Best kept Apartment Leasing Secret. Multifamily Real Estate Trend: New Growth Will Continue in Seattle and Portland. With companies like Pillar Properties winning awards for developing multifamily communities that focus on the “Gen Y” segment and others like Weidner Apartment Homes stepping out into communities to become an educator, it’s no wonder why the Northwest part of the United States is seeing such growth. As a matter of fact, both Seattle and Portland have ranked in the top ten as two of the country’s fastest growing cities. These hubs are poised to continue seeing some of the nations highest growth, as multifamily real estate markets are surging in new leasing activity and pricing for both new properties and the soon to be completed projects. According to statistics, multifamily rents in the United States are continuing to outpace previous national averages, while apartment occupancy rates have continued to drop over the third quarter.
Current Statistics Rents for these new leasing activities are actually up 1.2% during the third quarter, for an average annual increase of 3.2%. Future Growth. Real Estate Trend | Everything’s bigger in Texas, and that Includes the Apartment Industry. All the signs are there. Vacancy rates are down, rental rates are up, and an increasing number of investors are positioning themselves to put their money into the Dallas multifamily market. As a matter of fact, Centerline Capital just put $19.3 million into two Dallas multifamily projects with the intention of improving the properties combined 395 units. So, what is it about this Texas market that has its properties not only remaining consistent throughout what was once an uncertain national environment, but a place where projects are now even seeing a peak?
A Snapshot of the Local Economy Named one of the top ten cities for investors by the Urban Land Institute, a survey of industry professionals reports the city of Dallas as having an above average market investments, development projects, and home building prospects. Another optimistic element is the fact that the area has seen job growth in sustainable industries like technology, energy, education, and healthcare. Like this: Multifamily Real Estate Trend | Who are today’s renters? Demographics of the new multi-family landscape. Are you marketing to the right audience? The characteristics of the average renter today are very different from what they were even a few years ago, yet many apartment owners stick to “tried and true” advertising. There are significant changes to the demographics of today’s renter according to Harvard’s Joint Center for Housing Studies.
From their new report, The State of the Nation’s Housing 2013, here are some of the more surprising key findings: Home ownership has fallen for the eighth year in a row while the rental vacancy rate fell to 8.7, the lowest rate this century. Although the focus of the report is on home ownership, the document contains a smorgasbord of statistics on multi-family housing that can keep number crunchers busy for weeks. For a longer view of the new rental environment, spend some quality time with The National Multi Housing Council’s (NMHC) presentation A New Housing Policy: Imagine the Possibilities. How are you preparing for tomorrow’s renters? Like this: Multifamily Trends | How are today’s renters searching for their next apartment?
The hardest part about securing renters these days is just getting their attention. In the old days, multi-family complex users would do it with giant headlines and graphics in newspaper ads. Now even the newspapers are gone for the most part or they have moved online. Actually, the situation is better than ever for both renters and owners. Online search means renters only have to look at relevant matches instead of scanning a giant sheet of paper and circling possible choices.
For owners, ads and marketing content can be placed in front of a specific audience, such as young urban professionals instead of broadcast to the whole world. We’ve gathered the latest stats and survey results on how today’s renters are looking for apartments and the tools they are using. Understanding how to grab the attention of the top market for each type of multi-family business will expand your prospect pool and reduce operating costs by allowing renters to pre-screen themselves.
Like this: Like Loading... Apartment Renovation Trends | Cost Effective Ways to Renovate Apartment Bathrooms. Bathrooms are a big deal in apartments today. If you’re making renovations to update older apartments or in hopes of attracting a wider audience to your apartment community, then bathrooms need to receive special time and attention.
These ideas are sure to be a hit with renters, and give your units a competitive edge over other units in the area. Bigger is Better Bigger is definitely better with many things, and is certainly the case for bathroooms. We’re seeing larger bathrooms as a trend in modern apartment designs. Create a Spa-like Atmosphere People want bathrooms to be soothing. Keep it Green Little changes, such as on-demand water heaters, low flow toilets, water conserving showerheads, and recycled materials in countertops can have a significant impact on how “green” your apartment is. Go Digital One of the trends noticed at this year’s KIBS show (the he Kitchen & Bath Industry Show) was the move toward all things digital.
Include Adequate Lighting Options Dual Vanities Like this: Apartment Renovation Trend | Senior Housing. Senior housing apartments are becoming a major consideration for apartment owners. With 10,000 baby boomers or more reaching the age of 65 daily, the senior housing market is big business. While American families are scaling up and opting for bigger houses in the suburbs, seniors are looking to scale down into something that’s easier to take care of and maneuver around. If you decide to take the plunge into the world of senior housing, what can you do, with respect to renovations, to make your apartments more appealing to the masses? Create an Affordable Housing Option Many seniors are adjusting to life on a fixed income. Many retirement plans took huge hits during the economic downturn and haven’t had an ample amount of time to fully recovery. Cater Amenities to Your Target Market Choose amenities that are appropriate for seniors.
Keep Accessibility in Mind This goes well beyond installing wheelchair ramps and grab bars. Consider Offering Memory Care Create a Sense of Community Like this: Multifamily Marketing Trend | All Indicators Show Instagram is a Powerful Marketing Tool. Instagram, the remarkable app for sharing photos and video with clever and creative filters, just turned 3 years old. One surprising fact is that even though Instagram has built up a user base of more than 150 million people who have shared more than 16 billion photos(!) , it has yet to make a single dime. All that is about to change as Instragram begins allow ads in photostreams before the end of the year.
To compete with Twitter’s Vine, Instagram has also introduced the capability to record very short videos no more than 15 seconds long. The length and size of these videos makes them ideal for sharing. Here is a brief introduction to who is on Instagram now and how professionals in multi-family can take advantage of this valuable tool to generate new revenue. Instagram is ideal for marketing apartment complexes for a number of reasons.
So Instagram is ideal for motivating the audience most likely to be in the market for apartments. CMC Apartments DTN Management Drexelbrook Apartments. Multifamily Marketing Trend| 4 Ways to Get Great Online Reviews Infographic. Multifamily Marketing Trend | Why Your Apartment Community Needs Video Marketing. What’s wrong with pictures? Still images of the property are still the default visual for many apartment community owners in terms of online marketing. It’s easy to see why. Great cameras are affordable now and they make it easy to choose the best lighting and angle for compositions that are stunning and persuasive. Apartment owners who do not use video on their sites give excuses like “Too much can go wrong with video,” or “Amateur video sends all the wrong messages and professional video is too expensive.”
Those are understandable objections, but while these owners are making objections, those with videos are signing leases. Video by the numbers “We’ve consistently seen that relevant results that include videos get ranked higher,” reports the Search Engine Journal. Site visitors who watch videos stay for two minutes longer and are 64 percent more likely to convert into buyers, according to Comscore results. What should the video be about? Like this: Like Loading... Real Estate Tech | 5 Benefits of Cloud Computing. Cloud computing is predicted to increase to a $241 billion market in 2020 from $41 billion in 2011, according to research firm Forrester, and as reported byThe Wall Street Journal. As more individuals, SMBs, and medium to large corporations become aware of the benefits of cloud computing — and actually use it to assist their business intelligence and company success — this growing IT trend will help all save money, increase business capacity, reduce risk, and fuel business mobility.
Let’s take a closer look at some of these benefits. 1) Accessibility. Business operations handled through the cloud enables organizations to access records, analyze data, and conduct business wherever and whenever. Cloud based computing also allows access to vital business intelligence data wherever you are — whether that’s the mountains, the beach, or your favorite hole at your golf club. 2) Scalability.
Netflix turned to the cloud when its was unable to meet demand during peak movie streaming times. Leasing 101 Newsletter-You Are The Key to Your Property Success. How to Reduce Negative ApartmentRatings.Com Reviews. By crystal on November 15, 2012 Email Negative reviews on ApartmentRatings.Com, Yelp and Google Reviews can ruin more than just your ego. The last thing you want a prospective resident to see is the first line of a negative Google review when they click on your location on a Google Map.
Especially when it’s something really awesome like: “DoN’t ReNt hErE!!!! It sUX.” Although you can’t do much about former residents who think they should receive their entire deposit back, even though their cat peed on every available surface in the apartment, you can make a difference for reasonable residents by simply giving them more information so they have healthy expectations about the resident experience and the move-out experience. I have found that the most common complaints on apartment ratings sites are issues that really boil down to a resident’s expectations.
Some key topics that need to be discussed during the move-in lease signing include: (Photo Credit) Why you need an apartment marketing strategy. One of the biggest problems with the way many apartments approach marketing is that they still prefer a traditional outbound marketing approach. Outbound marketing, or interruptive marketing, is premised on sending out an indiscriminate message to potential customers that finds them in places where they’re already present for some other purpose.
Do you have a comprehensive apartment marketing strategy? Or are you just outsourcing your marketing to outside sources and hoping for the best? Billboards, TV commercials, radio ads, telemarketing calls, and newspaper classifieds are all examples of outbound marketing. In other posts, we’ve described this approach as “dumping water into a group of people and hoping the right ones get wet.” The problem with disruptive apartment marketing The difficulty with this approach is two-fold: First, the most conservative estimate we could find says that people are exposed to 287 ads per day.
This leads to advertising fatigue. Apartment Management and Leasing: Proactive vs. Reactive Efforts. By Tami Siewruk The staff at a retirement home became puzzled when one of the residents began gargling with Listerine.They asked her why but all she would say was that “something had happened at the post-office.” This is what actually occurred. The old lady, who rarely ventured out, had visited the post office to post a letter. She bought a stamp, and since there was a long line behind her she stepped aside.
She put her change in her purse, licked the stamp and put it on her letter. “Excuse me, this stamp won’t stick,” said the old lady. “You need to peel the paper off the back,” explained the clerk. The old lady put on her glasses, fiddled for a few seconds to peel off the backing paper and then licked the stamp again. “It still won’t stick,” interrupted the old lady again. “It’s a self-sticking stamp,” said the assistant. “Well this one isn’t sticking at all – there’s something wrong with it,” demanded the old lady. “Well it won’t stick now because you’ve licked it.” Proactive vs. Actions: Tami. 3 Ideas for when You're at 100 percent occupancy.
Posted by Jake Meador on February 28, 2013 / Posted in Apartment Marketing Strategy Perhaps you’re one of those lucky communities that is either at 100 percent occupancy or perhaps is nearing 100 percent. If so, congratulations, but your work isn’t done. Ultimately, you don’t care about 100 percent occupancy, you care about maximizing profits. So when you’ve reached maximum occupancy, the next step is figuring out new ways to increase profitability.
Do you have a plan for what to do when you hit maximum physical occupancy? 1) Raise the rent. 3) If both of those ideas are a step too far for right now, you can start out by analyzing physical occupancy vs economic occupancy. But suppose you are offering half price rent for the first month. Photo credit: smcgee via photopin cc. Apartment Renovation Trend | Enhancing Windows to Provide a Return. Apartment renovations are big business in today’s competitive rental housing market. But every penny spent must provide a return on investment that translates to renter attraction. More importantly, it needs to contribute to your overall ability to maintain long-term tenants. Below, you’ll find a few ways your windows can be the perfect attraction for new tenants and keep existing renters writing checks. Energy Efficiency Many of today’s windows are more energy efficient than any windows in the past.
According to Consumer Reports, replacing single-glazed windows with modern windows may save anywhere from 10 to 25 percent a year on energy bills for heating and cooling.Renters understand that these windows represent saving money on utilities and are attracted to apartments and rental units that offer energy efficient windows as a result. Window Treatments Window coverings are a bigger deal than you may realize — particularly with potential renters. Lighting Solutions Tax Considerations. Leasing Consultant Question of the Year. “Can I move these people?” This is the question of the year. Posed in Daniel Pink’s newest book: To Sell is Human – The Surprising Truth About Moving Others. Bob the Builder If you have children – you likely related to this section heading. Interrogative Self-Talk Before you run off and starting talking about how Mike Brewer drank the kool-aid. It’s the, “what the hell am I going to do to move these people to love and transact with me?”
Can I Move These People to Lease? Short and sweet why behind the what. Daniel suggests that you ask yourself if you can move the people headed in to partake in your apartment demonstration experience. The critical step for you is – write that stuff down. By doing so, you will remind yourself of the very things you need to do to make the experience so fitting that the person has no choice but to lease from you. Your interrogate the stuffing out of yourself this year multifamily maniac, My Apartment Leasing Experience. Managing a Section 8 Property. Property Management Versus Suppliers: The Donation Threat. Is Your Apartment Community "The Voice"? How the Superbowl Can Prepare Property Managers. Apartment Website Traffic Thwarts National Averages. Apartment Marketing - M Brewer Group. Special Report: Multifamily Development Trends. NAHB: Multifamily housing will remain strong in 2013 | Equipment World | Construction Equipment, News and Information | Heavy Construction Equipment.
How to Reduce Negative ApartmentRatings.Com Reviews. What Apartment Marketing Is. Why and How to Use a Wide Variety of Craigslist Ad Titles to Attract New Residents. Apartment Renovation Trend | Enhancing Windows to Provide a Return. 15 Steps to Telephone Apartment Leasing Success. Is Marketing Important in Affordable Housing? Apartment Renovation Trend | Greening Your Apartment Community. Apartment Renovation Trend | 4 Water Saving Ideas. CUSTOMER EXPERIENCE: 5 Keys to Unlock Effective Leasing Conversations. How Your Residents are Like Family (And How to React to Them) | MHN Blog. Mulch Ado about Landscaping: 7 Tips for Apartment Properties | Property Management Insider. Top 5 Technologies That Will Impact The Multifamily Industry In 2013 | Property Management Insider. Resident Retention: Great Leadership Increases Loyalty and Revenue | Property Management Insider. Infograph About Avoiding Cost of Manually Reporting Your Data-Multifamily.
What Is Apartment Intelligence? Using Social Media to manage your Apartment Community reputation online. 3 Creative Ways to Attract New Renters | MHN Blog. 4 Things Property Managers Can Learn from Valentine's Day | MHN Blog. Integrity, Character and Customer Service | FLY Apartment Leasing Ideas. Why Ratings and Reviews are important to Property Management Companies Success | FLY Apartment Leasing Ideas. Internet Marketing Tips To Remember in 2013 | FLY Apartment Leasing Ideas. Stop Sabotaging Great First Impressions by Your Leasing Associates | Property Management Insider. Stop Sabotaging Great First Impressions by Your Leasing Associates | Property Management Insider. How to Avoid Green Ghosting on Craigslist Whitepaper.
Multifamily Communities | The New American Dream. Are we Overbuilding Multifamily? Multifamily Trends | Top 7 Healthiest US Real Estate Markets. Understanding the 7 Most Popular Apartment Building Types for Investors. Multifamily Trends | 4 of the Latest Trends in Apartment Amenities. Multifamily Trend | Can Nano-Architecture be the Future of Apartment Building?
Make a Good First Impression on Your Renters at Showings | Real Estate and Rental Marketing Blog for Professionals - Zillow Pro Blog. Can You Back Up Your Community's 'Wow' Factor? | MHN Blog. Real Estate Technology | How SSL Certificates Work. Multifamily Real Estate Trend | Multifamily Real Estate Market Predictions for 2014. Real Estate Trend | Profiting from Vacant Office to Multifamily Conversions. Selecting Better Tenants Through Artful Interviews | Multifamily Trends. Real Estate Trends | 2013 Apartment Market Recap : First Half. Real Estate Trends | Loosening the Purse Strings: Willing Lenders Green-lighting New Apartment Construction. What Every Resident and Customer Desires. Are you creating apartment marketing meme? Resident Retention: What Apartment Residents Really Want? Multifamily Trends | Top Markets for Rental Property Growth.
Multifamily Technology Trend |Benefits of Tenant Electronic Rent Payments Part 1. Real Estate Technology | Embracing and Rejecting Technology in Multifamily. Real Estate Technology |How Technology is being used to Improve Margins & Increase Productivity. Real Estate Technology | Benefits of Tenant Electronic Rent Payments Part 2. Real Estate Technology Trends| What Technology Trends Are In-Store for Multifamily in 2014? Awesome Customer Service – The Best Tool in Your Marketing Tool Box. Tap Into Amazing Power of Resident Testimonials For Leasing and Marketing Your Apartment Community! Furnishing Apartments: Craigstlist Tips | Real Estate and Rental Marketing Blog for Professionals - Zillow Pro Blog.
What Every Resident and Customer Desires. How Communicators Should Work with Difficult Executives. Advertising apartments on Craigslist is pointless. I Now Pronounce You Resident and Apartment. Untitled. Marketing Apartments with Mobile Phones | Apartment Marketers | Apartment Marketers. Secretes to Getting More Organic Search | Apartment Marketers | Apartment Marketers. The Unmoth Approach to Apartment Marketing. Targeted Apartment Marketing For Qualified Traffic – Bedroom Versus Office. How to Start Doing Email Marketing for Apartments. What advice would you give to an individual who is just beginning his or her Maintenance career in the industry? Apartment Marketing Strategies | Increase Marketing Spend | Apartment Marketers. 4 Ways to Create a Healthier Apartment Community | MHN Blog. April Ideas For Marketing Your Apartments.
6 Things Every Customer Wants. Apartment Marketing Ideas Blog. Cathy%20Macaione. Reasons Your Rental Home is Still Vacant | Real Estate and Rental Marketing Blog for Professionals - Zillow Pro Blog. Real Estate Marketing: 5 Apartment Video Tour Mistakes | Real Estate and Rental Marketing Blog for Professionals - Zillow Pro Blog. Apartment Reviews from a Student’s Perspective | Real Estate and Rental Marketing Blog for Professionals - Zillow Pro Blog. Maysonet Group Leasing Newsletter.
Why You Need to Cultivate Real Community, Not Just Online Community.