The reality may be a little closer to the current standard practices of renting an apartment—with a couple of notable exceptions.

Industry insiders tell us that while things are going to change a lot for some high-end apartment communities and their tenants, many of us will still be filling out paper applications. But we may get to pay our rent and submit maintenance requests, online. And while searching for that great new place, expect to be courted with apps and mobile-friendly websites.

Here’s a step-by-step look at the apartment rental process and what’s changing—or, perhaps, staying the same.

Marketing a Vacancy

The transition to online listings from newspaper ads is one of the biggest changes in residential marketing in the last decade. Unless a property is renting to a distinctly senior, non-tech-savvy crowd, there’s no reason to place a print ad ever again. Instead, navigating the wide variety of online listing sites and choosing the best option for your property is the new challenge. Selection of a community apartment listing site should be based in part on user friendliness of the site’s mobile component.

Property management firms now need to invest in things that might not have mattered before—like professional photography that showcases their properties from the best possible angle, website development that displays well across browsers and mobile platforms, and mobile-specific apps that showcase property amenities and allow users to submit requests for more info or to be notified of a newly-vacant unit.

Property managers have no choice but to invest in all forms of mobile marketing, or risk missing out on prospective residents who have a distinct preference for seeing properties on their smartphones or for searching exclusively for listings online, or can’t travel to view an apartment in person. Additional expenditure on social media marketing and targeted online advertising replaces newspaper display ads and will be increasingly important to drive attention to an individual property in a crowded marketplace.

On-site Leasing

The often-evoked visual of a leasing agent conducting an apartment walk-through with an iPad and wrapping up the transaction by handing the prospect the tablet so they can fill out their application is happening in some high-end apartment communities in markets like New York City, but don’t expect such an experience in suburban Topeka anytime soon. There are markets that cannot justify the cost.

The less-flashy alternative is the increasing popularity of the online leasing portal, a place to submit application and credit information. These options are becoming widely available as a way to weed out serious prospects from looky-loos, and automated input is a huge time saver for property managers. Expect such submission of details to become common and widespread within the next two years.

And the idea that an apartment could be rented without an in-person visit? The demand for such a service is still growing, and is particularly popular among college students, foreign relocation prospects, and professionals moving for work assignments. Online video tours, detailed and updated photography, and extensive descriptions are three ways to capture this market.

After Move-in

Perhaps the greatest change in how property management and residents interact with the aid of technology comes after the boxes are emptied and the first month’s rent check is cashed.

Site managers are observing that tenants don’t want to talk to their management staff after move-in, preferring to handle rent pay, maintenance requests, and information sharing in a manner similar to online banking transactions.

Both apps and secure Web portals are vital tools for the property that wishes to offer such features for residents, though a majority of properties in the U.S. are still handling rental payments via checks or direct deposit. The financial crisis led to more renters wanting to pay rent via credit card, which influenced some movement toward online remittance options. But future-focused property firms will need all of their resident information, maintenance forms and bill pay in one highly mobile platform to satisfy tenant demands.

The change to a mobile request and follow-up adds a new dynamic to maintenance, allowing for easier tracking and scheduling. It also opens up the opportunity for customer satisfaction input. After an apartment problem has been cleared up, properties can ping the tenant via email and ask for feedback, creating customer loyalty and a record that closes the loop on the complaint.

What are the biggest changes you see coming to the property management market as the world goes mobile for its technology needs?

Photo courtesy of John Snape.

Maximizing the value of your property’s ad can attract more potential tenants, and save over time in advertising costs (vacancy equals loss of income). Surprisingly though, there’s still quite a few rather ineffective and spammy ads lingering in the Craigslist space.

I’ve gathered insights from a few industry experts to define exactly what it is that makes a winning or losing Craigslist ad. Sounds simple enough, but what do the experts say?

Winning: Write Effective Titles

Andrew Schrage, co-owner of Money Crashers Personal Finance, suggests a “creative and descriptive header” is the most important element of an effective ad. He says, “If you write ‘great amenities,’ that’s unclear. Instead, include one or two specific amenities the property offers. This will grab attention and resonate with people who are attracted to those amenities.”

It’s also frowned upon to title a listing in ALL CAPS, or with lots of explanation points!!! Don’t YELL at your prospective tenant. Instead, write a clear and concise description that draws them into the ad. Once they’re there, the following elements will encourage them to take the next step and inquire.

Winning: Write Good Copy

A Craigslist ad is essentially copywriting, right? Writing an organized, precise ad will boost your credibility as a property owner, and will be more intriguing. Be detailed so most of the prospect’s questions are answered before inquiring. This stirs interest, and ensures your property meets the prospect’s needs before contacting you–saving you both time and energy.

List the number of bedrooms and bathrooms, square footage, in-house amenities (a washer and dryer, for instance), and anything unique the property may boast–including aesthetic details. Also list on-site luxuries. Is there a pool? A vegetable garden? Tell ‘em about it. Be sure financial details are clear, and if you’re willing to negotiate rent, that’s a huge selling point.

Another detail often left unmentioned in rental ads are community or neighborhood benefits. Schrage elaborates, “Sell the street and the neighborhood. Tell them about nearby parks, shopping centers, and freeway access.”

Winning: Include Images or Multimedia

Enough cannot be said for the value of images, particularly because Craigslist offers a query including only listings with photos. Why risk not showing up in results? Provide the prospect with actual images of the property–not of a sample unit. Show them what the bathroom, bedroom, and living areas look like. If there’s a balcony, terrace, or yard, provide an image. Jacob Young, Online Reputation Specialist and founder of Hidden Sky goes on,

“Put yourself in their shoes. The renter is looking for a place to call home. What does it look like in spring and winter? What will their images look like when they send them home for the holidays?”

Some property managers go the extra yard and add additional multimedia, including links to external photo albums, while others include video tours, or even microsites dedicated to a specific rental home. Providing a photo or video tour may seal the deal before even seeing the property in person.

Losing: Post Spam Listings

There’s an unfortunate trend in the Craigslist world often used by leasing agents and big apartment communities posting repetitive ads with ALL CAPS titles, shouting promotions (ONE MONTH FREE or FREE FLATSCREEN!!), and including the same graphic or image–none of which are of available rentals. Instead, these spam ads serve as a broad advertisement, and though they may entice some people to inquire, often turn others away.

These ads are regularly infiltrated with keywords and phrases that renters may search for–many of which do not actually apply to the available properties. Words like “historic,” “charming,” and “antique” are often used in ads for new properties, which are not generally applicable.

Losing: Write Vague Listings or Fail to Include Images

Writing vague, incomplete, inconcise, and generic ads is a waste of time. People searching for a new place to live are seeking enough detail to coerce them to contact the rental owner. Without detail, there’s no incentive. Being vague with adjectives can leave lingering questions that may paint an unattractive picture for your potential tenant.

Furthermore, without the inclusion of photos, viewers have no real idea what the property is like. Milo Shapiro, President of IMPROVentures, who also happens to be a rental property manager, shares an example, “I’ve seen ‘photo upon request,’ which makes one seem like a lazy landlord.”

Shapiro points out another avoidable mistake that listers sometimes make. “I’ve seen spelling and grammar errors galore that make it look like the person may not know enough to contract properly either.”

Losing: Include Unreasonable, Strict Rules

Because prospective tenants will be making your rental their home if they agree to your terms and sign a lease, it’s important to allow reasonable freedom within the property. Having too many rules is a major turn-off for renters.

Schrage provides one example that I actually remember reading a couple years back when its absurdity leaked into the Web.

“One had a list of additional rules and conditions so long it would make your head spin. Among others, your bed had to be made each morning, and this was after mandatory “wake-up” at 5:30 a.m., when all the lights would automatically be turned on since the building would be operated by someone else. No alcohol or tobacco allowed, and unannounced inspections could occur at any time. And as far I know, the ad was legit.”

The bottom line when using Craigslist as a marketing tool is to actually capitalize on its platform and the subsequent exposure. Free tools are highly valuable to property owners, and can alleviate the need for formal advertising. Create a real ad based on a real property. And, within that ad, keep it clean, concise, informative, and appealing. Moreso, take the time to edit your ad and sound like the credible property owner you are.

As Schrage suggests, sell the space from a holistic perspective. Beyond the actual property, what else is appealing about the area? If you have braggin’ rights, use them! Include photos that truly display a property’s character. And, if possible, create additional multimedia that viewers will find encouraging and meaningful. After all, the difference between a winning and losing ad is occupancy versus vacancy.

Photo courtesy of dougww.

Furthermore, a little green TLC can be beneficial to the environment by reducing contaminants in water runoff and providing a toxin-free environment for humans and animals. And it doesn’t require a hefty investment.

The Environmental Protection Agency says that, “Maintaining a wide variety of healthy plants, soil organisms, beneficial insects and animals can keep most pests and diseases in check.” The EPA refers to this as “putting nature to work.” When you restore the natural biological environment, the ecosystem returns to a natural functioning place, where organisms and microorganisms ward off pests, and help maintain nutritious soil. But, how do you restore an ecosystem?

I’ve compiled five inexpensive ways to make your landscape more environmentally friendly, lower maintenance, and safer for both family and pets.

1) Test your soil.

Standard soil tests measure pH levels and the levels of elements like phosphorous, potassium, calcium and magnesium, among other things. Testing lets you know what your soil needs. Otherwise, the fertilizers and mulch you’re using–some of which are quite expensive–may not be meeting the needs of your yard. There are a variety of soil tests that can be performed at home; otherwise, universities are a great place to seek testing.

According to Ohio State University’s Research Area, “Soil testing can boost garden yield and quality. It is a very inexpensive way of maintaining good plant health and maximum plant productivity.” OSU’s Research Area charges $20 for a soil test that can tell a homeowner quite a bit about their ecosystem–and how to create an optimal environment based on their findings.

2) Use grass clippings as mulch.

One of the EPA’s four GreenScapes suggestions is to reuse. One way to apply this is by repurposing your grass clippings as mulch.

Proper grass cutting suggests you keep grass blades at three inches, and leave the grass clippings on your lawn. This limits the ability for weeds to grow. Additionally, grass clippings provide 58 percent of the nutrients your lawn needs.

3) Collect rainwater–and use it.

In a recent article, Times Daily mentions that, “A 55-gallon barrel connected to a 1,000-square-foot roof will fill up during a 1-inch rain. The barrels can be purchased for $50 to $120 each, or constructed out of food-grade drums.”

Going back to the EPA’s principles of reusing, rainwater provides healthier hydration for your lawn and foliage, without the contaminants often found in tap water. The Times Daily article further states, “Many municipalities experience a 30 percent to 40 percent increase in residential water usage in the summer. Rain barrels can help reduce that.”

4) Skip the pesticide.

Each year, American homeowners apply 70 million pounds of pesticides to maintain their lawns. According to the National Audubon Society, much of this usage is solely for aesthetic purposes.

Insecticides, herbicides and fungicides have been linked to a range of illnesses, diseases and birth defects. Furthermore, chemicals can be quite costly. Why not eliminate the use of unnecessary chemicals, allow your yard to nurture itself, and protect communities and wildlife while doing so?

5) Consider xeriscaping.

Xeriscaping involves creating a landscape that’s in alignment with your local climate and indigenous species. For instance, create a desert environment if you are, in fact, in a natural desert climate like Phoenix. Plant cacti, not a lush grass lawn.

Non-indigenous plants, grasses, trees, etc. require far more maintenance and resources, particularly water. It’s far less expensive to maintain natural foliage than non-indigenous species.

Overall, the initial investment of going green and restoring a natural environment may be slightly more than synthetic lawn care. But, over time, property managers can save money by eliminating unnecessary water and chemical use.

Additionally, a natural lawn is somewhat self-caring, meaning you’ll spend fewer hours maintaining it once it’s been restored. The added knowledge of having a yard that’s better for your community, and safer for pets, wildlife, and your family brings the effort full circle. And best of all, it’ll help attract tenants.

Have you undertaken a green initiative in landscaping? What was your experience like? Did you find that the initial investment proved valuable in the end? Has upkeep become easier? Feel free to share your experiences below, or email me at ashley@softwareadvice.com.

Photo credit of Rob Friesel.

The key to a lead-generating apartment website isn’t a fancy design or cool layout. First and foremost, you need a real estate website targeted at helping renters find housing. Here are six tips on how you can turn your website into a lead-generating machine.

1. Know your audience.

The purpose of your website is to help renters find housing. Whether you specialize in apartment rentals or selling single-family homes, your website should be able to personalize each search. Put yourself in the renter’s shoes and offer search functions that will make it easy to narrow down available listings.

2. Post up-to-date listings.

Lots of them. In a RentJuice study of rental websites, 10 percent of them did not have listings available. Remember that the goal of your website is to help renters find housing. Facilitate their search by providing lots of vacant listings, and keep your database updated by removing properties as soon as they’re rented out.

If renters will be spending large chunks of their paycheck on rent each month, they’ll be doing their research. They want to see everything that’s available in the area and to know the average prices, square footage and features before they make a decision. Your website–not someone else’s–should be the place where renters can get up-to-date information on housing.

3. Make your website easy to navigate.

Now that you have cool search functions and lots of up-to-date listings, make sure your site provides direct access to each section of your website. A lead-generating website will increase lead flow through its easy navigation. Add a toolbar at the top of each page that provides quick access to listing, neighborhood, search and conversion sections. Your visitors shouldn’t have to dig to find what they want–if they do, they’ll probably leave and go somewhere else.

4. Provide photos and videos.

High-quality apartment photos and videos will help your listing resonate with prospective renters. Visual aids allow visitors to see what your property looks like without having to attend hundreds of open houses. Give renters the ability to familiarize themselves with the layout, get an idea of the space and see themselves making the property their home. Pictures and video tours will help renters narrow down their decision, giving you the most qualified leads.

5. Make it easy for renters to contact you.

In order for visitors to convert to leads, they have to connect with you first. By placing your contact information, lead forms or “About” page in a visible place on each page, interested clients can reach out to you right away if they see something they like.

6. Optimize your site for better search results.

The higher your website ranks in search engine results, the more visitors your pages will receive. In fact, research done by the Georgia Institute of Technology showed that 75 percent of searchers never click past page one of Google search results. Move up in rankings by being SEO-friendly. In order to be found in search, your website needs to contain popular search terms. A helpful resource for keyword research is Google’s “Keyword Tool.” Find out what your renters are looking for and the common search terms they use, and include them in your website.

Photo courtesy of Kristen Stubbs.

With hotels sold out all over the city due to the anticipated record-setting attendance at SXSW, Austin home owners have a great opportunity to take advantage of the potential income from festival goers.

What considerations should you keep in mind when listing your property? To help you navigate the process, I spoke to locals who have experience renting their properties. Here are five keys for successfully renting your home during SXSW.

1) Set Your Rate

It’s quite an understatement to say “prices vary.” An Airbnb search for the first weekend of SXSW reveals a handful of accommodations, at price points ranging from $40 to $10,000 (yes, ten thousand dollars!)

Gray says, “The average estimated daily rental rate for a 2-plus-bedroom vacation home during SXSW is $691, compared to our typical national average, which is approximately $211.”

The first step in determining your rental rate is to compare your accommodations to similar ones listed. Consider location, amenities, privacy, and the dates available. All of these things can boost your nightly rate.

In addition, offering something unusual to your guests can justify a higher rate. One clever homeowner has created a “tent village” in his yard, renting unfurnished tents to guests, while offering an outdoor shower and encouraging fireside music sessions. There’s a “vintage RV,” where the host is offering free or cheap rides in the daytime, and says guests are welcome to their organic garden and farm-fresh eggs. There are private bedrooms in shared houses, some with hosts willing to cook you breakfast. A little creativity and effort can go a long way.

2) Establish Some Rules

Unlike many conventional vacation rentals, people giving up their space during SXSW typically live in that space throughout the rest of the year. To protect your property and give you some peace of mind, you should set rules reflecting expectations of your guests.

Consider things like whether you’re OK with smoking, pets, additional guests, loud (or live) music, and parties. Also consider whether guests will have access to specific belongings of yours, such as your antique record player or your imported spice collection. It’s important to outline specific instructions so guests don’t unknowingly violate the unspoken laws of (your) land.

3) Offer Some Amenities

Providing some low-cost, unusual perks can help you rent your property faster and at a good rate–and build goodwill that might get you more renters next year. For instance, many hosts will leave snacks and beverages for their guests. Some hosts offer bicycles. One local host, Elizabeth, suggests:

“Have a bike available for your guest. People visiting ATX, especially during a high-traffic time like SXSW, want an easy way to get around. In Austin, that's a bike.”

Take it a step farther, and act as a guide. Elizabeth suggests, “Give your guests the kind of information you'd want to have. We leave, for instance, a list of all of the food trucks in Austin out for our guests. It includes their addresses, numbers, hours, and cuisine.”

In the case of renting a room in a shared home, Elizabeth also says, “Included in the price of staying with us is free reign of the kitchen. Our guests can drink anything they find, eat anything they find, and always feel free to take over the kitchen with their own meal preparation. This, I find, is important to guests. They don't want to have to pay to eat out every meal on top of paying for a rental.”

4) Create an Effective Ad

With a little creativity, your listing will likely have more views and will rent faster. Enough cannot be said for the value of good photos. A HomeAway traveler study shows that 63.8 percent of potential renters cite a property’s photos as the most important element in their booking decision. So, once your place is gussied up, grab your camera (or a photographer) and show off its pearly whites.

Writing an effective ad is the icing on the cake. Why should a potential guest choose your property over others? Be sure to list the aforementioned perks and amenities. Tell your prospective guests just how wonderful your place is, without embellishing–after all, they will be disappointed if misled.

Brag about your view, or your pomegranate and chestnut trees; mention that clawfoot tub that offers endless nights of relaxation. Are you on a bus route? Let ‘em know! Ease of (and inexpensive) navigation is valuable to festival goers. Be thoughtful. Be honest. Be creative. And, by all means, if you’re funny: be funny.

5) Consider the Tax Implications

Keep in mind that Airbnb and similar services will issue a 1099 to hosts, reporting their rental earnings to the IRS. This is taxable income. Fortunately, owners of rental properties can deduct certain expenses associated with renting their property, such as for supplies (food, toilet paper, etc.), professional cleaning, marketing, or big-ticket purchases that enhance your property’s appeal. Elizabeth, for example, is deducting the cost of a third bike, a grill, and a spare bed.

To be safe, consult your tax advisor to find out what impact renting will have on your taxes and what expenses you can deduct.

Have you rented your place in the past for special events, or are you renting your space for SXSW 2012? Do you have suggestions for newcomers to the scene? Please share your stories in the comments section below.

A special thank you to Adam Annen, HomeAway's Public Relations Manager, for always providing immediate and comprehensive data.

Photo courtesy of Michael Mandiberg.

If you manage a facility, here are the green certifications and accreditations experts say you should pay attention to.

1. ENERGY STAR

We all know what ENERGY STAR is. And we all know its goal is to–well, reduce energy consumption. But why should facility managers use its performance evaluation tools? For one thing: It’s a valuable, no-cost benchmarking tool. Why not take advantage of that? ENERGY STAR’s Portfolio Manager gauges performance and offers benchmark comparisons between similar facilities that show facility managers where improvements can be made. And ranking higher than 75 percent of comparable buildings will earn a facility the ENERGY STAR label.

In a 2011 survey conducted by the International Facility Management Association (IFMA), 85 percent of facility managers had a conservation plan in place. Unfortunately, only 47 percent were current participants in ENERGY STAR.

“ENERGY STAR is the simplest and best recognized of benchmarking tools, providing a uniform way for people to determine the efficiency of their facility,” says David Braslau, Vice President of Project Development at Constellation Energy.

A 2008 CoStar study showed that buildings with ENERGY STAR labels (as well as LEED certification–my next point) outperformed their “non-green peers” in areas like occupancy, sale price and rental rates–sometimes by wide margins. According to the study, “ENERGY STAR buildings are selling for an average of $61 per square foot more than their peers.”

An ENERGY STAR Summary of Financial Benefits claims, “Managers of Real Estate Investment Trusts (REITs) with large ENERGY STAR portfolios confirm that both tenant comfort and occupancy are higher in their ENERGY STAR labeled buildings.”

Lastly, ENERGY STAR is a launching pad for LEED certification, helping to meet the energy criteria that facilities will be graded on. Overall, much value can be reaped from participating in ENERGY STAR’s no-cost program: benchmark comparisons, higher rent, higher occupancy and higher sale price. Why not participate?

2. Leadership in Energy and Environmental Design (LEED)

Obtaining LEED certification is a costly investment, but is it worthwhile? It demonstrates corporate responsibility and a commitment to sustainability, and generates cost-savings through lower energy bills and tax abatements. In addition, Braslau suggests a less obvious reason to jump on the sustainability train:

“Prestige. LEED certification is viewed in the industry as much harder to obtain than a passing ENERGY STAR score–a much higher bar. For commercial owners, it’s a marketing tool. It attracts tenants who are environmentally conscious.”

LEED grades facilities on six major categories: Sustainable Sites, Water Efficiency, Energy and Atmosphere, Materials and Resources, Indoor Environmental Quality and Innovation in Upgrades, Operation and Maintenance. Braslau notes, “LEED is focused on the broad spectrum of sustainability. It’s a more holistic look.”

Chuck Lohre, President at Green Cincinnati Education Advocacy, gives Cincinnati-based Messer Construction kudos for recently achieving LEED-EBOM (Existing Building: Operations and Maintenance) certification. Its employees proposed a $60,000 sustainability investment to management, arguing that it could be repaid in four years with energy savings.

After tweaking behaviors and making a handful of improvements within Messer’s facility, “They’re now saving $3,000 each month. And they paid off the project in 15 months–less than half the time they expected,” explains Lohre.

Lohre also notes another incentive for certification in Cincinnati: “You get up to a 15-year tax abatement. That can be a savings of $8,000 each year, which adds up over 15 years.”

3. Professional Accreditations

And that brings me to some of the professional accreditations that can be obtained through various organizations and associations. As a facility manager, is having an additional credential behind your name impactful?

Some of the common accreditations include LEED’s Accredited Professional, IFMA’s Sustainability Facility Professional, Association of Energy Engineers’ Certified Energy Manager and American Society of Heating, Refrigerating and Air Conditioning Engineers’ High-Performance Building Design Professional Certification. Wow, that’s a mouthful. What does any of that really mean and does it make a difference?

In short, yes (according to several industry professionals, that is).

LEED-AP seems to carry the most notoriety given its recognition in the green community. Obtaining LEED-AP accreditation signifies a holistic understanding of the operations and maintenance of a sustainable facility. Having an Accredited Professional on staff will also gain a facility a free point on its LEED scorecard.

Perhaps most important, though, is the need for a building to continue performing optimally once it’s met criteria for certification. Constellation Energy’s Senior Vice President of Demand Response, Peter Kelly-Detwiler, says, “Without staying on top of it, a building’s performance will wander over time.” Regular oversight by knowledgeable management is key to lasting efficiency.

Having a facility manager in-house who wholly understands the building’s functions is an incredible asset. Kelly-Detwiler goes on, “It’s an environment, an ecosystem–everything from the bike rack to the performance of the technology to the occupants’ behavior. If someone on staff can understand that and can hold true to that, it keeps the initial investment and achievement from wandering out of compliance.”

He finished our interview with, “Having a [credentialed] facility manager is kind of like having a doctor living in the building.”

Are you a facility manager whose building has earned an ENERGY STAR label or LEED certification? Or have you earned one of the professional certifications? If so, do you have stories of how these certifications have proven useful or valuable over time?

Special thanks to Steven Schillinger, President of GRC-Pirk Management, and Mark Vallianatos, Policy Director of Urban and Environmental Policy Institute at Occidental College, for their insight and expertise.

Image courtesy of John McStravick.

“You never get a second chance to make a good first impression. No matter how great the service is, or how great the programs are, if the property doesn’t look good you’ll never get the chance to go farther with that prospect. Curb appeal is very important.”

Property owners are familiar with the usual roster of curb appeal improvements, such as repainting the property, mowing the lawn and trimming the hedges. Basic steps like these should be done when preparing any property for rental.

But beyond the usual, what are some additional ways to enhance curb appeal? To shed some light on these questions, I picked the brain of Jared Meadors, the owner of Medusa Properties, a niche rental company in Houston.

Justify Investments in Curb Appeal

Boosting a property's curb appeal does require an investment, but it's an investment that can pay off handsomely in terms of higher rent and quicker occupancy turnaround.

Meadors explains, “That’s the thing about improvements in general. It pays for itself 5-10 times over.”

In addition to charging higher monthly rates, nicer properties rent faster than their counterparts. “You have someone moving in right behind the person moving out because everyone loves your place,” says Meadors.

By investing a little more in restorations and adding a sense of flair to rental properties, a property owner can create something unique that stands out against other properties over time.

“It took me a decade before I learned that competing on price alone is a race to the bottom,” Meador explains. “Apple products are the most expensive in every category they compete–but they dominate those categories, and make more money than everyone else while doing it.”

Three Curb Appeal Boosters to Stand Out from the Crowd

So what makes Meadors’ properties so attractive to renters? He shares three areas he focuses on to stand out from the crowd.

1) Restore Character

Many older homes have lost their original architectural and stylistic character over time due to tenant and owner neglect, cheap maintenance work and other factors, but restoration is in vogue right now. Homes that look authentically old have instant curb appeal. It's cool to live in a vintage, or even thoroughly modern home. Establishing a sense of character is a great way to attract renters to your property.

Meadors chooses investment properties that act as a canvas for appealing modification. As he notes:

“The style of the building itself is really important. I usually buy a property that’s kind of boring–maybe a 1920s or 1930s house. The architectural details may have been stripped as fashion’s changed, so the property’s lost its original character. From an architectural approach, I take the coolest elements of an era and apply them to a building.”

2) Add Fencing and Creating Privacy

Fencing is multi-functional and desirable to renters. It adds architectural interest and character, frames a property’s boundaries, enhances security, is ideal for pet owners and offers building blocks for landscaping. You can add visual interest to the property by doing something different, and without spending significantly more than standard fencing.

With some clever design, fencing can also establish private spaces on a property. As Meadors explains, “In a really dense urban environment, any kind of buffer you can give your tenants from the street is really nice. Rather than having a big, open yard, add a cool fence or wall and consider adding a private patio. Now they have a buffer from the street and a private space.”

3) Get Creative with Landscaping

Planting interesting or unusual foliage can be an eye-catching maneuver. Some varietals can even act as privacy mechanisms, as an alternative or complement to fencing. And fencing or walls can double as a foundation for landscaping.

Meadors notes, “Fencing gives you something to build off of with your landscaping. You can plant climbers on them, like jasmine.” And voilà, artistic landscaping becomes functional and appealing.

And might I add, there’s a rental house in my neighborhood with a giant stone gorilla in the front yard. I can’t say I haven’t considered asking my landlord to consider adding a similar sculpture in my own yard.

Collectively, these personal touches offer a significant way to stand-out among rentals. Simple landscaping, tame grass and a fresh layer of paint only go so far. Laughing, Meadors adds, “You could put a five thousand dollar paint job on a Yugo, but it’s still going to be a Yugo.”

Every day, new Leadership in Energy and Environmental Design (LEED) certified and energy-efficient facilities are built and/or modernized. But as eco-friendly a design may be, achieving performance goals is impossible without tenant participation. Therefore, methods and strategies to boost tenant compliance must become an integral part of green building, before and after occupancy.

Through interviews and “green” building research, I’ve compiled five ways to encourage behaviors that align with environmental performance goals.

Engage Occupants Before They Move In

In the design phase, architects, contractors and civil engineers work together to establish projections, calculate expected energy usage and determine environmental efficiency goals. Many high-performance buildings will host an eco-charrette, a kick-off meeting of sorts, including members of the design team along with the general contractor, maintenance staff, tenants and neighbors to collaboratively contribute ideas to the building's design and functions.

By engaging tenants, as well as others involved in an eco-charrette, there’s a predisposition to understand the functionality and importance of established performance goals. Including future occupants, when possible, in planning processes is a valuable means to ensuring their commitment from the beginning stages.

Take A Holistic Approach

Josh Radoff, Principal at YR&G Sustainability, believes that a holistic approach to encouraging occupant compliance is ideal.

“There’s a mistake of focusing solely on energy and water. While they’re important for a lot of people, they’re abstract ideas. It’s hard to get too far only focusing on energy,” says Radoff.

Some organizations are having success by offering holistic programs that emphasize overall health and well-being. These may include cooking classes, composting, instruction on sustainable foods and more. By establishing holistic ideals in an organization, the occupants become more likely to participate in energy-saving campaigns.

“Communicating about sustainability isn’t only about austerity. A holistic view is far more likely to bring people in,” concludes Radoff.

Measure with New Technologies

One innovation that’s demonstrating a positive response is a software product from Lucid called Building Dashboard. It’s a social energy management tool that helps occupants compare their energy use with their peers. It sets reference points, or benchmarks, encouraging compliance and competitiveness among tenants.

Lucid’s journey began in 2002 at one of the nation’s first modern green buildings at Oberlin College.

“Our goal was to engage occupants and visitors by showing real-time environmental performance of the building and landscape,” says Michael Murray, Lucid’s CEO and Co-Founder.

Lucid’s Building Dashboard has several interactive applications that are both engaging and user-friendly. For example, attractive graphs display current trends in energy and water use. They reveal real-time energy use, measuring kilowatt-hours, BTUs, gallons, carbon dioxide emissions and the actual cost of energy.

Building Dashboard also integrates social networking, allowing a a seamless connectivity to Facebook and Twitter, which makes occupancy usage accessible and publicly visible. Facility management software can be a valuable tool in managing environmental performance tools. 

Provoke Competition

With social media integration and dashboard implementation, facility managers can create competitions between occupants, whether it be within a single building, among several buildings, or even between floors in a high-rise.

By clarifying goals, occupants are more likely to participate. For instance, a building may establish a goal to reduce the overall carbon footprint by 20%. With live data reporting in dashboard features, competitors can view up-to-date statuses on consumption levels in comparison to opponents.

Lucid shares an analogy that helps put this in perspective (and substantiates the idea):

“Consider the Prius Effect: when you can see how your car is performing in real time, you tend to fine-tune usage in order to improve, sustain and eventually surpass your current level of performance. This phenomenon is especially true when friends, family and spouses get involved, each competing to outperform the recent mile-per-gallon ‘winner.’ By analogy, the outcome of using Building Dashboard is like the social and psychological effect produced by using the energy monitor in a hybrid vehicle.”

Create Transparency

Energy usage and measurements can seem abstract. And a lack of understanding often results in a lack of interest. By making things clear, polished and simple, occupants are more likely to embrace the idea of energy conservation.

Radoff explains, “It’s sociology. People do not respond well to austerity measures, but they do if it’s packaged in a way that’s appealing. Then it’s more likely to be well-received.”

Encourage engagement by providing tenants with the actual costs stemmed from energy use and charts demonstrating usage patterns. Demonstrate exactly how their habits affect overall consumption-and how changes in behavior can make a positive impact.

Once occupants are familiar with performance expectations, they can act as allies-always keeping their eyes on things that may need improvement or to suggest ways to become more efficient. This provides the opportunity for occupants to provide valuable feedback to facility managers.

Truth be told, occupant compliance in green-initiative projects is new territory that’s still being fine-tuned and heavily researched. Keeping in mind that all properties are unique, there’s not one answer that fully resolves occupancy issues. But with collaborative effort, environmental performance goals become far more achievable.

Do you manage a zero-energy or sustainable building? What strategies have you put in place to boost occupant participation in meeting environmental performances goals? What strategies have proven successful and which ones have not? Feel free to share your comments below.

This thumbnail was created by Lauren Manning.

So, what can property managers do to encourage lease renewal? After interviewing property managers and retention research experts, I’ve collected a mix of three common sense and creative strategies to increase resident retention.

Start With Customer Service

A 2010 SatisFacts study found that 54 percent of residents choose not to renew leases based on controllable reasons. Poor customer service, lack of responsiveness and dissatisfaction with maintenance requests were cited as the main drivers of resident turnover. Contrary to popular belief, lucrative property amenities don’t make up for deficiencies in service. So, it’s critical that property managers address these issues.

Doug Miller, Founder and President of SatisFacts Research, suggests focusing first on “exceptional service.”

“The marketing fluff is nice, but only if accompanied by exceptional service,” says Miller.

But, what defines exceptional service? Miller defines it as truly meeting residents’ needs, and not by assuming what they want. Studies show residents want courteousness and professionalism; promptness of responsiveness; and, follow-up on completed service requests. As Miller notes, “There’s no rocket science behind it. And it doesn’t cost any more to provide great service than mediocre service.”

I also had the opportunity to speak with Lynette Hegeman, the Vice President of Marketing at Gables Residential. Hegeman echoed Miller’s sentiment that the primary focus should be on customer service. They monitor it by conducting surveys at various milestones of client-tenant interaction. For example, they’ll request feedback from prospective tenants, after new residents move-in, after maintenance and prior to lease renewal.

Focus on Value

Another retention strategy is to focus on providing residents with value, and not just in terms of dollars and cents. So how do we define value? Or more importantly, how do residents define value?

According to Jen Piccotti, Vice President of Education and Consulting at SatisFacts, value is defined as how easy it is to be a resident.

“The way residents see it, [value] is defined as how easy it is to be a resident in this community for the price I’m paying,” says Piccotti. “Staff can gain huge amounts of loyalty by thinking in terms of making life easier, less stressful and more convenient for their residents on a daily basis.”

So while customer service may not be as exciting as offering tenants free iPads with their move-in, it gets right to the heart of the matter. As Piccotti concluded, “It’s what the residents are asking for–because they are most likely not currently getting it to their expectation.”

Perks: It’s All About Innovation

Providing great customer service and value are the first keys to improving resident retention. But amenities are important too. The goal is to find the right mix of offerings that your residents will find compelling enough to want to stay. Creativity and uniqueness go a long way here.

For Gables residents, it’s a range of things, including monthly resident events. Though this might sound expensive, Hegeman explains that community events vary budget-wise month-to-month. In some months, Gables will host swanky events, whereas others are simple, low-budget activities that bring residents together and instill a sense of community. Hegeman says, “Integration doesn’t always mean you have to spend a lot of money. It’s about innovation.”

Gables also offers the Gables Great Reward Program, which rewards residents for tenure. Upon lease renewal, the program offers various bonuses such as carpet cleaning or painting an accent wall as a thank you for continuity.

Some Gables properties offer innovative additions to standard upgrades. One Gables property in Austin offers electric vehicle charging stations, one in Atlanta has a car wash and one in Phoenix scatters recycling bins throughout the community.

There are also opportunities to promote retention with dog-friendly policies, particularly by removing common breed or size restrictions. Roscoe Properties, for example, is one of the very few property management companies in Austin, Texas to welcome Pit Bulls. Such policies boost retention among pet owners, but also attract more pet owners in the first place with a rare, highly-differentiated offering.

Keep It Simple

When all is said and done, the smallest gestures may make or break a tenant's decision to renew. Personally delivering newspapers, handing out coffee as residents leave for work or simply greeting tenants with a friendly “how are you?” can all help in your campaign to hang on to those valuable residents.

What strategies have you implemented that have proven effective in retaining resident retention? Have you found that practicing great customer service has been your primary success in tenant retention? Or have you created unique ways to gain your tenants’ loyalty and renewals? Feel free to share your property management experiences with retention in the comment section below.

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We wrote this guide to help independent property owners and small property management groups understand the pros and cons of short-term or vacation rentals. Here we present four risks and rewards to help you determine the best option for your property.

Four Risks

1.Hidden Costs – Short-term rentals are a different breed; they have many costs that traditional long-term rentals don’t have. These behind-the-scenes costs can include everything from replacing furniture to landscaping the lawn to supplying toilet paper. In essence, they’re more like hotels than rental properties. Here’s a quick list of common unforeseen costs:

• Maintenance – garden and lawn irrigation, pool maintenance, pest control, HVAC maintenance
• Utilities – cable, electricity, Internet, telephone, etc
• Upkeep – housecleaning, toiletries, replacing appliances, carpet cleaning
• Annual fees – taxes, insurance, property management fees, license fees

You should also consider what it will cost to advertise and promote your property. Jay Reynolds, owner of VacationCake.com and a founding member of the Austin Rental Alliance, says annual advertising costs can be $1,000 or more per property.

This is just a sample of the expenses you may encounter over the lifetime of a short-term rental. You should carefully consider costs when you start your investment analysis, and you’ll obviously want to ensure your revenue outweighs expenses.

2. Competition – Maybe we should call this an important consideration rather than a risk. Regardless, you will need to research your competition before buying your next rental property (or converting your existing rental). Short-term rentals are showing up in all regions across the country, even in the most unlikely places. You can improve your odds of success by choosing the right city from the get go. Or if you already own a property, you can differentiate your rental by offering unique amenities that others don’t offer.

A quick way to to gauge competition is to visit an online vacation rental website such as HomeAway or Airbnb. Choose your state and city, then track how many properties are already listed. For reference, here’s a list of the fastest growing markets provided by HomeAway. Percentages in the growth column represent year over year growth from Q2 of 2010 to Q2 of 2011.

During this process you should review competitors’ properties. What amenities or unique features do they offer? How do they differentiate themselves? Is the property eco-efficient? Does it include sports equipment such as bicycles or kayaks? Even simple things such as a fridge stocked with local produce or pastries might attract visitors.

3. Restrictions – A new risk to short-term rental owners is the possibility of rental restrictions. New York City, Chicago and many other cities are introducing laws that ban or put special restrictions on rentals under 30 days. Increased noise and traffic, growth in dicey quasi hotels and negative impacts to limited housing supplies are all reasons for the restrictions.

These restrictions are putting a major roadblock in the way of the fast-growing short-term rental market. And it should be a serious consideration if you’re thinking about running your own. After all, you don’t want to get stuck with an illegal investment, now or in the future. So plan ahead, and do your due diligence. Be sure to identify municipal or neighborhood proposals to restrict short-term rentals.

4. Community Risks – In addition to your business risks, short-term rentals may pose risks to your community. Crime is the most obvious and most often discussed. Short-term rentals have received negative media attention this year as a few properties were ransacked by tenants. Traffic, parking and noise are other problems that have many neighborhoods balking at the idea of converting more properties into short-term rentals. Finally, there are also less obvious risks. Short-term rentals may:

• Reduce the housing available for locals
• Dilute neighborhood culture and characteristics
• Create unfair competition to the hotel industry

So don’t forget to review and address community risks. You already have enough business challenges to manage; you won’t want your neighbors and city gunning for you too.

Four Rewards

1. Income – It’s no secret that nightly and/or weekly rates of short-term rentals can be significantly higher than that of traditional rentals. In some cases you may be able to generate as much as 25% of your mortgage in one night. Here in Austin, for example, we have music festivals that attract thousands of visitors every year. As hotels fill up, many of these concert goers consider short-term rentals as an alternative option. Prices skyrocket during these events with nightly rates rounding off at $1,250 (depending on location and number of rooms). This increased revenue can make up for slower rental periods throughout the year.

Another unique opportunity for short-term rental owners is the corporate market. You may be able to promote your property to large corporations that have offices in your area. For example, on the outskirts of Austin there are several large office complexes occupied by Fortune 500 companies. There are few short-term accommodations available in this area. So, short-term rental owners could promote their home-away-from-home features such as a full kitchen, a backyard for pets and more, to attract these customers.

2. Preservation – This isn’t as widely discussed as other perks, but property owners wishing to preserve the historic or sentimental value of a property may have more success with short-term renters. Unlike long-term renters, they are not responsible for furnishing a property or taking care of maintenance. So, you won’t have to worry about someone forgetting to replace an air filter, putting holes in the walls with paintings, letting the lawn get out of control or causing pest problems. Sue Long, a founding member of the Austin Rental Alliance, prefers renting short-term rather than long-term for this very reason.

“I do it for the love of the house that I saved from being demolished. This house sat on a lot next door to the house my father was born in in 1914. We have such a cool neighborhood and I want people from out of town to have that experience. I don’t want someone in there for a whole year who won’t respect it or take care of it the way I do.”

3. Tax Breaks – Short-term rental owners are eligible to receive many types of tax breaks. For starters, they may be able to deduct operating, advertising and other expenses such as education costs (i.e. seminars on how to rent vacation homes) and income tax preparation. The biggest break, however, is for owners that rent their property less than 14 days a year. These owners don’t have to pay any tax on the rental income; they don’t even have to report it. If you rent the property more than 15 days a year, however, the revenue must be reported as income. Working with a tax professional is advised.

As a final tip, if you have generated more revenue than expected this year, you could offset this by making year-end, tax deductible purchases. This could include everything from replacing furnishings to hiring a professional photographer or copywriter to help with advertising to buying large-ticket items like a hot tub. HomeAway has a short tutorial about year-end tax considerations.

4. Community Rewards – While short-term rentals have community risks, they also present community rewards. For example, proponents believe short-term rentals promote tourism in a community. Most short-term property advertisements will publicize the features of the property, but also the unique events and attractions of the community. Additionally, short-term rentals provide more tourist capacity in areas with few hotel options or during events and peak periods.

Short-term rentals may also increase the property values in a neighborhood. Property owners managing short-term rentals must keep their properties well-manicured, attended to and make regular, beautifying improvements in order to remain competitive in their market. Some believe this leads to higher property values in neighborhoods, which is beneficial to other homeowners.

So there you have it. Short-term rentals may be a viable option for your property, but be sure to carefully weigh the risks and rewards beforehand. If you have experience renting out a short-term property, feel free to share your tips and anecdotes below.