I am about to take over a new community that is 50% studios between 400-500 sqft. I would love to hear any ideas/suggestions on getting these leased up! Thanks all!
The privately owned company I work for has not changed quarterly bonus structure in many years & I’m curious what others are doing. Currently our company gives a flat bonus to Community Manager & Leasing Manager when NOI goal is reached. Does not give commission on new leases & renewals or to...
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Apartment Branding for Faster Lease-UpsWe've probably all heard at some point "Build it and they will come." But that little phrase carries a lot of questions with it: What should I build? Who will come? And how quickly will they come? It's just a phrase—but we'd like to offer as an alternative: "Brand it, and they will come faster!" In the multifamily industry, apartment branding hasn't always been the priority. Apartment communities are built o ...
Sometimes when i can't sleep I'll play around with AI. Tonight I asked for a winter preparation checklist, and figured I'd share:
Preparing a multifamily apartment building for winter is crucial to ensure the safety and comfort of residents, as well as to prevent potential damage. Here’s a...
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1.) ensure snow removal and icing contractors are in place.
Optionally if needed check centralized heat if the building even has it.
Also optionally send out an email explaining to residents that winter is colder than summer and an obligatory “winter is coming meme”.
Rents have reached an all-time high, and budgets seem tighter than ever. Payments to vendors like myself are being delayed, with many clients taking 60-90 days to pay. This makes it challenging to run a business and pay employees. Is anyone else facing this issue?
If you still don’t get paid, do not return to the property until you are paid in full.
I’ve seen many negligent PMs and even RMs, who are not on it. Contact the highest person in charge that you can.
Sometimes the best acquisition opportunities aren't always where the crowds are–it's in the overlooked, the underestimated, and the emerging. While focusing on quick wins and familiar territories offers some stability, the most visionary investors see beyond high-level trends to uncover the next wave of high-growth residential markets. For those willing to dive deeper and align their investments with long-term trends, the rewards can be tra ...
Smoking and housing policies often intersect in ways that raise questions about resident rights and property management responsibilities. One common point of confusion is whether smoking or nicotine addiction qualifies as a disability under the Fair Housing Act (FHA). While marijuana use for medical purposes introduces its own complexities, this article will focus specifically on cigarette smoking and how the FHA applies in these cases.What ...
Return on Investment (ROI) isn't just a finance metric; it applies to life decisions as well. It measures the return on a particular investment, considering factors like the initial investment, upkeep, and results. What if we approached all life investments with the same dedication to securing a positive return as we do with our financial investments? Consider where your investments are - in your career, family, friends, or hobbies. Are they... Show more
Trying to understand a concept.....
We are highly occupied (95%), but we have a few apartments absolutely not moving due to terrible views. They are still HIGH PRICED and ownership will absolutely not drop rates due to our limited availability. Why would an ownership group prefer to keep rates set...
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Also - this is a lease up and on the market. I know they want to keep rates high for that purpose, as well. Just trying to not seem like a dummy. My brain just wants to fill ALL THE UNITS.
Now if ownership wants to keep those vacant and they aren’t chasing financing or a sale then they need to go sit in a corner and contemplate their life choices as they are foregoing your salary in lost rents.
Having dealt with an A class property and multiple owners with insane net worths - even having them come in and being directly honest with them about a stale unit. I truly believe their mentality is “If they don’t want to pay the rate, someone else will.” And that someone will eventually come a long.
We had a street level studio loft unit. It was a really cool unit BUT, the patio was all concrete. No Sun ever. Zero natural lighting because the second building was smack dab, right against the other building. There was not a single closet in it, not a coat closet. Not a clothing closet, zero storage. THEN that unit opened their door and boom ALL the buildings mailboxes. Amazon prime days, who ever occupied that unit HAS to step over packages. Then to the left of their front door was the building door. So anytime, someone entered or exited the building, from the draft, that units door would rattle.
It was constantly people... Show more
Within the multifamily space, an abundance of opinions exist with regard to what most drives resident satisfaction and NOI. From the latest amenities to cutting-edge smart technology, owners and operators are trying it all. However, one growing-in-popularity tactic to improve the overall operations of a community is the implementation of a resident rewards program. The Numbers Speak for ThemselvesA Domuso survey administered at the 2024 NAA Apar ...
Property management companies constantly look for ways to differentiate themselves while providing a seamless resident experience. One of the most effective strategies to achieve this is through white-label solutions. A white-label platform allows property management companies to rebrand an existing software solution, offering it to their residents as their own. This approach enables property managers to deliver a customized, branded digital expe ...
A new handicap person rented a condo in our building. We have a handicap space across the street and at the next building up from us. This renter requested a handicap space be made available to her in front of our building. It will not be assigned, so anyone with handicap tags/plack will have access...
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At one time or another we all have to sit down and speak with an employee about their lack of performance. Whether it is lack of knowledge, lack of leadership, deliberate misconduct or personal factors, employees are human and sometimes struggle to get the job done. As a supervisor, you need to dig into what is causing them to fail and help them achieve their goals.Here is a simple and helpful process for addressing performance issues.Ask for tim ...
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