I have read both sides of this issue and have taken the position that if you disclose that you are paying for and or giving something away in exchange for an endorsement then frankly it’s okay. It really comes down to what is in the eye of the beholder.  And, I think, at the end of the day, if a person really wants a product/experience they will go and get it/have it despite the persons of influence in their lives. They may read and listen but if they want it – they want it, period.

My real point here is that the above tweet implies that it’s okay to give away a  Flip in exchange for an endorsement. Moreover it specifically states that it’s better than giving away free rent. On that point I ask: What’s the difference? – give away free rent or buy 20 Flips to give away – either way you hit the bottom line. Sure buying the Flip is cheaper and brings along a novelty that escaped the free rent give away long ago but it’s still an expense. It’s just a different form of currency. Marry it with a “you get the Flip free “if” you give me an endorsement and you have really marred the picture but I will leave that for future conversation.

For now – I really wonder what the community thinks – Is the Flip, used in this sense, a form of currency that could be construed as purchasing feedback? If so, is that okay? Would it pass a Yelp sniff test? Do you think the masses really care? Would you give equal stage to people who would speak conversely about your brand experience? Is it better than free rent? If so, why?

Response from NAA:

Many of you may have seen the segment that aired Tuesday morning on The Today Show about residents negotiating rent with their apartment owners. Please click here to view the clip of the interview between Meredith Vieira and real estate agent Barbara Corcoran about the rental market in these tough times.

Scenario: If a current resident or a prospective resident comes to your community’s leasing office and demands free rent and any other unreasonable amenities/concessions, be prepared to speak to the value of apartment living. Do not simply give in to their requests.

First and foremost, apartment staff must consider Fair Housing. It’s the law. What you offer to one resident, you legally must offer to all. And, whatever “deals” that may be offered to residents should first be put in writing by the owner and shared with the leasing staff. Leasing professionals should not “wheel and deal” with current residents or prospective residents and should not offer “rogue” renewal agreements.

Following are some other key “selling points” to use in such cases:

1. For current residents who are seeking a renewal, owners should consider offering the same concessions as they would to prospective, first-time renters. Again, details of such “deals” should be communicated in writing to leasing agents from upper-level management.

2. If a resident specifically mentions “The Today Show” segment, remind them that the guest on the show is from New York City, which operates in a different “type” of rental and economic climate (i.e. condos). What is acceptable in NYC does not necessarily equate to conditions in Seattle, Denver, Orlando or (fill in market) from most of the rest of the country.

3. Tout the benefits of living in a professionally managed apartment community, compared to signing a lease with inexperienced owners of condos or single-family homes. Staff at professionally managed communities are experienced and capable of serving their residents’ needs in an effective way.

4. Mention that the ownership of some single-family homes and condos can be unstable in today’s economic climate and these properties run the risk of suffering foreclosures in the near term. Apartment communities owned and managed by established companies are more stable, as their owners invested in these homes for the long term. Operating apartment buildings is their core business. They are not in it as part of a get-rich-quick plan.

5. For communities owned or managed by large firms, remind prospective residents that they have set their rents based on yield management software, which determines rental rates on a daily basis, using sophisticated formulas and algorithms, and that the resident truly is getting the best price, based on the competition, in that specific submarket.

6. If your community offers flexible lease terms (such as a monthly or six-month plan), promote the benefits of signing a lease under those conditions to create more flexibility for these residents’ lifestyles. And with a set rent rate, these residents are living “inflation free,” especially if they lock in their leases for longer term leases, such as two years.

National Apartment Association: NAA Link | 4300 Wilson Blvd., Suite 400 | Arlington, VA 22203
phone: 703-518-6141 | fax: 703-248-9440 | Feedback

Today Show, Apartment Rental Market

My take away: It’s not a race and it’s not a destination, it’s a forever until you die endeavor. Use it and enjoy it for all you are and all you will become…

Excellence Always from Tom Peters on Vimeo.Technorati Tags: Tom Peters, apartment marketing, apartments, property management, mike brewer

I read recently that hardwood is turning into a very viable flooring option. I wonder what the community thinks.

I am thinking in terms of economy and sustainability and practicality. Let me know your thoughts.
Technorati Tags: apartment flooring, apartment

When asked what concerned them in the near term, they gave the following answers;

Economy
Affordability
The markets
Renting vs. Buying
The need for more transit oriented communities.

Technorati Tags: what gen y wants in an apartment, apartment marketing, property management, mike brewer

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The answers across the board were: 2 apartments.

Tomorrow, I will post Gen Y’s thoughts on LEED certified or GREEN apartments…the results will shock you.

Technorati Tags: LEED certified, green, apartment marketing, property management, mike brewer

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At first glance this looks like a fair comment, but it’s really not.

After all… we don’t want them to feel like they’re at lunch with a friend who says “hold on, I have to take this…”

I think this is a very fair and accurate comment except that 22% of the time we call back the 60% of calls that we miss.

Technorati Tags: Call backs, apartment marketing, mike brewer

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Smarter Agent’s APTS FOR RENT application instantly returns information about the
closest apartments, from brownstone flats to multi-unit communities
with pools. Smarter Agent combines the powerful capabilities of mobile
GPS with local classified advertisements and neighborhood apartment
guides. Mapping capabilities. Photos. Nationwide. [Check out their website here]

I think this is really cool technology, the part I am having a hard time with is the size of the screen on a cell phone. I own the iPhone which has a fairly large screen but even so it is still hard to read these pages or view the maps.

Technorati Tags: mobile leasing, apartment marketing, property management, mike brewer

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I hope that doesn’t make me a pessimist.

Technorati Tags: single family foreclosures, 3 bedroom apartments, mike brewer, apartment marketing

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I remember razzing my former regional maintenance director at a big REIT about this a couple years ago now. Jason, its time to make it happen. I think he thinks I am a cracked pot. (Or is it crack-pot?) I wonder about things like that. I digress.

This trend is huge and it is gaining traction. And, it is incumbent upon those of us in the multi-family space to take action! We, as a group, control a lot of light bulbs.

If you are looking for a way to be at least a little green then buy into this trend.

Technorati Tags: LED lighting, property managment, apartment marketing

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