Adding Up Late Rent Losses

How is an apartment community affected by late rent? Unpaid rent obviously affects a property’s financial performance. It’s lost or at least delayed revenue. Expenses related to unpaid rent start with filing fees, court costs and attorneys.  However, the impact on the property greatly exceeds these financial costs. The amount of time dedicated each month by […]

An Experienced Team Adds Value To Your Community

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Possibly the most valuable asset in property management is an experienced team. Properties with tenured, long time employees benefit from: development of annual systems. they have noticed, realized and anticipate occupancy trends. they create and build relationships with residents, which improves resident communication, rent collection and resident retention. Preventive maintenance is incorporated into the monthly […]

You Signed A Lease; It’s A Contract.

Every manager and leasing person has experienced the frustration when a new resident challenges a policy or clause in their lease. I didn’t know: -The non-smoking policy would apply to my guests. -I had to have management approval to have a pet. -There would be a penalty if I moved outt before my lease is […]

Eight Ideas To Implement Support Team Recognition

Failure to recognize the contribution of team members is one of the reasons that employees quit.  All too often, the preparation teams at our properties aren’t recognized for their efforts. We couldn’t function without the housekeeping, maintenance and grounds crew.  They clean the common areas, care for the grounds and prepare apartment homes for new […]

The First Impression

Leasing apartments involves a series of “first impressions.” What does the prospect think: -on their first drive through of the property. -meeting with the leasing team. -touring a furnished or unfurnished model. -lastly, their first visit to their new apartment home. Anyone with much property management experience will tell you; the memory of a bad […]

Value Is The Secret Ingredient With For Lease Renewals

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People select a new apartment home largely based on location. Price point and lease terms are also taken into consideration. But when it comes to a renewal, the decision is based on customer satisfaction.  This satisfaction translates into the value experienced by the resident.  So value is the secret ingredient! Creating Value With a rent […]

Three Keys to Improve Follow Up

In most leasing centers, prospect follow up is a scheduled activity. Sometimes the purpose of follow up is confused with completing the task. Too often, the follow up efforts are listed as “left voicemail/sent email….” For someone that has visited and toured the property, leaving messages doesn’t bring any closure to the leasing efforts. Follow up is […]

Show Me The Money, Effective Rent Collection

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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 […]