Interesting analogy Jason! Loving the student housing posts, keep them coming.

Training Trivia

Maintenance costs associated with a student property are typically lower than conventional communities.

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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
Setting your property management fees can be tricky business. Obviously, you’d like to obtain the greatest amount of money possible for your services. On the other hand, it’s important that your prices remain competitive in order to secure new clients. Following are some things to take into consideration when setting and evaluating your property management fees. Know Your Competition While your prices shouldn’t be totally dictated by what your competitors are doing, it is important that you have an idea of the going rate for property management services in your area. While you don’t want to undercut yourself, you will likely also have a difficult time selling your services to potential clients if your rates are significantly higher than your competitors’. If they are higher, be sure you have a compelling answer lined-up when potential clients ask why that is (for example, “We offer more automated services for you to utilize” or “We have twenty more years of industry experience than our closest competitor”). Compare Apples to Apples In that vein, when evaluating competitors’ prices, be sure that you are taking similar companies into account. For example, if you have ten years of experience and several successful properties under your belt, you should not compare your prices to those of a relatively novice, start-up property manager. Obviously, the converse of this also holds true. Account for the Local Economy How are things in your area? Are vacancy rates high? Or is business booming, bringing lots of new residents to town? Keep...

Posted by on in Property Management
Forming an excellent relationship with Corporate Housing Providers (CHPs) is a smart alliance because of how valuable a partner you can gain to lease up your property and keep it that way.  There are approximately 61,280 corporate housing units occupied every day paying one billion dollars in annual rent.  This is a huge revenue stream to tap into! I recently attended a meeting with other area corporate housing providers and property owners and managers.  The reason for the meeting was to encourage better communication between these two groups and some very interesting points and ideas were shared.  Here are 5 great reasons why partnering with a CHP is a smart move for those who own/rent apartment properties. 1.)      Working with corporate housing is easy!  ®      Working with corporate housing is less work.  Because CHPs are in similar businesses, they can expedite the leasing process and cut down on your workload, which means you have more time for other things.  CHPs sign leases on a daily basis and don’t require the additional time that is typically spent on walking through a lease with an individual prospective renter.   Additionally, CHPs rents are always paid on time, which means no three-day notices and chasing down rental payments. Make more money with corporate housing  ®      CHPs typically pay market rent and in many cases pay a premium for shorter term leases.  Although often asking for deposits to be waived, they do pay administrative fees, which means leasing agents still receive their commission and the leases...

Posted by on in Property Management
While profitability is one great sign of success, there are also many other less tangible indicators that your property management business is doing well. Following is  a list of ten signs you’re running a good property management shop. How many items on this list apply to your business? 1. Your vacancy rates are low. Low vacancy rates can mean any one (and often a combination of) several good things: 1) that you’re doing a good job marketing your property to new tenants; 2) that you’re maintaining existing tenants; and 3) that your units are generally sought-after. 2. You receive new property management clients from referrals. In business, referrals are the sincerest form of flattery. When existing clientele are referring potential clients your way, it is a sure sign you’re doing things right. 3. You receive new tenants from referrals. Chances are tenants who are displeased with your property aren’t going to recommend your property to their friends. As with client referrals, tenant referrals speak kindly of your work and may also indicate that you’ve successfully instated a good tenant referral program. 4. Your tenants stay put. They like you, they really like you! As with all business, it costs far less to keep existing tenants than it does to find new ones. If your tenants tend to remain in your units for multiple lease periods, chances are you’re pricing your units right and making tenants feel well cared for. 5. Other property managers contact you for advice. While it’s nice 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
Circuit CityMany years ago I worked for Circuit City making commissions by selling a/v equipment.  One day I was working with a gentlemen late in the evening who had shown interest in some very high end stuff.   I spent some time walking him through all the pieces that I thought he'd be interested in.  I will admit I was nervous about asking for the close; mostly because the amount of money for the purchase was so high ($7500+).  So instead of pushing to close, we talked about our families (both having grown up in the same state) and some of our different college experiences.  It was a good conversation and since the sales floor was slow I didn't mind it.  About 40 minutes before the store was to close I went for it and asked if he wanted to purchase tonight.  He said some unforgettable words: "Sure Bill, I'll go ahead and take everything that you showed me."  I netted over $400 on the sale.  Did my rapport building, rather than pressure to close, get me the sale?  I like to think that maybe it did. Here are 3 things you might not be doing, that you should, which can improve your lead conversions: 1) Selling yourself Let's face the facts.  Competition is stiff.  You're selling widget A for $899 and the people down the street are selling it for $869.  Sure your widget might be a bit bigger but down the street they are giving customers their widget free for the first 30 days.  What is...

Posted by on in Property Management
What do you think is your biggest challenge as a property manager or as an owner of a property management company?Most property managers hate Book-keeping because this creates a lot of stress as monthly rental income and expenses reports have to be sent to landlords. Some property managers may track the information manually or in spreadsheets and this is a time consuming process. Other property managers use property management softwares that could be complicated, expensive, and hard to use. If you also hate book-keeping and are looking for a user friendly, cost effective and efficient way of maintaining your books, then try out a web based property management software. Below are a few advantages of using a property management software:      1. Track Rental Income and Expenses with a Click!Easily Track Rental Income and Expenses. Property management software can be used to track rents collected from tenants and rental property expenses including property management fees.     2. Monthly Owner StatementsEasily generate monthly statements and send it to landlords or owners. Most property management software come with many different kinds of reports such as tenant payment history report.     3. Collect Rents on time!Easy online rent collection! Some property management software will have capabilities to send automatic rent reminders to remind tenants to pay rent on time. This eliminates the cost and hassle of rent collection for property managers and property management companies.Switch to a user friendly property management software and make managing properties easy and fun!...

Posted by on in Property Management
We, in the United States, have been blessed for the last fifteen plus years of enjoying essentially free internet. As a business, a company could purchase a domain for a few bucks and upload some html and the business was "in business". Initially, we had some digital islands, or groups, like Compuserve and AOL that made you purchase access to their hubs. Then Yahoo, MSN and other free hubs came around and eliminated the need to "pay to play". We started to once again enjoying free access to explore and search the internet. And then we fell in love with Google. Google over the last ten years gave us the power to quickly explore the millions then billions of websites just by adding in a few key words to a search. This search became very powerful, so powerful that Google realized their ability to "sell" keyword searches and bought out groups like DoubleClick to better understand the people that clicked through. Adwords, Google's primary revenue source, auctions keyword phrases that made sense to business for a certain dollar amount and business, realizing the opportunity, gobbled it up and started hiring companies or people to handle their new online ad spend. Well, this happy marriage between Google and business continues, but then emerged social and mobile technologies.  During this time period, MySpace, Napster, Friendster and eventually Facebook sprung up and created social networks, or new versions of digital islands, to connect people to each other b/c of like mindedness. As you are...

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
Property Management Companies guide Go Paperless  Does your business require maintaining a lot of paper business records? Have you considered going paperless? Read this quick guide to going paperless. 1. Save on Real Estate! By cutting down on paper, you can save on real estate that is required to store old records and other related equipments. If your business operates in a city that is prone to natural hazards, you are at the risk of losing all your files and records that you store on-site. 2. Reduce Man-power! Maintaining records can be time consuming and may require hiring additional employees. Go paperless and cut costs in hiring additional resources. 3. Go Virtual! Switching to emails and virtual records can speed up your operating efficiencies. Virtual records provide the flexibility of pulling up the records anytime at your convenience, comparing multiple records simultaneously, and printing them. If a client requests a certain record, email is a quicker and greener solution. Save time and focus your efforts where it is needed.  4. Keep Risks at a Minimum! In case of natural hazards or emergency situations, such as a fire or burglary, you are at the risk of losing your paper records. You may not enough time to create back up files or move the files to a safer location. Maintaining virtual records minimizes the risks of storing paper records. 5. Go Green! Be a trendsetter by going green! Save on paper, save forests! Intelligent use of print and copy machines helps in becoming energy efficient.  Join the Green Movement! Let your Clients know that your business cares for...

Posted by on in Property Management
Let’s face it – keeping vacancy rates as low as possible is any property manager’s first priority. With the economy in its current state, this is truer than ever before.  We’ve written several articles in the past on combating a lousy rental market with strategies like lease renewal incentives and cross-promoting with local businesses. This week we are offering just another tool aimed at keeping vacancy rates low – a tenant referral program. Tenant Referral Incentives – How Much is Enough? By far the most common type of tenant referral program involves offering current tenants a monetary incentive to refer a new friend, family member, or colleague to their community – the current tenant is then paid for their referral when the referred tenant signs a lease.  Although monetary incentives can come in all sizes, one of the most commonly used programs offers $100 per tenant successfully referred. It’s important to note that if you go the monetary route, incentives should match your tenant demographic – we recommend starting with an incentive that is about 20% of one month’s rent. That being said, some of the most successful referral programs actually occur in more high-end properties. A wealthy person in a high-end property may be more motivated to refer a friend for a $1000 incentive than a less well-off person would be for a $100 incentive. Get Creative with Your Program You know your property better than anybody else. In order to achieve the highest adoption of your tenant referral program,...