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

Multifamily Blogs

This is some blog description about this site

Property Management Companies and Property Managers- How to Get a Business Loan Request Approved

Property Management Companies And Managers Top Tips Business Loan ApprovalIf you are looking to expand and grow your property management business, you should position your business opportunity as an attractive investment opportunity to the banks and lenders.   Here are some tips to get your Business Loan Request approved:1. Research Potential Lenders Within your IndustryApproach a bank that understands your industry. Gather more information from your business networking group, or a small business development industry. You might stand a better chance approaching smaller community banks as they may be more familiar with the local target market and may have prior knowledge of your business. You might also consider loans that cover start-up costs and business expansion costs, such as supplies and machinery.2. Gather Relevant Documentation  Gather documentation about you and your business – such as your income record. Obtain a  Loan Checklist that you will need for any small business loan application.3. Loan Application formsThe loan application process differs for different banking institutions. The Loan Application Checklist may list the forms you need and may help you understand the loan application process.4. Preparing for the InterviewPrepare for questions that you may be asked as you will be asked to substantiate your claims. Be confident and professional in communicating the amount you plan to borrow, how you plan to use it and what are you revenue streams.  Have a repayment plan ready and include it with your documents.  5. Talk to the ExpertsTalk to your local bank or Small Business Development Center. They may have the latest information on changing market......
Continue reading
1366 Hits
0 Comments

Protect Your Property

It’s a fact: Some neighborhoods are more safe than others. It’s also true that while a neighborhood may be quite safe at the time you purchase an investment property, things can go downhill at any time (happily, this phenomenon can work in the opposite direction as well). To make things even trickier, high crime rates aren’t necessarily limited to “bad” areas. Sometimes crime can trickle into nicer areas from surrounding neighborhoods, which is why it’s important to really do your homework before investing in a property—some hazards are simply not immediately obvious. If, for any of these reasons (or completely different ones), you find yourself with a property in an area that is suffering from regular criminal activity, there are steps you can take to help make your property a safer place for tenants to reside. Form a Neighborhood Watch ProgramThis is one of our favorite options, because it goes beyond just protecting your property and tackles the larger issue—making your entire neighborhood a safer, more enticing place to live. The results of accomplishing this are huge for you and include increasing property value and potentially lowering vacancy rates. If your neighborhood does not already have a Neighborhood Watch Program, it does take some effort to start up but, again, the payoff is big. Begin by advertising the group to neighbors through fliers and notices in local publications (such as alternative weekly newspapers and online publications), and through social networking services. Once you have interest, set up a meeting and devise......
Continue reading
1587 Hits
0 Comments

Roadmap to Successful Business Plan for Property Management Companies

Having a business plan will enable new property management companies and property managers encourage loans and promote growth. A formal business plan is just as important for an established property management company as it is for a new company.What is a Business Plan?A business plan is your firm's resume. It defines who you are, what your goals are and what is your revenue model.  A business plan aligns employees, sales personnel and vendors with the company's goals and operational procedures. A good business plan helps you make good business decisions in allocating resources and handling unexpected situations.  A good business plan should include a current and pro forma balance sheet, an income statement, and a cash flow analysis.Why Write a Business Plan?A Business Plan is an important document in any loan application because it provides organized information about your company and how you will repay borrowed money. A good business plan serves as a blueprint of your organization for outside management of your operation and finances, promotion and marketing of your business, funding, credit from suppliers, and achievement of your goals and objectives.Before you begin writing your business plan, consider four core questions:Don't rush into a New Business Venture without answering these questions: * What is the Nature of your service or product?* What Needs does your business fill?* Who are the potential customers for your product or service? * Why will they purchase it from you?* How will you reach your potential customers?* Where will you get the financial resources to......
Continue reading
2861 Hits
0 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
2121 Hits
0 Comments

Leasing Agent Compensation?...First a word about VACANCY!

As a business consultant to the apartment industry, I am asked a LOT, "What's fair leasing agent compensation? Is their a leasing commission structure you would recommend?" There is no easy or short answer to this question, so let's take a round about way of discuss it. I find it a little backwards when people want to know what OTHER properties or OTHER management companies are doing when it comes to leasing agent compensation. I never say it out loud, but I'm always thinking, "What's it worth to YOU?" (as owner/manager) AND, "What's it worth to THEM?" (your leasing agent/leasing specialist)  What do I mean by that? FIRST, let's first talk about the REAL problem - VACANCY. I don't have a vacancy problem! Well, then, you shouldn't worry about leasing agent compensation then! OK, OK. Let's talk about vacancy... TO make it easy, let's say we're talking about ABC Apartments. They have 100 units. Their average rents are $1000.00/unit. Prior to the rental market taking a downward turn, ABC Apartments has been running along great, apartments never took very long to lease, and they had been at 97% occupancy for many years. Fast forward to today, they are at 88% physical occupancy, which means they are at 12% vacancy. All of the sudden, they are struggling with just staying ahead of the renewals and turnover. Increasing the occupancy in the midst of the resident turnover looks very daunting. Let's do the math. At 97% occupancy, the vacancy loss is: (Average Apartment Rents) x (# of Vacant A......
Continue reading
2435 Hits
3 Comments

21 Creative Ideas For Resident Renewals!

Creative Ways To Retain Residents At Renewal Time So often we focus on leasing and being creative with our marketing that we forget about Resident Retention. We think oh we don’t have to market our current residents they already live here at our community. That is the wrong thought process, marketing does not stop the moment they sign a lease, it’s a continuous thing. So let’s focus on some creative ways to market renewals and to get the current resident to stay a current resident. Especially now in these times when we are all competing for each other residents. I was reading a past issue of Rent and Retain magazine March/April 2006 and discover a fun list of 21 methods to deliver lease renewals. I tweaked some and added a little here and there! I really hope you enjoy this and have fun! There will be lots of more fun and creative ways to market current residents to stay coming your way soon! •Remember the first initial letter is to have all the information they need to renew their lease. You can still deliver it in a fun and creative way!  1)  Wanted Poster- This is great if you have a picture of your resident. Get some cream color paper to make it look aged. Scan the picture and write “WANTED-YOU to renew your lease!”  2)  “Seems Like Only Yesterday”- Do the same thing with the wanted poster but write “It Seems Like Only Yesterday that you moved in. We’ve had a......
Continue reading
66862 Hits
5 Comments

Affordable Housing: What is it? How can we, as Vendor/ Associates better serve the needs of these managers?

Affordable Housing: What is it? How can we, as vendor/ associates, better serve the needs of these managers? Recently, during a conversation I was having with a new Atlanta Apartment Association member, I was asked what exactly it means when someone refers to a Community as Affordable or Tax-Credit. This individual was under the impression that these properties were essentially low income properties in undesirable neighborhoods with like deferred maintenance issues! I am familiar with many communities which fall into the Affordable Housing category that are newer, attractive A properties in very desirable locations. I hope to shed some light on this important component to our industry. The difference between these Affordable/ Tax-Credit properties and their Conventional Market-rate competitors is that the developer/ owner of the property will receive a Low Income Tax Credit Benefit to provide housing to those earning below a certain wage. There are many variations of this; some properties may be 80% Affordable Units and 20% Market Units. Some properties may receive Government subsidies for the rent as assistance to its residents.  These communities are heavily regulated by HUD (Department of Housing and Urban Development) and by DCA (Department of Community Affairs) for their compliance within the legal guideline of the program. Many of the AAA Owner/ Manager companies across Atlanta and beyond manage Affordable Properties. A few of these are Aderhold Properties, Lincoln, Vista Realty Partners, Walton Communities, Signature Management, Ambling and Wood Partners who has management of some of their communities but also hire Third......
Continue reading
1544 Hits
1 Comment

Customer Service Aptitude- Associates

A few days ago I was on the receiving end of some particularly poor customer service. Know the feeling? Yuck! I have such a poor taste in my mouth I may not shop at Macy’s again for a whole month! But seriously, I was reading on MultiFamily Insiders and came across this interesting topic in their archived discussions relating to the Customer Service aptitude of Associates. The discussion was about the challenges with getting into contact with Owner Managers, beginning conversations and obtaining appointments. An associate felt he had a legitimate service or product to offer and that he was being disrespected by a particular Decision Maker that he was calling on. He did not know this customer. He wasn’t getting a return phone call. From what I could gather, this particular vendor did not seem to have any empathy for the person from whom he was attempting to gain business. It is Associates such as these that telephone every single day, refuse to take no for an answer, etc. that send Owner Manager’s seeking cover. You may not catch the Owner Manager today, next week or next month but if you do not operate with a Customer Service Aptitude you will never earn their business. I love what Jen Piccotti, an industry colleague on the west coast, had to say on the topic! “I guess it comes down to this - we can't control those around us, we can only control ourselves and our own interactions. I choose to approach......
Continue reading
2644 Hits
0 Comments

#AptChat Recap: Managing Your Social Media Presence

Jonathan Saar - The Training FactorEveryone seems to be experimenting with social media in some way, shape or form these days (regardless of whether you think it's working or not). But one thing that many people seem to struggle with is how to manage their brand's presence across so many different platforms. After Jonathan Saar from the Training Factor posted their own case study sharing their successes with social media, we asked him to join us on last week's #AptChat for a discussion on the topic. As it turns out (really no surprise here), you all have great ideas and examples to share. Here are the highlights from the chat: How do you manage the time commitment? It seems to be HUGE time sucker in our office. David Kotowski: If you get into the habit of checking in it becomes routine and doesn't take up much time. Jonathan Saar: Time and discipline go hand in hand. There must be a routine or else you are lost. Kim Cory: I set time aside each day just like I would reviewing reports, statements, plans, emails, etc. must make effort. Mike Whaling: Focus your efforts. You don't need to be on every site. David Kotowski: Let's face it. Your employees are ALREADY checking their personal accts and sending texts during the day. Get them involved. Mike Whaling: Set routines based on goals. 1 routine for monitoring sites, 1 for creating content, etc. Jonathan Saar: Make sure you give yourself an "off" time -- that comes from my wife :)......
Continue reading
6602 Hits
1 Comment

Property Management Career Building

One of the most commonly touted reasons property management professionals provide for working in this industry is diversity. Not only is each and every day different from the one before but, also, property managers have the unique opportunity to put a wide range of different skills and talents into practice. With this in mind, there are several different avenues that may lead one to a property management career. Perhaps your background is in real estate, finance, law, or marketing. You may apply any of the professional skills learned in these areas to property management. Or you may simply find yourself wanting to utilize certain qualities or characteristics, such as dealing with people on a consistent basis, problem solving, or multi-tasking. In the property management field elements of all of these professional areas and personal skill sets will come into play. While you don’t have to be a master of all of them (or any of them, for that matter), you do have to possess the willingness to learn certain specific tasks. For example, you don’t have to be a finance whiz to be a property manager, but you do have to perform accounting functions; likewise, you don’t have to have a law degree, but you must have a solid grasp on local, state, and federal laws and regulations to ensure your property is always in compliance. Do you know you want to get into property management but don’t know what your options are? Property management positions come in all shapes ......
Continue reading
1878 Hits
0 Comments