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The Relationship between Businesses and the Environment

The state of the environment impacts business and business impacts the environment. As environmental concerns become more dire, customers are more concerned about how their spending decisions effect the planet. A 2018 Futerra survey found that 88% of customers want businesses to help them achieve a more sustainable lifestyle, but 43% of respondents said that businesses make it harder to live sustainably. So, what are businesses doing for the environment?   Current Response One common response is digitization, which is the transition away from paper to digital files and electronic documentation. According to the World Wildlife Fund, the main reason for illegal forest degradation is logging which is largely used for the production of paper. Every year 18.7 million acres of forest are lost across the world. Eliminating paper can reduce the high levels of deforestation that significantly contributes to the increase of CO2 emissions in the atmosphere. Another relevant approach is going zero waste to landfill. This method is all about eliminating garbage. The goal is to take all waste, like packaging, old supplies, or broken equipment and find a meaningful way to reuse, recycle, or repurpose those items. In 2017, it was estimated that 4.51 pounds of garbage was produced per person, per day in the US. Consumption is so high, it’s hard to imagine how we can actually produce zero waste. But we can get closer by auditing waste in offices and responding accordingly, like thwarting the use of disposable items.   What your company does for the environment largely depends on how you engage with resources regularly. The success of initiatives a......
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3 Ways Property Managers Can Communicate Their Commitment to Sustainability

The pressure to operate your business using sustainable practices has existed for quite some time. General concern about the environment has been growing since the 1950s, now at its peak, businesses are making changes that reduce their impact on their environment. The decision to be more sustainable has many push factors but one main reason companies choose to “go green” is because it resonates with their customers and attracts new prospects. Once your company starts implementing their new strategy, you must then ensure your customers know about the changes, for it to affect your customers. Here are 3 ways to show your customers how you’re taking care of the environment. Marketing Develop a marketing strategy that aligns with your sustainability strategy to put the word out there and let everyone know what your new goals are related to the environment. Use press releases, emails, and social media. A simple announcement directed at your target audience can increase awareness of your increased commitment to a cause that resonates with your customers and can also generate word of mouth marketing. Neilson reports that the average American engages with media for approximately 10.5 hours every day. By directing marketing efforts on channels that get the most attention you increase your word of mouth marketing which according to Neilson, customers trust 92% more than any other form of advertisement. Branding On top of your other marketing efforts you should be rebranding your company as “environmentally friendly.” Branding is important for cultivating your reputation. Your brand represents how people identify your company and how they conn......
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The Revolving Maintenance Tech Door and how to close it

  I’m in the multifamily industry in St. Louis, MO and have been for almost 30 years.  It seems we have an ongoing, common issue with getting and keeping good maintenance techs.  With so many property management companies losing & needing great maintenance techs, I posed the question on our facebook page as to why good techs are leaving and the common answer was wages. They can make more with their own business or in commercial construction jobs and also avoid the issues with being on call.  So, I did some math. Again, I’m in the St. Louis market, so using some typical numbers we see here for this.    If the average rent is $900 per month and you lose just 6 residents a year due to poor maintenance, that’s a minimum of $5400.00 in vacancy loss if the apartment sits vacant for just 30 days. Now add in the wages paid to maintenance, contractors and leasing to turn and re-lease the units and the utility costs management will have to pay during this time, also any inspection fees. So, let’s add in another $500.00 per unit. Now we’re at $8400.00 for the 6 units we lost due to poor maintenance. And these number are conservative. In all likelihood it will be much more. And can we put a dollar amount on the poor reviews we’ll get and the chatter they’ll be telling literally everyone they know about the reason why they’re moving due to poor maintenance?? All the while, we’re spending ......
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Tips On Handling Your Inherited Tenant

As a new Investor you will find that most of the time you will inherit a tenant from the previous owner and you think this is a great thing; you won’t have to pay for advertising and you have a built in rental stream already coming in. This could be true however it is your responsibility to make sure this tenant is someone that you want to keep or legally have to keep.  Like everything else in a new acquisition, DO YOUR DUE DILIGENCE. Estoppel Certificate Make sure that you receive an estoppel certificate signed by the tenant.  An estoppel certificate is a document that outlines that everything is the way you were informed.  The certificate refers to the current lease and the terms of the existing lease (if there were any changes). The tenant signs off that they agree everything in the lease is as it seems and there are no additional terms agreed upon, nothing else is owed by either the landlord or the tenant. It should at the very minimum include the below: 1)      The lease dates (commencement and expiration) 2)      The date when rent is due 3)      The amount of rent 4)      Any deposit amounts 5)      If any modifications have been made to the lease 6)      If additional agreements have been made, a list of what those agreements are 7)      That no party to the lease is currently in default Follow the Lease C......
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