If low gas prices and gluten-free girl scout cookies are any indicator, 2015 is shaping up to be a pretty great year, especially for multifamily housing. Demand for rentals is solid. Opportunities continue to grow. Robust performance indicators keep rolling through the multifamily property investment/management sector as easily as I can plow through a sleeve of thin mints.
Recently Trulia’s Housing Economist and former Director of San Jose University’s Real Estate Development Program, Ralph McLaughlin, presented a wealth of data on the current state of the multifamily market. Here we’ve compiled some of the most important trends going into 2015, as well as top takeaways to help leverage those opportunities at your communities.
The same principle applies to rentals. The hard truth is that there are rental properties on every block, and though your unit may be special, it’s not that special.
To find and keep great renters, a manager will often have to provide incentives, especially if it’s a slow winter rentals season.
Whether you are trying to convince an applicant to sign a lease or encourage a great resident to renew, incentives act as the carrot at the end of the proverbial stick. With that said, I believe that no one should get a prize for doing the bare minimum or fulfilling what is required of them in the lease. continue reading
As a landlord or property manager, you know the timing isn’t ideal. Most tenants don’t want to move into a new place in blustery winter weather, and the holiday season only makes things worse — few people want to add moving to their already long list of to-dos (and expenses).
But that doesn’t mean you’re out of luck. You just need to find creative ways to entice renters in these blustery months. Here are 6 ways to employ creative marketing strategies to get your property occupied, even if the weather outside is frightful. continue reading
NARPM (National Association of Residential Property Managers) had its 26th annual convention and trade show in beautiful Minneapolis. Over 600 property managers met to discuss listings performance, growing your management business, and how laws have changed for situations like evictions. While there were many opportunities to learn, we asked other fellow attendees what they found most valuable. Here are their responses…
The most valuable thing I took away from NARPM this year that has helped my business grow is the idea to put your client on-boarding process into a visual flow-chart. This has helped our company set realistic expectations and gives the client incredible clarity on what to expect. This helps us and the customer start the relationship off on the right note.
No matter if the agreement is verbal or written, a resident has the right to “Habitability” and “Quiet Enjoyment.”
“Habitability” and “Quiet Enjoyment.”
These are implied warranties, or covenants, and ensure that the rental property is safe and secure, and that the resident is granted the undisturbed use and enjoyment of the unit.
These two entitlements are at the very core of the rental relationship, and are primarily what a resident is buying with his or her monthly rent. continue reading
Want a home designed precisely to your tastes? It’s no longer a homeowner luxury. A building in San Francisco is now offering custom details to some of its penthouse suite renters.
In a recent press release, rental placement agency RentSFNow announced that the 3035 Baker building in San Francisco, CA will be offering two penthouses that renters can customize, including two free hours of design services from local interior design firm LOCZIdesign.
Why? They want to appeal to renters who desire a living space that’s beyond “builder-grade,” a space that reflects their individuality and personality. “Do-it-yourself personalization is becoming more commonplace in every aspect of life,” says LOCZIdesign founder Paige Loczi. As the release states:
“While apartments have long touted ‘customization,’ those options are typically paint and minor cosmetics whereas 3035 Baker offers complete build-out options including top-of-the-line appliances, countertops, cabinets, flooring and other features including paint and finishes.” continue reading
You’ve got an empty rental unit, which you’d like to fill as soon as possible. After all, each day it’s unoccupied means lost income for you (or the company whose property you manage).
But getting a new renter involves more than just posting the unit online. Now you have an opportunity to assess the property and see what unit updates you can feasibly make. So before you list the property, make sure you’re reviewing these 8 things to make your vacant unit as attractive as possible to potential renters. continue reading
The relationship between a landlord and a resident can be difficult to master. Even as a property manager with repeated opportunities, the initial interaction can be stressful. The reality is, everyone benefits when renters are educated up-front, even if it’s just the very basics.
If you really want your resident to enjoy the time they spend under your roof, feel at home, and also keep yourself protected, there are a few things every property manager should mention to prospective residents: continue reading
Technological advances have changed not only the websites we use but also our devices. According to Mary Meeker, a partner at KPCB, reporting at the 2014 Code Conference, each new ripple in the computing world has an “install base that is 10X bigger than the last one and we certainly appear to be on that trajectory.” For example, PCs and desktops sold nearly 1.2 billion units during the age of the computer. But almost 10 billion mobile units have been sold in the last four years alone.
It’s hard to imagine that apps only came into existence via the iPhone less than 10 years ago. According to market researchers AppAnnie and IHS, worldwide consumer spending on digital movies, games, and apps grew 30 percent to $57 billion in 2013, up from $44 billion. Mobile apps were a critical part of the digital spending, with overall app spending jumping 2.3X the previous year. That’s an increase of 230% and a $57 billion market that didn’t exist 10 years ago. Today millions of customers use apps to access information, and their phone or mobile device is their preferred tool for work and play. continue reading
Thanks to our friends at Appfolio, they’ve created this fun infographic of Millennial Renters. continue reading