Property Management

They say that it’s all in the amenities. However, certain amenities have a more profound impact than others. And while the traditional amenities you would think are important to prospects and residents may still be on their list, it’s the pet-related amenities that are becoming increasingly more of a necessity. According to the 2020 Pet Policies and Amenities in Multifamily report by PetScreening and J Turner Research, pet owners said that where they choose to live is significantly based upon the types of pet amenities that a community offers its residents.  When pet-owning residents, or those intending to get a pet within the next year, were asked on a scale from 0 to 10 how important pet-related amenities are when considering renewing a lease or moving into a community, the average rating was an impressive 7.11 out of 10.  Knowing that pet-related amenities are so important to a resident’s decision when choosing to renew their lease or to a prospect who is considering moving-in, it’s critical that apartment communities have the pet-related features that truly matter to renters.  While many operators might fear that introducing such amenities in their community will be expensive, that isn’t the case with the three most desired pet-related features. The three most-desired pet-related amenities found in the survey, which features the feedback of more than 22,000 apartment residents, were: Pet-waste Stations: These came in at number one with 65% of respondents saying this was a top amenity for them.  A fully stocked waste station will ensure that, oth......

There is no way to consistently build relationships with every multifamily broker in every market you cover without systematizing the process using customer relationship management (CRM) software.

The process in theory is easy, but carrying out the process does require a lot of work. This is a good thing, it ensures few will do it right for a long period of time but those that do earn tremendous success in their investment careers.

1. Buy a CRM license. There are lots of them out there. I use and love RealNex (http://info.realnex.com/lead_demo-0). This will be the platform that you do all your networking with brokers on.
2. Search for every multifamily broker in every market you cover and save their contact info into the CRM.
3. Save their contact info to your CRM.
4. Schedule regular, out of the blue calls.
5. Make introductory calls for new contacts.
6. As you continue to make calls and develop relationships, learn about them.

Watch the video, read the details in the video description for more specific details.

 

 

Should I Consult A Fair Housing Attorney? If you had a specific medical problem, you would want a specialist in that field. It stands to reason then that if you have questions regarding The Fair Housing Act, you would want to reach out to a lawyer that specializes in this.  This article takes a look at when you should consult a fair housing attorney. How this may look will depend on the size of your company and most importantly the advantages of doing so. A Fair Housing Specialist is Irreplaceable Many companies fall into a false sense of security that they have had enough fair housing training that they do not need to consult an attorney when a problem arises. Or perhaps your company is looking for a way to cut costs and wants to avoid attorney fees.  The fact is that fair housing laws are ever-evolving. Along with that, consider the cost of just one fair housing complaint. Consulting a fair housing attorney is an unavoidable part of this industry but it serves as a protection.  Updating Fair Housing Company Policies Consider one scenario that should always be reviewed by an attorney:  updating your company’s fair housing policies. As stated above, fair housing laws are constantly changing and your policies will have to change with them. Your policies not only need to be internally reviewed annually, they also need to be reviewed by a fair housing attorney at least every three to five years.  Keep in mind that if any c......

As a multifamily real estate agent I've witnessed numerous times how empathy has earned real estate investors a big win not just in the deal they are working on, but on future transactions. All too often in the real estate investment world buyers and sellers are only looking out for themselves. Others notice that way of operating and tend to shy away from future transactions with those real estate investors. The amateur investor criticizes the other party's actions or decisions without ever considering what their needs are or reasons for their actions. The Elite Investors ask questions. They don't pass judgment. They look deeper to understand what the buyer or seller's true concerns are in order to create a win-win for both parties. When both parties feel like they are being heard and that the other side is truly trying to accommodate one's concerns or goals, it not only makes that transaction smooth, it dramatically increases the probability that one of three things will happen: 1. either those two parties will want to transact again, 2. they will tell others about how wonderful it was to deal with the other side, or 3) both 1 and 2 above. This isn't rocket science information to understand, but the implementation of it consistently over a long period of time is a rarity. Take it from a real estate agent with over 20 years of experience and hundreds of transactions under my belt. I'll conclude with this, 79% of my closings (and probably a......

Any other Dunder Mifflin fans out there? If so, let’s play some flonkerton later, visit Schrute Farms and chat about all things office.  Let’s meet in the conference room in five…… There are many names for the reimagined essential home office: zoom room, pocket office and my fave new term “cloffice.”  Are you accommodating this macro-trend in your models or units? Whether your customers are renting or buying they need a dedicated space to work from home. Or if there are school aged children in the home this can be a virtual classroom as well.  A few things to keep in mind are that it doesn’t have to be in a spare room. Great if you have the space then problem solved! However, you can retro closets, alcoves, or storage rooms to achieve the cloffice (closet + office.) Things to consider in there: a petite desk work surface, a lamp, shelving for storage and a cozy chair. I would add as a flooring professional that the quietest surface to use underfoot is carpet. It absorbs sound with the best IIC rating in independent testing. It’s softer and cozier underfoot. It has a great insulation R Value too. And in today’s styles, colors and patterns you can’t go wrong.    If the space already has hard surface down you have options too. Throw down a bound area rug or look for new peel and stick soft surface planks to create your own rug. I have this in my own cloffice and love the feel on my toes......

The work-related puzzle that fascinates me most is how multifamily leaders and supervisors can make their workplaces work well for the teams they lead. What does it take to turn work from drudgery to satisfying? How can managers create a workplace culture where property management teams want to stick around and build a career? Employee engagement influencer Jill Christensen has a stunningly simple technique for helping leaders understand what it’s like to work on their team. Do you want to know what your workplace culture is like? You won’t find the answer in your catchy corporate values statements or website marketing copy. The genuine, real-deal answer can be found in the response to this question: “How do we do things around here?” It’s a surprisingly straightforward question that gets to the heart of it all. For example:  When a new team member is hired, how do you welcome them? Is there fanfare and celebration and a well-thought-out onboarding program? Or are they thrown into the fire without so much as a tour of the property?    How frequently do your leasing associates get one-on-one time with their manager? Are there regularly scheduled meetings where they can talk about their goals, challenges, and plans for the future? Or are they lucky if the boss even makes eye contact on any given day?    What happens when your maintenance technician has a crisis, like his car breaks down or his mom dies? Is he treated with compassion and support—or fearful that he’ll lose his job if he......

With 2020 firmly behind us, apartment owners and operators have reasons to be optimistic about the road ahead.  To cite just one example, consumers by and large are maintaining healthy credit profiles. The pandemic has undeniably presented major economic challenges for many, but the average credit score in the U.S. increased by 1% (seven points) in 2020, according to Experian. This statistic suggests that many consumers could be well positioned to sign new leases and renew their current ones as 2021 unfolds. And as apartment owners and operators prepare for the recovering economy, it’s critical that they have access to data and tools to navigate the market intelligently, while mitigating as much risk as possible. "Future-Proofing Your Rental Playbook" outlines several ways apartment companies can strike the right balance between meeting the current and future needs of prospective residents while also protecting their portfolios.  The e-book recommends operators take the following three steps as soon as possible:  Implement tools that will allow prospective residents to have a fully digital leasing experience. During the pandemic, prospects undoubtedly grew fond of being able to navigate the leasing process from their homes. Accordingly, apartment owners and managers should think of these capabilities as long-term investments and always seek sensible ways to reduce friction in the leasing process.  Use technologies that reduce risk and prevent fraud. Emerging from the difficulties of the past year, operators understandably will be laser-focused on processes and procedures that build and maintain occupancy rates and mitigate the chance for financial losses.  U......

Commercial property is an asset that is real estate referred to use as business activities. It serves as land for rental purposes and generates profit. Commercial property can be malls, industrial estate, manufacturing stores, grocery stores, and many more. Investing in commercial property sound always healthy, but the cost of such property is far higher than residential property. But it can aid in getting a long-term source of income. Buying a commercial property is always a tough row to hoe. And some serious points need to be considered while investing an enormous amount in commercial property. There are five primary types of commercial investments, which are as follows. OFFICE The office building can be small or big in a different commercial zone. INDUSTRIAL A commercialized industrial area can be a storehouse or a manufacturing site. RETAIL It includes shop around the corner of your house to any regional shopping center. HOSPITALITY It includes hotels that attract tourists and earn you a rental payment. MULTIFAMILY It includes apartments that can be used for several desired purposes. After deciding on the commercial property that attracts you, you Have to build up a strategy to invest in it. Some important points that need to be considered are as follows.   LEARN SOME COMMERCIAL REAL STATE VOCABULARY There are a lot of learning things that are required by a person to be familiar with. Some major terms are as follows. DEBT SERVICE COVERAGE RATIO It tells how much income will help you in covering the......

Resident experience … What a buzz word, right? It’s on everyone’s mind and everyone is talking about it. At least, the properties who care about resident retention are talking about it.   Many of our clients have shared with us that their residents no longer care as much about a large swimming pool; today’s residents care about the experience and services your property provides.   Fostering the resident experience throughout the leasing and move-in process is where the journey starts, but not where it ends. It’s important to give your residents that feeling of “home” by creating intentional opportunities for them to make meaningful connections with their neighbors and by offering them concierge services.   Let’s dig into some of my favorite ways to manage the key touchpoints that affect the resident experience. 1. Make the move-in process seamless. You only get one chance to make a first impression, so you better make a good one — especially in today’s competitive market. Move-in day is what really sets the stage for how your new resident will perceive your property, and whether they will be willing to renew when their lease ends.   If your new residents have a horrible move-in experience, full of hassles, their confidence will tank and it will leave a sour taste in their mouth when thinking of your property.   How do you make this process seamless for them? Try to think through everything they might need, and try to eliminate those points of friction throughout the process.  &nbs......

All industries are increasingly embracing and investing in crisis management planning in case of emergencies (i.e. disasters, crimes, health issues, etc.). It can be hard for on-site teams to know what to do for residents during a crisis. It’s challenging not to get caught up in the what-ifs and what to-dos. While I’m sure you have a crisis communication plan in place, think about the overall tone, flow, and timing for how each message will be perceived and delivered. How can you emphasize and ensure your message is communicated properly? One way is to double down on digital communication efforts - it's the safest, most convenient way to keep on-site staff, current and prospective residents informed and safe. It’s nothing you haven’t heard before that in times of crisis, leasing teams should over-communicate updates to residents. And, video, email, resident portals and a wide range of other CRM/marketing technologies can help communicate information quickly and safely to employees, prospective and current residents so they can fully grasp your message when you need it to be heard. How to Incorporate Video and Email Into Your Crisis Management Plan When preparing how to provide updates and instructions to employees and residents, below are suggestions to make your communication efforts more efficient through video. Communication efforts should be transparent: While preparing communication efforts, be honest with employees and your residents about the situation. This ensures everyone has the most up-to-date information regarding the crisis and what protocols should be followed. Leasing teams can create a video saying ......