Great way of getting people to say yes, will be applying this principle when I am showing available ...

Training Trivia

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

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1490130023 [{"id":"232","title":"After three unsuccessful attempts at reaching them","votes":"3","pct":"14.29","type":"x","order":"1","resources":[]},{"id":"233","title":"When you hear from a competitior that they have leased with them","votes":"2","pct":"9.52","type":"x","order":"2","resources":[]},{"id":"234","title":"When they have told you they are putting off their move for a while","votes":"1","pct":"4.76","type":"x","order":"3","resources":[]},{"id":"235","title":"None of the above","votes":"15","pct":"71.43","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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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
Although not all property managers have an accounting background, it’s nonetheless important that any landlord handling the books has a firm grasp on basic accounting principles. Perhaps most importantly, it’s essential to have a working knowledge of the differences between cash and accrual accounting. Quite simply, the difference between cash and accrual accounting comes down to when you enter information in your books. Cash Method Accounting With the cash method, information is entered into the books as soon as money changes hands. In other words, as soon as you receive a rent check, it’s entered into the books as income. And as soon as you pay the plumber for the kitchen sink he unclogged, you enter that into the books as an expense. Accrual Method Accounting Accrual method accounting requires that payments and income be recorded as soon as money is due or owed. In this case, even if a tenant is a bit late on rent for July 1, you would still log that rent income into the books despite the fact that you have not yet received a check. Likewise, even if you have not yet cut your property management company’s checks for the week, you will enter the money you owe to the plumber for work completed as an expense immediately upon receipt of the bill. Whether you use cash or accrual accounting is completely up to you, dependent upon which system seems most intuitive and appropriate for your company. While most property managers use the cash...

Posted by on in Property Management
Get Back In The Box BookAs certain fortunate markets begin to see the light in higher demands and ease of concessions, this may be a good time to re-evaluate our business. As we have been fighting the economy, the home market and dreaded concessions, we have gotten away from the primary focus of attempting to become and survive as something other than what we really are: A home for residents offering carefree lifestyle with convenient services and amenities. After running across the book, Get Back in the Box: Innovation From the Inside Out, by Douglas Rushkoff, I found that many of us in the “battle mode” have panicked trying to create business and improve numbers by being so creative that we may have lost track of the our core essential of our business. Rushkoff states, “Hardee’s thought a half-naked Paris Hilton would help sell burgers. What it really needed was a better burger.” A good point and even better question: Can you confidently say that your community is the best “burger” maximizing every opportunity and dollar? Maybe what we need to do is re-focus on becoming better managers, marketers and service providers. Sometimes we make it much more difficult than it needs to be. I challenge your organization to get back in your box and find out again what your vision and mission are and honestly evaluate whether or not they are still appropriate for today’s market. Once you are back in the box, research and study to find out who exactly is your customer? What...

Posted by on in Property Management
50 Interviews with Successful Property ManagersMike Levy is a regular contributor here on Multifamily Insiders, and is also author of (50 Interviews:) Successful Property Managers.  Since I think it’s important to support others here at MFI, I offered to take a look at his book and see what resonated with me that I could share!  The book itself is actually part 1 of 2, with the first 25 interviews with property management professionals.  These include both single family property managers and multifamily, but I found it interesting to also see what was important to those on the single-family side of the equation. Each chapter is a new interview, with standard questions presented to each “successful property manager”, and although I wish the interviews were a little more customized, one thing about it being standard questions is that you can see trends and consistencies among all the property managers.  The opposite holds true, as well, for example with some property managers indicating they had wished they had focused on the business process rather than just acquiring growth, while others wished they had focused on growth more rather than being so process oriented!  Just shows how diverse success can be. In fact, the question about what the property manager wished they had started sooner, tended to provide the most interesting answers.  One of the ones I happen to agree with strongly came from Tracey Logan at Holland Residential: Recently we started doing some tenant surveys to rate a number of areas of customer satisfaction.  The feedback we’ve received...

Posted by on in Property Management
The recent Global Financial Crisis has made people in various states and probably across the globe to rethink the way they use electricity and other energy resources. Even if energy deregulation in certain states such as Texas have given consumers the power to select Retail Electric Providers that will supply their electricity, it doesn’t mean that they are given free reign of their use of electricity. Prudence and practicality is now the adapted norm that many homeowners and business establishments practice with respect to their use of electricity. Unless a very viable and inexhaustible source of very cheap electricity is discovered, all other homeowners and business owners should have the same mindset and practice all means to conserve energy. The following are 10 of the simplest and easily implementable means of saving energy no matter what state, city or location you are in. Whether you are from Dallas or Houston, it would be wise for you and your household or business to practice these ways to save on your electricity. * Try a little bit of air drying power – Dishwashers consume considerable amount of water as well as electricity, that when accumulated would amount to something significant that would hurt both your pockets and the environment. Go back to basics and use a bit of cloth and air drying power to dry your dishes. * Some like it hot, but better to wash them cold – turn off your washing machine heaters for a while and use cold water instead....

Posted by on in Property Management
Top rental sites share of search engine rankingsSearch engine optimization is one of the things we’re passionate about, and periodically we like to do a deep dive and get a handle on what is happening in related industries. Recently we ran across Andrew Shotlands’s post “IYP SEO Rankings Report 2009” ranking the different internet yellow pages sites by their share of competitive search engine rankings, and decided to apply a similar methodology to see how the different rental sites stacked up against each other. Since many of you use these sites to publish your rental listings, we thought you’d be interested in seeing which of these sites perform the best for the most important rental keywords in the search engines. In brief, here is the methodology we followed: Identified the top 20 rental keywords using Google Suggest and the Adwords Keyword tool (see below) Performed Google searches for these keywords in the top 20 U.S. cities, with personalization turned off (for a total of 400 geotargeted queries). Each time a site appeared in the serps, we awarded it 1 point for each position, starting at the bottom. (On a page with 10 results, the first result got 10 points, the second 9 points, etc.) Weighted each search by the U.S. monthly search volume for that keyword reported by Google. Summed up the points for each domain to determine its final score. So, in theory, this data should tell us which rental sites dominate the search engine rankings for the most important and competitive rental keywords. And here are...

Posted by on in Property Management
The following word clouds are comprised of actual words and  phrases from the 3,000 reviews we surveyed. *The above word clouds are comprised of actual words and phrases from the 3,000 reviews we surveyed. In my last article we covered some of the results from our survey of almost 3,000 reviews of property management companies on Yelp and Yahoo Local (read it first). We found that while there was a mix of tenants, owners, contractors, and realtors leaving reviews, the vast majority of the reviews were left by tenants. This makes sense if for no other reason than the fact that there are far more tenants than any of the other groups. The fact that the reviews are highly polarized (love or hate) was easy to pick out, but beyond that there were a number of other common themes that came up over and over again. Here were the key issues that for tenants and landlords: Landlords Common Complaints Delayed reaction time to phone calls and e-mails Failure to promptly send out checks Excessive and/or unexpected fees (especially maintenance fees) Incompetent maintenance staff or contractors (slow, shoddy, overpriced work) Took too long to find a tenant Placing low quality tenants Common Praise Quick placement of tenant Placement of quality tenants Made the landlording process easy Professional demeanor and rapport Knowledgeable staff, understand the law and finer points of dealing with tenants Tenants Common Complaints Long-standing maintenance requests – Tenant feels ignored or like they’re being passed from person to person in an revolving door of personnel and empty promises and excuses. Run down dwelling – Everything from...

Posted by on in Property Management
Despite all the negative publicity and media issues posted against energy deregulation, several states continue to push through with its implementation, each formulating their own system on how to effectively implement the system within their boundaries. The state of Texas is at the forefront of this implementation, with several Retail Electric Providers and other new players in the Texas electric industry stepping forward to participate in the energy deregulation roll out. The following are the top six benefits that can be derived with the implementation of energy deregulation, not only for consumers but for the community and the environment as well. * Consumers are Given the Power to Select – Probably the most important benefit that consumers derive from energy deregulation is the privilege and opportunity to select the Retail Electric Providers that will bring Texas electricity to their homes or business establishments. Whether their motivation for switching providers is to get cheap electricity, better customer service or the option to choose alternative energy resources, consumers are now not restricted by what the utility monopolies of old dictate. * Eradication of Energy Monopolies – in an industry that has been characterized by monopolies and cartels, the playing field is now leveled with the influx of new industry players all competing to provide electrical services and products to the consumers. With a new atmosphere of competition, the consumers now dictate the quality of services that they deserve from the electric companies. * Better Quality of Services from Providers – the new...

Posted by on in Property Management
In this economy, businesses of all stripes are looking for a little extra leverage when it comes to generating more sales. Despite all the gloom and doom news out there, this actually opens up a lot of new doors for property managers to not only lower their vacancy rates, but also to incorporate new business strategies that can pay off in spades over the long haul. We’ve spent a lot of time on this blog talking about viral marketing and utilizing new technology for growing your business and marketing your properties. While this is all well and good, it’s also important to keep those perennial grassroots marketing strategies alive and well. And one of the most effective grassroots approaches for those in the property management business is partnerships with local businesses. More likely than not, businesses in close proximity to your rental units are open to strategies that will bring a steady stream of new customers into their establishment, whether it be a restaurant, grocery store,video rental store, or salon. Believe it or not, you have your finger right on the pulse of their potential client base: your tenants. Of course, this is a two-way street—those same neighborhood purveyors may well have just the tenant you’re looking for in their clientele. Capitalizing on such potentially synchronous relationships is simple. First, sit down and figure out what your ideal tenant pool looks like. Is it students? Young professionals? Families? Once you know what your target tenant demographic is, take a look at...

Posted by on in Property Management
I gotta feeling The BlackEyed Peas will be showing up flashing Camden Residential tattoos at the 2010 NAA Education Conference and in their next music videos. You guys gotta see this. I've tweeted it and posted on the RentWikiHouse page.  Camden Residential ROCKS. Easy to see why the company is included in Fortune 100's "Top Places to Work". Come on Apartment Operators...let's see what YOU've got. [video: 433x300]...

Posted by on in Property Management
Breakout of property management company ratings on Yahoo LocalOver the last five years customer rating and reviews sites have exploded onto the scene as a major force in the buying and decision making process for consumers. From sites built around reviews like Yelp, to internet yellow pages (IYP's) which have incorporated them as an important feature, online reviews abound and consumers are using them to decide where to buy. Much has been said about the good and evil of rating & review sites which often struggle to balance the interests of the businesses being reviewed, the users leaving the reviews, and their own financial interests. No matter how you feel about these sites it's clear they are here to stay and affecting the businesses being reviewed. It's not uncommon to see sites like Yelp ranking on the first page for searches on company names, or to see reviews from multiple sites aggregated in the search results of Google Maps. Property management ratings on Yahoo Local Every industry has a unique set of dynamics that influence the average customer sentiment, and while we had a pretty strong hunch of how property managers fare on these sites, we decided to do the research required to get some more concrete data. We decided to use Yahoo Local as our source for reviews because of it's size and reputation as one of the largest, longest standing sites in this space. We surveyed their reviews for property management companies in the following cities: Austin Atlanta Boston Dallas Denver Indianapolis New York Orlando Phoenix Portland...