Student Housing

  Meet Generation Z: the first generation of tech-savvy individuals that grew up with technology and instant convenience in arm’s reach. This group started entering adulthood in 2014, and with this transition came businesses trying to figure out how to best tap into this brand new market. Unlike previous generations like Baby Boomers and Millennials, attracting the business and loyalty of Gen Z presents unprecedented challenges that are only just now being understood and adequately attended to. The Gen Z tribe will likely become part of your residential community, either now or in the very near future. If you want to appeal to this up-and-coming age group, you’ll need to do more than offer them a place to lay their heads. This tech-savvy group is all about convenience and modern amenities, and here’s how you can meet their expectations: Mobile is King! Unsurprisingly, Gen Z is the calm, cool, and connected generation of our time. They grew up around many of the modern conveniences we have today, including the increasingly mobile lifestyle. One study found that 95% of Gen Z members have a smartphone, with a whopping 25% of those admitting they got their first cell phone before age 10. In other words, constant connectivity and mobility are their norm.  For them, it’s not just a new-and-improved solution for modern problems, but rather the way of life as they know it. The majority of Gen Z-ers are on their phones for five hours or more every day. That’s significantly higher compared to the av......

Greetings Gentle Readers! Typically when a property owner or manager needs a laundry proposal for their multifamily asset they contact a laundry company and ask for a “proposal” without giving the operator specific, if any,  guidelines in which they are interested.   And, usually when asked by the laundry vendor what the property wants to see in a proposal, the response is all too often a vague and less than strategic response: “Just give me your best deal”.    That response, unfortunately, is a nonstarter for a laundry vendor and leaves way too many options for the laundry vendor who sadly doesn’t have any idea what the property’s “best deal” looks like.   Too often neither does the property and it can result in multiple proposals, revisions, lost time and energy and missed opportunities for both counter parties. Let me give you an analogy that might help make the point.   1.      If I were to go looking for a roofing contractor, I would know at least 3 things, conceivably more, that are critical to my decision process.  In no particular order those might be: reputation, timeline for job and price.  I might also know that I prefer composite to tile and that I want 8 nails not just 6...all those are preferences that begin to outline my request. And it provides the contractors bidding the job a solid understanding of what I want.   2.      What I’m saying is the property owner/manager who knows at least three things, hopefully more, is in a better position......

Greetings Gentle Readers! Today's topic is one that is of some concern to multifamily apartment owners currently in a laundry lease or thinking about signing a laundry lease. "Commissions" is a colloquial term used by laundry vendors and property owners alike but in reality "commissions" are legally "RENT" for the space the machines occupy. Typically the property will receive a percentage of the gross revenue (collections) that the machines generate from usage by the residents on the property and in some cases off property usage. How that percentage is computed can be confusing.  There are 3 very broad categories of RENT payments that are computed and made typically monthly. First let's look at what some variables the laundry vendor will input to calculate any type of RENT payment. Capital investment (buying the machines and providing technology payment systems if suitable)  Operating expenses (installing, servicing, collection, processing, insurance, vent cleaning, etc., etc) Term of the lease (Typically, 5, 7 or 10 years) Contingency Risk (Occupancy, market risks, competition from in unit hook up) Revenue (collections) from historical performance over the past 12 - 18 months Condition of the property (new construction or existing) Class of Property (A, B, C, D) In unit connections Vend prices Competing laundromats in the area # of Machines Vandalism risks Type of Machines (front load or top load) Quality of Machines (Factory New or from Inventory)   Once those variables are collected and input the commission or RENT payments can be determined by the laundry vendor's software program. ​And, as I......

Greetings Gentle Readers!  Important Disclosure: I am not a real estate attorney and I only offer my anecdotal and work experience in the informational blogs I write.  Should any legal question arise from your readings please consult with your in house counsel or locate an attorney for a legal opinion.  I'm happy to give my opinion/response which is business based and not grounded in real estate law.  Here's a quick "laundry list" of lease paragraphs...this is not all inclusive as each lease may be modified and negotiated by both counter parties....but it should suffice to kick start a discussion.... Firstly, Keep in mind that the laundry vendors have written the leases they prefer to use and generally it's written to their benefit but if you read the leases carefully you'll find there are areas that are negotiable and non negotiable.   Not all laundry vendors use the same format, language and clauses so don't assume one lease is like another.   Preamble -  identifies Lessor (property) and Lessee (laundry vendor) - includes date of execution & lessor description and address,     A typical lease will include number of apt. units and identifies number of units with connections (if applicable)  - keep in mind that if you have in-unit connections for washes and dryers you present competition for the laundry room resulting in possibly reduced usage and reduced revenue.  Laundry vendors will want to know how many in unit connections are in play at lease execution.  That is a known risk.   Furthermore there will be......

Greetings Gentle Readers,  Disclosure:  I am not an attorney and any advice given here is purely from an anecdotal and  personal experience basis and should not be construed as legal advice.  Before taking any action against a laundry company, including recommendations included herein, please consult with your counsel.    Today's post deals with a recurring problem with which many property managers and owners suffer...the sudden realization that your property has a lease with an "Automatic Renewal" clause that may have been overlooked or forgotten.   If you are in the late hours of a laundry lease and the non renewal notice period has expired there is not much one can do.  However, this suggested practice is, IMHO, good advice for any property manager at any given time...find and review your laundry lease. 1st Step:  Review your lease and focus on finding out if it contains an "automatic renewal" clause - if it does then ensure you understand the "non-renewal" notification requirements.  For example, one lease may stipulate the "non-renewal" notice can only be sent no sooner than 180 days prior to expiration and no later than 90 days prior to expiration...another lease may stipulate that the "non-renewal" notice can only be sent during the first month of the final year (which is not January BTW it's the first month of the anniversary of the expiration...i.e. June 18, 2021 expiration = July 2020 notice requirement). 2nd Step:  Once you determine the "non-renewal" notice send a registered, return receipt letter to the laundry company's......

  7 Essential Text Messaging Stats Every Property Manager Should Know SMS marketing is quickly becoming a necessary part of business for every vertical - including property management. In recent years, text messaging has proven itself to be a superior communication platform. Texting has become the preferred method of communication between friends and colleagues because it's quick, easy and multi-functional. Because of this, property managers are finding creative ways to use this technology as a reliable resident communications tool - it's the ideal way to let residents know that there's work being done in their community, that the water is going to be out for a few hours, or even letting them know about emergency scenarios if necessary.  If you haven’t yet, you should be looking into ways to utilize a text strategy within your resident communities. In today’s world, few approaches compare. Check out the seven mind-blowing statistics surrounding text messaging, and consider the many ways an intuitive text message platform can help strengthen your community: 95 to 98% of texts are read immediately: These texts are read within one minute of receipt, influencing the recipient (resident) almost immediately. This makes text messaging one of the fastest and most convertible forms of communication available. (Source: MobileMarketing.com) The average response time for a text message is just 90 seconds: Compare that to the average response time for an email, which is 90 minutes (Source: CTIA.org) 86% of consumers send and receive texts every week: Today’s modern consumers are mobile-centric, so it isn’t a surprise how often the......

Preventative maintenance goes a long way in keeping HVAC systems operating as they should be, but breakdowns can still occur. These complex systems are made of many components. Without being familiar with how HVAC units and their many parts work, diagnosing issues can be difficult. Especially when you’re managing large multifamily properties, it’s helpful to know about some of the most common causes of HVAC problems, as it can save you, your team, and your residents from a lot of frustration.   Swollen Capacitors  Air conditioners cannot run on their own when their capacitors stop working. The job of a capacitor is to start the motor and to help keep it running. It does this by sending jolts of the energy it stores to the fan. Without the jolts, the fan simply can’t get going. There are a few ways to tell if a capacitor has gone bad. A visual inspection is often the easiest, as a swollen capacitor is a problematic capacitor.   What causes capacitors to swell? Gas is created when the conductive electrolyte within the capacitor decomposes, which happens with time or damage. Capacitors have a lifespan that can vary but is definite. The HVAC systems that house them can outlive them, meaning there naturally comes a time when a capacitor must be replaced. Swelling is a sign that the time has come, as any swollen capacitor has reached its end. You can tell that a capacitor is swollen when its shape has become altered, usually resembling a can of soda ......

Investing in property is no small affair; investing in property and deciding to rent is even scarier. However, knowing exactly what you’re getting yourself into in advance can help save a lot of headaches. So, before making your final decision, take a look at what the potential benefits and downfalls of renting a property. The Pros When weighing out the pros and cons of renting your property, the advantages seem to be slightly outnumbered by the disadvantages. However, the pros are more powerful, and if you put in enough time and energy into research before investing, it can pay off. Property is always in high demand and often much more predictable than other markets. It makes it a long-term investment that you can benefit from for years to come. Perhaps the most motivating factor is a monthly rent. Such a stable income is hard to argue with, as occupied property means monthly rent checks that go straight into your account. Monthly rent can also help settle your monthly expenses if you’ve purchased a property with the help of a bank loan. Another big plus is property value growth over time. Your property value increases, and you can bring in so much more income over the years without you investing more. However, this is where proper research is vital. If you invest in an upcoming area, your property can experience a significant rise in price. There are also many tax benefits you can claim and take advantage of to deduct your costs annually when owni......

I have found that many are not aware of the 7 year rule when running a background check so I wanted to be sure you are all fully informed. The 7-year rule states that all civil suits/ judgments, non-conviction arrest records, and paid tax liens can’t be reported in a background investigation after 7 years. This rule applies to every state in the U.S., some instances, states chose to take it even further with their regulations, such as in California, New York, and Kentucky, where non-convictions can’t be reported at all, except for pending charges. Most criminal convictions are not governed by the 7-year rule. (see this chart for some of the exceptions) Since the 7-year rule is a federal guideline it applies to all states for non-criminal convictions and to many states for criminal convictions, you may find that your background check provider will only provide information according to those parameters. People earning over $75,000 annually may see arrest information longer than seven years in the past included on their background reports due to a Salary Exception, but this also depends on the state. Before requesting the report from the agencies, employers are required to provide the applicant with a clear disclaimer of disclosure and obtain the applicant’s written consent of the query. The employer is also required to inform the applicant about the types of information that will be requested in the report. If the employer decides to take adverse action as a result of the report, they are requi......

The discourse about racism has penetrated almost every industry, and the apartment industry is no exception. Starbucks, H&M, and Roseanne Barr are among the more visible brands/personalities embroiled in these controversies in recent months. You don’t want your company or property to face the same challenges and their consequences. Today, residents will vent their concerns online, accusing the onsite staff or management company of engaging in discriminatory behavior. A typical complaint may include feeling belittled or demeaned by a team member because of race.Following are the common racial allegations and how to deal with them. Racial profiling Residents criticize one or more staff members of racially profiling them. Often a resident of color shares feeling marginalized due to the tone, attitude, and/or body language of a staff member. There may be a more explicit charge of name calling or using racial slurs. Sometimes, residents express delays in service requests as a factor of their race. Discriminatory enforcement of community policy Residents of color, sometimes, allege that onsite staff arbitrarily enforce community policies based on race. They express that staff imposes restrictions on them and not on “white” residents. For example, smoking on premises is disregarded for certain residents while residents of color receive a violation letter. In reviews, residents have accused a manager of simply showing more courtesy and friendliness to certain people and not others – who happen to be people of color. Neighbors are racist Another type of racist allegation is when residents accuse their fellow neighbors of being ra......