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

Multifamily Blogs

This is some blog description about this site

How to Make That Big Box of Unrealized Revenue Your 2019 Resolution

Unrealized Revenue in MultifamilyHappy new year everyone! Now that the holidays are over, we turn to resolute goal setting for the year to come. My gift to you is a big box of unrealized revenue - if you can make it your 2019 resolution to find it.    The source of this revenue is unit amenities. This is nowhere near a new concept, and I’m sure you are currently utilizing amenity pricing on your assets as most of the industry now is. However, the amount of revenue we’ve uncovered in our client work from doing amenity analysis is always surprising (maybe even stunning) so much so that it’s hard to remark that as an industry, we’re managing amenity pricing well. There aren’t many ways to dig up that much value so quickly, which is why I’m always shocked that more people aren’t regularly doing this exercise.  Let’s stay in the holiday spirit a little longer and use a famed story about reformation to figure out how we can resolve to change our old ways and get better.    First, fix the basics  We start with the Ghost of Amenities Past. Take a look at any asset you’ve owned for a long time, pull a list of all the amenities that exist at that building, and you’re sure to find some of these amenity “ghosts” lurking. You may come across oddly-named amenities so dated that no one on site can remember what they mean. Or perhaps a once glorious “mountain view” amenity has since been eclipsed by the brand-new-high rise building across the street?    Seasonally speaking, you may also find amenities that commanded a high value in the summer (e.g. balcony, pool view) are now less ......
Continue reading
864 Hits
1 Comment

My New Year’s Resolution: Get Systematic About Team Development

iStock-871106192For my New Year’s resolution, I want to focus on how to better develop associates and create environments in which they will be successful. In short, for my own company, “make it less about me,” which I can’t help but notice is also critical for our clients. The more success is based on a single leader’s energy and knowledge, the less stable that success will be—whether just for one department or for an entire company.  So how can we make success something permanent and less dependent on us individually? It’s definitely not easy, but I think it’s clear. It rests on 3 inter-related tasks:  Find the best players  Train and develop them  “Build the genius into the system”  Find the best players  This may sound a bit trite, but that doesn’t make it any less true. You can’t rely on people unless you recruit the best. Throughout my career, I’ve found the following to work the best:  The best hires are people I already know. So, the more people you know, the better your ability to hire. It’s why I have always believed in going to industry conferences and events. It’s why I’ve done things like form local user groups. And it’s why “networking” is more than an excuse for getting out and meeting colleagues in and outside of our company.  The next best option is to hire people who someone on our team knows…not because we asked for referrals but because they came organically. Create an environment where people want to be on your team, and they will attract the best of their friends a......
Continue reading
940 Hits
0 Comments

2019 Resolutions: Resident Loyalty Lessons from the Hospitality Industry

iStock-484012828Just before a 29-year-old friend of mine was due to stay in a fairly upscale hotel recently, the staff texted her before check-in and suggested that she join the loyalty program, hinting that it would be beneficial during her stay.    She did, and the hotel upgraded her to a suite instead of a room and also gave her a card for a free glass of wine. My friend was thrilled and the hotel earned a customer for life.  They accomplished that by making her feel like she and her hard-earned money were valued. My friend, who is a millennial and a journalist, isn’t making a lot of money now, but her income is likely to increase in the next few years. When she can afford that suite herself, she’s very likely to book at the same hotel.  2019: The year of loyalty in multifamily?  So, why am I sharing this story? In 2019, I believe that multifamily housing (multifamily) should resolve to learn a few lessons about revenue management by focusing on resident loyalty and renewal retention strategies used by the hospitality and travel industries.   We’ve all heard the stats. The average company spends 5 to 10 times more to acquire a new customer than to keep an existing one. In multifamily, marketing and advertising resources are spent trying to capture new leads, but very little is done once a resident moves in. Most operators allow the site teams to determine the renewal rates, without a lot of input or direction from the revenue manager.  With 50-60% of the rent r......
Continue reading
1729 Hits
3 Comments

Why you should resolve to adopt new technologies

I recently had the privilege to speak at a conference about the future of property maintenance.  Part of my message was focused on why we need to adopt new technologies.  Since we at Facilgo study this topic frequently, I’d like to share some personal stories that shaped my perspective as to why adopting new technologies is important.   The Power of Timely Information in the hands of the Right People Almost 20 years ago, I was riding on a ferry between two islands in Indonesia.  It was the typhoon season, and while there were some winds, the ferry ride was uneventful.  Two days later, I read the newsand was shocked at what I saw.  The very same boat which I had ridden had capsized the next day.  As the ferry took on water, a British passenger on the boat texted her boyfriend, who was in a pub in London.  The boyfriend immediately contacted the Royal Navy, who in turn contacted the Indonesian Navy.  The Indonesian Navy dispatched a search and rescue ship and saved all of the ferry passengers.   If you are unfamiliar withsinking ferries during the typhoon season in Indonesia in 2001, I can assure you that this outcome was quite rare.  This was an incredibly amazing occurrence, and it made me start to understand the power of getting the right information to the right people at the right time.  While property maintenance may not see such dramatic effects,obtaining timely information can make processes increasingly more effective and efficient.   Y......
Continue reading
1128 Hits
1 Comment

5 Inexpensive Makeover Tips to Put Your Leasing Space on Top of the List

image9.jpgHaving property is a good way of having an excellent income for the long-run, but sometimes that same leasing space won’t get you much unless you renovate from time to time. Properties that don’t receive a makeover regularly will be less attractive and will be more difficult to lease, and you’ll thus lose money. You can avoid this by doing some renovations or making changes that will cause the space to become more desirable. However, this can be quite costly, which is why we have prepared a list of tips for you to avoid unnecessary costs, and manage to make some effective makeovers for very little money. Clean Everything Cleaning is always the best way to make anything look good and appealing. Besides, it’s probably the cheapest option as well. You can easily do it yourself, or hire someone at a small expense. What you must remember though is that cleaning both the interior and exterior is essential – all of it together will have a significant effect on the desirability of your property. Give it a Paint Job A simple paint job is always a necessary makeover if you want your leasing space to be at the top of the list. It’s inexpensive and easy as the previous tip, and it’s sometimes enough to merely paint the areas that look bad and the areas where people will spend most of their time. Don’t forget the front door as that’s the first thing most people will see before entering the place. Improve the......
Continue reading
1279 Hits
0 Comments

2019 Resolutions: Three Ways to Create Effective Organizational Change

iStock-490238698New Year’s resolutions typically revolve around some type of change. It might be a change to our routine and well-being (such as fitness, yoga or meditation) or a change within ourselves (Weight loss seems to be a popular one post-holiday indulgence!)   However, although people make resolutions somewhere around the beginning of January, many of us have forgotten or abandoned them within about a month.     The New Year is often prime time for change within companies. However, just like the New Year’s resolutions people attempt, those changes get lost or forgotten if they are not planned and executed well.    Fortunately, there are many tools to ensure that organizational change is effectively planned and executed. Companies who use these may have to put in a little more effort upfront, but will definitely appreciate the benefits in the longer term. My resolution for 2019 is to be laser-focused on helping people and companies better understand how to make their projects succeed.   I’ve worked for many years in process management and learning and development and have observed many attempts at change. In my experience, the projects that are particularly effective have a planned and intentional approach to change management and the teams used tools to facilitate the change. The three tools that I’ve seen be particularly impactful include: Stakeholder Analysis, a Communication Plan, and Comprehensive Training.   How to Make 2019 the Year of Effective Organizational Change  Here’s a little more about each one, as well as ways to put them into action in 2019:  1. Stakeholder Analysis is a tool that is used at the beginning of a project involving a change.  Stakeholder mapping is a way to consider the key participants who might either be impacted by or have an interest in the project.  The purpose of this tool is to help identify&......
Continue reading
1308 Hits
3 Comments

Twas The Week Before Christmas

  Twas the week before Christmas, across all the land, Not a creature was stirring, a quiet day was planned. The banners were hung across the property with care, In hopes the prospects would find their way there. The team was gathered, it was team meeting time Work orders, turnovers, “Let’s fix the sign!” The Manager had her tablet in hand, Inspections,  reports could be recalled on demand. When out on the lawn there arose such a clatter, they ran to the window to see what was the matter, They opened the blinds in a hurry, but with snowing and blowing, the view was too blurry. The exterior lighting, recently checked, was a glow. The grounds had been cleared of the new fallen snow. When what to their eyes should appear. The arrival of the Regional Team filled with Christmas cheer. Now Leasing!, Now Admin! Now Maintenance and Grounds! Accounting, Payroll, HR and Analysts abound! “To the top of the charts, Results higher than last! Grow the Occupancy!  Grow the Revenue! More Growth than the Past!” Then at a twinkling they arrived at the door The clapping and cheering, “Please give us more!” As we held our breath, preparing our greeting They charged in, this was no regular meeting! Santa Hats on their heads, baskets of goodies in tow, Wearing Ugly Sweaters, to create smiles where they go. Singing Christmas Carols, lined up in a row, The support from Management they wanted to show. Teamwork! Customer Service. its all in place. Performance at this property ......
Continue reading
717 Hits
1 Comment

4 Ways to Engage With Your Residents After the Holidays

This time of year sure is magical.

You know what the best part of the holiday season is? When the relatives have gone home, the house is cleaned up, and you can do your normal shopping at Target instead of almost having a panic attack in the toy aisle trying to grab one of the last LOL Surprise Dolls while listening to Mariah Carey's "All I Want for Christmas Is You" on an infinite loop. 

You might think it's a good idea to have a resident event while people are in jolly moods.

Continue reading
983 Hits
0 Comments

Grab Their Attention: Crafting Subject Lines That Engage Readers

  It’s the background noise you hear all day long: those little pings from your computer, phone, and tablet telling you that email after email is hitting your inbox. In fact, approximately 281 billion emails were sent each day worldwide in 2018, according to Statista. No, they weren’t all sent to you, but some days it probably felt that way.   While email marketing can be a highly effective way to connect with both prospects and residents to move them along the renter's journey, it’s critical that these messages are written to make it through the clutter. Well-crafted subject lines are the entry point to strong reader engagement. They represent a marketer's best chance to stand out in a very crowded field - they’re the first thing the prospect sees and the only way you have to convince them to move forward and open your message (if you can get past spam filters, of course).   Nine Tips for Writing Effective Subject Lines Before you go any further, understand this: a subject line’s deceptively short length could take as much time to create as the email and landing page content combined. You have limited space and time in which to capture someone’s attention, so every character counts.   To make things go more smoothly, follow these nine tips to help you write subject lines that will encourage readers to open your email and engage with your call to action.   Keep them short. There's no doubt about it: fitting something compelling a......
Continue reading
1456 Hits
1 Comment

Pet-Friendly Apartment Marketing Ideas

The American Pet Products Association's 2017-2018 National Pet Owners Survey found that 68% of U.S. households own a pet. Last year, RentPath revealed research claiming that 66% of renters are pet owners. In an effort to cater to this growing renter base, many communities have adopted pet-friendly pet policies. Most of these policies allow renters to have up to two pets and they require additional pet rent and a pet deposit.  While much of the pet market is pet-tolerant, not as many communities encompass the true definition of pet-friendly. If your community embraces this pet demographic, there are many ways you can signal to pet owners that your community is a good fit for them. Here are some pet-friendly apartment marketing ideas your community can use to get the attention of pet owners. Search Engine Marketing We know that there is a demand for pet-friendly apartments, but are renters actually searching for apartments this way in Google? Emphatically, the answer is yes. Over the last five years searches for “pet-friendly apartments near me” has grown significantly in popularity. This Google Trends report nicely illustrates this growth.   The popularity for this search term was the highest among the following regions.   Popularity for pet-friendly apartment searches was the greatest among metros in the Midwest, New England and Los Angeles. If you happen to be marketing a community in one of these areas, this is a rental segment you don’t want to miss out on! How can communities capitalize on the rising demand for pet-fr......
Continue reading
2635 Hits
4 Comments