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Tips on how to train your on-site teams and improve your multifamily training.  Inspire and engage your employees and enhance their career development.

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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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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Are you doing this for your Service Team in the summer?

A/C service calls and work outside in general are at an all-time high and very often your technicians have to work outside in the sun, on rooftops, in attics, crawlspaces and very unhospitable places to make sure their customers, the residents, have air condition and can enjoy their home at a comfortable temperature. Too often though, nobody regularly checks on the technicians throughout the day to make sure they haven't suffered from a heat injury or show any signs or symptoms. It can be as simple and make sure there is water and healthy drinks available all day and that they have to let their supervisor or manager know they are staying hydrated. The last thing you want, is to find a technician that suffered heat exhaustion or heat stroke because someone didn't think to check on them or have water and fluids available.  If someone is going to work on a rooftop or in an isolated area they should check in every so often (15 minutes) to let someone know they are alright and doing well.  The surface temperature of many rooftops is over 140 degrees, an attic can be just as hot, and it is already hot enough outside in the sun and shade. Even just walking around on the hot asphalt exposes a technician to much more heat than walking on concrete or grass. If you measure the difference with a thermometer, the temperature difference between, grass, concrete, asphalt and a rooftop or attic is significant. Often times the difference ......
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The Importance of Mental Health in the Apartment Industry: A Lesson From Simone Biles

Simone Biles won six medals in the 2016 Rio Olympics—five of which were gold. According to USA Today, Biles was projected to win five gold medals at this year's games in Tokyo.

Simone Biles is one of the—if not the—greatest gymnast of all time. Actually, she might be considered one of the greatest athletes of all time.

And on Tuesday, Biles withdrew from the Olympic games.

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How buyers lose deals


If you are a multifamily real estate investor with an active real estate license that was sent a listing by a listing broker, DON'T try to share in that listing broker's commission if you want to see more future listings.

Remember, the multifamily investment world is a hyper competitive environment with hundreds of investors competing against each other for a small number of investments for sale. Real estate agents are responsible for over 90% of all multifamily real estate sales in many markets. If a listing broker sends a buyer a new listing, and that buyer turns in an offer that includes them wanting a portion of that listing broker's commission just because they hold a real estate license, than that listing broker will be dis-incentivized to share any future listings with that buyer.

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Connecting delights the mind.

Hi everyone!

I hope you are ready for a great day.

I came across this quote below and it got me thinking about how much connecting we do within our industry.

 



I love connecting people places or things that are going to be the best fit for them. It has always delighted my mind!

Think about this.

We –

Connect prospective residents with the right community.

Connect those same people with others within the community through events and social media.

Connect residents to things to do, dining options, shopping, parks and everything else you know about your area.  

Connect on site staff with the right vendors and vice versa.

Connect people who don’t know our industry to fulfilling careers within.

Connect on site staff to the right company and career path.

Connect them to data so they can make informed decisions about growth, rents, target markets, sales routes, and more.

It’s a great feeling to see people connect, and if I can in any way help them find the perfect home, career, vendor, or whatever they need I know I have a tribe of awesome RPM professionals to reach out to!

It’s RPM careers week and I’m so grateful to have connected with this industry that has provided me with so many people, places, and things over the last 17 years. Cheers!

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Top 2 Best Multifamily Real Estate Assets To Buy Right Now


Which multifamily real estate assets give the best return after you add value to them? We reveal the answer in this video after conducting a two year study of Class A, B, and C assets in Florida.

 

 

I conducted a 2 year analysis of every asset class within multifamily, including Class A, B+, B, B-, C+, C, and C- assets across the entire northern half of Florida. I analyzed what the dollar per unit difference was between each asset class in order to determine which jump in asset class produced the largest value increase.

To go from a C- to a C, or a C to a C+, or a C+ to a B- all had roughly $15,000-20,000 per unit jumps. To go from a B- to a B is around $35,000. But to go from a B to a B+ or from a B+ to an A offers a $40,000+ jump in value! Those B and A class deals are more rare however so don't get frustrated only trying to find those assets. You should pursue all deals that meet your return objectives but pay particular attention to those assets. If you'd like to understand the make-up or DNA of B, B+, and A class assets ($/unit, age, rents, etc.) for the northern half of Florida, please contact me.

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The Law Of The Big Mo (Momentum) In Multifamily Real Estate


In multifamily real estate when an investor has built momentum, they are extremely hard to compete against. Every broker and seller wants to do business with them. In this video we discuss The Law of The Big Mo as author John C Maxwell calls it in his book The 21 Irrefutable Laws of Leadership.    Below are THE 7 KEY FACTS ABOUT MOMENTUM from John Maxwell's book: 1. MOMENTUM IS THE GREAT EXAGGERATOR When deals are being brought to you, and you’re closing, and more investors continue to give you money, and management is managing well, momentum makes it look even better. In contrast when you can’t find deals, and nobody is bringing you any, and you’re in a dry spell for closing, and you can’t find equity, momentum makes you look even worse. 2. MOMENTUM MAKES LEADERS LOOK BETTER THAN THEY ARE The more deals you’re closing on, the more brokers and sellers are wanting to bring you deals. The world forgets about how long it took you to get there, all the bids you lost, a moment or two you had to retrade, etc. 3. MOMENTUM HELPS FOLLOWERS PERFORM BETTER THAN THEY ARE When you’re acquiring more deals, and they are being managed well, and rents are increasing, and your value add program is working, your staff becomes inspired to perform at their highest levels. It becomes contagious. 4. MOMENTUM IS EASIER TO STEER THAN TO START Momentum is hard to get started but all elite investors found out that once a......
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The Vast Benefits of a Strengths-Based Organization

The Vast Benefits of a Strengths-Based Organization
A football team wouldn’t draft a quarterback and then try to convert them to a linebacker. A restaurant wouldn’t hire a Michelin chef and then make them perform waiter duties. And it’s doubtful that a Team USA coach would recognize an elite speed sprinter and attempt to transfer them to the swimming team.  Yet in many industries, including multifamily, organizations hire associates and immediately try to mold them into something that they aren’t. Not only is it counterproductive in most cases, but it also prevents the associate from functioning within their natural abilities and tendencies. That’s why some forward-thinking operators are adopting the model of a strengths-based organization. Rather than viewing associates from the perspective of weakness and how to reshape their shortcomings, strengths-based organizations celebrate key attributes and aim to cultivate and maximize them.  To be clear, this is not to discourage the idea that associates can learn new skills on the job in an effort to expand capabilities. Nor is it designed to constrain those with broader skill sets who enjoy taking on multiple roles. It’s simply a method to further develop an associate’s true niche engrained in their DNA as a person, so they can function within their own exceptionality. One approach to a strengths-based organization is outlined in the book StrengthsFinder 2.0 by Tom Rath, which utilizes a Gallup study that identifies the top 34 natural strengths all individuals possess. The strengths are then ranked for each individual through an online assessment, which usually takes about 10 or 15 minutes......
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