Understanding the Impact of Late Rent

How is a property affected by late rent? Unpaid rent obviously affects a property’s financial performance. It’s lost or at least delayed revenue. Expense related to unpaid rent are filing fees, court costs and attorneys.  The impact on the property exceeds these financial costs. Legal Expense From Late Rent The cost of late rent collection […]

Starting the Day With Resident Appreciation

Breakfast On The Go

Dedicated to a freezing cold below zero Michigan Morning on February 2…a few years ago…..with Katie Bolger Vondra and her team.  The only thing better than Property Management Minutes, are Property Management Memories. Breakfast On The Go is a quick and easy resident appreciation event. . Organizing the leasing and maintenance team at the property […]

Using Your Calendar To Improve Your Marketing Plan

Marketing plan

Updating the outreach and marketing plan is usually scheduled quarterly, weekly, or at least annually.  Dutifully, plans are submitted to the appropriate source for review.  Task complete…Thirty, sixty’ ninety days later, update plan.  Task complete, check the item off the TO DO list. How is the plan integrated in to the weekly schedule of the apartment […]

Show Me The Money, Effective Rent Collection

Rent collection

Contacting residents regarding unpaid rent can be difficult.  To prevent the need for collection calls, we often incentivize timely rental payments.  However, apartment communities continue to have individuals that do not pay their rent on time. Tasking a team member with the responsibity to follow up on the individual with  unpaid rent generally has the […]

Do You Have the Courage to Lead Your Team With Learning?

Learning something new does not require enrolling in a certificate or a four-year degree program. Opportunities To Learn It can be a simple as: -Learning a new app for a phone or mobile device.   Too often, we download a tool someone has recommended, but we don’t try to use it. A quick check of […]

Putting A Name With The Face, Team Recognition

All too often, the preparation teams at our properties aren’t recognized for their efforts to clean the common areas, care for the grounds and prepare apartment homes for new residents.  Team recognition to colleagues, prospects or vendors can be as valuable to employee retention as wage adjustments. Housekeeping and Maintenance teams are the backbone of every […]

A Mid Year Report Card, Is Your Property Achieving Its Goals?

Goals

With the end of June,  take this opportunity to review your property’s achievement or progress toward its goals.  Explaining goals during team meetings gives each team member ownership and understanding of these objectives.  Converting each objective into SMART goals gives a value every team member can measure. What occupancy is needed to produce the budgeted […]

Let’s Schedule A Time For You…Putting Leasing Appointments On The Calendar

Calendar appointment

The conclusion of every leasing call should be the offer to schedule an appointment for the future prospect to visit the property. The difference in a question tone, “Would you be interested in scheduling an appointment to tour our model?” versus, “I’m available at either 1:15 or 2:30, this afternoon; would either of those times […]

Solving The Occupancy Equation, Affecting Vacancy With Leasing Prospects And Closing Ratios

Leasing apartments is a skill for property management professionals. To forecast the results, there are two measurable factors: the number of leasing opportunities who make appointments or arrive at the property; and the number (percent) that commit to lease. Explaining the financial impact of vacant apartments and the recovery period will assist in creating a […]