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The Top 10 Reasons a Leasing Professional Quits

A few weeks ago Suzanne Hopson asked a great question on the Multifamily ShareSpace - What do you think the top reasons are that leasing professionals quit? 

There were so many great responses that I decided to showcase my personal top 10 favorite comments for why leasing consultants walk out the door.  Enjoy, and feel free to add any additional in the comments!

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Are Environmental Investigations Always Necessary When Buying a Property?

The short answer is no, the federal regulations do not obligate property buyers to conduct environmental investigations or in more correct terms, to perform a Phase I Environmental Site Assessment (ESA) in every case that there is a commercial real estate transaction. However, there’s more to this than a simple yes or no answer, which is why we will have to go deeper into this important topic. What Are Environmental Investigations or Environmental Site Assessments? A Phase I ESA is a report made for real estate that suspects potential for existing environmental contamination liabilities. These assessments are performed on both the land and the improvements made upon it. In most cases, these assessments are there to mitigate the environmental concern any side has when a real estate transaction is involved. The fear may be from the seller, the buyer, or even the bank. In rare cases, a Phase I ESA report will find problems that will create cause for another study – Phase II ESA that looks to perform chemical analysis of any hazardous substances that were found in Phase I. As these cases are rare, we are here to look only at Phase I ESA. When Are Phase I ESAs performed? As we previously mentioned, Phase I ESA is performed when there’s worry that an environmental risk might exist in connection to the property. Let’s take a look at the reasons which prompt the initiation of Phase I ESA: If any hazardous material such as gasoline, heating oil, fuel, etc. has or ......
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7 Crucial Questions to Address Prior to Implementing Self Tours

7 Crucial Questions to Address Prior to Implementing Self Tours
The shiny new object of our industry in 2019 is “self-guided tours,” allowing prospects to visit communities and tour without a team member. While allowing someone to tour themselves isn’t new, and was how less professional buildings conducted operations even as recent as a decade ago, this time it’s here to stay.   With the evolution of technology, the self-guided tour experience can now be purposeful, intentional and fabulous. Before jumping in the self-tour deep end, however, there are crucial questions to address. Of course, there will be lessons learned and pivots to perfect this approach, but thinking ahead will create a better experience and save headaches down the road. Remember when Facebook was a new shiny object and properties started creating pages with fake birthdays as if the property was a person? Then the page sat stagnant because there wasn’t a plan on how to implement and manage them.  Knowing the objective is half the battle.   As you determine whether you want to implement self-guided tours as an option for your prospects, think through your objective, your brand and the experience you want prospects to have. Consider what industries and businesses have effective self-service business models and what you like about their models from your local grocery store to Silver Car.  Then, address these questions: Will prospects have a choice or will self-guided tours be the only way to see a home? Will prospects be able to tour outside of the office hours? How will you verify people who will be walking t......
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4 Ways to Better Utilize Your Thank You Page

4 Ways to Better Utilize Your Thank You Page
When a prospective resident submits a contact form or request for information on your website, he or she is most likely redirected to a pop-up message or page that says something along the lines of, "Thank you, your form has been submitted."   However, your thank you page presents the perfect opportunity to take your marketing efforts a step further, rather than simply acknowledging receipt of a submission.   Here are 4 thank you page ideas worth implementing:   #1 – Resident Testimonials One of the most effective marketing strategies, testimonials give your brand a major boost in the credibility department. There is no better testament to the quality of your apartment community than hearing directly from current or previous clients.  Consider including testimonials on your thank you page. For example:   Thank You for your submission! Someone from our team will be in touch with you shortly to provide more information, answer any questions you may have, or schedule a tour. In the meantime, check out what our current residents are saying about [Community Name].   Include three to four high-quality testimonials.   #2 – Promote Social Media If your community is active on social media, the thank you page is a great place to promote your channels. Include icons that link right to your social pages. You could also include some kind of offer or incentive for any individuals who follow you on social media. Again, your thank you page could read just like our previous example above with the addition of, “in the m......
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From Imagination to Implementation – MICA in Review

MICA II 2019 (8 of 53)As long-standing supporters of the annual AIM conference in Southern California, we had been looking forward to the launch of its south-eastern sister conference – MICA (Multifamily Innovation Conference Atlanta) – which took place last week. The inaugural MICA event promised a showcase for innovation in one of the nation’s multifamily industry hotbeds, and it didn’t disappoint. An impressive crowd experienced a program that ranged from the creative, cutting edge of marketing to the nuts and bolts of implementing the innovations that residents are increasingly expecting of multifamily providers.  First, the “Wow Factor”  Day One featured – amongst other things - Frederik Eklund, uber-successful New York residential real estate broker and the star of Million Dollar Listing. Besides bringing some much-appreciated stardust to this new meeting, Frederik shared insights into brand-building in the New York luxury real estate market. The themes are familiar: beyond location, location, location, high-end buildings are increasingly using hospitality-like services and experiences to attract buyers. The discussion on stage was punctuated by some quite beautiful examples of websites for multifamily properties. The content reminded us of the ways that immersive, persona-based branding is helping to establish the lifestyle experiences that attract today’s discerning residents. Interestingly, the discussion turned at one point to self-show, and its appeal relative to current leasing experiences. A show of hands revealed that only one company represented in the audience was currently inviting prospects to conduct an unaccompanied tour. Those following this area of multifamily technology will be unsurprised to learn that it was a single-family housing company.......
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The Lost Art of Making the Customer Connection

Like any sales position, making that customer connection as a first impression is huge. In fact, I believe it is underrated and understated. As a previous leasing consultant, I have had many prospective residents share with me that although the property I worked at may have not been the newest, have the best amenities or the greatest specials, it was in fact the connection with me that pushed them to commit and lease. These often turned into long term residents as well. Making that connection starts with listening. As I spent time with the customer and really listened to their needs, the connection allowed them to put trust in me as a representative of the company or owner. A "relationship" was formed by taking the time to really get to know the customer and help them figure out what is best for them. Knowing that I put their needs first, didn't rush the process or even push them to make a decision, allowed the customer to gain trust that I really had their best interest in mind. The more experience I gained meeting customers and discussing their needs and "hot points", I realized that the connection process is really different with each type of personality. As an example, when helping a customer which appeared to be an "engineer" type, I discussed the information as it related to very specific details and the logistics side of leasing. This personality doesn't typically make emotional decisions and wants to arm themselves with as much......
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The Impact of Company Culture

Throughout virtually every industry, companies regularly tout the merits of a strong company culture. While it’s true that the presence of a flourishing culture is a common facet of many successful businesses, precisely what that label entails is somewhat abstract.   Without context, the term “culture” can seem a bit generic. But those who work amidst that dynamic undoubtedly understand that a positive workplace vibe can strengthen the daily performance of team members and increase the efficiency of the company as a whole. According to Gallup, companies with above-average levels of employee engagement enjoy 147 percent more earnings per share.   On the surface, a strong company culture refers to a happy workplace where the employees like one another and little disconnect can be found between departments. But it’s a lot more than that, and it’s built over time. Various methods can be utilized to enhance company culture – offsite team-builder events, fostering team collaboration in the workplace, empowering and trusting team members, incentives, etc. – and if a company is able to achieve it, the benefits are widespread.   Better Morale There are people who love their job and those who go to work to collect a paycheck. Those working alongside a healthy, thriving company culture generally fall into the former category. The workday is much more brisk and fulfilling when you’re happy, and equally importantly, around happy people. A negative company culture can drain the life from employees while an upbeat vibe creates higher-performing associates. Fortune regularly ranks the 100 best compa......
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Suppliers: When Should You Approach A New Company About Your Product or Service?

We asked the Multifamily ShareSpace community their preference for when they would like to be pitched on a new product or service, and the results were extremely consistent!  The winner, by far, was August, with April coming in a far second.  All other months trailed far behind.  Here are the results from the discussion:

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Important Paragraphs to Look For in a Laundry Room Lease

Greetings Gentle Readers!  Important Disclosure: I am not a real estate attorney and I only offer my anecdotal and work experience in the informational blogs I write.  Should any legal question arise from your readings please consult with your in house counsel or locate an attorney for a legal opinion.  I'm happy to give my opinion/response which is business based and not grounded in real estate law.  Here's a quick "laundry list" of lease paragraphs...this is not all inclusive as each lease may be modified and negotiated by both counter parties....but it should suffice to kick start a discussion.... Firstly, Keep in mind that the laundry vendors have written the leases they prefer to use and generally it's written to their benefit but if you read the leases carefully you'll find there are areas that are negotiable and non negotiable.   Not all laundry vendors use the same format, language and clauses so don't assume one lease is like another.   Preamble -  identifies Lessor (property) and Lessee (laundry vendor) - includes date of execution & lessor description and address,     A typical lease will include number of apt. units and identifies number of units with connections (if applicable)  - keep in mind that if you have in-unit connections for washes and dryers you present competition for the laundry room resulting in possibly reduced usage and reduced revenue.  Laundry vendors will want to know how many in unit connections are in play at lease execution.  That is a known risk.   Furthermore there will be......
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Your 'No Excuses' Guide to Welcoming New Residents. Each one. All the time. Without Fail.

The Roomba Revelation     The Roomba is one of our favorite autonomous inventions. There are a lot of ways people can spend their time, and vacuuming doesn’t have to be one of them. All you need to do is tell it what time of day to vacuum and you have one less chore to do every week. It is such a simple concept, yet it has been insanely popular. iRobot ships over one million units every year. The Roomba isn’t successful because vacuuming is a difficult task. It’s successful because it eliminates the need for individuals to complete a monotonous, time-consuming task. Let’s be honest, a lot of us would love to say we vacuum every week, but that isn’t the case. Yes, vacuuming is essential, but skipping it for the week isn’t going to stop your household from running like laundry and dishes. We are busy. Finding time to squeeze in vacuuming doesn’t always happen. Stories of innovation like Roomba inspire us to make improvements for multifamily. Multifamily agents and marketers are overwhelmed with ‘chores’ that are repetitive and quickly forgotten.  One example: Resident Welcome.   What does a Resident Welcome email campaign entail? Welcoming residents helps set the tone for the resident’s experience. It is the first interaction with your prospects after they sign a lease. The resident welcome emails help you show your customers that you care about them, not just making a sale. Unfortunately, agents are swamped with nurturing prospects, handling resident’s needs, hosting events and about a hundred other......
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