IDEAS NEEDED!!
Hello! 🙂 I’ve just taken over a really nice community that has tons of studios. We are having a huge occupancy issue. We are 82% occupied and it’s all small studios. The property is in a major city and studios are usually $2800-$2900. We’ve already reduced them to $2500 range and still no traction.
We need leases quickly. My most recent idea was to bottom out the studio rates to like $1900 and only offer them on 6 month leases to...
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Below is an outline of my acquisition due diligence (DD) checklist:What would you add to this list? ...
I manage operations for a family owned management company. In the past, we have handled our collections of past due accounts from former residents. However, I have several accounts that owe $2500+ that we have tried to negotiate a payment plan to collect and they hit a dead end . Is there a collection company that is results driven (with a specialty in Property Management) that any one uses and can recommend ?
A more pressing question is why. What benefits will we see and what disadvantages will we accept in the pursuit of better operations? Some operators will undoubtedly chase full automation- at the cost of personal connections and a sense of community. The expenses will lower, but the turnover may be higher with a perceived transactional experience instead of a home and a community.Other reluctant owners may keep chugging along with their tried and ...
This is neat. Our realtor used ChatGPT to create a coloring book-style picture of our rental that we are selling. How could you all see this working for apartments?
Anyone in here use “The Guarantors” looking for feedback on it.
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The world is moving fast. Centralization. AI. New tech popping up overnight. And the multifamily industry? We're right in the thick of it. As I've worked with companies in different stages of tech adoption, some folks are strolling around like everything's sunshine and rainbows. Others are silently panicking, wondering if they'll survive the next shake-up.And the people on your team? They're likely feeling it too.&nb ...
Running a multifamily property today takes grit. You're competing with brand‑new Class A builds that can out‑amenity you, while rising insurance, utilities, and maintenance costs squeeze your NOI. Add in capital hurdles, compliance risks, and staff burnout, and it's clear: keeping your property competitive requires more than hard work - it requires smart, strategic upgrades.That's why we are featuring Allegion's Operation: Retrofit Refresh - a ca ...
We're currently in the steepest part of the CRE Re-pricing J-Curve—the point just before peak distress. Smart capital is already strategically positioning itself.The CRE Re-pricing J-Curve explains the current commercial real estate cycle as a period of initial severe decline followed by an eventual recovery. The "steepest part" of this curve is the current Trough, characterized by maximum pain and illiquidity where asset values have fallen (due ...
Is it emotional connection, nature-inspired design, sensory cues, or just amenities? Cast your vote and let’s spark the conversation.
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It will also give them the sense of community that they may be afraid to lose by moving to some place that has better amenities, or is newer.
In both my career in retail management and property management, my biggest focus has always been the trust I build and the relationships I foster with my "customers", and it has served us all well.
Hello,
I am reaching out to my peers for help. I have applied for countless property manager positions, but like many others, I haven’t received any responses after visiting the communities, messaging the hiring manager or regional manager, and emailing them. Is there a Talent Manager or Regional Manager who would be willing to review my resume and provide honest feedback? I’m at my wit’s end and simply want to work hard and build up my team...
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RPM Living has a large footprint in TX. One thing to note, as with many companies, your resume is attached to the position you applied for. Don’t just one and done it and assume your resume will be considered for multiple communities; it may, but why assume such? Apply for any and all positions you are interested in.
Good luck!
"You've Got Mail" It's one of my all time favorites. The classic "You've Got Mail." The holiday-season beloved rom-com starring Meg Ryan and Tom Hanks. It's a wonderful holiday themed love story. Featuring the old dial up internet and first versions of email. It also offers powerful lessons in business and the power of human connection. Lessons that translate easily into apartment leasing. Or any business. In one standout scene, Kathleen Kel ...
One of the premier events in multifamily is only a few weeks away, and here are some can't-miss sessions that I am looking forward to. Share the sessions you are excited about below, and feel free to reach out via the OPTECH app to connect directly! Fast Pitches: Marketing, Leasing & Resident Experience Tech The perennial OPTECH favorite is back but with a curve-ball: you now don't have t ...
From 1990 to 2025, the data tells a clear story: America's population profile is changing, and with it, the way real estate value is created, sustained, and measured.📈 Here's what stands out:The median first-time homebuyer age jumped from 28 in 1991 to 38 in 2024.The median age of all homebuyers (including repeat buyers) climbed to 56 last year.That's a generational transformation, not a seasonal one.And for real estate professionals, investors, ...
For reference, I am in Colorado. I am helping a friend and just viewing his ledger and I noticed one of his reoccurring fees were "Property Tax" and then decided to do a bit of market research and then saw a Greystar Property that is also charging their residents a property tax fee?! How is this...
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An investment group does not just walk out of a property closing saying I am going to set my new rents at $$$$$$. The market, the loan, the cost for operation are all part of that set performa which is the base for the owner.
Just because you did not know the math that made up the rent doesn’t mean it was not there.
Do you transparency is going to change the math? Why would an owner buy a property and not be allowed to pass on the cost?
As for the RealPage lawsuit it was not about transparency it was that they allowed competing owner to set the bars.
Any consumer product passes on the cost. If you buy a sofa, it is not just the cost of material, if you eat out dinner you don’t pay for just the food. On and on and on.
There was a time in my 40 years of experience where we could... Show more
After closing you do one single thing. Look at the market and set your rates competitively, or look at things you can change that will have a NET positive impact. You never look at the loan payment and work it backwards, that was something you were suppose to have done prior to closing to understand if you wanted the deal.
If you live in a fantasy world then all owners pay properties so they can house people out of the kindness of their hearts. They are bought for a return on investment just like any other business. There are no owners sitting on yachts spending the rent money.
It cost a lot to operate a property and most owners do not rake in a return without doing a value add and selling or a long term hold for like 15... Show more
I completely get proforma and a plan, but the plan (with the exception of improvements and operational changes) is all in the rear view mirror after the closing. Not much else matters how your units stack up in the market. Also every single proforma I've ever seen is designed around an extremely optimistic borderline delusional outlook. Most times they are written to sway a bank to loan more capital for the purchase or refi.
I'm not sure who you were writing your whole dialog on investments and businesses but I doesn't appear to be relevant to our conversation although it is... Show more
Lenders are smarter than maybe they were in the past especially after 2008-2010 meltdowns were so many properties went into foreclosures.
I am just surprised at how many people seem to be in awe of how business works or believe that this industry is not a free market.
I guess they never worked where housing pays more than the asking rents of their own choices or how Tax Credit properties are the same cost as a conventional site.
While it is a free market it is a bit unique in that supply takes so long to spin up. So while there is the basic concept of supply and demand the balancing corrections take a long time. Investors and developers back in 2023 were buying dirt and by the time planning, design, engineering, permitting and development are done they are going to be coming online in 2027, meanwhile the market started to cool in 2024 pushed too far and investors that are over leveraged will be foreclosed on which drives down the asset prices which further compounds the problem when balloon payments become due.... then supply increases come to a screeching halt and the cycle repeats again but on a very long time window of 15 years or so. While I'm certain they exists I'm... Show more
I think its smart to be more forward with the fees. Noone can dispute that the property has to pay property taxes or insurance, and if residents don't want to pay it, they can go to another property that just builds it into the rent.
Just a thought / don’t be hating - just a different prospective.
🙂
See what it costs to maintain pool and club house. Keep it clean.
Oops. His/her portion.
Finally dumpster costs.
Now let your friends and family bring and fill up the dumpster. Extra Run is 490.00
May be make residents more responsible and less destructive?
That said it is just math. You can break down the “rent” into as many line items as you want, itemizing shouldn’t be an offensive action. I guess it might be hostile to those who can’t basic maths.
This is similar to how things have been done for decades with commercial NNN leases.
That freedom to "enter into agreements” as you put it, doesn’t really exist. Not signing the lease isn’t a genuine option, it’s economic coercion just dressed up as choice.
And when every property management company uses nearly the same fee structures, the same leases and rent optimization software, renters can’t simply “go elsewhere.” John Smith can’t refuse Terrace View and just rent across the street at View Terrace when they’re both doing the same thing. That’s exactly why RealPage is facing a nationwide class action lawsuit because the “competition” disappeared.
So your logic assumes a level of market freedom that renters simply don’t have and that’s exactly why laws like HB25-1090 are being... Show more
“Contract of adhesion” means standardized terms, not forced consent. The questions that matter are: Is it disclosed? Is it lawful? Are there alternatives at some price/quality point? If a neighborhood has thin supply, that’s a supply problem—not proof that itemization itself is predatory.
On RealPage: if there’s collusion or anticompetitive conduct, enforce antitrust. That’s a separate issue from whether breaking costs into components is legitimate. If the worry is cartel behavior, the remedy is competition law—not banning line items.
HB25-1090 mainly pushes toward a single “sticker price.” Fine for comparison... Show more
While they are yelling at me lol
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19 NovEvent starts in:
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10 Dec
2) Don’t reduce the price too much, as people will start to think there is something wrong with the community.
3) over 40% of renters are looking from areas that are not their current area, so having a solid online presentation is very important!
Aka reviews, photos, videos, 3D tours, etc.
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And I’ll say, that is a spacious studio apartment for that price. In Santa Monica, my studios for that price were 375sqft and our largest being 509sqft.
I had a property stage a studio with just a regular couch and it threw people off on how to use the space and made it even harder to rent.