@mbrewer
#apartmentmarketing: Vision
You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs
For the span of my professional life; I have believed in the act of getting your companies vision down on paper. It’s a must in the way of creating a proactive culture as opposed to a culture of reaction. It’s also a way of making sure that you are out ahead of your constituents.
Random thoughts on creating vision
Penned in no particular order and in no exhaustive manner…
– It creates the ‘bigger than self’ that motivates people to get juiced about the work they do. In other words; people in the multifamily space, like people in other industries, want to know they are working on something bigger than anything they could accomplish as an individual. And, they want to know their time is spent in a meaningful way. And, if you are lucky enough, they think it’s cool too
– You spur a proactive approach to all aspects of your business. In the absence of vision people just make it up as they go along. Zig Ziglar sums it up like this; “you can not hit a target you do not have.”
– It sets the stage for future-casting. In other words, you give your team the ability to look out into the future and anticipate, with a good deal of accuracy, what your constituents really want
– You build meaning stuff
– You build tough stuff in an simple and efficient fashion
– It becomes your battle cry
– It is the way in which you imbue an owner’s mentality on the minds of the masses
– It is the way you evaluate talent
– It is the beacon of light when times get tough. And, times will get tough
Would love to hear your thoughts in the comment section below
And, thank you for taking the time to read…it means a great deal to us.
#apartmentbudgeting: Shop the Comps
Just another quick tip before you kick off another season of multifamily budgeting
Shop your comps – not for the reason of selling to meet their level of product or service but rather as a way of discovering ways to sell beyond their offerings.
Your budget should reflect not what it takes to compete but rather what it takes to crush. Or, what it takes to create a completely different experience for people to fall in love with.
Happy budgeting…
#apartmentmarketing: Content
Focus on the core problem your business solves & put out lots of content & enthusiasm, & ideas about how to solve that problem. – Laura Fitton
Want tons of followers or fans? Write compelling content that is easy to read, packed with good actionable advice and be personable.
No sage advice there, right. I concur.
Apartment Content Marketing
As it relates to marketing apartments; I subscribe to the school that thinks you provide content beyond the good or service. In this case the actual apartment itself.
Rather look for opportunities to provide content that solves the following [no premise for the categories or the order of]
1. I can’t decorate to save my life
2. I need access to solid and reliable transportation
3. I want to walk to work
4. I want to walk to the coolest pubs in town
5. I need ideas on what to do tonight
6. I need ideas on what to do to this weekend
7. I want to be the first to know about the next ‘thing to happen in my neighborhood’
8. I want to know where to take my dry cleaning
9. I want to know where to get a good glass of wine
10. I want to know about a good alternative to Starbucks
11. I want to what I did last night….hmmm, maybe I don’t want you to solve that problem
12. I want to know how much you care before I buy from you
Have a smashing and amazing weekend; make it compelling too…
M
Apartment Loss to Lease – How do you book it?
In the spirit of the upcoming 2012 budget season; I wanted to recycle this post. This is a subject of much debate in our office and I am interested in what the industry thinks.
Loss to Lease
There is a question floating around our office along the lines of, “What do you book in loss to lease line of your budget?” Also, “On a percentage basis, where do you like to see that number trend?” With that question comes a number of schools of thought but no real definitive answer. And, that being said, I am not sure there is a right way or a wrong way to look at it. In the end, it all shakes out in the Rental Income line. That said, there is value in tracking the discount from new vs. renewals and even budgeted rental increases that drive the loss to lease margins.
Our current practice is to book both discounts from new sales and renewals to a single loss to lease line. And, we try keep the loss to lease number at two to three percent of the the gross potential or top line – if you will.
Here are a couple of schools of thought to throw out there:
What gets booked in loss to lease?
1. The only thing that gets booked in the loss to lease line is discounts from market on new leases only. Renewals that maintain any discount from the top line should be booked as a concession.
2. Any discount from market gets booked as an upfront or recurring concession – be it a new lease or a renewal that transacts at a rate lower than the top line.
Where should loss to lease trend as it relates to the top line?
1. The number should be maintain between two to three percent of your top line
2. The number will trend at nearly ten percent of your top line
Is there real value in tracking loss to lease as a line item?
If it all shakes out in the rental income number – is there any real value [up market or down market] to tracking this number?
I’m curious to hear your thoughts. I am really curious to hear from those of you that are utilizing LRO as I think you have done away with the concept of loss to lease – correct?
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#apartmentmarketing: Culture
Your culture is your brand. TONY HSIEH – CEO, ZAPPOS.COM
Over the years much has been written about Zappos and Apple as it relates to culture. And, for good reason. Both companies enjoy massive success with customers around the world and continue to do so despite the ups and downs in the economy.
I have to believe it is due, in large part, to happy employees and more specifically the collaborative nature of their culture. I believe, in my heart of hearts, that a happy employee is a productive employee. And, a happy employee is, in part, is a byproduct of a superior culture. And, one that is customer-centric and based on a premise of trust.
Building Multifamily Culture
When I think of building culture; I think of the often quoted line out of: The Road Less Traveled by M. Scott Peck. The first sentence of Page 1 Chapter 1 reads “Life is difficult.”
Culture is difficult. When you think about it, you are attempting to meld a medley of individual cultures under the spirit of one unifying culture. The nuances are mind boggling.
Might I suggest that it bolis down to one word – Trust. Work on trust and the rest will fall in to place. Understand that it will take time, understand that there will be mistakes. Exercise patience with the former and reward the latter.
The health of your business depends on it.
What do you do to build up, maintain and push the edges of your culture?
