Archive for the ‘Tenant Acquisition’ Category

What are the three legs of Apartment Leasing?

Thursday, September 24th, 2009

Very simply, an apartment complex leases or fails to lease on three points:

1) Is it priced competitively to its market.

2) Are the apartment conditions and amenities offered consistent with the expectation of the renting demographic mix.

3) Socially, is the apartment complex suitable.  That is, is the complex a safe and happy place to live.

If any of these items get out of balance, management will struggle achieving or maintaining occupancy.

As an owner or manager, ensuring you are on your guard about the kind and quality of tenant is an important task.  This means monitoring the income statement for signs of other problems.  Checking the rent roll for hints of tenant issues (there is a strange connection between credit and behavior issues).

The Internet is big, but the basics still prevail.

New Occupancy100 Video

Tuesday, September 22nd, 2009

Hey everyone,

We have been working hard to  create as many helpful videos for you to enjoy as possible. Here is a video that explains our apartment marketing solutions, and offers a great overview on Tenant Lead Generation, and the Online Rental Application.

Enjoy!

Apartment Residents Deserve Convenience

Sunday, September 20th, 2009

Many communities maintain 9  to 5 hours exactly coinciding with the working hours of our apartment residents.  Why is this?  Shouldn’t we take a hint from retail sales.  Business hours need to allow residents to take care of business at their convenience and not ours.  Why not maintain hours from 10:00a.m. to 6:30p.m.  Let’s adjust to the needs of our customers.

What Information Do You Provide To Resident Prospects?

Tuesday, September 15th, 2009

I’ve written about this before, but feel this is a drum that can’t be beaten to often.  As apartment operators providing a full set of information to resident prospects is a leasing prerequisite.  The main bullets on the subject are:

Detailed community information such including directions to your property, local shopping, services, entertainment, government facilities, schools, utilities, cable television, major employers, and points of interest. The more the prospect can be positioned to decide this is the home for them the better.

Detailed apartment community information including amenities in the unit, pools, laundry, fitness facilities, playgrounds, picnic areas, walking trails, tennis courts, etc.

Information about the staff and attitude toward residents. The extent they can begin to develop a sense of relationship can make a major difference in their decision to make your apartment homes their home.

Information about pricing, operating hours, and to cost benefits your apartment community may have over competitors can provide the competitive edge your need to lease an apartment unit.

Finally, make it convenient and nonthreatening to make a buy decision. Provide alternatives for connection. The contact should allow the prospect to contact the community or if they are inclined, allow them to complete a full billable application. Completed correctly, we’ve seen communities close 10% or more of their leases based on this approach.

Resident Retention Activities / Ideas by Brent Williams at Apartment Insiders

Tuesday, September 8th, 2009

Brent Williams at Multifamily Insiders Crafted a Great Article on Resident Retention at Ezine Articles.

Activity Ideas for Resident Retention

“First of all, know your community. Fair Housing laws limit how much demographic information we can keep about our residents, but you should at least have an idea of the different faces of your community. Additionally, instead of having one giant one-size-fits-all party, you can coordinate several smaller, targeted parties throughout the year. Having more frequent parties allows you to target different demographic groups in your community at different times instead of “putting all your eggs in one basket” approach of large summer events. Spacing these events throughout the year will also guarantee that your events coincide with all your residents’ renewal periods, thus giving you the largest impact possible. Here a few ideas that can you can explore that are less expensive:

Older Residents

  • Bridge or Mah Jongg Night
  • Dinner Rotation – This can be quite popular! Have a sign up period for singles or couples. These groups then take turns rotating among their apartments hosting small dinner parties for each other.

Singles Crowd

  • Poker Night at the Clubhouse (for prizes instead of money)
  • Networking Night
  • Dance Classes
  • Sporting events

Children Friendly

  • Ice Cream Social
  • Kite Day
  • Scavenger Hunt

Also, remember that you have purchasing power! Most events around town offer group rates that you can pass along to your residents. This can make them feel part of an exclusive club with great deals all the time!”

The full article is titled – Resident Retention Vs Apartment Marketing

For more info from Brent and about Multifamily Insiders the site is at:  http://www.multifamilyinsiders.com/home/index.php

A Great Article on How Linking Can Impact Your Website’s Performance

Sunday, September 6th, 2009

The Apartment Industry has few real successes in the website world as far as properties or portfolios go… This article may offer solutions to overcome that.  Seems like this would be a good Chamber of Commerce Issue.

Why Linking Is so Important for Ranking

By Mike Grehan, ClickZ,

Jul 27, 2009

The science of information retrieval on the Web is continually developing. Because of new discoveries and alternative methods of identifying popular results, search marketing has to continually develop with it. Yet, just last week I talked with someone who’s still trying to come to terms with why links are so important for a Web site to secure a prominent spot on a SERP (define). Sometimes I’m guilty of assuming that, by now, everyone understands why links are the building blocks of a successful SEO (define) campaign. But the search marketing industry is still emerging and new people are coming in every day. So, here’s a refresher on how linkage data became such an important factor. By about 1996, the early search engines began to discover that ranking documents based purely on content similarity (between the query and the document) was no longer sufficient for two reasons. For one, the amount of content created between the mid- to late ’90s was so huge, the abundance of information made it too hard to identify the top 20 pages to rank. Second, it was easy to spam search engines by keyword stuffing and creating doorway pages to manipulate ranking. During 1997 and 1998, a whole lot of research work was carried out in the field of applying social network analysis to the Web. The two most important ranking algorithms to emerge were Google’s widely known PageRank and the lesser known HITS developed by Professor Jon Kleinberg. Social network analysis is the study of social entities (people in an organization known as “actors”) and their interactions and relationships. And these interactions and relationships (networks) can be represented in a graphical format. Search engines take this similar approach, viewing the Web as a virtual social network. In this way, each page can be regarded as a social actor and each link between pages can be viewed as a relationship. Two important concepts of social network analysis are factored into hyperlink-based ranking algorithms: centrality and prestige. Centrality basically means that a person with extensive contacts (links) in a community is usually considered more important than a person with relatively few. And prestige is pretty much based on the number of important people linked to you. This is why we talk about quality of links being more important than simply quantity. As I explained these fundamentals to my friend last week, a light bulb genuinely seemed to go ping. At least he now understood the reasons for moving away from purely text-based analysis to a refined measure of prominence for one page over another, even when they have similar content. Of course, that leads immediately to the SEO chestnut: “How do I get links?” And yes, I’m smiling as I type it. It’s a question I’ve been asked at every conference or via e-mail hundreds of times. In particular, smaller businesses and owners of smaller Web sites seem to puzzle over this more than others. I’m afraid, just like the real world offline, the rules online aren’t much different. Small businesses are, well, small. Large businesses are large. The bigger the brand, the more likely it will get links. Stop and think about this: How did the big boys get so big? They didn’t all start big. Most big companies started small and grew. In a similar manner, this is what small companies online need to do. You need to set goals for growth (a large dose of patience is also required). I once asked a guy from a search engine how a small business online can attract links. He gave me this great analogy based around network theory. He said to imagine moving to a new town where nobody knows you. What’s the first thing you do? You start to introduce yourself and meet new people. And then pretty soon you’re part of the community and you’re building up your reputation. Who’s to say that one day you won’t be mayor? My best advice for getting links has always been: “Stop thinking about links.” Start thinking about promoting your business with a smart marketing strategy and links become a byproduct of that. Develop a niche and a reputation for yourself as providing the best customer service or the fastest delivery times — whatever it is you do to differentiate from your competitors. That is where the linking advantage is. One exercise I always go through with clients (big and small) is to ask them to write down 10 reasons why I should link to them. Sit down in front of your own Web site, alone or with your team, and ask what compelling reasons there are for other people to link to it. I haven’t actually seen anybody get beyond five or six. But it’s a good way to assess the strength of your value proposition, whatever it is. If you can’t get beyond why your friends and family should link to your site, you may want to ask what the purpose of building it was in the first place!

Senior Renting in the Coming Decade

Wednesday, September 2nd, 2009

First, rentership for citizens over 50 years of age has been rising.  In 1990 the rate was 23% and today the rate has risen to over 26%.  The recent financial crisis should drive this percentage up significantly on wealth loss alone.  Further, the effect of the crisis has sharply reduced the expectation that the home is a good repository for wealth.  The two factors together could push over 50 rentership by 10% to 15%.  We expect the percentage is likely to increase from the  2006 level of 26% to a leve that could grow to 35% or more over the next few years.

Businesses Prefer Not to Change… And for Good Reason

Monday, August 31st, 2009

In  my years in business management, I have noticed one reliable factor that we can count  on.  Emulating the best is a great way to become the best.  This shouldn’t be much of a surprise as we see the same fact demonstrate in sports over and over again.

As apartment managers, operators, and owners this is a huge key factor.  Study the best… be the best…

Keeping the books in exemplary condition…

Ensuring late paying tenants… create immediate notices…  create evictions…

Management of maintenance calls…

Top Apartment Feature and Amenity Search Items

Monday, August 31st, 2009

I found this list posted by Primemedia on LinkedIn today and thought that this could be useful.

The apartment features and community amenities consumers searched most often for on ApartmentGuide.com over the last six months include (in order):

1. Washer and Dryer In Unit
2. Pets (allowed)
3. Air Conditioning
4. Some Paid Utilities
5. Washer and Dryer Connections
6. Dishwasher
7. Balcony
8. Garage
9. Cable Ready
10. Furnished Available
11. Swimming Pool
12. Short Term Lease Available
13. Fitness Center
14. Gated Access
15. Oversized Closet

Good luck and good renting.

Price, Amenities, Property Condition, and Social Condition

Sunday, August 30th, 2009

The responsibility of renting a property is critical, but simply generating traffic and having a trained sales staff will not rent units.  We are operators in a commodity market.  By definition, this implies that as owners and managers we have to provide some basic underlying conditions to rent.

First on the list, as operators we gain nothing by trying to sharply under price the market and if we over price the market, we will not rent.  This is a delicate item because if we price too low we lose money and if we price too high we will not rent at all.  Further, this means we have to be competitive on concessions as well as basic price.  With all this in place, if as owners and operators, we can establish a position of greater value we will have a sustainable edge in the market.

Next, our property must be priced to compete with properties on amenities.  Visits and calls are generally determined by bedrooms, bathrooms, and amenities.  Pricing to fit against the competition in this area is critical.

A clean well maintained property is another basic point.  Property management processes and procedures that assure this are critical to renting units.  As always, customer service wins the day.

Finally, social condition will kill renting and can be a great rent enabler.  If resident prospects  see a clean area, late model vehicles, quiet and low key resident interactions, etc.  Residents and resident prospects need to feel safe in the neighborhood.  The probability begin increasing quickly that they will choose your community as their new home if safe, clean, and friendly conditions.

Blake Ratcliff – The apartment marketing guy