Expert Blogs

Property management companies that run efficiently have significant systems in place for each phase of operations.  Further, it is often emphasized that responsibility centers do not overlap (yes- we are leaving "cross-training" behind for the moment).  In so doing we maintain specialization and focus.  This is the way of the world for large well-heeled organizations.  Then, there  is everybody else. The property...

If first impressions are formed by a new resident within 10-12 seconds of meeting those on your leasing teams, what impressions do the walls in your office make?  Can your walls sell?  Can your walls motivate and inspire you and your leasing teams?  You bet they can!  This article will show you three easy steps to make sure your walls are selling - 365 days a year.  Inspiring your residents:  First, recognize that every time a...

Once you have hired a new property management SuperStar, the next step is critical.  It’s now time to welcome this SuperStar into your property management company in a way that will accelerate their success and make a lasting first impression.  Read the three steps outlined in this article to learn special tips for welcoming a new SuperStar and how to organize a positive and productive first week.  Organizing their arrival: When...

While not everyone has a billion dollar portfolio (or multi-billion dollar portfolio)  it is fun and informative to be in the know about  those who do. When it comes to powerhouse information sources, who are the big dawgs on campus?  There are a few at the top of the  list that provide quality information. NAREIT.  The National Association of Real  Estate Trust.  NAREIT defines within their reporting segregates...

In a recent interview with the Wall Street Journal  (Nov 25, 2013) U.S.  Commerce Secretary Penny Pritzker was ask how to address political dysfunction.  The core question was about how to get around all the rhetoric considering the constant hum of political noise.  In part, here is her answer: "It requires what I know from my business career. Establish relationships, establish credibility, work hard, and make your arguments. ...

In 1985 the average square feet of an individual  multifamily dwelling was 885 square feet.  By 1999 this number had moved up to 1,105 square feet (Real Estate Market Analysis- Schmitz & Brett).   In 2014, according to the National Association of Home Builders (NAHB) the median size is 1,074. A review of median size excludes consideration of unit mix in terms of number of bedrooms.  It also excludes segregation by use type;...

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...