Expert Blogs

The average adult living in 1776 had less information available to them in their lifetime than what is provided to us today in a single Sunday copy of the New York Times.  In 1865, the U.S. Civil War was practically over by the time knowledge of the war reached much beyond the shores of Europe.  In the early 1900's American travelers to Africa were ask about "the great man Lincoln" as if he were still president. Been to a...

How do you know when to leave broken things... broken?  As seldom as possible, of course.  Matters of public safety require immediate attention; water leaks, controlling utility costs, these are always near the top of the list. Dollars and Sense Unfortunately, dollars and sense (spelled this way on purpose) requires we perform constant triage; giving the most attention to the areas that produce revenue or control expenditures.  This...

We all have one; that natural next step.  The issue is choosing where to focus our steps; our attention, our mental energy and resources.  Then there is balance; balancing personal and professional endeavors for a meaningful life.   The best of all worlds is to make progress in our journey without fooling ourselves to assure that  "activity" is not automatically perceived as progress.   There.  Now that we...

For those engaged in financing a multifamily asset the task of gathering loan documentation, or paperwork, can range from days to months.  You can complain the whole way through but this just seems to make the process take even longer. Stressing over the paperwork is like drinking  coffee at midnight when you thought it was decaf- this is not helpful.  One strategy I use to shorten the process is preparedness- pre-submission...

Answer the following twenty-one questions about a specific address and you will likely know more than most local's including the people that live at that address!  While many of these items may seem mundane or at best remotely interesting note the reason behind acquiring the knowledge.  Informed decisions are made with superior knowledge.  1. What is the street address?  An address is necessary to begin the process.  No...

Want to build a successful incentive program for your property management company?  Have you dreamt about finding ways to have more fun at work and still see big results?  At the heart of every employee incentive program is the ability to motivate and reward your property management team for excellent performance.  In this article, I will show you four easy steps to build an incentive program that allows everyone to win! Setting...

Behind every successful multifamily asset stands good counsel- both legal and tax.  One statement that is absolutely true about tax counsel: if you don't call, they can't help. Tax counsel is money well spent.  Engaging a firm with full time tax professionals assures your circumstances receive the benefits from counsel that is aware of current tax law and best practices. Tax strategy is not about filling out forms; tax strategy takes into...

Have you set the professional bar for your property management team? Do they know when they have hit the mark? Are responsibility centers clear?  Let's discuss some measures that let you identify positive progress with a multifamily asset.  Following is a short list of high value areas to commit "thinking time".  We are applying these benchmarks to stabilized assets. 1. The "So what" question? Every PhD student knows...

Tired of pouring endless money into advertising?  Do you wonder which ads are “REALLY” working for the properties you manage?  Would you like a bullet-proof system for capturing the results from your advertising?  Below are three concepts that will enable you to track your advertising like a hawk!  Really, it’s that simple! Developing a tracking system:  As a property management company you must have an efficient...

Attempting ye old standard "by the book" cookie cutter tactics lamely taught over and over again for single-family investing and applying this to a commercial multifamily deal is a recipe for disaster.  In fact, it is a very dangerous game as the end result is that you, the brand spanking new owner of that apartment property, probably have risk your entire net worth for the privilege.  Congratulations, cliff dweller.   When...

More and more gardens are popping up in apartment communities because green spaces are a competitive solution to increasing competition, maintaining retention, improving property value, and instilling a better sense of community. Multifamily community gardens can attract higher-income tenants, empty nesters, and even the elderly. Costs range from $5,000-$30,000 to get started, depending on the size and features desired. The more elaborate (arbors, tool...

What "big trends" are driving the multifamily industry?  Forget about what's next, this post explores what's here.  Now.  It's easy to get lost is the minutia of multifamily.  We have daily operations to address while planning for next month, next quarter, next year.  Following are five trends occurring in our industry that will be taking up more space in your email box and brain in coming years. ...