10 Ways to Improve Your Community’s NOI
by Michelle N. on 6/26/2017 12:48:10 PM
1. Curb Appeal is King! Curb appeal includes all the senses — sight, smell, taste, touch and hearing. Is the property perfectly landscaped and maintained? Is there soothing music and plush furniture in the office? Are great-smelling treats available for prospective residents — along with something tasty for their canine sidekicks? People notice these small details, and stick around to see more.
2. Amenities People Love AND Use. Major selling points include covered parking, fitness centers, play- grounds, dog parks, picnic tables, bocce ball courts and soccer fields. Choose amenities that get residents active onsite and engaging with each other.
3. Make Them Look Twice. Invest in upgrades: Modern touches such as new fixtures, hardware and ceiling fans empower you to increase both rents and occupancy. Whenever possible, replace carpet with vinyl plank flooring to cut down on move-out cleaning costs.
4. Increase Lease Rates/Lease Terms. You’re in a position to raise rates on new leases and renewals if your property’s occupancy is 96 percent or better, has a loss-to-lease of under 3 percent, and/or a gain-to- lease. You can also potentially increase your NOI by extending lease terms beyond the standard 12-month term. This tactic is particularly beneficial if improvements have been added that require a return on investment to meet the owner’s objectives.
5. Ancillary Income. Vending machines, laundry facilities, reserved parking, dog-washing stations and other services residents pay for can quickly boost your bottom line. Partnering with local dry cleaners, dog walkers and/or groomers can also provide extra revenue.
6. Minimize Turnover. Survey residents regularly and then act to address their concerns and work to keep them happy. When residents move out, they leave behind a very expensive list of to-dos.
7. Bid Out All Contracts. Get at least three estimates and go with the vendor that is both reasonably priced and has excellent referrals. Over the long haul, you’ll be glad you made your decision based on both criteria.
8. Save Energy and Water. Place aerators on your faucets, install water-saving toilets, put in low-flow showerheads and replace light bulbs with CFL or LEDs. Achieve HVAC savings through quarterly inspections and preventive maintenance, using smart thermostats and regularly changing air filters and cleaning the unit’s coils and pans.
9. Work Your Plan. Often, managers contract out expenses. First, think: Could you perform the task onsite for less? Does your team have a few hours a week for special projects in-house? Work your plan and plan to work. Every saved expense affects your target NOI.
10. Pay Attention to Details. Operators, regional managers, supervisors and asset managers should meet regularly to discuss rents, collections, leasing, marketing, renewals and rent growth lease-over-lease and renewal-over-renewal. This ensures everyone fully understands the asset’s business goals and target NOI—and knows the plan to achieve it.
Courtney Gaines, President CLEAR Property Management, Austin, Texas
Swimming Legend, Michael Phelps, is joining NAA's speaker line-up in Atlanta at the Education Conference.
by Michelle N. on 6/12/2017 1:18:00 PM
Phelps is the most decorated swimmer in history, capturing a total of 28 medals--including a record-setting 23 gold medals--during the course of his career. He has also established the Michael Phelps Foundation, launched his owned competitive swimwear brand and published two autobiographies and a children's book! With his reputation for steely calm, laser focus and racing toward his dreams, Phelps will truly inspire and impress!
Thursday, June 22 from 12:45 p.m. to 2:15 p.m.
Buyers Access Appoints New Vice President of Sales
by Michelle N. on 5/23/2017 2:22:00 PM
Denver, CO, May 23, 2017 – Buyers Access is pleased to announce the appointment of Kelly Scott as Vice President of Sales, effective June 5, 2017. In this new position, Kelly will be responsible for driving all sales growth initiatives for Buyers Access; and she brings with her more than 25 years of multifamily industry operations and sales experience. Kelly has extensive background in the oversight of lease ups, stabilized and rehab communities, budget maximization, developing staffing plans, and owner and equity partner relationship management. Prior to joining Buyers Access, Kelly worked as Vice President at Alliance Residential, and previously held leadership positions as President at Lane Company and Executive Vice President at TCR/Riverstone Residential Group.
“We are extremely excited and fortunate to have Kelly join the Buyers Access Team,” said Dan Haefner, President and CEO, Buyers Access. “Kelly’s accomplishments within the industry are exceptional, and she has an outstanding reputation when it comes to customer success and team building.”
“I’m excited to become part of such a great team, where I hope to add significant value to an already exceptional history of success. I am very eager to get started with this new chapter in my multifamily career,” said Kelly Scott, Vice President of Sales, Buyers Access.
Kelly holds CAM and CAPS designations, has served as chair of both the membership and education committees with the Houston Apartment Association, and has been the Education Conference Chairperson for the Texas Apartment Association. In 2016, Kelly was named Management Executive of the Year by the Houston Apartment Association (HAA). In addition, Kelly served on the HAA board of directors for over 10 years and is currently an officer with HAA, serving as the Secretary/Treasurer for 2017.
About Buyers Access
Buyers Access is the nation’s leading Purchasing and Cost Control specialist for the multifamily housing industry. We take an active role as your business partner, and provide full service solutions to help your business maximize the value of your real estate. Since 1986, Buyers Access has helped thousands of properties reduce their operating costs and become more efficient. Through the use of our operational expertise, these properties have added millions of dollars to their real estate value. For more information, contact Buyers Access at www.buyersaccess.com or call 1.800.445.9169
Director of Marketing
How to Win, and Keep, Renters Amid the Current Multifamily Landscape
by Michelle N. on 5/5/2017 2:39:00 PM
Three strategies to help drive leases and resident retention in a sea of competition.
At The Eleanor in Los Angeles, Trion Properties positioned several distinctive common areas throughout the property, including this graffiti-themed space,
which was designed to evoke the development's urban setting.
The multifamily sector has experienced tremendous growth and innovation over the past several years. Driven by strong resident demand, the market continues to see increased amounts of apartment construction throughout the country. As a result, the competition keeps intensifying, and multifamily owners constantly have to implement new and innovative strategies in order to differentiate themselves and attract and retain residents.
That challenge is even greater now because today’s residents aren’t just searching for a place to live, but are also seeking quality experiences that cater to a live/work/play lifestyle. And they’re willing to pay a premium for properties that deliver this type of environment. That said, with the rise in competition and the new-supply pipeline, many owner–operators are wondering how they can continue to set themselves apart and keep occupancies high.
Based on our decade of experience at Trion Properties in owning and managing multifamily communities along the West Coast, we’ve found three strategies that are especially effective in driving new leases and resident retention in today’s multifamily landscape.
Read about the three strategies here.
Credit: Multifamily Executive Magazine
Don't Let Them Bite Our Community
by Michelle N. on 4/27/2017 4:12:00 PM
What do bed bugs look like?
- Reddish-brown in color
- 3/16-inch long
- About the size of an apple seed
What should I look for?
They often leave behind tiny, rust-colored stains that have a syrup-like smell, similar to soda pop. Look for these telltale stains:
- On mattress tags and seams
- On ceilings
- Under seat cushions
- Behind headboards
- In tiny cracks and crevices
- Around light switches
Where should I look?
Bed bugs like to settle close to their food source –you. During the day, they don’t live in the bed, but often hide within a five-foot radius of the bed:
- Under mattresses
- Under bed frames
- Near baseboards
- Behind picture frames
- In night stands
- Under buckling wallpaper or carpet
- Areas with excessive heat or moisture
How can I help reduce the chance of bed bugs?
- Clear clutter, which makes bed bugs harder to find or treat.
- If you receive second-hand furniture, make sure you’re not getting bed bugs along with it by inspecting for the aforementioned signs.
- Do not bring discarded furniture into your residence – there’s a reason it was left by, or in, the dumpster.
- Inspect your luggage after traveling, and for an extra precaution, dry your clothes on high heat.
- Inspect your residence regularly – especially after move-in or trips.
What should I do if I think I have an infestation?
Notify your property manager immediately.
Win an Apple Watch at the TAA Lone Star Expo - Booth 536
by Michelle N. on 4/27/2017 1:04:00 PM
Need a Clear Path to Your Purchasing Goals?
by Michelle N. on 4/25/2017 3:17:00 PM
Why Your Building Should Tell a Story
by Michelle N. on 4/11/2017 3:59:00 PM
Marketing advice is rarely so singularly unhelpful as when it speaks in aspirational vagaries. In the property management world, “your building has to tell a story” is a common refrain. The thing is, this is actually good advice that is just packaged in an almost deliberately confusing way.
Let’s unpack it.
How can a building tell a story?
We aren’t talking Romeo & Juliette. The story that a building should tell is more like an elevator pitch. It should answer questions like, “what are the key advantages of the space?” or “what businesses is the building tailored to serve?” or even “what sort of employees would be happy working here?”
Having a strong story for your building can help prospective tenants to put the amenities and location of a building in context. This goes a long way toward helping themselves to imagine their business in the space and picture the relationship that they would have with the building. It may also help units in the building to command a higher price if prospective tenants place a premium on the features being highlighted.
For example, a building that is LEED-certified may appeal to tenants who understand the U.S. Green Building Council’s LEED rating system and place a value on it, but many will simply pass it by. However, by giving feature placement in your building’s marketing materials to several of the elements that are involved in LEED-certification and possibly making a few other small changes, a building can be marketed as a “green space.” Most renters have no problem understanding the merits of a green space and those that place a premium on these features may be willing to pay a premium for them.
The story that your building tells should be specific to its advantages and features, and as such, there are almost infinite stories a building could tell. Here are a few common stories that you may want to consider.
Read more here.
Adding Value in the Age of Amenities Wars
by Michelle N. on 4/4/2017 7:09:00 PM
From helipads to breweries to concierge services that can just about read a resident’s mind, amenities have been a hot topic in the apartment industry for years, and the bar just keeps getting higher. For apartment owners and operators who have neither the capital nor even the demand for these over-the-top features, there are plenty of ways to increase their communities’ appeal through amenities, many of which are simple to implement and require little up-front investment. This report seeks to identify top amenities in their communities: nationwide and in 11 selected cities, at both the community and unit level, and which ones have the greatest impact on revenue. An analysis of major renovations and their effect on rent and occupancies is also included.
This NAA Research study included 43 unique amenities, added or upgraded from January 2014 to September 2016. The universe of survey responses totaled more than 100,000 units in 35 states.
At the property level, half of the top 10 amenities added or upgraded since 2014 involve bringing people together — the community aspect of apartment living that is a draw to so many apartment residents. Clubhouses and common areas for socializing made the top five, with swimming pools, outdoor kitchens and play areas also proving popular.
Fitness centers remain a must-have in any community. Other amenities related to health and wellness such as bike storage, walking/jogging paths and fitness classes did not make the top 10, but were still fairly prevalent among the survey respondents. Despite the importance of community-wide Wi-Fi to many residents, business centers still outweigh it in terms of what owners are offering. Pet-friendly amenities rounded out the top five and ranged from pet-washing stations to off-leash dog parks.
Source: Paula Munger, Director of Research - https://www.naahq.org/news-publications/value-add-amenities
Read full report here