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How To Build A Top Notch Seller Reputation In Multifamily


Sellers, you want to develop a reputation with every buyer in the marketplace that buying from you is first class. You want them to talk about you in a good way at dinner that night with their spouse. There are a number of things that go into developing an awesome reputation as a seller. A very simple one that’s easy to do and goes a long way is how you care for your property during the marketing and contract period. Are you the seller that spends as little money as humanly possible during this time because you feel like you’re throwing money away at something you won’t own in 90 days or are you the seller that understands the power of going above and beyond to care for an asset because the reputational benefits will spread throughout the multifamily world and handsomely reward you long term? Remember, buyers of your assets will be sellers of other assets in the future. If they remember you to be the seller that cut corners and did just enough, they will be far less likely to select you as a winning bidder on their next sale. And the brokers involved in your transactions will be less likely to recommend you as a buyer. There are some easy things I’ve recognized sellers can do to build a killer reputation during the marketing and contract period. The cost of making repairs, replacements, and beautification during this time is so minimal as a percentage of the deal but the pay......
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Taking Care of Your Investors

Taking Care of Your Investors
A top-notch investor relations program is critical when foraying into multifamily investments. And when doing so, one might want to prioritize customer service as well as sound investment opportunities. Unfortunately, it's not completely unheard of for some multifamily firms to treat their investors as if they are fortunate to simply be along for the ride. They will provide investors with the required reporting, but not much else. When I think about what investor relations should look like, I think back to the pizza shop my father owned and ran while I was growing up. He never took a customer for granted. He realized they always had a choice in where to spend their money and so he made it a point to offer more than just a meal. He provided a warm, engaging customer service experience that left his patrons knowing they had been listened to and appreciated. This created a steady stream of return customers and positive word of mouth.  Obviously, today's investors want strong risk-adjusted returns. But they are after more than that, too. They want consistent and clear information from you. They want to know they can talk with someone at the company on short notice and that their voice will be heard. With that in mind, here are some general recommendations for good investor relations. Communicate clearly and often. Investors want and deserve more than the required reporting. Provide regular updates on the performance of the assets they're invested in. At Ashcroft Capital, for example, our investors receive......
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How To Hire The Right Lawyer In Multifamily Real Estate


Hiring the right lawyer in multifamily real estate can make or break deals and can increase or decrease your future deal flow from brokers and other investors. ELITE INVESTORS ALSO CHOOSE LAWYERS WHO SHARE THEIR BELIEFS ABOUT DEAL MAKING AND EMPATHY. This is huge! Every Elite Investor I know is represented by a lawyer with whom I thoroughly enjoy working. They show empathy in transactions, and they truly thrive on doing deals rather than suspiciously searching for ways the other party is trying to get the upper hand. Unfortunately, the opposite is also true. Some investors choose attorneys who thrive on redlining as many words as they can so their client thinks they are really good. When they find a clause they don’t like, instead of thinking about solutions, they build up the issue to be more important than it is. Attorneys are used to seeing redlining, so it is no big deal to them. But when investors open a document like that, they are completely deflated, angry, and aggravated. Even if most of the redlines are grammatical, it still sours the review process. Elite Attorneys have an encouraging tone that a deal can get done; they give realistic probabilities on issues, never raise their voice, and never start building up the other side as villains. These attorneys know that the more deals they can help their clients do, while still keeping them safe, the more those clients will use them and help them grow their own law practice. Also, Elite A......
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Your Guide to Hosting a Resident Dog Treat Baking Workshop

This guide has everything you need to host a successful treat baking event in your community - from downloadable recipe cards, to links on where to purchase supplies!  Did you know that baking dog treats is quite simple and requires only a few ingredients?! Hosting a resident baking event is a great way to bring the community together in a really fun and productive way (especially as we get closer to the holiday season). So lets get started...     First, a little background on baking dog treats. We love baking our own dog treats because it's a whole lot simpler than baking human cookies, and much more affordable than buying them! Unlike human cookies, dog treats aren't too scientific. Your residents will certainly have to measure out ingredients but it's truly hard to go wrong. Our favorite thing about baking treats is you can very easily modify almost any recipe to add in your dog's favorite foods, like bacon bits or chicken!   The Basics First and foremost, while we love dogs and love baking for them, this should be a humans-only event. To maintain a safe (and not too chaotic), please make sure all messaging for the event indicates that dogs should stay home awaiting their treats. That being said, it's a very family-friendly event so children are certainly welcome. Hosting a baking event does require a bit more space than an average resident event, as each person (or family) will need a baking work station. We recommend utilizing......
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Top 5 Reasons Real Estate Investors Hire Real Estate Agents


Don't let the boring title of this video fool you. There are 5 main reasons the most elite multifamily investors in the world hire a real estate agent to sell their assets and you're not gonna want to miss # 5 on the list.

As an overall answer to the question "Why hire a real estate agent to sell your assets," they make you more money. That's a fact. Read on. Yes, real estate investors could just get an appraisal done and stick the listing on LoopNet, Crexi, apartmentbuildings.com, or Ten-X. And yes it will probably sell.

A real estate investor could even get a bunch of real estate agent BOVs (Broker Opinion of Value) to ensure they list their own property for the right price, not hire any real estate agent, and sell themselves. But make no mistake only real estate agents can create an environment that earns a seller the most the market will pay.

Here's reason #1:  No investor can ever create the vast database a real estate agent can because it isn’t natural for real estate investors to call dozens of other real estate investors a week and build rapport. An investor’s database of buyers will pale in comparison to a real estate agent's. The more real estate investors known the greater the chance of bringing a higher offer.

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How Elite Multifamily Real Estate Investors Make Decisions


When you adopt the "Hell Yes or Hell No" decision-making process like elite multifamily real estate investors do, you'll be amazed at what you can accomplish in your business.  Every year that goes by the number of distractions for real estate investors grows. Those distractions are costing most investors millions of dollars in lost opportunities. In this video, I give you an inside look at how elite investors transact more deals per year than everyone else. Elite investors are highly focused and say “no” a lot. They say no to anything that doesn’t have a 90% likelihood to help them procure more deals. Mediocre investors are highly distracted. They are members of lots of clubs, board members on multiple philanthropic type organizations, presidents of associations that don’t contribute to doing more deals, they allow numerous meetings during the week with people that don’t contribute toward procuring more deals, someone convinces them to look at a shopping center, a new business to buy, etc. Those things are fine if they TRULY bring joy to your life. The elite set up their personal lives to be as distraction free as possible during the workweek so they can be as productive as possible. In every decision they make throughout the day they are asking themselves “does this help me procure more deals?" And if the answer isn’t “hell yes,” meaning 90% certainty, then they aren’t doing it. Here is the most dangerous thing I see among successful individuals. The more success you gain, the more others notice ......
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5 Steps to Improve Parking in Your Apartment Community 

5 Steps to Improve Parking in Your Apartment Community 
Remember the summer of 2020? When the pandemic was at its peak (or so we thought) and we were desperate for face-to-face quality time with our loved ones? Although social distancing was encouraged, our communities noticed an increase in apartment guest parking. In fact, unauthorized guest parking has been on the rise since the pandemic began.    Maybe a couple decided to move in together, or a university-aged student crashed with mom and dad. Perhaps a renter was subletting or allowing a friend to sleep on their couch. Let’s not forget the possibility that people may have been illegally crashing in empty apartments.   While discussing parking problems, Strong Towns reminds us of the basic fact that parking is complicated. And according to the National Apartment Association, decreasing ratios mean fewer spaces available for residents, more unauthorized guests within our apartment communities, plus additional parking management for staff.    All of these evolving trends have produced both positive and negative byproducts:  Security. You don’t know who is in your community, and where they are staying. Crime. A greater number of unauthorized guests on your property is related to an increase in crime. Revenue. Unauthorized guests may be a source of lost revenue. Abuse. A lack of a solid parking policy encourages further parking abuse.   But here’s the reality: managing your apartment parking is inconvenient and time consuming for your onsite staff team. If you’re ready to track your parking offenders and prevent future unregistered guests, it’s time to revamp your apartment......
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Opening Your Doors to More Pets

Opening Your Doors to More Pets
To be truly pet-friendly, apartment owners and operators should consider reducing or even entirely eliminating their breed and weight restrictions.  That was one of the major takeaways of How Do Your Residents Feel about Pets … and What Does that Mean for Ancillary Revenue?, a presentation by PetScreening CEO and Founder John Bradford during the recent AIM Reinvent digital conference.  To start with, prospects and residents aren't demanding these restrictions. Citing a joint PetScreening-J Turner Research study, Bradford noted only one in four apartment residents supports breed restrictions while just one in five is in favor of weight restrictions. In addition, many insurance companies have removed pet breed restrictions from their general liability policies.  Add it all up, and "it’s clear that old-school pet policies with breed or weight restrictions could benefit from some fine-tuning," Bradford said. "Reconsider your blanket pet-related restrictions." Reviewing individual pets and their owners on a case-by-case basis during the screening process will allow apartment communities to boost revenue and demand because they are opening their doors to more pet owners.  Atlanta-based apartment operator The Management Group has dropped all breed and weight restrictions across its portfolio and seen striking results.  "After this policy change, 80% of their pet-owning residents have renewed their lease," Bradford explained. "While their competitors reject pets based on weight and breed, their communities warmly welcome all pets, attract more applicants, increase resident satisfaction and improve their bottom lines."  To attract and retain pet-owning renters, it's also important to have the right amenities in ......
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Talk Data to Me: Using Key Metrics to Improve Pet Processes

Talk Data to Me: Using Key Metrics to Improve Pet Processes
The antiquated pet policies of previous decades can be forgiven. After all, apartment operators didn’t always have a bevy of data at their fingertips to help steer them toward more intuitive property procedures.  But that’s no longer an excuse, as newfound pet data has made a compelling case for operators to overhaul their outdated, antediluvian policies in favor of much more pet-friendly measures.  Various operators at the Talk Data to Me: Pet Research to Improve NOI session at Apartmentalize 2021 discussed ways they’ve leveraged pet data to create the most pet-friendly, pet-responsible experience at their communities. Moderator John Bradford, founder and chief executive officer of PetScreening, relayed an abundance of pet metrics that underscored the reasons why it makes sense for operators to modernize their policies. For instance, the Pet-Inclusive Housing Initiative report by Michelson Found Animals and the Human Animal Bond Research Institute indicates that residents stay 21% longer in pet-friendly housing. Additionally, 83% of apartment owners say pet-friendly vacancies fill faster.  “When we see data like this, it’s our residents guiding us toward what to do,” said Angie Lombardi, vice president of marketing for The Franklin Johnston Group.  The data also shows that pet ownership isn’t going to taper anytime soon. According to the Multifamily Pet Policies and Amenities Survey released earlier this year by PetScreening and J. Turner Research, 26% of residents said they acquired a pet during the pandemic and 19% of non-pet owning residents planned to get one in 2021. As pet ownership continues to increase, many communit......
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Creating Value in Today's Value-Add Properties

Creating Value in Today's Value-Add Properties
It's the goal of many multifamily owners and investors: Buy an apartment community in need of upgrading, perform the needed renovations, boost rents accordingly and drive impressive returns. But just because apartment companies frequently undertake value-add projects, it doesn't mean success in these endeavors is easy. On the contrary, a value-add community that attracts residents and produces the targeted returns is the end product of an almost never-ending amount of diligent research and careful strategic planning.  Below are some of my general tips for success in the value-add arena. Dig into submarket data. This may seem obvious, but it's such a critical step that it merits placement here. A successful value-add project depends on a submarket that can support the rents and the investment returns you're seeking. Once you know what metro you're looking to invest in, thoroughly research the area's submarkets to pinpoint where your best investment opportunity may be. What are the submarkets where the population is increasing, employment opportunities are growing and rents are rising? Be prepared to go through all the data sources you need to make this vital, fundamental determination. Visit a property you're considering buying. Statistics, spreadsheets and databases are of course indispensable when evaluating a value-add opportunity. But don't ever underestimate the value of setting foot on a property and seeing it in person. As the great and wise Yogi Berra once said, "You can observe a lot by just watching."On a personal note, I was recently tempted – because of an extremely hectic s......
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