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

Multifamily Blogs

This is some blog description about this site

Ode To Thanksgiving Day Resident Function From An Assistant Manager

Thanksgiving Dinner Oh How I love You!*I love that I did not get to go shopping for the items I needed to make you perfect for our residents.*I love that I was given a foil aluminum pan to cook a 20 lb turkey. Oh how I would have loved a big roasting pan that was real, you know the one that I can reuse again. It just makes sense because jeepers I'm going to have to cook a Ham in a month then another one for Easter. *I love that when I ask for Turkey Basting Tools I get a meat thermometer. That is great but, um, what do I use to baste the Turkey With and Brush the olive oil herb seasoning on. I guess I can use my hand and a small spoon. But wait, what about carving the Turkey what do I use then?*I love that after I have the Turkey all nice n pretty to put in the oven I see that I have no golf cart to use so I can transport the Turkey to the model. *I love that as I get my keys to put the Turkey in my car the Turkey juice spills all over my nice dry clean skirt, top, and nine wests (you know the ones even at clearance at $35.00). *I love that the bottom of the aluminum pan splits open as I get the Turkey out of my car and juice spills everywhere on my nice newly clean upholstery. The best......
Continue reading
2319 Hits
4 Comments

Did You Know This About Most Carpet Cleaning Companies?

So I know this is not my normal positive leasing blog but I wanted to give a shout out to the Carpet Cleaning Industry and maybe educate some one else today. So here is my Did You Know blog.Recently my significant other ( boyfriend, not legal husband but we call each other husband and wife, children’s father, free thinker, best friend) has become a Carpet Tech for a local Turn Key Company that specializes in Carpet Cleaning- they do a wonderful job seriously even before my honey pie went to work for them. Now if you had ask me four years ago when he was let go from his awesome IT Job would I ever see him cleaning carpets I would have laugh at you because the idea was absurd. But desperate times call for different ways of thinking and well now he is very happy about being a Carpet Tech- he even gave me a lecture on why I can't use Resolve to get my stains out of the carpet anymore... it was quite cute actually. Anyways getting off the subject matter and that is Did You Know That Most Carpet Cleaning Companies pay their techs on straight commission?I for one did not know this nor did I even care at the time how they got paid just that my carpets in the units got clean at a low price. But boy has my thought process change sense my honey pie went to work as a Carpet Tech. He gets oh lets just......
Continue reading
2514 Hits
0 Comments

Implementing a Late Fee Policy

Collecting timely rent payments from tenants is essential to keeping your property finances in order and promoting responsible tenant behavior. Writing a late fee policy into your rental agreements is a good way to make sure tenants remain diligent about on-time payments throughout the course of their tenancy. Just as important is making sure you hold your tenants to this policy. Rental agreement payment policies should include the following information: The day of the month rent is due. The day the late fee kicks in. The amount of the late fee. In a standard rental agreement, landlords provide tenants a five-day “grace period” between the day rent is due and the day the late fee is applied. Late fee penalty payments generally fall around $25. However, before setting the fee, be sure to check state and local laws to find out what maximum fees are allowed by law. While some landlords charge a single flat late fee, others charge an escalating amount for each day payment is late (for example, $5 on the first day, $10 on the second day, etc.). If you do use an escalating scale, you will also need to cap the late fee at a reasonable maximum amount. Not only is it important to build late fees into your lease contracts, but it’s also important to enforce the policy. With this in mind, though, judgment and reason are called for. For example, if a tenant has lived in your unit for eleven months and consistently paid rent......
Continue reading
3409 Hits
0 Comments

Setting Your Property Management Fees

Setting your property management fees can be tricky business. Obviously, you’d like to obtain the greatest amount of money possible for your services. On the other hand, it’s important that your prices remain competitive in order to secure new clients. Following are some things to take into consideration when setting and evaluating your property management fees. Know Your Competition While your prices shouldn’t be totally dictated by what your competitors are doing, it is important that you have an idea of the going rate for property management services in your area. While you don’t want to undercut yourself, you will likely also have a difficult time selling your services to potential clients if your rates are significantly higher than your competitors’. If they are higher, be sure you have a compelling answer lined-up when potential clients ask why that is (for example, “We offer more automated services for you to utilize” or “We have twenty more years of industry experience than our closest competitor”). Compare Apples to Apples In that vein, when evaluating competitors’ prices, be sure that you are taking similar companies into account. For example, if you have ten years of experience and several successful properties under your belt, you should not compare your prices to those of a relatively novice, start-up property manager. Obviously, the converse of this also holds true. Account for the Local Economy How are things in your area? Are vacancy rates high? Or is business booming, bringing lots of new residents to town? Keep......
Continue reading
1759 Hits
0 Comments

Let's Talk Marketing Budgets

Every year around this time we all try to plan for the year ahead and costs we'll incur.  This year I was hoping people would share some of the costs they budget for.  I'll kick it off by outlining our average marketing costs per unit and what we include in that number.

Last year we budgeted about $170/unit for our established/non-lease-up properties.  This included ILSs, Google PPC Campaigns, Internet/Website Costs (hosting, website plugins, etc.), Special Website Enhancements/Upgrades, Email Services, Customer Surveys, Tracking Services, Referral Fees, Promo Supplies (brochures, pens, balloons, etc.), Special Promos, and social activities for residents.

These are all mid-west A-B type assets 200-300 units on average. [Note: The average size of a J.C. Hart property is 225 units]

If you can contribute please help.  Thanks so much!

As seen @ MarkJuleen.com

 

2488 Hits
2 Comments

Smart Marketing By Partnering With Corporate Housing Companies

Forming an excellent relationship with Corporate Housing Providers (CHPs) is a smart alliance because of how valuable a partner you can gain to lease up your property and keep it that way.  There are approximately 61,280 corporate housing units occupied every day paying one billion dollars in annual rent.  This is a huge revenue stream to tap into! I recently attended a meeting with other area corporate housing providers and property owners and managers.  The reason for the meeting was to encourage better communication between these two groups and some very interesting points and ideas were shared.  Here are 5 great reasons why partnering with a CHP is a smart move for those who own/rent apartment properties. 1.)      Working with corporate housing is easy!  ®      Working with corporate housing is less work.  Because CHPs are in similar businesses, they can expedite the leasing process and cut down on your workload, which means you have more time for other things.  CHPs sign leases on a daily basis and don’t require the additional time that is typically spent on walking through a lease with an individual prospective renter.   Additionally, CHPs rents are always paid on time, which means no three-day notices and chasing down rental payments. Make more money with corporate housing  ®      CHPs typically pay market rent and in many cases pay a premium for shorter term leases.  Although often asking for deposits to be waived, they do pay administrative fees, which means leasing agents still receive their commission and the leases......
Continue reading
1658 Hits
1 Comment

10 Signs Your Property Management Company is a Success

While profitability is one great sign of success, there are also many other less tangible indicators that your property management business is doing well. Following is  a list of ten signs you’re running a good property management shop. How many items on this list apply to your business? 1. Your vacancy rates are low. Low vacancy rates can mean any one (and often a combination of) several good things: 1) that you’re doing a good job marketing your property to new tenants; 2) that you’re maintaining existing tenants; and 3) that your units are generally sought-after. 2. You receive new property management clients from referrals. In business, referrals are the sincerest form of flattery. When existing clientele are referring potential clients your way, it is a sure sign you’re doing things right. 3. You receive new tenants from referrals. Chances are tenants who are displeased with your property aren’t going to recommend your property to their friends. As with client referrals, tenant referrals speak kindly of your work and may also indicate that you’ve successfully instated a good tenant referral program. 4. Your tenants stay put. They like you, they really like you! As with all business, it costs far less to keep existing tenants than it does to find new ones. If your tenants tend to remain in your units for multiple lease periods, chances are you’re pricing your units right and making tenants feel well cared for. 5. Other property managers contact you for advice. While it’s nice to......
Continue reading
6791 Hits
1 Comment

STOP ask yourself do you do your follow up calls or thank you cards?!?!?!?

  STOP ask yourself do you do your follow up calls or thank you cards?!?!?!?  By Jolene Sopalski Leasing Specialist WRH Realty Services If you answered no to that question then I want you to hold up your right hand and pledge the following “ I will  start following up with my prospects no prospect will go un-followed up”. Good now if you are one of the ones that said yes I do my follow up calls and thank you cards I want to give you a big hug so just picture me giving  you a hug.  Why are follow ups with prospects so important to you and your owners? They are important to us because our prospects are the key to our success in this industry with out them leasing our apartments there would be no need for us. So why would you let them walk out of your office and never make contact again with money? All to often we use the excuse there's just no time to follow up. I really don’t like hearing there is no time to follow up on a potential lease because that is our job. I want to share with you some tips on following up on prospects that will hopefully increase your leases, make your owners happy and make it easier for you to follow up.  Always keep in mined that you are not the only property that your prospect is looking at so you want  to stay in the game by......
Continue reading
8190 Hits
4 Comments

How do you select the ILS you use?

With a variety of ways to generate a lead on the web as well as the different pricing models out there, how do you figure out which ILS platform to invest in?  It is my belief that keeping the focus on "true" lease acquisition cost is the best way to get this one right. The key is to define what goes into cost... Let's look at 2 examples; An ILS that sends 20 leads a month and generates 1 lease every other month for $200 per month. The true cost is more than $200. It is costing the time the sort through the 39 other prospects, the time to design the ad etc... An ILS that costs $300 per month, generates 5 prospects and 1 lease. Now you only work through 10 prospects and depending on how you value that work this is probably your best deal... So do you actually track these performance metrics? If so what seems to work best for you? Now here is the last question; If you saw that an ILS generated less leads and get the same number of leases generated than another. Would you be willing to pay more for that service? There is a risk in trying to generate more leads. It can simply result in lowering their overall quality. Get people that are not all that interested to complete a registration form. This will in turn cost more to manage without necessarily impacting the net outcome. I see different strategies being used......
Continue reading
2209 Hits
5 Comments

Green Up Your Property Management Company

Gone are the days when going green was a cutting-edge, leftist notion. With environmental issues at the forefront of the media, going green is now firmly in the mainstream, quickly becoming the norm rather than the exception. Even with all of these new, more eco-friendly options on the market, the truth of the matter is that completely greening your properties and your business in one fell swoop can be an expensive endeavor up-front (though most green measures will likely save you money in the long-run). Our suggestion? Take small measures over time that won’t break the bank in the short-run, will save you money in the long run, and will make you feel great about doing your part in the process. AppliancesInstalling energy-efficient appliances in your properties (dishwashers, refrigerators, washing machines, etc.) is a great way of incorporating greener, more energy-efficient elements into your properties. Not only will your property be more energy efficient by using less water and producing fewer greenhouse gas emissions, but you can also cut down significantly on utility bills by using water and energy more efficiently. Speaking of saving money, you can save some cash up front with energy efficient appliances as well. Rebates are often available for ENERGY STAR certified products, of which there are many. Not only do energy efficient appliances offer you the chance to be greener and save on utilities, but they’re also something that (sooner or later) you need to purchase anyway. You don’t have to break the bank by going out and......
Continue reading
2118 Hits
0 Comments