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Custom 3D Modeling: When To Know If It Is Right For Your Property (Free Estimate Tool)

We often times get asked how much does it cost to add virtual tours, 3D floor plans, or photo-realistic renderings to our property's portfolio. To help with this question we've made a tool. When it comes to 3D modeling there are typically two types of vendors: Custom 3D Modeling/Rendering Firms & Out-Of-The-Box Solutions (like floorplanner.com or 3dplans.com). While the Out-Of-The-Box solutions are often times cheaper, you dont always have the ability to accurately represent your space. These solutions are often limited in terms of finishes, selections, materials, furnishings, etc. Custom 3D modeling on the other hand allows you to control every square inch of your unit or spaces design, ultimately better representing what they will look like when construction is complete. Here are three ways to tell if custom 3D modeling is right for your team. Your Property Is Still Being Built/Under Construction We have found that this is the best time to add custom 3D Modeling assets to your portfolio. Why? Because it is quite literally impossible to showcase your spaces any other way. Custom 3D modeling gives you the ability to the match finishes, furnishings, materials, fixtures, and more that your team has decided to use months before construction has been completed. Once these assets are created you are free to add them to ILS, like apartmets.com, Zillow, and more to start building out your pre-leasing lists. Renovations & Additions Much like the point above, it is extremely hard to show something that is being built or is not yet......
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Will Multifamily Real Estate Housing Crash in 2022?


I have some very strong predictions about whether there will be a multifamily real estate housing crash in 2022.

Will there be a multifamily real estate housing crash in 2022? Hell no! Here are the reasons:

  • We need to build 325,000 new apartment homes each year on average, which we haven't done since 1989. We only did 289k in 2020, which was an extremely active year by any standards.
  • We need to build over 4 million apartment homes by 2030. And another 10-12 million apartments need renovation during that time. We aren't even close to being on track.
  • Immigration is predicted to account for half of all new U.S. population growth through 2030 and immigrants mostly rent.
  • For millennials 22-37 most common form of living is renting.
  • Seniors are choosing the convenience of apartment living over ownership.
  • Renters in the U.S. are near 39 million people, which is about 1 in 8!
  • Even if home prices flatten or go down in 2022, which is highly doubtful, they still won’t go down anywhere near enough to then shift renters to buyers.

Hear more in the video: 

 

 

 

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Showing Gratitude to Your Team - Can They SEE It?

Showing Gratitude to Your Team Can They SEE Your Thankfulness? Today we will do the obligatory Thanksgiving gratitude post. After all, its that time of year when we are practically forced to consider our blessings. So along with the ocean of other articles extolling the importance of being thankful, allow me to present one more. But I will add the Rick Ellis spin. 😇  Who Do You Spend the Most Time With? If you don’t count sleep time, we spend as much time or more with our work team than our family and home team. Your coworker may see you more than their spouse!  That makes you a very significant person in their life. Its a lot to ask of your team, isn’t it? To spend at least a third of their life working for or with you?  Its one thing to be thankful for your hardworking and loyal onsite team. But how do you show gratitude? Can your team see, feel, and experience your gratitude for them? Making Your "Thank You’s” Mean Something There is nothing wrong with a sincere “attaboy/girl” or well-crafted thank you note. These are nice gestures but may I suggest something more memorable? Consider these tips to show your team how much you really appreciate them. Greet every team member by name...and with warmth and sincerity. This will be difficult at first but the more you do it, the better you will get. Keep it up and your team will begin to respond positively and model your behavior. Learn and remember the names of their family members and significant others. L......
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Five Essential Steps to Get Your Property Ready for the Holiday Season (+FREE TEMPLATE)

Five Essential Steps to Get Your Property Ready for the Holiday Season (+FREE TEMPLATE)

Managing an apartment community is rarely straightforward, but your job can get a lot more complicated during the holiday season with changing weather, increased deliveries, and overnight guests. This blog will cover a list of the top five winter property management tips to help you make sure your staff and residents have the best experience possible this holiday season. And don't forget to download the free resident holiday email template!    1. Send a holiday newsletter to residents Your residents started making their holiday plans as early as September, so it’s best to send your holiday newsletter ASAP. While your newsletter can be as creative as you want, make sure to cover a few key points that your residents need to know.  Holiday business hours: Many businesses have different hours to allow employees time at home with their loved ones during the holiday season. If your staff is taking time off or adjusting their schedules, include that information in the newsletter. Your residents will want to know if the doorman is gone for a week or the front desk will be closing early.  Fire safety warnings: Did you know that Christmas trees are one of the most common causes of residential fires? And more cooking fires happen on Thanksgiving than on any other day of the year. So, include apartment safety tips for residents like using non-flammable decorations and turning lights off when unattended.   Guest policy: Many residents have family and friends coming to visit during the holidays. So, if you h......
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Networking With Gratitude

Networking With Gratitude
Amazing how a networking event creates gratitude.  A few weeks ago, I had the opportunity to attend a networking event with several of the colleagues that have influenced my career.  It encouraged me to take stock of the opportunity to meet, work with and the experiences this industry has provided. Thirty years ago, I was working for the local police department, a Police Service Officer, but the position had been funded with a special grant and the funding expired.  One of the police officers in my section mentioned the apartment community where he lived, was hiring.  Using him as a reference I applied for a part time leasing position for a senior property with Section 8 assistance.  A few weeks later, I joined the property management industry.  Part time, became full time, leasing became managing, managing a single property location grew to a multi site responsibility.  Then the promotion to oversee a portfolio of properties.  Property Management has been my passion for thirty years. My exploration into blog posting with Property Management Minutes is an effort to give back to an industry that has given me much.  People describe the challenge of property management, “something different every day.”  I love the challenge with the variety of disciplines; Sales, Marketing, Customer Service, Business Management, Supervision, Training, Maintenance, Renovating; the list goes on.  I love it! My first experiences were properties owned and managed by Oxford Management.  I had the privilege’s of working with industry greats, Alex Jackiw, Howard Campbell, Sherre Helmer.  Many of my......
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Culture Cultivation: How to Build It at New and Existing Organizations

Culture Cultivation: How to Build It at New and Existing Organizations
People hear me say it all the time: Culture is the single-most important element in the success of a company.  The blueprint to cultivate that culture, however, can vary widely as no one-size-fits-all solution exists. Today we’ll examine the differences between creating culture at a new company as opposed to an established one. While they are separate challenges, each presents a unique opportunity. Organizational leaders might have to go about their culture-building initiatives differently in each case, but the prospective benefits can propel the company to its true potential and perhaps beyond. In either case, it begins with a strong foundation. I liken building the culture of an organization to developing the foundation of a large building. Components such as concrete, metal, gravel, wood and weather-proofing materials each serve a singular function, but when you combine these critical pieces, it enables the foundation to become strong enough to support the weight of the building. The strength of the cultural foundation is critical to supporting the structural edifice of the entire organization—not just in the early stages of the company’s growth, but for the years and decades to come. Here’s a look at some of the nuances of creating effective cultures at new and established companies:  A new company Naturally, the primary advantage of creating a culture at a new company is that you can start from the ground up. No inherent flaws or biases exist within the workplace and you’re operating with a clean slate. You can create the culture based upon any ......
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Great Mix of Casual and Professional for On-site Uniforms!

Great Mix of Casual and Professional for On-site Uniforms!
I was listening to Carroll VanHook-Weaver, National Director of Leasing + Marketing at AKARA Partners, on the Dream Catcher Podcast, and one thing jumped out to me – their uniforms!  She said their on-site teams are allowed to wear concert T-shirts, band T-shirts, and local T’s, but coupled with a blazer for a touch of professionalism.  I have to say, I LOVE this idea!  First of all, it can be a great conversation starter, and a potential bonding moment with a prospect or resident if they happen to enjoy the same band.  I know we are an outgoing bunch in multifamily, but to have something easy to help build rapport is fantastic.  Also, thinking about local t-shirts, that could be a HUGE opportunity for cross-marketing and outreach marketing!  The on-site team’s uniform becomes an extension of the knowledge of the surrounding community, and also builds rapport with local businesses.  And if the prospect or resident is also a fan, it serves a double purpose to build a bridge with that person. The uniform was inspired by Jenna Gottlieb, original Director of Branding and Experience for Kenect. "I was inspired by our rebel vibe while maintaining a professional look. The band tees are a great way to have a thematic look while allowing team members to express individuality. Not to mention a great conversation starter. Our buildings are in major cities where music thrives and anyone can find common ground." "We want our team members to portray uniform pillars when they are getting dressed every day,"......
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Sponsoring a Minor League Baseball Team – A Unique Opportunity?

Major League Baseball players make millions per year.  But for those in the minors, at least relative to their big league counterparts, they essentially get scraps, earning only between $12,000 and $16,800 per season.  This week, MLB announced a change that could possibly impact multifamily housing providers!

MLB owners have now agreed to provide housing for nearly all minor league players, with the only exceptions being those that already have major league contracts or those that make above $100,000.  Obviously, this might be a good time to do outreach marketing, but even beyond that was how interesting it might be to be the “official housing provider” of that team! 

There are currently 120 minor league teams, many of which in smaller markets where ad dollars might go farther.  From a housing needs perspective, each team has between 28 and 35 players.  The news is sparse, but here is what we have so far:

 

What do you all think?  Any other interesting ways to take advantage of this new information?

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Can We Fix Property Management Turnover?

Can We Fix Property Management Turnover?
The multifamily industry has a turnover problem, but it’s not the resident turnover we primarily think of. The turnover problem is actually one that has been steadily growing for the last decade: property managers.  While many operators focus on resident turnover, losing a property manager can take a huge transitional toll on how a community functions. Property management turnover is costly and puts a strain on other onsite associates. Research from the National Apartment Association estimated 2019 turnover for onsite managers and leasing teams was 22.5% and 31.9% respectively.  So, why do property managers leave? While multiple reasons exist, delinquency management is one of the biggest factors - some of what we hear a lot is… “Managing delinquency sucks” - Delinquency is bad, and it generally means residents aren’t having a good experience. Paying rent late is stressful enough. Worse yet, property managers don’t sign up to collect bad debt. Who wants to approach an irate resident who is emotionally stressed because they are having trouble making ends meet -- or a resident who just experienced an expensive, stressful life event -- with a high-cost late fee? “Managing delinquent rent is time consuming” - Property managers don’t necessarily have the tools or time to understand the personal circumstances of each renter, and managing delinquent rent has become a huge part of the job that no one enjoys. The process of working with each renter is time consuming, taking at least a few hours a week per delinquent renter, at best. Property managers would pr......
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NEVER Say Or Do This During Unit Walk Through Inspections


There are a number of things multifamily real estate investors should NEVER say or do during due diligence when conducting their unit walk through inspections.

Anytime a multifamily real estate investor is inspecting the inside of homes, the odds are you are going to see a number of things in someone's home that is surprising. What is normal to someone else may cause shock to you. Below are some guidelines on how investors should conduct themselves during walk-through day.

Prior to inspecting, everyone on the buy-side and their vendors should know the story under which they are inspecting so the tenant (and sometimes on-site staff) are not made aware at this point that this is for a possible sale of the asset. The seller will oftentimes want to protect their tenants and on-site staff from knowing this information yet until they know the investor is a real buyer.

When the tenant is home, here are 3 tips:

  • Wipe your feet before entering.
  • You and everyone else should have a mask with you just in case the tenant requests it.
  • Thank the tenant for allowing you to inconvenience them and let them know you’ll be out of their hair quickly.

You want your inspections to be as uneventful as possible. Keep quiet, keep your head down, check off your inspection sheets along the way, and save any unit or deal-related questions for well outside the unit.

Watch the video for more Do's and Don'ts

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