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

Multifamily Blogs

This is some blog description about this site

Tips for Finding the Right Realtor

Getting ready to purchase or sell property? The first step to a smooth real estate transaction is finding the right real estate agent. Throughout the property selling and purchasing processes, your real estate agent will be your eyes, your sounding board, and your advocate. Here are some things to consider when selecting your real estate agent. Referrals from Trusted Sources Nothing is a better testament to a realtors ability than a proven track record. Ask friends and associates for agent referrals. It’s particularly helpful to speak with trusted sources whose situations are similar to your own. For example, if you are looking to purchase a multi-unit investment property, seeking referrals from other multi-unit investors may lead you toward a better match than asking someone who used a realtor to sell a single-family dwelling. Trust yourself too. Try visiting some open houses and meeting agents one-on-one. Open houses will give you the opportunity to meet a variety of agents and to get a feel for them, the properties they work with, and how your personalities mesh. Online Resources You can further narrow your search by doing some online research on sites like Yelp and Realtor.com to identify local realty companies and specific agents respectively. Also be sure to check out ActiveRain, a social networking platform for real estate agents that provides consumers with the opportunity to acquaint themselves with agents through professional blogs, profiles, and other online resources. Finally, keep an eye on relevant real estate transactions in your area (vis-a-vis local......
Continue reading
1308 Hits
0 Comments

Who Says T.V. isn't Educational?

One of the great benefits of the reality television craze is that distance education no longer has to cost any more than the price of your monthly cable television subscription. Of course this certainly does not apply to all sectors of reality television, but when it comes to house-flipping and home improvement shows on channels such as A&E, HGTV, and TLC  it certainly is possible to mix entertainment and education. Here are a few of our favorite TV shows that offer up some great business-minded take-away. Designed to Sell, HGTV Designed to Sell is perfect for those real estate investors who have done the hard work of renovations and are ready to flip their home. Or, for that matter, for anyone who is looking to sell their property and wants to command the best price possible. This show is inherently budget-friendly, with the premise of providing sellers with a maximum budget of $2,000 to invest in making their home as appealing as possible to would-be buyers (and, thus, maximizing the sale price). Designed to Sell relies on the expertise of interior designers, stagers,  and home improvement gurus, bringing a team of helping hands straight into your living room. Income Property, HGTV Though Income Property is geared toward first-time buyers who are looking to make some money from their homes by renting out rooms within their homes to cover their mortgage, host Scott McGillivray offers up a ton of tips that property managers can apply. With ten years of experience under his......
Continue reading
1804 Hits
2 Comments

Prostituting the Product

I got the ever eye-opening experience of re-shopping my comp's this week and again, the results continue to blow my mind.  As our industry continues to celebrate the renter, it is amazing how much prostitution of the product still exists.  (Disclaimer:  I am just as guilty on at least 1 of the below mentioned points.) This issue creates a question in my mind of how much damage we are doing to ourselves, our bottom line and the conditioning of our renters if we allow so much bend to our own rules.In my market at least, rent concessions abound,  move-in enticements border on giveaways and unfortunately, what I found this week is that an increasing number of our local competitors have significantly reduced their applicant requirements to fluff.It seems like approximately three years ago or more, we as an industry were talking foreclosure forgiveness, seeing newly or soon-to-be bankrupt and foreclosed homeower applicants as a gold mine for our industry.  The better hearted of us saw it as a way to provide viable housing options to those who would have previously been looked over.  I got it, agreed with it and pushed the concept.  However, that trend seems to have taken a turn for the worse.  Here's some of what I found this week in terms of trying to grab a broader market of renters:Rental history:  3 of the 10 comp's I shopped no longer require positive rental history.  Left leaving an apt. community a balance due?  No big deal.  So you got......
Continue reading
5419 Hits
6 Comments

To Sublet or Not to Sublet: A Tenant's Perspective

Throughout the course of my college and young professional years, I moved quite a bit — to new student housing, then back home for the summer, then to a new city for a new job. Throughout the course of these events roommates were shuffled and I encountered several different subletting scenarios, each of which was handled differently. For sake of better understanding a tenant’s reasons for subletting, I thought I would share a couple of the different scenarios that I encountered. Scenario #1: The Summer Sublet I first found myself subletting the summer following my graduation from graduate school. I hadn’t yet landed a job and wasn’t prepared to move back in with my parents, so I found an apartment to sublet in a condominium complex near a local University. I didn’t know the student whose room I was subletting or either of his two roommates, but the place was clean, spacious, and I’d have a balcony off of my room. I was psyched. In this scenario, I simply paid rent to the tenant whose room I was subletting. He asked for a $300 security deposit and then I mailed him a rent check every month for the duration of the summer. I wasn’t in my new place very much and was always quiet and respectful, so the situation worked out great — I even got my security deposit back. That said, I’m pretty sure the property managers had no idea that I was living in the apartment or that it......
Continue reading
4197 Hits
0 Comments

To Sublet or Not to Sublet: A Property Manager's Perspective

Chances are you put a lot of effort into finding just the right tenant to entrust with your unit: you run a credit and criminal background check, you verify employment, you speak with applicants’ past landlords, and perhaps you even require an additional personal reference or two. In short, you do everything within your power to make sure that your unit is rented to the most reliable, responsible tenant possible. Performing this due diligence protects your property, your financial well-being, and also generally makes your life easier by bettering the chances that you’ve selected a tenant who will be a thoughtful neighbor to other tenants on your property. Therein lies the biggest problem with subletting units: in such instances, you are typically entrusting this screening process to another party, essentially allowing a pre-existing tenant to select someone to occupy your unit on your behalf. Of course, it certainly works in the pre-existing tenant’s best interest to find a subletor who is responsible, who will take care of the unit, and who will make rent payments in a timely manner. After all, it’s the pre-existing tenant who will remain on the lease and ultimately be held responsible for any damage or financial obligations until the initial lease term has run its course. However, most tenants simply don’t have experience in property management or a complete handle on what it is that constitutes an ideal tenant. Because of this, problems can arise when subletting enters the equation. On the other hand, there are......
Continue reading
3129 Hits
0 Comments

Training Idea's & Suggestions for 2011

 Why is training so important?   Training your onsite staff is extremely important especially now with 2011 coming up. This is the year for the Multi Family Housing Industry. We have already started witnessing numbers changing for the good and it will only get better from here. Now is the time to monopolize this by making sure we have well trained staff onsite. A well trained staff that knows what they are doing will make a big difference in your portfolio.   There are different ways to train your staff from using Grace Hill, The Telephone Doctor, Toni Blake, Kate Good, and The Training Factor. But those all cost money and sometimes we just don’t have it in the budget. But I will tell you if you can spring for it at least once Skype with Toni Blake for all the Leasing Specialist in your company or region. It is worth the money and your staff will walk out energized and ready to take on the world. What you have to do as an owner, regional, or corporate leader is decide what will work best for you’re on site staff when it comes to training.   One of the things that I loved and miss about my previous company was our monthly Leasing Classes that the regional’s had for us. Sometimes they would be for three hours or all day depending on what they wanted to train us on to help improve our leasing skills. We went from a region where......
Continue reading
2129 Hits
3 Comments

Property Management New Year's Resolutions

New Year's property management resolutionsAs 2010 draws to a close, it’s a good time to reflect on lessons from the past year and apply them to the future. As you prepare to move into 2011, be sure that you know not only what didn’t work in 2010, but also what did. After all, the goal is not to create a cycle of constantly tweaking systems and procedures but, rather, to find methods that work optimally for you and your tenants and stick with them. For an overview of where 2010 leaves you, begin by honestly asking yourself the following two questions: What was the highlight of my property management year? What was the lowlight of my property management year? When you’ve answered both of these questions, you should have a good idea of where you stand. Say, for example, that the highlight of your year was filling 40 percent of your available vacancies throughtenant referrals. This indicates that you are doing a great job of keeping your units in good shape and keeping tenants happy—in other words, in both of these realms, you’ve already found a formula that works. Though you may want to make little adjustments in these areas here and there, for the most part, you should continue doing exactly what you’ve done in 2010 on into 2011. Conversely, once you’ve come up with the lowlight of your year, you’ll want to determine why it happened and what needs to be changed in 2011 to prevent a similar occurrence from happening again. Let’s say, for example, ......
Continue reading
4423 Hits
0 Comments

Happy Holidays Equal Happy Tenants

It’s the holiday season, and no one wants to be the neighborhood Scrooge. Those tenants that want to go all out when it comes to decorating for the holidays can do so in their own units, but it’s also nice to incorporate subtle bits of holiday cheer to the common areas of your property. Think of it as one of those little touches that demonstrates your ongoing investment in and appreciation of your tenants. Holiday decorations are a great low-budget way to make your property more cozy and cheerful for tenants. After all, tenants who truly feel like their units are “home” will be far less likely to move. Decorating doesn’t have to cost a lot of money, nor do you have to decorate with items that require a lot of upkeep (as we all know, Christmas trees, though fun to look at, can require a lot of regular attention when it comes to sweeping up and keeping them watered–not to mention the fact that a dry tree can be a fire hazard). Consider incorporating one or more of these simple items to jazz up your properties with some holiday cheer. Light it Up While hanging lights around the entire exterior of your property may be more effort than you want to exert, lights can provide a quick holiday fix when used in other ways–wind them around banisters or string them in pre-existing plants in common areas. A conservative amount of lights is extremely affordable at common chains like CVS and Target (a......
Continue reading
2191 Hits
1 Comment

Property Management Stories from the Front Lines

We need your help! Throughout the course of writing the Buildium Blog we’ve covered countless property management scenarios. We hope that our property management tips, advice, and best practices have been helpful to your company — at the very least we hope that they have provided you with an opportunity to reflect on the way that your company does business.

We constantly hear stories from property managers — those of you who are out there managing your properties day-in and day-out — pertaining to specific challenges, nightmares, or unique occurrences encountered on the job. Whether your story is funny, horrifying, or enlightening we’d like to give you the opportunity to share. Buildium will now be accepting submissions for our “Property Management Stories from the Front Lines” series of blog posts.

So what do you need to do? Send us an e-mail detailing your story and what you think makes it unique. The best stories will become a series of blog posts on the Buildium Blog, which can then be weighed in on by other industry professionals. In exchange for your story we will highlight your company, your expertise, and your company website at the end of each post. This will provide great visibility for your business, and great discussion points for all of our readers.

Please e-mail submissions to This email address is being protected from spambots. You need JavaScript enabled to view it.. We look forward to hearing your story!

-The Buildium Team


Property Management Software Rental Property Management Software Landlord Software HOA Software Property Management
3621 Hits
0 Comments

Finding the Right Multi-Family Property Investment

In many ways, the current economic climate makes for a great time to purchase a multi-family investment property. The prominence of short sales and foreclosures has given way to good purchase prices in many areas of the country. Add to this the fact that there are some incredible interest rates out there right now (even for investors) and the fact that many former homeowners have now found themselves back in the rental market, and there’s a very valid argument that this is a good time to get into the multi-family market. If you are considering making a multi-family property investment of your own, following are a few things to consider before taking the leap. Know what you’re looking for Before you even begin to look at properties, have a clear idea of what you’re looking for and what you’re willing to put into a property, both financially and in terms of your time. Of course, this is always subject to change if you find just the right place, but that doesn’t mean that you shouldn’t go into the house-hunting process without a fairly narrow baseline in mind. Aside from basics like location and size, you also want to have know whether you’re looking for a “fixer-upper” or a “as-is” property. Look at the whole package Looking for a multi-family investment property is different from looking for a single-family home and requires a bit more of a discerning eye. Remember that you will be renting multiple units out to different tenants. To......
Continue reading
3859 Hits
0 Comments