Expert Blogs

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. ...

Pigs don't fly and functional multifamily assets seldom trade at a significant discount to replacement costs.  Soon after TARP (Troubled Asset Recovery Program) was implemented in 2008 the sharks circled eying bundles of multifamily assets presumed to hit the market at distressed prices... fire sale prices. The sale never happened.  Why? 'Because pigs don't fly. Why is it so hard to devalue multifamily assets?  One reason is...

It’s one thing to say you’re a green community and another to actually show it. Showcasing the right green practices can make the difference between a resident signing a new lease and even renewing a lease. But what do you showcase and how do you share it? Follow these creative and effective ways to highlight your green community features today: We Recycle, Do You? One of the top amenities residents want is on-site recycling, but you would...

In the U.S., one in every two cell phones is a smart phone, making the smart-phone-toting renter fast becoming the rule rather than the exception. With instant access to the Internet and a website designed for the mobile web, you can deliver 24/7 interaction to prospects and residents in the palm of their hands. In fact, how long until we have QR codes on the side of our buildings or on the front door of the leasing office to link our future and current...

“Did you hear what our competitor is doing?”  This question has caused many property management professionals to freeze in their tracks.  What about you?  Does your leasing team know what your neighboring apartment communities are doing?  And if a future resident was to ask them, “give me 10 unique reasons why I should lease an apartment from you and your company," could they answer this question without a...

When significant multifamily vacancy becomes an issue it is because of  one of three reasons; the people, the paper or the property. High vacancy means one of these three have gone for a walk.  To maintain the physical and financial health of an asset extended vacancy requires a property specific game plan.  Here is a starter list of things that go south with extended vacancy: Asset valuation.   Vacancy deteriorates asset value...

“When you hire the best, the rest is easy!”  We have heard this phrase many times, but how do we put this concept into action?  We know that hiring the best people is vital to the success of our business, especially in property management. And certainly, the residents who live in the apartments you manage have high service expectations.  So…how do you hire and keep property management superstars? Let’s start from the...

Multifamily interior design is in constant  motion. Changing with the  times, new designs reflect  the necessity of energy conservation and "at home" work space.  Home office workspace, while still on the kitchen table all too often, has moved to permanent space as part of apartment homes. Modern multifamily designs include home office workspace.  Sometimes this is a nook, other-times a room with full connectivity set up for...

Generation Y, or Millennials, are those born in the mid-80s, and after. They have grown up in the digital age, love technology, and environmental awareness. There are about 70 million Generation Y renters that come with very specific wants and needs that you must know about if you want to start attracting them as tenants. Use these helpful tips to begin attracting Gen Y renters to your community today: Get Connected This generation thrives on being...

Multifamily in the U.S. is experiencing its best occupancy  since 2002.  Why?  Is it our stellar industry personality? Better dressed leasing agents?  Shiny glass doors?  Nope.  Occupancy is high for the same reason gasoline goes up right before Labor Day... supply and demand.   There are a few other reasons, of course. Let's explore them. Mortgage squeeze. How many people do you know that have applied for...