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Multifamily Tours Best Practices - Keeping Staff, Residents, and Prospects Safe

Touring is an essential part of the leasing process for every arena of real estate, but it’s especially vital for multifamily.    Since multifamily properties are a community of units and residents, the property’s ultimate success lies not in one lead-to-closing conversion, but in many conversions to keep vacancy low. Because of this, tours and property showings play an essential role in a healthy multifamily asset’s toolbox. When the tours stop, the sales funnel goes stagnant. Conducting tours is a requirement for filling vacancies and actualizing the asset’s full ROI potentials.    However, the current global climate is putting a halt on traditional touring protocols and forcing industry professionals to find new alternatives that better align with the times.    COVID-19, social distancing, and stay-at-home orders are sparking widespread concerns for the health and safety of the leasing staff, residents, and prospective residents. Needless to say, conducting tours is now a challenge… and one that needs to be conquered immediately if multifamily professionals want to keep up their momentum.  Overcoming the Obstacles Fortunately, it is possible for multifamily property managers to conduct tours safely while accommodating all of society’s ‘new normals’.  By combining cutting-edge technologies with strategic best-practices, you’ll be able to conduct tours with confidence and provide an extraordinary customer experience for prospective residents.  Explore Modern Touring Options Optimize your multifamily tour procedures according to the moment with these 4 creative ideas:    Pre-Made Video Tours Being exactly what the name suggests, this tour option allows multifamily managers to compile a ready-made vide......
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Real Estate Housing Trend | Aging America’s Impact on Multifamily Real Estate

Real Estate Housing Trend | Aging America’s Impact on Multifamily Real Estate
While the percentage of aging Americans opting into the multifamily living environment has seen a significant boost in recent years, according to a study released by the Mortgage Bankers Association, owning a home is still the favored method of insuring one’s financial security throughout retirement. Mortgage Bankers Association’s Research Institute for Housing America recently released a report that found the median housing equity for the older American demographic to be approximately $125,000. The report also found that the average aging homeowner’s portfolio is, on average, made up of 50% housing wealth. Unfortunately, the aging demographic–along with the rest of the country–was greatly affected by the housing crisis. After falling victim to foreclosures, they have since opted for renting in a multifamily apartment community. On the other hand, 44% of aging renters are spending over 30% of their gross annual income on rent which suggests that finding affordable rental housing might be a growing issue as metropolitan areas are seeing vacancies disappear and rates going up. For those aging Americans who are not already homeowners and find themselves with limited income, the option of seeking out an affordable apartment unit is their best bet. Unfortunately, while these older Americans look to get the most out of their budget, they tend to have to settle for less than they require. This generates higher liability to their overall health as the probability of falling in the home sees a huge increase as the quality of housing regresses. What does this mean for those multifamily property owners and investors looking to target......
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Real Estate Trends | Where Is Everybody Going? US Populations Shifts through 2030

Real Estate Trends | Where Is Everybody Going? US Populations Shifts through 2030

Recently we reviewed our predictions for 2014, where we learned that the real estate market is expecting construction of more that 400,000 units per year over the next few years. The question is, where are all these units going to be builit?

We've combined data from the US Census Bureau, the Weldon Cooper Center for Public Service at the University of Virginia and the demographic databases at Proximity One to provide at where renters are going over the next decade or so. Proximity One is a particularly valuable resource for data and analytics enthusiasts who can write their own queries and drill down into projected vacancies by housing type, by time period, by state or even by county.

If you were investing in multifamily real estate today for a long term ROI, where would you put down your money?

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