Out to Put a Dent in the Multifamily Universe

WOW

May 21, 2012 By Leave a Comment

WOW – Words of Wonder

Words of wonder are what we are after today. Words that you want people expressing as they experience your service and or the apartment living experience that you provide. Words that are tip of tongue for everyone. Words that have a deeply innate need to come flying out of people’s mouths when they are WOW’d. Words that give meaning to what you are trying to accomplish.

Words like:

Wow

Love

Cool

Awesome

Compelling

Amazing

Stellar

Beautiful

Stunning

Intimate

What kind of WOW are you going for?

Here is a quick story to sum up what you are going after. A little boy enters a jetway for the first time. He is standing between his mother and father holding the hand of each. As they enter, he glances up in the direction of each – his eyes now as big as saucers. You can literally feel the build in his being. As he nears the door of the plane – he can hardly control himself. His body is beginning to quiver with excitement. When it is his turn to enter – he let’s loose of mom and dad, jumps across the threshold into the body of the plane and freezes. He then takes one look to the right toward the seating and another to the left toward the cockpit. He leaps around in one motion – looks up at his parents and belts out a – WOW!

Do you create reasons for WOW?

Your – going for the WOWs – multifamily maniac,

M

 

 

 

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Rent Write Off

May 15, 2012 By Leave a Comment
Bad Debt Rent Write Off

We are nearing the end of the first section of our property management budget discussions. Up to now we have been penning about rental income and the various losses that are booked against it. They come in the way of; loss to lease, vacancy and various marketing related concessions. To round it out we are going to discuss the Rent Write Off line item.

Rent Write OffBad Debt Rent Write Off

Rent Write Off can be summed up simply – it is monies that are not collected as a result of residents not paying rent. Most likely for multiply months as it takes some bit of time to evict a resident for non-payment. In some cases 90 days or more.

Rent that is written off should be booked in the month that they it is incurred. That is to suggest that if a resident moves out and the account is reconciled (for some of you – that means that a SODA is completed) and an amount is left outstanding, it is written off as debt that has a slightly better than slim chance of being collected.

One item of note on this point; you will likely be writing off an amount that includes late fees, NSF fees, charges for damages, etc.. With that in mind, the only monies that get booked to Rent Write Off are in fact rent monies. The fees and damages are booked to a line item we will discuss in the coming weeks.

In the mean time, I am interested in knowing if your company practice is to book the write off in the month your accounts are reconciled or do you apply a lag time?

Your – always curious – multifamily manic,

M

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Selling – One for All Apartment Professionals

May 14, 2012 By Leave a Comment
Master Key Apartment Marketing Selling

Apartment friends and family, it is no secret that selling starts with the ability to love yourself. If you don’t love yourself then you haven’t the slightest chance of getting anyone to love you back. And, in my head, getting people to fall in love with you first and your content second is the master-key to riches when it comes to selling.

Master Key to Riches in Four StepsMaster Key Apartment Marketing Selling

1. Love your heart [Read: Stay away from those that would bring you down. And, get real close to those who amp you up].

2. Love your mind [Read: Think well enough of yourself to read literature that makes you think deeply. Talk to people who challenge your intellect and blow you away].

3. Love your body [Read: Eat well and exercise regularly].

4. Love your soul [Read: Find purpose. Find meaning. Find mindfulness. Find that deeper meaning that amps you. Find that deeper meaning that gives cause for you to wake without the aid of an alarm despite the early hour. Find that thing that keeps you on task and in motion despite any and all setbacks].

Bonus Step: Get clear on the definition of riches. Hint: It has nothing to do with money.

Your – in constant practice of the four steps – multifamily maniac,

M

 

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Quality Content in Curbs

May 11, 2012 By 2 Comments

“Give them quality. That’s the best kind of advertising.” – Milton Hershey

Quality from curb to commode – it’s all content and it all counts. It’s all marketing. It all speaks to the personality of your property. It becomes the interesting quality or qualities that people remark about when they talk to their friends, family and strangers about your apartment community.

Spring Time Quality

Roughly five years ago, I lived in Portland, Oregon. I lived in an apartment community just south of the city proper. And, to this day I still remark about the curbs. They were clean, crisp and freshly painted every month. They had it down to a science and I would tell you that it made a huge difference. I would also confess that they have become content to me and thus free advertising/marketing for them.

Content is in Everything

Content did not begin with books, newspapers and magazines. It didn’t magically show up with websites, blogs, Twitter or Facebook. It has been around from the dawn of time. And, the important thing to note is that you can make any piece of content sing quality. With a little bit of focus, a little bit of elbow grease and a little bit of care – you can even make your curbs rock. And, if you are moving to Portland anytime soon, hit me up – I will refer you to a great apartment community.

Your – looking at everything as content – multifamily manic,

M

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Employee Rent Concessions

May 8, 2012 By Leave a Comment
Employee Rent Concession

Employee Rent ConcessionThis week we are rounding out our budget concession discussion with the topic of employee concessions. People are the difference that make a difference in property management. I would argue that it is not location location location but rather people people people that make or break the present and future value of an asset. You can have the best location on planet earth with the worst people and you are guaranteed sub-par valuation. Relocate that asset to a B+ location and team it with A+ characters and you will have yourself a winner. It really is all about the people. And, employee rent concessions are one way of saying thank you.

Value in Responsive Service

Beyond the concept of reward, concessions can be looked at as incentive for an employee to live on-site. There are clear advantages to owners when an employee lives on-site. It lends well to responsive customer service, especially if that employee works on the service side. As an example, if you have an A/C go out after hours, he/she can provide rapid and responsive service. If you provide lock-out services; the idea of rapid response is a real plus. In the event of a major crisis, employees living on-site can act as first responders in the way of organize and deploying crisis  management protocols.

Things to Think About

I have seen this amount vary over the years and is certainly subject to ownership or property management protocols. It typically ranges from 15% to 100% and is credited monthly over the course of a lease term. It also typically carries a caveat in the way of an employee addendum that spells out strict concession payback and move-out protocols if the work relationship turns sour.

The biggest thing to consider is IRS implications. Always consult a good tax attorney when thinking about giving away money as I am certain our great Uncle will want his part.

Your – advocate of employee rent concessions – multifamily manic,

M

 

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Selling: Best Story Wins

May 8, 2012 By 1 Comment
Storytelling to sell apartments

Storytelling to sell apartmentsBelated Multifamily Monday blog post – better late than ‘skip it until next week…’

We all know that guy/gal that just has the innate knack for storytelling. They are artisans of the highest order. They can suck you in, keep you wanting, needing and desiring for every next word, sentence and punch line. They can make friends with anyone, anywhere and at any time. They are never at a loss for words, wit or prose. They sell you with body language, eye contact, superior listening skills and are always providing inspiration and motivation to act.

The best story I ever heard dates back to the seventh grade. I was selected to play basketball for a local AAU team that summer. And, the story was told while we were headed (by car) to a nearby town for a scrimmage. It was roughly an hour and a half away from our home town and there were six of us packed into one of those old style Lincoln Continentals. The boat car as my basketball buddies and I referred to it.

Our coach (the driver) was a middle-aged avuncular gentleman. Youthful for his age but very wise beyond his years. And, wow – could he tell a story.

The Tale of Furr’s Cafeteria

Furr’s is/was one of those all you can eat restaurants with the best of the best food on the planet. Or, at least I thought so in my tender years. It was here that our coach’s story started [I will tell the abbreviated version].

He and his wife were eating dinner there one night. Nothing out of the ordinary, just a nice dinner and some good conversation. That is until our coach noticed this lady staring at he and his wife. It was one of those awkward I think I know you kind of stares. This locking of eyes, uncomfortable stare and look away went out over the course of the next half hour as they enjoyed their meal.

Near the end of the meal our coach looks up and the lady is gone. But, after a quick scan a waiving hand catches his eye. It was the suspicious lady standing up at the check out counter. She was just waiving away as to suggest she was happy to see coach and his wife. And, she would look forward to seeing them in the near future. He locked eyes with her and out of instinct gave her a wave and smile. After a bit of – what a weirdo – who was that – conversation, coach and his wife get up and make their way to pay. Little did they know, they were in for a big surprise.

The waitress announces the total. It was two times the amount that he expected to hear. You can likely guess what happened. Creepy lady duped the waitress and pinned her meal on my unsuspecting coach. He was furious to say the least but paid the bill despite his better judgement.

Fuming – he walked out – telling his wife to wait at the curb while he went to get the car. As he pulled around to pick her up, he caught a glimpse of his wife engaged with creepy lady in what looked like a very heated argument. Wanting to put the night behind him, he pulls up to the curb and opens the door. He urges his wife to get in the car and she turns to do so. As she does, creepy lady grabs her trying to pull her to the ground. His wife responds by stiff arming her and manages to get into the car. But not before creepy grabs her leg and starts pulling. Coach is on the gas pulling away and the lady just keep pulling his wife’s leg. ……..just like I am pulling yours.

Pulling Your Leg

Just like that – one hour and thirty minutes after we left our home town. Just as we were pulling in to the parking lot of our opponent’s gym. Just like that – he ended the story by letting us in on the fact that he made the whole thing up.

To this day – I will never forget the dumbfounded look on all of our faces having just spent 90 minutes of our youthful lives leaning forward, crouching farther and farther to the driver’s side of the boat car. Hanging on every word that came out of coach’s mouth. Dumbfounded gave way to loud laughs, aching bellies and wounded egos. It was amazingly over the top and hilarious at the same time.

Apartment Storytelling 

What is selling apartments but storytelling? Are your apartment stories worthy of relationship? Are your stories worthy of trust? Are your stories compelling enough to touch the triggers that move people to lease an apartment from you? Are they worth of being retold to friends and family? Are they worthy of rating and review? Do they peak interest and give cause for more question and more action?

Your – always appreciating the art of a good storyteller – multifamily manic,

M

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Apartment Content Relevancy

May 4, 2012 By Leave a Comment

What makes content engaging is relevancy. You need to connect the contact information with the content information. – Gail Goodman

Ever wonder how to make your content compelling enough for people to want to connect with and share it? It’s a topic I think about all the time. And, one that our digital media team at Mills Properties recognize as key to our success. The short answer – relevancy.

Over the past year we have been busy hacking away at our online strategy and we are very excited about the fruits of that labor. Melissa D and Jessica H along with a whole host of crazy awesome blog post authors have put together something really special in my opinion.

A big part of that strategy centers around apartment content relevancy. Content that up to now I purposefully thought should have nothing to do with Mills Properties or the apartments that we market and sell.. As of late my mind is shifting away from that sentiment but not in a way that you might posit.

Apartment Content Relevancy

Our content strategy will remain the same. It will have nothing to do with our company or our apartments but in essence it has everything to do with both. The content is real, runs the gambit of emotions and speaks to relevant and for the most part very local and very people-centric happenings.

I see all of the content being created, be it on the blog or otherwise, as an extension of our people, our respective apartment communities, our company and the neighborhoods we participate in. It’s our way of weaving apartments, apartment community amenities and the people that live there into the fabric of the neighborhood. It’s a way, if you will, to bridge the gap between your contacts and the content people what to participate with.  And, if executed with precision, it will begin to really define the interests of our respective audiences as it relates to the current day neighborhood and the neighborhood they want to see come to fruitiion in the future. Interests that will further define the relevancy which will in turn further define the content. Such a beautiful cirle if you really think about it.

Your – always looking for relevancy in the content – multifamily maniac,

M

 

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Resident Referral Money

May 1, 2012 By 1 Comment
Apartment Marketing Resident Referrals

Before we continue with our budget discussion on the topic of resident referrals, I want to back up and remark on a comment that I saw this last week. The comment was posted on Facebook and whether it related to our post or not, I found it a bit amiss. It was along the lines that discounts for specific groups be it students, seniors, city service workers are dumb.

Now I would not debate the merit of the remark in the sense that there are more creative ways to give money away. I would/will take the position that if it works – do it. It’s kind of like print media. Despite our need/want/desire to get away from our reliance on print media and ILS’s – if they work – we should use them. That is until they run their respective courses.

Resident Referrals

Apartment Marketing Resident ReferralsI am fairly certain that resident referrals or giving money or gifts away in exchange for move-ins is employed by every multifamily operator out there in some form or fashion. On that note – are they dumb? If I apply the same logic as our Facebook commenter then I posit – yes. It’s a concession given to a specific group. And, there are more creative ways to give money, influence or incentive to that group. That said, I am both a fan and an advocate of using them be it in the form of a concession, gift card or otherwise. After all they are much cheaper that most print media and or ILSs.

Resident referrals are used to reward your best in place marketing machine. The people who live with you currently. Every single one of them are a marketing opportunity waiting to happen. And, giving them reward can/is a good thing. And, that reward can come in any number of means.

They are monies given in the way of a concession, gift card and or hard tangible item (think flat screen, iPod, iPad, etc..). Now, we could debate the amounts given or the merit of a gift in lieu of money. We can suggest that money is not remembered after it is given. In my mind, we could suggest the same for a gift.

It doesn’t matter where you book it (Read: which line item it hits in your budget) it all shakes out in the bottom line.

Make it SmashingEnthusiasm Energy Authenticity Multifamily

No matter how you give it away, I would suggest you make it an experience. If you give them a concession – couple it with an impromptu in-home celebration. If you give them an iPod – record an uber-cool celebration message and load it in. Have a party centered around resident referrals and introduce the idea of making a commitment to share 10% (matched by your company) of the fee. Invite the charity in to share in the experience. Get creative and make it worth remarking about.

Your – believing that if it works – use it – multifamily manic,

M [Read more...]

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Selling Apartments: The Six Must Haves

April 30, 2012 By 2 Comments

Selling

Selling apartments is an art and it is not for everyone. If you think about it, most sales people hear no, we will get back to you, we were just checking the price, we are not ready to commit, we – we – we – we…

The fail rate in selling is off the charts so it takes someone with a thick skin and a constant willing to go after it which brings me to a quick story before we list the six must haves. One of my real estate mentors told me that early in his selling career, he would go door to door trying to get people to buy his service. He would knock, give the pitch, communicate the features and benefits and wait for the answer. And, if the answer was no – he walked the end of the driveway – jumped in the air and when he landed – he would give a simultaneous fist pump and ‘yes’ shout.

Yes – he was excited that his attempt at selling failed in a sense. When I asked him for the punch line – he looked at me steely eyed and said, “Mike, for every no I heard, I knew I was that much closer to a yes.” I am certain that at the tender age of 23 – I exerted one of the smarty pants – really!? remarks. But, he was dead serious. And, I know that it worked for him as he was the hands down, award laden, captain master of the real estate sales world. At least in our small town. When I think of the six must haves I can’t help but to think Bob was the master of all them.

Solution

Start with the end in mind. You are selling a solution to a problem that someone has when they email, tweet, comment in the way of, text, call you on the phone or walk in your front door. Discern their interest and desires and marry up your best solution.

Success

You must ooze success. Get your attitude right. Get the behavior right that back up that attitude. Dress the part. Talk the part. And, guess what you will experience success. Reason: people feel you as much as they hear you. Even the most analytical amongst us. They feel the frauds and they move on. Be the real deal, be the difference and people will buy you all day long.

Experience

Selling apartments should be an experience that gets talked about. From curb to commode you are an artist actor playing out a part in an award-winning real-time documentary. Your apartment selling is the feature of the film. Everything from curb to commode is the stage where you play out the acts of your selling. Make it a compelling one.

Dream Come True

Be the dream come true for the audience you are acting (Read: Real Deal) out for. When the time comes for the credits to role – expect a standing ovation for the fine work you have just demonstrated. Bask in the fact that you have just given the performance of a life time and the audience has no choice but to shower you with a – yes – yes – yes and one more yes for good measure.

Love

Love is what you are after. Love is what you get when you are part of the solutions for other people. I am not suggesting that love should be tied to task – but, it should be tied to a genuine need to help others without expecting anything in return. If you do what you do because you love it that screams loud and clear in your being and your actions. And, it makes others want to love you back through their actions. In this case – signing leases and moving in.

Dramatic Difference

One could posit that apartments are a commodity and selling them is just a ho-hum part of the routine. And, that might be right. But, not for you. In the end, you are the dramatic difference. You are the one that brings compelling to the table. You are the one that ‘brings the thunder’ as they say. You are the difference that makes a difference when it comes time for someone to say – yes.

My charge to you today – Go for the oscar every time you get a lead…

Your, promoting the six this week, multifamily manic

M

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Third Place

April 27, 2012 By Leave a Comment
Apartment Internet Conference Third Place

“The way you can understand all of the social media is as the creation of a new kind of public space.” – Danah Boyd

In some ways it is kind of old news to see tweet streams come across TweetDeck concerning a conference you were unable to attend. And, in other ways it still truly astonishes me that we have that kind of intimate access. Emotional access via the cool new third place.

Apartment Internet Conference Third PlaceAIM Conference

I had the privilege of attending the Apartment Internet Marketing Conference a couple of years ago and hands down, it was/is the best of breed. It draws in the best of the best from all over the country. Steve Lefko and his team put on a compelling show. And, it is a show – theater at it’s best. With the best internet marketing thespians acting out vignettes of knowledge laden action oriented prose, wit and wisdom. It truly is a Third Place- at least in my head.

The Third Place

Wikipedia describes it this way -

The third place is a term used in the concept of community building to refer to social surroundings separate from the two usual social environments of home and the workplace.

I describe it this way -

Crazy cool, awe-inspiring, over the top, compelling place of uber-excellent actionable idea creation…

To my point – despite not being able to attend this years conference, social media (twitter specifically) has allowed me and many others to feel this Third Place. With the likes of Lisa Trosien, Mike Whaling and Mark Juleen live tweeting, I quite literally feel myself getting emotional loaded both for the support and the retort of things that are tweeted. It’s the deepest meanings of compelling.

Hats off to the AIM team for creating a conference that is worthy of a moniker such as third place. Trust me, it’s in the budget for next year…

Your – lovin’ the ability to feel a third place from thousands of miles away – multifamily manic,

M

 

 

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