Good stuff as always,Lori! Ebullient elocutionist huh? I must have missed those words on my SAT prep...
Guest (Jerry Norman)
Are you aware that retaining a mailbox key has potential legal consequences? You are restricting a ...

Training Trivia

In Property Management, the only true "Close" is asking for the deposit.

Powered by Grace Hill
776185575 [{"id":"214","title":"True","votes":"5","pct":"35.71","type":"x","order":"1","resources":[]},{"id":"215","title":"False","votes":"9","pct":"64.29","type":"x","order":"2","resources":[]}] ["#ff5b00","#4ac0f2","#b80028","#eef66c","#60bb22","#b96a9a","#62c2cc"] sbar 200 200 /polls/vote/79-in-property-management,-the-only-true No answer selected. Please try again. Thank you for your vote. Answers Votes ...
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

Posted by on in Apartment Marketing
This would have to be one of the most intriguing and attention getting models you could design. Can you imagine the attention this would draw?  This was done by IKEA furniture manufacturers to promote a store opening in France, but how fun (and expensive I admit) to open a new property?  Especially if you could take it to different locations during events. ...

Posted by on in Property Management
Payment drop boxes were once a fixture at every community office across America. Nowadays they are slowly disappearing.  With so many residents choosing to pay their rent online, drop boxes are becoming antiquated. An even bigger factor for their decline? Lately, the risk of leaving a check or money order in an overnight drop box has skyrocketed. Thanks to a surge in drop box thefts over the past few years, many property management companies are choosing to discontinue the practice. Crafty thieves, equipped with coat wires and adhesive, are able to fish thousands of dollars’ worth of rent checks and money orders from overnight drop boxes. These crimes often result in payments being fraudulently cashed, leaving residents and property management companies at a loss. In some instances, the theft leads to a legal battle between the resident and the management company about who is responsible for the missing rent payment. Despite the risks, some management companies continue to offer drop boxes as an option for residents who need to make a payment after business hours. If your management company still utilizes drop boxes, here are some tips to minimize the liability. Increase signage at the drop box Placing a sign at the drop box informing residents that they can pay online is a great way to remind them there are safer, more convenient ways to pay. Your online payments provider may be able to provide you with this type of signage. You may also want to add a sign that...

Posted by on in Apartment Leasing
In 2009, the Corporate Executive Board (CEB) conducted seminal research in the field of sales.  Later dubbed The Challenger Study, it was designed to identify what separates high performing salespeople from the middle of the pack. As such, they dug deeply into a variety of sales teams, structures and people. Specifically, they interviewed 600+ sales people (since expanded to several thousand) and measured them across several dozen dimensions. From these interviews and assessments they were able to establish that there were five fundamental approaches salespeople took. While they went into the study with a basic belief that there was not a single personality or approach to be a high performing salesperson, what they found was truly astonishing: “Core performers” are spread relatively similarly across all 5 clusters of sales styles. In other words, any kind of sales approach can achieve average results In contrast, “high performers” are clearly over-represented in just two clusters: Challengers and Lone Wolves with Challengers represented significantly more often than Lone Wolves. Perhaps most strikingly, Relationship Builders (the dominant approach in multi-family sales) are severely under-represented among high performers. They come in a distant fifth out of five.            Source: CEB White Paper, The New High Performer, 2009 So, what makes a salesperson a Challenger? More specifically, how can a leasing associate become one? The simplest answer to these questions is to ask better questions and to spend more time focused on what we call The Inquiry Phase.  One of the most interesting things about Challengers...

Posted by on in Apartment Leasing
I remember a story I read a few years ago from a book (I think it was Living Large by Sarah Wexler) in which the author described the experiences of a young woman who was a sales associate in a national retail chain. This sales associate proudly explained the strategy that helped her sell jeans to men and it goes something like this … (paraphrasing)  “When a guy comes out of the fitting room in a pair of jeans, I stare at his butt several times as he looks in the mirror. Then when ne notices me “checking him out,” I act embarrassed and flustered and smile nervously so that he thinks he caught me admiring how he looks in the pair of jeans. This usually encourages guys to buy those jeans!” As this associate went on to tell the story, it was clear that the higher ups in the store approved of her selling strategy; after all, she was getting the results everyone wanted; the young woman hit her numbers, the store likes sales, and the customer thought the cute woman in the store was checking him out, so everyone was happy, right? So, what’s the problem? After all, sales people everywhere use their “gifts” to close the deal, all the time. I mean, look at me. I can’t tell you how many times I used my charm and devastating good looks to encourage someone to rent from me throughout my career! (You’re not buying that are you? As well you...

Posted by on in Construction and Development
Thanks in part to Nationwide Energy Partners, who service several mid-western and eastern US markets, college students from the University of Dayton have begun to study energy usage as it relates to multifamily buildings. Dr. Kevin Hallinan’s “Building Energy Informatics” study is rooted in the professor’s knowledge of mechanical and aeronautical engineering and the initial class of 35 students partaking in the summer program comprises mainly mathematics, engineering, computer science and economics majors looking to analyze the current data being produced from real world partner, Nationwide Energy. The hope is that through these studies, the students may discover untapped opportunities that can be leveraged to reduce both energy and water costs associated with multifamily dwelling. According to Dr. Hallinan, his program is on the ground floor of collecting and trending the current energy data being harvested. From the analysis of this data, there are a lot of hopes of discovering new and innovative ideas that can help to lower the costs for both multifamily building owners and their tenants. In addition to the cost factors, the study looks to provide some insights into supplies with the final goal of making green transitions easier to adopt. With five years’ worth of anonymous data to study, covering the electrical and water usage of 220 apartment units in Ohio, the Dayton students are now looking to identify patterns in the individual units with hopes that they can identify differences among diverse unit types. The program is currently studying whether shifting usage and other similar strategies can help to...

Posted by on in Student Housing
It’s only the second week in September and you’ve already received several complaints from tenants detailing how they can’t stand their roommates! Like many landlords, you believe that it isn’t your responsibility to mediate roommate conflicts. After all, you’re a landlord, not a conflict resolution specialist. You tell the tenants that it’s their responsibility to work out any differences and come to a mutual understanding. What else can you say? It’s not like you’re going to evict a tenant for not being a good roommate.  Should landlords care about roommate conflict? Roommate conflict scenarios are an unfortunate reality when dealing with student housing. It’s common for landlords to rent by-the-room, which often involves having tenants live together who know nothing about one another at first. If a landlord is lucky, a group of friends will rent out the vacant unit or rooms, but it’s not always practical to expect this perfect group of students will apply for housing together.   When roommate problems occur, what should landlords do?  Regardless of the market a landlord owns rentals in, one thing always remains consistent – the goal to keep profit margins high and vacancies low. A great way of achieving these two goals is by maintaining a high lease renewal rate. To accomplish this, it’s important to ensure that current tenants are happy and enjoy their accommodations. If a tenant experiences roommate conflict, the odds of him or her renewing the lease is considerably low. This probability of renewal is even less, if...

Posted by on in Resident Retention
I’m not a slave to ritual or routine, but the one exception to this was my weekly indulgence: a trip to a local diner for a bacon, egg and cheese sandwich. Every week, (provided I went to the gym and did enough cardio to offset the calories!), I would go to this particular diner, sit at the counter and do my, “When Harry Met Sally” routine. In my case, the eggs have to be scrambled, the bacon well done and it has to be served on a Kaiser roll. After all, if we are going to overindulge, don’t we want it our way? Over the summer, they got a new chef and things started to slip. First, they started crumbling the bacon into the egg sandwich. One week, the bacon came out very undercooked. But this week was the last straw. They raised the price by 25% and started including home fries. But this wasn’t a big deal. I can live with the $1.50 increase and ask them to just leave the home fries off the plate (because otherwise I would just eat them all up, not exactly what I need in addition to the sandwich). Second, the egg was a little undercooked, which made part of the roll mushy, and some of the bacon wasn’t well done. Still easily managed. I could just send it back next time. However, the final straw was that they started using a different vendor for the rolls, which are now tasteless and doughy and...

Posted by on in Apartment Marketing
Enhance your AdWords campaign by adding Google’s new callout ad extension. You can now add more information about your business by including additional callout text in your search ads with Google’s release of the callout ad extension. Better advertise your current promotions and apartment community features and amenities to help encourage more interest from your potential leads. Callouts can be added when you create your campaign and help to summarize special offerings from your apartment community. Instead of creating new text ads, adding callouts help decrease your work time and can also be customized for mobile devices. When you are adding callouts for your apartment’s AdWords campaign, you can create a minimum of two and a maximum of four for each account or ad group. Be sure to keep them short and specific, and you can start testing their performance for your campaigns. Start enhancing your AdWords campaign by adding more details and amenities of your apartment property with new callout extensions!...

Posted by on in Apartment Leasing
Did you know that classifying an individual’s personality into one of four categories can help you lease more effectively? If you can identify a person’s personality type, you can tailor your message to the needs of your prospects and residents. This technique, designed by Charles J. Clarke, III, is called the BOLT System. Each letter stands for a different animal personality that a person can dominantly possess: bull, owl, lamb, or tiger.   Bull Straightforward Seeks control of the situation Owl Detail-oriented and analytical Asks a lot of questions Lamb People pleaser and caregiver Avoids conflict Tiger Positive and fun Expressive and energetic   People’s differences are vast, but learning to identify these animal personalities in individuals can help you customize your leasing message. In this post, owls will be the primary focus, but you can learn all about the bull, lamb, and tiger in additional articles.   Owls are methodical, detailed, non-risk takers, and perfectionists. They are sharp and reliable and appreciate stability and routine. They’re the engineers and accountants of the world. An owl hates making mistakes, so they analyze everything and ask a lot of questions. Thus, they take a long time to make a decision.   So how do you lease to a person with an owl personality? Here are several tips to help!   Don’t rush. Take your time, and don’t get frustrated if conversations and property tours take longer with these individuals. Because they’re very detailed and study most everything, an owl’s pace is slow. They’re also generally introverted and serious...

Posted by on in Apartment Leasing
The resident lease is arguably among the most complex paper-based processes in the apartment leasing office. There are addenda and attachments, copies signed in duplicate, documents stapled or clipped into folders. Many will posit that it’s also one of the most valuable processes. A new lease is a successfully converted lead, and brings with it an impact to key areas by which a property's success is measured, like occupancy and revenue. A signed renewal represents yet another happy tenant. There have been many stories of success within the industry where leasing offices have revived their in-office workflows with new online leasing options, freeing up their staff to focus their time on marketing and customer service instead of being wrapped up in piles of paperwork. It’s because of the complexity and importance of the leasing process that the idea of adapting it for use online can seem difficult and overwhelming, but it doesn't have to be. Here are the main reasons why a big change in your leasing paperwork before going paperless can actually be a good thing. Reading is Fundamental Preparing your lease documents for online conversion is an opportune time to review the lease documents in depth. If it’s been some time since the terms were last revised, read it carefully. Try to look at the documents from the viewpoint of a potential resident reviewing the documents online. Is the language understandable? Are the policies spelled out plainly? You may find that there are errors or omissions in the current lease...