The U.S. apartment market continues to chug, but in moderation compared to much of its nine-year run. Some markets have softened, sparking some give and take in operational strategies. When markets soften, the focus naturally turns from rent growth to maintaining occupancy, which often leads to concessions for new leases and at the sacrifice of[…]
Cut and paste. Write formulas. Are they correct? Was that cell copied? Does that column total correctly? Let’s face it. Spreadsheets are no longer trés chic. They’re cumbersome, often inaccurate because of human error and bulky when reviewing and distributing all across the company. But most businesses rely on spreadsheets for budgeting, planning and forecasting[…]
Just because you build it doesn’t mean they will automatically come. The apartment industry continues to implement and enjoy favorable adoption of online rent payments from residents. Drop boxes are being replaced with resident portals that allow renters to pay rent without leaving the comforts of their apartments. Employing the technology is only part of[…]
Adding lively, engaging property photos of apartment communities – inside and out – enhances marketability and appeal of any property, but is that property actually getting the visibility you’d hope for? A property manager or marketing director may stroll a property and snap a few photos on a cell phone or other digital camera and[…]
An operator or owner of a small property management portfolio has many roles. At any given point in the day, he or she can wear different hats, from leasing apartments and keeping the books to swabbing the deck. Only with the luxury of having ample staff that specializes in each facet of business operations can[…]
Managing Affordable Housing brings a unique set of complexities compared to other forms of rental housing. Professionals in the Affordable industry must ensure that the property and/or portfolio is working within the rules of United States Department of Housing and Urban Development (HUD) and other regulatory agencies. But doing so doesn’t have to be a daunting[…]
The multifamily housing industry, traditionally a step or two away from the cutting edge, is learning to embrace innovation at a time when the globe isn’t sitting still. Today, world leaders and innovators are asking “why not?” and willing to push advancement to the brink, sometimes for the unimaginable and often with risk. Many are[…]
This October in Dallas, a climate where supply outpaces demand in some markets, multifamily leaders met to discuss how to get more revenue out of their Texas assets. Discussions focused on how to maximize amenities and get the biggest return on the dollar by basically understanding what residents really want through their actions. At the[…]
You’re in the multifamily business, not the computer business. But ask the typical property management company why they manage their own IT – hardware, software, upgrades, tech support and the rest – and they’ll typically offer some combination of the following three reasons: They might be doing it because they believe it saves them money[…]
Online payment adoption is rising steadily in conventional multifamily and leading to the expectation of more self-service opportunities for renters. Recent industry information shows a continued shift of traditional payment methods away from the leasing office. Since 2015, paying rent on line has increased and estimates are that 55 percent of the apartment industry will[…]
When revenue management gets more scrutinized during shifts in market cycles (such as is the case now in the apartment industry), focus on expenses becomes more intense. Offsetting deficits of dollars coming in can, in many cases, be achieved by juggling the dollars going out. That seems to be top of mind for many stakeholders,[…]
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