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Creating Soul and Personality for Your Business (Part 2)

StarbucksBy Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Let’s continue from my last blog.  If it’s all about the client experience, and it is (just ask your clients), then how do you create a memorable and enjoyable client experience? Remember that it has to be a “real” experience because clients can spot fakes and phoneys from a mile away. Therefore your team must internalise your business personality – it must become the natural way that they interact with clients and teammates as well as how they represent your brand and your service. Step one in creating a happy client experience; inject soul into your business by finding your personality. Don’t be another ‘Me too’ business – find out what type of personality you want to portray to your clients. It doesn’t have to be fun and zany, although fun and zany may very well suit your company. Consider personality styles like classy, funky, professional, happy, colourful…the list is endless. However, you can’t fake a personality. It has to be real, genuine, and sincere. Your company has to be you. Brainstorm with your team. What is your personality? Only then can you know it, live it and be it. Once you know what your business personality is, you have the foundation to design your business premises, uniforms, marketing and in fact anything that represents your company right down to the font you choose to use to reflect this personality. By doing this your team will by way of nature automatically begin to in......
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Creating Soul and Personality for Your Business (Part 1)

DisneyBy Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia How do we know what service experience we want our clients to feel if we don’t know what that experience is ourselves? We don’t, so it’s no wonder our industry is mostly confused when it comes to delivering the best client experience. Have you ever experienced that feeling when you walk into a particular business and feel a culture, energy, or vibe that makes you feel good – appreciated and respected – yet you just can’t put your finger on why you feel that way? I have on many occasions. It’s what I refer to as business with soul and personality – there businesses seem to know who they are and what they are there for. It’s all about business by design. Knowing what your purpose is and what experience you want to create for your clients. Disney® knows that their purpose is to create happiness and they create a magical experience for their guests. It doesn’t matter whether their guests are visiting the parks, staying at one of their resorts, or attending a Disney® movie. If it has the name Disney® attached to it, you are assured of a magical experience. And then there is Virgin. The Virgin Group, no matter which branch of the company you are dealing with, are all about fun and laughter and crazy pranks. Every client knows that whether they are flying with Virgin, subscribing to their telephone service, or using any one of their multitudes of products and ser......
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Community from the tenants' point of view

Having been on MFI for two years now, I feel that there is a need for another perspective that most Insiders do not see.  Most everyone here has been on the leasing end so long that the feelings and needs of the tenants is more theoretical as opposed to someone who has lived in apartments most of their life.The word COMMUNITY is misused frequently here as it is not meant to be a grouping of people with a common thread (they all live at the same complex), but community to me is human interaction and exchange of ideas amongst residents of a community they call home.Ask yourself, "What have we done to promote COMMUNITY and distinguish our property from the rest?"  If the answer is a great pool, playground, fitness center or clubhouse, you are missing the meaning of community.  A better question may be, "What have we done to build relationships with our tenants and improve their social interactions?"  WHile a small percentage of people want to be shut-ins and not talk with anyone, I have found that most people want to meet others that they have something in common with.  Where they live is a great first thing to have in common.Interactions with tenants should not start off, "Yes?" or "Can I help you?" but should be, "Hi!  How are you doing today? Dis you see the new shrubbery we put along the fencing last week?"  Create a friendly environment for them to talk freely and work WITH you......
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A Property Management Revolution?

Rebuilding communitiesBy Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Property management… just mentioning those two words usually sets off a plethora of comments, memories and grunts. Most of them are bad memories and grunts of frustration, annoyance and mild to wild anger. Yep, this sector of the real estate industry has grown up to be like the delinquent teenage child who is hell bent on causing pain and humility, rebellious in every sense of the word. You only have to ask around to discover that this is a problem the world over… yes, that’s right, the world over. Why? There are many reasons why, but the good news is there is no need to be seen as the delinquent and rebellious child anymore. Property management is set to become the golden child of every real estate business. For those agencies that don’t provide leasing and management services it’s time to sit up and listen. It’s time to feel confident in knowing that as a business owner you can design and deliver the leasing and management service of your choice. It’s important to truly understand what we mean when we say the world is changing and so is the industry. Real estate businesses can no longer rely on commission from property sales alone. The last few years have highlighted the vulnerability each and every real estate business faces. First there was the Global Financial Crisis (GFC). The GFC should have been the wake up call to every real estate business owner needing to understand that ......
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Your Guide to Online Reputation Management

Online reputation managementBy Peter Lamandre, Better By Design Real Estate, Scranton, PA “It takes many good deeds to build a good reputation, and only one bad one to lose it.” - Benjamin Franklin We all work hard to build our reputations. I was speaking with a potential property management client yesterday, when I asked him if he had any questions about my firm. His reply was simple; “Yes, are you honest?” I chuckled and reminded him that he was a referral from one of our oldest clients. The fact of the matter is that people like to do business with those they know, like, and TRUST. In property management the TRUST part is a big piece — after all the owner of the property is basically saying here is my single biggest asset, you’re in charge; please make me lots of money. In the old days you would go to a chamber of commerce meeting, or an apartment association meeting, or a similar in-person event (we still do these things). In today’s internet-driven world, clients often first find you online then send you an email or fill out an online prospect form. The consumer will then conduct research online to find out all they can about you and your firm. The hard part is knowing what is said about you online — have you ever given thought to how many websites are out there? Here are some quick stats from pingdom.com: Websites 255 million – The number of websites as of December 2010 21.4 million – The number ......
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Set Ground Rules Early with Owners and Tenants

The Rule BookBy Ben Holubecki, STML Realty Group, Glen Ellyn, IL I’ve always had a lot of respect for professionals who truly learn from their mistakes.  Many of the top companies and executives in the world admit that they have made plenty of them over the years.  What sets the successful companies apart from the unsuccessful ones is the ability to immediately make adjustments and avoid making the same mistake twice.  It can be costly to make an error on the job but it can be devastating to repeatedly make the same mistake over and over again.  That’s why I sat down last week to reflect upon a recent string of lost property management accounts. Those of us who manage properties owned by others all have our steady, long-term clients.  These are the ones that we can count on.  We depend on them to provide the residual revenue that drives our business and allows us to operate on a monthly basis.  These owners generally defer to our decisions, believe in our process, and most importantly trust us to manage an important part of their investment portfolio.  In our experience we have found a common theme that runs along with most of these clients.  Ground rules and expectations were properly set at the beginning of those business relationships.  Although there are always ups and downs involved in managing any relationship when you are playing with someone else’s money, those hurdles can often be overcome if guidelines were properly established at the beginning of the relationship.  If ......
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Is Renting to Family and Friends Wise?

Pay RentBy Salvatore J. Friscia, San Diego Premier Property Management, San Diego, CA As a property management company the majority of our accounts are derived from real estate investors but many of our accountscome from owners that have only 1 rental unit which is usually a prior primary residence. They may have self managed the property at one time but usually something occurs that invokes them to seek professional property management. There are many reasons why but for some the final straw comes after dealing with the aftermath of renting to a family member or a friend. Rental real estate should be treated like any other business venture but if you’re not accustom to being a landlord it seldom is. Many new landlords make the mistake of filling their vacancy with friends or family members to avoid having to actually deal with finding a qualified tenant. At first the situation may seem like a perfect fit and a great way to reduce costs associated with vacancy and marketing. In most cases the owner/landlord will typically relax qualification measures and make concessions based on the relationship, including not requiring an application or security deposit. Right from the start this creates a relaxed environment and allows the family member or friend to perceive the situation as somewhat casual and flexible as opposed to contractual. Because they know the tenant the owner often develops a false sense of security and doesn’t anticipate any problems, “I know this person and I’m helping them out so why ......
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Tenant Selection in Today's Economic Environment

Tenant ScreeningBy Ben Holubecki, STML Realty Group, Glen Ellyn, IL I was recently on the phone with a rental property owner who was considering utilizing our leasing and property management services and he asked me an interesting question.  He asked me how the downturn in the economy and the flood of foreclosures and short sales had affected the way that we make decisions about rental application approvals.  I had not given the issue a lot of thought as the housing collapse didn’t exactly happen overnight.  However, as I reflected upon the way that we used to process rental applications a few years ago as compared to the way we do today there is a big difference in our process as well as the information that we deem important.  There are several factors that have contributed to the change in the way that tenants are screened and selected. The biggest factor that we have seen is that the market is now flooded with people who are converting from property owners to renters.  While a small percentage of these people are making this transition by choice, a huge percentage of them are being forced into rentals as a result of foreclosure, short sale, and the inability to procure financing for a home purchase.  This presents an interesting dilemma when reviewing a rental application as these applicants do not fit the typical renter’s profile that we are accustomed to making decisions about.  This has also forced traditional selling real estate agents into the rental market which c......
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Emergency Preparedness Plans for Property Management

Emergency Plan ChecklistBy Geoff Roberts, Buildium, Boston, MA We all had it drilled into our heads as kids: Better safe than sorry! Whether it was through fire drills or being told to wear a helmet when riding my bike, hearing this phrase is amongst my earliest memories. It may sound elementary, but it’s still true. And the same goes for your property. Having property emergency preparedness plans in place will help mitigate damage and protect the safety of your tenants in case of an unexpected event. What kind of plans do I need?  You will need to have a plan on hand in the event of fires, floods, earthquakes, and other unforeseen emergencies that may potentially apply to your region. Tenants need to know not only how to evacuate the building, but also what to do in cases where they must remain inthe building as a disastrous event occurs (such as an earthquake). In addition to outlining what residents should do in case of emergency, you will also need a solid plan of action for yourself and/or other responsible parties. Know what tasks must be performed and who is responsible for completing them. How do I create emergency plans for my property?  Your insurance agent, local fire department, local police department, and Red Cross may all have resources that can help you formulate your own emergency preparedness program. Additionally, professional property management associations, networking groups, or colleagues may be able to provide guidance. With that in mind, following are some items every emergency preparedness plan should cover: ......
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Handling Repairs - The Right and Wrong Way

By Salvatore J. Friscia, San Diego Premier Property Management, San Diego, CA Having to make repairs to your rental property should not come as a surprise. For some reason most owners drop the ball when it comes to handling maintenance requests from their tenants. Some owners struggle to understand the importance of addressing repair issues in a timely fashion. They fail to realize how the lack of maintenance affects the condition of their property and ultimately the quality of tenants the property attracts. The owner, not realizing that every rental property regardless of age will have its fair share of plumbing leaks, electrical problems, water heater issues, and broken appliances will either let maintenance repairs linger or handle them in a poor fashion. Repairs should not to be confused with the normal upkeep such as cleaning, changing light bulbs or plunging a clogged toilet. These issues are the responsibility of the tenant. Repairs can be considered anything a licensed bonded contractor should take care of such as; plumbing, electrical, appliance repair, heating/cooling, flooring, & construction. These types of repairs are best left to the professionals and when handled appropriately, exhibit the owner’s willingness to resolve repair issues properly and in a timely fashion. In some cases a handyman can be useful and worth the small fee to resolve minor repairs. Now, if you normally handle repair issues yourself and have the knowledge and experience to do so then that becomes a judgment call, but most owners would rather sit back and......
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