Expert Blogs

Too often leasing teams, trained up and fired up, lose every advantage in the first ten seconds of interaction with a potential resident.Here is a real life story.  A prospective resident walks into the leasing office. The first person they see behind a desk is reading, eating chips and has headphones on. This person never looks up.From the office behind this person, recognizing there is someone in the office, they lean over from their chair and yelp...

How do you build the capital stack in a nothing-down deal?  Not very well.You see it all the time; people touting the virtues of no-money-down deals- usually directed at the inexperienced or uninformed.  I am assuming that are you are neither, yet temptation prevails!Why?Because we continue to hear about the winners.Charlie Rose on 60 Minutes ask Steve Wynn (casino owner) if he had ever known a player that had consistently beat the house. His answer...

In the Tom Cruise movie, The Last Samurai™, a hobby of one character in the movie is to find the perfect cherry blossom.  In the end, he concludes that they are all perfect, just as they are. This is unfortunately not true in rent roll analysis; few are perfect, most are flawed.The purpose of the rent roll is to act as a current and historic record of rental revenue due the lessor based on valid, in–force leases.Standing behind this record of...

We have all experienced making that trip to a store to grab the "special" finding only disappointment because the product is sold out.As property managers, to the best of your ability, assure your leasing prospects avoid this same fate; having ready product is imperative to making the sale.When a leasing prospect has made it all the way to your door, in person, what is the probability they will make a second trip if you are not prepared to show them...

In the recent recession household formation plummeted.  And although it’s bouncing back, it’s interesting how and where population increases are showing up.  The rise includes more than just the urban core.As the unemployment rate decreases this time around we are seeing more single-person households at the upper income levels of multifamily rentals- demand remains for two-bedrooms with a shortage of SRO (single-resident occupancy...

Goals require a plan of action.  Sometimes the thing (goal) right in front of us takes the cake.  I mean, whatever the goal is, that's the one thing that makes the earth move. There will always be tasks list, objectives, strategy and tactics.  At the end of the day you must be able to measure accomplishments, measure progress towards an established goal.In the spirit of getting that one thing accomplished here are some proven applications...

How do you determine rental increases?  Through careful market analysis or hokum? Three phone calls to competitive properties or careful consideration  of micro and macro events affecting the asset and surrounding competitive marketplace?There is always a balance to strike between taking price and remaining competitive.  Consistent calibration and goal oriented yield management can guide you towards meeting rental increase...

Occam Razor states that; The simplest explanation is usually the right explanation. Example: Why is the grass brown? Likely because of limited or no water, right? Here's a bigger question: why do we have vacancy of X? Is this a more difficult question than determining why the grass is brown?  Usually no. Very often, as professionals in this business, we can identify the cause or reason behind vacancy; the difficulty is implementing positive solutions...

Collectively these items reduce the quality of the customer experience.  In other words- these are some serious loyalty shredders.Every  topic presented  here is so important that each could be at the top of the list.  Recognizing that every property is different, I encourage you to re-order the list for each of your assets under management and begin by implementing a remedy for the worst offenders on a property-by-property basis.Stay in...

Transportation districts represent billions of dollars in public funding. Transportation districts are a method for cities to efficiently utilize public resources to move people from the places they live to the places they work and play.  In the best planned Transportation Districts, people can live, work and play in a very small geographic area with quality public transportation to move people in and around these hubs.An article in National Real Estate...

During the course of your professional career as a property management executive, building new compensation plans will be one of the most important projects you ever undertake.  In fact, this project has the potential to be an explosive issue for your team of SuperStars and must be designed with great care.  The information in this article will outline three important steps for building powerful compensation plans and will share many secrets for your...

How do you lease a multifamily apartment to someone that cannot afford it?  Is this a difficult task? Where do you start?  Are co-signers a good thing?Why on earth should you consider renting to the financially challenged applicant (or a potential resident of nominal means)?  To gain incremental occupancy.In multifamily we have numerous resident universes (or cohorts); seniors, Gen-X, Gen-Y, workforce, students.  Property management...

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