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How Can Landlords Mitigate Their Losses Now That the Eviction Moratorium Has Ended, or Will Be Ending Soon.

How Can Landlords Mitigate Their Losses Now That the Eviction Moratorium Has Ended, or Will Be Ending Soon.
The nationwide eviction moratorium had prevented families from being removed from their homes, helping families face pandemic-related financial hardships while mitigating the risks of further spreading the virus when people were forced to move out. People who took advantage of the measure will still have to pay their landlords the total amount accrued during the moratorium. Since the CARES (Coronavirus Aid, Relief, and Economic Security) Act was introduced on March 27, 2020, the eviction moratorium deadline has been extended multiple times. The extension from June 30, 2021, to July 31, 2021, was the third time it was extended. On August. 26, 2021, the U.S. Supreme Court overturned a moratorium on evictions ordered by the Centers for Disease Control and Prevention (CDC) targeting areas with high transmission rates. In a 6-3 vote by the Supreme Court, the moratorium will no longer be extended. With the moratorium ended and the pandemic still ongoing, landlords worry that their tenants may still not keep up with their contractual obligations. Tens of billions of dollars of rental relief were made available to struggling tenants; however, as of August 2021, only $3 billion of the allocated $46 billion rental relief fund has made it out. Each state has its own process for disbursing the relief funds. Helping Tenants Apply for Rental Relief Unfortunately, gaps remain in the program as many citizens either don’t know how to apply for it or don’t know if they are eligible. One of the main challenges, particularly low-income tenants with no internet acc......
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5 Things Landlords Can Do To Help Support Their Tenants During These Unknown Times

Since the early part of the year, the news about the Coronavirus has continued to spread. With all of the unknowns about this virus, it can be challenging to navigate what you should be doing as a property owner to help support your tenants during these unknown times. As a landlord, you have a responsibility to help keep your tenants safe. You might also be worried about how your tenants are handling all that is going on. As a property manager, you might even feel a bit responsible for your tenants and you want to do what you can to help them during these unprecedented times. Here are five things that you can consider doing in order to help your tenants at this time.  1. Offer Assistance on Rent if Able There are going to be several people living in your apartments that are simply not going to be able to pay their rent this month and possibly over the next couple of months. One of the things that you can do as a landlord is reach out to these people and offer some type of assistance if you are able. This assistance could be in the form of a payment plan of some type. You need their rent money to continue paying bills, but also know that they might truly be struggling. Work with your tenants to come up with some type of solution that will work for both of you.    Another way that you can help your tenants......
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How Blockchain will change Real Estate in 2020

With a global value of more than $217 trillion, real estate is the largest asset class in the world, accounting for 60% of the world’s mainstream assets. Historically, real estate is where fortunes are made, yet access to this lucrative wealth builder has always had high barriers to entry. Now, with blockchain technology, real estate investing is trickling down to the mainstream investor.  While real estate is a way to build wealth quickly, it’s always been a Catch-22. If you don’t already have a substantial amount of liquid assets you can’t even get in the game. Adding to the headache for investors are high transaction fees, a severe lack of transparency, hard-to-get financing and slow transaction speeds. Blockchain is poised to change all that. Originally created for cryptocurrency, blockchain technology has evolved to include much more than that. Each block of data is secured and tied to others using cryptographic principles. Blockchain data is decentralized, immutable and transparent. In real estate this means that entities, or people, can make major transactions directly without using a third party like a bank.  Here are three ways blockchain will change real estate in 2020:   Tokenization  Tokenization is the process of turning sensitive data into non-sensitive data that can be used in a database without bringing it into scope. A token is a digital representation of a real-world asset, value, or function. Tokenization increases the liquidity of assets making it possible to trade those assets without a third party. In the blockchain space there are thr......
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Considering Deploying Smart-Tech In Your Apartments? Read This First...

Using Alexa to request apartment service  Everything is "Smart" these days. Smart....locks, speakers, thermostats, lights, TVs, register-vents, refrigerators, faucets, security systems, cameras....the list goes on! It seems there are plenty of options in the market for multifamily apartment operators to offer "smart" amenities. So should you start adding gadgets to your apartments in hopes of attracting new residents? For a short-term spike, maybe. But what happens next year when when Google, Amazon, Nest, Apple, Iris, etc. push out new models, features and functionality and all of a sudden your tech is more of a deterrent than an attraction? Do you throw out everything you bought last year and get the next new thing? The real question here is how do you get ahead, and stay ahead with tech in apartments. And, how to you get Residents to consider your brand "tech-forward"?  You might consider changing the lense of how you look at the problem. Said another way, how can your multifamily brand leverage consumer technology in a way that enables your Residents to have fast & easy digital access to apartment services from devices they already own. Things like:  leveraging SMS to communicate with residents (95% of all text messages are read by the recipient) enabling Residents to voice-create service requests using their SmartSpeaker mobile-enable your maintenance staff to speed up service-response-times and get better metrics on how your service teams are performing use chat-bots to auto-notify Residents when they have packages waiting for them at the office installing LTE-boosters to low-signal areas on your properties ......
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How to Think Different- recap from AIM keynote speaker

A super-fantabulous 7 minute recap of the Futurist key-note speaker from AIM 2017.  Rohit Bhargara, trend creator extraordinaire gave us not only a glimpse into future trends, but showed us how to curate them.  Well-known for maxims such as “Big Ideas Don’t Work” and “Most Trend Predictions Fail”, Bhargara teaches a framework for discovering and testing trend creation and putting the insights to work in a profitable way.  Sharing 8 of the Top Trends, attendees were on the edge of our seats, and we were not disappointed.  Better yet, we left motivated on how to think differently about ideas and current trends. Industry Leaders, we are in a believability crisis.  See through the noise; find the ideas that have meaning.  Teach yourself to spot ideas and make them trends.  Accelerate the ideas.    The TOP 8 trends for the next year.  Here is how they produced the trends: a.       Gather- save interesting ideas b.       Aggregate the data c.       Name the trend d.       Elevate e.       Prove TOP 8 TRENDS: Virtual Empathy- people want to understand the process.  They want to feel, touch, see everything- during all milestones.  This makes them feel connected.  Bring them into the story. Use VR, AR, and Mixed Reality to take people behind the scenes- Video is a big tool for this.  Fierce Femininity- YEAH! Take a stand and make a statement where you can.  Women are strong, hardworking, inspiring and fierce.  No longer seen as pretty girls. Passive Loyalty- these days, people choose convenience unless they are heavily r......
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Growing through Innovation - A Chat with David Schwartz of Waterton

Growing through Innovation - A Chat with David Schwartz of Waterton
Innovation . . . it’s become a somewhat over-used word in business.  A recent Wired article even referred to it as the “buzzword of the decade,” becoming “the canned response of executives, politicians and educators to the question, ‘What do we need to be successful?’” Waterton is a notable exception to the buzzword mentality, however, beginning with the fact that they don’t just do apartments. Their portfolio includes nearly 18,000 units of residential real estate in major markets throughout the U.S., and 13 hotels including brands such as Aloft, Sheraton, Westin, Hyatt and Marriott. CEO, Chairman and Co-Founder David Schwartz has a lot to say about innovation, both within Waterton and in the multifamily industry. “Multifamily in general has been slow to embrace innovation compared to other industries. In our organization, we feel strongly about trying new things and the potential that new technologies offer by way of improving productivity, and customer service.” “We’ve seen first-hand how quickly the hospitality industry adopted innovations such as keyless entry and single-click reservations – could you imagine if we could do that with a lease?” Schwartz continues. “Ironically, an apartment resident can list their unit instantly on Airbnb with one click, but leasing an apartment still takes days or weeks, with endless amounts of paperwork. As an industry, multifamily is behind the times.” This is why Waterton leadership is so passionate about taking the lead on innovation, not only internally, but also throughout the industry. So much so, that they’ve made significant investments and have a seat on the board of Elmsp......
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Beyond Technology: 4 Changes in Millennial Lifestyles that are Affecting Non-Tech Apartment Design and Amenities

Beyond Technology: 4 Changes in Millennial Lifestyles that are Affecting Non-Tech Apartment Design and Amenities
At this point, property managers know the drill when it comes to millennials: they rent more than any other generation and high-tech amenities play a significant role in their decision of where to live during their apartment search.   While it is undeniably true that the younger generation of renters desires cutting-edge electronic features in their apartments, it is important that multifamily managers and developers avoid neglecting other important millennial lifestyle trends which have an impact on non-technological aspects of apartment design. At Trimark Properties, we specialize in selling Gainesville apartments to millennial student renters attending the University of Florida and have familiarity with the younger generation’s preferred choices of apartment design and amenities. Below are 4 recent movements in millennial living that have impacted features other than technological amenities in apartments. 1.) Millennials’ healthier lifestyles and participation in eco-friendly movements have led to more outdoor amenities. Millennials have been leaders of the pro-health, environmentally-friendly campaign, which has ultimately directed property developers to add more exterior amenities than in previous years. Millennials are increasingly valuing outdoor amenity space, spending 5% more of their time outdoors today than in 2015. They are also now frequently choosing to bike, walk, and ride the bus instead of driving cars. The average millennial drove 23% less in 2009 than in 2001, the biggest drop for any age group. Property developers targeting this audience have taken note of this trend, and they are now beginning to build properties close to central locations such as universities and major business are......
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Multifamily Leaders on Creating Community -- A Conversation with Rick Graf of Pinnacle

What does it take to create a sense of community within a multifamily operator’s sphere of influence? Do employees and residents respond, and does it positively impact the bottom line? Rick Graf, President and CEO of Pinnacle, was kind enough to share his thoughts on this topic recently. It was an insightful conversation, highlighting how a few basic but powerful values, well executed, can have a profound and lasting effect. “As a company, our culture of collaboration plays a key role in creating community,” said Graf, “allowing us to gain greater perspective and to collaborate with our employees, our residents and our suppliers.” Graf’s vision is to give constituents a voice and encourage input, because, “frankly, they often come up with ideas that are better -- and that resonates with our clients.” How does this culture translate to a feeling of community with residents? According to Graf, Pinnacle utilizes the same approach at the site level. “Take community events, for example. We may come up with something we think is a great idea, but it may not be what the residents really want to do.” Pinnacle employs CARES teams (usually two people who are residents of the community, in cooperation with the Apartment Life organization); these teams are someone the residents know as “one of them,” and work collaboratively with residents and the management team to collaborate on a variety of topics community relations topics. “This has been a true differentiator for us, and we see it in our improved retention rates and satisfaction sc......
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5 Surprising Multifamily Holiday Package Statistics

5 Surprising Multifamily Holiday Package Statistics
The holidays are a crazy time for package delivery. With the rush to order presents for friends and family, it's no surprise that the amount of deliveries increases. This year, "increase" is putting it lightly. 2016's numbers blow last year's completely out of the water. Check out these five holiday package statistics that put this year's massive package volume surge into perspective.  1. Package volume has skyrocketed—an 80% increase in just one week.  Black Friday and Cyber Monday are famous for sparking huge spikes in shopping, and rightly so; consumers spent $3.45 billion on Cyber Monday alone, making it the biggest online shopping day in US history. In the following week, apartment complexes all over the world felt the aftermath—according to our package locker activity data, the amount of packages shipped and delivered to lockers increased by over 80%. In just one week, package volume almost doubled. 2. As December continues, package volume is increasing, not decreasing. The record-breaking package delivery numbers aren’t going back down. They’re going up.  Instead of slowly settling back down after the Black Friday & Cyber Monday spike, package volume is continually increasing as the holiday season progresses. In the week of December 4th to 10th, there were nearly 4,000 more deliveries to our package lockers than the previous week (and the previous week was the big post-Black Friday surge)! And last week – December 12th to 18th – saw even more package volume than the week prior, with no signs of slowing. 3. Properties saw 50% more post-Black-Friday packages delivered t......
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5 Ways To Inspire Your Leasing Teams in 2017

bwki71ap-y8-tim-gouw.jpgPhone calls, emails, leasing tours, resident interactions...these are just a few of the things taking place in a leasing office on any given day. Leasing teams are the definition of walking, talking multitaskers —creating inefficiencies on the best days and organized chaos on the worst. With leasing quotas to reach and individual prospects/residents to manage, there’s often misalignment when it comes to big picture goals. Leasing can create a high-pressure environment, and there’s always room for more structure, organization, and team collaboration. Of all the many challenges arising in a leasing office environment, one of the most common questions we hear from multifamily portfolio managers is: “How can I empower my sales team to meet or exceed their goals on a regular basis?” With the rental market showing some signs of softening in recent months, it's more important than ever to maintain a leasing sales force that's motivated to crush their goals regularly. Here are some ideas on how to empower your leasing professionals in 2017 — and beyond.     1. Educate to Motivate   Knowledge is power. Power your leasing teams with meaningful insight into your leasing team’s goals on a day-to-day basis — not just the dollars and cents of them, but the how and why behind them, too. For example: How do their daily or weekly goals impact the community's long-term goals Why focusing on leasing two-bedrooms, rather than one-bedrooms, will make a more immediate impact this week In other words, what do these specific leasing goals mean - for the health of the business......
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