Property Manage with a Purpose.

Property Manage with a purpose, just make sure the purpose helps more than just you!  Try to make every decision with an earnest and deliberate approach towards providing excellence.  1 Corinthians 3:8 Explains: The man who plants and the man who waters have one purpose, and each will be rewarded according to his own labor.  Can you see your property as a farm, with the richest soil, Just waiting for you to plant the most promising seeds?  That can come in the form of diligence, competence, sincere customer service and a marketing plan that focuses more on giving than receiving.  Finally, understand that success is just a reflection of your purpose.  If you manage your property with a purpose of just getting through the day and keeping your regional and residents at bay then that’s all you will have.  On the other hand if you manage your property with a purpose that delivers superior quality of life in your community then this will be your reward......plus  those well deserved renewal bonu$e$.  :)

 

 

Are You Listening?

Jesus spoke with such clarity and he listened intently to people as they expressed to him their innermost emotions. The connection to listening and speaking can be best examined when reviewing scriptures that capture conversations with Jesus.  John 4:7 demonstrate the masterful way Jesus heard a need within a dialogue. 

Property managers are not miracle workers, but if we understand how to listen and discern a need within a conversation the results can seem miraculous. In my experience its not unusual to see a bad, no – a terrible situation instantly transformed when sincere and active listening is evident.

Below I’ve listed a few tried and true tips for active listening:

1. Engage yourself. Ask questions for clarification,  wait until the speaker has finished. That way, you won’t interrupt their train of thought. After you ask questions, paraphrase their point to make sure you didn’t misunderstand. Start with: “So you’re saying…”

2. Focus solely on what the speaker is saying. Try not to think about what you are going to say next. The conversation will follow a logical flow after the speaker makes her point.

3. Even if the speaker is launching a complaint against you, wait until they finish to defend yourself. The speaker will feel as though their point had been made. They won’t feel the need to repeat it, and you’ll know the whole argument before you respond. Research shows that, on average, we can hear four times faster than we can talk, so we have the ability to sort ideas as they come in…and be ready for more.

4. Remember to RELAX, open your heart and open your mind.

 

 

Why Lie?

When the truth is so much more profitable, it’s still difficult to understand why lying is such a powerful temptation in our management offices. The motives to lie are countless and of course so are the consequences that follow. The side effects of lying can include but are not limited to the list below:

Temporary memory loss

Embarrassment

Tarnished Reputation

More lies, to cover lies

Habit Forming

Job/Financial loss

Irate residents

Loss of credibility

Proverbs 12:22 ~ The LORD detests lying lips,  but he delights in people who are trustworthy.

 Proverbs 12:19 - Truthful lips endure for ever, but a lying tongue lasts only a moment.

 

 

There Is Never A Time When You Should Be Nabal…

For an audio narrative ~ Click photo

 

Nabal’s story like Abigail’s begins in 1 Samuel 25 but unlike her example of wisdom, he demonstrates foolishness.  The bible describes him as “churlish” or rude and mean spirited. Hard to imagine how he and Abigail connected??? 

 

          Many property managers here in sunny South Florida often encounter what I’d like to call Nabal-Neighbors. These are residents that have given in to their lesser nature and wear it proudly. The good news is that sometimes they can serve as mirrors for how we are treating our team and other residents. Their behavior can inspire the question …are you a Nabal colleague, a Nabal Manager? Forcing your team to act as Abigail to avert tragedy?

 

Sometimes in Property Management you just have to be Abigail…

Abigail’s story begins in 1 Samuel 25 and the example she sets begins in verse 18. It starts with the wisdom of acting quickly to resolve an imminent problem. This was a predicament that she didn’t cause (Nabal’s doing-- her pompous hubby) but would surely impact her and her family in the worse way!

For video discussion about Abigail ~ Click photo

 It’s no different when we deal with our renters, prospects or team members that have been treated poorly or is inconvenienced by a maintenance emergency or troublesome neighbor.  It’s not just our job but mission to rally up the best we have to offer and present it humbly to an offended party.

Although Abigail is described, as intelligent and beautiful, I believe those qualities are second to her courage and faith.  Below is a list from the scripture of what she presented to the anointed David to avert a possible massacre. 

 two hundred loaves of bread, two skins of wine, five dressed sheep, five seah of roasted grain, a hundred cakes of raisins and two hundred cakes of pressed figs,

 

WOW! What will you offer the next time you have to smooth things over to prevent a tragedy? My advice. . .Prepare your offerings today so that you can act as quickly as Abigail!

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