Category Archives: Residential Management

  Have you ever walked into a business or a store and thought, “That person is just flat out miserable.”? Called somewhere and it was like you woke the person up from a sound sleep? Went to order at a … Continue reading

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Best service, especially in the property management industry, can be deceiving because the needs and expectations of your residents are changing and evolving rapidly.  In addition, your residents are comparing your apartment communities to both your competition and to best service with every company, product or service they experience.  By reading this article, you will learn the steps for developing a system so your residents can tell you exactly what best service means to them! Developing resident surveys:  Start by gathering the leasing teams at the properties you manage and discuss the current level of resident service being given.  Also, ask for any feedback or suggestions they have heard or received from their residents.  Next, prepare a resident survey that might include some of the following questions:  Tell us about the best service you have ever received while living in any apartment community.  Tell us about the best service you have ever received from any company or individual and why this was the best.  Tell us how we can improve your living experience with our apartment community.  Lastly, ask your leasing teams for suggestions on how these surveys might best be presented to their residents.  Many of our property management clients ask their leasing teams to hand deliver these surveys to their residents on Saturday morning for a personalized touch while others give out small prizes to the first 25 survey responses.       Tip From The Coach:  Do you want to experience best service?  Take a few hours and visit a high-end retail location like Nordstrom, a Ritz-Carlton hotel or Tiffany’s.  When visiting these world-class locations, observe how they greet you, the words they select when assisting you, the types and variety of products or services they provide, the colors and fabrics they use and the quality of their brochures and printed materials.  As a side note, any employee of a Ritz-Carlton can fix a guest service problem instantly, for up to $2,000!  Implementing resident surveys:  Once you and your leasing teams have received the responses to these resident surveys you can now set your service standards at or above the level of your resident’ expectations.  As a next step, summarize the results from these resident surveys and look for any repeated suggestions or recommendations.  Then, design an action-plan with your leasing teams based on the suggestions they are going to implement over the next 30-60 days. Continue reading

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Here are eight ways to read a rent roll with an eye towards determining stability of the tenant base.  The objective is to provide insight into the stability of the asset by knowing the financial reality associated with the income stream from the multifamily asset. Baseline Data.  When beginning a review of the rent roll ask for two copies; one for the current month and one for the same month from the previous year (two years if you can get it). Continue reading

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According to a recent survey by Matrix Information, two billion people around the globe have access to Internet-based services and E-mail.  In addition, this report expects electronic commerce to grow from $1.6 trillion in 2011 to $3.2 trillion by the year 2015.  Is your property management company ready for these exploding communication and marketing trends?  Is your leasing team ready to handle the E-mail just sent by 15 new prospects relocating from Paris or Moscow?  Read the tips in this article and learn how easy it is to master E-mail and profit from it…it’s just a few keystrokes away! Tips for using E-mail with prospective new residents: Be certain each of the properties you manage has a high-speed connection, E-mail software, an E-mail account and proper software training • Ask your leasing teams to always use spell check before sending an E-mail to a future resident • Have your teams read each E-mail twice before they send it, just to make certain it conveys exactly what they are trying to communicate and it portrays the professional image important to your property management company • When sending an E-mail, the subject line must clearly summarize what the body of the E-mail says • If your leasing teams are using the E-mail “reply” feature to respond to a future resident, make certain they reply by including the information the prospect sent in their original E-mail note.  In addition, ask your leasing teams to include the name of the future resident throughout their E-mail reply. Tips for using E-mail within your property management company:  When your leasing teams are using E-mail to communicate internally, make certain they understand when to respond by E-mail and when to call the person who sent the original E-mail, depending on the tone or content of the E-mail • Explain to your leasing teams how and when to use carbon copy {cc} and blind carbon copy {bcc} with E-mail •  Have a written company policy regarding the use of E-mail, clearly outlining the rules and expectations of your company.  Have this document signed by each person who will be accessing your E-mail software • Explain to your leasing teams that deleting an E-mail does not remove it from their computer system nor from the system of the person the E-mail was sent to.  During several recent lawsuits, damaging E-mails that had been deleted were used in the courtroom to the surprise of the individuals and their property management companies • Instruct your leasing teams about the extra care required if they receive an E-mail that has an attached document, as this is where most computer viruses are hidden.  Many property management companies do not let their leasing teams send or open attached files • E-mail files can easily be opened and read so confidential information like salaries, financial reports, social security numbers or credit card numbers should not be sent by E-mail.        Tips for using E-mail as a marketing tool: E-mail can also be used as a powerful marketing tool to attract new residents or to better service your existing residents.  Here are some tips:  Aside from a small $15-$20 service charge per month, sending or receiving E-mail is free.  When compared to other forms of marketing…having your leasing teams send E-mails to new or existing residents is their least expensive form of marketing • Imagine the marketing success your leasing teams will have if they had the E-mail address on the guest card of every future resident who visited their apartment community over the past 12 months…and your leasing teams can stay in touch with these potential new residents for free! • If your properties are using E-mail to handle resident questions or maintenance requests, a timely response is expected and required  • Create two separate E-mail lists…one for future residents and one for current residents so you can send appropriate marketing information to each group  • Create an E-newsletter which can be easily sent out on a weekly or monthly basis.  Remember, since sending E-mail is free, your leasing teams will have lots more flexibility.  In addition, E-newsletters portray a professional image about your property management company and are quick to be passed-along to others, thus expanding the reach and exposure for your marketing  • When sending E-mail, have your leasing teams develop a five to seven line signature which is automatically placed at the bottom of every E-mail they send out.  This signature line will further promote their apartment community, your corporate website and can be changed on a daily basis, if necessary • Use E-mail to stay in touch with the media in your area, especially if your apartment communities have any exciting events or community projects to announce • The E-mail address at each of your properties should be included on every business card, every brochure, on any sales information and with all print advertising.      Want to hear more about this important topic or ask some additional questions about how to use E-mail as a powerful marketing tool?  Send an E-mail to ernest@powerhour.com and The Coach will E-mail you a free PowerHour invitation.  Ernest F. Oriente, a business coach since 1995 [27,600 hours], a property management industry professional since 1988–the author of SmartMatch Alliances–and the founder of PowerHour and PowerHour SEO   has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and their leaders Continue reading

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Posted by Teresa on February 21, 2012 under Landlord Tips | When you screen prospective tenants for your rental properties , do you suggest that they obtain renter’s insurance ? Many landlords go beyond suggesting, and make it a condition of the lease—and for good reason. Renter’s insurance can protect you and your tenant Continue reading

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