Expert Blogs

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...

Following are the ten most popular post for all of 2014. This list changes every year as we add more content, but always near the top you will find articles that focus on making us better fiduciaries of  assets under management.  If there is a single theme, it is best practices; what are they and how do we implement them.Thank you, our loyal readers, for your support, feedback and continued interaction that allows for this forum to expand and make an...

Here is the scenario: You have a great opportunity to boost your income by introducing your rental property to the real estate market. The research is done, the investments are made, and now a vacancy is primed for amazing tenants to make it their new home. The problem you now face is; how do you find these amazing Residents?Many landlords, property managers and real estate agents find themselves in this situation time and time again where the rental market...

I recently had four hours to myself in Washington DC.  As a former resident I knew how to press this "freedom" into a pleasant jaunt. I started with burritos from Pedro & Vinnys in Arlington, Virginia.  See photo.  Back to them later.Making a wrong turn I ended up at the Pentagon. Nice people. They set me on the right road.  Love what they do for us every day.I then made a mad dash into the District, waved at the monuments of...

What “big trends” are driving the multifamily industry?  Forget about what’s next, this post explores what’s here.  Now.  It’s easy to get lost in the minutia of multifamily.  We have daily operations to address while planning for next month, next quarter, next year.  Following are five trends occurring in our industry that will be taking up more space in your email box and brain...

Moore’s law states that over time the number of transistors that fit on a single circuit board will double every two years.  The observation is named after Gordon E. Moore, co-founder of the Intel Corporation, who described the trend in a paper he wrote in 1965 (Wikipedia). What aspects of the multifamily business reflect this same speed of change?In my very first computer class in college the professor shared that everything we were learning will...

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 How do buyers measure their purchase? How do they know if they have a winner? Almost any measure requires the use of a timeline.  Buying a deal for a $1 and selling it for $2 requires knowing when the dollar was...

According to the Society of Human Resource Management {SHRM} over 50 percent of the information presented on a resume by a job candidate may be false or misleading.  These are alarming statistics, and as the executive of your property management company, it continues to be increasingly important to understand the mindset of the job candidates that are applying for positions within your company.  This article will help you and your company strengthen...