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
Industry-related blogs are a great way to pick up expert tips, tricks, and insider knowledge quickly and for free. But, of course, there are a lot of blogs out there. Since you only have so much time in the day to surf the web, here’s a quick run-down of five property management-related blogs you should be reading. Marketing and More Property management veteran Mike Brewer, who runs the M Brewer Group blog, is one of the most seasoned and consistent bloggers in the industry. While his blog focuses in large part on marketing, you’ll also find various additional industry topics included as well. Brewer has his fingers on the pulse of current industry conversations, so this blog is a great place to stop by to get a quick gauge of what’s currently being discussed by industry professionals. Cyber Consultant With Behind the Leasing Desk, Seattle-based property management consultant Heather Blume provides readers with musings on the industry and insights on how to up your property management game.  On her blog, Heather writes about everything from staff-related training class excerpts to tips for greening up your property. With quick, snappy reads, this blog is a great place to pick up a mish-mash of ideas to help you better your own business, including everything from tenant retention to customer service. Property Renovations Though Brownstoner.com’s Renovation Blog is Brooklyn-based, property managers from everywhere can learn a lot from the site’s home renovation section. If you’re the type that likes to take on projects—or if...

Posted by on in Property Management
      Have you ever been excited to go shopping only to leave disappointed? That's how I felt today after leaving a department store where I was looking for a new television. From the moment I stepped into the store I was greeted by a sales associate who assured me that all of the associates had over 200 hours of product training. The problem was not with how I was greeted or how knowledgeable the sales associates were. The problem was when I went to look at all the new HD televisions.  Now picture this, you walk into the electronics section ready to drool over all the different size televisions an crystal clear picture quality of all the latest an greatest goodies that modern technology has to offer, finding only to your disappointment that all of the televisions are all showing the same Non-High Definition broadcast, Which roughly translates into the formal wear section of the Miss America pageant being down-graded to T-shirts an jeans. None of the TV's were showing off their true potential. The sales associate wasn't even interested in trying to sell, or even acknowledging the presents of anyone other than a rather affluent looking gentleman who was clearly annoyed by him. Needless to say the only thing I left with was disappointment.    This got me to thinking how can I make sure no one ever leaves my community feeling this way. Even the thought of one of my prospective residents leaving feeling as neglected an unappreciated as I did upsets me, considering we are here to provide quality homes and make our communities prosper. No one cares how knowledgeable you are...

Posted by on in Property Management
As a property manager, you have a great resource that shouldn’t go untapped right at your fingertips: your tenants. For as well as you know your property, most property managers don’t actually live on-site. Because of this, your tenants are more qualified than anyone else to provide insights into potentially beneficial changes, improvements, and upgrades that can make your property more appealing—and perhaps even more valuable. You can solicit information from tenants in a number of ways: through an old-fashioned suggestion box either on-site or at your property management office, through an online form, or through a questionnaire for tenants to fill out upon move-out (or at any other point during their residency at your property, for that matter). In addition to all this, when it comes to encouraging tenants to share their thoughts and suggestions, property managers may want to consider taking a cue from condo associations. Hosting forums on an annual or bi-annual basis for tenants to submit ideas for changes and/or to vote on potential changes you are considering rolling out at your property is a great way to not only receive important feedback, but also to bring tenants together to brainstorm and share ideas that you may have never even considered. Though you have the ultimate say about what does or does not happen at your rental property, receiving this sort of organic feedback can lead you in the right direction, providing a lot of insight into what tenants do and do not want to see happen...

Posted by on in Property Management
If you live east of Nebraska, chances are you’ve spent a lot of time thinking about snow lately. As cozy and idyllic as it can be to watch flutter to the ground when you’re safely tucked away by the fire in your living room, snow is a very different beast when you’re forced to contend with it. Particularly this winter, when a new blizzard seems to be blowing in on a weekly basis. As a property manager, contending with mother nature is part of the job description. Some cities even have laws mandating that you are legally responsible for removing snow and ice from the public sidewalks in front of your property. Even if your town doesn’t have such laws, it’s still in your best interest to get rid of that snow. Should someone happen to slip and fall in front of your property—which is all too easy to do right now—you may be legally and financially responsible. Let’s begin by looking at the areas you’ll want to shovel: A clear path leading from the sidewalk to your property’s entry door. A clear path leading from the driveway/parking lot to the closest door. The driveway. The sidewalk area around/on your property. In addition to shoveling these areas, you will also want to scatter salt and/or sand to ensure people don’t slip on any remaining ice. With that in mind, what are your options for removing snow and ice? Do it yourself. If you opt to remove snow yourself, remember, it can...

Posted by on in Property Management
It's A Bird, A Plane, No Wait It's A Baby Boomer!   Marketing to seniors has to be one of the hardest markets but it can also be one of the most fun! How do we go from seniors being hard to market to, to being easy? Ooops, I’m still working on that, if you find out, PLEASE let me know! I have been working at a Senior Community since October 2010 (Not very long so I have first hand knowledge-fresh insider look at the struggles & what is working NOW). The senior community is like it's own little world in our industry! Talk about a culture shock going from Multifamily Housing to Senior Housing. So, how do you market to seniors?  Here are some tips that I have learned and what I have research in. Maybe it will help you out when marketing to seniors!   1) Do not underestimate a senior’s knowledge of the Internet! I have learned this the hard way and let me tell you after getting an ear full from my residents and my grandmother; most seniors today are not Internet and social media illiterates of the past. Today's seniors are one of the largest groups using technology to socialize and for entertainment. Some ways to tap into this market are: YouTube your seniors having fun at your community: Create a short film or series documenting what you can offer your residents. Remember you want this to be entertaining but stating your message to the viewer. YouTube videos...

Posted by on in Property Management
Getting ready to purchase or sell property? The first step to a smooth real estate transaction is finding the right real estate agent. Throughout the property selling and purchasing processes, your real estate agent will be your eyes, your sounding board, and your advocate. Here are some things to consider when selecting your real estate agent. Referrals from Trusted Sources Nothing is a better testament to a realtors ability than a proven track record. Ask friends and associates for agent referrals. It’s particularly helpful to speak with trusted sources whose situations are similar to your own. For example, if you are looking to purchase a multi-unit investment property, seeking referrals from other multi-unit investors may lead you toward a better match than asking someone who used a realtor to sell a single-family dwelling. Trust yourself too. Try visiting some open houses and meeting agents one-on-one. Open houses will give you the opportunity to meet a variety of agents and to get a feel for them, the properties they work with, and how your personalities mesh. Online Resources You can further narrow your search by doing some online research on sites like Yelp and Realtor.com to identify local realty companies and specific agents respectively. Also be sure to check out ActiveRain, a social networking platform for real estate agents that provides consumers with the opportunity to acquaint themselves with agents through professional blogs, profiles, and other online resources. Finally, keep an eye on relevant real estate transactions in your area (vis-a-vis local...

Posted by on in Property Management
It’s Valentine’s Day, the day of love and courtship with the bonding of relationships through the gifts of flowers and candy. Husbands and wives, girlfriends and boyfriends, sons and daughters, neighbors and property management are celebrating this Hallmark holiday all across our great land. Did I just say neighbors and property management?  Yes, I did, is there a more important relationship with those of us in multifamily communities? Not if we want to keep working there isn’t. Below are 10 of my thoughts on how to love your residents in your community and maintain the relationships because without those wonderful relationships, well, who knows where we would all be. Giving treats, coffee and donuts, at least a couple times a year, stand outside where they are leaving for the day, usually at the entrance and provide a donut and a cup of coffee as they are leaving for work. Chocolate in any size shape or form given at the mail kiosk declaring your love and gratitude that they call your property home. Excellent communication, question, your staff, the residents, everyone, find out what is going on in the community, stay current, talk with your residents, walk the property and make yourself available. You will hear all the gossip and probably more than you want to know, but at least you will be current and know who loves who. Keeping the pool clean and the property litter free is a no brainer. Nothing says I love you more than a properly maintained...

Posted by on in Property Management
Learn how to protect your NOI If your multifamily complex includes utilities in the rental fee, brace yourself.  Utility cost increases are coming your way that may erode your hard-earned profits.  Even more concerning is that you're responsible for a sizable expense that you have little or no control over.  The "utilities included" model puts you squarely at the financial mercy of tenants, their usage tendencies, and utility companies.  "Utilities included" also means that you have to be an accurate budget forecaster to ensure that your rental rates cover the annual utility expenses.  Miss the mark and it's you who'll pay. You can quickly and easily change this situation by separating utilities from the rent fee and billing tenants directly--at no cost to you.  By doing this, you'll make a positive and immediate impact on your net operating income (NOI) and the value of your property. From a price perspective, your complex will be more appealing to prospective tenants and you'll have effectively removed yourself from the utility equation altogether.  Billing residents means no more worrying about the effects of runaway tenant usage and it leads to higher profits. Another intrinsic flaw of the "utilities included" model is that it offers no financial pressure for tenants to notify property management when maintenance problems occur.  Water leaks are a perfect example.  A broken toilet flapper can waste hundreds of gallons of water in a short amount of time.  The owner relies on the tenant to inform the maintenance team when an issue...

Posted by on in Property Management
The importance of being methodical when purchasing property can’t be overstated. As you go through the purchasing process, make sure you have accounted for each of the following items on our Home-Buying Checklist. Look for Seasonal Slumps As with every other type of shopping, some times of the year are better than others when it comes to purchasing property. Even during years when it’s a seller’s market, there will likely be certain months that are better suited for buyers than others. For example, home sales tend to be slower around the holidays when people are already feeling over-extended financially. Bad weather can also inhibit other would-be buyers from checking out potential purchases, which means less competition for you if you strap on those snow shoes and a couple of extra layers. It works to your benefit to slant your property purchases to these slower times of the year, when there is less competition out there to drive prices up. Get Pre-approved Obtaining a loan pre-approval will not only save you time in the long-run when you want to jump on a purchase as quickly as possible, but it will also help narrow your search parameters (after all, no use falling in love with a place that ends up being financially unfeasible). By having a solid idea of your price limit ahead of time, you can be sure that you’re not looking at properties that are above your price range or, alternatively, settling for an inferior property. Find a Realtor Who’s Right...

Posted by on in Property Management
Property Managers – Tips to Make Your Rental Property Energy Efficient Property management companies, landlords and property managers - Make energy efficient upgrades whenever you can. Such upgrades will make your rental property less expensive to maintain while you and your tenants live in it as well as contribute to market value of the property.   1. Make sure your rental property is well insulated and equipped with heating and cooling systems that work properly. Buy energy-efficient appliances or revamp heating and cooling systems to save energy if you have the money. Less expensive steps, like insulating doors and windows, will also save you money and help conserve energy.2. Utility companies, agencies, nonprofit organizations provide advice and information through publications and sometimes even provide subsidies to help property management companies, landlords and property managers make their properties more energy efficient. 3. Property management companies, landlords and property managers who rent to low- and moderate-income tenants may participate in a site assistance program that includes an energy-efficiency audit and financial help for making a home weather-tight. Call your local electric company to find out more about resources of this type in your neighborhood. 4. Contact your state or local energy office for other helpful publications on subjects like buying energy-efficient appliances, improving the efficiency of oil and gas heating systems, or insulating homes against cold air.5. You also can hire energy-efficiency consultants to inspect your property and suggest long-term energy- saving measures. Their prfoessional fees maybe tax deductible....