Expert Blogs

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...

Why do submarket analysis?  The typical answer is to obtain market information on competitive assets, right?  Let’s go a little deeper.  How about trending Gross Potential Rents, occupancy rates, unit mix?  Here are some serious submarket market analysis points to ponder.To get rolling on becoming a submarket expert, you will love the link here from Vogt Santer that breaks down demand and capture rate methodologies.  It’s...

Many people believe that property management is an old-line business that moves slowly.  If you believe that then your team is already half a mile behind in a one mile race.  In other words; you are toast because the competition is using all the best practices at their disposal to make sure they close every new prospect that steps on their property.If your on-site team is "under-trained" consider revising your procedures to get quality...

Just like in any other business, marketing in multifamily has core groups of people to focus your marketing efforts  on.  One of these core groups is current residents.A well-known rule of marketing is that it is easier to sell to an existing customer than to a new customer.  For starters, the existing customer is familiar with your products, customer service and pricing.Another well know rule of multifamily operations is that higher lease...

The best of all worlds when installing systems is to look at other existing systems that are already up and running.  When it comes to a move-in checklist you will never see two alike.  However, like making a good margarita, you know that most margarita’s have the exact same ingredients with just a little different spin on blended ingredients.  What is the purpose of a move-in checklist?A move-in/move-out checklist is a record of the...

In 2015 the home ownership rate is roughly 63.9% in the U.S.  This is a decline from the 2007 high of 69%.  Each percentage point decline represents one million homeowners.  Thus, in 2015 there are five million fewer home owners than in 2007.  That means there are five million more renters in the marketplace, right? Wrong!The staggering number here is the actual increase in the number of people being housed as renters versus homeowners...

What is your customer acquisition costs? What does it costs the property to obtain a new lease? There is advertising, overhead and staff time- all part of the expense for obtaining a new resident. Then there is the customer retention costs.This article is about retention costs and the use of concessions. I am not suggesting auto-offering concessions as a standard business practice.  They are just another tool in our tool box for use when...

Every operator wants rent growth.  Rent growth, rent growth, rent growth.  Ok, ok, ok.  I understand.  Year over year rent growth is the most important driver of revenue growth.   How do you get it?1. Renewals. Always at the top of the list.  Nothing keeps income ticking like retaining in-place residents.  Start the renewal process early.  Recognize this as your number one tool for maintaining stabilized...

Rent growth is like compound interest: it grows from a baseline of (rental) income already in hand but requires an up–front investment. With income property there are dozens of potential income sources, but at the end of the day with any income property more than 90% of revenue comes from rents.  Thus, growth in rents drives higher revenue the fastest.Rent growth comes from new and existing leases or from units that are vacated and upgraded to...

From the moment you spoke your first word as a small child, your voice and the words you select are often taken for granted—a gift you use throughout your life.  As leasing professionals, you know the importance of using the telephone, because this is how a majority of your future residents contact your apartment communities.  In this article, we are going to ask you to capture your voice and listen closely to how you are handling each...

Lease violations are just that; a violation of the lease terms agreed to by the Resident and owner or Property Management company.  These terms are set in writing.  Violation of the terms provides grounds for ending the lease.In the business world we all put up with a certain level allowable deception.  Some is under the guise of honest mistakes, other times blatant lies.  In many instances these incidents cause no harm, like a waiter...