Expert Blogs

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...

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...

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