This morning the U.S. Census released population estimates for 2012. Among large metros, Austin grew fastest in the past year... FULL ARTICLE
Sit down, relax, and browse through The Café Blog—your source for apartment industry news.
We're constantly scouring the Internet for the most relevant, informative multifamily industry articles and tips we can find to share with our readers. In addition, we're home to exclusive essays and helpful hints from our own Leasing Cafe baristas.
Got an article you think we should post or a topic you think we should cover? We'd love to hear from you! Just click the "CONTACT" link at the top right corner of the page and send us your ideas. And don't forget the Coffee Talk Forum -- post your thoughts and get the discussion flowing with other apartment professionals!
Using Consumer Reports: What Landlords Need to Know
5/20/2013If you're a landlord, you may use consumer reports to evaluate rental applications - as long as you follow the provisions of the Fair Credit Reporting Act (FCRA). The FCRA is designed to protect the privacy of consumer report information and to guarantee that the information supplied by consumer reporting agencies (CRAs) is as accurate as possible. The FCRA requires landlords who deny a lease based on information in the applicant's consumer report to provide the applicant with an "adverse action notice." To Read Full Article, CLICK HERE!
Blackstone to Hire 50,000 Vets Over Next 5 Years
4/30/2013Blackstone (NYSE:BX) announced it has partnered with The White House to support veterans and military families. Led by First Lady Michelle Obama and Dr. Jill Biden, “Joining Forces” is a national initiative to encourage private sector hiring of America’s veterans. Blackstone plans to hire 50,000 veterans across its portfolio of companies over the next five years. CLICK HERE TO READ MORE...
4 Ways Your Community Could Help the Boston Marathon Bombing Victims or Show Support
4/18/2013By Jessica Fiur, News Editor
In the wake of the Boston Marathon bombing, many are still in shock and want to do anything in our power to help out. In your apartment community, there are several different ways for you and your residents to help the victims of this tragedy and others, to show support, or to help other people in need...For the full article, CLICK HERE
Special Report: Fair Housing Changes
4/12/2013By Jessica Fiur, News Editor
New York—Are you up to date on the Fair Housing requirements? In a recent webinar cohosted by Grace Hill and AppFolio Property Manager called “Fair Housing: What’s New for 2012,” speaker Nadeen Green, senior counsel, For Rent Media Solutions, provided an overview on some of the new Fair Housing requirements that property managers should be aware of.
One of the newest changes involves the LGBT community...To Read more, CLICK HERE
Online Marketing Success Gone Wrong?
4/10/2013This story has all of the right components for an instant hit: The hungry entrepreneur and his vision for the ultimate product, his painstaking attention to design, using only the best materials, and his exploitation of a loophole left open by the excesses of giant brands. And, from design to packaging, the product is manufactured right here in the USA.
An All-American Marketing Story
Great ideas are contagious. And Bayard Winthrop, owner of San Francisco-based apparel start-up American Giant, was going to take it upon himself to spread the virus. For the full article, CLICK HERE
Appeal of Renting Versus Owning is Changing
4/3/2013By Donna Kimura
The appeal of renting versus owning a home is changing across the country, according to a new study commissioned by the MacArthur Foundation. FULL ARTICLE
CUSTOMER FEEDBACK: So, Tell Me How You Really Feel
4/2/2013We think we want to know how someone feels about our products, services, and people because we have pride in our organization and staff – but are we really in tune with our customers, their needs and wants, and the customer experience we are providing?
If your kneejerk reaction to an email or verbal exchange with a customer is denial or defensiveness, then the likely answer to that question is ‘No’. In fact, we need channels for customers to truly express to us what they are thinking and feeling, because their perception of their customer experience with us today is shaping our relationship not only with them but with a multitude of other potential customers tomorrow. FULL ARTICLE
Algorithms for Rent: The Price is Right
3/12/2013By: Patrick Nelson
Algorithms can slice and dice hundreds of variables to come up with the optimal price for renting a particular apartment unit. Revenue management software is constantly churning to refresh pricing on a daily -- sometimes hourly -- basis. That doesn't mean rents are always high, either. Price fluctuations go both ways, so consumers can benefit too. READ ARTICLE
The Ellis Shopping Report Performance Comparison: Fourth Quarter, 2012
1/16/2013For many years, our shopping customers asked, "How do my on-site leasing professionals compare to those in similar companies?" In the First Quarter 2000, we created the EPMS Shopping Report Performance Comparison to answer that question.
Known as the "Benchmark", our quarterly report allows you to compare your company's leasing performance to other national and regional operators. By measuring the affirmative answers to ten leading and universal performance questions common to all telephone/on-site mystery shopping reports, we rank participating companies on a weighted and equal basis.
CLICK HERE to read the results/insights, or
CLICK HERE to view the full comparison (.pdf).
Time Management by Tony Alessandra
1/8/2013Because things are as we perceive them, we can choose to see time as a manageable commodity and live our lives according to that assumption. This is one of the secrets of successful people - they work at shaping those things which others think are uncontrollable.
Start 2013 off right with time management reminders.
CLICK HERE to read the full article!
Economy Watch: Job Openings Up
12/12/2012The Bureau of Labor Statistics, in its latest Job Openings and Labor Turnover Summery (JOLTS), reported on Tuesday that the number of job openings in October-one reflection of the health of the economy-was 3.7 million, basically the same as in September. But the total is considerably higher than it was at the technical end of the recession in June 2009, when it was 2.4 million. Year-over-year, job openings increased for construction, nondurable goods manufacturing, other services, and state and local government, but fell in wholesale trade.
Revenue Management: Eyes Wide Shut by Becca Wilson, President and CEO of Spherexx.com
12/4/2012SEPT/OCT 2012 Multihousing Professional Magazine
Residents and prospects can now compare actual rental rates at "RentHackr.com: the best way to find out if your landlord is ripping you off." This Facebook application allows viewers to see what actual rental rates, as opposed to quoted, are being paid in an apartment community. It displays resident move-out notices before they give notice to their apartment managers.
"It genuinely makes sense to cut everyone else out of the equation. One renter sharing with another, bringing transparency to the hell that is apartment hunting," writes Harrison Weber of TheNext Web.com. Residents are more savvy to computerized price-setting as hotel guests, car renters and airline customers have been for some time. 59.5 percent of apartment renters were planning to renew their leases in Q4 2011, which is an all-time low, according to the Kingsley Index. DOWNLOAD ARTICLE
Join Jackie Ramstedt's Webinar: Getting in Sync with Your Prospect's True Needs
11/27/2012Today's prospects are distinctly unique with unique needs and wants, unique preferences of communication, unique likes and dislikes; and unique opinions of what their consumer satisfaction levels should be.
"Quick to buy and quicker to leave" if they are dissatisfied about something not living up to the "hype" promised during those fast moving sales demonstrations, customers are now voting with their dollars and leaving those businesses who DON'T keep their promises faster than you can say.... "Gone in 60 seconds!" So how do you keep these ever demanding consumers as "repeat customers"?
Join Jackie Ramstedt on November 28th at 2pm Eastern Standard Time for only $29.99! * REGISTER
Echo Boomers Important Multifamily Driver
11/21/2012The multifamily sector is still flourishing as rents continue to rise and renters demand new development. According to Meyers Research, a Kennedy Wilson Co., which just released its latest trend report, national rent for markets covered by RealFacts reached an all-time high of $1,042 per month in the third quarter of this year, an increase of 4.8% from a year ago. Given the lingering effects of the recent housing-market crisis, which continues to push former homeowners into the rental market, demand fundamentals should continue to be strong for rental units, keeping rents growing in the near term, the report reveals.
Ellis Partners In Management Solutions: An "Easy Button" Customer Experience
11/15/2012Many studies have revealed that customers who have a problem resolved to their satisfaction are more loyal than customers who've never had a problem at all.
The 2011 Customer Experience Impact (CEI) Report revealed that 79% of consumers who shared complaints about poor customer experience online were ignored by the company. The 21% remaining who did get a response shared a positive experience.
A company that is unafraid of facing complaints tends to receive fewer of them, and they get extra points in the customer's mind for being willing to take the heat. Does your company have an "Easy" button? Do you hide your complaint department or is it out in front for all customers to easily access and engage with?
CLICK HERE to read the full article from Ellis Partners In Management Solutions.
Join Mindy Williams' Webinar: 21+ Inexpensive Ways to Celebrate the Season
11/12/2012In this fun session guaranteed to boost word of mouth and referrals, you'll learn more than 21 things to do this November, December and January with residents and prospects (and team members!).
Since "sense of community" is the #1 things residents and prospects want, it's up to YOU to make it happen. Free ideas fit in your budget, right? All of ideas are free or cheap. Sign up today.
Join Mindy Williams and the Webinar Wednesday Team on November 14th at 2pm Eastern Standard Time for only $29.99! * REGISTER
Ellis Partners in Management Solutions
10/24/2012The Ellis Shopping Report Performance Comparison: A Multifamily Industry Benchmark Executive Summary Third Quarter 2012 is now available at ELLIS PARTNERS.
The State Of Lead-To-Revenue Management
10/2/2012Assess your readiness against the experience of other technology marketers in content marketing, marketing automation, and marketing performance management. This baseline of current practice is based on Forrester research and the analysis of client inquiries on their own hot topics and pain points.
Here’s what you’ll learn:
- Why CEOs demand marketing to show an impact on revenue
- How the trend in increased spending on leads brings even greater pressure on marketers
- Why tech marketing execs see lead to revenue management as a strategic imperative
- How social media, content marketing, and marketing automation demand new marketing tactics
KEY TAKEAWAYS
The Concurrent assimilation of New L2RM Tactics, processes, and
automation stresses Tech Marketers
L2RM is a signifi cant business transformation that tech marketing execs are
undertaking while their teams are adapting to extraordinary change in their
markets. Th e transformation is necessary, but the organizational stress levels will
put many L2RM projects at risk if not managed properly.
Lead-To-Revenue Management has The power To Transform Tech
Marketing
Tech marketing execs see L2RM as key to both achieving and measuring return on
marketing investment (ROMI). Th ey believe that accepting shared responsibility
for revenue performance can elevate marketing to a more strategic position in the
company.
Lead-To-Revenue Management is a Catalyst For improved sales/
Marketing alignment
Marketing leaders must collaborate with sales to rationalize lead management
processes and to close the divide between the two organizations. Calibrating
around revenue is the basis for true alignment between sales and marketing in the
technology industry.
Marketing automation is Key To Consistent and scalable L2RM
Results
Tech marketers see marketing automation as a platform to enable consistent,
scalable process execution -- and the mechanism to fuel continuous improvement.
Click HERE for the full report from Forrester Research, Inc.
Superneutral Decorating Palettes and Projects
9/25/2012
The Palette
We scoured the spectrum to find 18 hues that offer you a neutral look that's enhanced by a hint of color -- making them more complex and sophisticated than the usual beige or off-white. Even if you've never been brave with color, you can use one of these paints. They will enliven what's already in your rooms, whether your style is modern or traditional, vibrant or restrained. And a little goes a long way. We've used these hues in simple, do-it-in-a-day painting projects -- from furniture and lampshades to walls and ceilings -- that can completely transform a room.
1. Buoyant Blue, No. 6483, Sherwin-Williams, sherwin-williams.com
2. Dragonfly, No. AF-510, Benjamin Moore, benjaminmoore.com
3. Gray Horse, No. 2140-50, Benjamin Moore, benjaminmoore.com
4. Blue Fir, No. MSL124, Martha Stewart Living Paint, homedepot.com
5. Cooking Apple Green, No. 32, Farrow & Ball, farrow-ball.com
6. Titanium, No. 2141-60, Benjamin Moore, benjaminmoore.com
7. Punch, No. MSL014, Martha Stewart Living Paint, homedepot.com
8. Stonington Gray, No. HC-170, Benjamin Moore, benjaminmoore.com
9. Babouche, No. 223HC-170, Farrow & Ball, farrow-ball.com
10. Heath, No. MSL212, Martha Stewart Living Paint, homedepot.com
11. Natural Twine, No. MSL217, Martha Stewart Living Paint, homedepot.com
12. Lancaster Blue, No. UL34, Ralph Lauren Paint, ralphlauren.com
13. Makaha, No. 19-32, Pratt & Lambert, prattandlambert.com
Click HERE to read the rest of the article from MarthaStewart.com.
5 Myths About Customer Retention
9/7/2012Customer retention is an underrate aspect of maintaining a successful business. All companies understand that losing a customer is bad for business, but not every company realizes that a returning customer is 2 to 5 times as valuable as a new customer. If you want to maintain your business, you need your customers to keep coming back.
Customer retention programs are the best way to do this. Yet many companies harbor these myths about customer retention that prevent them from creating an effective program. Here are seven of the most common myths related to customer retention.
Read MORE.
The Power of the “WOW” in Customer Experience
9/5/2012
Competition is tough! So how do you stand out among the crowd? Providing “WOW!” service is one way to set yourself apart.
Customers have long been exposed to mediocre service and decreasing quality of products. But over recent years, they’ve rallied to the spirit of the 80s Twisted Sister hit and cried, “We’re not gonna take it anymore!”
Loyalty and Customer Service indexes tell the story of who the top performers are, who customers are tending to buy from and why – it’s because they feel valued as customers and are consistently provided with a great customer experience. Is the customer experience more powerful today for the consumer than it has been in the recent past? Absolutely.
When the economy took a downturn, consumer spending hit an all time low and the immediate result was in our sacrifice to get by we also sacrificed our expectations in service to a degree – we became willing to spend our money without feeling truly appreciated as a customer because we were spending less overall. We stood in corrals waiting extended periods of time for assistance, dialed our way slowly and often miserably through an automated customer service line only to have to hold 8 minutes for a live person in the end, and gladly took what we got which was an ‘in and out’ experience often without a smile.
Read MORE.
9 Things That Motivate Employees More Than Money
8/22/2012Don't show 'em the money (even if you have it). Here are nine better ways to boost morale.
The ability to motivate employees is one of the greatest skills an entrepreneur can possess. Two years ago, I realized I didn’t have this skill. So I hired a CEO who did.
Josh had 12 years in the corporate world, which included running a major department at Comcast. I knew he was seasoned, but I was still skeptical at first. We were going through some tough growing pains, and I thought that a lack of cash would make it extremely difficult to improve the company morale.
I was wrong.
Read MORE.
11 Reasons a 23-Year-Old Shouldn't Run Your Social Media
8/15/2012Sure, she understands Instagram. But do you really want a new grad controlling your brand online?
Pardon the generalization: I don't mean to attack 23-year-olds specifically. Nor do I believe there are no young people capable of managing a business's social-media responsibilities.
I am, however, trying to make a point: Just because you don't understand social media doesn't mean you should forfeit all common sense and hire your niece, nephew, or any other recent college grad (say, your best friend's sister-in-law's kid) because "they're really good on Facebook." Read MORE.
Landscape Your Way to Higher Occupancy
8/10/2012As property owners and managers compete for tenants in an unsteady economy, the importance of first impressions cannot be overlooked. Curb appeal is now more important than ever. A property that shows well from the street can not only help lead to higher occupancy, but can also help increase rents, tenant retention rates and asset values. Read MORE.
Customer Service that Rocks: The Secret to Unlocking the Hidden Power of Your Customer
8/8/2012It's not every day a major publisher approaches you to write a book, unless you're Becky Carroll that is. It was Becky's blog, a blog she started writing in 2006, that captured a certain business publisher's attention. What was Becky writing about? Most of what she blogged about was what makes for outstanding customer service- not rocket science even by Becky's confession but something so key to successful business that book publisher, Wiley took notice. Read MORE
Multifamily Insiders - Win an iPad Contest for Best Resident Event
7/6/2012The Best Resident Event Contest runs from July 3rd through July 31st. Submit your ideas before it is too late! See the details at CONTEST.
Print is Dead? Not so Fast.
7/5/2012Is print dead? This is a question that has been buzzing around the marketing world since the rapid surge of the Internet and social media. While many businesses have completely migrated their advertising efforts to the web because of its cost effectiveness, exposure potential and convenience, print still maintains its stance as a powerful and necessary component of an ad campaign. Let's take a closer look at print media and some advantages it has over its digital counterparts. Read ARTICLE.
Rent-Direct.com Delivers More Savings with 4,600 No-Fee NYC Rental Apartments
6/22/2012Rent-Direct.com is a service that makes thousands of no-fee apartment listings available to renters in the greater New York metropolitan area, and it's just increased the number of rental opportunities available in response to the rental market.
NAA/NMHC Launch New "Apartments.
5/15/2013NAA/NMHC today unveiled a new integrated public relations campaign titled "Apartments. We Live Here." This first-ever pro-apartment PR campaign reflects 18 months of work and is designed tell policymakers the story about how in communities across the country, apartments work-helping people live in a home that's right for them. READ ARTICLE
To Shop or Not to Shop?
5/10/2013Mystery Shopping: The Great Debate By Lisa Iannucci, Contributing Editor Multi-Housing News
Mystery shoppers are paid to visit a property and act like a potential resident. After the shoppers are done, they complete a questionnaire about how they were treated. The multifamily industry has been using mystery shoppers for quite a few years to make certain their employees were doing a good job, but lately the debate over whether or not the program actually works has heated up. READ ARTICLE
SatisFacts Announces First-Ever Benchmark Properties
4/24/2013Highest Property Scores for Priority Annual Resident Satisfaction Survey Questions Recognized
SatisFacts is thrilled to announce the inaugural recognition of properties who achieved Benchmark Status on priority satisfaction topics on their Annual Resident Satisfaction Surveys. To be eligible for Benchmark Status, the community had to meet the following criteria: CLICK HERE FOR ARTICLE
Ellis First Quarter 2013 Benchmark Report
4/17/2013The flowers are blooming, trees are budding, and people in general are happier. Yes, it is spring – a time of growth, renewal, and rebirth. We thought it would be the perfect time to change the look and approach of the Ellis Shopping Report Multifamily Industry Benchmark – so we did. Each change we make supports our vision and commitment to the growing needs of our customers. We hope that you will find our new report fresh, inviting, and full of valuable content.
The Treasure Hunt: Understanding the Customer Experience Journey through Their Eyes
The 1849 California Gold Rush was sparked by the discovery of gold nuggets in the Sacramento Valley area. This was arguably one of the most significant events to shape American history during the first half of the 19th century. Flash forward 165 years, and we have a new kind of ‘gold rush’...For full article, CLICK HERE
8 Surefire Ways to Demotivate Your Employees
4/3/2013Ever notice how a new employee’s enthusiasm eventually wears off? In 85% of companies, employees’ morale significantly drops off after their first six months on the
job, according to a survey from Harvard Management Update.For the most part, enthusiasm is determined by work environment, and it can be fostered or hindered by you—the boss. Employee motivation experts say the best way to keep employee enthusiasm moving forward is to “first, do no harm.” At a minimum, don’t do anything that demotivates your workers.
Check out eight demotivators IN THE FULL ARTICLE
Demystifying the Difficulties of the Fair Housing Act by Wesley D. Aleshire
3/29/2013The Fair Housing Act can be frustrating and difficult. It's tough when you want to help your customers, but feel like you aren't able to because it's against the law. Wanting to assist your clients to the best of your ability and being stopped by legal rules and regulations can be defeating. I believe many of us in the real estate industry share these sentiments and concerns. READ ARTICLE
Population Growth is Back in Clobbered Metros
3/14/2013By Jed Kolko, Chief Economist
Population growth in markets “clobbered” by the housing crisis – like Phoenix, Orlando, and Las Vegas – is speeding up but is well below the hypergrowth of the bubble years
RentPush.com Apartment Revenue Management Adds ROI Projection Element
3/7/2013Multiple investment variables weighed for best price point inside revenue management software.
By Laurie McMoran
Director of Revenue Management
RentPush.com div of Spherexx.com
The housing market is roaring back, and the multifamily sector, which was at the head of the pack last year, is expected to lead the charge again in the years ahead. But, even with 299,000 new multifamily residences forecasted for 2013, it is estimated that 350,000 apartment units are required to keep supply and demand in balance.*
Throughout much of 2011 and 2012, lenders, still licking their wounds from the real estate bust, were slow to commit to funding new multifamily development. Consequently, many projects are still in the development pipeline, and demand is likely to outpace supply until this new product hits the market in 2014 and 2015.
Existing properties that have long been the Class A darlings of their markets will have to up their amenity game to compete with this influx of new product. The right upgrades will absolutely attract and retain residents, but can quickly result in a drop in operating profit, and subsequently a drop in property value, if costs overrun returns. Correctly calculating the potential payoff is critical to the success of your upgrade initiative. READ ARTICLE
Ten Reasons Your Apartment Community has a Waiting List by Jonathan Saar
3/1/2013Achieving a waiting list for your apartment community is the Holy Grail of apartment marketing. It is not easy and very few have achieved it. Even though our current market is a hot bed for rentals right now it should not mean that we slack our hands in any way.
Click here to view the full article!
The Essence of Leadership in Five Letters
2/28/2013Ken Blanchard and Mark Miller capture, "The Secret," of leadership in five letters, SERVE. The beauty of SERVE is inescapable simplicity and actionable clarity. READ ARTICLE.
Quick Community Upgrades to Get the Most Bang for Your Buck! by Cathy Macaione
2/22/2013With more apartments coming on line, it's time to plan your interior selections upgrades. We all know that renters want to live in apartments that have a modern, updated look. Upgrading your vacant units so they have what renters want will help decrease vacancy loss. If you're not sure what's in demand in your area, tour new home communities, read decorating magazines and watch Home Improvement Shows to get ideas. Following are some quick tips to help you implement what you learn without breaking the bank.
Join Cathy Macaione's Webinar: Upgrade Your Interior Design Selections Without Breaking Your Budget
2/19/2013Just because you are offering affordable housing doesn't mean you have to look cheap. Yes, even things like granite countertops and black appliances are possible. In this episode, Cathy Macaione brings in guest experts to show you how to do cost effective upgrades, how your upgrades help you compete in tight markets, and how to keep your budget in line during the process. You'll also learn who the best and most cost-effective suppliers are so you can stretch your dollars even further.
Join Cathy Macaione on February 27th at 2pm Eastern Standard Time for only $29.99!
Never Say No to Networking
2/18/2013When new entrepreneurs ask me for advice, I sometimes tell them to NYFO - Network Your Face Off. Nearly everything I've accomplished in the past two years, from speaking on CNN to watching my company cross 1.7 million users in less than a year, can be directly traced back to connections I've made and help I've received from a network that is vast, diverse, and active.
The best networking suggestion I can offer? Always say yes to invitations, even if it's not clear what you'll get out of the meeting. I'm not arguing for long, pointless, unstructured conversations with everyone you meet. But many of my most fruitful relationships have resulted from a meeting or call in which I was not entirely sure what would or would not come of the conversation.
You could call it making your own luck, by increasing the odds of making the right connection. Because you can't assume that you know much about someone you don't know very well. You may know their occupation, industry, and job title - but you don't know what they may be an expert in, and you certainly don't know who they know.
Of course you can't possibly take every meeting. But regularly connecting without a reason or purpose - with people who seem to be doing interesting things - can have unexpected benefits. Two of the people who were instrumental in recommending me for Forbes 30-under-30 were serendipitous connections. Some of the best partnerships we've secured for The Muse (the company I founded) came through casual acquaintances who saw me and made a mental connection - even when I didn't.
Hand in hand with this philosophy comes another, highly complementary strategy: When you want something, broadcast that to everyone you meet. When talking about your desires for your business, be honest. A little candor, a little vulnerability, goes a long way in turning a conversation from trite to meaningful. For a period in January, I desperately wanted to land a partnership with Yahoo. For an entire month, I answered every "How are things going?" question with some variation of: "Great! I just started YCombinator, which has been an adventure. Now I'm trying to put together a partnership with Yahoo. How are things with you?"
Multifamily Mentor: Alexandra Jackiw
2/15/2013Student Housing Business recently interviewed Alexandra Jackiw, Vice President and Managing Director of Residential Client Services, for Ann Arbor, Michigan-based McKinley. Active for many years in the multifamily and student housing industries, Jackiw is known by many because of her passion for education.
She teaches designation courses for the National Apartment Association (NAA) throughout the United States and has also been an adjunct faculty member in the Residential Property Management programs at both Virginia Tech and Ball State University. A mentor to many in the industry, she is tireless in her efforts to publicize multifamily - and student housing - operations as a positive career choice. Jackiw recently took over the reigns as chairman of the board of NAA for 2013; a role she plans to use to highlight the strong position of the multifamily industry in commercial real estate.
SHB: You've had a long career in multifamily, but you've only been involved with student housing for a little less than a decade. How did you get into the student housing sector?
Jackiw: The company I was working for at the time - Buckingham - had a client who owned a number of multifamily assets that we were managing. He had carved out one asset from his portfolio - a large, 770-bed student housing deal - that he didn't feel comfortable turning over to us because we had never had any experience in purpose-built student housing. After a period of time, this owner grew increasingly confident in our management and marketing abilities. He gave us the management assignment and with his guidance, we quickly learned the nuances of the student housing product type. We ended up being much more helpful to him once we were able to put our own systems and practices into place. That was probably eight years ago.
SHB: That led to Buckingham building quite a portfolio in the student housing space.
Jackiw: Buckingham started developing student housing projects in a couple of Midwest markets. I was also fortunate to have the opportunity to work with a couple of special servicers on distressed student housing assets during the economic downturn. Those allowed us to highlight our abilities to manage and turnaround troubled assets.
SHB: How did your career progress? Did you start in multifamily?
Jackiw: I did start in multifamily. My experience started with managing public housing projects in Terre Haute, Ind., in the 1970s. I moved into the private sector with a large development company called Oxford, then worked for NHP and AIMCO. I was at Buckingham Companies for the last 12 years, before moving to McKinley in 2012.
SHB: What has inspired you throughout your career to stay with the multifamily product type? What do you like so much about multifamily?
Putting Your Best Pitch Forward in a Society of Salespeople
2/14/2013So when Pink, bestselling author of Drive and A Whole New Mind, ran across statistics showing that one in nine Americans worked in sales in 2000 and that the same proportion of people worked in the profession last year, it piqued his curiosity.
"You would have thought that the Internet would have disintermediated sales," said Pink. "Doesn't the widespread availability of broadband Internet and the introduction of gadgets like tablets and smartphones remove the need to have salespeople? Why would consumers need someone to pitch or answer questions about a product or service when they can research and even buy it via a few clicks on a website?
"Go back just 20 years, and if you went to a Chevy dealer, that dealer would know more than you ever would about, say, a Chevy Malibu," Pink, author of a new book titled, To Sell Is Human: The Surprising Truth About Moving Others "Today, you could arguably know more about cars, or even Chevys, than the dealer. You could be in a Chevy Malibu club that has a website with critiques and more information than the dealer would ever care to know."
But sales people continue to exist-and persist, despite the fact that they often get a bad rap from consumers. "There is a stigma to being called a salesperson," said Pink. "People in sales are viewed as bothersome."
Pink recalled looking at a word cloud compiled from a survey of adjectives that respondents associated with the term "sales." Among the top 25 was "pushy," followed by such interjections as "yuck" and "ugh." In fact, 20 of the 25 words were negative, and even the positive words, like "challenging" and "necessary," were much milder than the criticisms.
Pink commissioned another survey to find out why people might have these negative associations with sales. That survey included 7,000 adult full-time workers. If one in nine American workers are in sales, "I wanted to know what the other 89 people out of 100 thought they were doing," he noted. "They were not in sales to make cash registers ring, but I could see they might be in sales of a sort, too."
List of Improving Housing Markets Expands to 259
2/7/2013The number of improving housing markets expanded for a sixth consecutive month to a total of 259 metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI). This total is up from 242 markets listed as improving in January.
Notably, the IMI list now contains markets from all 50 states, suggesting that the housing recovery has substantial momentum.
The IMI identifies metro areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. A total of 20 new metros were added to the list and three were dropped from it this month. Newly added metros include such geographically diverse locations as Rome, Ga.; Fort Wayne, Ind.; Myrtle Beach, S.C.; Albuquerque, N.M.; and Racine, Wis.
Just over 70 percent of the 361 metros covered by the IMI are listed as improving in February. That marks a significant improvement from when the index was initiated with just 12 improving metros in September of 2011.
ILoveLeasing.com Adds Apartment CRM Features and Reports
1/31/20132012 Mystery Shopper Report Now Available
As members of the multi-family industry become more sophisticated and competitive marketers, leasing activities must keep close pace with advancing Internet technology. The vacancy factor alone can make the difference between a red or black bottom line for an apartment community and its owners/investors.
Management companies advertise on websites and Internet listing services, along with search engine optimization, banner ads, video, and countless forms of print media. The cost for one Internet listing service averages $475 per month, with no frills; the average cost per lead from such a service is $19. Many companies use multiple Internet listing services.
ILoveLeasing.com's 2012 Annual Report analyzes well over a half million Internet and telephone leads that are routed from multiple advertising sources into ILoveLeasing.com's interactive dashboard. Although Internet listing services provide the greatest number of leads, the largest number of leases is consistently generated from the community websites, averaging over 40% of total Internet traffic year after year.
Pew Internet: Mobile
1/31/2013Highlights of the Pew Internet Project’s research related to mobile technology.
(Note: This page will be updated whenever new data is available.)
As of January 2013:
- 26% of American adults own an e-reader
- 31% of American adults own a tablet computer
For more information on e-readers, tablets, and libraries in the digital age, please visit the new section of our website: libraries.pewinternet.org.
As of December 2012:
- 87% of American adults have a cell phone
- 45% of American adults have a smartphone
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Online Reviews: A New Form of Extortion
1/28/2013A new, keyboard-wielding mafia wants discounts, free stuff and preferential treatment in exchange for good reviews. Some businesses are giving in to their threats.
My theory about the reviewers on sites like Yelp, Urban Spoon, Zagat (disclaimer: I'm a Zagat reviewer), and the like is this: people tend to complain more about an experience they disliked than praise an experience they liked, so I tend to think that those sites are skewed on the negative side. When I see a business like a restaurant or a salon that has many, many positive reviews and few negative ones, I think it must be a superior business and I'm more likely to try it out.
I read something today that blows my theory right out of the water. There are people out there who use the threat of a poor online review to get better service, discounted prices and preferential treatment. If they get what they want, they promise a positive review.
I suppose this shouldn't surprise me, but it does. The Los Angeles Times has a piece on the ReviewerCard, a card that can be purchased for $100 if you're deemed an influential enough reviewer. The owner of the black plastic card can whip it out at a business before receiving any service to let it be known, as it says on the card, "I write reviews."
Click here to read the full article!
Join James Watters' Webinar: Learn How to Put Ratings & Reviews to Work For You
1/18/2013Long gone are the days where you could just ignore what's being said about your property online. Reading up on what others are saying about a prospective new home has become the norm for apartment hunters these days. This webinar will help you take a proactive approach to your online reputation and learn how to turn even negative comments into a positive marketing strategy.
Join James Watters and the Webinar Wednesday Team on January 30th at 2pm Eastern Standard Time to make reviews work for you!
CLICK HERE to register!
Customer Loyalty: What Do You Know About Generation X?
1/17/2013The road to Customer Loyalty can take many twists and turns. In a recent blog, I wrote about the importance of resident complaints. One of the key points I tried to convey was the importance of listening to the customer. Hearing and listening are two very different things-hearing just happens, listening leads to learning.
I do consider myself an above average listener, but early on in my property management career I found myself surrounded by people I listened to but did not understand. It was as if we were speaking a different language! It turns out that we were-I was speaking Generation X, while they were speaking Traditionalist and Baby Boomer. How did I respond? I became a generational researcher. If you want to understand French, you purchase a French language book, if you want to understand the different generations, you purchase the book GENERATIONS, written by William Strauss and Neil Howe.
CLICK HERE to read the full article from Ellis Partners.
NeighborhoodScout’s Top 100 Most Dangerous Cities in the U.S.
1/9/2013NeighborhoodScout's research reveals the 100 most dangerous cities in America with 25,000 or more people, based on the number of violent crimes per 1,000 residents. Data used in this research includes 1) the number of violent crimes reported to the FBI to have occurred in each city, and 2) the population of each city.
CLICK HERE to see the entire list.
Small Housing Inventory May Push Rental Demand for Years
1/8/2013The next 10 years may bring five to six million new renter households. Or at least that's what a recent infographic by the Bipartisan Policy Center is saying. So in the midst of a recovering housing market, why the shift toward a rise in rentals?
CLICK HERE to read the full article.
Renter gets jail time for trashing Bellingham house to tune of $50,000
12/27/2012A bad tenant who left a sledgehammer stuck in the wall of his rented house was sentenced Thursday, Dec. 20, to three months in jail after a pre-eviction party ended with $50,000 in property damage.
CLICK HERE to read the full story.
Ensure Prospects Keep Their Appointments by Mindy Williams
12/6/2012EMAIL them a follow up reminder with directions to the community (if appropriate).
Give an UNUSUAL TIME - for instance 10:10 vs. 10:00.
Send TEXT REMINDERS and directions (if you've received permission from the prospect - we don't want to cost them money for texts if they pay per text).
Send them an E-CARD.
CALL to confirm appointments the same day.
Send a message to their FACEBOOK page.
The best way to confirm an appointment is to contact the prospect the way s/he contacted you. Also, while setting the appointment, ask her/him the best way they prefer for you to follow up.
10 Reasons Renting Is Better Than Buying
11/30/2012A lifelong goal that many citizens strive to achieve is homeownership. While many people own their own homes in today's society, this wasn't always the case. Historically, families either needed to build their own homes or rent a home from someone else. While both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at 10 reasons why renters have the better financial deal over homeowners. READ MORE
Multifamily Social Media Conference to be held in Napa Valley, CA
11/29/2012Have you signed up for the Social Media Event of the Year? The Multifamily Social Media Conference held in Napa Valley, CA, January 30-February 1st, is a must attend event, highlighting the benefits of social media and content marketing in building and enhancing your business - It's designed specifically for property management firms and will focus on retaining and attracting new residents by leveraging blogging and social media marketing.
CLICK HERE to read more!
The 3 Worst Ways Companies Waste Money in Social Media by Brad Smith
11/23/2012They say you learn something new everyday...
And one of the things I recently learned was a new oxymoron: a social media budget.
Because in most companies, it simply doesn't exist. They expect Fans, Followers, Likes and Pins to fall from the sky.
But that's not the worst part...
No, the worst part is when you see how companies actually spend a social media budget if they have it.
Because most of the time it's wasted on vanity metrics and hot trends.
And the problem typically resides with the HIPPOs (highest paid person's opinion), because the highest paid person is also (usually) the least knowledgeable and furthest away from the front-lines.
To read the rest of this article about three of the worst ways that companies waste money in social media, CLICK HERE.
Bed Bugs Dying After Merck Drug Suggests Possible Weapon
11/20/2012Bed bugs died after feeding on people treated with Merck & Co.'s (MRK) Stromectol, a treatment typically used against parasitic worms, in the first study to investigate the drug's potential to control the blood-suckers.
Three out of five bed bugs died after blood meals from people who had taken Stromectol, also called ivermectin, three hours earlier, according to research presented at a scientific meeting in Atlanta yesterday. The pill, along with conventional measures such as pesticides, may improve chances of eliminating the pest, said John Sheele, an emergency physician at Eastern Virginia Medical School in Norfolk, who led the study.
Multifamily Insiders Survey: Assessing Property Management Salaries
11/15/2012In an effort to shed light on every aspect of property management, Multifamily Insiders is currently evaluating Property Management Salaries. Are salaries on the rise as the industry continues to improve? Help them analyze salary trends and receive the results for free!
CLICK HERE to be a part of their confidential survey.
10 Astounding Mobile Stats and The 3 Mobile Trends To Watch
11/12/2012While mobile devices have been around for years, 2012 seems like the year that designing web sites for mobile users has gone mainstream. New solutions to address mobile users such as responsive design - that weren't even part of the lexicon a year ago - are being adopted by leading brands (see our work with World Wildlife Fund, Timelife, and Colorado State University OnlinePlus). A keystone of our discovery process now includes a strategy discussion about delivering content and functionality for tablets and smartphones users. READ MORE
iManage: iPad for Property Managers
10/2/2012
For property managers, business as usual has been left at the office. Onsite and online, today's managers increasingly have one indispensible tool with them at all times: an iPad.
It's not a laptop, not a netbook, not even a big iPhone. The iPad is a lightweight, supercharged tablet capable of reinventing a property manager's point of sale while staying in the loop on their e-mail, calendars, tenant requests, social networks and more.
The iPad is making major in-roads into business, where it can create more engaging, breathtaking presentations, eye-popping video conferencing and take mobile computing to a whole new level.
Following a series of conversations about the iPad at last April's IREM Summit, JPM® thought it appropriate to feature how CPM Members are integrating the iPad into their business.
The praise was extravagant. IREM Members love their iPad. From IREM Chapter meetings and tenant tours to social networks and photos, the iPad has proven itself to be more than a one-trick pony--not merely a receptacle for music, photos and movies--but a powerhouse of production and efficiency.
The iPad is helping tenants visualize the potential of a space, making property tours more intimate than ever and simplifying the leasing process by enabling tenants to sign their leases with the touch of a finger. It even has the capability to enable property managers in New York to take aerial measurements of their parking lots in Texas.
Click HERE to read the rest of the article from IREM's Journal of Property Management®.
ULI Real Estate Consensus Forecast: Growth Prospects Dim
9/27/2012New findings from an Urban Land Institute survey of 39 economists indicate dimmed expectations for growth in the nation's economy, real estate capital markets and commercial real estate fundamentals.
On a more positive note, the ULI Real Estate Consensus Forecast reflected robust projections for single-family housing.
According to the latest forecast, the real gross domestic product is expected to rise 2 percent this year, stay at 2 percent in 2013, and then rise 2.9 percent in 2014. The unemployment rate is expected to fall from 8.1 percent to 7.8 percent to 7.0 percent during the same time period. The number of new jobs is forecast to rise from 1.8 million in 2012 to 2 million in 2013 and climb to 2.4 million in 2014. Across the board, the forecasts are considerably less optimistic than those issued in March.
Predictions for commercial real estate activity were also scaled back by as much as 20 percent since March. The transaction volume is on track for a $4 billion fall to $223 billion, but should rise to $250 billion in 2013 and $275 billion in 2014. The issuance of commercial mortgage-backed securities, a key source of financing for the industry, is expected to rise to $35 billion this year, up $2 billion, and then rise to $45 billion in 2013 and $60 billion in 2014.
Click HERE to read the rest of the story from Citybizlist.
Buying A Home Is 45% Cheaper than Renting
9/20/2012
You can save hundreds of dollars a month by buying a home instead of renting – especially if you can get today’s low mortgage rates, itemize your tax deductions and plan to live there for 7 years.The most important housing decision that most consumers face is whether to rent or to buy. So to help them with this decision, we took a look at the key market factors affecting the cost of homeownership. First off, asking home prices have started to rebound and have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago. But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%. Based on asking prices and rents during the summer of 2012, buying is now 45% cheaper than renting in the 100 largest U.S. metros, on average – that’s a savings of $771 a month. If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S.
Click HERE to read the rest of the story from the Trulia Trends blog.
Getting the Customer Experience Work Done
9/17/2012Recently we had a prospect call us, “Our customer experience is broken.” They said, “Help us fix it.” Two months later and they are making massive leaps toward transforming their customer experience. But this attitude isn’t the norm. Most companies start their customer experience journey slowly. The following are the four phases we have observed in getting the customer experience work done.
Phase I: Idea Planters
Sometimes it’s a group, a mid-level manager, or an executive. But someone at some point begins to nurture the idea that focusing on the customer experience could be the way to build a better company. At this early stage we often see a customer experience champion emerge who begins to nudge the organization toward seeing the light. They use secondary data and/or aggregate the haphazard customer data already being collected in their organization to begin building a business case.
Key Challenge: Build a business case for investing in customer experience transformation
Resources Needed: Tenacity, evidence, existing customer data
Read MORE.
As Housing Recovers, Will Apartment Boom End?
8/28/2012The latest reports on new and existing home sales seem to indicate that the housing market is beginning to find its footing again. While most believe the recovery will be slow, U-shaped, and bumpy, the free fall appears to be over for both sales and prices.
This is not to say that factors like rising mortgage interest rates and economic instability overseas couldn’t set the recovery back a bit, but, again the general consensus is that the worst is arguably over.
If that is in fact the case, then we have to ask what effect that recovery will have on the recently booming apartment sector, which benefited from the housing crash.
Rents are sky high in most of the largest U.S. markets, and vacancies are down and still falling. Multifamily housing starts were up 30 percent in July from a year ago, according to the U.S. Commerce Department, and multifamily permits were up over 47 percent. Read MORE.
CREShow: Apartment Market Continues to Roll
8/27/2012More than two years after its recovery began, the U.S. multifamily market continues to roll.
That was the consensus of guests on the most recent episode of “America’s Commercial Real Estate Show,” which provided a look at the apartment sector’s performance during the second quarter and in-depth analysis of its future.
On a national basis, the sector's vacancy rate dropped to 4.8 percent during the second quarter, a dip of 30 basis points from first-quarter 2012 and 320 basis points from the market's bottoming out in 2009, according to Greg Willett, vice president of research and analysis for MPF Research. Read MORE.
7 Must-Have Tech Amenities for Gen Y Residents
8/17/2012Multifamily owners and managers across the country have been scrambling the past few years, trying to keep up with innovative ways to attract tech-savvy Gen Y renters. And along the way, tough questions have been raised about which tech amenities residents really want.
KTGY’s Manny Gonzalez compares this to how Gen Y sees the touchscreen interface on their car. “[Gen Y] wants to be able to purchase upgrades for their car like they do apps for their smartphone,” he says. “And if we don’t think about that in our rental communities, that we have to be able to upgrade so that we’re constantly changing, we’re going to be out of touch with this new generation of renters.”
Here’s a look at seven ideas for amenities with tech-centric Gen Y in mind. Read MORE.
5 Surefire Social Media Strategies for Attracting Gen Y Renters
8/13/2012Younger renters in Michigan are flocking to Urbane Apartment properties, thanks in large part to the company's social media campaigns.
As the president of Royal Oak, Mich.-based Urbane Apartments, Eric Brown uses a creative, targeted online presence to draw in new residents. He has turned his portfolio of 15 communities into the hottest ticket in town by building an online community and making his site a hub for what's hip in Detroit.
Here, Brown shares five of his top social media strategies with Multifamily Executive. Read MORE.
Ellis Partners in Management Solutions 2nd Quarter Secret Shopping Results
7/17/2012The Ellis Shopping Report Performance Comparison: A Multifamily Industry Benchmark Executive Summary Second Quarter, 2012 is now available for review at ELLIS.
Complimentary E-Learning from Multi-Housing News and NWP
7/9/2012Register for this FREE 7/25 Webinar! We'll be Discussing a Solution for Your Training ‘Pain Points.' 2:00 PM EST
Whether it's on-boarding new employees, improving closing skills that will boost conversion rates or conveying information that will help your company avoid high-risk lawsuits, training is a number one priority. Don't miss "How to Eliminate Your Training Pain Points," a fast-paced, interactive webcast presented by MHN and NWP on Wednesday, July 25 at 2:00 pm EST (11:00 am PDT). Register Today!
ADA Sign Installation Regulations Now In Force
6/20/2012New ADA rules written in 2010 go into effect March, 2012. See an overview of the new installation rules for tactile ADA signs. Feel free to contact ADA Sign Outlet with any questions or concerns at ADA Sign Outlet.
Technology Amenities Residents Look For
6/1/2012By Jessica Fiur, News Editor
New York-In a recent webinar titled "Technology for Your Property: The Tech Amenities Residents Want Today," hosts Mike Whaling, vice president, business development, InfiniSys Electronic Architects and Karen Rice, chief information officer, Grace Hill, discussed how to incorporate technology into new developments. READ ARTICLE AT MHN Online.
