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

Multifamily Blogs

This is some blog description about this site

5 Things Landlords Can Do To Help Support Their Tenants During These Unknown Times

Since the early part of the year, the news about the Coronavirus has continued to spread. With all of the unknowns about this virus, it can be challenging to navigate what you should be doing as a property owner to help support your tenants during these unknown times. As a landlord, you have a responsibility to help keep your tenants safe. You might also be worried about how your tenants are handling all that is going on. As a property manager, you might even feel a bit responsible for your tenants and you want to do what you can to help them during these unprecedented times. Here are five things that you can consider doing in order to help your tenants at this time.  1. Offer Assistance on Rent if Able There are going to be several people living in your apartments that are simply not going to be able to pay their rent this month and possibly over the next couple of months. One of the things that you can do as a landlord is reach out to these people and offer some type of assistance if you are able. This assistance could be in the form of a payment plan of some type. You need their rent money to continue paying bills, but also know that they might truly be struggling. Work with your tenants to come up with some type of solution that will work for both of you.    Another way that you can help your tenants......
Continue reading
1415 Hits
0 Comments

How to Convert Free and Paid Leads to Paying Multifamily Tenants

How to Convert Free and Paid Leads to Paying Multifamily Tenants
Many apartment property managers wonder just what to do next with free or even paid tenant leads. How can managers be sure to convert those leads to paying tenants? The following tips should help property managers convert valuable tenant leads to tenants in little time! Convert Leads by Impressing Them with Amenities “Not to brag but…” Sometimes there are occasions where bragging actually works. And if your property boasts beautiful views, clean swimming pools, video intercom, and a spotless gym, then work it! Find out what your leads want most in a new rental, and if you have it, then make sure they know it! Convert Leads by being Honest with Them The minute you start sugarcoating EVERYTHING is the minute that you lose potential tenants. Leads are human, too, and they can typically sense that there is something to hide when everything is portrayed as perfect. It’s okay to point out some realistic flaws, just be sure to tell them if and WHEN those flaws will be fixed! Convert Leads by Showing that “Supplies are Limited” Supply and demand; it’s what makes our economy tick, right? Well, the same goes for filling vacant apartments. If the supply is much higher than the demand, then there is no sense of urgency. If there is no sense of urgency, then another property might snatch your lead just because they screamed, “act now!” So if you’ve shown someone the same place earlier in the week, then be sure they know it! Convert Leads by Showing Exciteme......
Continue reading
1366 Hits
0 Comments

Potential Nightmares That Occur When Students Post Apartments on Airbnb

With many short-term subletting options available for renters looking at posting their apartments on sites like Airbnb, couch surfer, vrbo, HomeAway, and others, it has now become easy for anyone to make that extra buck off that empty room (or couch) in a short period.  A recent study reveals that the leader in short-term rental, Airbnb, is now active in 192 countries, 57,000 cities and 173,000 units are listed in the US alone. With such phenomenal numbers, what does that mean for a property management company? Trimark Properties, a student housing property management firm based in Gainesville, Florida, is experiencing our first web-2.0 year, with students posting their apartments on the popular short-term rental websites. We offer apartments near UF and typically leases to University of Florida College students who enter into one-year lease terms, and we recently discovered a listing for one of our apartments on Airbnb, where the tenant had used photos and text from the Trimark Properties website. Many of Trimark’s renters are only attending college for ten months, but their apartment lease contracts are twelve months long. The renter, therefore, has two months when they will not be living in the apartment but has to pay rent. Does that give them a free ticket to use sites such as Airbnb to collect additional rent from a stranger while they are away on vacation? “Our lease agreement specifically prohibits our tenants from listing their apartments on short-term rental websites. Most of the people who rent apartments in Gainesville are......
Continue reading
4089 Hits
7 Comments

Breaking Down The Student Housing Stereotype

Breaking Down The Student Housing Stereotype
  Popular culture and film has a funny way of influencing the public’s opinion on practically any topic, student housing included. Let’s go back as far as 1978 when the film Animal House was released. This iconic film gave viewers a taste of fraternity style living, albeit an inaccurate representation. This depiction of student living and accommodations would be reiterated time and time again in practically every college movie released since 1978. The residence in Animal House would contribute to what we see today as the student housing stereotype. This label is one in which student accommodations are often negatively perceived; over-crowded, single-family dwellings in shoddy condition and ill-maintained, which are inhabited by young troublemakers who are a constant source of neighborhood disturbances. This is the basis of the student housing stereotype; an outdated misrepresentation of student living that has been reinforced over time.   The student housing industry has been fighting an uphill battle, as it modernizes and tries to distance itself from this inaccurate label. The problem is that the general public often sees student housing as a bad thing, which is why student housing developments are often met with protest from local neighborhood groups. Student housing is sometimes seen as being intrusive and is unwelcomed in family neighborhoods, as residents fear it will change their area for the worse.   What these local groups fail to realize is that new and modern student housing isn’t anything like the preconceived ideas they may have in their mind. In fact, most purpose-built student housing is built......
Continue reading
1265 Hits
0 Comments

3 Tips to Vamp Up your Rental Listing’s Photos

3 Tips to Vamp Up your Rental Listing’s Photos

The look of your rental property can make or break an applicant’s interest in becoming your new tenant. For most millennial applicants, visual media is a must for even a phone call. While using a DSLR camera or high resolution camcorder would be ideal, these few tricks you can use with your smart phone can help make your rental look enticing to potential applicants.

Continue reading
2486 Hits
2 Comments

The most bang for your buck—ILS or Website?

I’m sure those three letters—I-L-S (or Internet Listing Service)—have creeped their way into every leasing office discussion at one time or another. Forrent.com, Apartmentguide.com and Mynewplace.com are just a few who have made their marks in the apartment industry—but the list is growing daily. Many Property Managers, especially those managing smaller communities, are left torn between investing their marketing dollars into an ILS or a website. While both of these mediums offer their own set of unique benefits, you should know the advantages and disadvantages associated with each.

Continue reading
388 Hits
0 Comments

7 Tips To Simplify The Student Housing Move-In Rush

7 Tips To Simplify The Student Housing Move-In Rush
September is almost here, which means the turn season is just around the corner. Wondering what turn season is? This is the period of time typically in August & September when students vacate rental units and new tenants move-in. It’s a hectic and stressful time for all involved.     However, there are a few tricks of the trade that can make this time frame a bit easier for landlords and property managers, resulting in happier tenants also.  1. Stagger Move-In & Move-Out Dates: It’s recommended that landlords have a small window of time between lease dates.  Quite often, general maintenance and cleaning will need to be done to each rental unit before it’s ready for the next tenants. By avoiding back-to-back lease dates, the landlord can allow a day or two to accomplish this.   2. Charge Key Replacement Fees for Unreturned Keys: It’s a hassle for landlords to track down keys that weren’t returned by tenants and it can be a great inconvenience for the next renters. It’s best to include a lease provision stating that a charge will be deducted from the tenant’s security deposit, if keys are not returned by a specified date. This will increase the likelihood of keys being returned promptly.  3. Go Digital: Many time-consuming tasks associated with move-in and move-outs can be handled online, which would dramatically save time. For example, lease applications, deposits and rental payments can all be easily handled digitally, eliminating a significant amount of paper work and time.   4. Provide a Mov......
Continue reading
2153 Hits
5 Comments

How To Keep Student Tenants For Their Entire Academic Career

How To Keep Student Tenants For Their Entire Academic Career
Finding new tenants each academic year can be a real burden on landlords and property managers. Tenant retention is an important issue which sometimes gets overlooked when it comes to student housing. Generally speaking, most college and university programs last between 2 to 4 years.   Many student renters will change up their accommodation each passing year, making landlords constantly on the hunt for new tenants. The process of replacing student tenants each year can be both time-consuming and costly. This process often involves a full cleaning of the rental, extensive planning and marketing, responding to email and phone inquiries, screening applicants and finally selecting the tenants.   But what if a landlord could keep student tenants for their entire academic career? Here are some tips on how to accomplish that!   Incentivize longer leases: One method to encourage an extended lease is to offer a discounted rental rate if a longer lease is signed. For example, a 1-year lease would have a rental price of $1,000 per month, 2-year would be $950 per month, 3-year would be $900 per month and so forth. A tenant could save quite a bit of money if they are willing to commit to a longer lease.  Offer discounted rent during months they aren’t occupying the rental:Most academic programs only last 8-9 months and typically students will be locked into a 12-month lease, where they pay for a few months when they aren’t occupying the unit. One option to help student tenants is to allow subletting. Ano......
Continue reading
1916 Hits
0 Comments

How to Stick with Honesty and Still Increase and Maintain Occupancy

How to Stick with Honesty and Still Increase and Maintain Occupancy
Some of the most in-demand and fast-selling products and services have big weaknesses, but those weaknesses aren’t getting in the way of making a sale. It’s not that the disadvantage isn’t serious enough to stop buyers, but that the person selling knows how to sell it, even while remaining completely honest.  Some apartments have major downfalls, especially when the maintenance budget is low, or when the old owners simply weren’t doing their jobs. Even with the greatest properties the prospect could have some objections that appear impossible to overcome, such as a location issues, lease terms that they find unattractive and more. In any event, providing people with an apartment is a service. That means you’re actually in the business of customer service.  A business that is keen in providing great customer service is a profitable one, but morality and ethics are the foundations of great service. Doesn’t that mean you’re better off clinging tightly to honesty than leasing on lies?  Learn to Love Objections You should come to love objections because they are doorways through which you can be persuasive and build a relationship with your potential residents. If you learn to perceive objections as opportunities instead of obstacles, then it’ll be all the easier for you to overcome them.  Learn to Listen to Your Prospects When communicating with a prospect in the hopes of getting them to sign, some people just can’t stop talking. They seem to think that the more and the faster they talk the more likely they’ll get the u......
Continue reading
1160 Hits
0 Comments

Collecting Rent: Which payment method is best for landlords & student renters?

Collecting Rent: Which payment method is best for landlords & student renters?
It should come as no surprise that most young college students have never actually written a check. Times have changed significantly! The old ways of paying rent are slowly becoming dated and less favorable for today’s generation of renters. Let’s review a variety of payment methods and the pros and cons for each.Cash:Cash is king, as the saying goes. This isn’t always the case when it comes to paying rent though. Many landlords with a room for rent within their home would gladly take cash as payment; however, student housing operators, leasing companies and property managers will likely not accept cash.   Wondering why?   Cash must generally be accepted in person. Landlords and property managers would not want a tenant leaving cash in an envelope at the property or sending it via the mail.  Cash creates more of a hassle. The landlord would have to pick up the money, provide a receipt each month, and then make a bank deposit immediately.   Cash doesn’t leave as effective a paper trail for records, especially if it’s not accounted for properly. There are far easier methods of payment for both landlords and tenants.   Personal Check:Checks are most convenient for landlords and property managers, as the accounting process is easiest. When a check clears the bank, it instantly creates a record of payment. The problem is that a lot of student renters don’t have checks, have never written a check, or prefer to pay in a different manner.   Other issues to consider are the pot......
Continue reading
9527 Hits
1 Comment