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Why You Should Market for Your Property

All too often I receive inquiries from a potential seller that is looking to “Get the Highest Price” for their property, but does not want to list it, or market the property.  This seems counter intuitive as the basic law of economics is supply and demand.    Although there is not much an average seller can do to affect the supply line, they can create demand by using a good agent.  I started my career in real estate auctions in the late 80’s through the mid 90’s.  During that time, I was at first surprised when properties we took to auction (a method that was deemed as a “fire sale”) consistently sold for higher prices than neighboring properties, and in many cases sold at higher prices than what they were previously listed before going to auction.  As I thought about it, it really did make sense, my economics classes in college explained exactly what was going on.  The supply chain didn’t change, but by marketing the property, and creating a pent up demand the chances for a sale greatly increased.  We’ve seen this over and over the last few years in this current “Sellers” market.  Almost to the point where we now receive as many calls from investors saying they only want to look at “off market” deals, believing they will get a better price without other competing investors.  So it seems pretty easy… If a seller wants the highest price, they need to make sure the property is actively exposed to as many people as might be intere......
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Mind the Gap! Google's hotel VS apartments knowledge graph

Google Knowledge Graph for Hotels vs. ApartmentsGoogle’s knowledge graph is their biggest asset in taking down industry leaders. How close is Google’s multifamily Apartments Knowledge Graph to their Hotels Knowledge Graph? We take a close look: Apartments Knowledge Graph vs. Hotel Knowledge Graph When a user searches for a hotel, they are looking to do a few essential tasks: Get and compare a hotel’s basic information Get and compare a hotel’s pricing information Book a room Google’s knowledge graph for hotels supports all of the above functions. But, Google’s knowledge graph for apartments is not that far behind. It can do the first but not the second and third items. This is how the two compare on a search engine page: What’s Similar Between the Hotels & Apartments Knowledge Graphs? Both contain the basics, such as photos, links to maps, links to websites, etc. Hotel and Apartment details are found in both panels. Though, it seems a lot more thought has gone into the hotel’s description. Since reviews are a part of Google’s platform, there is hardly any difference here. What’s Different Between the Hotel and Apartments Knowledge Graphs? There are two essentials missing from the apartments’ knowledge graph: No amenities No call-to-action to “Apply” for a lease or even schedule a tour However, it is only a matter of time before Google adds apartment amenities and floor plan pricing to their Knowledge Graph. Once they do that, expect a lot of ready-to-apply leads coming from Google. In our next article we’ll do a comparison of these Knowledge Graphs on Google ......
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Google’s Secret Weapon: The Knowledge Graph (Part 2 of 5)

Hotel Knowledge GraphIn our first article of this series, Google Will Eat ILSes' Lunch!, we introduced the idea that Google is starting to organize Multifamily's data, and talked about how this will impact ILSes. But, how does Google organize industry data? And, how does it shift revenues from the industry ecosystem to itself? The answer is in the deceptively simple, but awesomely powerful Knowledge Graph. Let’s look at the Hotel and the Apartment Knowledge Graph to unpack this technology.   The Hotel Knowledge Graph Here is Google’s knowledge panel for a hotel visible on the right of a search results page: What did it take to organize the Hotel Knowledge Graph? First, Google collected information from many different sources: Some of the basics come from spidering the hotel’s website Other basics come from information volunteered by the hotel’s owner using Google My Business Photos come from customers that have visited the hotel Photos could also come directly from the owners themselves Finally, reviews have come from third party sites And, then, Google linked all of the above to create the knowledge graph for a single hotel. Why is the Knowledge Graph so much more powerful than other search results? First, the knowledge graph is not a link to other sites.   Second, its goal is to directly answer the most important questions without having to click through to multiple sites. As Google’s Amit Singhal said: "If people are searching for “2+2″, why shouldn’t Google give a direct answer to that versus sending searchers to a site?” &nb......
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Google will Eat Multifamily ILSes’ Lunch! (New Series: Part 1 of 5)

Google is Starting to Organize Multifamily Data. That Should Scare the ILSes.

Google’s vision is to: “Organize the world’s information and make it universally accessible and useful.”

As Google absorbs and organizes information in different industries, it eats into the revenues of those ecosystems. It has done this in the past.

  • It absorbed and organized the data for the restaurant industry. Victim: Yelp.
  • It absorbed and organized the data for the hotel industry. Victims: Expedia & Priceline.

Now, Google is absorbing and organizing the data for the multifamily industry. Multifamily ILSes (Internet Listing Services) such as Apartments.com and Rent.com are squarely in their cross-hairs.

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Make Those Mini Models Work For You

I only use mini models when a unit sits vacant too long. Then I think it is important to showcase the strengths of the unit by accentuating features that may have gone unnoticed by whatever it is that is making it a hard-to-rent unit in the first place. So, that is the FIRST thing to do – figure out why it isn’t renting. Is it because the unit is too dark (no natural light), the kitchen is tiny, has old appliances? Is it non-descript? Boring, bland? Located in the back of the community with no greenspace? Is it smelly? There are an abnormal amount of reasons a unit doesn’t rent. So, sometimes, as leasing professionals you just have to bite the bullet and get creative. The SECOND thing is designating that hard-to-sell unit as a Mini Model and the THIRD thing is determining what to put in it to make it sell. I have a theory that mini models are only necessary when the unit has an Objectionable Feature that a lot of your Prospects feel is a deal breaker. I don’t mini model every vacant unit that comes along, and in a conventional setting, I would not be happy that preleasing the upcoming vacant is not happening prior to the move out. When the unit is not preleased, that is the time to think, “Is there a problem?” Now that you do in fact have that Albatross Unit glaring at you from the Availability Report, what are you going to do with it ......
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