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

Multifamily Blogs

This is some blog description about this site

Just Being "Pet Friendly" Is Not Being Niche

puppyI met my brother for lunch today, along with his academic advisor (he just got his PhD), who couldn't stop talking about this little bed and breakfast that he had recommended to her. Actually, it wasn't a "B&B", it was a "BB&B" - a Bed, Breakfast, and Biscuits, with the biscuits for the dogs. The bed and breakfast was entirely targeted to dog owners, with every aspect with puppies in mind. They talked about homemade, Texas-shaped dog biscuits, couch covers to allow pets on the furniture, and even something as small as the design of the walkway, which allowed for good drainage when rinsing mud off their dogs! I had heard of "pet friendly", but this was amazing - and I'm not even a dog owner!  What was most impressive was how both my brother and his advisor didn't just say how nice it was, they RAVED about their respective stays. She was practically shaking with excitement when she pulled out her phone to show me pictures of her dog at the creek. Was she insane? Maybe a little :) but how many pet owners have you heard talking incessantly about how their little bundle of joy did the funniest thing the other day, or how cute they are when they do (fill in the blank). Now is this BB&B going to appeal to everyone? Of course not! Are non-pet lovers likely to stay there? I would highly doubt it. But the moral of the story is that not everybody has to......
Continue reading
3469 Hits

Helping Residents That Lose Their Jobs

More and more I've reading about companies who are implementing programs that make it easier for residents to get out of their lease if they lose their job (see links below). They are doing so in hopes of attracting new residents and keep existing ones. Companies I've worked for in recent years have implemented practices of releasing resident's from their leases without penalty if their home becomes uninhabitable due to no fault of their own or that of their occupants/guests and for heath related reasons specifically for a terminal illness or the need for hospice, rehabilitation or nursing care. We are now considering doing something similar for residents that lose their job. As it stands now residents that lose their job cannot afford pay early lease termination fees anyway. On February 11, 2009, I published an article "Recession Proof Your Rent Payments" http://www.multifamilymanagementconsultants.com/journal/2009/2/11/recession-proof-your-rent-payments.html that garnered a lot of attention. In light of this article, I'd like to emphasize that there is a way companies can let residents who lose their job out of their lease and minimize their loss of income. In the article I wrote: "...renter's insurance providers offer an option for Involuntary Unemployment Insurance. This optional coverage offers protection when the insured is affected by unemployment due to a lay-off or termination by an employer. One such known provider offers a policy that features monthly benefits paying up to $500 per month for two months directly to the landlord. Resident's can purchase as many policies as needed to cover their monthly......
Continue reading
3313 Hits
1 Comment

Outrageous Apartment Rent and Ancillary Income Sources

Rick Ellis posted this list on a newsgroup I am a part of, and he let me repost it here. Some are obviously a bit more realistic than others, but it should get the creative juices flowing, regardless!-------------------------------------------------------------------------We have been brainstorming some of the more outrageous rent and ancillaryincome sources for our apartment communities. Here are some of our ideasand yes, they are a bit out of the box. Admittedly, some are evenridiculous! May I hear your sane and insane ideas for getting anyadditional revenue for your apartment communities? Go ahead...the sky isthe limit!Check some of these revenue generating ideas and share some of yours:* Bidding for the "best" and closest parking spaces ­ one year commitmentand then the bidding process is offered again* Commercial naming rights for your apartment community - "The AT&T MarketSquare Apartment Center"* Automated after hour lost key retrieval Stations- paid by credit card* Elevator advertising by video screen or poster* Billboards on apartment buildings or rooftops* Bed and Breakfast facility incorporated into the apartment community* Extended stay executive suites (specifically designed for businesstravelers) incorporated in a section of the community* Roof top rights sold to local electricity providers for solar panels* Lease out secure wine cellar spaces for Residents' vintage winecollections* Lease for an additional fee "Smoking Apartments" with special high techventilation equipment that will not interfere or concern other residents.* Renting out your clubroom facilities on weekends to religiousorganizations (This may not be a good idea but if done properly, it is nota fair housing......
Continue reading
7014 Hits