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Regardless of your pet policy, it is fine to charge a pet deposit or fee, as long as you allow residents to have service animals.
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Jan 26
2012

Who Stole My "Community?"; The Apartment Developer's Dilemma

Posted by Ross Blaising in Student Housing , Residents , Resident Satisfaction , Resident Retention , Property Management , Occupancy , Multifamily Investing , Multifamily Insiders , Multifamily Executive , Multifamily , Community Policies , Communication , Apartment Residential , Apartment Marketing , Apartment Maintenance , Apartment Leasing , Apartment Industry , Apartment Development , Apartment Demographics , Apartment Community Website , Apartment Community , Apartment , Amenities , Affordable Housing

Ross Blaising
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No matter what our role is within the multi-family industry, there is always one word which is used more than any other; “community.” Some of us own communities, some of us develop communities, some of us design communities and others of us lease or operate them. And chances are that many of us live in an apartment, condominium or townhome community as well. So then why is it that there is so little ‘community’ in our communities?

When it comes down to this failure’s root cause, it can really only be one of two choices;

a.       Either the management team does not expend their energies in a manner that creates a welcoming and vibrant atmosphere that encourages interaction, or

Jan 20
2012

Social Media means having our residents market for us. Don’t be scared…

Posted by Matthew Hartman in Twitter , Technology , Student Housing , Social Networking , Social Media , Search Engine Optimization SEO , Property Management , MySpace , Multifamily , FourSquare , Facebook , Brand Monitoring , ApartmentRatings.Com , Apartment Residential , Apartment Marketing , Apartment Leasing , Apartment Community Website

Matthew Hartman
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It seems like over the past five years or so, an infinite number of marketing channels have emerged. We bought pages on listing sites, then we created our own property websites.  Now web pages are generated for our property just by having a resident “check in” on Facbook or Foursquare.  Seriously!

 This makes it extremely challenging for an apartment community to have one coherent brand on the web. So what’s a marketer to do?

Jan 07
2012

What Lionel Richie Knows About Marketing

Posted by Kate Good in Tracking Traffic , Technology , Student Housing , Residents , Property Management , Closing Ratio , Apartment Training , Apartment Residential , Apartment Marketing , Apartment Leasing , Apartment Demographics

Kate Good
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The year was 1984 and the last thing I was thinking about an article I would be writing decades later for my marketing career. My head was full of ideas for my Sadie Hawkins Dance outfit and my date for the night. I popped in my favorite cassette tape called "Can't Slow Down" and started singing along with Lionel Richie. "Hello" became his most popular song of all time as it hit number one on 6 music charts. Executives at Motown Records hum this song because it helped lead the way for this album to be the best selling in the history of the company. Can you hear it in your head? Sing along as we talk a little marketing.
When he was young, Richie watched beautiful women walk past but was too shy to talk to them. He thought to himself, "Hello, is it me you're looking for." Years later he started to write a song using the phrase but got stuck and gave up. But his record producer liked the line and urged him to finish it. Richie left this off his first solo album, but his wife Brenda liked it and insisted he include it on Can't Slow Down. And so the famous line was born that became my marketing mantra:

Hello, is it me you're looking for?
'Cause I wonder where you are
And I wonder what you do


Great marketing starts with knowing who you want to attract to your product. Who will think this is the perfect home? Who is looking for this location and amenities? After knowing who you are looking for, you have to go find them. Today, that task is not as hard as it was years ago. When I started in the busines, over 20 years ago (SHIT!), my manager would have us all meet on Wednesday morning to design a catchy tag line for the column ad in the weekend paper. Our favortie was "NOW pLEASING". Catchy? NOT! It was such a shot in the dark! We made gut decisions and ran with tag lines that sounded good to us. We had no idea until Monday if they were effective.

When I look back I wonder how we ever leased a property to capacity. What were we thinking? Well, I guess you do what you know is best until we know better. And that is the point of this blog. Friends, you know better if you would just read your reports. Every marketing source you are investing your meger marketing dollars will tell you information that is very helpful to your decision making process. You cannot do all the marketing you want but you can do some of the marketing you want. It is so important that you are putting your money where your future renters are. Read your reports. Listen to your vendors. Ask them pointed questions. Survey prospects and residents. Today, in a meeting with my Apartment Guide rep, he actually advised me to pull out of print because my online presence was pulling qualified traffic. I could back up his data with my own. And, I don't care how big the gift basket is that the advertising source gives me on my birthday, if that ad is not pulling, I am not going to spend my owners money.

Make yourself look good by doing and asking the following:
1. Are you attracting qualified traffic? (I'd rather have 20 qualified people a week and 62 I am not sure about.)
2. Who currently rents are your community? Can they handle the rent increase we have planned for them in the next three years? Do I need to attract a client who can afford more? (Plan ahead.)
3. What source IS my best source for my qualified traffic?
4. Of my skips and evictions, what sources attracted them?
5. Do you know what your residents like to do in their freee time?
6. Do you know how to reach your residents and potential qualified traffic?
7. Do you still love singing along to Lionel Richie?
8. Are you using data to make decisions and not your gut?

Asking the questions in the lyrics of "Hello" helped Lionel reach the greatest success in his professional career. You have that opportunity too. Ask the right questions, listen to the answers and make the best decisions.
Jan 04
2012

Do Short-Term Rentals Make Sense for Property Managers?

Posted by Buildium LLC in Student Housing , Residents , Resident Satisfaction , Resident Retention , Rent Concessions , Property Management Software , Property Management Companies , Property Management , Occupancy , Niche , Multifamily Investing , Multifamily Insiders , Multifamily , Lease Termination , Lease Renewal , Lease Agreement , ForRentByOwner.com , Craigslist , Business Center , Budget Issues , Apartment Residential , Apartment Marketing , Apartment Leasing , Apartment Industry , Apartment Community , Apartment , Ancillary Income

Buildium LLC
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A guest post by Ashley Halligan, Analyst, Property Management Software Guide

Short-term rentals, of all natures, have become a hot commodity – and a controversial one at that. Short-term rentals can include vacation rentals and temporary housing, often sought by vacationers, business travelers, orShort-term rentals people who have recently relocated while seeking long-term living arrangements. Either way, it’s become an ongoing topic of debate and an attractive investment opportunity for property owners and managers. In comparison to traditional rentals, short-term rentals can charge significantly higher rates given their nightly and weekly availabilities. Some property owners have earned as much as 25% of their mortgage in a single night. And during special events or peak rental periods in a given area, potential rental rates can be very attractive to property owners. Because of the income short-term rentals can procure, the opportunity for profit potential may be exponential – but there are several considerations that should be kept in mind.

First and foremost, it’s essential to keep the added costs of maintaining a short-term rental in mind. These rentals can be subject to Hotel Occupancy Taxes in certain cities, while other cities require specific licensures and inspections not required of traditional, long-term rentals. Penalties for not abiding by short-term rental laws in your city may result in hefty fines. There can also be increased insurance costs. Additionally, the cost of regular upkeep and maintenance, including utilities, should be calculated. In order to continually attract tenants, your property must be kept in prime condition, both functionally and cosmetically. From a marketing perspective, this could include offering unique amenities like sporting equipment or movie libraries, all of which are additional expenses. On the flip side, the regular maintenance of these properties has been credited with helping to increase neighboring property values.

Dec 22
2011

The Most Wonderful Time of the Year; The Apartment Developer's Dilemma

Posted by Ross Blaising in Student Housing , Social Networking , Residents , Resident Satisfaction , Resident Retention , Property Management , Multifamily Lending , Multifamily Investing , Multifamily Insiders , Multifamily Executive , Multifamily , LIHTC , Facebook , Customer Service , Construction , Communication , Blogs , Apartment Training , Apartment Residential , Apartment Marketing , Apartment Maintenance , Apartment Leasing , Apartment Industry , Apartment Development , Apartment Demographics , Apartment Community Website , Apartment Community , Apartment , Affordable Housing , Accounting

Ross Blaising
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Let me begin by wishing you all a very Merry Christmas and Happy Hanukkah. For those of you who regularly read my scribbles, you are used to some pretty meaty topics. In light of the Holidays, this one will be a bit frothier. In each blog that I write there are certain themes which remain pretty consistent. One of my favorites is that real estate development is about the coolest industry on the planet. After all, our job is to make the world a better, more usable, more beautiful place.

 

Often my intended audience is the real estate developer (my hope is of course that there is some part of my subject matter which translates to my non-developer audience- or at least helps you better understand those temperamental developers who constantly tell you ‘We can’t afford that.’). Today, I would like to remind us all of something that is very easily glossed over as we perform our day-to-day tasks.

Dec 19
2011

Fun Ideas for the Holidays at Your Apartment Community

Posted by Kerry Sugrue in Student Housing , Residents , Resident Satisfaction , Resident Retention , Multifamily , Communication , Apartment Residential , Apartment Marketing , Apartment Community , Apartment

Kerry Sugrue
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With the holiday spirit all around, this is a great time of year to get your residents together and show them your appreciation.  Here are a couple fun ideas that you can do around your apartment community:

 

1.       Resident gifts:  A small gift for your residents is an easy way to say thank you for living in your community and the holidays are a great time to surprise them.  Order T-shirts or sustainable bags with your branding on them for each resident.  Print some festive notes to say Happy Holidays and put them in your resident mailboxes.  Each resident can use the note to redeem their gift from the leasing office.  This would also be a great time to have them update their contact information with you.  Your residents will love their new swag and your branding will be all over the city.

Nov 03
2011

Increase Occupancy via Twitter Mind Control

Posted by Angela Irizarry in Twitter , Traffic , Student Housing , Social Networking , Occupancy , Brand Monitoring , Apartment Marketing , Apartment Leasing

Angela Irizarry
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Twitter

When I first created my Twitter account, I hated it.  The posts were too frequent, too confusing and there was way too much junk floating around my news feed.  For months, it sat with that infamous egg as a profile picture.  My home page would have jumped for joy at the sound of a cricket.  Just when I thought I’d never log in again, a friend planted a seed that wouldn’t stop growing.  I started out simple at first, but it soon turned into a full blown obsession.  I was determined to lease my first apartment via Twitter!  It was that obsession that now allows me to share how to effectively increase occupancy via Twitter Mind Control.

  1. Did you know that you can search for people hunting for apartments in the city of your choosing?  You can find people who might be looking for apartments but they don’t even know it yet, they’re just putting signals out there to their friends, family and anyone else who may be reading their post at that particular moment in time.  Are they looking for someone to comment and say hey I love where I live, go there?  No.  They’re looking for some kind of engagement (as any person is on any social platform) and most times, if you look at the post, they really don’t get it!  Now this doesn’t mean that you should only search apartment hunting or looking for apartments.
  2. Create a list of keywords to search daily.  The key here is not only to find those actively searching, but also to discover and engage those that are giving off passive buying signals.  Some of my favorite searches are high electric or gas bills, noisy neighbors, long commutes and horrific roommates.   Once you find a relevant post, should you comment on that and try to sell them?  Absolutely…NOT!
  3. Never, ever sell your community on your initial contact!  Instead, scroll through their tweets over the last week and find a relatable post.  This could be something as simple as a movie they just saw, a restaurant they just ate at, or even a sporting event they are tweeting about.  Comment on that.  Be human.  Your community will sell itself.
  4. Don’t get discouraged if people you’re contacting don’t respond.  How often do you entertain a cold call?  That is essentially what you’ve just done.  The difference is, everyone looks at their @mentions, EVERYONE!  The connection you just made has now subliminally put your community at the top of their list.  When they start looking and you pop up on an ILS or Google, they’ll say “hey that looks familiar, I think they tweeted me….about a … movie?  I’m sure it’s still in my twitter mentions somewhere…..”  Now hopefully you’re twitter page doesn’t look like a bunch of cold calls all lined up like ducks in a row.  You need to have other content as well.
  5. Search for your community often.   Tweets can be the best form of testimonial money can buy.  Why?  Because they’re FREE!  There’s this wonderful little button called “RETWEET”.  Learn it, love it and live by it.  When you’re searching your list of keywords every day, throw in your community name.  See who’s talking about you.  Give yourself the opportunity to retweet the positive and reply to the negative.  This will paint a vivid picture for anyone looking at your page.

There was an amazing segment at Brainstorming that focused on transparency.  You may have seen theChapStick fiasco…yikes.  That is an epic transparency #fail!  How about  live reviews for Dominoes Pizza flying across the jumbo screen in Times Square?  Can you say #winning?!  The growing trend of word of mouth marketing is making and breaking businesses as we speak.  Attention spans are shortening and tolerance for conventional marketing is dwindling.  Today is the day we look for products our friends and family endorse.  We look for the product with the highest rating or the most positive reviews.  A well maintained Twitter page can help.  Start searching today or yesterday’s tweet could become tomorrow’s lost lease.

Nov 03
2011

How to Say It: Apartment Industry Edition

Posted by Tracey Lott Heitzman in Twitter , Technology , Student Housing , Social Networking , Social Media , Residents , Property Management , Multifamily Insiders , Multifamily Executive , Multifamily , Green Ideas , Facebook , Craigslist , Communication , Checklists , Business Center , Blogs , Apartment Training , Apartment Marketing , Apartment Leasing , Apartment Industry , Apartment Community Website , Apartment Community , Apartment , Amenities

Tracey Lott Heitzman
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Learn how to use descriptive language to spice up your marketing!

I’m all about saying something in a unique way when marketing apartments, but sometimes I find myself  with a brain cramp and it takes me a while to get those creative juices flowing.  How many times have you found yourself in the same situation while in a time crunch to get your copy out a.s.a.p. and all you can come up with to describe your community pool is “Sparkling”? 

Oct 14
2011

Fun Halloween Ideas for Your Apartment Community

Posted by Kerry Sugrue in Student Housing , Residents , Resident Satisfaction , Resident Retention , Property Management , Multifamily , Customer Service , Communication , Apartment Residential , Apartment Marketing , Apartment Industry , Apartment Community , Apartment

Kerry Sugrue
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Can you believe it’s October already?  The leaves are changing, Pumpkin Spice Lattes are back and Halloween costume stores are popping up around the country.  Like other holidays, this is a great time for you to have some fun around your apartment community!  Here are some ideas to get your residents together for a spooky, good time:

 

1.       Lobby candy – If you have a large apartment community, it can be difficult or even impossible for trick-or-treaters to ring your residents’ doorbells.  Instead of disappointing all those little Ghosts, Sarah Palins and Hippies ask your residents to donate a bag of candy for the lobby.  Have your security guard or leasing agents greet the trick-or-treaters and hand out candy on behalf of the entire building.

Oct 11
2011

Five Things to Consider Before Buying Your First Investment Property

Posted by Buildium LLC in Student Housing , Residents , Rent , Property Management Software , Property Management , Multifamily , Apartment

Buildium LLC
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By Munveer Garcha, Policy Expert, London, UK

If you’re considering purchasing a buy-to-rent investment and becoming a first-time landlord, there are a few things you should consider. Here are our top five pointers to think about before taking the plunge.

1. Location, location, location.
It’s vital that you carefully consider the location of your rental property before investing. The location will influence the desirability of your property, and that in turn will impact the amount of rent you can charge. Consider your target market – is the area mainly home to young families? If so, consider the proximity of the rental property to good local schools. If it’s a student area, try to find a rental investment that’s well connected to the main campus buildings. Also, are there good train and bus stops nearby as well as local amenities like shops and banks?

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