Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Top 6 Ways To Get Tenants To Pay Rent On Time

Having your tenants pay their rent on time is key for successful investing; incentivizing them to pay can sometimes be worthwhile. Here are a few ways that we have found to be the most effective. Incentivize them to pay early by offering a discount Let your tenants know that if rent is paid in full on or before the first of the month, they can deduct a certain discounted amount.  If they chose to pay rent after the first of the month, the standard rent is due.  Always be sure your offering is clearly defined so there is no confusion.   Have a point system that allows for upgrades. Create a system for each time they pay on time they receive a certain number of points toward an upgrade ie: accent wall, new flooring, or maybe a gift card to home depot for their unit.   Offer A Community Drawing Every Few Months Create a system that when they pay their rent on time they receive a token/ticket of some kind to throw into a drawing. Individuals who have more tokens/tickets will have a better chance of winning over someone that doesn’t.   Make It Easy For Them To Pay The easier it is for them to pay the better, online or automatic payments simplify the process.   Send Reminders Sometimes, a tenant misses a payment because they’ve simply forgotten the exact date that rent is due. Send your tenants a gentle monthly email reminder a couple days prior to the ren......
Continue reading
217 Hits
0 Comments

Learn How Streamlining Your Maintenance Service Requests Leads to Resident Retention

simplify-copy.jpgStreamlining your maintenance requests helps create a hassle-free experience for your residents. This leads to an increase of perception in value of the community and staff which helps increase renewals!   Here are 5 KEY Ways to Streamline Your Community’s Service Requests: 1. Contact the resident – According to our 2017 Today’s Online Renters Study, 75.9% of residents use their apartment community’s online portal to submit service requests. If service requests are received via the community portal, contact the resident to gain more information if needed. Providing as much detail as possible will help the maintenance team complete the service request in the most timely and efficient way possible. 2. Be Transparent & Communicate – Notifying resident of a delay in service; such as a part is on order and the expected delivery date, in addition to the time frame maintenance will return to the resident’s home. Leave documentation in the apartment home and personally communicate the information to the resident in the manner they like to receive communication; email, text, or phone call. 3. Immediately Record into the PM system – Enter service requests directly into the Property Management Systemand repeat the request back to the resident. This allows for accuracy of the resident’s service request and for the maintenance staff to prioritize service requests as they are received. Always verify contact information; ensure email and phone number are current as this allows the resident to receive notifications as soon as the request is complete. 4. Maintenance team trained, equipped to carry out the request – Know your maintenance staff.......
Continue reading
155 Hits
0 Comments

Apartment Staffing 101: Don’t Hire Nice People

Apartment Staffing 101: Don’t Hire Nice People
Apartment staffing can be tricky business. Over the years, I have managed and hired hundreds of Leasing Agents. It can be tough trying to find the right candidate. Early in my career, I made many mistakes when it came to hiring.  Some candidates I thought would be great turned out to be all talk and no action, while others who I thought we be just “ok,” turned out to be excellent employees.  But one of the biggest mistakes I made was presuming that because a candidate was “nice,” that they would be a great Leasing Agent.  However, what I found is that while “nice” individuals are perfectly acceptable, all of the “great” leasing agents I ever hired were very “kind” people.   What's The Difference Between "Kind" and Being "Nice"? It's a common misconception that being "nice" and being "kind" are the same thing. People tend to confuse the two. They are in fact two separate traits that can make a big difference in an employee's performance.  Individuals that are "nice," tend to be very polite, are well-liked, show common courtesy and are very personable. Most of the agents I come across fall into this category.  On the other hand, "kind" individuals are the ones that always show empathy for others, try to help wherever they can and always seem to put other people's interest above their well being. This shows in their sales techniques (i.e., connecting with renters), their role within the organization, their willingness to help fellow employees and most importantly, t......
Continue reading
314 Hits
0 Comments

2018 NMHC Recap & Reflections for the Multifamily Industry

NMHC-2018.pngFlying back home from the NMHC Annual Meeting in Orlando, I can’t help but reflect on how fortunate we all are to be in this particular industry, at this particular moment in time. After several years of record 4-5+% rent growth, the past 16 months have seen remarkably stable rent growth with Axiometrics reporting YOY growth in the very narrow range of 2.1% to 2.5% (the long-term historical average is roughly 2.2-2.3%). It’s not often we get to experience a sustained period of “Goldilocks” growth (“not too high, not too low”). Not surprisingly, the single biggest theme I observed at the session was a general satisfaction and confidence in the industry. The tone was clearly optimistic, but not heady. I realized that many of the CEOs and COOs attending were in the same or similar positions with their companies back in 2006-07. So while everyone feels good, the lingering memory of how that bull run came to a crashing end tempers any irrational enthusiasm. Despite the stability of current market conditions, we are clearly in a transitional period not just in our industry, but in the larger business world as well. Here are a few key observations from my vantage point: We all know there are big technological changes afoot, especially in the area of managing data and the burgeoning space of “artificial intelligence,” but everyone is struggling to figure out what is really relevant to us, and maybe more importantly, when. I personally think that the first area of substantial AI use will be in call......
Continue reading
487 Hits
0 Comments

The Importance of Meaningful CSR In Multifamily

With planning calendars and budget discussions dominating the month of January for many multifamily portfolio and building managers, CSR - or corporate social responsibility - initiatives are sure to be a key topic of conversation, and one not to be ignored for multifamily operators around the country.   Recent reports confirm that a management’s choice of charity has a direct impact on resident’s connection with a building. In fact, a recent study from ManagInc found that more than 90% of the executives who responded replied that CSR does, or can, have an impact on resident retention, employee retention and performance. Additional results from the study can be found in Doug Miller and Jen Piccotti’s feature in the October 2017 issue of NAA’s Units magazine.   Executives further confirm the importance of a meaningful CSR initiative. The ManagInc study found that 80% agree that residents, especially millennials, find it important that a management company is socially responsible.   Doug Miller, founder and CEO of ManagInc shared, “CSR really means that when you take care of a company’s stakeholders (employees, suppliers, residents, the communities you do business within), those who make your company successful, they’ll take care of you and your long term sustained success. Our study really validates this. CSR and a ‘caring’ operating philosophy can drive employee engagement / retention / recruitment, supplier loyalty, resident loyalty / retention / recruitment, and reputation. This is even more critical as it relates to Millennials, our wonderful ‘activist’ generation.”   Source - ManagInc, published in Oct. 2017 NAA Units ......
Continue reading
363 Hits
0 Comments

Making the Most of Your Service Request

As we kick off this new 2018 year, now is a great time to freshen up on best practices for employees! Maintenance plays a large part in a residents living experience, but before the maintenance staff can service the renter, it starts with the office staff receiving the service request in person or over the phone. No matter how the service request is placed, one key to successful service requests is making sure the service request is clear and detailed.  Without detailed information maintenance can only guess on what needs repair. This situation creates frustration for the maintenance; possibly having them to return to the renters home several times, and the resident begins to feel they are not able to trust the team to fix their concerns the first time. Some questions to ask your residents when entering in a service request ·         Verify name, unit and email address ·         Location of issue (choose from the drop down menu in your PMS) ·         What exactly is not working with “dishwasher, washing machine etc” ·         What is broken with “dishwasher etc” ·         Have you tried to rectify the issue yourself?  Ex: Poured drano down the sink or toilet? ·         Leave any and all specific info/description of the maintenance request Stay away from yes or no questions as those don’t allow you to receive detailed questions. Ask open ended questions, which allow the renter to share detailed information about the service request. A recommendation to make sure maintenance is well equipped with the information they need is to schedule a meeting with yo......
Continue reading
485 Hits
0 Comments

NMHC, S2S Launch 40 for 40 Campaign to Fight Homelessness

  2018 marks the 40th anniversary of the National Multifamily Housing Council (NMHC). At Shelters to Shutters (S2S), we could not be more excited about how the vitally important organization is celebrating this notable milestone.NMHC is partnering with S2S, its designated 2017-2018 charity, to conduct the 40 for 40 campaign to help the fight to end homelessness. The goal of the campaign is to sign up at least 40 new multifamily partners who will make a financial contribution to support the mission of S2S. The campaign is seeking to raise $200,000.S2S transitions individuals and families from homelessness to economic self-sufficiency by partnering with apartment operators to provide full-time employment and housing opportunities.The 40 for 40 campaign begins this Thursday morning, Jan. 18, with the NMHC Walk for the Homeless Benefiting Shelters to Shutters during the 2018 NMHC Annual Meeting. The campaign will then run for 40 consecutive business days following the Annual Meeting.A minimum $5,000 contribution is needed to be recognized as a 40 for 40 Partner. The benefits of being a partner include: •    Recognition on both the NMHC and S2S websites.•    Promoted via S2S social media channels.•    Mention in a press release.•    Acknowledgement in the S2S annual report.•    Recognition in a special, dedicated email to NMHC members recognizing 40 for 40 Partners.•    Inclusion in scrolling PowerPoint presentations displayed before the start of each general session at upcoming 2018 NMHC meetings, beginning with the NMHC Spring Board of Directors Meeting in May 2018.For more information on the 40 for 40 campaign an......
Continue reading
470 Hits
0 Comments

How You Can Afford to Retrofit Your Multifamily Property with Submeters

How You Can Afford to Retrofit Your Multifamily Property with Submeters
I’m embarrassed to admit how many plates of food I consumed the last time I dined at a buffet. It’s always the desserts that lure me in. Chocolate tortes, soft serve ice cream, cake… I will sample all.the.things. If it looks remotely sweet, it goes on my plate. If I try it and it doesn’t appeal to my sweet tooth, no big deal. After all, I’m not paying per item and I gotta get my money’s worth, right? If you spotted me at a regular restaurant where I was paying per item, I’d definitely be more mindful about overdoing it. Residents in multifamily properties who aren’t being held accountable for their utility consumption usually have the same gluttonous mindset that buffet diners do. If they aren’t being billed for their actual utility consumption, they are far less conservative with their usage. In fact, according to Fannie Mae’s Multifamily Energy & Water Market Research Survey, when apartment owners paid for all energy costs, median annual energy use was 26% higher than when tenants were held accountable for their usage. That’s why so many apartment operators (and lawmakers) are turning to submeters. Submeters precisely track each apartment unit’s utility consumption, allowing property management companies to accurately bill their residents for their share of the bill. Submeters are so effective at driving water conservation that drought-sensitive California recently passed a law requiring water meters to be installed at individual apartments starting with new developments in 2018. Even though the law doesn’t apply to existing multifamily structures, o......
Continue reading
646 Hits
0 Comments

Gaining Employee Buy-In When Rolling Out a New Technology or Program

Gaining Employee Buy-In When Rolling Out a New Technology or Program
Making changes to improve your company’s overall business operations is imperative for long-term success and remaining competitive. In the modern-day multifamily industry, there is ample room for technology upgrades that can considerably streamline processes and boost revenue, such as revenue management and lead management solutions.  Technology is still emerging within multifamily, but it’s playing a pivotal role in the execution of asset, property and lease management, as well as marketing and online reputation management.  Here’s the catch: not all employees are always going to be keen to embrace new technologies or programs. And if you can’t get adequate buy-in from your employees, then new technology isn’t going to be effective, no matter how efficient or innovative the solution may be.  To get that needed buy-in, here are some steps employers can take when implementing a new technology or program: Find employees to championAn initial step in getting team members to embrace a new technology or program is to identify employees who can champion the changes. Fellow employees showing and voicing their support for change can be really influential in gaining company-wide buy-in. Ideally, this roster of champions would span departments and include company leaders down to onsite employees.  Prepare employees for changeA shift in company technology or policies can be jarring for some employees, especially long-term employees who have been with the company a long time and may be reluctant to change. Broadly speaking, the apartment industry has been slow to adopt new technology, so implementing a new type of property managemen......
Continue reading
529 Hits
0 Comments

Why the New Way to Close a Sale is Through a Story

Storytelling helps prospective renters envision themselves using the apartment home and community amenities. Stories encourage the emotional side of the brain and allow the customer to connect in a way that is far superior to a list of community features and benefits. There are four types of stories to choose from when closing the sale. Depending on what the renters’ concerns and values are, will determine which type of story to tell. Tell a who we are story if the renter is concerned about finding a place in your community. These stories relate to the community culture, both within the renter population and the Leasing Center.  The prospective renter wants to know they’re coming into a happy, consistent community. Tell a what we are story if the renter hopes to find specific amenities or rates. Engage the prospective renter with a detail-oriented story, relaying the sights and sounds of the amenity or home.  These renters want to be able to see themselves enjoying the community amenities and their home. Tell a why we are here story if the renter values personal attention from Leasing Consultants. Share stories that inspire trust and can be personal, why helping the renter find their new home is a rewarding opportunity. Tell a what we do story if the renter expresses concern about maintenance services or any other services. This is the opportunity to sell the community’s customer service through real stories and remind the renter the staff goes above and beyond. Stories that tell about the sights and sounds will encourage renter’s brains to create ......
Continue reading
903 Hits
1 Comment