I think the "sweeten the pot" aspect is so incredibly important. Renters don't want to hear that th...
I think this is a really good question, Rommel, and by the way, I love the style in the picture you ...

Training Trivia

Consistent follow-up can increase closing percentages by how much on average?

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334305874 [{"id":"244","title":"5% or less","votes":"0","pct":"0.00","type":"x","order":"1","resources":[]},{"id":"245","title":"Around 15%","votes":"1","pct":"3.03","type":"x","order":"2","resources":[]},{"id":"246","title":"Around 25%","votes":"8","pct":"24.24","type":"x","order":"3","resources":[]},{"id":"247","title":"More than 30%","votes":"24","pct":"72.73","type":"x","order":"4","resources":[]}] ["#ff5b00","#4ac0f2","#b80028","#eef66c","#60bb22","#b96a9a","#62c2cc"] sbar 200 200 /polls/vote/89-consistent-follow-up-can-increase-closing-percentages-by-how-much-on-average 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
A few days ago I was on the receiving end of some particularly poor customer service. Know the feeling? Yuck! I have such a poor taste in my mouth I may not shop at Macy’s again for a whole month! But seriously, I was reading on MultiFamily Insiders and came across this interesting topic in their archived discussions relating to the Customer Service aptitude of Associates. The discussion was about the challenges with getting into contact with Owner Managers, beginning conversations and obtaining appointments. An associate felt he had a legitimate service or product to offer and that he was being disrespected by a particular Decision Maker that he was calling on. He did not know this customer. He wasn’t getting a return phone call. From what I could gather, this particular vendor did not seem to have any empathy for the person from whom he was attempting to gain business. It is Associates such as these that telephone every single day, refuse to take no for an answer, etc. that send Owner Manager’s seeking cover. You may not catch the Owner Manager today, next week or next month but if you do not operate with a Customer Service Aptitude you will never earn their business. I love what Jen Piccotti, an industry colleague on the west coast, had to say on the topic! “I guess it comes down to this - we can't control those around us, we can only control ourselves and our own interactions. I choose to approach...

Posted by on in Property Management
Do you think your day was stressful? Let’s stop for a moment to consider those extreme situations some property managers find themselves in. It’s often hard to personalize truly disastrous situations but when you think about it, there were faces behind those properties that were destroyed during natural disasters such as Hurricane Katrina and the raging fires that ripped through Southern California in 2007. While it’s likely you will never find yourself or your property in such extreme situations, there are lessons in both of these cases that can be taken and applied to more run-of-the-mill property management situations. Hurricane Katrina and InsuranceWe are all familiar with the images of the destruction Hurricane Katrina left in her wake—thousands of homes and buildings completely demolished and the families who lived in them homeless, with all of their property destroyed. Good thing insurance exists … right? Well, according to an October 2007 article in National Real Estate Investor Online, one of the many hurdles which New Orleans faced in its ongoing rebuilding process was the fact that insurance premiums went through the roof, completely out-pricing many property managers when it came to getting back in the game. Not only did insurance premiums go up in New Orleans, says the article, but also “In coastal areas from Texas to Boston, insurers have raised premiums.” What can possibly be gleaned from this situation outside of how unfortunate the repercussions of Katrina have been? Namely, the fact that insurance is a critical part of owning and managing a...

Posted by on in Property Management
Jonathan Saar - The Training FactorEveryone seems to be experimenting with social media in some way, shape or form these days (regardless of whether you think it's working or not). But one thing that many people seem to struggle with is how to manage their brand's presence across so many different platforms. After Jonathan Saar from the Training Factor posted their own case study sharing their successes with social media, we asked him to join us on last week's #AptChat for a discussion on the topic. As it turns out (really no surprise here), you all have great ideas and examples to share. Here are the highlights from the chat: How do you manage the time commitment? It seems to be HUGE time sucker in our office. David Kotowski: If you get into the habit of checking in it becomes routine and doesn't take up much time. Jonathan Saar: Time and discipline go hand in hand. There must be a routine or else you are lost. Kim Cory: I set time aside each day just like I would reviewing reports, statements, plans, emails, etc. must make effort. Mike Whaling: Focus your efforts. You don't need to be on every site. David Kotowski: Let's face it. Your employees are ALREADY checking their personal accts and sending texts during the day. Get them involved. Mike Whaling: Set routines based on goals. 1 routine for monitoring sites, 1 for creating content, etc. Jonathan Saar: Make sure you give yourself an "off" time -- that comes from my wife :)...

Posted by on in Property Management
A friend of mine recently bought an apartment building here in Los Angeles and asked me "How do I know when/if I need property manager?"  To which I told him there were several reasons to hire - or at least consult with - a management company.  I then proceeded to rattled off my top ten list of "you know you need a property manager when:" 1) If you find yourself taking calls at 1am to fix a broken water pipe in your building - you might need a property manager. 2) If you don't remember the last time that really nice guy in unit #108 paid rent - then maybe you need a property manager. 3) If most of your residents have pets and you have never heard of a Pet Agreement or Pet Deposit - you might want to hire a property management company. 4) If you just realized that the residents in unit #207 moved out TWO months ago - it might be time for a property manager to take care of your building. 5) If you find yourself spending more time at your apartment building coordinating maintenance than you do with your wife, kids or friends - you should call a property management company. 6) If you think your apartment building MIGHT be under rent control, but you are not sure what that means - you should call a property management company (or your lawyer) immediately. 7) If you do not know what your Net Operating Income (NOI)...

Posted by on in Property Management
Are you new to the apartment industry? New to your employer? New career? New promotion? On a new project? There are 4 stages that every NEWBIE goes through before becoming comfortable in the new position. When I first started at Dominium Management Services several years ago, I was lucky enough to take a class called "Managing for New Managers," taught by a wonderful human resources mentor named Claudia. I took away a few lessons from that class, that not only helped me in my new job - I still remember those tips to this day and pass along this info to all newbies I meet! Before we get started, I first want to mention for anyone who is new to the apartment industry: CONGRATS! You have just joined the most exciting, most demanding, most fun, most fullfilling, most intelligent, most rewarding industry - EVER! If your manager hasn't prepared you, I'm preparing you now: 4 Stages to an Epiphany in the Apartment Industry STAGE 1: UNCONSCIOUSLY INCOMPETENT: You read it right. INCOMPETENT. In this stage, you're feeling good. You just landed a job - especially in this economy, this is quite a feat! You beat out the hundreds of other applicants and you were chosen as the best fit for the job. CONGRATS! You're being introduced to everyone, your resume is being passed around, people are oohing and ahhing. Everyone LOVES  you and can't wait for you to get started. YOU can't wait to get started! You feel important, after all, you're working for ABC Apartments/ABC Management Company...

Posted by on in Property Management
Are Renewal Incentives Worth It? Most landlords will agree that a vacant unit ranks right up there as one of their least favorite things. The bottom line is simple: A vacant unit is money down the drain. There are, of course, times of feast when rental units rarely remain vacant for even a few days in between one tenant and the next. But then there are the other, slimmer times, when people are saving their pennies and staying put. In this case, finding a new, quality tenant is much, much easier said then done — it can take weeks (in some cases maybe even months) to find the right tenant. And, of course, even if you are able to find a tenant, flipping a unit costs money. As discussed in our previous post, even those units that are left in good condition require some degree of re-investment — not to mention the cost of advertising and marketing available units. Which all seems to make it clear that, at least in the current economy, retaining good tenants is the best way to go. Not only will it save you the expense of turning the unit, but it will also prevent a potential lingering vacancy from sucking away at your bottom line. Sometimes, though, no matter how good of a job you’ve done taking care of your tenants and making sure that your property and their unit is in tip-top condition, a tenant just feels it’s time to move on. If a good tenant...

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...

Posted by on in Property Management
June 24th I presented "Going Global Sell and Service Your Multicultural Residents and Watch Your Revenue Grow" for NAA in New Orleans.  In preparing with my colleague Leah Brewer, I rediscovered just how much passion I have for understanding different cultures.  In particular we spoke about the Hispanic or Latino community as this segment of the population is growing leaps and bounds: With numbers totaling 43.5 million, Hispanics are the largest minority group in the US, representing 15% of the total population and 700 billion in annual purchasing power.  Nearly half of all Hispanics in the US – nearly 22 million people – rent their homes. So this begs the question: Are you embracing this group?  I think that most property management operators recognize the importance of the Latino renter; have you really embraced this group?  We can all do a better job of understanding the nuances within the variety of Hispanic cultures (i.e.: there are differences between Mexican and Puerto Rican cultures) and make their renting experience a bienvenida (welcome/warm welcome).  Similarly, nor all Asian cultures are the same.  We cannot afford to pigeonhole our residents and prospects into even one culture.  More about this later. [Editor Note:  If you would like an audio copy of Rebecca's NAA presentation, click here.]   ...

Posted by on in Property Management
The last box has been hauled down the stairs and the moving van has pulled away from the curb. Now that your former tenant has vacated his apartment, it’s time for you to get to work, flipping the unit in preparation for the new tenant that’s on her way. We’ve talked about the differences between normal wear and tear versus damages previously—so now let’s take a look at what tasks you can expect to complete on a routine basis when a tenant moves out of one of your units. Cleaning Appliances No matter how cleanly your former tenant was—and even if he cleaned the apartment himself prior to vacating—chances are some spots were missed. And some of the most common missed spots that require your attention are appliances, such as stoves, refrigerators, and built-in microwaves. Cleaning Floors and Laying Carpet Flooring is another one of those areas that may still be a bit grimy upon your previous tenant’s departure. As with the appliances, you will want to make sure that they are all thoroughly clean for your next tenant. Don’t just clean—use this opportunity to get rid of scuffs, stains, and any other markings that may be more permanent than just dirt. If you have hardwood floors, you may want to consider adding a coat of wax while you’re at it. Not only will it look great for your next tenant’s arrival, but it will also protect the floor against nicks and scratches from your next tenant. If you’re dealing...

Posted by on in Property Management
If you have usable rooftop space, did you know that independent power producers, solar energy companies, urban agriculture companies, and more want to lease it from you? That is right, your rooftop space is a valuable part of your property now.  If you aren't listing it as a site for energy production or urban farming, you are missing out on getting a return from your unused rooftop space.  When your rooftop space is used as a site for energy production or food production, you get either a flat $/sq. foot lease rate, a split of the profits from the energy or food produced and sold, or a reduction in your energy bill with a Power Purchase Agreement (PPA). You can also get a combination, for example, a flat lease rate plus a PPA.  Site requirements for solar energy, wind energy and urban agriculture vary. Most flat (or up to 30 degree sloped) rooftop space may be useful for these purposes, as long as you have a 1,000 sq. foot or more building.    It's important to know that when they contact you, the interested power or food producers will request a site inspection to walk your property (with an Engineer) to determine if your rooftop has the structural capacity to handle additional weight.  This is a good and necessary step to ensure that your rooftop is a good fit for their projects. If all requirements pass, you can then begin negotiations of the lease rate, PPA, profit sharing, and other benefits you...