Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

How You Can Afford to Retrofit Your Multifamily Property with Submeters

How You Can Afford to Retrofit Your Multifamily Property with Submeters
I’m embarrassed to admit how many plates of food I consumed the last time I dined at a buffet. It’s always the desserts that lure me in. Chocolate tortes, soft serve ice cream, cake… I will sample all.the.things. If it looks remotely sweet, it goes on my plate. If I try it and it doesn’t appeal to my sweet tooth, no big deal. After all, I’m not paying per item and I gotta get my money’s worth, right? If you spotted me at a regular restaurant where I was paying per item, I’d definitely be more mindful about overdoing it. Residents in multifamily properties who aren’t being held accountable for their utility consumption usually have the same gluttonous mindset that buffet diners do. If they aren’t being billed for their actual utility consumption, they are far less conservative with their usage. In fact, according to Fannie Mae’s Multifamily Energy & Water Market Research Survey, when apartment owners paid for all energy costs, median annual energy use was 26% higher than when tenants were held accountable for their usage. That’s why so many apartment operators (and lawmakers) are turning to submeters. Submeters precisely track each apartment unit’s utility consumption, allowing property management companies to accurately bill their residents for their share of the bill. Submeters are so effective at driving water conservation that drought-sensitive California recently passed a law requiring water meters to be installed at individual apartments starting with new developments in 2018. Even though the law doesn’t apply to existing multifamily structures, o......
Continue reading
285 Hits
0 Comments

Most Common Employment Screening Mistakes and How to Avoid Them

Successful companies all have one thing in common: hard-working, efficient employees. While you won’t always be able to determine which workers will fit best in their roles in your company, choosing the right screening service can help weed out undesirable candidates based on the criteria that matter to you and to the success of your business. By avoiding these common mistakes, you can help ensure that you are hiring the best candidates for your company’s individual needs and that you are protecting yourself from litigation and pointless spending. Remember, good employees can make the difference between a good and a great company, and finding the perfect candidate should be a top priority for business owners and hiring managers. Choosing a Screening Process Without Proper Research Running a business involves many moving parts, which means that certain aspects can be overlooked, even by the most thorough business owners. Because all screening services are not created equally, one of the biggest mistakes you can make is not doing the proper research before choosing a screening service. You’ll want to choose a service that meets your short-term and long-term screening demands, and that facilitates your company’s individual needs rather than the common needs of most companies. Failing to Abide by the Law All US companies must abide by the Fair Credit Reporting Act, but not all third-party services adhere to the FCRA when compiling data for their screening services. If you choose a service that is not FCRAcompliant, you open yourself up to legal action, which can cause statutory damage, punitive damage, actual damage, and leg......
Continue reading
508 Hits
0 Comments

Helping the Homeless During the Holidays

Common holiday traditions involve spending time with family and friends, exchanging gifts and feasting on lavish meals. Yet, this is not a realistic scene for a staggering portion of the American population. Overall, 3.5 million Americans experience homelessness each year, according to the National Law Center on Homelessness & Poverty. These individuals don’t have homes to bundle up in during the cold weather; instead, they’re sleeping on the street, in their car, in a motel room or a community shelter. Many of them won't get to enjoy a festive homemade meal. While it’s true the holiday season is about spending time with family and friends, it's also about giving to others. Here are just a few ways you and your apartment company can help those experiencing homelessness during the holidays:Donate itemsGiving food, blankets, pillows, towels and clothes directly to those experiencing homeless or to the shelters that serve them is one effective way to alleviate the suffering of the homeless. Also, consider making and carrying around care bags with small essentials – socks, snacks, bottled water, soap, hats, gloves – so that you can give them to a homeless person you see asking for help. These bags are great to make with your kids or even with residents and co-workers to help build upon the notion of helping others. Show kindnessThis is a simple, yet effective way to lift the spirits of those experiencing homelessness. Do you walk by those experiencing homelessness without looking at them? Stop, look them in the eye and s......
Continue reading
1159 Hits
0 Comments

ReMarketing - The Secret Weapon of Apartment Leasing

ReMarketing - The Secret Weapon of Apartment Leasing
So you're browsing the internet. Let's say you're on Amazon.com. You view some items then decide to check the news over at CNN.com. Magically, you start to see ads for products you just saw on Amazon on the CNN site. How did they know? Is it magic? Some kind of sorcery? No, it's Remarketing. Remarketing is a relatively new way of showing targeted ads to individuals that have previously visited your website - as they browse elsewhere on the internet. It has been primarily used by big retailers over the last couple of years with great success and now, could be a game changer for the multifamily industry. Remarketing & Apartment Marketing One of the most significant deficiencies in the apartment marketing world has been brand awareness and website conversion. Let's say Jane Renter is browsing your website. She likes your building but isn't ready to pull the trigger. She leaves and keeps browsing the internet. You've now lost her as a lead. You've spent considerable dollars and time to get Jane Renter to your site, only to see her leave without contacting you. However, with Remarketing, Jane Renter will now start seeing eye-catching ads for your building on other sites she visits. This will increase your brand awareness as well as the overall conversion of your leads. Benefits There are a variety of different benefits to utilizing a remarketing campaign as part of your communities overall marketing plan. Inexpensive - Instead of paying for ads to a broad audience, you can......
Continue reading
1583 Hits
0 Comments

A Door-to-Door Guide for Apartment Operators

The importance of understanding what multi-family residents are looking for in a rental facility is critical for property managers and operators to keep up with the competitive rental market. In today’s technological society, updating multi-family facilities to feature the most updated building technology and amenities is expected among many renters. Until recently, updating buildings to include electronic locks was more a question of if, not when, for property managers and operators. Elevated installation and implementation costs were enough for even the most experienced multi-family operator to turn away. The question has now become where the best place to start implementing these locks is. The answer – the renter’s front door. Today, the cost of installing electronic locks in a multi-family community has decreased significantly and become more mainstream. What’s more, this technological upgrade is an amenity that residents have come to look for when searching for an apartment as it is the first thing a prospective renter sees upon touring a facility. While installing a smart interconnected lock was once more difficult, the trouble has since been mitigated and these locks now provide an added sense of security for both property managers and renters. Electronic locks log who comes and goes and gives property managers the ability to manage who has access to the facility and when. To entice more potential renters, property managers and operators should consider the switch to electronic locks. For example, in a recent survey of 1,000 Americans by Wakefield Research, 61 percent of millennial renters said they we......
Continue reading
1829 Hits
0 Comments

Critical Mistakes Some Property Managers Have Made

Not Screening Potential Residents The stories I have heard from managers that have chosen to not screen their potential new residents are dumbfounding to me, if you don’t know the history of an individual(s) you can put yourself in jeopardy by having them move into your community. To be safe you should at least run a background check and always be sure to check references (work and last residences). Hiring Unskilled Maintenance Members I understand the desire to save money but hiring unskilled workers will eventually cost you more than doing it right the first time. The work that a novice does will more than likely need to be replaced in a shorter time frame if not completely just redone properly. Have it done right the first time. Hiring New Contractors on a Regular Basis When big projects arise on property and you reach out to get 3 bids every time in an effort to save money you are setting yourself up for bigger problems. While you are getting multiple bids, which will take days your issue on your property is sitting with nothing being done with it and residents/tenants are put out so the longer it takes the more likely you will also have resident/tenant complaints. The paper work you are created by going out for these bids every time will also take a lot of additional time. We always recommend building a team around you, find a great plumber, contractor, roofer and have them be your go to people. L......
Continue reading
1771 Hits
0 Comments

The Importance of a Move-In and Move-Out Checklist

shutterstock_232553836A landlord/property manager is required to document any expenses that are taken out of a tenant’s security deposit; therefore, good documentation is vital. A move-in/move-out inspection with a checklist, pictures and/or a video is essential. These Checklists can be Beneficial to the Property Owner and Tenant The Move-In/Move-Out Checklist is a convenient, all-inclusive and reliable way to document the property’s condition. Tenants can benefit from a Move-In Checklist because any existing conditions will be predated to his/her occupancy. This checklist helps the landlord/property manager by reducing liability risks due to disagreements related to security deposit reimbursement; thus, protecting the value of the property. Documenting Improvements/Repairs Made to the Rental Property New carpeting, countertops and paint all need to be documented prior to new tenancy. Take pictures/video of the unit before the tenant moves in. Remember to take before and after pictures, and/or video of repairs made to the rental unit itself or its contents (refrigerator, stove, etc.) throughout each tenancy. The Process Prior to the beginning of the rental term, walk the tenant through the property. What to look for and document on a walk-through: Each room of the property needs to be addressed and documented separately. This is where a well-planned Move-In/Move-Out Checklist allows for a quick, yet accurate, documentation process. Entire Rental Property Missing ceramic floor/countertop or splashguard tiles Loose ceiling and wall fixtures Scratches on floors Missing glass or ripped screens Furnace/Heaters Air conditioners Tears or burn marks in the carpet Rubbed off/Faded paint Outlet receptacles and covers Kitchen Scratches or ......
Continue reading
2396 Hits
0 Comments

Helping the Homeless: Don't Limit Your Good Deeds to the Holidays

It's Thanksgiving week and hopefully that means you'll be spending lots of time with family and loved ones in the days ahead. Of course, this week is also the “unofficial” start of the holiday season. During this time, when the weather turns cold and people focus on helping those less fortunate, the plight of the nation's homeless is perhaps more prominent than it is during the rest of the year. I hope that we in the multifamily industry are doing everything we can to extend a helping hand to those experiencing homelessness during these next six weeks. Volunteer at or donate needed supplies to local homeless shelters. Spend a day working at a nearby soup kitchen. Make a financial contribution to the countless organizations that are working every day to provide housing and job training. But when the holidays are over, I urge you to please not forget about the many individuals and families in our country experiencing homelessness. They're still there, and they're still suffering. All those activities suggested above, please find a way to do those throughout the year as well. Just a few of the many homeless-focused organizations deserving of your time and support include the National Coalition for the Homeless, the National Coalition for Homeless Veterans, the Salvation Army, Habitat for Humanity and Homes for Our Troops. It won't take much research to find a suitable organization in your community. Better yet: make a commitment to hiring individuals experiencing homelessness and even providing them with an apartment hom......
Continue reading
1288 Hits
0 Comments

What goes into Employee Background Checks: The OFAC Patriot Act Search

Snap66  Following the September 11, 2001 terrorist attacks, Congress passed the lengthily named “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act,” commonly known as the “Patriot Act.”  This piece of legislation was aimed at arming law enforcement with tools to both detect and prevent acts of terrorism.  While the Patriot act has had both supporters and nay-sayers, it has become of great value to employers.  One of the services included in theRRD’s employment screening packages is the OFAC Patriot Act Search.  This tool screens for individuals and groups associated with terrorism.  By screening your employees with this service, you’re helping to prevent potential terrorists from receiving an income for their terrorist activities.  You’re also helping to ensure the safety of your own employees. History Of OFAC During the administration of President Jimmy Carter in 1977, Congress enacted the International Emergency Economic Powers Act (IEEPA). This law authorizes the president to regulate commerce after declaring a national emergency in response to any unusual or extraordinary threat to the United States from a foreign source. The provisions of IEEPA are administered by the Office of Foreign Assets Control (OFAC) under the Department of the Treasury, which publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.  Collectively, such individuals and companies are called Specially Designated Nationals (SDN......
Continue reading
1319 Hits
0 Comments

Massive Change to Facebook Marketplace: Rentals Are Now Here

Facebook  Facebook Marketplace Rentals vs. Craigslist! ...and your ILS. Oh, and maybe even Google too.  Facebook Marketplace Rentals just happened. And it's about to get real for Craigslist first, but also Internet Listing Services (ILS). Heck, Facebook could even bite into Google's piece of the pie if users really go for it.   First, let's back up a bit. If you're an owner/property manages of a small to mid sized portfolio, then you needed to get the best return on their small marketing budget. So Craigslist, being free (and pretty clunky), was an obvious initial go-to option for many.  But Craigslist can take a lot of time, and depending on your target demographic, maybe didn’t even return that many quality leads. Then you got entangled with a pricey ILS contract. Hopefully that's doing something useful for you. And now you've heard about advertising on Google and on Facebook. But which would work better for you?  It used to be a no brainer for us.We'd pick Google for your budget first every time. That's because the difference between the two is that Facebook is "interest" based and Google is "intent" based.  Interest vs. Intent and Why it Matters If you're looking for a Mexican restaurant or a new dentist - you went to Google or Google Maps.  That's intent. (It's also making me hungry for tacos and slightly nervous to make that appointment I need) Facebook was just for expressing which movies, books, sports, etc. you loved. That’s interest. Most people who ......
Continue reading
2196 Hits
2 Comments