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Connecting delights the mind.

Hi everyone!

I hope you are ready for a great day.

I came across this quote below and it got me thinking about how much connecting we do within our industry.

 



I love connecting people places or things that are going to be the best fit for them. It has always delighted my mind!

Think about this.

We –

Connect prospective residents with the right community.

Connect those same people with others within the community through events and social media.

Connect residents to things to do, dining options, shopping, parks and everything else you know about your area.  

Connect on site staff with the right vendors and vice versa.

Connect people who don’t know our industry to fulfilling careers within.

Connect on site staff to the right company and career path.

Connect them to data so they can make informed decisions about growth, rents, target markets, sales routes, and more.

It’s a great feeling to see people connect, and if I can in any way help them find the perfect home, career, vendor, or whatever they need I know I have a tribe of awesome RPM professionals to reach out to!

It’s RPM careers week and I’m so grateful to have connected with this industry that has provided me with so many people, places, and things over the last 17 years. Cheers!

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Herringbone!

Herringbone!

To herringbone or not to herringbone? (That is the question!)

 

Well that’s easy, Shakespeare. When in doubt, and if it’s in the budget, always herringbone! It’s not only on-trend. It’s classic for multi-family new construction and renovations. 

 

I say, herringbone patterns for everyone! For you and you and you and you! From value to luxe - Sheet, Wood, RCB, WPC, SPC (all the TLA’s - three letter acronyms included.)

 

Flooring has you covered from affordable design on a dime options in sheet. Such as, this sheet vinyl that brings style and sophistication ~ attainable style for anyone. 

 

 

How about this look it’s so chic for sheet in any unit!

 

 

There are gorgeous options in waterproof lines as well:

 

 

High-end authentic engineered wood for entry ways and lobbies make a grand luxe statement. 

 

 

And if budget isn’t an issue, then go for it with the beauty of wood in your A properties. (Swoon!)

 

 

Whether you zig or zag in herringbone, you cannot go wrong. Talk to your flooring specialist today to get samples and view all available colors. I’m crushing on this latest install below. Isn’t it stunning? 

 

Happy designing no matter your budget,

Tracy

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Proper Documentation - A Fair Housing Must

Proper Documentation - A Fair Housing Must
Why is documentation so important? How can it help you in the event of a fair housing complaint? What are some best practices that your company should be following now? This article provides a brief overview of the value of documentation as well as some tips to ensure you and your staff are protected. Why Documentation is Important Perhaps a question is raised regarding the availability of a unit. A prospect wants to view the two-bedroom unit that a friend said was available only hours before. Unfortunately, this is no longer the case.  Another scenario that we frequently see is when there has been a change in staff or management. Consider this situation; a resident comes in wanting to know what has been done regarding a complaint they lodged weeks ago with the prior manager. You look in the resident’s file and find nothing. Maybe something had been done, but now you have no documentation or proof to address the situation. Proper documentation will give your staff the information they need to provide a thorough explanation and state the facts. Without this, you are open to a possible fair housing complaint. A Fair Housing Complaint - Now What? These brief examples highlight how important documentation is. Every employee needs to be documenting every interaction they have with both existing and prospective residents. Along with this, there needs to be a regular audit completed to ensure that policies and procedures are being followed.  Documentation - Tips and Best Practices Here are some b......
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Top 2 Best Multifamily Real Estate Assets To Buy Right Now


Which multifamily real estate assets give the best return after you add value to them? We reveal the answer in this video after conducting a two year study of Class A, B, and C assets in Florida.

 

 

I conducted a 2 year analysis of every asset class within multifamily, including Class A, B+, B, B-, C+, C, and C- assets across the entire northern half of Florida. I analyzed what the dollar per unit difference was between each asset class in order to determine which jump in asset class produced the largest value increase.

To go from a C- to a C, or a C to a C+, or a C+ to a B- all had roughly $15,000-20,000 per unit jumps. To go from a B- to a B is around $35,000. But to go from a B to a B+ or from a B+ to an A offers a $40,000+ jump in value! Those B and A class deals are more rare however so don't get frustrated only trying to find those assets. You should pursue all deals that meet your return objectives but pay particular attention to those assets. If you'd like to understand the make-up or DNA of B, B+, and A class assets ($/unit, age, rents, etc.) for the northern half of Florida, please contact me.

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How to Start Investing in Real Estate: Beginner's Guide

How to Start Investing in Real Estate: Beginner's Guide
Being a real estate investor is one of the leading wealth creators in the United States so many of us want to know how to become the next great real estate investor. Some have bought books and watched videos on how people have made their fortune in the industry, others have applied what they know to works in their business towards real estate. We have learned over the years that there truly is no better way to learn the real estate industry than simply going and being part of a property management team. PLUS…. you are getting paid to learn!  By being part of a property management team you can learn everything you should know from marketing, maintenance, leasing and operations. When you find a company that you feel is a good fit for you sit down with the management and tell them that you want to learn everything from top to bottom about real estate investing from them and if they seem receptive to your idea then jump in and prepare to learn. We would recommend you start at the bottom and work you way up.  In their leasing department, learn how a vacant unit is prepared for market. Price the unit and then learn how to advertise the unit to the right individuals. After you have spent enough time in leasing look into moving to an assist manager position, while in this position learn the ins and outs of the daily operations of the property and how you can i......
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Can Netflix Influence Multifamily?

How many Netflix movies or shows have you binged that would have never been on your radar if it weren’t for the personalized recommendations that show up every time you log in? Or, what about Amazon and the recommendations they serve you every time you visit their website based on a previous order? The point is, that other verticals can help influence the multifamily industry and how we market, lease, and engage with prospective and current residents. So, what sparked this idea? In case you missed it—Kristi Fickert, VP of Enterprise Growth, and Angie Lombardi, VP of Marketing at The Franklin Johnston Group hosted a webinar where they discussed why teams need to stop leasing new apartments with old strategies. Impressed by the number of takeaways, below are three of my favorite takeaways! 1. Use Personal Experiences and Apply It To Multifamily Look outside of multifamily and follow other industry leaders or companies who are creating great personalized experiences, such as Netflix or Amazon. It doesn’t cost you anything to hit the “Follow” button. Other industry leaders, even outside of multifamily, may help you spark up an idea. 2. Automation is Important, but Personalization is More Important Personalization is not just saying “Hi, [name].” You need to customize your automation to fit each prospect’s needs based on their behavior. Website heatmaps are known to help identify that! 3. Video Is Powerful Customers want options, and incorporating personalized videos into the leasing process creates a more authentic and efficient process for the prospect – even......
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7 New Ideas for Celebrating the 4th of July at Your Apartment Community

It's almost the 4th of July, or as I call it, the. Best. Holiday. Ever. (There are barbeques! There are pool parties! There are fireworks!) And after the past year or so, I think we all deserve some good times. So what are some good ways to celebrate with your residents?

Have a barbeque. Have a pool party. Have fireworks. 

Duh. 

Happy to help. Goodnight, everyone! Tip your waitress!

Still there? Awesome. (Thanks, Mom!)

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Taking Target Personas a Step Deeper

Understanding your target tenant is among the most important tools you’ll need to drive leasing. I’ve participated in or conducted over 50 creative discovery meetings for multi-family properties, and just about every one has included a discussion about Target Demographics. Why? Because they’re relevant, insightful, and entirely necessary to develop a strong marketing plan that will drive traffic and leasing. But they are nearly always flawed… or at a minimum woefully incomplete.  Here’s why: Many national developers and management companies rely on large scale enterprise level solutions – tools that have been created to churn up data and spit out findings. While these tools have their place and can be very helpful – Esri’s Tapestry Segmentation tool is a great example – they also generally miss the meat of the story.  Good marketing is about making connections. Personal connections that drive an emotional response. We live in a hyper-catered world – ads are served to us based on purchasing decisions, web browsing data, and even conversations our phones hear us having. We’re conditioned to respond to advertising that’s pointed directly at each of us individually. And it works. According to research completed by Salesforce, 52% of consumers are likely to switch brands if a product they’re using doesn’t make an effort to personalize its communications to them. Let's get back to personas. If we’re going to market directly to our best prospects, we need to know more than the zip-code based demographics these big firms churn out. Our neighborhoods don’t change every five, or ten, or twenty m......
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A New Consumer-Reporting Law Creates an Amenity Opportunity

A New Consumer-Reporting Law Creates an Amenity Opportunity
On this blog, we frequently write about amenities. We praise those that deliver ROI to apartment operators, criticize the habit of adding amenities that don't. And we advise many clients and readers on how to realize the returns on their amenity investments. Most of the time, we focus on the kinds of amenities that enhance physical assets. However, the passage of a recent bill in California reminded us that there is more to amenitizing apartments than crown moldings and granite countertops. On July 1, California SB-1157 will go into effect. The new law will require landlords of assisted housing developments (i.e., multifamily rental housing whose development receives governmental assistance) to extend an option for residents to have their rental payments reported to at least one consumer reporting agency. The bill seeks to address: "Lack of credit history as a self-perpetuating barrier to economic mobility." By simply reporting monthly rent payments, residents have an opportunity to build credit history. The bill also highlights an opportunity for multifamily operators: to offer an easy, automated way to report rent payments to credit bureaus and help their residents to build their credit scores. Credit-Building as an Amenity? The California law provides a natural catalyst for innovation: operators must at least offer the service to all new residents. Our friends at multifamily payments specialists Domuso, for example, moved quickly to integrate Resident-Link, a leading provider of credit reporting and identity protection, into its digital payments platform. The innovation makes it easy for operators to comply with the new law. But, more importantly, it allows multifamily residents to......
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The Law Of The Big Mo (Momentum) In Multifamily Real Estate


In multifamily real estate when an investor has built momentum, they are extremely hard to compete against. Every broker and seller wants to do business with them. In this video we discuss The Law of The Big Mo as author John C Maxwell calls it in his book The 21 Irrefutable Laws of Leadership.    Below are THE 7 KEY FACTS ABOUT MOMENTUM from John Maxwell's book: 1. MOMENTUM IS THE GREAT EXAGGERATOR When deals are being brought to you, and you’re closing, and more investors continue to give you money, and management is managing well, momentum makes it look even better. In contrast when you can’t find deals, and nobody is bringing you any, and you’re in a dry spell for closing, and you can’t find equity, momentum makes you look even worse. 2. MOMENTUM MAKES LEADERS LOOK BETTER THAN THEY ARE The more deals you’re closing on, the more brokers and sellers are wanting to bring you deals. The world forgets about how long it took you to get there, all the bids you lost, a moment or two you had to retrade, etc. 3. MOMENTUM HELPS FOLLOWERS PERFORM BETTER THAN THEY ARE When you’re acquiring more deals, and they are being managed well, and rents are increasing, and your value add program is working, your staff becomes inspired to perform at their highest levels. It becomes contagious. 4. MOMENTUM IS EASIER TO STEER THAN TO START Momentum is hard to get started but all elite investors found out that once a......
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