Multifamily - Blog posts tagged in Multifamily
For many first year students, on-campus housing is often seen as an ideal transition into independent living. Students can accept more responsibilities and independence, while still enjoying the luxuries of having mostly everything taken care of for them. The next stepping-stone for many students is the move into off-campus housing, where even more freedom and responsibilities are awarded to them. Typically, living off-campus is where students get their first real taste of complete independence. Students can choose one of two rental accommodations.
All-Inclusive: A rental accommodation where tenants do not pay their utility bills (electric, gas, sewer, water, etc. are paid for by the landlord and factored into the monthly rental rate).
Non-Inclusive: A rental accommodation where the tenants set-up and pay their utility bills.
In most cases, students (specifically ones without much rental experience) will prefer all-inclusive rentals for a variety of reasons.
Less Hassle: Chances are, students have never had the opportunity to set-up utility accounts, aside from perhaps their cell phone. For many students, this can be unfamiliar territory filled with uncertainty. Some students would prefer the easy route of having everything bundled and set-up for them.
No Surprises: There’s a certain comfort in knowing exactly what is owed at the end of each month, especially for students. Living on a student budget can be tight and having to resourcefully budget for utility bills can be difficult; especially with varying due dates and fluctuating costs based on usage. Some students would prefer to just pay rent at the beginning of each...
Snapchat, Facebook, Twitter, AND Instagram! I can’t seem to catch up with all of the social media platforms that are out there. I just started Snapchat at my community… is Instagram really necessary? I mean, what would I even post on there? Please help… I don’t want to fall behind, but I am just not the hippest gal on the block.
First off, a round of applause to you for having a Facebook, Twitter, and Snapchat for your community! Usually I get a lot of questions about social media in general, so it is a breath of fresh air to have someone who actually lives in the post-2004 world.
As a property manager, it’s your job to find different and fun ways to connect to your residents and perspective leads. One of those fun ways to connect is Instagram! I know it seems like a lot of different platforms but you have to think about it in that on each platform you are hitting different types of people… all of them are potential residents.
Instagram is very popular with millennials and while some of them are still living with their parents, you need to target the ones that are looking to rent. Not only that, but start getting ready for Generation Z because once they head off to college, they will be using Instagram to find off-campus housing… duh!
You should use Instagram as a place...
Phone calls, emails, leasing tours, resident interactions...these are just a few of the things taking place in a leasing office on any given day. Leasing teams are the definition of walking, talking multitaskers —creating inefficiencies on the best days and organized chaos on the worst. With leasing quotas to reach and individual prospects/residents to manage, there’s often misalignment when it comes to big picture goals.
Leasing can create a high-pressure environment, and there’s always room for more structure, organization, and team collaboration.
Of all the many challenges arising in a leasing office environment, one of the most common questions we hear from multifamily portfolio managers is: “How can I empower my sales team to meet or exceed their goals on a regular basis?”
With the rental market showing some signs of softening in recent months, it's more important than ever to maintain a leasing sales force that's motivated to crush their goals regularly. Here are some ideas on how to empower your leasing professionals in 2017 — and beyond.
1. Educate to Motivate
Knowledge is power.
Power your leasing teams with meaningful insight into your leasing team’s goals on a day-to-day basis — not just the dollars and cents of them, but the how and why behind them, too.
How do their daily or weekly goals impact the community's long-term goals
Why focusing on leasing two-bedrooms, rather than one-bedrooms, will make a more immediate impact this week
In other words, what do these specific leasing goals mean - for the health...
You may think you know smart devices. You talk, you text, you tour life with one hand on your smartphone. Home automation may even be part of your multi-family property’s amenities package. And, perhaps smart locks are even in play. So, you’re privy to new-wave technologies. But are you ready for what’s next?
Staying in step with technology means staying 10 steps ahead of life. Today, it’s nothing to connect to the Internet through desktop computers, tablets, phones or other smart devices. Tomorrow, those devices will no longer need you to initiate the connection. Futurists, experts who study current trends in society and technology in order to imagine future possibilities, project that within the coming decade 50 to 100 billion Internet-connected devices will be operating on Earth, and these devices will connect to and share data with one another using automatic sensors rather than your thumbs. Until recently the Internet has been almost completely dependent on people and our inputs for its supply of information. Tomorrow, maybe not. Is your property prepared?
This is not a cautionary tale. It’s part of the thrill of living in the age of information. Tools and products inevitably evolve, and as they do they will communicate with one another without the need for human intervention. This is exciting because when groupings of smart devices work in unison, previously unseen patterns and opportunities are revealed. Just think – one day your residents’ smart lock will be powered by energy-efficient LiFi, which uses the visible light portion...
A quick Google search of student housing news is bound to reveal hundreds of results discussing the amenity-laden luxury student housing that looks more like a vacation resort than student accommodations. On the other hand, trying to find news about other less luxurious forms of student housing is nearly impossible.
No one seems interested in hearing about an average student housing building that has the basics – not a lazy river, lavish fitness facility and infinity pools. Perhaps this lack of interest is why there isn’t a lot of investment in middle-market student housing, which is ripe with opportunity and a highly sought-after type of student accommodation.
While some may assume that luxury student housing is the more profitable sector, in many cases, middle-market student housing has better rental growth and lower vacancy rates. In 2015, Axiometrics found that the rental rate of a student bed grew by 2.2% on average, totaling $617/month. Compare this to older properties built in 1998 where rental rates increased by 4.3% to $542/month and buildings constructed in 2002 with a growth of 4.3% to $491/month.
Axiometrics also identified another subsector that can fall into the category of middle-market student housing – student-competitive properties – which are “…conventional properties that lease by-the-unit, but are located within three miles of a university. These properties aren’t necessarily cheaper, though, as Axiometrics found on average they cost $300 more a month on a per-bed basis for off-campus housing, but this varies from region to region. In some areas, student-competitive properties are priced well beneath purpose-built...
Working in the multifamily sector is immensely rewarding. It's also extremely demanding.
Community team members juggle a lot: keeping current residents satisfied, screening and engaging prospects, and making sure the apartment community is kept in tip-top shape, to name just a few of their responsibilities.
The most successful multifamily companies find ways to consistently recognize their hardworking and high-performing associates. In addition to simply being the right thing to do, rewards are a great way to keep morale high and boost employee retention.
So what are some of the most effective ways to show your best associates some love? Below are some suggestions.
Financial bonuses. Keeping associates happy is about more than just compensation. A company's overall work culture and its commitment to employee development are perhaps even more important factors. But let's face it: everyone likes a little extra cash in their pockets, and there is no shortage of reasons for which apartment companies can award some much-appreciated bonuses.
At ROSS, for instance, we award $250 gift cards to high-performing leasing associates, as measured by their Telephone Performance Analysis (TPA) scores; these scores reflect how well associates interact with prospects during phone calls.
We also give bonuses every quarter to associates who work at communities with strong scores on customer-satisfaction surveys. In addition, we provide bonuses to maintenance workers who perform well, associates who serve as mentors to new employees and associates who reach particular length-of-service milestones with the company.
Paid time off. Today's associates, particularly millennials, place a laudable...
Back to the Suburbs | Edition 2 West-Central Broward Multifamily Projects
CapasGroup Realty Advisors is pleased to announce “Back to the Suburbs,” a new series of articles focusing on the significant development pipelines that are emerging in suburban communities throughout South Florida. In this second edition of our “Back to the Suburbs” series of articles, we examine a recent trend that has refocused multifamily developers on the suburban markets of west-central Broward County. To see Part 1 of our series – Suburban Mixed-Use is Booming, please click here.
Broward Multifamily Developers Hoping to Attract New Residents
While most of South Florida’s recent multifamily development activity has been concentrated in and around the region’s central business districts, the west Broward communities of Sunrise and Plantation are experiencing a surge in new multifamily project announcements. The new multifamily development pipeline summarized herein represents the most significant residential development activity these communities have experienced in more than a decade.
Broadstone at Plantation has been announced by Alliance Residential Company. The 250-unit garden-style project located at 6901 West Sunrise Boulevard in Plantation is positioned approximately 1.3 miles west of the Florida Turnpike. Construction has commenced on this project.
Alliance Residential also plans to develop 280 apartments at 8200 Peters Road, just west of University Drive in Plantation. The site is being acquired from Temple Kol Ami Emanu-El located next door to the property.
AMLI Residential acquired a site located at 8021 Peters Road in Plantation where they plan to build 286 apartments.
Invesca Development Group recently won approval from the Plantation City Council to develop Strata...
Any 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. ...
Have you heard about this new trend? A signature scent for multifamily housing? I get that it comes from hotels and high-end shopping, but really? I don’t know if I am crazy but it all just seems pretty ridiculous. What are your thoughts?
First, I would like to start off by saying one of my favorite things in life is walking through the perfume section in Saks.
It makes me feel nostalgic, reminiscing about when times were simpler. It makes me think of Betty Draper from Mad Men and how on-point her look was. She paid attention to every single detail, all the way down to her perfume scent. What I’m saying is… keep this in mind as you read.
Most agree that smell is a powerful tool that most brands ignore. It can trigger memories and even influence people’s emotions. Every time I smell popcorn, I remember how I used to take my son to the movies every Sunday. Now, he’s too busy playing Call of Duty and Snapchatting his buds…*Sigh*...they grow up so fast!
But here’s the low-down. I’ve been reading about this new signature scent trend in the multifamily world. Right now, multifamily housing have been worrying about the senses when people tour their buildings. Property managers make sure that everything looks good, the furniture feels good, there is pleasant music playing, and they even provide refreshments in the office. With...
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...