Property management involves the processes, systems and manpower required to manage the life cycle of rental housing properties, including acquisition, control, accountability, responsibility, maintenance, utilization and disposition. There are many facets to this industry and profession and PMI covers them all.
Labor Day may signal the unofficial last day of summer, the final big opportunity for outdoor gatherings, but as cooler weather approaches the desire of your residents to chill on patios, decks and outside common areas doesn’t fade. If anything, more people will frequent conversational areas like fire pits and around the grill. The sad fact[…]
Good business sometimes relies on playing hunches. A property manager may have a gut feeling that it’s time to increase new rents and settle in for longer-term leases. Or that upgrading floors in each unit will net even higher rents and give the bottom line an extra lift. Great business leaders will tell you that following[…]
Renter turnover is inevitable in the multifamily industry. In fact, renter turnover has historically hovered around 50% nationally and remains a fairly predictable number. While every property manager would absolutely love each of his or her tenants to remain living on their property year after year, that’s not the reality of the situation. As such, you’ll[…]
Considering they represent multifamily’s sales force, it’s amazing how few leasing agents are effectively educated in how to close leases. Some come from sales backgrounds, but others from previous positions as leasing agents or retail jobs without ever being formally exposed to basic sales principles and product knowledge. Leasing agents often wear many hats in[…]
Budgeting tends to be an endless cycle of cramming numbers into spreadsheets, and working out a grueling alternative to manipulate the amount of money that was allotted the year before. It always starts with good intentions, but more often than not, the end result is repeating last year’s budget.Does this sound familiar? Create realistic budgeting[…]
Today’s quest for renter leads begs the question whether sales and marketing are working from the same recipe. Quantity mostly trumps quality as metrics tend to focus on activity and outcome. The industry has a wealth of ways to cultivate leads – everything from guest cards to website chats. And according to marketing experts at[…]
Property managers have probably heard over and over the reasons why residents or applicants don’t want renters insurance. “Renters insurance is too expensive,” “My stuff isn’t worth that much anyway,” and “The apartment is already insured, right?” These are some of the common misconceptions, according to the National Association of Insurance Commissioners (NAIC). While including[…]
One of an apartment community’s greatest assets and amenities is clean, well-kept common areas and grounds. But a green, inviting landscape loses its luster with one step into a squishy mess. A lawn marred by doggy landmines is not only gross but a breeding ground for disease and environmental issues. Dog feces removal awareness has[…]
Compliance Depot, a RealPage Vendor Credentialing service, released a new version of its industry-leading vendor credentialing software. RealPage Vendor Credentialing has been given a brand-new look and feel, with easy navigation and dashboard reporting, among other enhancements. The product helps multifamily owners and operators reduce vendor-related risk with a credential management program supervised by licensed insurance[…]
The old Texas saying “Dance with who brung ya” is very much in line with what Anne Sadovsky has preached in her work as an industry trainer and consultant: retaining existing residents – especially those who have danced the dance with your property for many years – is critical in keeping apartments full.
Earnings matter. This is as true in energy, industrials and consumer staples as it is in real estate...
Congratulations! You have a fantastic product. Newsflash! Your competitor has a fantastic product, t...
Multifamily owners will sometimes find themselves non-compliant because of a misinterpretation of th...
An automated vending machine generating $2,500 in weekly revenue is most likely not selling just can...
When it officially stamps hoarding as a disorder in May, the American Psychiatric Association will c...
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