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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ELLIS Parnters in Management Solutions
Join us for this FREE Webinar September 29, 2015
11 AM PT, 12 PM MT, 2 PM ET
The rules of social media have changed again! We will discuss what your residents and prospects from you on social media and how you can develop a strategy to meet their needs
CLICK HERE to Register.
Space is limited
September 24, 2015 at 1:00 pm - 1:30 pm CT (11 am PT, 12 pm MT, 2 pm ET)
FREE Webinar by Ellis Partners
Unhappy, unsatisfied (and extremely vocal about it!) residents and customers are a reality of life in residential property management. Even the best companies, with the best people and the best of intentions fall short in the eyes of their customers; and when they do fall short, how they handle those situations can go a long way to whether customers become residents, and whether residents remain residents!CLICK HERE to reserve a space!
ORA Power Rankings by J Turner Research has announced the Top 10 NMHC 50 Managers with the Best Online Reputation.
You may know who made it to the 2015 NMHC 50 Managers list based on the number of units managed.
But do you know how happy the residents are in those units? Based on the yardstick of the best online reputation, the April Edition of the ORA© Power Rankings recognizes the Top 10 NMHC 50 Managers for Online Reputation. READ THE ARTICLE
A rediscovery of metropolitan urban cores and 80 million Millenials beginning to enter the housing market primarily as renters continue to drive apartment demand. In fact, it takes at least 300,000 to 400,000 new apartment homes each year just to keep up. While construction has accelerated in response, many communities still lack sufficient housing options. READ REPORT
This year’s Ellis Benchmark theme is designed to cultivate internal conversations as we seek to understand and train the multi-generational front-line leasing team. Is your current leasing training model speaking to the needs of all employees? Are you prepared for today’s emerging workforce—Generation Y? Is it time for an adjustment in your approach? Join us each quarter of 2015 as we explore new ideas in Leasing Training Content, the Leasing Training Environment, and Leasing Training Delivery. Each topic will be explored. New ideas will be presented. Questions will be answered.
By Misty Sanford
We’re one month into 2015, and we’ve already noticing a few trending topics. One of those topics is customer journey maps. This is more than just a buzz word. With our every growing focus on the customer experience, we think this topic is here to stay.
So what is a customer journey map? It is a framework that maps the resident lifecycle. That’s the easy definition. The more complicated definition is below.
A customer journey map documents your resident and prospect experience from the perspective of their eyes. This helps you understand how your customers interact with you today, and it also identifies improvement opportunities.
That last sentence is the important one. Understanding your customers and what to invest in moving forward is half the battle. We get so much feedback from surveys, social media, reviews, and casual conversations that it can be difficult to know where to even begin! Defining your customer journey map helps you do that...CLICK HERE TO LEARN HOW!
Crisis happen; it’s inevitable. An unfortunate event takes place that affects your brand and it winds up being aired on the news for all to see. Now, with social media in the mix, crises happen more often because customers are very quick to share a negative experience and others are quick to share or retweet. And then you have a whole new crisis to handle: a social media crisis.
Before we can dive into how to handle a crisis, we must determine what a crisis is. For example, mean tweets talking about a rude leasing professional is not a crisis. A real crisis or disaster could be a shooting or fire or something to do with faulty technology. For example, may your rent payment system double charge residents, or the fancy keyless locks stop working throughout the property. Furthermore, a person tweeting that their new apartment wasn’t clean at move-in isn’t a crises, but a gunman on your property is. READ MORE
Commercial real estate professionals live and breathe capitalization rates. Every trade publication, market participant, and third-party report relating to real estate quotes cap rates for various markets and properties. But ask a group of real estate professionals to calculate a specific property’s cap rate and you are likely to get a variety of answers — despite the simplicity of the formula. If cap rates are widely used and easily calculated, then why does everyone come up with a different answer?
This article looks at the underlying reasons for cap rates variations, ranging from different uses by market participants to different methods of cap rate extraction. While CCIMs are trained to extract cap rates in a certain way, not all market professionals use the same criteria. Understanding how such variables can affect the cap rate and the value of a property is just as important as developing — and using — a consistent method of cap rate extraction. READ ARTICLE