Clever Disguises

 

Property Managers want the same things, good occupancy, pleasant residents and occasional recognition from their bosses. I think this is a modest wish list and with just enough faith it can be a real list. But with any desire worth our prayers there’s a process that we usually endure to experience our wish bliss.   

The process must be rooted in a selfless focus on others,  which can feel so awkward and so counter-intuitive that we avoid opportunities cleverly disguised as headaches.  The Advil in this case, is understanding the life nugget of “getting what you give”.  

Inspired by: Galatians 6:2 ~ Carry each others burdens, and in this way you will fulfill the law of Christ.    Thank you for this Sis...  I Love u! 

Glean....

My best friend and I are studying the Book of Ruth. I’m thinking…. this is a story in the Bible that captures the very essence of warm fuzziness and delivers it with eloquence. One of the most interesting points in the story is when Ruth sets out to work or “glean” in a field to feed herself and elderly Mother–in-law Naomi. (Ruth 2:2-4) Impressively, she approached an enterprising mission with a level of humility that inspires me to re-evaluate my own career ambition in the apartment industry. I had to ask myself a tough question when I faced challenges like Ruth & Naomi, through prayer I discovered a strong answer….glean.

Ruth’s Gleaning: To pick up small amounts of crops left in a field after they have been cut and collected by the farmer.

My Gleaning: Approach business with a level of humility that will inspire my team, and residents.

Begin With A Vision & With Faith Paint A Masterpiece.

You can’t always see what you get when creating a portrait from a vision. Sometimes a Property Manger has to blindly feel her way through the creative process when painting a beautiful rendering of a successful property. Occupancy, retention and low turnover all while staying in budget would be her masterpiece! While we paint, the challenges present themselves daily, but with the right brushes they can be transformed into vibrant paint colors that add dimension and museum quality details. Its all about faith or in the case of the video I posted below…. blind faith.



Don’t fear what you can’t see, instead rely on your vision and faith to paint a Masterpiece.


Inspired by 2 Corinthians 5:7

Better Than Silver or Gold

Treat your reputation and name like a rare jewel. Better yet treat it as if it’s more valuable than a rare jewel. Protect it better than you protect your home, car and most sensitive financial data.  Just as we use locks and alarms on our valuables, use honesty, diligence and wisdom to keep your reputation blemish free and glistening.

Proverbs 22 :1 Choose a good reputation over great riches;
      being held in high esteem is better than silver or gold.

Let Renewals Help Inspire A New You

Renew your purpose by reminiscing about the day you were promoted or hired!  Was there a promise in your heart for unlimited dedication to your new responsibilities?  Can you recall when everyday property challenges inspired and didn’t overwhelm you?  I can remember when my email inbox didn’t require scrolling, and I handed out my business cards to prospects and residents like homemade treats.  Ahhh the good ole days.

It’s likely the way your residents contemplate the decision to renew their leases.  I’ve learned that the negotiations surrounding a Renewal, opens the door to much more than the $avings of retention!  With the right perspective ~when our residents choose our property all over again, we can decide to commit to do our best for our property ……all over again.   

Considering Ephesians 4:22-24.

It always Perseveres......

Today is all about 1 Corinthians 13!!! There is no better way to Manage, Lease and Maintain your property while serving your residents with LOVE.

Scoring a Goooaaal with The Golden Rule

Service Requests hands down is the most magnificent opportunity to market your property to existing residents. When delivered with compassion and expertise a routine maintenance call can be as valuable as a mouthwatering concession for a renewal. 

Maintenance is the 1^st line of defense & offense, when retention is the game. It gets down to the basic plays in this sport: appearance, manners and skill that turns a leaky faucet into a resident appreciation Super Bowl touchdown! LeBron to Wade Alley-oop! Or World Cup Goooaaaal! 

Your maintenance team’s awareness of this crucial role can make all the difference in your resident's decision to choose your property Otra Vez! (Again).  I've learned this is best accomplished When & IF you invest in this golden rule: Treat your maintenance teams the way you Want & Need them to treat your renters.

This post is inspired by Matthew 7:12 (Amplified Bible)

So then,whatever you desire that others would do to and for you, even so do also to and for them……. 

The Key to the Make Ready process....Compassion.

Turning an apartment in the transient South Florida market is all about making the process efficient, economical and ready for show! More often than not getting a unit  “Ready” for show becomes the focus with little regard for when the showing translates into a move-in. (Sigh.) This is when an all too common chain of events occur:

 

1. Embarrassing Move-in Inspection
2. Moderately annoyed resident makes 1^st complaint
3. 1^st Service request in a series of avoidable $ervice request$
4. New resident sees your property in a whole new “dim” light.
5. 'Sigh'….again

Then the questions of Who and Why becomes a temporary obsession and oddly you as a manager become the most desperate to get to the root cause. After all, the buck is stopping with you and the reputation of the property can start with the once moderately but now completely annoyed and disappointed resident.

The lesson here is about Excellence! Excellence that is conveyed to your team in such a way that it becomes the rule not the exception. For maintenance, help them to see it like a handy flashlight in a dark space.  The dark spaces usually come in the form of  a tripped garbage disposal to the dusty vents that are easily overlooked.  I like my maintenance team to imagine that they are preparing units for their best friends or their Moms.

As for leasing, excellence should be like a Master key that can open any door! A key like this is priceless for a busy leasing consultant.  Yes, I realize Master keys are controversial, but for the sake of this post and our residents its all about using it exclusively to unlock compassion for those that decide to make our properties their homes

Post inspired by: 2 Peter 1:3 (New Living Translation)By his divine power, God has given us everything we need for living a godly life. We have received all of this by coming to know him, the one who called us to himself by means of his marvelous glory and excellence.

Overcoming Acrophobia with Colossians 3:23

A heavenly view of your property starts from above. Imagine with me the view of the community you manage from a hovering helicopter at about 10,000 feet. For those who suffer from acrophobia (like me) imagine your property from a Google Earth view. What stands out the most? Surrounding nature, streets and Matchbox sized cars? Do you realize that under the many tiny roofs are the precious residents that have decided to make your property their home? What an awesome responsibility we have. From this view its clear God can only truly give this opportunity. Don’t take it lightly, don’t take it for granted, but rather take it seriously enough to embrace the blessing. God has chosen YOU with the task of representing him in all that YOU do to take care of homes that he has blessed so many with.

Consider Colossians 3:23 “Do your work willingly, as though you were serving the Lord himself, and not just your earthly master.” Lets make a list that not only includes the most obvious components of the property like tennis courts, irrigation, pest control etc. - lets add extras like the condition of door mats? Flowers by units not just at the entrances, leasing office or models? Are your residents in need of bike racks? Or how about leash holders in units rented by pet owners? The idea is to be inspired by our awesome responsibility and deliver extras! As in Mathew 5:41 And if anyone forces you to go one mile, go with him two miles. Go the extra mile! Reach higher! Don’t let a fear of heights limit what you do on the ground; together lets overcome our limited views! Rise above ordinary property management and receive all the benefits that come with managing and serving your residents from The Highest view.

Start your property tour from Within

Begin with an inner light check! Meaning, how is your mood? Are you grateful for the day? Are you appreciative for your staff and co-workers? Did you thank God for your occupancy, prospects, leases and ideal retention rate? And most importantly are you heading out to tour with a servant heart?

This will only take you moments, but will have a lasting impact on your perspective as you inspect the nooks and crannies of breezeways, patios and your properties overall curb appeal.

A Property Manager with a servant heart has an open heart. Which translates to open eyes, open ears and a nose that can smell into the future. All the traits that your most demanding residents seem to all share…. especially when its time to renew. As I mentioned in my last post the bottom line is love - it never fails…. As in 1 Corinthians 13:7 - It always protects, always trusts, always hopes, always perseveres…. So always remember start your property tour from within.

David Borden Interview

David Borden Interview: Where is the Rental Listing Pricing Model Heading? from Dave Dugdale on Vimeo.

The Bottom Line… Is Love.

One of the best Property Management nuggets can be traced back to the ancient idea of Love Thy Neighbor, found in the Bible in Matthew 22:39. You can’t go wrong with this. It can resolve a multitude of problems before they ever reach your inbox, voicemail or leasing office. And as this advice goes for neighbors it can also apply to the property staff and residents - Love Thy Residents. As radical as this sounds, this too is an idea you cant go wrong with. It can transform a properties closing ratio, retention percentage and decrease turn over with the least effort. For example: becoming proactive instead of reactive ~ Instead of waiting for residents to make appointments with us managers to discuss an emerging concern or problem, lets make an appointment with residents to discuss how we can best serve them. The option to decline will be theirs, but I have faith, that the effort if sincere enough will go along way$. Reasonably affecting the bottom line.

I love the example of Octavia Hill, a pioneer in Property Management that I can’t help to be inspired by. Learning about her efforts in the London, multi-housing industry over a century ago has proven to me that when the bottom line meets love everybody win$!

A New Year brings new idea$!

Home prices are so low it may cost less to buy than to rent?

As if it were that simple- In a recent story in the Miami Herald the over simplified notion was again examined and as you can imagine the results makes an even stronger case for renting in a uncertain market. Duhhh. Here's some excerpts from the original article By MONICA HATCHER:

The case for holding off:

• There is the risk that home values will keep falling -- especially for condos, analysts have said. The economy may also deteriorate further, threatening job security, and making the thought of taking on a home mortgage even more daunting.

• Rents are also declining.

• By holding off, renters can avoid paying homeowner and condo association fees that have spiked in many communities because of delinquencies and foreclosures.

• Actual property appreciation could be years away.

• Lending restrictions could loosen and down-payment requirements ease, tying up less cash in future purchases.

Still Hunter, a vice president of investment in the Fort Lauderdale office of Marcus & Millichap, a real-estate services firm, attributed falling rental prices to a booming shadow market of condos and homes being rented by investor/owners as well as renters rooming together to save money and a decline in foreign workers -- typically renters -- who have headed home as jobs dry up here.

RENTS ON DECLINE

Hunter said his firm's rental outlook for 2009 shows average rents (for one- to three-bedroom apartments) declining in Broward County by 2.6 percent to $1,094 and in Miami-Dade by 1.3 percent to $1,109.

''From my perspective, it makes sense to rent right now, while rents continue to decline and home prices continue to decline. We're not at the bottom,'' Hunter said.

Still, Hunter said, home prices have adjusted so much, it might make sense to jump into the market.

''It's a tough question to answer,'' he said.

NO BOUNCING BACK

Even when prices hit bottom, it doesn't mean they will bounce back up, said Alan Ojeda, chief executive of the Rilea Group, a Miami-based developer of large-scale rental properties. That makes the horizon for profit even longer and means that a buyer in the current market should be committed to a home for several years.

Ojeda, who said he is trying to fill up One Broadway, a new luxury rental tower in Miami's Brickell area, takes it a step further, saying that unless a renter believes a home's price will appreciate in the next three years, he or she would be better off remaining a renter.

''It's the same theory you use when you decide whether to buy or lease a car. What you are looking for is to use a car. If there's no appreciation in a home, wouldn't you prefer to use a home, since after three years you would have spent more money on real estate taxes and the mortgage. What would your gain have been?'' Ojeda asked.

Still, there are signals the blood-letting in the real estate market may be starting to slow. Sales were up significantly in December, the last time figures from the Florida Association of Realtors were available, and that made a dent -- albeit small -- in the number of homes for sale.

Hardin said it was hard to imagine values would continue to fall at the same rate at which they have since the market peaked. Prices are likely to continue falling, but it'll be by smaller percentages, he said.

Unless renters wholeheartedly believe prices will rise over the next several years, they may want to stay put, he said. Aside from the past seven years or so, real estate has always been seen as a long-term investment, Hardin said, so buying low today and selling in 10 years could be lucrative.

Either way, there's little downside in delaying the decision.

NOW OR LATER?

Romanello acknowledged there would be little difference in buying now vs. later. She said that among her clients who had decided to wait, the worst that happened was they lost several great opportunities.

'I don't think there is any urgency to buying because I don't think in six months' time prices are going to be up 10 percent,'' Romanello said.

Rental Market Can't Escape Pain

The housing downturn is finally bringing pain to apartment owners.

In recent years, sky-high home prices followed by a wave of foreclosures helped fill rental apartments and buoyed the real-estate investment trusts that own them. But earnings out Friday morning from Apartment Investment & Management Co., the largest publicly traded U.S. apartment owner, could show that rental apartments can no longer escape housing woes.

Already, the credit crunch has triggered write-downs as REITs freeze new developments. Last week, Aimco said it would take an $107 million charge related to falling land values in California, becoming one of several apartment REITs to take a write-down. The Denver-based REIT also said it would pay 71% of its fourth-quarter dividend in stock to conserve cash. Two apartment REITs have pared their dividends.

The housing bust has shattered the psyche of would-be buyers. But home prices are down so far in some markets that it is now cheaper to buy than to rent, though tighter credit has sidelined buyers. Meanwhile, job losses are highest among the age cohort most likely to rent, 20- to 34-year-olds.

Congress is considering a raft of goodies for potential home buyers, including a $15,000 tax credit and federally subsidized 4% mortgage rates. And an effort to allow bankruptcy judges to write down mortgages for struggling homeowners could keep would-be tenants from becoming renters.

—Nick Timiraos--- WSJ.com

Real estate developer Trammell Crow, who founded the Wyndham Hotel Co. and helped sculpt the Dallas skyline, died yesterday at his family farm in eastern Texas. He was 94.

Crow built his first commercial real estate project in 1948. He also founded Trammell Crow Co., a property manager and brokerage sold in 2006 to CB Richard Ellis Group Inc. in a transaction valued at $2.2 billion.

``The world will remember Mr. Crow as a legendary real estate developer and businessman because of his unparalleled vision and passion for success,'' Jim Carreker, a former chief executive officer of Trammell Crow Co. and Wyndham Hotels, said in a statement e-mailed Monday from Crow Holdings LLC.

Vote Already!

Renters: the great ignored

Barney Doran, Delray Beach Opinion originally published in the Sun Sentinel

October 14, 2008

Now that John McCain has proposed that the U.S. government buy up $300 billion in mortgages, write down the outstanding amounts and lower the payments for the homeowners, it is time for the voices of America's 34 million renting households to be heard. Please note this constitutes approximately 135 million people and roughly 65 million potential voters. Americans are regaled daily in the media with the vicissitudes of the homeowners who were "forced" into dwellings by rapacious bankers and mortgage brokers. How about the 7 million rental households with annual incomes under $10,000 who pay over half that income on rent? Haven't heard too much about them in this great national brouhaha, have you? But not only the poor rent in this country. Twenty percent of rental households (6.8 million equating to approximately 27.2 million Americans) make over $60,000 a year.

Back in the heady days of house gambling, don't you think they received calls at dinner time from mortgage brokers offering zero-down, no-income-verification, no-credit-check mortgages? Yes, they did, but they were either reluctant to get entangled, or they realized this was one big casino. In other words, they didn't take the bait, but the fish across the street in foreclosure did and is about to be bailed out by the government. The sober renter, however, is being totally ignored, even though his rent was increased during the housing Vegas days because of "rising property values."

Is it fair that his tax dollars are going to bail out a greedy/stupid neighbor? I don't think America's renters are going to think so. But I do think the politicians representing these renters will ignore this inequity at their peril. These voices will be heard.

The Peeping Landlord

Pennsylvania landlord was arrested for taping female tenants. Thomas Daley, a 45-year-old Phoenixville man whom authorities said owns three apartment buildings in Norristown having a combined total of 16 apartments, is charged with invasion of privacy, criminal use of a communication facility and violations of the wiretap and surveillance laws.


County District Attorney Risa Vetri Ferman said Daley, of the 1000 block of Spring City Road, installed hidden cameras and audio equipment in three of the four apartments in a building he owns in the 500 block of Stanbridge Street.

This equipment, which was hidden in bathrooms, bedrooms and living rooms, was hooked up to enable him to spy on the private activities of his clients from his computer at home for his own sexual gratification, according to Ferman.

"This is just creepy at its worst," said Ferman.

The alleged victims "feel completely violated," said Ferman.

"This kind of personal invasion is just harrowing," said Ferman. "These victims just now are finding out that their most private, most personal times in their own homes have been captured on videotape and that somebody else has been watching them for their own personal gratification."

"To say it is unnerving, to say it is disconcerting doesn't even begin to express how upset they are," she said.

Ferman called the charges against Daley for the property in the 500 block of Stanbridge Street just "the tip of the iceberg."

Norristown police have been interviewing past and former tenants of the other two buildings throughout the weekend and on Monday, and "we expect many additional charges," said Ferman. Authorities suspect that Daley may have been engaged in this type of activity for almost 20 years.

Police first learned of Daley's alleged activities on Sept. 18 when one of the Stanbridge Street tenants contacted 911 to report she had found a hidden camera behind the bathroom mirror in her apartment. The woman's boyfriend was changing a light bulb in the bathroom when he spotted a small micro "pinhole" style video camera hard-wired into the wall.

Police said the wires appeared to go from the first-floor apartment down into the basement. The tenant told police that the landlord kept the basement area locked and did not allow tenants access.

While waiting for Daley to arrive at the apartment building, police discovered another camera, similar to the one in the bathroom, in the living room.

When Daley arrived, police learned that there was another camera in the bedroom ceiling fan pointed down at the bed and a fourth one in the bathroom, according to the criminal complaint. They also learned of cameras in two of the other three apartments in the building, the complaint said.

Daley later gave police a statement allegedly admitting that he installed the cameras, some of which were activated when a tenant turned on a light switch. Some of the cameras recorded on a VHS system that was in the basement while other digital cameras fed a digital video recorder, also stored in the basement.

In addition to being able to record what was happening in the apartments, Daley said he could access the DVR system from his computer at home and get a live feed. He also could turn the cameras on and off from his home computer, according to the criminal complaint.

Daley allegedly told police he would save the VHS tapes and, if he viewed an act he liked, he would record the video on the digital recorder and save them, the complaint said.

Police confiscated Daley's computer equipment and electronic taping and recording equipment as well as numerous tapes and DVDs. Some of those tapes showed the four alleged female victims in various states of partial and full nudity while in the privacy of their residences.

"This system was a very sophisticated and elaborate," said Ferman. "Mr. Daley, in the privacy of his own home, could invade the privacy of his tenants."

By Margaret Gibbons, Special to The Mercury

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