Expert Blogs

The best way to assure easy make-ready’s is to have as few as possible, right?  How to make that happen?  With an earnest focus on leasing renewals.  Focusing on renewals reduces turnover.  Concessions at lease renewal are almost always less expensive than turnover expenditures.  Be it carpet cleaning, painting an accent wall or a few new light fixtures, any of these require less cash than a full make-ready.  Considering...

When the Super Committee begins deliberations the world will know as markets around the world will act and react to the daily drivel that leaks from the hallowed halls of Congress.  We now live in a world where ten second sound bites have relevance.  What was once the 24-hour news cycle has become a source for streaming information flow.   There may be only twelve people on the committee, but there are six billion people in the room. I...

Stating the obvious is seldom an over-statement.   It's the thing right in front of  us.  We all know it's there, we're just not seeing it.  Or worse, we see it and ignore its existence.  What is the most expensive space on property? The most expensive space at any multifamily property is empty space.   Pick a name; vacancy, un-occupied units, empty's.   By any name it is space available for...

According to a recent survey by Matrix Information, two billion people around the globe have access to Internet-based services and E-mail.  In addition, this report expects electronic commerce to grow from $1.6 trillion in 2011 to $3.2 trillion by the year 2015.  Is your property management company ready for these exploding communication and marketing trends?  Is your leasing team ready to handle the E-mail just sent by 15 new prospects...

Most people enjoy a good cup of coffee in the morning.  It is the ultimate "me time" before  we start our day.  Just about  every place of business  (non-retail) has coffee and bottled water nearby during business hours.  Why? And what does this have to do with multifamily? Coffee is an amazing business tool.  While probably overlooked by Drucker, it really is utilized across the world as a handshake, a...

In the last twenty years the renter pool has expanded well outside the age cohort of  twenty-somethings.   Renting as a lifestyle choice is very much a common happening today.   As housing affordability has decreased in recent years more family's have continued as renters.   So, who is in your tenant pool really? Even though affordability has returned (somewhat) with lower interest rates, home ownership numbers are...

Successful investing is about weighing projected risk and reward. When the opportunity set of available investments is artificially distorted, this job becomes extremely difficult. Such is the case now, with short-term rates being held at near zero levels, resulting in little to no reward for holding short-term, traditionally low-risk investments such as T-Bills, CDs and money market funds. To have any hope for a positive return (before inflation), an investor...

Competitive properties have many similarities.   Granted, they may not have the same look or facade, but rent rates are similar (revenue per square foot of occupied space, for example) amenities are similar, they are the same distance from job centers or shopping etc.  A deeper look will often expose that tenants are coming from the same pool; tenants have similar job titles, educational levels and credit scores.  Same, same and more of the...

The age quotient for a multifamily asset has two components: the actual age and the functional age.  One is no less important than the other.  In fact it is often more important to know the functional age of the property. In competitive markets age can sometimes become meaningless.  When occupancy is tight, assuming usable amenities, the  age factor can be diminished to zero relevance.  A hovel in a major market with limited...

If first impressions are formed by a new resident within 10-12 seconds of meeting those on your leasing teams, what impressions do the walls in your office make?  Can your walls sell?  Can your walls motivate and inspire you and your leasing teams?  You bet they can!  This article will show you three easy steps to make sure your walls are selling—365 days a year.  Inspiring your residents:  First, recognize that every...

Yes, we live in an "on-line" world.  The demographic of potential apartment tenants are definitely connected through all the channels you already know from Facebook to Apartments.com. Consider, however, that most of your new customers are from a very small radius, anywhere from one to five miles from your multifamily asset. Whereas most may be on-line" this is  a presumption as Internet connectivity rates vary significantly...

Reports say major banks may have sold more than $200 Billion dollars in fraudulent mortgage securities.  Large banks will be in litigation for years to come from the recent implosion of mortgage-backed securities.  At the end of the day, who wins? JP Morgan and Bank of America are on the hit list.  Big targets all.  I'm not taking sides here.  My concern is for the American banking system.  Sub-prime mortgages were never a...

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