Expert Blogs

This can happen when you least expect it:  An unhappy resident has just arrived in your leasing office while your telephone is ringing, budgets are due in 25 minutes and six future residents are waiting to tour your wonderful apartment community.  Time to panic, right?  Not a chance!  Read this article and use these three easy steps to handle an unhappy resident while turning them into a raving fan. Listening carefully:  The moment...

Sometimes in our business life we become so focused on the task at hand that larger issues go unnoticed.  We refer to this as a loss of perspective.  Like being angry at the hammer that missed the nail and struck our thumb; these emotions are misplaced. Having appropriate responsibility centers, with the right person in the right job, allows everyone to stay in their lane and drive the business.  Yes, focus is required by everyone.  At...

Our economy and your success in the property management industry is based on knowledge.  Gone are the days when you could graduate from high school or college and never again pick up a textbook or attend another class.  Ready or not, your lifetime of learning has already begun, no matter how reluctant or scared you might be.  In addition, sophisticated technology, business acquisitions, new products and significant regional or national...

Peaceable sleep is a wonderful thing...to doze off at the end of a productive day and start fresh the next.  Multifamily operations requires, in some form or fashion, twenty-four hour care.  As no one can stay awake 24/7 how do you assure that assets in our care are addressed 24/7/365? Here are some ideas on how to approach the issue. Responsibility Centers. One mistake that some owner/operators make is believing they must do everything...

Do you believe sales prices per unit are going up?  Is your belief based on market forces, actual rent growth derived or sentiment? At the end of the day we utilize market sales to determine the trend line in price direction. Yet even here its best to butter the loaf of bread a little at a time. In real property ownership over the last two generations owners could wait on inflation to take them out of precarious circumstances.  The mantra being...

Would you like to learn the secrets for finding SuperStars to join your property management company…in 30 days?  Are you tired of placing ads and wondering why it takes months to fill a vacant position?  Have you looked at your budgets for this year and considered how a few key SuperStars could impact your compensation bonuses?  Follow the three steps in this article and your dream of having a powerful property management team will be 30...

How do we forecast or project real estate appreciation levels and identify a baseline data point? Is there a measure that can provide quantitative authority on the subject? Housing and multifamily appreciation has returned with upward spikes.  All markets are not equal, of course, yet some have seen double-digit price increases and apparent strong support for believing this rate of increasing value is the norm. Yet for those of us that have lived...

An FTE is a "full-time employee" or full-time "equivalent" employee.  When reviewing job creation we want to know the total number of FTE's that an employer is bringing into a community. Where things often get fuzzy is in the definition of FTE. An a-typical example is when an employer and community announces: 300 new jobs!  Well...this could represent 300 part-time jobs that equates to only 75 full-time equivalent jobs....

Perfect leverage means different things to different people. The best financial  leverage to place on an asset is financing that promotes an alignment between the objectives of ownership and the financial needs of the asset. Remember that property assets do not have feelings; but people do.  Unfortunately, too many investors allow their "feelings" to affect financial decisions. I am a firm believer in bringing in high quality expertise...

Double your personal productivity in 30 days?  Is it possible?  Absolutely!  This article will provide three important steps for making the best investment you have ever made…an investment in you!  Why is this critical?  Because a small investment made today will yield huge dividends for you in the future.  As a business coach since 1995, increased productivity is a popular topic with my property management clients. ...

The year 2013 could be the first year on record when the U.S. inflation rate is registered at zero. The closest we have come to the goose egg in recent times was 2009 when the official inflation rate was 0.1%.  According to U.S. Inflation Calculator, since 2010 inflation has ranged from 1.2% - 3.0%.  The year end number will likely fall within this range. There are five basic ways to make money in real estate; one way is with appreciation. Read...

Where did you grow up? Urban or rural there is a place (or places) that make you think of home.  What are they and what do they represent?  Collectively, they are more than just single address. There is home, of course, and places that represent a combination of the corner store, your favorite burger joint, the place where you always buy socks; your church, school and dentist.  Maybe its a park or favorite walking trail.  All of these...