Expert Blogs

Of course you know your revenue sources- rents and other income, or ancillary income.  But what's the next level of analysis?  Is each source being maximized?  Does your stated lease rent match collections on the rent roll?  How many ancillary income sources do you presently utilize? What can you add? On an asset-by-asset basis do you know year-over-year and quarter-over-quarter rent growth and revenue growth? Naturally we focus on...

The property management profession continues to be more complex and rapid planning seems to be a daily requirement.  When faced with a large project, when pressured to reach tall goals or even when you are trying to fix a reoccurring problem…Mind Mapping is the perfect tool.  In this article, you will learn the three steps for creating a clear and well-organized front-end approach to resolving your most challenging problems or developing your...

This post is a departure in that these "deal questions" I am asking you to consider have little to do with the nuts and bolts of buying a multifamily asset; they are specific to your long-term strategic thinking about your purchase.  We all know that anyone can buy a deal; it's what you do with it that makes or breaks the transaction. Best practices in acquisitions requires a plan of action pre-closing (of course).  Answer the...

You’ve hired a property management SuperStar and the classroom training for your new employee is finished.  As their manager, is training really complete?  Not a chance!  Field coaching is the next step and the most important part of a well-rounded and world-class property management training system.  In this article you will learn the three steps for building a powerful field coaching program and once in place, this process will...

Psychologist have had some time to  study the attributes of multitasking only to determine that in many instances the  potential gains are overshadowed by a lack actual productivity.  I submit that multitasking has limited value in our business as compared to  delegation.  In too many instances these two management tools are confused with multitasking gaining credit when delegation is the real productivity engine. A professional...

You may have heard there is plenty of money in the market for real estate acquisitions. Of course, like any other urban legend the facts are a difficult thing to come by as the lens becomes more focused. Like politics real estate is local. So, local to New York City there is a significant amount of money and property assets moving around. The same is true for most job center cities.  Yet as we begin to delineate at the transaction level the size and...

A rent roll, correctly assembled, is a distinctive document providing you with an array of information. When buying a rental property you are in essence buying the rent roll and the monthly income that comes with it. Why is it important to establish the amount of monthly income from the rent roll? Because this is the contractual re–occurring revenue established from existing, in–force leases. The rent roll is a snapshot of current income as...

Vacuam is Latin for empty space. In the property management business we live and breathe around occurrences of empty space. Reality is that empty space is "non-revenue" producing. And, since our fixed costs of operations revolves around revenue generation eliminating vacancy is the best method for increasing revenue. How do we disrupt vacancy? The first order of business is to determine the source of vacancy.  Next, we need to know average...

Property management is rapidly changing, and you are faced with more decisions then ever before. Today’s fast-paced lifestyles create information overload.  During your lifetime, you will have 10 or 15 major decisions and another 25-30 semi-major decisions.  Developing a Personal Board of Directors will help you make great decisions and this article will tell you exactly how to implement this important idea.  Once in place, you will never...

Grooming new SuperStars is the easy part.  The tough part is having a system to hire the best candidates today…who will be the future leaders in your property management company, tomorrow.  Follow the three steps in this article and the dream of having a powerful farm-team is just months away! Hiring the best:  An artist would say, “give me great clay and I’ll craft beautiful sculpture”.  The same goes for...

What percentage of  the housing stock in the United States is represented by multifamily?  We define multifamily as property with five or more dwellings.  One would think there is an easy answer, alas, many very well-informed individuals and institutions have varying answers.  So how many multifamily dwellings are there in the United States, really? In a country of over 314 million people fully one-third live in rental housing. ...

When reviewing real estate for purchase there are varying types of local market knowledge; knowledge of the physical asset, the  property around the physical asset, knowledge about the market, the submarket and the people who live and work close by.  How deep is your local market knowledge? The data can be segregated into four categories: 1. The subject asset- the potential acquisition candidate. 2. Assets adjacent to the site- those...