Occam Razor states that; The simplest explanation is usually the right explanation. Example: Why is the grass brown? Likely because of limited or no water, right? Here's a bigger question: why do we have vacancy of X? Is this a more difficult question than determining why the grass is brown? Usually no. Very often, as professionals in this business, we can identify the cause or reason behind vacancy; the difficulty is implementing positive solutions in a timely manner.
Occam's Razor is a problem-solving principle devised by William of Ockham (c. 1287–1347), who was an English Franciscan friar and scholastic philosopher and theologian. The principle states that among competing hypotheses that predict equally well, the one with the fewest assumptions should be selected. Other, more complicated solutions may ultimately prove to provide better predictions, but—in the absence of differences in predictive ability—the fewer assumptions that are made, the better.
The fewer assumptions made the better...what a concept! Provided with the analytical tools we have today, many property manager's will delve into analysis, analytic's and creating reports that draw conclusions based on- too much information. This is our world. What about, just for starters, walking the property.
Following are a few examples I have found in my travels that severely detracted from leasing that no computer program can address:
Locked gate - no one could get to the leasing office from the street because access was denied.
Trash. Lots of trash, everywhere, every day with no one in charge of lot cleaning.
Office Hours- office hours posted but never adhered to so anyone that could find a leasing agent had basically won the daily leasing agent lottery.
Parking for future residents - non-existent. If a potential new resident cannot park, they cannot enter the leasing office.
These are just a few examples of items I have experienced that impact leasing; things easy to remedy but requiring "boots on the ground" by staff paying attention to property specific details. Simple stuff. No computing power required.
Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 - How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets. Multifamily Insight Vol 2 is set for release in 2015.
For 50+ hours of property management audio training, 3 books and live weekly leadership academy–surf to the PowerHour Property Management Books and Courses.
About This Blog: Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. See www.multifamilyinsight.com
Encore on The Rise Completes $47.1 Million Acquisition of 256-Unit Apartment Community in Suburban Houston Market of Conroe
Mill Creek Adds 377 Contemporary Apartment Homes to East Domain Area of Austin with Modera EaDo Luxury Rental Community
Wood Partners Elevates Living in Thriving Centralized Marlborough MetroWest Market with 276-Unit Alta French Hill Community
The REMM Group Redefines Luxury Living in Los Angeles with Introduction of The Jagger Apartment Community in Culver City Market
The latest multifamily industry news
delivered to your inbox
CONROE, TX - Encore on the Rise purchased Encore Rise, for $47.1 million in Conroe, Texas. Located...
AUSTIN, TX - Mill Creek Residential, a leading developer, owner-operator and investment manager...
MARLBOROUGH, MA - National multifamily real estate development leader Wood Partners has officially...
LOS ANGELES, CA - From The Jagger's distinctive sawtooth roofline to its apartment's smart home...
REVERE, MA - Mill Creek Residential, a leading developer, owner-operator and investment manager...
RALEIGH, NC - Wood Partners, a national leader in multifamily real estate development, in...
ORLANDO, FL - Toll Brothers, the nation’s leading builder of luxury homes, through its Toll...
SANTA ROSA BEACH, FL - Olympus Property, a leading real estate investment and property management...
The latest multifamily industry news delivered to your inbox.