Hi Michelle,

That's a clever strategy especially with international students or even students liv...
I am a Property Manager. I ran a student property - UCR - University of CA Riverside, for 5...

Training Trivia

Which of the following practices is permissible and in accordance with Federal Fair Housing law when managing student housing communities?

Powered by Grace Hill
1853434201 [{"id":"268","title":"You can deny a person based on their age","votes":"6","pct":"19.35","type":"x","order":"1","resources":[]},{"id":"269","title":"You can deny a person with a service animal used for emotional support","votes":"1","pct":"3.23","type":"x","order":"2","resources":[]},{"id":"270","title":"You can deny a person based on their religion","votes":"0","pct":"0.00","type":"x","order":"3","resources":[]},{"id":"271","title":"None of the above","votes":"24","pct":"77.42","type":"x","order":"4","resources":[]}] ["#ff5b00","#4ac0f2","#b80028","#eef66c","#60bb22","#b96a9a","#62c2cc"] sbar 200 200 /polls/vote/96-which-of-the-following-practices-is-permissible-and-in-accordance-with-federal-fair-housing-law-when-managing-student-housing-communities No answer selected. Please try again. Thank you for your vote. Answers Votes ...
Enter your email address for weekly access to top multifamily blogs!
Multifamily Blogs
  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form
Subscribe to this list via RSS

Property Management

- Blog posts tagged in Property Management

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,...

Posted by on in Property Management
  The percentage of growth in mobile commerce applications is very healthy and very significant across all segments, and realizing commerce growth in certain segments helps the multifamily housing company determine how to properly keep their residents top of mind. Based off this graph provided by John Levett of Juniper, a multifamily housing application that makes sense to develop is one that offers residents the opportunity to engage with the apartment community about local events as well as the opportunity to pay rent through their mobile application.  As mobile app use continues to develop it is important to stay focused on consumer behavior usage of these apps and design accordingly. Should you need further clarification on consumer behavior, please feel free to contact me direct at This email address is being protected from spambots. You need JavaScript enabled to view it.....

Posted by on in Property Management
Key performance indicators (KPI’s) are measurements organizations use to track and evaluate how effective they are at making progress towards their long-term goals.  What metrics does your property use evaluate progress towards your apartment marketing goals?  Do you wish there was a better, more efficient way to track your property marketing leads?  Do you ever wonder what your prospects are thinking when they read your ads?   Are your staff members effective at turning leads into leases?  Here are six metrics that we think that can help and that every property should track. Ad Impressions New Leads Lead to Tour Lead to Lease Average # of Follow-ups Per Lead % Open Leads Best practice is to gather and report these metrics at least weekly (daily preferably).  This will ensure everyone at the property knows when things are going too or are off track and will give them time to correct issues before they get too big.  After all, you wouldn’t drive a car if you couldn’t see where you were going – the same is true of your marketing efforts.  Would you like to learn more about KPI’s?  Read the entire article as well as find more helpful property marketing tips and resources at www.PropertyMarketingGurus.com.   ...

Posted by on in Property Management
Guide to Protecting Business Records Does your business operate in a city that is prone to natural hazards such as Earthquakes, Floods, or Hurricanes? Do you keep all your files and records on-site? Then, read the following tips to protect your files and records in an event of a natural disaster:   1. To reduce the loss of important records and documents, first identify which files are the most important and their vulnerability to damage.  2. Know your Insurance Policy. Talk to your insurance agent and get all details of your flood and/ or hazard insurance policies. Be sure to know what is and is not included in your policy and the conditions associated with each of them.3. Keep your Equipments in a Safe Place. For example, computers kept near large windows could be damaged during hurricanes.  4. Have an Emergency Plan Ready! For example, a few employees could be responsible for backing up computer files, and delivering copies to a safe location.5. Estimate the cost of your property. Calculate the costs of Repairing vs. Replacing costly equipments. Your estimates will help you assess your vulnerability and help you plan accordingly.  6. Keep an inventory of your files and equipments. Maintain written and photograhic inventories of all important materials for tax and insurance purposes....

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
Flawless First Impressions How do you think the average leasing team in the industry is doing and how do you compare? I recently had the pleasure of perusing last quarter’s industry report card from CallSource, where they conducted a Telephone Performance Analysis of 1,436 communities nationwide. Having been in the multifamily industry for over 14 years, the results are not surprising. Of 81,800 telephone calls: Only 36% were converted to appointments Only 61% of leasing professionals obtained the callers name As multifamily training specialists, we conducted our own survey to see how the Atlanta metro market stacks up. Out of the 10 communities we contacted, eight calls were answered by a leasing professional (two went directly to voicemail). Of those: Only 25% asked to schedule an appointment The leasing professional obtained my name on 38% of the calls According to the report, this equates to 2,623 appointment setting opportunities being missed, resulting in 656 fewer leases. Yes, you read that right— 656 potential leases were lost! The total lease revenue lost by these communities is an astounding $7,742,506. If you are a leasing professional, the odds are that your first contact with a prospect will be by telephone.  In fact, four out of every five of your residents first contacted your community by phone! Time and again, I see guest cards that are missing the most basic information and a lack of follow through on setting an appointment. The industry’s top performers convert 50% to 60% of their qualified telephone...

Posted by on in Property Management
Property Management Companies Guide to BookkeepingWhy Book keeping?Without proper Business book keeping practices, your business is susceptible to cash flow issues and potential legal problems.  Book keeping is one of the most important of your business records since it includes all your business transactions.  Book keeping enables the IRS to evaluate your business operations and helps manage your business better. Here is a Guide to Understanding the Basics of Book Keeping:1. Maintaining Employee RecordsEmployers are responsible for maintaining records on withholding, employer matching, unemployment, worker’s compensation and employee forms such as the W-4 (Withholding Allowance Certification and the I-9 (Employment Eligibility Verification). 2. Tracking Revenues and ExpensesRevenue and Expense records can be maintained through a journal or a ledger.  Journal is a popular method that details receipts and expenses.  Ledger is a method that records transactions as credits and debits.  Recording revenues and expenses helps track how much and on where money is being spent, and how much money is coming in. 3. Recording Cash ExpendituresTo estimate your expenses as accurately as possible, it is important to record the cash your business spends. 4. Recording InventoryMaintain records of all inventory, dates purchased, stock numbers, purchase prices, dates sold, and sale prices.  Try to keep inventory holdings to a minimum based on business trends.5. Accounts Receivable and PayableMaintain all records of invoice dates, numbers, amounts, terms, dates and amounts paid or due, balances, and client information.Tip: Consult a professional to understand the most efficient way that works for you to keep your books.  Also, find out how...