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More Tenants, Less Effort: 5 Ways an AI Leasing Assistant Increases Conversions

No longer a far-fetched concept reserved to sci-fi movie plots, artificial intelligence is now an indispensable tool in your prospects’ daily routines. Think about it: Chances are you’ve posed a question or two to your favorite AI assistant today, whether that’s Google, Siri, Alexa, or else. Maybe you needed directions to a meeting, store hours for the nearest pharmacy, or a rundown of your calendar appointments — and you had no time or desire to read through a website, call customer support, or click through a handful of dashboards. You wanted answers in seconds, and AI delivered it.  Likewise, the tenants you’re trying to attract have a serious digital addiction and craving for instant answers. It’s why AI leasing assistants are no-brainers in delivering measurable improvements in conversions, engagement, and revenue.     Below are five ways an AI Leasing Assistant will bring more tenants to your properties: 1. Satisfy consumers’ craving for easy self-service and instant gratification Today’s consumers expect the same ease, immediacy, and anytime/anywhere access they enjoy from online retailers and media platforms. Fail to deliver those experiences and they’ll jump ship to a more responsive website, sinking your profits. Astute multifamily property marketers understand that to remain relevant and profitable, they must compete on the battlefield of user experiences, often measured against the ease and speed of Siri or Google. AI Leasing Assistants make that possible.   Speaking of speed and ease, todays’ consumers also don’t want to talk to a sales rep until they’ve completed some basic research, narrowed thei......
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What is the Michael Jordan effect in real estate investing?


Michael Jordan is arguably the greatest basketball player to have ever lived who consistently got referee calls to go his way. Some thought it was unfair. If you want the unfair advantage in real estate investing, take a listen to this video. Andy Andrews (https://www.andyandrews.com/), is an in-demand speaker, coach, and consultant for the world’s largest organizations. Andy once wrote about the Jordan Effect (https://www.andyandrews.com/the-jordan-effect/) on this website in a blog. Jordan put in meaningful time developing relationships with referees because he liked them. In turn, those referees would sometimes give Michael Jordan the benefit of the doubt on close calls during a game as opposed to the NBA players that would cuss, yell at the referee, and generally be unpleasant. Michael Jordan is arguably the greatest basketball player to have ever lived who consistently got referee calls to go his way. Some thought it was unfair. If you want the unfair advantage in real estate investing, take a listen to this video. For other helpful tips on how to buy more multifamily assets, visit https://www.beaubeery.com/book. Andy Andrews (https://www.andyandrews.com/), is an in-demand speaker, coach, and consultant for the world’s largest organizations. Andy once wrote about the Jordan Effect (https://www.andyandrews.com/the-jordan-effect/) on this website in a blog. Jordan put in meaningful time developing relationships with referees because he liked them. In turn, those referees would sometimes give Michael Jordan the benefit of the doubt on close calls during a game as opposed to the NBA players that would cuss, yell at the referee, and......
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3D Floor Plans, Virtual Tours, & Renderings- A look at how virtual tours can increase pre-leases.

    Pre-leasing can make or break the success of a new apartment community, especially in today’s competitive multi-family market. Adding assets like 3D modeling, virtual tours, and interior renderings allow developers, property managers, and real estate marketing leaders to create more interest in their properties before the construction process is complete.   By using these tools in your marketing plans and content you are able to connect with future renters and give them the visual information they need to make a decision on whether or not your property is the right fit for them at an extremely pivotal time in their buying journey.    1) Why Would I Want a Virtual Tour or Interior Rendering? The obvious answer here is that it is literally impossible to showcase what your spaces will look like without these assets while your property is being built.  3D floor plans, virtual tours, and interior renderings give you access to digital assets that can accurately and effectively present your property's key features when it is physically impossible to show them.   2) What Makes a Good Virtual Tour or Interior Rendering? Accuracy. The purpose behind creating these assets while your property is still in the construction or developmental phase is to accurately present what the interiors and exteriors of your spaces and units will look like. The idea here is to be as close to a real photo or video as possible. Having photo-realistic visuals ensures that what future renters are seeing matches what they wil......
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How to Identify and Utilize True Leasing Automation

As everyone knows, the property management industry is constantly shifting and evolving to accommodate new technologies helping to make the lives of property managers a lot easier. Over the last few years, leasing automation has quickly become one of the most valuable additions to the industry, specifically within the multi-family community.    For those who haven’t yet experienced true leasing automation, it gives your prospective residents what they want - real-time responses and tour scheduling at their convenience. It gives your leasing staff what they need - dramatically less time on the phone and responding to e-mails, tours efficiently scheduled based on their real availability, and high-touch automated follow-ups throughout the leasing process. Multi-family property managers wear so many hats that the more time that can be saved, the better. Leasing automation is re-envisioning how prospects and management companies interact and it’s time to get on board.   It is important to understand that not every company that offers what they consider to be “leasing automation” actually has true end-to-end leasing automation. True end-to-end leasing automation doesn’t need to be regularly touched or fed information. A fully automated platform empowers the individual prospect to self-conduct the entire leasing process within constraints and guidelines pre-set by the property manager or owner. On the management side, a fully automated platform allows for tremendous cost savings, serious growth without additional staff, a significantly better experience for prospective renters, reduced on-market times, and a happier leasing staff who is more likely to stay with the company. ......
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One Size Does Not Fit All When It Comes to Employee Turnover

Pay increases. Referral incentives. Expanded benefits. Apprentice programs. Signing bonuses. Our managers and human resources teams have been working so hard to find, entice, and secure applicants and new hires. The labor shortage is being felt in every market, and short-staffed teams are doing their best to carry on. While it’s important to continue to be creative and support the hiring process, it’s equally important to be mindful of your current team and all that they are doing to manage your business. According to the Q2 2021 Swift Bunny Turnover Report, the average overall employee turnover was 47%, with some maintenance and leasing positions exceeding 50%. While all employee categories represented by the Swift Bunny Index agreed they would like to see improvement in compensation, incentives, and advancement opportunities, there were some differences in what mattered most to Maintenance Team Members and Leasing Team Members. Maintenance: What Matters Most Service team members shared that they generally enjoy good relationships with their co-workers and feel like they know who to reach out to when and if they need assistance. However, a consistent source of frustration is a sense that their contributions are taken for granted and are not recognized or appreciated. This lack of perceived value is reinforced when they are left out of internal company communication or when they have to wait days or weeks for a response to a question or request. What you can do: Say thank you. Acknowledge the critical contribution the maintenance team provides in their serv......
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Difference between Commercial and Residential Real Estate Management

Difference between Commercial and Residential Real Estate Management
If you have ever owned a house or duplex that you have rented out and you feel like you are ready to move to the next level I have a few guidelines to help you get started. First and foremost, you’ll need to decide what asset class you would like your next investment to be in. Here are a few different types of assets that you can focus on:   1. Office  2. Industrial  3. Retail  4. Multifamily  5. Hospitality   The Commercial Leases  You will find the commercial lease is a lot longer and much more detailed than your residential lease and it will spell out common area maintenance fees, increases in rental amounts at certain dates, concessions, tenant improvement work, and just about everything else. Even in the same building, the terms negotiated on a commercial lease can substantially vary from one tenant to the next. There is a good chance that your tenant will have an attorney review all lease documents and you will have a few revisions before the lease is actually executed. Commercial leases are either a gross lease (the owner pays all the utilities, taxes, and insurance), a net lease, or a modified gross lease. There are several types of net lease, but the one you’ll hear about most often is a triple-net lease where the tenant pays their proportional share for everything (taxes, insurance,utilities maintenance, repairs and capital improvements) on the building. A modified gross lease is where a tenant may pay their share of ......
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How to Maximize the Storage Space in Your Multifamily Apartment Units to Increase Rents

One thing that residents will always want in an apartment is as much space as possible for a rental price that they see as justified. However, many multifamily apartment homes are not known for offering a ton of features that increase storage capacity, so when a renter finds a hidden space gem, they’ll pay more for it.    Renters are very familiar with having clutter that easily piles up because of limited storage options; a main drawback of apartment living. When renters feel the need to fill up their floorspace with extra dressers and other storage containers, the livable footage of the apartment becomes smaller and smaller and their frustration grows bigger and bigger.    Providing your renters with increased closet storage capabilities in your multifamily apartment units will not only help you attract more renters, but also make your units more valuable and keep renters leased longer.   If you are looking for an easy renovation project that will increase space and storage in the apartments you own or manage, the best way is to start optimizing your closets.  Optimizing Your Multifamily Closet Space Most closets in multifamily housing units are severely underutilized with sometimes less than 50% of the functional space available being used for storage. Master bedroom closets are where the largest waste of space usually occurs. Many apartment complexes tout walk-in closets as one of the draws to rent from them; however, these closets are not used in a way that actually maximizes storage and space.   T......
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Multifamily Assault & Battery: Coverage Challenges in the Insurance Market

As any property & casualty insurance broker can tell you these days, commercial insurance rates are on the rise, with double-digit increases not uncommon.  A number of factors are contributing to growing premiums for insureds, among which are the following:  costly repairs from recent natural disasters, the increasing frequency and severity of auto claims due to distracted driving, economic uncertainty surrounding the Covid-19 pandemic, and nuclear jury verdicts where the awarded damages are multiples of what they used to average even a few years ago. Unfortunately the multifamily industry has not avoided these rising insurance costs.  Like all real-estate-centric companies, multifamily property coverage costs more today than it did even a year ago, particularly for those with a portfolio heavily exposed to wind, flood, and earthquake risks.  On the casualty side, rate hikes for general liability and umbrella liability (which sits over general liability and auto liability policies, providing higher limits of coverage) are also a reality facing multifamily businesses.  But there’s one facet of general liability insurance that is affecting the multifamily (and other habitational markets) in an unexpected way:  coverage for assault and battery.  Let me take you back to October of 2019.  At that time one of my clients, a large multifamily development and property management company, had advised that they’d just sign a contract to manage a third-party apartment complex.  We informed the client’s general liability carrier, Philadelphia Insurance Company, so that they could endorse the client’s policy to add the location, as we had done for all of ......
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Welcoming Pets Makes Abundant Financial Sense

Apartment residents, like people everywhere, are absolutely crazy about their pets. Although it may sound cliché, renters feel like their dogs and cats truly are members of their families. The bond between owner and pet is unmistakable.   And a new report highlights the considerable financial benefits owners and operators can reap by being truly pet-inclusive.   According to the 2021 Pet-Inclusive Housing Report from the Michelson Found Animals Foundation and the Human Animal Bond Research Institute, residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing. This means operators can reduce their turn costs as well as their marketing spends because they're not having to fill vacated units as frequently. Similarly, 83% of owner/operators say pet-friendly vacancies are filled faster, and 79% say the vacancies are easier to fill.   Among the study's other notable findings:   ●      24% of residents say their pet has been a reason for needing to move. ●      14% have surrendered their pet as a result of their housing situation. ●      35% of non-pet-owning residents say they would get a pet if restrictions on their rental housing were lifted.   To better attract and retain pet-owning residents, the report recommends that owners and operators consider the following steps:   ●      Offer a free month of pet rent. ●      Waive pet deposits and instead rely on regular security deposits to cover the minimal damage that pets may cause. ●      Create an easy-to-follow screening process and pet agreement that focuses on well-behaved pets and owners. ●      Formalize the types of p......
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Things a Successful Commercial Real Estate Agent Should Keep in Mind

Things a Successful Commercial Real Estate Agent Should Keep in Mind
In the past, the main role of a CRE Agent was to help their client find a property. This sounds quite straight forward and it typically was.  An agent would first utilize their market knowledge to see if they knew of any spaces/properties that might meet the criteria of their client, and if not, begin to reach out to all of their contacts to see if they had anything, or if there was anything new coming out. If all else failed, they would resort to sign chasing, driving the areas their clients were interested in, and call on the signs on buildings to see what, if anything, was available.  Along came the internet which dramatically changed how this works now.  The control of information no longer flowed just through the agent. Unfortunately, many agents didn’t adapt to the change and continued to see their role as just finding a property for their client. Many clients also kept this mentality, thinking that an agent's role was just to find a property. This, of course, led to many clients thinking they only needed an agent to find a property and if they could find one then they wouldn’t need an agent and could get a better deal on their own.  Good agents realize that finding a property for their clients is just a small part of what they do. Finding the right property is a bigger role, and their most value lies in negotiating the best deal for their client.  Finding the right pro......
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