Expert Blogs

Many believe the only reason people rent multifamily apartments is because of housing affordability, meaning; people only rent because they cannot afford to be home owners. This is simply not true. There are a myriad of reasons why people rent apartments. Following are just a few of those reasons. Convenience. Apartments homes can provide varying types of convenience; close to work; easy commute to the city center, proximity to parks, etc. People define...

Every operator wants rent growth.  Rent growth, rent growth, rent growth.  Ok, ok, ok.  I understand.  Year over year rent growth is the most important driver of revenue growth.   How do you get it? 1. Renewals. Always at the top of the list.  Nothing keeps income ticking like retaining in-place residents.  Start the renewal process early.  Recognize this as your number one tool for maintaining stabilized...

Regroup…is this a new management trend?  Not a chance!  Regroup is simply an opportunity to end one month’s business cycle, recap the performance at each property you manage and outline a plan of success for the new upcoming month.  Why does it work?  Because it allows each person on your team to assess their performance from the previous month, and to make any necessary adjustments for the new month.  Here’s how it...

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...