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.
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We are pleased to present the First Quarter 2014 Ellis Multifamily Industry Benchmark. We are proud to be your partner and strive to help you better understand and manage the lead conversion and resident retention processes. Our team continues to deliver the most current tools to help you monitor and evaluate on-site sales and marketing effectiveness, as well as to be able to compare your team’s performance against others in the industry. The importance of the customer’s perception of their experience with your team and product cannot be ignored. This perception determines the true value to the customer related to the problem he needs to solve or aspirations she wants to fulfill.
As you reflect on the accomplishments of last year and begin to tackle the challenges of the New Year, we hope that you will find value in our 2014 topics which revolve around leasing training,
1st Quarter: The Generational Divide and Leasing Training
2nd Quarter: Does Leasing Training Need to Change?... READ ARTICLE
Can you say you’re completely confident reading each of the different credit reports with their key codes? If you are, this article can serve as a good training guide for your staff on the differences of each of the three credit bureau’s credit reports. Or in case your tenant screening company says they provide you with credit reports, when in reality they only provide you with credit summaries, these guides and codes will come in handy. READ ARTICLE
NAA Names Leadership Scholarship, Honors Outgoing Chairman Alexandra Jackiw
The National Apartment Association (NAA) has created a scholarship program for apartment industry minority employees as its way of honoring McKinley managing director of residential client services Alex Jackiw, CAPS, CPM, who is a leader in apartment industry education and career promotion. For More Information Click ALEXANDRA JACKIW SCHOLARSHIP.
U.S. developers broke ground on new homes at a faster pace in July. But the rise was all due to apartment construction, which is typically volatile. By contrast, builders began work on fewer single-family homes - the bulk of the market - and sought fewer permits to build them.
Friday's report from the Commerce Department suggests that home building is maintaining its recovery but might be starting to feel the effects of higher mortgage rates. Click HERE to read article.
Are your leasing professionals drowning potential residents with facts, figures, and product information? So much so that your customers feel like they need to carry a can of “leasing professional repellent”? Then you want to learn these five keys to unlock effective leasing conversations.
Pretty much anyone can memorize sales techniques and strategies, and if you focus on doing only that, then you’ll quickly get lost in the crowd. There are a lot of leasing professionals out there doing the same thing—dancing together to the same music: “check off the list and close the sale”...READ FULL ARTICLE
When a company is fortunate enough to add a super star leasing consultant to their team, they need to make sure they keep that stellar employee for many years to come! With new communities popping up all over town and a plethora of management companies they can choose to work for, you need to make sure that YOUR company stands out in order to retain the best leasing staff.
One of the largest unknown costs to a company is employee turnover. The Center for American Progress estimated in 2012 that it costs on average $4,500 – $10,000 to replace an employee once recruiting, interviewing, hiring, training, and reduced productivity were all considered.
So how does a company go about retaining their Super Star leasing consultants?
Here are 5 ways to keep your 5-star leasing consultant...READ MORE
When a customer visits your apartment, reviews your community online, or recommends you to a friend, these occasions all call for a remarkable thank you. No one wants to send that boring follow-up email that is so bland it could potentially discredit the sincere gratitude you intended.
And if you don’t want to send it, I promise you the recipient doesn’t want to read it. Don’t spoil your customer’s “You’ve Got Mail” moment with a snoozefest of a message...toRead More, CLICK HERE
By Kevin Smith
Facebook announced today that you'll be allowed to embed posts — like status updates, posts with hashtags, and videos— to other sites on the Internet.
AllThingsD's Mike Issac offers this interesting perspective explaining the purpose behind Facebook's new embedded posts:
The point is this: Having the world’s largest “private” social network is certainly a powerful thing. But Facebook wants to edge in on the real-time nature of Twitter’s network, pushing Facebook content out to other sites and thereby increasing distribution and the reach of a global conversation...READ ARTICLE
By Bernard Marr
Success comes in all shapes and colours. You can be successful in your job and career but you can equally be successful in your marriage, at sports or a hobby. Whatever success you are after there is one thing all radically successful people have in common: Their ferocious drive and hunger for success makes them never give up.
Successful people (or the people talking or writing about them) often paint a picture of the perfect ascent to success. In fact, some of the most successful people in business, entertainment and sport have failed. Many have failed numerous times but they have never given up. Successful people are able to pick themselves up, dust themselves off and carry on trying...to Read more, CLICK HERE
Welcome to our Second Quarter 2013 Ellis Shopping Report Multifamily Benchmark. In January 2014, Ellis will celebrate our 30th year as a feedback company and multifamily partner. We pride ourselves in providing the most current tools to help you monitor and evaluate on-site sales and marketing effectiveness, as well as to be able to compare your team’s performance against others in the industry. The buying decision of today’s renter – in fact, any customer – is impacted significantly by the customer experience. The value of the customer’s perception of their experience is something we cannot ignore as we continue to help our customers better understand and manage the lead conversion and resident retention processes...To Read Full Report, CLICK HERE!
Presented by Heather Blume
July 10, 2013
2:00 PM (EST)
It's time to reinvent the resident event! In this webinar, Behind the Leasing Desk's Heather Blume will share some of the most innovative resident events she's seen in the last year, as well as a few untested ideas. Going beyond just a list of good ideas, Heather will then take you through the steps to write an execution plan and timeline for your event to help produce a resident gathering that will be interesting, interactive, and draw your community in, while creating an excellent marketing and retention opportunity for your property!
(To Register, click the image.)
**This webinar is eligible for Continuing Education Credits!
Free Live Webcast, sponsored by NWP Services Corporation
July 9, 2013, 2:00 PM (EST)
What you need to know and how it can impact your bottom line
Legislation on the federal, state, municipal or utility levels has the capacity to significantly disrupt utility billing and expense management programs of multifamily owners and managers. These disruptions or modifications, in turn, can significantly affect the bottom line of owners and managers. This webinar will detail distinct pieces of legislation in the utility and energy management sectors, as well as larger legislative and regulatory trends which may be coming soon to your jurisdiction.
To Register, CLICK HERE!*
There are many different opinions about the value of social media in multi-family housing. Readers of this blog should be pretty aware of mine. But the one thing that everyone seems to agree on is that ratings sites are important. There's a lot of debate about what to do with ratings sites, but everyone seems to agree there's some "there" there. READ ARTICLE
By Annlee Ellingson
With 76 million members, generation Y is “the most talked-about, researched, marketed-to generation ever,” according to Melissa Lavigne-Delville, vice president of strategic insights and culture education at NBCUniversal.
That’s a mouthful of a title; what it means is Lavigne-Delville analyzes demographic data to help the media conglomerate’s sales executives sell commercials and ad space throughout its portfolio. Among the division’s projects is “Y Now,” a comprehensive report/film on millennials and how to reach them.
What Lavigne-Delville and her team found might surprise you: To read more, CLICK MORE
Consider hiring a veteran - disciplined, loyal, resilient, to name just a few traits. The National Apartment Association will be holding a Military Career Fair in conjunction with the NAA Education Conference in San Diego this month. The career fair will be held at the San Diego Convention Center on Wednesday, June 19, from 9:00 AM to 3:00 PM. Is your company registered?
For more information about hiring U.S. Veterans, CLICK HERE!
By C. J. HUGHES
In a move that may enrage those who enjoy a cigarette on their couch after work, but delight air-freshener-wielding neighbors, a major landlord has banned smoking in all of its apartments across the country.
As of this month, the Related Companies has decided that tenants can no longer light up in the 40,000 rental units it owns or manages. The edict, which builds on an effort that began for Related with a handful of its New York buildings in 2009, is meant to create healthier living conditions, company officials said. READ FULL ARTICLE
By: Maria Lawson
The 3 O's of Shopping Your Competition...
I still remember my first day as a leasing consultant as if it were yesterday. My new boss greeted me at the clubhouse entry with the Apartment Guide and a yellow notepad. She said, “Go shop your competition!” I was nervous and excited.
I have shopped thousands of apartment communities since then, and I have learned there are three distinct levels of shopping your competition and that the best results come from using all of them. READ FULL ARTICLE
Joe Griffin, co-founder & CEO at iAcquire
Re-launching a website is a massive, multi-layered task for any business.
You have to make decisions not only about design and branding — a re-launch requires a seemingly endless checklist of tasks: benchmarking, content strategy, audience research, SEO, back-end hosting … the list goes on. Plus, as a business every decision is hinged on ROI: What impact will the remodeled website have on your business’ traffic, engagement, and conversion?...
These tips can serve as a blueprint, checklist, and guide for your enterprise’s future website remodeling plans. FULL ARTICLE
In the past, many apartment communities have been able to survive even with very limited amounts of innovation. They focused on providing quality products and services, and simply updated them to a level that maintained their competitiveness in the market.
Today, customer expectations are placing more demands on company innovation. They are used to products that continually advance and make their life easier and they don’t expect any less from your team and community. If you are not up for the challenge, they can always go somewhere else.
Innovation is one of the main ways to distinguish your product and services from the competition. If you can’t compete on price, you’ll need innovative products and ideas to make your community stand out from the crowd. READ ARTICLE
Outstanding information on how to grow your business and success.
"To build a valuable company you can walk away from—whether by selling it or just to leave for a vacation—requires that you figure out how to get your employees to care as much as you do.
For advice on the matter, I spoke with Ken Blanchard, whose books, including Raving Fans and The One Minute Manager, have sold more than 13 million copies worldwide.
Blanchard, who is about to release a book about Southwest Airlines with president emeritus Colleen Barrett, started our conversation by explaining how Southwest gets employees to care:
Blanchard: Southwest has posted a profit in each of the last 37 years—a time when the entire airline industry in the United States has posted a net loss. They have a truly special culture." READ ARTICLE
You’re finishing up the notes on a guest card. Your manager asks, “Was that a successful leasing call?” As a trained leasing professional, you start your mental checklist:You didn’t give a price the first time the prospect asked, “How much is a two bedroom?” You took control of the conversation. You were able to answer all of the prospects questions, using descriptive phrases, and incorporating open ended questions of your own. Your guest card is complete with the prospects contact information. You know how the prospect heard about your property.READ ARTICLE
When it comes to home buying, fewer people are going it alone.
The percentage of homes purchased by single buyers across the country has fallen 10 percentage points since 2006, according to Redfin, a national real estate company. The drop comes despite an increase in the number of people who live alone. READ ARTICLE
As the rest of the economy has foundered, apartment owners have surged coming out of the recession. But the good times might not last forever. Here are eight things that could wreck their joyride.
1. Fannie Mae and Freddie Mac
It’s been more than five years since the speculation about Fannie Mae and Freddie Mac started, yet they remain a vital source of liquidity in the sector, especially in secondary and tertiary markets (where other lenders are less likely to go). “Fannie and Freddie are the most dominant lending sources in our industry,” says John Sebree, director of Calabasas, Calif.–based Marcus & Millichap’s National Multi-Housing Group. “If that is changed, it will have an effect on our values and our ability to finance properties.”
The apartment sector has seen great rent growth over the past few years without its customers enjoying real income growth. If the sector wants to continue to grow, employment, and wages, must increase. And, if things regress, the industry will suffer. “You put unemployment and the economy in the macro bucket,” says Dan Fasulo, managing director at New York–based Real Capital Analytics. “They’ll be hovering above everything we do and directly impacting values.” CLICK HERE TO READ THE ARTICLE.
NAA/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
Mystery 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
Highest 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