Property Management

Exasperating Our Residents a post by eric

Seth Godin has an excellent post today titled “The bitter taste of nickels and dimes” You can read the details of Seth’s post here à  http://sethgodin.typepad.com/seths_blog/2008/08/the-bitter-tast.html

It provoked me to ponder about the things that we do in the Apartment World that create separation and aggravation with our residents.

   One such is an extra fee or charge to go to a Month to Month Lease. We have this argument regularly in our own office. It is pretty silly to penalize a great resident because they want to stay longer. We are saying sure, you can stay longer, but it will cost you more tomorrow than what it did today, yet we have added no additional value, only exasperation. There certainly are the pressures from lenders and partners to not have month to month leases and the unexpected vacancy that can occur quickly. However, it really makes no sense from the resident’s point of view. Perhaps we should completely abolish this silly rule or to Seth’s point do we Waive them early and often to create Delight? What are you doing at your property? What does the community you think about this? We welcome an open conversation surrounding this, and Enjoy the Weekend!

Will You / Your Company even be here tomorrow? A Post by Eric

Lisa Trosien from http://www.apartmentexpert.com/ had an excellent post in her blog http://www.apartmentmarketingblog.com/?p=300    this week regarding the Ground Swell and Resident Retention. The Groundswell is one of the best books I have read in a while, and Lisa’s candid commit about “What do companies do that aren’t very good at customer service. My answer is they won’t do anything; they haven’t done anything for years and years and have still made a fortune in this business. And, that covers the vast majority of apartments. They won’t do anything because they don’t know what to do and second, they don’t think they have to, which is why we have, what I coin as Apartment Commodity.   There are certainly some very progressive and excellent property management companies that do get it and are executing on the residents experience and customer service, however they are the minority. Apartment property management is significantly antiquated.

I am pretty passionate about the whole social web site stuff and the fact that the customer, the Resident will be heard, but this is all viewed as a radical approach, and maybe it is, for now, but Will it become mainstream, sooner as opposed to later. What If it did, and What if the whole way in which residents leased apartments was based on their Experience, No way you say, well I challenge you to answer, Did anyone ask your permission to stop full service gas stations, Did anyone ask your permission if it was OK to not carry your groceries out to your trunk, Did anyone ask your permission if it was OK to change from records to eight tracks, from eight tracks to cassettes and from cassettes to CD’s and now, throw all of those out, music is invisible, it disappeared altogether, it is in ether land!

Maybe we all should wake up pay attention to what is going on, and embrace the change and be part of the revolution.

Raise the NOI Stupid! A Post by Eric

Isn’t it as simple as the Bill Clinton campaign, “It’s the Economy Stupid?” , which won him the election, well to your Company, your Boss , Your Bosses Boss, your Bosses Investors, Yourself, isn’t it ALWAYS about raising NOI? It is, period, always!  Why don’t we act and or behave as such, why aren’t our decisions based on Raising NOI! Every single one! I surmise that we are afraid, of ……………………….making a mistake, it not working, being questioned, yada, yada, yada. I encourage You, Brand Yourself, Break from the Pack and Do Something Different Today that will RAISE the NOI at your property or asset you manage. From very, very personal experience of working in a micro managed Fear Based Multi Family Corporation for most of my career, you DO NOT get in trouble for making mistakes, you get replaced for being mundane, the “Bottom 20%” and even the Middle 60%. Step out, Now, and make Your Mark.

If you are reading this blog, you are working hard to be more than you were yesterday and You are Smart, Act Like It, raise the NOI of Your Property You are Responsible for. Take Responsibility and DO SOMETNING TO RAISE NOI!

OK, Assuming you are still reading this blog, We can raise NOI two ways by Lowering Expenses or raising Revenue. I am completely a Raising Revenue Guy,(not that this is the only way, just the way I have chosen to Raise the NOI, significantly) and there are lots and lots of ways to achieve that, by several hundred dollars more per unit than the guy across the street, if you are willing to do so, but First and Foremost, decide too. If you have, let’s begin a meaningful discussion as to how, let me know when you are ready………………………, I have lots of ideas, that…………….have worked , and are working to Raise NOI, Significantly, for our Investors, and Partners. They will work for you too!

Lots of walking today

We are off to complete due-diligence on a nearly 1000 unit property today. WOW. I recognize there are bigger projects out there but nevertheless 1000 apartments parked on just over 4 acres. Yes, I am wearing jeans and my running shoes. I will be back tomorrow with an interesting post. A post responding to an email I received from Eric over at Urbane Apartments. Not to sound redundant but I love what they are doing to the property management space in Royal Oaks.

Have an uber-famous day. M


Technorati Tags: Urbane Apartments, mike brewer, apartment marketing

Pile of stuff

Does your pile of stuff to do, look at or read look like mine? Of   course this is just my personal pile. My work pile is over there on  the dining room table.

80/20 Rule for selling apartment homes

Selling is

20% Knowledge

80% Enthusiasm

The essence of selling is taking that enthusiasm and infusing it in the hearts and minds of the person leasing the apartment home.

Technorati Tags: 80/20 Rule, apartment marketing, apartments for rent, mike brewer

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Free Rice

Freerice

Here is one of the those time wasting ,educational, charitable and otherwise green sites. Our employers will have to appreciate the value.

The Strangest Gift

Pictured is the make ready coordinator at our community, she is handing me a gift from a resident. The message, "tell Mike I did not bite the Kilbasa, I just tore it, he needs to put on some weight. Tell him to eat more." I have received a number of gifts over the twelve years I have been in this business but this ranks as the strangest of all time. What about you? Do you have a similar story you would like to share? Do so by tapping on the comment button below.

Collecting the meter

Warning; random post!!! I always wondered how they did that...