Love this! And it's a great time of year for this kind of post.

Training Trivia

Incorporating social media into your marketing and resident retention efforts is good practice for all student communities.

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Rent

- Blog posts tagged in Rent

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
  STOP ask yourself do you do your follow up calls or thank you cards?!?!?!?  By Jolene Sopalski Leasing Specialist WRH Realty Services If you answered no to that question then I want you to hold up your right hand and pledge the following “ I will  start following up with my prospects no prospect will go un-followed up”. Good now if you are one of the ones that said yes I do my follow up calls and thank you cards I want to give you a big hug so just picture me giving  you a hug.  Why are follow ups with prospects so important to you and your owners? They are important to us because our prospects are the key to our success in this industry with out them leasing our apartments there would be no need for us. So why would you let them walk out of your office and never make contact again with money? All to often we use the excuse there's just no time to follow up. I really don’t like hearing there is no time to follow up on a potential lease because that is our job. I want to share with you some tips on following up on prospects that will hopefully increase your leases, make your owners happy and make it easier for you to follow up.  Always keep in mined that you are not the only property that your prospect is looking at so you want  to stay in the game by...

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
Anyone who has made a career in real estate knows that the market is always changing. There’s no arguing the fact that real estate professionals must have the ability to accept that while there are times of feast, there are also times of famine. But even when buyers are hard to come by, opportunities for income generation exist. And one of those opportunities is property management. Adapting to change. It’s not news at this point: Over the past couple of years, the real estate market has taken a huge hit. With foreclosures running rampant, loan qualification processes that can be difficult at best, and severe job losses across the nation, successful real estate transactions have been hard to come by. Even successful transactions now require far more time and effort than they once did. While things are slowly beginning to turn around, the real estate market is cyclical — we will at some point see it dip again. This is why it’s so important for real estate agents to have a back-up plan when times get rough. Property management offers realtors a great way to remain in the field and put their skills to use, even when the market is down. Steady income. No matter what, people will always need shelter. Particularly during economic climates like that of the past couple years, home sales may go down, but renting goes up, with all of the displaced former home owners looking for new places to lay their heads. No matter what field...

Posted by on in Property Management
One of the most encouraging results seen in the country's apartment market during 2010's first half was a notable upturn in demand for middle-tier product. Previously, almost all the absorption occurring across the country was being captured at the very top end of the market, reflecting new completions moving through initial lease-up as well as high-end units attracting move-up renters via price cuts. Looking specifically at 1980s-generation developments, the middle of the product spectrum in most metros, occupancy across the nation as a whole climbed 2 percentage points during 2010's initial six months, improving from 91.7 percent to 93.7 percent. At least a little bit of growth occurred virtually everywhere, and the jump was more than 3 percentage points in select areas like Upstate South Carolina's Greenville area, San Antonio, Kansas City and Nashville. An especially interesting shift in 1980s-era apartment occupancy registered during recent months in metro Atlanta. While those units were just 91.3 percent occupied as of mid-2010, the performance in the sector improved by 2.9 percentage points from the late 2009 result. Making the change especially intriguing, almost all the upturn occurred in just a few neighborhoods, specifically the arc stretching from Gwinnett County across the Roswell/Alpharetta area and into eastern Cobb County. That's a cluster of product that on the surface would seem to face a particularly difficult road to recovery, since it lies amid a huge selection of now really, really cheap single-family homes offered both for sale and for lease in very large numbers. What...

Posted by on in Property Management
The apartment industry is getting very savvy towards employing social media and mobile marketing into their media/marcomm mix and why shouldn't they? The industry has a structured revolving door of customers coupled with the fact that they sell lifestyle, a perfect marriage when it comes to running positive returns from social media and mobile marketing efforts.  In this Blog, you will find weekly (and spur of the moment) updates on mobile and social media tools that are becoming available (i.e. anyone here of augmented reality tools and how this plays into mapping and community tours?) as well as research on usage and redemption rates. This blog will not discuss why you should be social, how to be social or other points addressed in other blogs regarding social media team level techniques as we specialize in mobile and social media applications. Final note, we are builders of social media and mobile applications for the multifamily industry as well as the hospitality, membership, retail and real estate (residential and commercial) industries. We build both proprietary and commercial use apps for these industries. To learn more about our company you can visit us at www.FetchPlus.com. To visit our company blog, please go to www.FetchPlus.posterous.com. To contact me direct please email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at 312-985-7668....

Posted by on in Property Management
While metro Washington, DC seems to rank at the top of the list of just about everyone's favorite apartment markets, current performance stats actually are a little stronger in adjacent Baltimore. June's occupancy rate in Baltimore's base of about 190,000 apartments stood at an even 96 percent, up 2.1 percentage points from the late 2009 figure and 0.7 points ahead of occupancy in Washington, DC. Neighborhood-level occupancy was right around the 95 percent mark in even the weakest of Baltimore's individual submarkets, and the rate was 97 percent or better in Ellicott City/Columbia and the Towson area. Effective rents in metro Baltimore jumped by 4.2 percent during 2010's initial six months, measuring change on a same-store basis. Since rents only backtracked a very tiny bit previously, growth during the first half of this year has already more than made up the ground that had been lost. Baltimore's current average monthly rent of $1,107, then, is an all-time high. Viewed in the big picture, Baltimore is one of the first local apartment markets where recovery from the recent down cycle is complete. It wouldn't be surprising if Baltimore's performance premium over the stats posted in Washington, DC actually gets a little more pronounced over the next couple of years. The DC metro is going to have to deal with processing more new supply, which likely will have some impact on the occupancy and rent growth performance potential at the top of the market there.   Statistical information presented in this post...

Posted by on in Property Management
Just like pretty much every other metro across the country, Jacksonville has seen its apartment market generate some performance momentum so far during 2010. However, this locale took one of the nation's worst beatings during the down portion of the market cycle, so it remains far from reaching healthy status once again. Apartment absorption in Jacksonville registered at some 2,900 units during 2010's initial six months, far surpassing completions limited to around 500 apartments. Occupancy, then, has made big strides, rising 3 full percentage points since late 2009. Even with that upturn, however, the June occupancy figure was only 89.3 percent. That's the third worst reading across the 64 metros that form the core of MPF Research's national apartment analysis, coming in just ahead of the rates in Houston and Fort Myers. With overall occupancy so low, it's not surprising that even the top-performing neighborhoods and product niches are struggling. The metro's best neighborhood-level result in submarkets with sizable apartment inventories is the 92.8 percent occupancy in the Mandarin area. Across the various product categories, 1990s-era properties are doing the best with occupancy at 92.5 percent. Apartment operators in Jacksonville actually raised effective rents by a significant 2.7 percent during 2010's 2nd quarter, measuring change on a same-store basis. That's an aggressive move for a place with occupancy still so low. But even with that quarterly bump, rents haven't made much progress in making up the ground lost previously. From peak to trough in this market, effective pricing declined about 13...

Posted by on in Property Management
The Fair Housing Act (FHA) exists to ensure that all potential tenants are given an equal opportunity to obtain residency. This anti-discrimination policy means that, as a landlord, you are not allowed to base tenancy at your property upon any of the following factors, including: age, race, color, religion, familial status, or handicap. This law is straightforward enough; however, there are certain common instances in which landlords find themselves inadvertently in violation of this act. A common slip-up that can potentially lead to legal troubles down the line is searching for a certain “type” of tenant based upon your property’s location, amenities, or general pre-existing demographic. Consider the following scenario.  As clearly stated in the FHA, you cannot base your decision upon whether or not to accept a tenant on their situation or life circumstances. For example, even if you prefer to rent to students, you absolutely cannot refuse to rent an available unit to a family of three simply because they are a family rather than a single student. Remember, though, the average tenant wants to find a living situation that is comfortable for them. In the above scenario, for example, if you have a ten-unit complex that is primarily occupied by students, chances are other students (as opposed to families or young professionals) are going to be most enticed by your property. To achieve maximum visibility among this target demographic, you should place advertisements in outlets that cater to the university population in your area—school-affiliated publications, websites and bulletin boards at local college...

Posted by on in Property Management
Yesterday, there was lots of media coverage highlighting results of a survey that indicates quite a few of today's renters don't expect to ever become home buyers. Specifically, a Harris Interactive poll of about 2,000 folks conducted for real estate search site Trulia.com found that 27 percent of current renters don't anticipate that they'll eventually make the leap to home purchase. Looking a little more closely at the survey info provided on Trulia's website, only 663 of the 2,000 people surveyed actually are renters, and there's no info provided on what type of housing (apartments, single-family homes, or something else) the renters are leasing. That seems like a pretty small sample to use when making broad-brush statements about a large and diverse group of renters, but let's go ahead and assume that the survey results are accurate. Do they, in fact, mean anything? The Census Bureau reports that 66.9 percent of American households are homeowners, meaning that 33.1 percent rent. If 27 percent of those renters don't expect to buy at some point, the total pool of all households excluded forever from purchase is just 9 percent. Throwing some more numbers out there for you to think about (go on, whip out your iPad for a calc-a-long), today's median home price across the country is $176,900, according to the National Association of Realtors. Assuming you're really old fashioned and will only buy a home that costs three times your annual income, you'll need to make about $59,000 to afford the...