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

Multifamily Blogs

This is some blog description about this site

Let’s close the tab on web source tracking

Last week, we discussed why PMC’s should be looking at the cost/lease instead of the cost/lead. We left off by saying Dynamic Source Insertion (DSI) and cookies are the answer to your Overly Attributed Property Situation (OAPS).

This week, we are going to break down both of these terms and explore how you can implement these solutions.

Finally, you can start gathering accurate, actionable metrics. Hello easy, breezy budgeting!

We recommend using a source management system since this can get a bit technical, but it’s up to you.

There are three places along the customer’s journey that cause your CRM to have incorrect source attribution.

  1. Lead visits your property website
  2. Lead revisits your property website
  3. Lead fills out a form (guest card, schedule a tour, etc.)

 

 

How can I fix it? It’s just three steps!

 

 

Step 1: Add tracking tags to every source

Congrats! You already learned how to tag your source! (Here’s a refresher in case you don’t remember). Let’s keep going.

 

 

Step 2: Add Cookies to Remember your Source for Weeks

Adding cookies take your lead source attribution accuracy over the top! And no, we aren’t talking about Thin Mints, although I’m sure they wouldn’t hurt!

 

 

Cookies have been huge in the data-tracking world. However, there seems to be a lot of confusion about what they actually do.

We like to think of them like actual cookies.

Let’s say you eat a cookie for lunch. If you are like us, you probably have a light coating of cookie crumbs on your shirt.

You carry on with business as usual, but the cookie crumbs on your sweater tell everyone about your lunchtime indulgence.

The tracking cookie does the same thing. It clings to your prospects and tells you what source they visited before coming to your website.

The great thing about cookies is that they last for a while. For example, a prospect might find your property from Zillow.com and then visit your Facebook page to learn more before filling out a guest card. Cookies remember how the lead found your property in the first place and attribute the source accordingly.

Okay, I get the point, but who wouldn’t wipe the cookie crumbs off? Well, your prospects have that option too. They can clear their cache and just like that, your cookie crumb trail is gone.

Luckily, most people are not that concerned about having a clean cache, so most of your cookies will stay put.

Cookies are an extra step to ensure you are reporting the original source of your leads. Cookies and tracking tags work together to resolve issue #1.

 

Continue reading
1166 Hits
0 Comments

How Efficient Is Your Property Management Company?

Efficient property managementBy Linda Day Harrison, theBrokerList, Chicago, IL Walk around your office and various departments. Ask folks what tasks they absolutely hate to do or what seems pointless. You will gain a ton of insight about your processes and procedures. Find out why you do that task. Make sure you dig down deep and study the what-ifs of each task. For instance, each time we do a batch of “X”, a paper printout is generated. The paper is then put into a bin and we file it by property. Every single company, building, and system is different so this example is just an illustration. The point is to ask, “What is the value of this task?” If you file this print-out by property, what is the value of that print-out, and how many times is it referenced or utilized? Why are you printing it at all, can the printing function be turned off? How long is the data retained? There are many questions to ask, but the most important point here is, somebody just needs to ask. Tracking and naming files and logs is very time consuming so you should ask yourself and your team a few questions. Is it meaningful? How often do you reference the information? What happens to the information after one month, one year, etc.? In one case we had a supervisor instruct the staff to pull down a report, save it to a file, and create a name for the file each time a certain event occurred.......
Continue reading
1807 Hits
2 Comments

Operational Due Diligence - Investigate Your Critical Factors

Due diligence being conducted prior to your offer to purchase a rent roll By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia I’m sure you are beginning to understand the vital importance of an operational due diligence being conducted prior to your offer to purchase a rent roll becoming unconditional. Once that contract is unconditional you are bound to proceed with the purchase regardless of how inferior the business is that you are purchasing. Yes, I understand that in most purchases there is a retention period, usually three months (again, this is a time period I do not agree with) whereby you have the opportunity to not pay for any managements that you may lose in this period. But, under normal rent roll contracts it’s fairly standard that a percentage of the purchase amount is usually withheld in a solicitor’s trust account and is released when the retention period has expired. Some agents believe this period is their safe guard. Well, I’m here to tell you that you must not be lulled into a false sense of security and, with that said, I feel another article is worthy of this subject. This post focuses on what I refer to as the “critical factors” that need to be investigated when conducting an operational due diligence. These critical factors are: Average management fee Average distance to property ratio Average weekly rent Management splits (percentage of houses and apartments) Number of owners against properties under management and how many are multi owners (including details of each owner’s actual number of properties) Percentage of fixed term leases Monthly disbursement methods......
Continue reading
1875 Hits
0 Comments

Help! My Tenant Needs to Break Their Lease

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA It was just a few months ago when the tenants were in the office signing the one year lease agreement. The leasing agent followed the office procedures and made sure to review the lease terms and obligations prior to asking for binding signatures. Then with the swipe of a pen the property was considered off the market and occupied for the year. So, it can be somewhat frustrating when two months later you receive the dreaded call from the tenants stating that for some unforeseen reason they need to move out of the property earlier than expected, consequently breaking their lease agreement. As a property management expert, and owner of San Diego Premier Property Management, I’ve had the opportunity to prepare, execute, and negotiate lease agreements for the better part of a decade, and I can say with all honesty that this scenario happens on a regular basis to the most qualified of tenants. Whether the breach occurs one month or six months into the one year lease agreement it is important to understand that the lease agreement, and the terms agreed upon and signed by both parties constitute a legally binding contract that when breached can carry monetary and legal consequences toward the tenant. With that said, the situation doesn’t have to escalate to a legal issue since it can be mitigated to the benefit of both parties. If the lease has an opt out clause then advise the......
Continue reading
1686 Hits
0 Comments

Does Your Property Manage You?

By Linda Day Harrison, theBrokerList, Chicago, IL Do you manage your property, or does it manage you? This should be at the forefront of your mind every day. This question is meant to keep you on track and focused. Why? Because property management is an industry that can make or break you! As property managers we are the ultimate in multi-tasking. We know that anyone can become a property manager, but the ones that truly standout and differentiate themselves are the ones that manage their building. Not the other way around. There can be constant interruptions and challenges throughout any given day. The day starts out fine until you get a call about a flooded property, or an unexpected customer complaint. Now you need to drop what you are doing and attend to the crisis at hand. As you begin to tackle this new challenge, it is best to keep reminding yourself that you manage the building, the building does not manage you! When the flood hits, do you have a contingency plan? Why is the customer complaining? Analyze the issue and address the problem. The number one solution is to be proactive. Do all you can to prevent these issues from happening again. Manage it and do not just react to it! When an issue arises, it must be broken down into the smallest components in order to find the reason or cause. Once it has been solved, it is time to develop a new approach or plan so that......
Continue reading
2444 Hits
4 Comments

Never Put Off Till Tomorrow

By Linda Day Harrison, theBrokerList, Chicago, IL Touch It Once is a mindset, a philosophy, and a management style. It is the antithesis of procrastination coupled with a smart way to work by stopping redundant behavior dead in its tracks; both of which are the enemy of any efficient and well run organization. The concept is simple – Touch It Once (TIO). Did you ever notice that each month the cycle is the same? Collect rent, send out 5 day notices, process accounts payable, cut checks, etc. So if this is something you know that’s going to happen, why is it so painful? Then at the end of the 30 day period, the cycle is going to start again! How can you not be prepared?! It happens every 30 days! If you think about how the concept of TIO comes into play it will change the outlook you have on your business. Every time you do a task, think about how you can do that task perfectly. Save the process, document the task, and create a road map for others to follow that same format or system. The next time the task is required, anybody can use your process, learn how to execute, and actually accomplish it with the least amount of error or redundancy. So how do you as a property manager or leasing agent “touch it once”? For me it was about checklists and document packets. These checklists include a new resident checklist, a move out checklist, a new......
Continue reading
1953 Hits
2 Comments

Form 1099s & Year End Statements

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA For property management companies, the month of January signals a time to prepare and issue year end statements to their clients for tax preparation purposes. Consequently, each January the IRS requires that any taxpayers who have made payments in excess of $600 to workers that are not considered employees must prepare Form 1099 – Miscellaneous Income. Property management companies are also federally required to file Form 1099 for their clients regarding rental income received throughout the year. In addition, copies of this completed form must be provided to the IRS. The IRS compares the payments shown on the information returns with each recipient’s income tax return to determine whether the payments were reported as income and done so properly.   The filing deadline for Form 1099 is January 31, 2012. The IRS also requires that you file a Form 1096 to identify all of the Form 1099s. The filing deadline for Form 1096 is February 28, 2012.   Failure to issue a Form 1099 and file Form 1096 results in penalties and potential disallowances of deductions for those amounts paid. Thus it is imperative to comply with these filing requirements. In years past, SDP Management would spend a lot of time and resources preparing large bulky paper laden year end packages to meet these requirements. The packages, which contained printed year end statements and other tax required documents, would detail the properties prior year performance and provide necessary documentation for......
Continue reading
1500 Hits
0 Comments

Establishing Transfer Policies for Multi-unit Properties

By Ben Holubecki, STML Realty Group, Glen Ellyn, IL Transfer policies are often a detail overlooked by landlords and property owners who own/manage multi-unit properties. A tenant requesting a move from one unit to another presents challenges and can add unnecessary and unexpected costs for property owners. Ignoring these requests or not addressing them properly can open landlords up to potential resentment from tenants and even legal liabilities if not properly documented. There are a lot of reasons why a tenant might request a transfer to another unit within the same property and there are positive and negative impacts resulting from this type of request. The most common reasons for these requests in my experience are: - Problems or issues with current neighbors - Maintenance issues within their current unit which they feel were not or will not be addressed - Lack of upgrades due to extended tenancy (newly remodeled units are obviously more desirable) - Preference regarding location within the property (different floor, closer to parking, amenities) - Moving from 1 unit type to another such as moving from a 1 bedroom apartment to a 2 bedroom Regardless of the tenant’s reason for the transfer request, there are both positive and negatives that you should consider. The positive: - Your tenant obviously likes the property enough to want to stay - You have a history with this tenant so you know what to expect regarding care for the property and rental payments. No surprises. That is always a positive. ......
Continue reading
9856 Hits
1 Comment

Dodd-Frank Bill Requires Adverse Action Letters

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA The property is ready to be occupied, marketing is complete, and now you are receiving multiple inquires. At the first showing you receive two applications and it looks as though you’ll fill the unit quickly but remember only one party can be offered the property and after you have evaluated both applications – pulling credit information, confirming employment status and reviewing past rental history – it is clear that only one party meets your qualifications. So is it as simple as offering the rental to the qualified party and just letting the other party know that they didn’t get the unit? Not so fast. As of July 21, 2011 the Dodd-Frank bill requires you to provide the consumer with a Score Disclosure letter or an Adverse Action letter if you decline their application or impose additional conditions (such as a higher deposit) in order to accept the application. This law was enacted toward creditors but does include “Property Managers” who deal with making decisions based on credit scores for potential tenants. According to the Fair Credit Reporting Act (FCRA) creditors are required to issue an adverse action notice containing the name of the credit reporting agency, notice of the consumer’s right to request a free credit report, and notice of the consumer’s right to dispute the accuracy of the report’s content. The Equal Credit Opportunity Act (ECOA) requires creditors to provide consumers with the specific reasons for a denial, o......
Continue reading
2741 Hits
1 Comment

Property Managers and Landlords – How to Inspect the Property With Your Tenants

Property Management inspecting Rental Property

Property Managers or Landlords and Tenants should perform a joint inspection of the rental property or rental unit before the tenant moves in. The objective of the inspection is to

a. identify and document the condition of the property
b. check the conditions of the appliances, security systems, heating, air conditioning systems
c. identify common areas
d. identify service areas such as trash, recycling,  newspaper delivery, mail box, club house and pool
e. provide information on utilities such as water, electricity, telephone and cable services

Property Management inspecting Rental Property


At the end of the inspection, Property Managers or Landlords and Tenants should review the check list and sign each page. Property Managers or Landlords should retain the original check list and provide a copy to the tenant. The check list should be updated as repairs are made to the unit, including what and when the repairs were performed. Both the parties should initial any changes to the original check list.
When the tenant moves out, this checklist serves as evidence as to why property management company, landlord or property manager can withhold all or part of a security deposit.

 

1758 Hits
0 Comments