Expert Blogs

When people look for comparable assets ("comps"( the sole focal point is often price.  Price-price-price. People look for comparable sales data that proves or supports the value of a similar property. As a seller of real estate this makes perfect sense as you about to exit the transaction.  As a buyer the price-price-price perspective is very short-sighted. Finding comps begins with a review of comparable assets in the same submarket as...

Want to know the secret for keeping your residents forever?  And what if you could keep your properties full and plus have a waiting list, because your residents loved the way you appreciated them?  In this article, you will learn how easy it is to develop a powerful resident appreciation program.  Once in place, an appreciation program will forever change the way you operate and manage your apartment communities. Developing a monthly...

Do you know who your data is dating and where it hangs out when you are sleeping? Unlike a clumsy teenager coming home after curfew, our data can sometimes be "out all night" and all day without anyone knowing. Recently, a CBS news reporter noticed unusual behavior on her home-based work computer. Further investigation discovered that her computer had been hacked and the perpetrators went through extraordinary lengths in an attempt to cover their...

I have been to several real estate conferences this year and the common theme is optimism.  There is more capital in the marketplace today than since 2007.  Many investors are trying desperately to get their money into real estate.  Many lenders have increased their allocations for 2013 and are looking to lend on quality real estate projects. So who is lending in 2013?  First, Fannie Mae and Freddie Mac were directed to cut back their...

In property management "stuff happens".  Being in emergency mode all the time is an unsustainable posture. And while emergencies happen... that's no reason to be caught off guard. There is just no physical method to run at full tilt all the time without losing focus and having productivity drop off. Preparedness gives us that breathing room to respond at a pace commensurate with the issue. As an example, consider manufacturing businesses...

Can a person’s behavior and values really determine if they will be a future SuperStar for your property management company?  If you knew the formula for hiring SuperStars and could cut your recruiting costs in half, would you start today?  This article outlines three simple but critical steps for adding structure to your hiring process and raising your level of success. Strengthening the interview process:  Prepare a consistent...

What does oil have to do with multifamily? It (oil) affects housing choice. People, particularly renters, will relocate closer to job centers as the costs of commuting rises. The cost of oil also impacts rents and rent growth.  As the price of oil rises and people move closer to job centers the multifamily stock near job centers rises based on increased demand while apartments further away from job centers must reduce rents in an attempt to remain...

Going "low tech" in business?  What a concept!  In an era where  "apps"  response times are measured in Nano-seconds what chance does a low tech gadget have in this environment to promote your business? In an average day how many emails, text and tweets do you review before getting  out of bed in the morning?  Don't say you're not checking.  If not  its only because your significant other...

This mantra has been around for years.  I will always remember it being applied to the printing business.  It's a real pickle, isn't it?  You are wanting some high quality business cards to represent your business.  You need them now and at a good price.  What is the probability of getting quality, speed and price all on the same day?  Pretty low.  So how do you select the two? In multifamily acquisitions once a...

Why would an owner or property manager suggest creating vacancy?  Strategic vacancy is always planned and has a purpose.  Usually, that purpose is increasing rents, but it could be to retain customers in a tough market where absorption is slow. As you know, rent is not always about price; we provide a service and our customers are looking for a comfortable place, a peaceable place to reside and security.  If everyone in your market is at the...

What is a Poverty Trap?  Is there a solution to generational subsidized housing?  Is subsidized housing passed down from one generation to the next?  Does our society assist in perpetuating the poverty trap? A poverty trap is "any self-reinforcing mechanism which causes poverty to persist."[1] If it persists from generation to generation, the trap begins to reinforce itself if steps are not taken to break the cycle....

Over the last several years we have heard whispers that once the housing recover began there was a extra bullet in the gun of the recession; a huge number of bank owned foreclosed homes.  The premise being that on the very day that home prices considered increasing this hidden  inventory will dump onto the market, thus tampering any recovery in home prices.   Its great storyline, but untrue. The recession generated almost seven million...