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3 Tips to Make Your Property Improvements Pay for Themselves

  Multifamily housing is a competitive market, whether you manage new Class A's or performing Class B's and C's. This is as true now as it has ever been, especially when it comes to multifamily rental properties. Consider where market conditions are today — high demand, limited supply, relatively low interest rates, and a strong job market — along with how quickly new technologies are presenting different amenities and solutions to problems. And the biggest dilemma facing anyone who owns or manages multifamily properties is how to properly invest today in order to stay ahead of the competition now and into the future. Unless you have a crystal ball, this is no easy task.   One of my favorite professors once told me that understanding value is simple, as value is simply a function of the utility provided by a product or service divided by its cost. In recent years, market conditions have allowed market forces to drive up the price part of this equation. However, the strong economics that have been a tailwind to rate increases have also spurred new supply investments — both traditional and new asset classes like professionally managed single-family rentals — that are coming online over the next couple of years. Whether you serve rent-by-choice or rent-by-necessity residents, the right amenities are the tools that can differentiate an asset and attract and retain tenants, regardless of the economic cycle.   Most of the amenities that drove differentiation in the past cycle are now considered table stakes. ......
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Building A Social Media Brand In Multifamily

Today, seven-in-ten Americans use social media to connect with one another, engage with news content, share information and entertain themselves, that according to a study published this week from the Pew Research Center.   Admittedly, this doesn’t come as a shock to most - everyone is on social these days. And consequently, so is every brand looking to grab the attention of those 226 million+ eyeballs across the web...   But that doesn’t mean they’re doing it correctly.   Just like big name brands such as Starbucks, Budweiser and Lyft, building a relevant & engaging brand for your current - and prospective - residents on social has never been more important. After all, your property is a salient brand for them… It’s their home.   Here are just a few tips for building and honing your property’s branding on social:   Define your brand - and stick with it Ever seen a simplistic ad, with a white background and minimalist black-font script, and think to yourself, “Huh… Is it just me, or does that look like something from Apple?” That’s not a mistake - Apple, and most major brands, work hard to keep a consistent feel for their content. Another good example is the Instagram page of a newer brand, Crispin Cider. Note the consistent coloring across the entire page, tone of voice and messaging throughout.   Work with your marketing team to craft this - or if you’re a team of one, take time to think about what you want living at your buildi......
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Jon Yonce
Creating (and sticking to) a social media calendar and focusing on Facebook are the two tips to properties that are just getting i... Read More
Friday, 09 February 2018 12:12
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Heading to NMHC's 2017 Annual Meeting in a post-inaugural world

A week from today, I'll be boarding a jet with my good friends at Delta as I journey to San Diego for the 2017 annual meeting of the National Multifamily Housing Council (NMHC), along with the preceding Apartment Strategies Outlook Conference.   As I was checking the agenda against my calendar to figure out the best windows for a few conference calls, it hit me that this will be the first NMHC conference in some time with a new U.S. administration in place. A brand-spanking-new and really different administration. No matter what your political leanings, or how you feel about our incoming and outgoing Presidents, it's safe to say we can all acknowledge this will have an impact on our industry. We just don't yet know what that impact will be.   And all the more reason I'm anxious to attend this year's meetings. What will our industry leaders and data experts project?  Who will feel bullish and who will be more conservative? And speakers like former secretary of state Condoleeza Rice and former presidential candidate and Massachusetts governor Mitt Romney are sure to be queried for their opinions of the newly-inaugurated President and his cabinet choices (think HUD secretary, for example). I'm personally looking forward to Emmy-winning comedian Dana Carvey and award-winning political journalist Jeff Greenfield to add some levity and political scrutiny to the mix.   So, it promises to be a very interesting few days, to say the least. If you're also attending, I hope to see you......
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Developing a Lifestyle Brand through Instagram Apartment Marketing

Developing a brand identity through popular social media websites such as Instagram and Facebook is one of the most important marketing strategies property management firms can implement to attract and engage with their target audience and advertise their multifamily properties. Instagram, the mobile online photo-sharing, video-sharing, and social networking app, has recently surpassed Facebook as the top marketing platform for businesses. Instagrammers are also the social networkers most likely to follow brands, with over 50% of users following accounts for businesses and products. Additionally, millennials ages 15 to 35 are the age group most likely to rent from a multifamily property, and over 73% of them have Instagram accounts. That being said, it is becoming increasingly imperative for multifamily firms to have an active Instagram account to be able to expand their brand and connect with both current and potential residents. Instagram’s platform is so interactive, in fact, that engagement with brands on Instagram is 10 times higher than Facebook, 54 times higher than Pinterest, and 84 times higher than Twitter. Creating an aesthetically appealing, popular Instagram account that propels advertisement is a key secret to success in the multifamily property industry. Below are a few tips for building an Instagram that will increase brand awareness, improve resident relations, and successfully market your real estate development or property management firm. Simple, High-Resolution Photos are Key Instagram photos that are high-resolution, crisp, and not too intricate are the best for presenting a professional, aesthetically appealing account. While bright, vibrant colors are ey......
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Penny Lamb
Good article Genevieve, I agree, pictures tell your story. Scroll through a stranger’s Facebook or Instagram account and you quic... Read More
Tuesday, 27 September 2016 10:37
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Apartment Rental and Transportation

Apartment Rental Cycles Generations always differ from one another in a variety of ways – the culture in which they’re raised, their relationship with technology, their priorities, and their likes and dislikes. But there are also things they have in common. For example, in most generations, younger people tend to rent apartments and older people tend to buy houses. This fact has kept the rental market and the housing market buoyed for decades. The current generation making the decision between renting and buying is the millennial generation, generally considered to be those born between 1980 and 2000. The oldest of this generation, now in their mid-30s, should be moving toward traditional home-buying. But research indicates that’s not the case. Millennials are Defying the Trend Many millennials are choosing to continue renting. Why? Part of the reason, surprisingly, is the evolution of transportation. One of the main downsides to living in a major city is trying to find something to do with your car; frustration with lack of parking and/or exorbitant garage fees is what drives many city dwellers to seek out a driveway of their own. But now with so many options, including Uber, Lyft, and Sidecar, to mention just a few, millennials are living the dream – staying in the heart of the city, where all the action is, with transportation at the touch of a button. What this means for the Apartment Rental market What does this mean for the apartment rental market? If current trends continue, there should be plen......
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5 Tips to Design an Apartment Building for Millennials

5 Tips to Design an Apartment Building for Millennials
At this point in time, the large majority of millennials have left the nest, graduated college, landed a steady job, and many have even chosen a lifetime career path to follow. But it’s no secret that choosing the home of their dreams may come later in life. It’s about that time when millennials are searching for a long time home that will meet their housing desires and provide a number of features that some baby boomers would turn their nose up at; and possibly for good reason! Millennials have grown to appreciate a number of crazes that just didn’t exist before the 21st century. Here are a few things to keep in mind when researching how to design an apartment building for millennials: 1) Modern design A simple rule to follow when designing an apartment building that targets millennials is to keep the design modern and simple. This is often defined by straightforward modern art pieces, large windows allowing a significant amount of natural lighting into the home, clean-lined architecture with almost over exaggerated asymmetry and right angled corners, bold colors such as white, silver, gray, black and red. Open floor plans are also sought after with high rise ceilings, giving a free, accessible feeling at all times. 2) Innovative amenities Millennials may not have as much time to party as they once had, but the occasional (or weekend) gathering with friends is often desired. A modern pool and patio gathering area, a lobby restaurant and bar, a member with guest acces......
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Eliminate low self esteem and command the lease (Part 2)

Eliminate low self esteem and command the lease (Part 2)

In Part 1 we discussed how Important it is to have the proper mindset. If you missed it please read Part 1 by clicking this link PART 1 and move on to Part 2.

Part 2

The right mindset will help a lot. But it is not enough on its own. You need to be able to show your prospects why you are so confident that your apartment will be the best choice for them. If you are not able to do that, you will still be losing out on a LOT of leases. So, how can you show your prospects why you are the best choice?

First, make a list of every benefit that you can think of for them to sign your lease. Maybe you are located near popular attractions. Maybe you provide services and benefits that your competitors don't. You need to brainstorm with others and be creative. After you have your list, go through and edit it several times. Then put the most important reasons at the top of the list. Study them until you can recite them in your sleep.

Continue to work on part 1 and 2.

Be on the look out for “Eliminate low self esteem and command the lease (Part 3)”

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Engaging Today's Distracted Consumer

Engaging Today's Distracted Consumer
Given the rapid advances in recent technology, the modern apartment search relies heavily on digital mobility and connectivity. Today's consumer can search for their perfect apartment from their phones, tablets, or computers, just to name a few. The vast resources available today provide the ability to personalize their search through an integrated use of multiple mediums. The popularity of social media, ratings and reviews, mobile and video should influence business professionals to adapt to the new consumer.  p">Gone are the days when flyers and yard signs attracted the majority of renters. Why spend a weekend driving around neighborhoods of interest when they have apartment shopping at their fingertips? Did you know that 90% of consumers rely on internet listing services, while 48% use mobile applications? <p">One's evaluation of an apartment relies on the quality of published content. Today’s ephemeral consumer relies heavily on visuals to gather information. In fact, photographs serve as the main resource for 80% of consumers when apartment shopping. High-quality photographs are visually appealing and attract renters to further research an potential place to live, especially when showcasing featured amenities. What else entices these consumers? Location! It's a key player when it comes to narrowing down the search for an apartment. Location-based searches give consumers the ability to accommodate individual preferences, such as specific neighborhoods or school districts. In fact, 69% view location as a major factor in the decision-making process. In a world where the consumer’s search for an apartment crosses the path of multiple mediums and is constantly evo......
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Guest — Management Consultants of TN
LOVE IT!!!!
Tuesday, 17 November 2015 11:11
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The 7 Most Outrageous Student Housing Amenities

The 7 Most Outrageous Student Housing Amenities
As student housing expectations continue to rise, an increased number of unique and luxurious communities are being built; individual units are also being renovated. Along with this, property owners are including some crazy amenities. For example, some of the facilities below have placed great emphasis on standing out in their community.  University of Twente - Exterior Rockclimbing Wall This dorm is a 9-story building built with shipping containers; it has 87 apartments. Not only is this eco-friendly and cost saving, it also has the added excitement of a rock-climbing wall on the exterior! Why not take a break from your studies to catch a fresh breeze out on the wall. University of North Florida - Lazy RiverAt first glance, many might mistake this as a luxurious Florida vacation resort; but in fact, it is student housing at the University of North Florida. Residents of Osprey Fountains dorm enjoy a beautifully crafted lazy-river and spacious pool area.  The Castillan - Gaming & Arcade RoomPing-pong, foosball and billiards tables, plus multiple arcade games; what more could a student ask for? The Castillan takes leisure to the next level by offering an elaborate arcade and gaming room where residents can let their inner-child out to play. High Point University's Residence Halls - Prime Steakhouse Most students at the university are required to live on campus until senior year, but who would contest to the onsite 1924 Prime steakhouse! It provides 5 course meals and can be accommodated through meal plan points. Dress codes apply!......
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If it goes missing…6 Simple Steps to Avoid the “Maintenance Took It” Syndrome

If it goes missing…6 Simple Steps to Avoid the “Maintenance Took It” Syndrome
No one actually loses anything anymore.  Maintenance took it. So if you can’t find your gold ring that you KNOW you left right on the table, it can’t be your memory or that you misplaced it.  Or if you are a beer short in your refrigerator, it can’t be that your teenager sneaked it while you were out.  Or if you left change on your dresser and it’s gone, or if the blinds are moved, or any other of a list of other things, it has to be that Maintenance did it.  I even remember one resident who stopped up her commode late one night, and then fussed at me because Ben (SUPER Maintenance Supervisor) supposedly used her towels to clean up the after-hours overflow.  It was actually towels he brought to the scene of the crime, and she neglected to apologize for accusing Ben.  Our maintenance team is so vulnerable, so it’s important to hire well, train well, and then protect your maintenance team from accusation.  Some ways Maintenance Professionals can do that are: ·       Keep track of any keys to apartment homes that leave the office and when they are returned ·       Document how long you are in the apartment on a particular work request ·       Don’t go in any part of the home you don’t need to ·       Don’t move anything you don’t need to ·       Always put a “Maintenance Is here” door hanger on the door handle while you’re inside ·       Leave the resident  a clear description of what work was completed, a......
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Kelly Cox
Great article and so true. There are ways to get around as much of this happening! Like the door hanger idea and wish everyone w... Read More
Tuesday, 20 October 2015 11:28
Craig Meddin
There is some pretty cool software out there for a number of these concepts. Some easily track "the thing" everything (when/where ... Read More
Tuesday, 20 October 2015 11:44
Mary Gwyn
Great points, Craig! And we don't have time to waste, so tracking through software and apps is definitely the better way! Any yo... Read More
Tuesday, 20 October 2015 11:47
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