Expert Blogs

Modern psychology tells us that humans place a higher value on things they own versus what someone else would value the same item. The argument is that if it's your favorite coffee cup, rug or a 200 unit multifamily apartment building your valuation of your "stuff" will be higher than the value assigned by another person.Reported on MultifamilyBiz.com multifamily owner/manager Investcorp made a single investment of $220 million dollars...

Maybe you have heard of it and maybe you haven’t, but Facebook’s Audience Optimization is a tool that all property managers need to become familiar with to grow their online audience, increase engagement, and gain new leads.What is the Audience Optimization tool? Facebook’s blog describes it as “an organic targeting [method] to help publishers reach and engage their audiences on Facebook” in order to “better understand the...

It’s no secret that social media is a cluttered space filled with people and businesses attempting to find their audience and connect. Being able to find and reach your audience organically can sometimes feel like an uphill battle—and it is. There’s so much to compete with online, but do not fret! There is an effective way to burst through the clutter and reach your audience: social media advertising.The Birth of Algorithmic Feeds The ability...

Let’s face it: negative online reviews and comments are a huge problem for our industry. These negative commenters and reviewers possess a certain type of bravado when they are behind a computer screen—a certainty that is usually absent in real life. The worst of these comments manifest as negative reviews that could be detrimental to your community. Conversely, they could also be a catalyst for improvement if handled correctly. Here are a few tips...

Why do people lease from this property and not that one? What are some of the "subjective"  factors that affect leasing choice? Multifamily demographics is a tool to measure change as it has significant influence on apartment marketing.  Think "revere engineering" for lease acquisitions and lease renewals.Demographics is such a "data rich" topic and one that reflects there are truly no two properties exactly alike. ...

Instagram, the fastest growing social network in 2015, has 400 million monthly active users with more than 2.5 billion photos liked every day. According to Pew Research Center, 28 percent of adult Internet users utilize Instagram with 49 percent of users checking Instagram daily, and 73 percent of users checking the platform at least once a week. Now is the time to generate new leads for your properties by harnessing the power of Instagram.Not only is social...

Noise pollution is an everyday event.  Acceptable levels of noise vary as much as the type of property in question.  For purposes of this conversation we narrow the scope to garden-style multifamily property.As more people work from home noise factors become increasingly important.  Read about Home Office Workspace.The objective of eliminating or reducing noise is to positively impact the quiet enjoyment for your residents;  for your paying...

How often do you survey existing clients (residents)?  Every major consumer brand does this as religion.  How do companies find out what their customers are thinking?  They ask them.  They want to know, right from the horse's mouth, how are we doing?Why is this important? Because our current customers are the  future of our business.  Our current customers are future customers.What do you think of our product?Do you intend to...

Whether you operate a shoe shine stand or a multifamily property your business is built on renewals, or re-occurring income from existing customers.  In multifamily, a high percentage renewal rate makes for a much more predictable income stream.The value of a lease renewal can be quantified.  Granted, while different for each property, the amount is one that has a direct impact on asset value, particularly when multiplied by their effect on...

Forget about gimmicks; let's stick with tried and true.  There is a certain course of action that allows for continuity in customer contact on property and a high rate of lease renewals.For starters, if there is a leasing office on site, having posted hours is a small thing that brings big results because your residents (customers) know when the "store" is open.  Does your asset have trained staff responding professionally?  Is...

Loan documentation.  Paperwork.  There is no way out.  There are numerous parts to obtaining a new commercial loan.  Where many people go wrong is in assuming that the task of getting to closing is the job of someone else.  If not you, then who? Instead of pointing fingers how about dividing the task list into segments and determine who is responsible for each?Granted, a coordinator is required- a central "documentation...

The historic base for the home-ownership rate in the United States is 63%.  This rate almost touched 70% in the early 2000's before crashing back to the historic norm.  Now at 63% pundits presume it will remain there into the near future.  An interesting fact is that while household formation is increasing the home-ownership rate is not.  Why?One reason is the shift in perspective on the "American Dream" of...

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