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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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Why Property Managers Should Collect Rent via Text Message

Collecting rent and collecting it on time, especially during the pandemic, has been a challenge. Property managers are seeking the best ways to collect rent and also communicate with tenants, and one solution at their – and their tenants’ – fingertips is paying and communicating by text message.   Writing and mailing a check or going through a lengthy online login process to submit monthly rent payments can be avoided by using the solution more industries are adopting every day. Instead of playing phone tag or listening to lengthy voice messages, a simple communication by text will put dialogue in motion. Everyone texts. It’s the universally accepted favorite form of communication with an average open rate of 99% (RedEye).   Let’s take a look at the benefits from both the property manager and the tenant perspective. Getting rent paid on time is a small piece of the puzzle among the other benefits a texting solution adds to the property manager-tenant relationship. Some of the benefits to property managers include:   Saying goodbye to late payments: Serial late rent offenders can be swiftly reminded of their upcoming rent being due with a simple automated text message. The date can be pre-determined and the text formatted and automatically sent every month. Imagine the headaches avoided by a tenant’s response text resulting in rent paid.   Swift payment: With a simple “Your rent is due, would you like to pay now?” text message, tenants who have set up the secure pay by text function are able to rep......
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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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How to Combat Workforce Housing Shortage in Major Metros

How to Combat Workforce Housing Shortage in Major Metros
Workforce housing is not to be confused with affordable housing. The best definition for workforce housing is “housing that is affordable to households earning 60 to 120 percent of the area median income.” However, that median may vary by state. Unfortunately, major metros still struggle with filling the gaps with workforce housing programs. Recently, housing prices have outpaced income in many major metros around the U.S., causing a housing shortage for those trying to find affordable housing close to their work. The housing crisis has been discussed extensively by politicians and economists alike. From connecting investors with developers to partnerships between building owners and tenants, creative programs can help combat the workforce housing shortage in major metros. Let's look at some of the solutions that experts feel can help keep the workforce housing shortage under control. 1. Leverage technology that helps developers build faster for less New construction technologies and structural frames may be the answer to building better and faster. Innovative materials may also prove to be more affordable without sacrificing durability and quality. 2. Remove administrative and regulatory barriers that make it challenging to build more homes and apartments cost-effectively A good place to start would be automating the local, state, and federal systems that analyze the planning and zoning codes and reducing processing time. If the processing of legal analysis could be shortened from months to weeks or days, less time and money would be wasted waiting on whether housing can be built on a particular property. 3. Pro......
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Squid Game: Lessons Property Managers Can Learn from the Games

Editor's note: SPOILERS ahead. Don't read if you haven't finished Squid Game, or if you think you might want to watch in the future. 

Squid Game is an absolute global phenomenon. The South Korean series is on track to become the most streamed Netflix showever. And, rightfully so. It is timely, a parable to modern life and crazy entertaining. I, personally, like to think of Squid Game as the new Tiger King, in that everyone is totally obsessed with it, it feels very much like a product of the times, and I feel like an absolute lunatic when I try to describe the plot to my parents.

Property managers can learn a lot from Squid Game. 

Even though it might seem like Squid Game is an overnight sensation, Hwang Dong-hyuk wrote the show in 2009 and was rejected by studios for 10 years

So, believe in yourself, work hard and never give up.

Obviously.

But you can also learn a lot from the six games the contestants are forced to play.

Again, spoiler alert! Major spoilers below!

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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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Putting our money where our mouth is – The 4 Star Challenge ⭐⭐⭐⭐

Putting our money where our mouth is – The 4 Star Challenge ⭐⭐⭐⭐

There are two critical keys to effective training: 1) Great content, and 2) High engagement. If either of these pieces are missing, then team members simply won’t embrace their training. Unfortunately, many people have been burned by boring training that causes pushback from the on-site teams, so we have decided to be BOLD! We are putting our money where our mouth is and guaranteeing that if your teams don’t rate our series at least 4 out of 5 stars over the course of one quarter, we will refund you every penny!

We bring in the top speakers in multifamily, not just from a content perspective, but who are also dynamic and motivating! And now, you don’t have to take our word for it. If we don’t meet your team’s expectations for quality training, then that first quarter is FREE!*  Take a look at the schedule and consider this: If your teams are guaranteed to LOVE this series, or it’s free, will it benefit your company to bring in the top trainers, speakers, and mentors in multifamily?

See the full Webinar Wednesdays Lineup HERE. Then, contact us to get more information on how the program works! 

We can't wait to see you!


Click here to see the terms and conditions of this program.

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How to Use Video in the Hiring Process to Build an Irreplaceable Team

Video interviewing is a recent component that’s been added across industries’ hiring processes to evaluate the candidates – professionally and personally. And, it’s saving hiring managers time! 56% of recruiters say lengthy hiring practices hold managers back from filling positions. But, let’s step back for a second and define “video interviewing” as it comes in many shapes and forms. For the interviewee, video interviewing is the process of virtually interviewing for an open job position. For the interviewer, it’s the process of virtually interviewing a candidate for a job opening or posting videos on ILS and social sites for a job opening. This can be done through live or pre-recorded two-way or one-way video conferencing. Compared with just 2 years ago, 87% more people are choosing to use video conferencing! Here’s how multifamily can enhance their hiring process to keep and retain an irreplaceable and successful team with video. What’s Lost in Traditional Communication Efforts The thing with video is you get to see the dialogue and digital experience in real-time, whereas with traditional communication efforts (i.e., email, texting, and phone calls) a few things can get lost in translation, such as: Facial expressions Personality Authenticity Tone Enthusiasm Benefits of Video Interviewing Video interviewing gives hiring managers an opportunity to build deeper connections with candidates more than a resume ever could. Resumes are important, but it’s also crucial to add a step in your hiring process where you get to know the other person beyond his/her resume. What do they do outside of work? What......
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From Browser to Resident: Attracting Multifamily Property Tenants on Social Media

It’s safe to say the tenants you’re targeting have scrolled through social media channels as they woke up this morning, then again at lunch time, traffic stops, drive-thru lines, and more. They’ll continue to shift their attention back to social platforms while taking a break from work, standing in line at the grocery store, watching the news, or brushing their teeth as they prepare for bedtime. For multifamily property managers, social media channels present a can’t-miss opportunity to attract and sway your ideal tenants — if you get the tone and content mix right.   Below you’ll find six ways to make prospects feel seen, educated, inspired or entertained by your social media presence. Mix and match them often to see engagement rise.   1. Humanize your property   You may have heard the adage that people prefer to do business with people, not faceless corporations. When marketing your property, putting a human face and personality on your brick and mortar is an instant rapport builder that helps you stand out from competing properties.   Balance sterile snapshots of empty kitchens or pristine landscapes with warm faces and personal stories, featuring residents, local staff, and more.   A few ideas: Featuring a pet of the month. Resident stories or testimonials, conveying their experiences in their own words. Staff spotlight including personal quirks that make them relatable to readers (e.g., hobbies, favorite spots in the neighborhood, favorite part of their job). Light-hearted content borrowed with permission from tenants (e.g., TikToks, videos or photos shot......
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Why Single-Family Markets Matter to Multifamily

Why Single-Family Markets Matter to Multifamily
The multifamily and single-family rental industries have their share of differences, from disparity in scale to NOI growth and market presence. But some considerable overlap exists between the two asset classes in terms of investment opportunities.  An increasing number of multifamily owners and operators are looking to expand in build-to-rent single-family housing because the single-family asset class is on track to outperform other real estate sectors over the next decade. Suburban Sun Belt markets, specifically, present the most overlap -- and competition -- between multifamily and single family. While operations and expenses vary between the two asset classes, drivers of demand and rent growth are very similar:  Similar rent growth driversData from Markerr found the key rent growth indicators for both asset classes are job, income and population growth. Considering multifamily and single family share the same rent drivers and demand indicators, leveraging alternative, granular data with real-time updates is immensely valuable to both asset classes as the investment space gets more competitive. Looking at unique, granular data can identify attractive opportunities at the market and submarket levels that may not be apparent to investors, owners and operators relying on traditional data.  Overlap in resident profiles Suburban Sun Belt markets have been outperforming all other markets in terms of revenue growth, and single-family rentals in these markets pose the biggest competition to multifamily communities, according to a single-family investment report from Markerr. A recent report on single-family markets note that exurban and suburban areas have massively outperformed all other geographic densities since......
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