Randi R
Sounds great. Would love to see in a low income community. Lol. Maybe they could influence the wa...
Thanks Terry, Let me know when your article is published. I want to share it with our community as ...
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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
Dear Gabby,   Parking. It’s every property manager’s worst nightmare. So many problems arise between us and our residents because of it. Trying to having enough spots, regulating who parks where, I can’t seem to keep everyone happy. Please help!   Sincerely,   #IGot99ProblemsAndParkingIsOne     Dear #IGot99ProblemsAndParkingIsOne,     Ah yes, parking is a perennial problem property managers face. It seems like every multifamily community just turns into parking lot tetris (not as fun as it sounds).   Unfortunately, property managers are responsible for dealing with the neverending parking struggle. Adequate parking at rental properties is one of the most important amenities for residents and can be the make or break for some when it comes to signing or renewing their lease. After all, parking is what cars do most of the time. In fact, the average automobile spends 95 percent of its time sitting in place. People buy cars because they need to move around, but the amount of time they actually do move around is tiny.   Providing parking is important. Luckily, you have me to help you navigate the treacherous roads (pun intended) of multifamily parking.   Property managers who want to keep their residents happy and reduce conflict between neighbors should have a clearly defined parking plan for their property. Here are some things to consider:   Assigned Parking Spaces: To make sure that all residents in your multifamily housing community have plenty of parking for their own vehicles, there should be assigned parking spaces. Many...

Posted by on in Property Management
December is a busy month. There are office parties. End-of-year sales. Holidays. (Plus don’t forget December birthdays! Although everyone always does anyway. Sigh. I’m going to pour one out for my homies, my fellow forgotten Sagittariuses.) And, of course, all of the tips and presents.   Read on for the full blog....

Posted by on in Property Management
Dear Gabby, I knew being a property manager isn’t easy, but it’s proving to be a lot harder than I imagined. There are so many responsibilities to balance, but I’m still determined to be the best in the biz. Any tips? Sincerely, #IWannaBeTheVeryBest     Dear #IWannaBeTheVeryBest, So you want to be a perfect property manager eh? The property management world can be highly rewarding one, but it’s definitely not for the faint-hearted. I’ve been working in the industry long enough to know what personalities and skill sets are better suited for this line of work. Just call me the Mr. Miyagi of property management. Learn how to focus on your goals and start with the basics. The rest will follow. Afterall, someone who can catch a fly with a pair of chopsticks can accomplish anything (note: this is not an official requirement of being a good property manager, but it would make for a killer party trick). It may seem like you have a long path ahead of you, but have patience young grasshopper. Let’s start with some of the imperative qualities of today’s successful property managers: 1. Communication A property manager must have excellent communication skills. Residents must be able to reach the property manager for emergency and non-emergency related issues. Keeping the lines of communication open can be challenging when the phones are ringing, your email inbox is full, and residents and potential residents alike are lined up at your desk, but it’s important to do so if...

Posted by on in Property Management
In the classic show I Love Lucy, Lucy and Ricky Ricardo couldn't swing a Vitameatavegamin in their swanky Manhattan apartment without hitting their best friends—and landlords—Fred and Ethel Mertz. Wackiness and hilarity ensued, of course, mainly because this was a scripted TV show and nowhere near what reality is like (see also: twin beds in the bedroom and the ability to play the conga drums non-stop without the neighbors complaining). If you're a property manager or landlord in real life and you're best friends with your residents, then you have some 'splaining to do. Read on for the whole blog....

Posted by on in Property Management
Dear Gabby,   I am on the brink of moving somewhere where the weather is warm year-round! Snow might create a pretty winter wonderland, but it’s not as pretty when you need to get rid of it on a regular basis.   I manage a community in an area that’s prone to heavy snowfall every winter. Removing snow seems never-ending! I’m wondering if you can give me some tips for making sure my walkways are always safe this time of year. The last thing I want is for my residents to get snow in their shoes, or even worse, fall and hurt themselves.   #DreamingOfSunshine     Dear #DreamingOfSunshine,   I feel your pain. As that cool winter breeze makes its way in and pushes out the crisp autumn air, only one thought comes to my mind: Winter is coming...and it’s the worst!   Don’t get me wrong, I love the holiday season. But I could do without the winter weather that comes along with it entirely. For someone like me who wasn’t necessarily gifted with good coordination, winter is my worst enemy. Black ice… UGH, that stuff is always trying to sneak up on me and ruin my day!   Snow is inevitable in many places, so coming up with a plan for snow removal is something multifamily managers need to seriously prepare for well before a storm rolls in. Here are some important things to consider before old man winter shows his face:   Know the Local Laws To...

Posted by on in Multifamily Industry News and Trends
Multifamily Leasing Concessions - MiamiAny followers of the multifamily industry will doubtless be aware of the column inches currently being devoted to the subject of changing market conditions.  This week National Real Estate Investor announced that Manhattan renters are currently receiving record incentives as the market is flooded with new supply.  Last month the Wall Street Journal published an article about recent rent declines in Houston, New York, San Francisco and San Jose. That article noted that the drops, as well as slowing rental growth rates in other areas, could be the first indication that the multifamily sector's historic, six-year bull market may finally be coming to an end. A significant drop in demand often corresponds to an increase in concessions in the marketplace. Operators typically react to softening market conditions by offering concessions to new residents, usually in the form of free rent. With the multifamily sector performing so strongly over the past half-decade, concessions have been relatively scarce. (It is worth noting that even in some markets that are still exhibiting exceptionally strong fundamentals, such as Denver, operators will begin to offer concessions ahead of a wave of new supply).   Determining Leasing Concessions: The Methodology We recently partnered with ALN Apartment Data Inc., the largest collector of apartment data in the United States, to study this phenomenon.  We developed a methodology for identifying the presence of concessions in apartment markets. The methodology examines the difference between asking rents (gathered from Rainmaker’s comprehensive internet listing data) and effective rents (gathered through ALN’s property surveys) in various markets across the US. ...

Posted by on in Property Management
Although I’ve been reading about this for over a year, I was still scratching my head about the #NewFederalOvertimeRules even a week or so ago!  Four important basics follow.   The first thing you need to know is it takes effect December 1, 2016.  The second thing you want to know is whether your salaried exempt employees are still exempt from overtime, or if they will now be eligible for overtime.  To be paid as salaried exempt (no overtime), they MUST meet ALL of these rules: •As of December 1, 2016 the employee must make $47,476 or more per year.  ANYONE making less than that is automatically non-exempt (not exempt from overtime, i.e., they are eligible for overtime).   Prior to that, the threshold was $23,660. •The employee must be paid a set amount each week, not varying based on how many hours worked. •Their duties must include “managerial” decisions, such as supervising others, with the authority to hire and fire or greatly impact personnel decisions. For the complete list, go to https://www.dol.gov/whd/overtime/final2016/general-guidance.pdf Best Practice: Perform an audit of all your existing employees and if an employee doesn’t meet any one of these, that employee is non-exempt, meaning they are eligible for overtime pay. The third thing you’ll want to consider are the several options to “stay legal.” A few are listed here:  •Raise pay: You can increase the person’s pay to minimum $47,500, and if you meet the other 2 requirements you may still pay the employee as salaried-exempt (from...

Posted by on in Property Management
It’s hard to find the compassion when a resident is standing in front of you, yelling, accusing you of stealing her rent check. Onsite team members deal day in and day out with the most challenging of situations. I wonder how many in upper management understand this. Just yesterday, at a property, the former property manager called to ask if the property had received a package for her as she had it sent to the property address. (No idea why since she no longer worked there.) When she was told they had not received anything for her, she stated loudly over the phone, “Well, I used to have ALL of my packages shipped to the property and they were ALWAYS delivered with no problem.” She was asked how the package was supposed to arrive; she replied by USPS. “Uh, well, today is Veteran’s Day, so no mail was delivered today,” the Leasing Consultant said. Apparently, this answer was still unacceptable as Caller proceeded to say someone in the office must have stolen her package. Finding compassion (and a sense of humor) must become first and foremost a priority each day for our onsite team members. Otherwise, even the most experienced, calm, and professional person might simply walk away from this career path. It truly is a challenge each day when you have a resident, whose monthly rent payment is $2.00, NOT pay on time. When it is all said and done, the late fees can total more than this resident’s...

Posted by on in Property Management
The year 2016 has been exciting to property managers, to say the least, particularly on technological advancements.  Going by recent developments in the real estate sector, it’s pretty obvious by now that every year marks a milestone for the industry, with new trends affecting not only property managers, but also owners, renters and buyers. It may be difficult to conceptualize now, particularly for the new breed of property managers, but about 15 years ago, the real estate industry was a different game altogether. Records were arranged in heaps of handwritten files, consequently making storage and retrieval very cumbersome and difficult for all parties involved. Marketing vacant units greatly depended on word of mouth, while management, even if you had an extensive portfolio, was entirely onsite based.   Compare that to 2016, a year that has seen the number of prospective renters and buyers who search for properties online rise to 80%. 91% of property managers and realtors are now leveraging social media one way or another, but unfortunately, only 9% of them use it to market their listings. Additionally, contrary to previous years when renting was cheaper, it’s now 35% cheaper to buy than rent in the US. But, millennials still widely prefer renting over buying, largely because of the convenience attached to rentals. Even when a bulk of prospective renters and buyers are relying on online forums, property managers and agents are still heavily dependent on referrals, which generate 49% of new leads. Unfortunately, after successfully acquiring leads, property managers now have to wear different hats, by...

Posted by on in Property Management
It's been a long, bumpy journey this election season. The campaigning has been going on for months and months. There have been attack ads. A seemingly endless stream of articles, think pieces, op-eds and memes. And, of course, Alec Baldwin. But the end is finally—finally—in sight. We all deserve a break (and a stiff drink). So here is the definitive guide to throwing a successful election-night party at your apartment community. Read the full story here: The Definitive Guide to a Successful Election-Night Party at Your Apartment Community...