It’s important to think through all the possibilities before you name your community. You don’t want to turn off potential renters. Bart: He lied about his name!  Lisa: His name doesn’t matter, a rose by any other name would smell as sweet.   Bart: Not if you called him Stench Blossom.   Homer: Or Crap Weed.   —The Simpsons Names don’t determine the personality traits of a person, but they do matter. And people do judge you by your name, even if it’s subconsciously. That’s why I didn’t name my daughter Kandy Kane Fiur. There will never be a supreme court justice named Kandy Kane (probably). The same goes for apartment communities. People put a lot of effort into naming their communities, which is why it’s sometimes baffling when you see communities that have names that could possibly be misconstrued. And it’s not just trying to avoid names that are offensive to people, which should be an obvious thing to do, but it’s looking in context. Take, for example, Plantation Flats. This name, in and of itself, isn’t so terrible. In fact, it’s kind of nice. But it’s a community located in South Carolina, which, for some people could have some negative connotations when they think of the name. Especially with all the controversy going on there right now. Maybe I’m just sensitive. (I mean, I did just bawl through the newest Pixar movie Inside Out, but, to be fair, I had just run out of popcorn, which definitely isn’t OK!) But it’s important to consider every possible meaning and association with a name before slapping it on a building. Be careful not to offend anyone or turn off potential renters. When naming a community, you should also think of the name’s longevity. For me at least, when apartment communities...

It’s possible you’re not using Snapchat yet for your apartment marketing. Or at all. And, I don’t blame you on that one. It’s hard enough monitoring your community Facebook page. And Twitter account. And maybe you even set up an Instagram account. What about Pinterest? Phew. That’s a lot of social media! Why incorporate another platform? Especially one that, when launched, sounded like it would just be used for teens to bully each other or something. I mean, disappearing pictures and videos? It totally sounds like the social media version of putting a flaming bag of poop on someone’s doorstep, ringing the bell and then running away. Attention grabbing, but ultimately an annoyance where the work doesn’t equal the reward. But, think again. Snapchat is huge right now. (Here’s a tutorial if you’re not familiar.) There are currently millions of users who use it daily. And most of its users are in the 34 years and younger group. Hey, a lot of renters are in that age group! Don’t you want their sweet, sweet eyeballs on your marketing efforts? Sure, maybe the app is just a flash in the pan. But remember, that’s what a lot of businesses said when Facebook started getting a lot of traction. And then, all of a sudden, everyone and their grandmother had an account, and people thought it was strange if they couldn’t find yours. The apartment industry is notoriously slow adopting to new technology. But why not get out ahead of the curve? And since Snapchat users skew a little younger than some of the other social media platforms, it might be a great place to focus marketing efforts for student housing communities. So, you’ve downloaded the app. What are some good ways to use it for...

Low vacancies and high rents have positioned the market in your favor. Since the fourth quarter of 2009, apartment values have increased by more than 120 percent. If you are stuck in recession-time financing, make these market improvements work for you by refinancing your affordable property. As a result of revised terms, affordable, B-, and C-class properties are now eligible for new products through Freddie Mac Multifamily. Products range from $1 million to $5 million for properties with as few as five units. The organization funded more than $2.5 billion in small loans last year. To qualify for a cash-out refinance, properties must meet the “four S” credit standards of Freddie Mac Multifamily: Safe: A property with minimal crime on site, effective security, and a competent management team makes a good candidate. Stable: Stable cash flow and timely capital expenditures are two signs of a low-risk property. Structure: Properties that are code compliant and show steady maintenance records are enough to get you through the door. If your building has unique architectural details, you can gain a competitive advantage. Sponsor: The owner must demonstrate a net worth equal to the loan amount and liquidity equal to nine months of principal and interest. Once you meet those guidelines, then it is time to present your affordable property in the best light. These are the steps recently recommended by Freddie Mac Multifamily to maximize the potential of your refinance: Compile at least three years of historical annual operating financial statements and monthly rent rolls. If you have made capital improvements to the property, be sure to record them on your statements. Improvements shared in an agreement between you and your tenants are also of interest. Round up your maintenance records. Lenders want to see that the...

Economic crises and housing shortages have inspired many architects and engineers. Their desire to solve modern housing dilemmas has resulted in several affordable, efficient, and accessible units that change the way that we see multifamily housing. Below are two recent example of space-savvy and cost-effective housing. They could promote big changes in the multifamily marketplace. Kasita He started off by living in a dumpster. Apparently, that’s a great place to seek revelation. Dr. Jeff Wilson, a professor at Huston-Tillotson University in Austin lived in a 33-square-foot dumpster for a year. The experience brought him a sense of balance, flexibility, and simplicity that he feels the need to share with others. Dr. Wilson created Kasita, a tiny house made for urban settings. Traditional tiny houses are solitary and rustic. They’re often set up in the suburbs or rural areas. Owning one—and having a place to put it—requires connections to friends with available lots or enough cash to own a plot of land. Kasita is not this type of tiny house. Each 208-square-foot Kasita is meant to be stacked on “racks,” frames that work a bit like the skeleton of an apartment building. Racks provide hookups for city utilities. By stacking Kasitas vertically, owners can make the most of available space in urban settings. No land ownership is required. Simply a phone call can move owners from a rack in one city to an available rack elsewhere. A big-rig transports the Kasitas to one of 10 racks scheduled to open nationwide. Kasitas are a far cry from the cramped, one-size-fits-all cubes seen in dystopia movies. Inside, Kasitas allow for customization through a unique, wall-mounted tile system: shelves, cabinetry, and countertops can be configured to owners’ specifications. These features are a nice addition to a fully functional...

In our previous post, 5 Steps to Discovering Your Story,  we introduced the importance of consumers’ emotions in the sales process. You also identified features that can help your property stand out from the competition. Today, we will show you how to weave those points into a marketing story. This story creates an important emotional connection between prospects and your property—and that connection leads to sales! Weave the story web. Take a moment to review the information that you’ve gathered on your town, neighborhood, property, and its residents. What common themes or patterns stand out to you? Perhaps your property is a new construction in a recently developed part of town. It doesn’t offer much in terms of history, yet your property is positioned for a different type of story. Your story may revolve around fresh starts, new beginnings, and unlocking potential. Maybe your property is located in a working class suburb filled with families. These busy families yearn for a retreat that allows them to focus on quality time together and meaningful relationships. Your marketing story may focus on building a strong network of friendships in a welcoming and accepting environment. The options are endless. Use the results of your sleuthing to create a story about your community. Your story must fill a void in your prospects’ lives. Select your tone. Identify a narrative voice that will resonate with your target audience. Become comfortable with this voice so that it feels natural. Get feedback from a member of your target audience when needed. This voice will compose the text needed for your first campaign that will cross your website, blog, and social media. Remember, you will be able to tweak this voice over time based on campaign success. Curate captivating visuals. Photos and...

Do you offer spacious one, two, and three bedroom apartments in a desirable neighborhood? Maybe you offer spa-like amenities, too. Guess what? The same things could be said about dozens of other properties in your area. To set your property apart from the competition, you must first learn to develop the marketing story of your community. First and foremost, consumers are emotional decision makers. (In most cases, logic is what we use to validate a decision that we’ve already made with our emotions.) Psychology Today reports that emotions are what push consumers toward action. When you want a prospect to take a site tour, sign a lease, or make a referral, you must trigger their positive emotions. By discovering the story of your community and using it in your marketing campaigns, you give prospects the opportunity to forge an emotional connection with your property. This emotional connection will add perceived value to your units. It may sound odd but you can use emotions to fill vacancies! Yet before you begin to daydream about a waitlist, you must first develop your story. The five tips below will help you create the foundation for a strong marketing story. Explore your history. Take a moment to learn about the history of your neighborhood. It may be interesting to know who first settled in the area. Another point of interest could be what industry or what person is responsible for kick-starting commerce and development in your neighborhood. You may or may not chose to integrate this information into your marketing story but the background information may prove useful during property tours. Examine your demographic. Who makes up the bulk of your community? What are the best attributes of this group? Every group has positive features, even rowdy students....

Do you have plans for NAA’s second annual National Apartment Housing Day (NAHD)? If not, you’re about to miss out on a fantastic opportunity to engage with residents, promote retention, and possibly generate new leads. NAA created the hashtag #aptday to unite owners, managers, agents, and residents for one day of social media sharing and caring. As exciting as this is for those of us who are in the industry, it doesn’t naturally generate buzz with residents. This is where your creativity comes in. #aptday can be used to promote resident retention. Research shows that there is a strong correlation between the median age of renters and low retention rates. Younger renters tend to be more transient. Using events like National Apartment Housing Day, in conjunction with social media, is a good way to catch the attention of young renters. You can engage with them, re-establish the value of your product, and let them know that their loyalty is appreciated all in one swoop. Young renters know that they have options. Make yours the most appealing option by building a one-on-one relationship with them. Here are a few ways that you can engage residents during National Apartment Housing Day. Create Friendly Competition Consider creating a competition between your community and a neighboring complex. You may also consider a competition between residents from one building to another. Competitions are a great way to promote resident engagement and trigger our natural desire to win. Of course, you must advertise something worth winning. Competitions between neighborhoods could entail a pool party with a renowned local DJ, or happy hour at a popular restaurant with one free round of drinks. If you’re creating a competition between residents, consider gender neutral prizes such as rent discounts, gifts cards to...

It’s a fact: today’s renters want to do everything online. That means they want to use the Internet to find and research an apartment and even make a buying decision – sometimes without visiting the community. Is your property management business up to speed? The savvy apartment marketer needs to understand what Google calls “micro-moments” to learn how to drive prospects to property websites, grab their interest, and convert that lead more quickly than ever before. Micro-moments are your opportunities to be there, be useful, be quick, and connect the dots for consumers. What are micro-moments? According to Google, micro-moments “are critical touch points within today’s consumer journey, and when added together, they ultimately determine how that journey ends.” They are all those brief instances when people who are searching for a place to live reach a decision point. Do they click the link to your website? Or do they scroll past your search result to the next ad or competitors’ site? Once they’re on your site, do they call your leasing office or start an online application? Or do they abandon their search before taking action? Why do they matter? Online prospects place a high value on instant and accurate information. They don’t want to pick up the phone or come to your leasing office to get the answers they need. Where to start? Finding the right renters starts with attracting the right prospects. Search engine optimization (SEO) and search engine marketing (SEM) solutions will help you reach apartment shoppers at just the right moments. A solid SEO strategy delivers content that appeals to both customers and search engines, organically positioning you for maximum visibility in search results. SEM, also known as pay-per-click advertising, is about reach, relevance, and ROI. When the right...

Established in 1984, Ellis, Partners in Management Solutions, (EPMS) is one of the multifamily industry’s most respected providers of management and marketing consulting services. EPMS’ management mystery shopping reports have made it an industry standard in the performance evaluation of leasing professionals. EPMS scores are a very effective way to tell if your leasing staff is helping or hurting your properties. But what do you do when you consistently score in the 90th percentile in secret shopping reports? Some people might sit back and congratulate themselves. Not us. When this recently happened at our RentCafe Connect customer connection center, we decided to change the test. The Problem This sounds like an awesome problem to have, right? On the face of it, we agree. Everyone likes to be told they’re doing well. But we also knew that the scores were based on objective criteria about general telephone presentation and customer experience. Sure, we were providing really good general service as far as call centers go. But were we actually delivering the specialized support our clients deserved? RENTCafé Connect is an incoming communications center that exclusively supports residential Yardi Voyager users. Certainly we could do better. The Solution After listening to client feedback to better understand their expectations, we realized we needed to change our approach to better align with their needs, even if it meant initially scoring lower on our secret shopping reports. “Our team knew that we needed to customize testing and scoring to ensure that our customer connection agents provide the best possible support for our client’s properties,” said Joe Hendrix, vice president of RentCafe Connect at Yardi. So that’s what we did. In May of last year, we altered our EPMS form to match the criteria our clients are using. The new,...

This isn’t your typical spring cleaning list. Learn how to transform basic seasonal care into value-added improvements. Interior If utilities are included in your billing, early spring is the perfect time to assess your fuel costs. Buildings often consume the most fuel during the first two quarters of the year. At this point, you can get an estimate of whether you will operate in deficit or surplus for the rest of the year. Fewer surprise costs for renters can lead to greater tenant satisfaction and retention. Consider installing smart home or connected home technology this spring. These devices can ultimately help to protect your property, improve efficiency, and maximize tenant comfort. If you’re using disposable filters, replace them at least every three months to ensure optimal efficiency and air quality for your tenants. If you’re interested in reusable filters, they are now more affordable than ever. They require greater upfront investment but they can last for five years. Reusable filters are also better for the environment. The downside is that they must be cleaned and dried monthly or they will begin to decrease in efficiency. Requesting that tenants test their air condition systems at the end of winter. This way, you can get a jump start on any needed repairs before your vendor gets slammed with requests in the spring and summer. Early spring can be the perfect time to cut back unruly branches and shrubs, especially for fast-growing varieties like crepe myrtles and forsythia. Keep foliage at least five feet away from the building, window screens, and roof. Tidy landscaping can improve resident retention and minimize costly property damage. It’s time to stock up on supplies at spring cleaning sales. An ample supply of bulbs, machine batteries, water filters, air filters, and such...

With the U.S. building sector accounting for 7% of global primary energy consumption, residential and commercial property developers are turning towards modern solutions, like Passive Homes, to increase energy efficiency in new and renovated properties. Big Apple Energy While it might be “the city that never sleeps,” it wouldn’t hurt to turn a light off once in a while! Though it’s probably no surprise to learn that many of New York city’s most expensive buildings aren’t particularly energy efficient, in truth the numbers are quite shocking: 70% of the city’s emissions are generated from New York City buildings. Even more eye opening…2% of those buildings account for more than half of the city’s energy use. According to the advocacy group Climate Works for All, ten of New York’s most expensive buildings score an “F” in terms of energy efficiency based on Energy Use Intensity. With several more luxury high rises and condominiums in the works, many property developers are looking for ways to lower the energy footprint of their buildings. One solution: Passive House Technologies. A Borough Apart As all things fashionable and hip, Brooklyn is the epicenter of New York City’s passive house movement. In fact, a majority of the New York’s 28 passive building projects are located in or around Brooklyn, including homes in Williamsburg, townhouses in Park Place, and condominiums in Prospect Heights. Some of the passive properties are new constructions projects, but many more are retrofits of existing structures, including a historic house in Brooklyn Heights whose classic façade remains unchanged, despite the addition of super insulation around its double-height windows. In all, Brooklyn is home to more than 20 residences and commercial buildings that fit the passive house guidelines, but because many property owners follow the standards without seeking...

In our last Open Café webinar, we introduced the 30 Day Social Media Marketing challenge. This challenge encourages RentCafe users to post consistently, engage with followers, and attract prospects. Now, you can participate as well! Though you can begin on any day, it may be a good idea to kick start your new social media campaign with other Yardi clients on February 1st. Commit to create at least one post each day. The 30 Day Social Media Marketing Challenge graphic below offers guidelines for getting started. These tips will help beginners create a well-rounded and effective social media marketing campaign. You will be able to: show who you are; present what you have to offer; showcase the awesome influences that inspire you; help you to interact with your target audience; and, of course, build a strong following on social media.     Want more insights into what your renters want to see and know? Visit the RentCafe...

Orlando—Overdevelopment? Affordability? Rising capitalization rates? An economic downturn? Falling stock market prices? Bring it on, the multifamily market can handle it this year. At least that seemed to be the consensus at the National Multifamily Housing Council’s annual meeting, held this week in Orlando. Panelists at the conference’s Apartment Strategies Outlook event were generally bullish on the outlook for the sector in 2016. “It’s a great time to be in apartments,” is how one panelist summed it up. The litany of positive fundamental drivers are familiar by now: vacancy rates are near historical lows, with demand driven by strong job growth, the growing number of Millennials and the increasing propensity to rent among young and older renters. Rent growth since the last recession has far outpaced long-term average, while properties values have soared. The market is “Awash in Capital.” That punctuation is not a typo, but the title of a panel at the conference. Bob White, president of Real Capital Analytics, released full-year 2014 numbers that showed multifamily sales at a record high, up 32 percent over 2014. Cap rates and cross-border investment are at all-time highs, although White said that prices are plateauing and appreciation is starting to slow. The conditions that produced the influx of capital seem likely to continue into 2016. The U.S. economy, as mediocre as GDP growth might be by historic standards, remains a beacon of stability compared to the struggling economies of Europe and Asia. Not only is that attracting sovereign wealth funds and pension funds from overseas, but there is an influx of high-net-worth investors from China who want to own U.S. real estate, particularly multifamily. That is increasing competition for multifamily assets, not just Class A properties in core markets, but small- and medium-sized properties in...

The American Pet Products Association estimates that approximately 60 percent of all Americans own at least one pet, with nearly 80 million dogs and 96 million cats as part of that lofty figure. “That’s a significant amount of prospective renters,” said Gina Bertagnolli Slater, regional property manager for Pinnacle, Las Vegas. “For our pet owners their furry friends are family. Our ability to provide an extraordinary experience for the entire family is paramount in fulfilling our mission of consistently exceeding our customers’ expectations—and that includes their pets.” The rental housing market adapted to the fact that people consider their pets as family members, and property owners are focusing more and more each year on pet-friendly amenities and services to attract and retain residents with pets. It’s a view shared by many in the multifamily business today, with developers doing all they can to attract people (especially Millennials) with pets, and companies adding a host of pet-friendly services and amenities to their communities. Features like pet parks, pet spas, pet concierge services, and even pet welcome gifts are becoming more common for people moving into apartments. Plus, with the number of Millennials moving into urban cores where there are fewer opportunities to care for a pet, it makes it even more vital to cater to the pet lover. “In most growing and developed urban markets around the United States, pets, specifically dogs, are the children of condominium and multifamily building residents,” said Scott Leventhal, president & CEO of The Trillist Companies. “Failing to cater to the needs of the full extension of someone’s family provides a shortfall in services. That is why we see the importance to provide those services to our residents.” That’s why the Trillist Companies installed Pet Respite into its buildings, which provides pet grooming...

Concierge service isn’t just for five-star hotels anymore. An increasing number of property management companies are making their communities appeal to high-end renters by providing a range of expanded resident services. Offering premier resident services can make your communities feel like luxury resorts, helping with both retention and your online reputation. It doesn’t have to be difficult to provide this level of service. Today’s technology makes it possible to give residents access to live, 24/7 services via their mobile devices. Take a look at three key benefits of adopting concierge service solutions for both apartment residents and onsite staff: Allows residents to prompt, track, and pay for services online Help your residents help you by automating processes for service requests, amenity reservations, and fee payments. Tools like Yardi Concierge let your residents authorize guests, set notification preferences, reserve amenities, track deliveries, and more with the click of a button. No phone calls, no paperwork, no hassle! Streamlines concierge functions of front desk staff When you use technology to automate resident services, your onsite team is able to manage and track everything digitally. If your solution integrates with your resident portals, so much the better. Then your team can see everything related to your residents—from parking pass requests to electronic parcel signatures—all in one place. Front desk staff members can also quickly send email alerts to notify residents as needed, eliminating time spent on the phone and creating a trackable communications record. Increases resident retention by providing desirable services A recent report by J Turner Research revealed that 75% of Millennials surveyed consider a 24-hour service request guarantee one of the three most important apartment amenities. But it’s not just the younger generations that expect this level of accessibility. The study also showed that 68%...

For the past several years, the southeastern United States has been slammed with ice storms in the first quarter. You can’t stop the ice from forming, but there are several steps that you can take to keep your leasing office staff as safe as possible. While weather forecasts are known to issue false alarms, ignoring a warning can lead to dangerous repercussions: impassable roads leave employees stranded at work and their kids stranded at school; fallen trees can cut power supplies. The weather warnings are not always accurate, but the cost of ignoring them may outweigh the benefits. Use these tips to guide your staff safely through ice storm season in the southeast. Ensure that snow and ice removal equipment is ready for action. Check that property management, vendors or maintenance staff have properly prepared for the season. This is especially important if the equipment needed is kept onsite and rarely used. Jack Drobny, Senior Product Marketing Manager at Troy-Bilt, offers maintenance tips for dormant machines. “If you try to start a snow thrower after it has sat for a while, it might not start,” he says frankly. “The first thing that you’ll want to do is remove the smart plug boot, ground it to the engine block, and clear away any external engine debris,” he says. Drobny then suggests adjusting the skid shoes and shave plate, which are particularly important for breaking up ice. Once those items are secured, Drobny recommends inspecting the belts for signs of damage, checking the oil and adding fresh fuel as needed. “By taking care of those things early, you won’t be left out in the cold.” Keep additional fuel, spare batteries, and chemical ice-melting products onsite when possible. Such supplies can make parking lots and sidewalks safer...

Expandable furniture helps micro-apartment inhabitants make the most out of limited square footage with the push of a button. Trundle beds and convertible couches may define making the most of a small living space, but what’s been lacking is automation and modernization. Enter Ori, robotic furniture that appears, and disappears, with the push of a button. Modular Momentum The brainchild of Hasier Larrea, Ori furniture takes the guesswork out of transformation, seamlessly morphing floor units and wall installations into beds and pop-out closets. Ori offers a full-scale bedroom with a retractable bed that can be changed into an office or a closet, along with a full media console/credenza. Other versions include a walk-in closet, couch and various flavors of storage space. All the systems can be integrated into new and existing floorplans, which allows the Ori system to fit comfortably into any new building development or retrofit. During her tenure as the leader of the Architectural Robotics research area at the MIT Media Lab, Larrea married her robotics tech with Yves Behar design. The final product involves modular, transformable furniture Larrea and her team hope will debut early next year. “Larson’s team at the Media Lab developed the technologies behind Ori as part of the CityHome research,” Larrea told Mashable in a recent interview. “Then we created some initial functional prototypes … and went to [designer] Yves Béhar to help us ‘transform’ this initial concept from a robot/machine to a customizable system that people would love to have in their homes.” Space on Demand Ori’s first piece available for purchase includes a trundle style bed that rolls out from the bottom of a large wall of shelves. Specially designed actuators, electronics and software created by researchers at MITs CityHome project allows Ori’s furniture  to almost...

With a longstanding tradition of community building and long term development vision in their home state of Colorado, McWhinney Real Estate Services, Inc. works on real estate ventures that range from commercial to hospitality to multifamily. As Vice President of the company’s Multifamily Operations division, Dori J. Brewer and her capable team are tasked with identifying opportunities for McWhinney to continue to expand its multifamily portfolio, leasing up newly developed properties, and maintaining a strong operations platform. Yardi is a vital part of that platform, providing McWhinney’s core multifamily accounting software via Voyager 7S. The company moved from MRI to Yardi in 2014 and her team has been extremely happy with the change, Brewer said. “I love it, and I’m super glad we have it,” she commented about Voyager 7S. Her team is considering expanding its Yardi product line to include resident screening, renters insurance, business intelligence, revenue management, and Rent Café resident services. With two marquee Class A multifamily properties in Colorado, Brewer and her team are focused on continuing to provide enhanced residential services for their residents. They’d like to implement an online payment, leasing system and work order request portal in the coming year. The “McWhinney Lifestyle” is a unique branding of the company’s apartment communities, which connects them with local regional themes and offers a highly amenitized Class A living experience. The two properties are the 314-unit Trails at Timberline in Fort Collins, and the 394-unit Arbour Commons in Westminster. Trails at Timberline takes its name from Fort Collins’ exceptional regional trail system, and Arbor Commons is named for fruit orchards that were once prevalent in the area. Units are named after trails and apples, respectively. “We build amenities that we think are lifestyle driven and then we program around...