How to Take Advantage of Recent Core Multifamily Growth

Submitted by M. Drouin Core real estate asset total returns have been on a tear since 2010.  Total US property returns have achieved 13.1% to 14.3% in 2010 and 2011, respectively.  It appears that institutional investors have an appetite for more acquisitions, especially core multifamily apartment properties.  In light of this, asset owners and managers that manage core assets should position them for some opportunistic pruning and twist their equity into the clearly undervalued non-core assets. Topics in this post: The state of the core apartment real estate market, some…

Ensure Success by Investing in your Employees

Submitted by B. Duchano Investing in employees is key to ensuring their success and the success of the organization.  Especially in a down economy, investing in your employees through learning programs and mentoring shows them you are committed to their success.  The irony in the apartment industry is that the focus on training is centered on leasing consultants, managers and assistant managers, but not the technicians who make repairs and ensure that the systems of the building are in working order.  Submitting maintenance staff to a formal classroom program is…

Multifamily Photography

Submitted By J. Sarpulla In this digital age, many properties are wielding an inexpensive digital camera in order to handle their advertising photography in-house.  The easy use of a digital camera, however, does not guarantee an ad-worthy photo. It’s surprising how often apartment community staff will post photos to advertising web sites that may be decent quality photos, but have very poor product presentation. As Ansel Adams once said, “There are no rules for good photographs, there are only good photographs.”   While this is surely sound and inspirational advice to…

Resident Retention = Increased NOI & Asset Value

Submitted by M. Ward It’s no secret that the costs associated with resident turnover can be exorbitant. Recent studies estimates move-out costs hover around $4,000, which includes loss of rental income, advertising, concessions and turnover costs preparing the unit for occupancy. So, how can we as property managers encourage lease renewals and ultimately increase value through NOI? It’s quite simple……exceptional customer service. Unfortunately over 50 percent of residents choose not to renew leases based on controllable reasons such as less than adequate customer service, lack of responsiveness and dissatisfaction with…

TCG Florida Portfolio Reports Rent Collections at all-time-high

Submitted by L. Phair With occupancies continuing to trend favorably in the Treasure and Space Coast of Florida one would suspect that delinquency rates would climb as well.  With record average occupancies going into Q3 at 97%, the average delinquency rate at the close of July 2012 was less than 0.5%.  Month-over-month, The Cabot Group’s Florida delinquency rate has continued to drop.  How does this happen in today’s unpredictable economic environment you ask? I’d like to share seven simple strategies our professional management team has taken to complement our collections…