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Twitter How-To’s: Part 3 of the Twitter Series for Property Managers

Charity Hisle — Fri, 10 Feb 2012 19:17:35 +0000

Once you create a Twitter account, there are a few things you need to know and understand. Here are the basic how-to’s:

Reply vs. DM
The @ sign is like magic, it is called a Reply or a Mention and is public. When you use the @ symbol before someone’s name (for example: @CharityHisle) you are targeting that update TO that person. Twitter even links to that person’s account to help connect your followers to one another. A DM is private. There have been plenty of mistakes made by individuals and brands that accidentally replied instead of responding via DM. DM’s are good for handling customer service issues – just don’t use the DM to thank new followers or introduce your new community specials.

The right way to RT.
A RT stands for Re-Tweet. Basically, you’re just repeating what someone else has already said but in a way that gives them credit for the thought or idea. The easy way to RT is to click the little RT link beneath the original tweet, but the easy way is not the correct way. Read up on the details on the specifics of RT’ing (http://blog.hubspot.com/blog/tabid/6307/bid/27675/How-to-Retweet-the-Right-Way-in-4-Easy-Steps.aspx).

What is a Hashtag?
A hashtag is a keyword preceded by a # sign. We use these on Twitter to track conversations on specific topics. Some of my favorite topics are #socialmedia, #mfi, #AptChat, and #blogchat. Hashtags are also a great way to determine trending topics on Twitter. You can view these trending topics on the right side of your screen when logged in to Twitter or just by visiting Twitter.com. Take some time to learn more about Hashtags (http://www.sociallyengagedmarketing.com/2010/01/hashtags-for-beginners/) and how to use them correctly.

Linking?
Twitter makes it easy now, they shorten everything for you!

Posting from my phone?
This is a little more complicated but can be done. Check out these instructions on Tweeting from your phone. (https://support.twitter.com/groups/34-apps-sms-and-mobile/topics/123-mobile-basics/articles/14014-twitter-phone-faq) Just be very careful – this particular method has confused even the most savvy of Twitter users and caused a few scandals.

Report spammers
When you start receiving spam updates, and you will, please report the spammers to Twitter. There is a little drop-down button that makes this easy to do.

Last, but not least, who should manage the account for your business? Open up the page at your leasing office and allow leasing agents, maintenance men, residents and even prospects to contribute! Why not?

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What is Twitter? Part 1 of the Twitter Series for Property Managers

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Study Reveals Pattern on Furnishings Can Induce Dizziness

Bryan Ives — Wed, 08 Feb 2012 18:20:18 +0000

A particular design on some furnishings could have you feeling like you need to sit down or even get out of the room entirely. A recent study in the scientific journal Perception revealed that a black and white patterned rug appeared to cause symptoms related to motion sickness. “We were surprised at how quickly people experienced symptoms — within five minutes,” Frederick Bonato, an author of the study explained.

Andrea Bubka, who has studied motion sickness, joined Bonato in asking 22 college students to stare for five minutes at a photo of the rug and a photo of a gray poster separately. Students filled out a motion sickness questionnaire following the tests revealing that students felt noticeably unstable after staring at the rug.

The study was prompted after colleagues of Bonato and Bubka reportedly experienced headaches after staring at their mat. “We kind of did it almost for kicks,” Bonato said.

The next time an interior design project ensues in your home be sure to take special note of black and white patterns due to the potential dizzy spell they may induce!

Source: http://realestate.aol.com/blog/2012/02/06/disgusting-decor-a-rug-that-makes-you-nauseous/

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Trends for Managed Property and Rental Housing

Marc Courtenay — Wed, 08 Feb 2012 02:03:42 +0000

2012 has started with relatively good news for both investors and property managers of rental residential real estate. The most relevant breaking story came on Thursday, January 12th when we learned that foreclosure filings and repossessions have fallen to their lowest level since 2007 last year. Total filings, including default notices and bank repossessions were down 33% for 2011 to 2.7 million, according to RealtyTrac, the online marketer of foreclosed real estate. They informed us that 1 out of every 69 homes had at least one foreclosure filing during the year, while 804,000 homes were repossessed. That’s a significant improvement from the peaks reached in 2010. In that year 1.05 million homes were repossessed. So the numbers for 2011 are the lowest since 2007.

This apparently is the beginning of a nationwide trend, according to CNNMoney.com. They also reported that more than 4 million homes have been lost to foreclosure over the past five years. That’s a big inventory to add to the existing numbers of unsold homes, and that foreshadows a trend that will be more like a bottoming-out process on home pricing. While the declines in foreclosure filings and repos sounds like good news for the housing market, where a torrent of foreclosed homes has depressed home prices, “… much of it is due to processing delays caused by fall-out from the “robo-signing” scandal that broke in late 2010,” according to the CNNMoney.com report. “During the year, banks spent more time making sure paperwork was legal and proper, creating a backlog in the foreclosure pipeline. As a result, the average time it took to process a foreclosure climbed to 348 days during the fourth quarter, up from 305 days a year earlier” they pointed out. “Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac.

When I went to their web site I also learned that the average sale price of a foreclosed home actually went up 8.53% in December 2011 (nationwide average price–$183,393) from them November average price of $168,984. This gives a sense of urgency to your owner-clients who want to leverage what they own by looking for foreclosed houses that they can buy at greatly reduced pricing and rent to future residents. Remember, be the source of good ideas and news to your clients and they’ll not only stay with you, they’ll refer others to you!

Turning Foreclosures into Rentals

As I recently reported on this site, 2011 will go down in history as the year when the rental housing and multifamily apartment rental markets began to tip in favor of owners and landlords. Now comes the exciting news that Federal officials are planning to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties. The program, which was recently mentioned by Federal Reserve Chairman Ben Bernanke as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae and Freddie Mac to investors who want to buy in bulk.

Converting foreclosures to rentals will help many neighborhoods, relieve the shortage of rental housing and minimize losses to Fannie, Freddie and the FHA. These three Government-Sponsored Enterprises (GSE) hold about 250,000 properties, Bernanke told lawmakers in January 2012. He urged lawmakers to strengthen their efforts to improve the housing market. Dr. Bernanke is placing particular emphasis on the large number of vacant homes on the market. “Restoring the health of the housing market is a necessary part of a broader strategy for economic recovery,” he stated emphatically.

For more details about turning foreclosures into rentals you may want to check this out for yourself. This may be a once-in-a-generation chance for your clients to increase their rental property income and for property managers to expand their businesses at the same time.

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Public Universities Turn To Private Sector To Develop Dormitories

Bryan Ives — Fri, 03 Feb 2012 01:52:00 +0000

Public universities around the country are handing over the process of building and financing on-campus dormitories to the private sector. The increase in demand for state college education, strict states budgets and the ability specialized student housing companies possess to build residence halls faster and cheaper are some of the reasons behind the change. In addition, these particular partnerships transfer some of the responsibilities of being a landlord and more importantly free capital that universities can apply to projects seen as more valuable.

Some of the universities that are already in such partnerships or are looking into the possibility include University of California, Irvine; Arizona State; Portland State; University of Kentucky; and Montclair State in New Jersey, which recently opened a two-tower complex called the Heights. Officials are calling the complex that includes 2,000 beds and a 24,000-square-foot court the largest student housing complex in New Jersey.

Private colleges and universities are not entirely sold on the idea due to the fact that most of their funding to finance student housing comes from student fees, endowments and philanthropy. Also, their housing needs tend be smaller leaving private developers less inclined to enter partnerships.

Supporters of private partnerships use potential savings as the driving force behind their argument, but savings from lower costs of construction and operation are not necessarily handed off to the students. For example, a room at the Heights at Montclair State in New Jersey is $1000 more a semester than a room in Montclair State’s other dorms. According to Edward P. St. John, an education professor at the University of Michigan and an editor of “Privatization and Public Universities,” private partnerships are often sold as a method to save but rarely result in savings.

Read More: http://www.nytimes.com/2012/01/25/realestate/commercial/public-college-private-dorm.html?pagewanted=1&_r=2

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Landscaping Resources for Property Managers

Rob Maday — Fri, 03 Feb 2012 01:19:17 +0000

Out of the countless ways a conventional landscape can become more “green” and sustainable, we’ve compiled a list of 3 suggestions with the best ROI for property managers.

1. Install a Smart Irrigation Controller (Rebates available in most municipalities)

At a time when cutting edge technology is so prevalent in our daily lives, it makes no sense that your irrigation controller is from the Stone Age. At a minimum, your irrigation controller should be connected to a rain sensor that will shut down any programming if a set amount of precipitation collects in a small basin. Also, your controller should have a “seasonal adjust” feature that allows you to quickly reduce your set watering times by a percentage, making adjustments to your program quick and painless. If you have a larger property, upgrading to a smart controller that accesses weather data, ETo, soil moisture, and other conditions will no doubt save you water, money, and keep your plants healthier.

2. Conduct Quarterly Irrigation System Check-Ups

Odds are if sprinklers pop up or start dripping in the early morning hours, you and your landscape maintenance crew rarely see the system in action. If anything, you see evidence the system ran as you drive past and see the sidewalk and driveway wet. So take 20-30 minutes during daylight to turn on each sprinkler valve to check each head and emitter for proper functioning and alignment. There should be little to no overspray onto pavement, no geysers erupting from drip tubing, and absolutely no puddling. If you see puddling, you are applying too much water too quickly. To remedy, reduce watering times to cycle-soak intervals, replace sprinkler heads with rotary nozzles, and/or install a thick layer of tree trimmings to absorb and retain the moisture. Conduct these irrigation check-ups on quarterly intervals as a poorly maintained irrigation system will eliminate the savings of even the most state-of-the-art irrigation controller.

3. Minimize the Size and Impact of Lawn

As discussed in greater depth by others, the conventional lawn is a remnant of Landscaping 1.0. We are now well into Landscaping 2.0 and the notion that lawns should continue to be front-and-center of our properties is baseless. The percentage of time a maintenance team spends maintaining lawn is disproportionate to the value it provides. And needless to say, the time spent maintaining a lawn is not cheap. The water cost alone in warm climates is enough to make you reconsider its place in the landscape. For a quick illustration on the cost of water for a lawn compared to a drought-tolerant landscape, see the Water Usage Calculator at Landscape Resource.

However, if your lawn is to remain in its current form for practical reasons, consider implementing the following practices for increased health and reduced maintenance costs:

Grasscycling: Leave your grass clippings in place to reduce the amount of fertilizers needed to keep your lawn green.

Aeration: Using an aerator (mechanical or manual), plug holes throughout your lawn 2”-4” on center. This will alleviate soil compaction and allow moisture and nutrients to be more successfully absorbed into the root zone.

Reduce watering times: Statistics show that over 50% of people overwater their lawns by a factor of 1.5-2 times the amount needed. Try cutting back watering times by 3-5 minute increments. If you notice your lawn browning after a few reductions, bump the time up a bit and you’ve found a more accurate schedule and saved some water.

Mow High: For most lawns, you can set your sharp mower blade higher. This encourages a stronger, healthier grass that is less dependent on outside inputs.

About the Author
Rob Maday, ASLA, is a California-based registered landscape architect with over 10 years of experience designing responsible and unique landscapes. His professional practice, RMLA, focuses on residential, commercial, and industrial projects along the Central Coast. In 2010, he launched LandscapeResource.com, a free, community-based resource that provides inspiration and information for sustainable landscaping.

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Federal Laws Property Managers Must Be Aware Of – Part I

Mary Girsch-Bock — Wed, 01 Feb 2012 00:29:56 +0000

Sometimes it seems as if all property managers spend a majority of their time memorizing various rules and regulations. New employees in particular are always trying to learn basic rules such as “when do we return security deposits, or what account does this deposit go into?” But one of the most important set of rules that property managers must be aware of, and have some working knowledge of are federal laws. While memorization is not needed, property managers MUST be aware of the general regulations that these Acts encompass, and must know when further research is necessary in order to clarify any issues that may come up. I’ve summarized a list of federal laws that property managers should be aware of as well as the possible repercussions if violated.

The Fair Housing Act – While the majority of property managers are well acquainted with the Fair Housing Act, here’s a brief recap. The Fair Housing Act prohibits discrimination in the sale, rental, or financing of housing based on race, color, religion, national origin, sex, familial status, or handicap. Penalties for violating the Fair Housing Act are stiff, and include revocation of any license held, and possible federal prison. Make sure you and your staff treat all applicants equally and this should never become an issue.

The Sherman Antitrust Act – This act is designed to promote competition in the open marketplace. While property managers do need to know competitor’s pricing, managers must avoid the appearance of conspiring to fix prices in order to thwart the competition. Only the courts can determine if price fixing has occurred, and a conviction can result in both civil and criminal penalties including time in a federal penitentiary. That simple verbal agreement between property management companies agreeing to maintain similar rents will send a red flag. Remember, all that is necessary is that it looks like price fixing, and you may find yourself in federal court. Avoid even the appearance of price fixing at all costs.

Americans With Disabilities Act (ADA) – The rules of the ADA are complex and multi-tiered. Briefly, the ADA states that no person may be discriminated against on the basis of disability. The ADA mainly affects commercial property managers, but the Act also covers property management offices, which must be made available to all handicapped individuals. Take some time to familiarize yourself with the basics and be sure to keep your office in compliance.

More in Part II.

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Two California Companies Develop Their Own “REO-to-Rental” Platform

Bryan Ives — Sat, 28 Jan 2012 01:14:06 +0000

Following the announcement that the federal government will be implementing a pilot program in the first quarter to sell Fannie Mae, Freddie Mac and Federal Housing Administration REO homes in bulk to potential investors, two California companies are in the works to develop their own rental platform.

Private equity fund GI Partners will be investing $250 million in Waypoint Real Estate Group based out of Oakland, Calif. Waypoint developed a process of acquiring foreclosed homes, renovating them before leasing the properties to residents. Waypoint has been in business for three years and since opening has acquired 1000 homes in California. Over the next two years they plan on buying and leasing $1 billion in single-family rental homes.

“Our approach to buying and renovating distressed homes and leasing to residents who are committed to a path to future home ownership is a viable solution to our nation’s housing crisis,” said the managing director and co-founder of Waypoint Real Estate Group, Colin Wiel.

A propriety technology is used by Waypoint to successfully identify residential real estate markets that have a strong rental demand that could potentially benefit from their “REO-to-rental” model. “Waypoint has not only developed an effective strategy for investing in distressed single family homes, but has built a business that has a positive social and economic benefits in the communities in which they invest,” said Ric Magnusson, executive managing director of GI Partners.

Source: http://www.nationalmortgagenews.com/msn_features_reo/private-equity-firm-reo-to-rental-1028329-1.html

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10 More Pinterest Tips for Property Managers!

Charity Hisle — Thu, 26 Jan 2012 01:58:15 +0000

In our last post about Pinterest, we discussed why each property management group should have a Pinterest account. But how do you get creative with your account without being too salesy?

Here are ten more ideas for using Pinterest for your communities:

1. Create an account for your property management group then create a pinboard for every community.
2. Pin items of interest by category, here are a few ideas for categories:
a. Interior design ideas: create a board for each room of the home.
b. Fitness and Food: create a board that emphasizes healthy living and recipes.
c. Shopping lists: create a board as a handy move-in resource for new residents.
d. Create a board for each of your leasing agents with different themes.
e. Share an organization pinboard for unique storage ideas.
3. Have a Pinterest contest! Start a contest for prospects and residents to pin pictures of your community or have a scavenger hunt to find all of the items located on a contest board.
4. Create a board for good books or inspirational quotes.
5. Have a board for local restaurants.
6. Share local coupons and deals.
7. Comment on other pins.
8. Pin pictures of your communities and link to their websites in the description.
9. Add the pin button to your websites so that people can easily pin photos of your communities that they want to share with others.
10. Share photos of community events on Pinterest then share to your community Facebook wall.

Please share a link to your Pinterest page below so that we can all follow one another!

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How to Attract “Generation Y” Residents for Your Rental Properties

Marc Courtenay — Mon, 23 Jan 2012 20:05:33 +0000

Believe it or not, there are up to 80 million people between the ages of 16 and 29 who will be filling your vacancies in the year ahead. They are often called “Generation Y.” Also known as the “Echo Boomers”, they are the children of that other gigantic demographic, The Baby Boomers (those born between 1946 and 1964). Born between 1981 and 1995, they’re already having a huge impact on entire segments of the economy. And as the population ages, they will become the next dominant generation of Americans. So whether you call them “echo boomers,” “Generation Y” or “millennials,” they already comprise nearly a third of the U.S. population, and currently spend $180 billion a year of their own and their parents’ money. They are a force to be reckoned with and not to be ignored.

How to Attract Them to Fill Your Vacancies?

To begin with, you have to reach them on a technological level. They don’t read newspapers and aren’t likely to even read their mail. They are multi-taskers with smart phones, iPads, music downloads, and text-messaging on their Internet-connected devices. They are totally plugged-in citizens of a worldwide community. Communicate to them like their favorite smart phone and computer-tablet company does. Have you been to an Apple store lately? It’s absolutely packed with Echo Boomers! Think about it, do you know anyone between the ages of 16 and 29 that doesn’t have either an iPhone, an iPod,or an iPad?

Go to Apple’s website and see for yourself how they grab and hold the attention of this enormous generation. Watch the videos that they use to speak to the heart of their interests and how Apple motivates them. When it comes to having a place to live, this generation doesn’t mind living with their parents as long as tolerably possible. Yet at some point they want their privacy and independence. What they don’t seem to want is the responsibility or financial obligations involved in owning their own place. My own two (my daughter, a Generation Xer, and my son born in 1981) both have chosen to rent or lease their respective housing.

Forbes recently had a relevant article titled, “Housing the Echo Boomers—Next Big Real Estate Opportunity?” and it is a must-read for property managers who want to attract this age group. In the section titled, “What Will They Want?” the author emphasizes that “…most of Generation Y seem to want modest homes, the demand of which may be indicative of their young age. But it might also represent a demographic shift against large housing that is often overpriced and unnecessary.”

So if you’re using smart phone and online applications to advertise rental properties to this group, make sure you focus on affordability, easy upkeep, and the manageable size of your rentals. The Echo Boomers have been polled in recent years, and they value not only economy, but also ecology. They want to live in as green and environmentally-friendly a home as possible. If your units are energy efficient and have features that show respect for the planet, make that part of the theme for your advertisement. Appeal to their priorities and let them know that you understand what they’re looking for.

This massive generational group is rediscovering the joys of marriage, partnering and raising a family. Again, reach them through their technologies and stress that your rental housing is close to work, school and their kind of social areas. Accentuate the point that housing which is centrally located will save them money so that they can afford other things in the area and be closer to where they work or can find additional employment.

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Investors Favor City Apartments Over Suburban Communities

Bryan Ives — Thu, 19 Jan 2012 20:03:24 +0000

Apartment building sales continue to remain strong, but in some areas investors are opting to invest in properties in cities rather than the suburbs. Two deals in the Boston area serve as a prime example.

According to Simon Butler, an executive director at Cushman & Wakefield, a 1,020- unit apartment complex with over 90% occupancy in the suburb Framingham, Mass. sold for $128 million, just below what it sold for in 2007 at $130 million. Charleston, S.C.-based Greystar Real Estate Partners acquired the property from JPI of Irving, Texas.

On the other hand, a 232-unit Cambridge, Mass., apartment property recently sold for $64.9 million, above the $55.8 million price it traded for back in 2006, according to Real Capital Analytics.

“You get stronger pricing in the city because there’s a perception that there will be stronger rent growth,” says Butler. Butler represented sellers in both transactions and the sellers renovated both properties. According to Dan Fasulo, managing director at Real Capital, some of the higher prices are found in urban areas while property value recovery in suburbs continue to experience slower growth.

Source: http://online.wsj.com/article/SB10001424052970203436904577153191559355760.html

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