Expert Blogs

Weather is big business.  The Weather Channel on cable started in 1982. Of course, we had weather long before then (pun intended). It’s just amazing how the terms “partly sunny” and “mostly cloudy” have turned into a 24/7 industry. Real time information transformed the way we look at weather reports and forecasting.As property manager’s, managing incidents caused by weather is part of managing financial risk at the...

In the 1982 movie ET,  children learn the Alien being likes a certain candy.  Then the children discovered they can get the Alien to follow a trail of the candy.  Producers of the movie first approached the company that makes M&Ms about using their candy. They turned them down. The next offer went to the company that makes Reece’s Pieces and a deal was struck. It was a home run deal for Reece’s Pieces as their sales soared with...

Research has shown that a person who resigns from your property management company is leaving for one of three possible reasons: a new career opportunity, an unsolicited job offer or for a grievance that has not been handled correctly.  Whenever a person resigns from your property management company for voluntary reasons it’s normally a surprise and it can be expensive to replace a valuable team member.  This article will outline three...

Multifamily assets are often referred to as A, B and C quality assets.  Apparently there is no failing grade in investment property when there is rental income.  Categorical definitions of quality are a good starting point.Buying multifamily requires knowing about the quality of the deal. Institutional standards within the multifamily asset class represent the normal first blush where people begin to form an opinion based on a single...

When making a presentation to a potential new client how can you guarantee  that your presentation will be the most interesting one they hear that day?  How can you assure that you will be the most interesting person in the room?  By being the best prepared.Our clients and potential clients want to know about the  benefits they will derive from hiring our company.  Sure, there will always be plenty of features (bells and whistles)...

Before you can begin to analyze a rent roll, you must have the basics.  Having these in hand, rent roll analysis can begin with simple, yet powerful outputs that tell you about the financial strength, or quality of income, derived from your rental property.Baseline data is basic information gathered by your team. It is used later to provide a comparison for assessing facts provided by ownership or management.Baseline data is fact–based information...

“Best” service, especially in the property management industry, can be deceiving because the needs and expectations of your residents are changing and evolving rapidly.  In addition, your residents are comparing your apartment communities to both your competition and to best service with every company, product or service they experience.  By reading this article, you will learn the steps for developing a system so your residents can tell...

What is your business model in multifamily?  Can you express it in a few short sentences? We all get comfortable with doing things a certain way.  Successful businesses have found a niche and excel at providing a product or service that has repeat customers.  Yet successful businesses continuously reinvent themselves to compete more effectively in their market niche. Whether you are in retail, manufacturing or multifamily there are certain...

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...

The original premise for this article was to build a thesis for applying the Apple mission statement to the  multifamily property management business.  Well, a read of the Apple mission statement (if you can find a recent one) is not a mission statement at all;  it focuses on products and that's about it.  No mention of community, values, partners, customers, employees. Noth'in. A further review of company mantras gleams a vision...

Property assets can fall into disrepair in many ways and for many reasons.  Often, just walking or driving by an asset will show signs of dis-repair or a lack of care.  And that's without stepping on property! Why are potentially valuable assets left to fall back into the sand? There are a myriad of reasons, of course.  Following are the categories that most often result in assets looking like they've been beat with an ugly stick. The...

According to a recent survey by Matrix Information, three billion people around the globe have access to Internet-based services and E-mail.  In addition, this report expects electronic commerce to grow from $3.2 trillion in 2013 to $6.2 trillion by the year 2015.  Is your property management company ready for these exploding communication and marketing trends?  Is your leasing team ready to handle the E-mail just sent by 15 new prospects...