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When social media becomes a business initiative, reporting ROI becomes an expectation. A sometimes overwhelming expectation. Unlike traditional marketing, there is almost too much data. The old rules don’t apply, and reporting ROI no longer fits into a perfectly consistent report. It is fluid and we must adapt to the unique characteristics of the social web.
The various social channels don’t even measure the same actions and behaviors! And, what they measure today might change tomorrow with a whole new set of data points. Social media is volatile and that makes the ROI a moving target.
So when you have so much change and so much data at your fingertips, how do you make sense of all of it and choose what to report?
It’s easy. The key is to start with defined business objectives and then track, analyze, and present data that relates to the objectives. No more and no less.
And when you review the data, get out of the mindset of revenue. Of course revenue is important but it isn’t everything. The primary business impact of social media is not revenue. It’s insight that helps you meet your customer experience goals.
I know this probably all sounds a bit frustrating and maybe even vague, so let me clarify with 5 things I like to share in every social media report I create.
Channel reports. Each channel has a different language and a different purpose, so they each need their own report.
How the efforts are generating leads and customers.
Our customer response rate.
Our opportunity response rate.
Reach and virality.
Real Estate Forum’s “Women of Influence” edition is now available. From New York to San Francisco, Real Estate Forum has designated dynamic women leaders in the commercial real estate fields: retail, sales, brokerage, medical, office, land, industrial, boutique, and ground leasing. Real Estate Forum is a division of ALM Real Estate Media Group. READ THE ARTICLE
Welcome to the Second Quarter 2014 Ellis Shopping Report Multifamily Industry Benchmark. Our team continues to deliver the most current and effective 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. As your partner, we strive to help you better understand and manage the lead conversion and resident retention processes. The importance of the customer’s perception of their experience with your team and product cannot be ignored. Perceived value as defined by customers creates loyal customer relationships, and customer loyalty is the best predictor of your subsequent strength and growth potential.
For 2014, we are focusing on leasing training for our Benchmark letter.
1st Quarter: The Generational Divide and Leasing Training
2nd Quarter: Does Leasing Training Need to Change?
3rd Quarter: Overcoming Leasing Training Obstacles
4th Quarter: Leasing Training Today and Tomorrow
Last quarter we tackled the topic, “The Generational Divide and Leasing Training.” We concluded with the proven fact that generational values often collide when members of different generations work together. Different generations often have different work values, different perceptions of authority, different responses to training methods, and different views about what is important in life in general. If cross-generation managers and trainers are not prepared for these differences, it can create conflict, poor performance, low morale in the leasing office, and challenges in the training room.
This quarter we respond to the question, “Does Leasing Training Need to Change?” Technique has always been the foundation of most sales training programs, yet it has become more of a challenge to teach the emotional piece – how to connect with customers. Throw Generation Y into the equation, who by 2020 will represent a full 40% of the total working population, and the question becomes a very valid one. The what, when, where, and how are at the forefront of many trainers’ minds today. The trends are changing and shifting quickly. How will your company adapt your training and prepare your employees to successfully compete in this new “experience economy”? Join us as we provide some insight on this topic at the end of this letter. READ FULL ARTICLE
Make the most of your small space with these creative apartment hacks that will have you saying, "Why didn't I think of that?!"
1. Velcro remotes to your coffee table. Things tend to clutter on the coffee table, and chances are you may have more than one remote. Just stick adhesive velcro dots to the backs of your remotes and to the sides of your coffee table. Now you can keep remotes off your table and stowed away. You could also velcro remotes to your nightstand in your bedroom.
As a renter, it's easy to feel pressure to buy. Owning a home means you can start building equity and cash in on tax breaks. But in some parts of the country, it can take quite awhile to break even on a home purchase, making it more financially advantageous to rent for a few years.
Based on Zillow's breakeven horizon - the number of years it takes before owning a home makes more financial sense than renting the same home - here are the top 15 cities where renting rules.
READ THE FULL ARTICLE HERE
The Federal Fair Housing Act (FHA), as most multifamily professionals understand, serves to protect the rights of all individuals and prohibit discrimination when seeking, securing and residing in housing. The Americans with Disabilities Act (ADA) protects people with disabilities in a similar manner. Multifamily professionals whose employers provide consistent and thorough training also understand that fair housing laws go beyond federal laws and often include additionally protected classes at the state or local level. They also understand that ignoring the ADA makes their company vulnerable to allegations of discrimination.
If the law is clear, why are there so many discrimination claims?
While numerous claims of discrimination continue to surface throughout our industry–in 2011, there were more than 27,000 complaints of fair housing discrimination according to multiple federal authorities–most multifamily professionals do not intentionally discriminate. Rather, discrimination lawsuits happen, in many cases, because people make honest mistakes.
It’s not just small businesses who goof; even big companies are known to falter when it comes to these laws. In fact, despite spending millions of dollars on the Fair Housing Accessibility FIRST program to train architects and builders about fair housing responsibilities, the National Fair Housing Alliance recently reported that “developers continue to design and construct obviously inaccessible apartment buildings that do not meet the Fair Housing Act’s standards.”
Is it logical that a developer would spend tens of millions of dollars to knowingly build a community that violates ADA requirements, especially considering violations not only damage reputations but also require a significant amount of time and money to repair? No, of course not. Construction design flaws, such as incorrect thresholds, inaccessible outlets, narrow doorways or lack of reinforcement in bathroom walls to support bars, are most often recognized as unfortunate errors, not intentional attempts to prohibit people with disabilities from enjoying an apartment home. They’re mistakes–plain and simple.
In another way, instances exist where good sales skills can be misinterpreted as discrimination and result in another form of claim. An example of this may occur in relation to a simple rent premium on an apartment for features or upgrades that are not clearly communicated to prospective residents or testers. For instance, if a consultant shows a tester an apartment with new grey carpet to complement the furniture the tester described and the rent is $10 more per month than another apartment without new carpet, issues can surface if the cost difference is not clearly communicated. While the leasing consultant was simply trying to help the prospective resident find an apartment that would best meet their wants, the increased rent may be misinterpreted if the tester is a member of a protected class. In this instance, it would be important to fully explain why the premium was applied. Otherwise, it could seem as if the protected class tester was quoted higher rent. Documentation and awareness are the keys to avoiding these types of mistakes.
How can these mistakes be avoided?
To avoid costly fair housing mistakes at your community, turn up the heat on your fair housing education through training, heightened awareness, and increased dialogue.
First, everyone who interacts with customers must be trained on the importance of these laws and the impact violations can have on a community. That means education is crucial for all client-facing employees, including leasing, management, and maintenance personnel. If they talk to the public, they need to be trained. Furthermore, if your company is involved in construction and development, anyone working on that side of the business should become intimately familiar with ADA requirements to ensure the housing you build is accessible to people with disabilities.
Second, increase your awareness of discrimination cases occurring both in your area and throughout the country. It’s important to keep your eyes and ears open and tune in to current events and developments that are unfolding around you. Fair housing testers sometimes conduct a similar type of test at multiple communities. For example, the National Fair Housing Alliance filed charges against the owners of three apartment communities in South Carolina alleging discrimination against prospective residents who are deaf or hard of hearing. The January 2014 charges were filed as a result of a national undercover investigation involving apartment communities in cities including Charleston, SC, Savannah, GA, Atlanta, GA, and Austin, TX. The charges cited instances involving repeated call hang-ups and contradictory information when the undercover investigators called numerous apartment properties using relay service to speak. You can learn more about this case here:
This example case illustrates that what happens to your neighbor today—whether across town or across the nation—could happen at your community tomorrow. Watch local and national news sources, set up Google alerts to funnel relevant news directly to you, and address events like this with your team so that everyone in your workplace is informed and prepared.
Third, talk with your teams about discrimination prevention. Fair housing awareness shouldn’t be just an annual event. It should be an ongoing topic of conversation around your workplace. This type of ongoing dialogue can ensure that these issues remain at the forefront of all team members’ minds which, in turn, will help your company keep its commitment to upholding the Fair Housing Act and Americans with Disabilities Act and providing equal housing opportunities for all residents and prospective residents who meet your qualifications and choose to live in your community. If you hold recurring staff meetings, for instance, make anti-discrimination one of your regular discussion points. Share fair housing news items. Remind associates of your commitment to serving all residents in a fair, equal, and consistent manner. You could also use these meetings as an opportunity for a Question and Answer session on tricky or confusing customer service situations that could arise, and help prepare your teams to respond appropriately. Here are some examples of such discussion questions:
Q: When should you discuss the pet policies with a prospective resident who has stated that they will be bringing a service animal when they move in?
A: Never, because a service animal is not a pet and therefore is not subject to your pet policies. Your pet policies would warrant discussion only if this customer has additional animals that are pets.
1.A couple inquires about renting at your community. The woman is visibly pregnant. When considering your occupancy guidelines, how many people do you consider this household to consist of?
2.The ‘familial status’ protected class of the Fair Housing Act dictates that you do not take a woman’s pregnancy into consideration when determining household size. Therefore, this household consists of two people. Do not ask questions regarding when the baby is due or whether the child will reside with them.
3.A prospective resident who uses a wheelchair has asked about your available two-bedroom apartment homes. All of your available homes are on the second floor. What do you tell them?
4.Provide the same leasing information for this customer as you would for any prospect, regardless of disability. Tell them the location of all available apartment homes and let them decide if any meet their needs.
5.A phone call comes in and the caller identifies himself as a TTDY or relay operator. What is that? And what do you do?
6.A TTDY operator assists hearing-impaired individuals with phone calls. Follow the operator’s instructions and answer their questions. Conducting a conversation with a TTDY operator can be a bit disconcerting if you’ve never done it; you might share this clip with your teams to help them prepare: http://www.youtube.com/watch?v=3hMj8Y0EFlc .
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.
Nearly 5,000 fires take place per day during the summer, which ranks second in fire incidence rates compared to other seasons, according to the United States Fire Administration. Between company cookouts and extra wear and tear on cooling and landscaping equipment, commercial buildings are vulnerable to fire damage.
Cintas Corporation, a provider of fire protection services, offers these six tips to lower your likelihood of a summertime fire.
1) HVAC maintenance: Dust can settle over capacitors and other electrical components and cause tracking faults, which can create fires. Running multiple cooling units together consistently and for long periods of time can result in overloading and overheating, which also presents an opportunity for fires to start. READ ARTICLE
At our Fun 4th event one couple is a pair of Boomerang Renters, that is, they are Baby Boomers who haven’t rented since before their kids were born. Now kids and parents are on their own, and Mom & Dad are renting their “first” apartment home.
They know what I do, so they GLOMMED onto me. Both said they USED to love their apartment home. They still love having their repairs made, all of which are completed within a day. They like the pool and clubhouse, but don’t use it much. They like the layout, miss their big kitchen but like the appliances, and their utilities are reasonable. They have no problem finding a parking place, and though they haven’t met many of their neighbors, they feel comfortable with the neighborhood.
But they are VERY unhappy about a recent management change.
In separate LONG conversations, both expressed angst over the change, which occurred over 5 months ago.
So after all the things they LIKE about their apartment home, what’s the big problem?
CTBUH, the organization best known for its Tall Building Awards, has announced the winner of its inaugural Urban Habitat Award: OMA / Ole Scheeren’s The Interlace in Singapore. The jurors, including Studio Gang Architects‘ Jeanne Gang, praised the apartment complex, which includes communal gardens and spaces on the roofs and in between the apartment blocks, for responding to its tropical context and “integrating horizontal and vertical living frameworks.”
From the Press Release. The Interlace, a residential tall building project in Singapore, has won the inaugural Urban Habitat award from the Council on Tall Buildings and Urban Habitat (CTBUH).
The Interlace is a 1,040-unit apartment complex consisting of 31 apartment blocks, each six stories tall and 70 meters long, stacked in hexagonal arrangements around eight large-scale, permeable courtyards. The stacking of the volumes creates a topographical phenomenon more reminiscent of a landscape than of a typical building. An extensive network of communal gardens and spaces is interwoven with amenities, providing multiple opportunities for social interaction, leisure and recreation – both on the roofs of, and in between, these stacked horizontal blocks.
“The Interlace creatively realizes the potential a tropical environment provides for inverting the ‘towers in the park’ typology in favor of the tower as park,” said Awards Jury chair Jeanne Gang, founding principal of Studio Gang Architects. “By integrating horizontal and vertical living frameworks, it becomes much more than the sum of its parts.”
The CTBUH Urban Habitat Award is newly established this year to recognize that the impact of tall buildings extends far beyond the buildings themselves. The award recognizes significant contributions to the urban realm, in connection with tall buildings. In particular, it highlights projects that demonstrate a positive contribution to the surrounding environment, add to the social sustainability of both their immediate and wider settings, and represent design influenced by context, both environmentally and culturally.
See photo and read article at AMAZING NEW ARCHITECTURAL DESIGN
This means you should be using your reviews as a marketing tool.
Reviews are the new form of advertising. Traditional advertising now has a much smaller role in customer influence. Why? Because the customer experience is no longer our story to package up and present. It’s our residents’ story to organically share.
With the multifamily industry expanding every year, finding strong applicants to fill positions can sometimes be hard. That’s why many companies look to colleges and universities to find interns so that they can have help during the summer.
Rosemary Carucci Goss, Ph.D. Virginia Tech, is a board professor for the property management program at the school and oversees the career fair. It’s here that most students find their internships.
“All students in our program are required to do an internship in the multifamily area,” she says. “The industry is so hungry for good talent that they’ll hire one of our students for a summer work experience even without coursework. They do one internship for credit, report to me, get evaluated, and then they do a [written] report and evaluate their experience with an oral report and PowerPoint presentation when they return.”
Interns must also keep a journal for 160 hours tracking their internship experience.
“From a company perspective, we ask them to treat our students as they would a regular employee and give them a myriad of property management experiences,” Goss says. “We want them to have exposure to everything. The companies that have the most specific internship and gives the student the most variety tend to be the companies the students are attracted to the most.” READ ARTICLE
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
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.