Expert Blogs

In property management, we are on call 24/7.  We have to answer every call (even the annoying ones).  Some things can wait until the light of day. Other matters require finding the bunny slippers at two a.m. to make that call to on-call maintenance (while praying they answer!).  Here are a few items in property management to avoid: 1.  Letting insurance premiums lapse. Insurance is many things. One of those things is necessary....

Hurricane Irene is a reminder that bad things happen indiscriminately.  Power outages and downed trees are no respecter of persons.   This year, Tornadoes in Alabama and Missouri leveled entire neighborhoods.  What responsibility does property management have when an entire city is on the edge of darkness?  That of the reasonable  person. Like when a tree falls on a car on property, in my opinion, it is the responsibility of...

Once you have hired a new property management SuperStar, the next step is critical.  It’s now time to welcome this SuperStar into your property management company in a way that will accelerate their success and make a lasting first impression.  Read the three steps outlined in this article to learn special tips for welcoming a new SuperStar and how to organize a positive and productive first week.  Organizing their arrival: When...

When people find money it is usually in small increments like a jar of change or that lost $20 in an old pair of jeans.  Following are ideas on finding $10,000 this year on property.  Some of these ideas can produce $10,000 by themselves.  As we know, in multifamily there is no magic bullet, however, savings and revenue can be found in incremental ways. Professional athletes know this well; it is not any one thing they do that makes for...

What does being brown in America have to do with housing?  Frankly, not as much as it used to, thankfully.  At least from an access perspective. As background, in the last two generations we have enacted laws that attempt to assure all people are treated equally with respect to access to housing.  These laws became a necessity because of  people being denied housing simply based on the color of their skin- not because of their credit...

As multifamily property managers, we have limited time to contemplate things we cannot change.  There is a enough panic to go around, and around.   Professionally, our focus should be on those things we can change at the property level; on how to move the needle in operations. Other than job loss, and aside from those having to move down in price on their rent, I suspect turnover will slow as people hunker down during this current economic...

We continue to have mixed signals and no clear guidance on the direction of the U.S. economy.  These positives did not just pop up.  We had a significant decrease in revenue for a season.  We continue to have the pain of higher collections. Today, I present for your consideration five small silver linings  for multifamily that have occurred at the back end of this recession. Moderate rental  revenue increases.  While rental...

The home-ownership rate in the United States is decreasing.  Therefore, more single-family will be utilized as rental. How is single-family housing impacting multifamily rental?  So many homes are presently for sale, for  rent or foreclosed it's hard to tell who's on first!  According to the website Calculated Risk quoting from Census Bureau data, since 2004 there are 3.60 million homes built for sale that are being utilized as...

In the world of property management, the team who is managing your assets / investments / properties / apartments might be across the city, across many cities or even hundreds & thousands of miles away. Let’s agree…managing a team in property management that is geographically dispersed can be a challenge---and requires a special set of leadership skills. From a leadership perspective, how are you coaching/leading your property management...

In Multifamily management, there is always more to do, but there are certain things that must be done.  In the effort to maintain full occupancy, these five tips are in the "must be done" category. 1.  Renewals!  The straightest line to maintaining high occupancy in multifamily  is focusing consistent attention on renewals.  Ignoring this makes maintaining full occupancy near impossible. 2.  Be Ready!  Never...

Energy, food and multifamily rents are all higher now than in 2001.  But how much higher?  Whereas food tends to fluctuate, fuel and rents, people believe, only go up.  Is this true?  Let's look at some recent trends. Energy.  The average price of a gallon of gasoline in May 2001 was $1.66.  In May of 2011 it was $3.78.  This represents an average annual increase of 8.26% each year (every year for ten years).  In...

The recession that began in 2008 is the original cause of recent nominal rent rate growth.  I do not believe, however, that rental rate increases will remain at last year's slow pace of increase.  Rents are rising.  Following are seven reasons why I believe rents will increase  at a faster pace going forward. 1. The foreclosure rate, while waning, has taken significant housing product out of circulation.  This housing cannot be...

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