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

Multifamily Blogs

This is some blog description about this site

The Best Endorsement Your Community Can Receive.

EndorsementThe influence of reviews, published and personal has quickly become a determining factor in many purchasing decisions.  Leasing apartments is no exception.  Prospective residents will research rating and review pages searching for an endorsement for the apartment community they are considering. We have an opportunity to impress our prospects with first hand reviews.  The leasing team can create a great impression by giving a personal endorsement of their community; either as their work place, or as their home. Personal Endorsement How can the leasing team demonstrate their enthusiasm for their property? “We have such a great, convenient location!  I love living here! “Our maintenance team is the best!  Work orders are completed same day, and 24 hour availability for emergencies.” “The school system is highly rated.  They’re recognized nationwide for their results.” The best leasing experiences are achieved when there is a connection between the prospect and the leasing team.  A relationship is created.  Started during the leasing tour, this connection carries through into the relationship when the prospect moves in. The phone greeting and closing make a lasting impression on our prospects.  An enthusiastic personalized greeting can make the difference whether or not the prospect will have enough interest to schedule a tour and honor the appointment.  Without enthusiasm would the prospect even believe we have any interest in them, or will the be forgotten as soon as the next phone call is answered? “I’m so glad you called today.  When you can you come and visit our community?  I’d love to give you a tour of our ......
Continue reading
635 Hits
0 Comments

New Report Shows Monthly Apt Jobs Listings by Position and Market Area

The competition is fierce for hiring property management positions nationwide.
Ever want to know how many apt companies are posting for the same position you are in your market? 

NAA this month is introducing a unique, new research graphic about apartment industry job listings.

The infographic shows how many jobs were listed in January 2018 for certain positions (property manager, leasing, maintenance, etc) in a given market.

It also shows how long it is taking to fill certain jobs and average salaries.

Here is January's report:

 

https://www.naahq.org/news-publications/january-apartment-jobs-snapshot

Come back during the first week of each month to see the latest data.

 

Continue reading
475 Hits
0 Comments

What You Need To Know About The Rent Control Measure.

The Affordable Housing Act which was presented by Assemblymembers Richard Bloom and David Chiu as AB 1506, died in the Assembly’s housing committee earlier in the month. Now a new proposed ballot measure plans to repeal the 1995 Costa-Hawkins Rental Housing Act. Costa-Hawkins Act, the state law which more directly effects 5 of the 15 California cities with rent control, applies to large housing developments built prior to 1995 and does not include single-family homes, condos, and duplexes. Currently, in these markets, the landlord has the right to raise rents upon a tenant moving out and second, prevents the capping of rent on units constructed after February 1995. In Los Angeles City, rent control is applied to units constructed prior to October 1979, under the Rent Stabilization Ordinance, and yearly increases are capped at 3 to 8 percent (as set by the Rent Control Board) for the controlled units.   As a self-described union for renters, the Alliance of Californians for Community Empowerment (ACCE), filed the paperwork along with Michael Weinstein, President of AIDS Healthcare Foundation. Citing that California is facing a growing demand for affordable housing, a rise in homelessness and the historic housing crisis is pushing out low- and middle-income renters out, at times even in cities with some rent control. Supporters like the ACCE, say they have been gathering signatures easily, as people are expressing enthusiasm for the proposed November ballot. They have already collected 100,000 signatures, of the total 365,880 signatures needed by June to qualify for the ballot.   Critics like the California A......
Continue reading
530 Hits
0 Comments

How to Combat a Drop in Occupancy

How to Combat a Drop in Occupancy
A declining occupancy rate: it's hard to think of something that's more likely to keep an apartment operator up at night. When a community's occupancy dips below targeted levels, revenue goals are jeopardized, budgets are quickly derailed, and investors' expectations are compromised. For third-party managers, relationships with owner-clients can be put at risk. The possible answers to an occupancy problem are many. Below are some of the potential culprits and suggestions for how to address them. Marketing and advertising campaigns. Is your community getting the right ROI from its marketing dollars? Does it focus its advertising spend on the channels that deliver the most qualified leads? Does it have an energetic presence on the right social media outlet? Is it targeting the right demographic? It's imperative that an operator has a system in place for continually evaluating the performance of its advertising and marketing sources in delivering a sufficient number of qualified prospects. If a community's strategy and tactics in this area are off, occupancy will suffer. As for onsite marketing, communities should be diligent about signage: sometimes a strategically placed banner or sign directing passersby where to enter the community or park is all it takes to gain an edge over your competitors. And make sure that your community is kept clean - for the sake of both prospects and your current residents. Are the grounds well maintained? Is there pet waste everywhere? Are your vacant units or models clean, fresh smelling and well lit? All of these factors can......
Continue reading
1476 Hits
3 Comments

HUD: U.S. Homeless Population Rises in 2017

For the first time in seven years, the U.S. homeless population increased in 2017.  Granted, the rise did not represent a huge statistical jump, but any increase is too large and serves as a poignant reminder of the immense challenge our country faces in ending homelessness. Our local, state and federal governments are making good-faith efforts to address this issue, but it's obvious they need a helping hand.  The increase is detailed in the U.S. Department of Housing and Urban Development's (HUD) recent 2017 Annual Homeless Assessment Report (AHAR) to Congress. Each year, on a single night in January, jurisdictions across the country count the number of their residents who are experiencing homelessness. Those counted include those in shelters and those who are unsheltered. The resulting point-in-time (PIT) counts for each jurisdiction are compiled by HUD into AHAR to present a comprehensive look at the size and scope of the nation's homeless population. On a single night in January 2017, 553,742 people were experiencing homelessness, according to AHAR. The figure represents a less than 1 percent increase from January 2016. HUD attributes the increase to "a 9 percent increase in the number of people experiencing homelessness in unsheltered locations, which was partially offset by a 3 percent decline in the number of people experiencing homelessness in sheltered locations."Sixty-five percent of those experiencing homelessness in January 2017 were in emergency shelters or transitional housing while the other 35 percent were unsheltered, according to AHAR.Here are some of the other key findings from......
Continue reading
721 Hits
0 Comments

Think You Are Managing Your Reputation? Think Again.

                  As an industry, multifamily has done a remarkable job in embracing and managing their reputation related to online resident reviews. In fact, according to the soon-to-be-released 2018 Multifamily CSR Benchmark Study, nearly 87% of property management companies have a policy on responding to online resident reviews. For the past several years, industry conferences have had panels and workshops teaching strategies and best practices on how to respond to these reviews professionally and in a way that enhances the company's reputation and attracts prospective renters.  In the background, however, a critical component of your reputation has slowly been exposed. The curtain has been pulled back, and all of your inner workings have been revealed.  Your residents aren't the only ones who have been talking about you. Your employees have been talking, too. Not only do they have a lot to say, but there is a large audience who is enjoying the show and making decisions about whether they want to audition or exit, stage left.  Allow Me Introduce You to the World of Company Reviews. As with any industry, the online job search websites have evolved and expanded in their capabilities and focus. Our industry has used these websites to post jobs and find new employees. We have counted on our managers and HR team to write interesting and attractive job descriptions to appeal to the right skill sets and value systems that would fit into our culture. Alas, those days are gone.......
Continue reading
1092 Hits
0 Comments

Amenities That Keep on Giving

In the battle to attract new residents and keep current ones in the fold, your apartment community's amenities undoubtedly play a vital role.  Today's renters – especially millennials and members of Generation Z – want more than a roof over their heads and a fair monthly rate. They want the kinds of amenities that have a long-lasting impact on their lives, the amenities that improve their physical well-being, allow them to connect with others and even help develop strong financial foundations. Strong Financial FoundationA strong financial foundation starts with credit history. A healthy credit history is valuable when buying a house, leasing an apartment home, purchasing a car and even setting up utilities. The more positive your credit history, the better financial terms you’ll receive.  Millennials, who make up the vast majority of today’s renters, are beginning to form families, which means they’re purchasing cars, homes and other large consumer goods in greater numbers. According to a recent Wall Street Journal article, home ownership has reached its highest levels since 2014 at 63.9 percent due in large part to millennial purchases. Millennials now know they need strong credit histories to eventually buy a home. Yet, most of them aren’t receiving any credit history benefits for making their largest monthly payment – rent – on time. Those who are receiving credit history for rental payments because they live at an innovative apartment community are reaping long-lasting benefits. An Experian RentBureau study of the effect of positive rent reporting on nearly 20,000 subsidized housing residen......
Continue reading
743 Hits
0 Comments

The Effects Of The Blockchain On Real Estate

  Blockchain is an emerging technology which will transform the way we buy, sell and lease real estate. “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order.  It allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what’s known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record which cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.” (1) Real estate will not be passed over when it comes to the blockchain disruption either. There will be a need for education in order to transition from the current standard analog norms into the digital space for high value assets such as real estate. Blockchain technology introduces smart contracts on its platform. This allows assets like real estate to be tokenized, and be traded in the same vain as cryptocurrencies, like bitcoin and others. You will be able track all information on real estate,......
Continue reading
1168 Hits
0 Comments

Technology Expectations of Gen Z

The first generation to grow up with continual online access, Generation Z – also known as the iGeneration, Post-Millennials and the Homeland Generation – is getting ready to enter the rental world. Gen Z’ers consume technology at a higher rate than any other demographic – checking their smartphones every three minutes! With smart home technologies having played such a big role in their lives, they have some pretty high expectations about what life outside of mom and dad’s house should be. Gen Z’ers want a personal, meaningful and unique living experience, which can create a challenge for some student housing operators. But it’s a challenge that should be accepted with open arms. Here are some key items to consider when building out a technology plan to meet the demands of this new generation of renters: Personal connective devices like Google Assistant: These items were top sellers this holiday season. These devices are personal and connected to each individual user via apps and accounts, many owner/operators are considering these as move-in gifts for new residents. Being mindful of the user experience of each before making a final purchase. Smart locks: Have become a no-brainer in terms of establishing a smart home/smart community. They offer greater flexibility for both the resident and the operator to control who can enter an apartment home. Your staff will not have to deal with the key management time-suck at semester turn; therefore, they can quickly and easily create a new access and revoke access as students move in and out. Consider Makerspaces: Do you know what a makerspace is? With the rise......
Continue reading
1808 Hits
0 Comments

4 Big Ways Millennials Are Shaking Up the Housing Market

The trillion-dollar real estate market in the United States is quickly evolving. A big part of the shift away from home ownership and towards renting can be attributed to characteristic differences in the Millennial generation, who tend to not only have different attitudes and preferences towards housing and home ownership, but who are also growing up and “adulting” in an economy and environment that looks very different from the one their parents grew up in. This has given rise to co-living as an alternative. An increasing number of younger renters are willing to live in smaller spaces and pay a higher price per square feet, in exchange for access to more value-added services, from housekeeping and concierge services to swanky amenities. This article looks at four Millennial-driven trends and how they are transforming the housing market: a growing gig lifestyle, a growing desire for location independence, shifting social norms, and undesirable housing inventory. #1 - They're facing rising costs of living and are turning to a gig lifestyle to cope Today, the 9 to 5 schedule is practically extinct, with technology and the internet allowing people to work across around the clock across geographical locations in a seamless, connected way, blurring the lines that clearly separated working hours and non-working hours. Technology has also changed where people work – instead of being stuck at a cubicle, working out of coffee shops, in hotel lounges, or on a park bench is no longer a novelty but the norm. Due to rising costs of li......
Continue reading
1589 Hits
0 Comments