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Multifamily Monday: Relationships Take Time
Relationships Take Time
It takes time to foster the relationships necessary to lay plans for a new apartment community development. It takes time (sometimes a lot of extra time) to develop the relationships necessary to clear the land for building. It takes time to build the relationships necessary to lay the infrastructure. It takes time to build the relationships necessary to lay the foundation(s). It takes time to build the necessary relationships to frame it out. It takes time to build the relationships necessary to do the finish work. It takes time to develop relations with everyone involved in the project along the way. And, it takes time to develop the relationships with the people who will give the place to life and make it interesting for people to live there. And, it takes time to turn that life and interest into relationships whereby people choose to fill the apartment community up.
Time
Time is something that further escapes us everyday. The only way to find more of it – is to take it. Take it from those things that rob it most. Be it procrastination or the inability to say no. Figure it out. And, exercise it everyday. Once you take it – then make it count. Give it to the art of creating relationships. Be it more time with your children, spouse or life partner. Give it to them. Give it to them with no strings attached.
It is the best gift you can give yourself –
Your waking up looking forward to tackling the opportunities that every Monday brings multifamily maniac,
M
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Insufficient Notice Fee
What is an insufficient notice-fee? Simply put, it’s an acceleration of rent due to giving a notice that does not meet the necessary lease protocol.
I am back for the weekly (save last week – vacation) budget installment. I took some time off last week and ultimately (save a pic post here and there) unplugged. All I can say is – DO THIS. Give yourself three to five days off every quarter and get away from everything. It’s good therapy. So – this week, we are talking about the Insufficient Notice Fee.
Insufficient Notice Fee Defined
What is an insufficient notice-fee? Simply put, it’s an acceleration of rent due to giving a notice that does not meet the necessary lease protocol. For example, Mills Properties requires a 60-day notice before move-out.
Budget Strategy
The Insufficient Notice Fee is a line item that you can budget based on T-12 (Trailing 12 months) information. The frequency is random, so there is a real chance that you could estimate for four based on your trailing information and end up with two or six. You will likely never be precise with this number. In the same respect, you will probably never be too far off.
It’s short and sweet this week. And it’s hot in #STL.
Your trying to keep cool in the 100+ temps multifamily manic,
M
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Relationships Are Hard Work
“More contact means more sharing of information, gossiping, exchanging, engaging – in short, more word of mouth. – Gary Vaynerchuk
Gary is right and the implications are huge. And more contact means more relationships.
But, do you want to know why so many relationships turn sour? Simply put – they are often times emotionally messy and full of hard work. Be them with family members, BFFs, marriage partners or otherwise – when the honeymoon phase wears off they become work.
And, to the extent that you pour your body, heart, mind and soul into them – the more or less successful they are. Make no mistake – relationships are not for the weak-willed or weak-minded. There are full of give and take and require constant contact in order to be fully productive.
Apartment Marketing Word of Mouth
Pre-supposing that we all agree that relationships are hard work, we can likely also share in the fact that the socialization of the apartment business is hard work. But, work that is necessary if you really want to capitalize on the powerful effects of word of mouth or WOM for short.
I won’t go to great lengths discussing the how to’s and the what for’s of word of mouth as it relates to marketing and leasing apartments but rather the need to ensure you are where you need to be. Word of mouth as it relates to marketing and leasing apartments now demands that you be everywhere on every platform that people want you to be. It’s the now old axiom “communicate with people how, when and where they want to be communicated with.
Barriers to Contact
With the advent of the internet and the proliferation of social platforms comes a whole new level of business never before experienced. The barriers of have all but fallen into oblivion making it possible for apartment marketers everywhere to be in direct contact with everyone that wants to do business. And, with that comes the necessity and responsibility to work harder at relationship than you ever have before.
Your business depends on it. #gameon
Your – working for #gameon – multifamily maniac,
M
pic props: giovannilivera.com
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Apartment Content Relevancy
What makes content engaging is relevancy. You need to connect the contact information with the content information. – Gail Goodman
Ever wonder how to make your content compelling enough for people to want to connect with and share it? It’s a topic I think about all the time. And, one that our digital media team at Mills Properties recognize as key to our success. The short answer – relevancy.
Over the past year we have been busy hacking away at our online strategy and we are very excited about the fruits of that labor. Melissa D and Jessica H along with a whole host of crazy awesome blog post authors have put together something really special in my opinion.
A big part of that strategy centers around apartment content relevancy. Content that up to now I purposefully thought should have nothing to do with Mills Properties or the apartments that we market and sell.. As of late my mind is shifting away from that sentiment but not in a way that you might posit.
Apartment Content Relevancy
Our content strategy will remain the same. It will have nothing to do with our company or our apartments but in essence it has everything to do with both. The content is real, runs the gambit of emotions and speaks to relevant and for the most part very local and very people-centric happenings.
I see all of the content being created, be it on the blog or otherwise, as an extension of our people, our respective apartment communities, our company and the neighborhoods we participate in. It’s our way of weaving apartments, apartment community amenities and the people that live there into the fabric of the neighborhood. It’s a way, if you will, to bridge the gap between your contacts and the content people what to participate with. And, if executed with precision, it will begin to really define the interests of our respective audiences as it relates to the current day neighborhood and the neighborhood they want to see come to fruitiion in the future. Interests that will further define the relevancy which will in turn further define the content. Such a beautiful cirle if you really think about it.
Your – always looking for relevancy in the content – multifamily maniac,
M
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Student Concession
We are continuing our budget discussion this week with another short and sweet concession entry. Student concessions are used to attract those who are pursuing advanced educational opportunities at schools or institutions around your apartment community. This is a way that apartment operators can both attract and retain students in addition to giving them cause to talk about you. It’s all marketing all the time.
Concessions or Discounts
As an item of clarity – a concession is not a discount and a discount is not a concession. Both impact the bottom line but one lives on while the other has a one time impact. Student concessions are typically given up front at the beginning of the lease and or at the time of renewal. They are considered a one time event whereas a student discount is some that lives on over the life of the lease. Example of a concession might be: $200 off of your June rent if you move in by June 10.
A student discount on the other hand is a rent reduction from the market rent over the course of the lease. Example: you give a 5% or flat dollar amount discount off the market rent rate for the term of the lease that you sign if you move in by June 10. Both have an impact on the bottom line and both have a potential opportunity for you in the way of marketing.
Your – continuing the budget journey – multifamily manic,
M
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