found what I was looking for in the community that I currently live and work for. I was blown away by the fact there were kids outside playing and the amount of resident activities they had.  I knew right then and there that was where I wanted to be. It also helped that it was close to my employer at the time. As you can see having regular resident activities...