As RETCON is drawing near, I wanted to highlight 5 sessions that are in my sights. These are all multifamily-related, but I will probably branch out beyond our space, as there are always valuable lessons to be gained from other parts of real estate and beyond. How Systems Work, and Especially How They FailThey promised to do a hard job faster, better, and more efficiently than you could do yourse ...
Can you refuse to add someone on the lease just because they are disruptive?
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Doesn't the Covid-19 pandemic seem like it happened a lifetime ago?I remember at the very beginning of the pandemic, when no one had any information and everyone was freaked out, my husband went out in the early morning (to avoid crowds) to go grocery shopping. He was of course wearing rubber kitchen gloves but no mask, because at the time everyone thought Covid might be spread by touch. He got a huge haul, because who knew if the grocery s ...
Hi All. One of our properties is going to have a handful of more college students (townhome units). Was wondering if anyone has an addendum with regard to noise/parties? Our lease is already very detailed but I'm just looking to see what others do. We are not all student housing, but we have a property closely located to a private college and out of 61 units, we have about 6-10 or so with students. Normally there have not been too many issues, but I...Hi All. One of our properties is going to have a handful of more college students (townhome units). Was wondering if anyone has an addendum with regard to noise/parties? Our lease is already very detailed but I'm just looking to see what others do. We are not all student housing, but we have a property closely located to a private college and out of 61 units, we have about 6-10 or so with students. Normally there have not been too many issues, but I just want to kind of add a little something to be ahead of any issues (usually loud parties, parking in places they shouldn't and not cleaning up their outside space). Just kind of thinking outloud. Thanks! Show more
Random question ~~ when remodeling a kitchen with new counters and sink, would you remove a working disposal? I mean, take it out and not replace it.
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In today's high interest rate environment, interest only platforms may be the only answer for refinance for the short term. We are seeing several clients walking away from million-dollar buildings because the old interest rate was 2-3 %. Now the interest rate is 8-9%. Clients just cannot sustain the imbalance. Things are going to become quite desperate for many companies this year.
While itβs almost become a meme to comment on how βbackwardβ the multifamily housing industry is when it comes to technology, the reality is much more nuanced now than it was back in 1999 when I first started leading the work that eventually resulted in LRO, the industryβs first-ever automated rent setting application. I was blessed to work with perhaps the most technology-forward operator of the time. Archstone was the first major ...
Property management is a multifaceted industry and as many successful property managers know you will need efficiency to scale and manage the business effectively. Property managers are the day-to-day lay level operators who are faced with a perpetual roller coaster of strategies that aim to to reduce operational inefficiencies. The uncomfortable part of such objectives is frequently overlooked by most property managers; namely, partnering with a ...
Key releaseβs are supposed to be simple. Yardi has an opt in for text communication which he is listed as yes. A friend comes in and needs a key. Knows resident by name, unit and phone #. We called resident twice and emailed. They called him, told us when they went to walk their dog, he left and may have thought they had key. After about an hour of them calling they texted him. He texts them back and says we have permission to give key. I see...Key releaseβs are supposed to be simple. Yardi has an opt in for text communication which he is listed as yes. A friend comes in and needs a key. Knows resident by name, unit and phone #. We called resident twice and emailed. They called him, told us when they went to walk their dog, he left and may have thought they had key. After about an hour of them calling they texted him. He texts them back and says we have permission to give key. I see this and reveries the number with ours. They said they needed to get their things. They had the fob and we gave key. 15 minutes later we see them leave with their carry on luggage.
Next day resident claimed he didnβt know them and we gave his key, and took stuff. As we conversed he admitted having them over and they have been overstaying. That they come to see him and cousin. Cousin has left country for awhile, and that they get on his nerves. Told them to leave. He changed story with me and police about how apartment was left etc. He had the guys name and showed me how many times they called. He said he didnβt answer right away as he was busy.
He said I should have called him more. I asked why he didnβt call us back. He even showed me their calls to him and mine. I verified text to the couple coming from his phone. Thoughts as he wants attorney involved and is blaming us. I wrote a step by step document with what transpired. Iβve yet to receive a picture of TV being hit. Of course he also had an unauthorized pet. neighbors ring cam shows them walking to door and turning knob as if it would be unlocked. Then shows he comes back and uses key. Talks to the residents dog and says β hey, we are backβ. Nothing that received shows them leaving over 4 videos. I know they did as i saw them. Thoughts?
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Is your property management company drowning in reactive maintenance? Are surprise repairs, breakdowns, and frustrated residents eating away at your resources, budget, and bottom line? The good news is, there's a smarter way to manage your maintenance. Artificial Intelligence (AI) is revolutionizing the way we approach maintenance, ushering in an era of proactive problem-solving and optimized operations.Embrace the Power of DataImagine having a c ...
We audited one of our student housing portfolios a few months back (about 12 properties), and identified ~$50,000-70,000 / year in bloated ad spend. If you are looking to do the same and potentially cut ad spend, read onβ¦We started by implementing a CRM to track things like lead source, and lead stage in the pipeline. Powerful optimizations begin with good data. Once we'd collected a year's worth of data, we were able to do some actual analysis o ...
I have a client wanting to reduce fraud. (Isnβt everyone!)
Iβve used Checkpoint ID but had complaints with them manually verifying idβs (they did nothing) and the app not working when scanning idβs. Is there a good alternative?
Thinking of going with Snappt for POI verification. Are they the...
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This is very interesting article, in my opinion. I would imagine that most in this group would tackle things differently than Vienna, but the reality is that there are some very strong alignments, such as understanding that affordability is a supply-driven situation and that we need more development in many markets. For example:π΄πππ‘βππ πππ¦ ππππππππππ ππ π‘βπ π€ππ¦ ππππππ πβπππ ππ π‘π π ππππ ππ‘π ππππ’ππ βππ’π πππ ππ’ππππ‘. πππ π‘ ππ ππ‘ ππππ πππ‘π π π’ππ ππππ πππ...This is very interesting article, in my opinion. I would imagine that most in this group would tackle things differently than Vienna, but the reality is that there are some very strong alignments, such as understanding that affordability is a supply-driven situation and that we need more development in many markets. For example:π΄πππ‘βππ πππ¦ ππππππππππ ππ π‘βπ π€ππ¦ ππππππ πβπππ ππ π‘π π ππππ ππ‘π ππππ’ππ βππ’π πππ ππ’ππππ‘. πππ π‘ ππ ππ‘ ππππ πππ‘π π π’ππ ππππ πππ ππππ π‘ππ’ππ‘πππ, π€βπππππ ππ π‘βπ ππ ππ‘ πππ π‘ππ¦ ππππ π‘π ππππππ‘ππ¦ π π’ππ ππππ πππ πππ πππππ‘π π‘βπππ’πβ π£ππ’πβπππ πππ βππ’π πππ πππππππ‘ π πβππππ . πΌπ ππ‘βππ π€ππππ , ππππππ ππππ’π ππ ππ π π’ππππ¦ π€βπππππ π‘βπ ππ ππππ’π ππ ππ ππππππ. βπΌβπ πππ£π π ππππππ π‘π ππ π πππππ’πππ‘πππ ππ βππ€ ππ’πβ π‘βπ ππ ππ π πππππππ ππ βππ’π πππ π£ππ’πβπππ πππ‘ππππ€πππ πππ π ππ π€βππ‘βππ π πππ ππ π‘βππ πππππ¦ πππ’ππ ππ π‘ππππ ππππππ πππ‘π ππ’ππππππ πππ€ βππππ πππ π‘πππ,β π πππ π·ππ£ππ , π‘βπ ππππ‘π ππππππ πππ‘π¦ πππ’ππππππππππ.
Also, it has a strong focus on multifamily to ease the housing crisis:
πβπππ πππ π πππ πππ£πππ’π πππππππππππ . ππππππ ππ ππππ πππ¦ ππ’πππ‘, π€ππ‘β π‘βπ πππππππ‘π¦ ππ πππ πππππ‘π πππ£πππ ππ πππππ‘ππ£πππ¦ π ππππ πππππ‘ππππ‘π π€ππ‘βππ πππ π¦ πππ π‘ππππ ππ π‘βπ πππ‘π¦ ππππ‘ππ. πππ π‘ πππππππ π πππ ππππ‘πππ , πππ π’π π π‘βπ π€πππ-πππππππ‘ππ ππ’ππππ π‘ππππ ππππ‘ π π¦π π‘ππ π‘π πππ£π ππππ’ππ. πππ π‘ πΆπππππππππππ πππ£π ππ ππ€πππ-ππππ’ππππ π πππππ-ππππππ¦ βππππ ππ π‘βπ π π’ππ’πππ . ππ’ππππ π‘ππππ ππππ‘ππ‘πππ π π¦π π‘πππ πππ π’ππππππ’ππππ, πππ πππ π‘ πππ πππππ‘π π’π π π‘βπππ πππ π‘π π‘πππ£ππ.
Lastly, here is an interesting take on how they approach NIMBYism:
Tβππ¦ βππ βπππ π’π π‘π 20 ππππ‘ππππ ππ π‘βπ ππππππ¦ π£πππππππ ππππππ π‘βππ¦ πππππ ππππ π‘ππ’ππ‘πππ. βππ πππ π‘βππ π‘π ππππππ πππ πππππ‘π ππ ππ’π πππππ πππ ππ π π‘βππ βππ€ π€π πππ’ππ ππππ ππ‘ ππππ ππππππ‘ππππ π‘π π‘βππ. π΅π’π‘ π€π πππ πππ‘ ππ π π‘βπππ ππππππ π πππ.β
So while the implementation would be different than ours, many goals seem to align with our industry. Rather than let these municipalities try to take over development like Vienna, instead realize that we have some very common overall goals and find ways to create public-private partnerships to achieve these goals in a multifamily industry-friendly way.
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Housing costs and homelessness are on the rise in California. In the Austrian capital, people of all income levels live in subsidised housing β and…
Do you know where your data comes from? Not all data is the same. How it's pulled can result in varying (and potentially unpredictable) outcomesβone of the more unpleasant being private data sharing. Using ethically sourced data ensures compliance and precision in your comp reporting and market surveys. Unlike private and semi-private data, market insights from ethical sources are clean, accurate, and unassociated with antitrust litigations. Own ...
Security remains a paramount concern for management and ownership groups alike in this quarter's Multifamily Crime Poll. Let's delve into the key findings and uncover what they mean for property security strategies.Package Theft: On the RiseOne of the standout revelations from our latest poll is the prevalence of package theft. A significant portion of respondentsβ60.9% to be preciseβreported that package theft either increased or surged signific ...