FHCE 4330 Midterm Quizlet

Absorption

# of units leased within a market for a period of time

7 Steps to creating an ethical property management climate

- Don't wait for your boss to do it: Do it using your own resources; do it forcefully and energetically; and do it now. -lead by personal example: Even in small ways: people will try to emulate you -Don't accept unethical behavior: People who are not in the habit of thinking ethically when it comes to small matters will not be reliable in large ones. -Study leaders you admire: Think of great teachers, coaches, business leaders, politicians, and military leaders, and study what they did well.notable figures often write about their own ethical dilemmas and how they resolved them. Educate yourself: read IREM code of ethics Lead: Lead the discussion, but don't let it turn into a lecture, Let people talk about personal experience, etc keep studying ethics: Volumes have been written about ethics, business ethics, and even about the ethics of property management.

Curb Appeal

- The visual attractiveness of a community based on what one can see from the curb

6 High-Performing Context marketing Channels to Utilize in 2020

-As the substance of marketing endeavors, content attracts and -builds rapport with audiences, establishing trust, credibility, and effective dialogue. ------Floorplans: Gallery images help prospects imagine themselves living in the apartment, but floorplans help prospects imagine themselves in the layout of the apartment.s prospects review - and share! - floorplan images, they'll consider whether bedrooms share walls if their furniture will fit into the living room, and whether the sense of flow fits their needA floorplan image may make or break a prospect's decision to submit a lease application -----Blogs: Blogs connect users to a brand, boost search engine optimization, and strengthen relationships with readers. Whether targeting potential residents, investors, employees, or a general audience, a blog provides the platform for an authentic voice. -log is a space where consumers feel less like they're on the receiving end of a sales pitch and more like they're engaging in a conversation that reflects a company's mission and personality -A well-executed blog will also enhance site performance with regard to search engine optimization -blogs are shareable, stimulating conversation on social media and increasing the visibility of a brand -----VIdeo -video has proven more compatible with the attention span of today's users. Watching a short clip requires less energy and time than reading text. -onsumers are more likely to watch the entirety of a video than finish an article -videos increase a user's time spent on a site, attract more visitors, and promote sharing—all of which boosts the value of a site and increases its ranking.multifamily marketing, visuals outperform text, especially when showcasing amenities, floor plans, and interiors. Incorporating video on your website provides the most accurate depiction of your community while simultaneously grabbing attention and decreasing bounce rates. ------Influencer marketing: variety of influencer channels, the most popular being Instagram, YouTube, and blogs -Influencers can promote apartment communities in a variety of way -Sponsored content is effective for a variety of reasons.abandons the traditional marketing conversion where a company speaks directly to a consumer -----Infographics: volved throughout the years -share content in a way that readers can easily comprehend and share -seurs can share the images on social media or embed them into other websites or blogs, increasing the visibility of a company's message and their brand. -multifamily marketing, infographics have been a successful tool for spreading industry insights--->can boost the credibility of a management company and impress investors. -----Social Media Crowsourcing:taps into the activity of a targeted group to involve them in brand promotion -strong and diversified content marketing strategy will increase the visibility of your website, build trust with audiences, and bolster branding.

Abortion Calculation is complicated

-must define availability and what is meant by rented. -need to define exactly what your market area is:Not understanding what the competitive market or product is can be costly -making decisions, interest rates, trending, seasonal cycles, and general market conditions all need to be considered in addition to absorption.

Lease

A contract outlining the terms and conditions between a landlord and resident

Unit Mix

Answer: # of unit types (bedrooms) • Why is unit mix important? Answer: Affects resident profile (age group, income levels), amenities

Are Marketing and Advertising the same?

Answer: no

Language Use

Community • Resident • Home, apartment home • NOI

Inbound Marketing

Content to attract • SEO - maximize ranking in search engines • Social media

Market Segmentation

Divides market into groups with similar traits, interests, needs, etc. • Respond similarly to marketing efforts

Activity 1 Terms

Do not forget to go back to these terms before the midterm

Comparing absorption over time is good

For trending

Signs of stress tiger

Gets emotional • Over Sell • Opportunistic

Turnkey

Getting the home ready for a new move-in after a move-out

Closing Techniques

Good closing techniques are essential to effective leasing and maximizing net operating income. This requires identifying the future resident's needs and wants, overcoming objections, and using the best strategies for the situation. With all closes, it is important to make it easy on the prospective resident to move forward with a decision in their best interests. Closing should not be self-serving or aggressive. Effective closing proactively prompts action without pushing too much, which creates a fine line that requires excellent communication and interpersonal skills. Some leasing consultants find it uncomfortable to transition from building rapport and gathering information to closing. Leasing professionals should keep in mind that the prospective residents came to them for assistance and consultation. They are not doing something to the prospective residents; they are doing something for them. To successfully close, leasing professionals must satisfy the future resident's need for logical reasons to lease the home. This means answering the following questions: 1. Why should the future resident lease today? 2. Does this community really satisfy their needs? 3. Why should they lease this particular home? 4. Are the home and services offered worth the price? Leasing professionals turn features into benefits by personalizing them and relating them to the specific needs and wants the future resident mentioned while building rapport and answering the qualifying questions. Leasing professionals should notice the reaction to each benefit for clues to the future resident's special wants and needs. Good closing techniques enable prospective residents to realize the peace of mind and personal security of knowing where home is going to be to instead of dealing with the unrest, uncertainty, and insecurity of a postponed decision. Asking the right questions is conducive to closing. Open-ended questions that are broad and require unique answers are good for determining what is important to prospective residents and how they feel about things. An example of an open-ended question is, "How would you describe the ideal evening after a long day at work?" It is also good to ask questions that solicit "yes" responses. Studies about selling show that the more times customers respond positively, the closer they move to making the decision to buy. Accurately identifying specific personality types and using their preferred communication styles are good for building rapport and communicating well. It also helps with understanding and appropriately responding to the prospective resident's views and knowing how close the prospective resident is to making a decision. Leasing professionals should adjust strategies to match the prospective resident's stage in making a decision. For example, the Ben Franklin close is better after the prospective resident is close to making a final decision and aware of all the features and benefits than when they are still trying to process the factors that need to be considered. Recognizing objections and having good product knowledge to overcome them is essential to closing. Leasing professionals should know what the most common objections are and how to best counter them, as well as how to tailor the counters in the best ways for various personalities and situations. Leasing professionals should always be closing (aka ABC). This means the close is an ongoing process that begins with the first contact and continues with every opportunity. There are literally hundreds of closes which can be used. These are some of the most common: · The Assumptive Close is used throughout the demonstration process. This close uses language as if the prospective resident has already made a decision and incorporates personalization through use of the prospective resident's name, and "you" and "yours". If the home is a good fit, this enables prospective residents to picture themselves with the decision made. An example of an assumptive close is - "Mary, how do you like your balcony?" · The Alternative or "Which One" Close narrows the area of choice and helps prospective residents move closer to a full decision by asking them to make a personalized choice. It may incorporate elements of the assumptive close. An example of an alternative close is - "Sue, would you prefer the pool view or the lake view?" · The Trial Close takes future residents' temperatures about the home by determining how they like it so far. It is very effective for identifying what other closes should be used. An example of a trial close is - "Steve, how do you like it so far?" · The Summary Close summarizes the features and benefits of the home, stressing and personalizing those the future resident has identified as important to him/her. This method can be very effective as a prelude to asking the prospective resident to complete an application. This is an example of a Summary Close -"Bill, this home has a view of the pool where you'll be swimming your laps in the morning. The large living room and fireplace will be great for entertaining on those cold winter nights, and the gray color scheme is the one you said you liked most." The summary close can also be a written list of what is being offered. Putting it in writing makes it easy to understand and adds to credibility. · The Counselor Close adds reassurance to the Summary Close. It is particularly good for prospective residents who are insecure about making decisions because it helps assure them they are making the right decision. An example of a Counselor Close is -"Bill, this home has a view of the pool where you'll be swimming your laps in the morning. The large living room and fireplace will be great for entertaining on those cold winter nights. And the gray color scheme is the one you said you liked most. I am sure you will be happy living in your new home at Regency Court, and we will be delighted to welcome you as a resident. You will be able to do what you want in summer and winter." · The Urgency Close answers the question of why the prospective resident should lease now by stressing the importance of making a decision before it is too late. This close is good when the price is likely to increase or supply is limited. Supply can be limited for many reasons, such as not having availability for a certain unit type or having several prospective residents interested in the same home. Sometimes low supply is not easily recognized. Each home has some feature which distinguishes it from all the others. This is even true when all 20 apartment homes in a building are the same basic floor plan. Leasing professionals should identify what is unique with each home and use that information to create urgency when that feature is important to the prospective resident. An example of an urgency close is - "Madeline, this is the only luxury one-bedroom home we have with light hardwood and a pool-side view. Let's complete the application now to make sure you get you in this home with both the flooring and view you want." · The Acceptance Close reminds the future resident that all residents are screened per the written qualification criteria. This assures the future residents that the community does not discriminate and cares about safety and the ability of residents to fully enjoy their homes. An example of an acceptance close is - "Anna, you said one of your main reasons for wanting to move from your current residence is that you can't sleep at night because of the loud parties at all hours. As you see with our screening criteria, we check prior rental history, which includes the number of notices for lease violations. We are strict with enforcing community rules too." · The Ben Franklin Close (aka The Balance Sheet Close) uses the pros and cons of leasing the home. It is particularly good for analytical types and/or people who can't seem to make up their minds. In this close, the leasing professional lists all the positives of leasing the home in one column and the negatives in the other. This is done through conversation in which the leasing associate asks what the prospective resident likes about the home and writes it in the positive column. The leasing associate then asks what the resident doesn't like and lists that in the negative column. Even with the negatives, the leasing associate can counter objections. Sometimes through better understanding, what looked like a negative is actually a positive. The final decision of which column to put the factor in should rest with the prospective resident. The leasing associate can also remind prospective residents of positives they may have forgotten and highlight the ones they mention. Several other closes may be used during this process. If the prospective resident is still not sure, the leasing professional should give the list to the prospective resident and follow up after the prospective resident has had more time to evaluate the considerations and possibly use the process to compare this home to another one. · The Incentives or Specials Close may be good in a soft market. Discounts may take the form of a specified amount of money presented as a move-in allowance to cut the costs of moving, a reduced monthly rental, or a reduced deposit or fee. In addition, there may be giveaways, such as trips, gift cards, or electronics. It is important to present these incentives or specials in the right way by not overly emphasizing them and by making the full value obvious. · The "Where did I go wrong?" Close can be effective in identifying hidden objections. Prospective residents may not voice objections for several reasons. They may feel guilty about not sharing the enthusiasm of the leasing professional, not be confident in their tastes, or be embarrassed about their financial situation. The leasing professional should uncover hidden objections through empathy and appealing to the future resident's emotions. An example of a "Where Did I Go Wrong" close is - "John, I think you like the home, and we would love to have you as a resident. But I get the feeling there is something else I should have said or done. Can you tell me what I could do better?" · The Team Play Close asks other team members to pitch in with closing. This close is good when the leasing consultant is not clicking well with the prospective resident, someone else in the office has more knowledge or experience, or the prospect is very social. · The "If I could ... would you?" Close is good when it is fairly certain that there is only one obstacle standing in the way of the prospective resident renting, and it is probably reasonable to overcome the obstacle. An example of this close is - "Jack, if I can get management's approval to hold this home at this price until March 10, will you complete the application today?" · The Try Us on for Size Close allows the prospective resident to experience the community and become more emotionally connected. It is particularly effective for communities with fun events or top amenities. Of course, leasing professionals would make sure this is allowed per policy because there are liability and other issues to consider. Examples of this close are inviting the prospective resident to a party, join a fitness class for a day, or stay in the guest suite and use amenities and join events for a weekend. · The Price is Only Close breaks pricing down in small increments so it is not as intimidating. This close is more commonly used in other industries because rental rates and fees are thought of in monthly terms and should be expressed that way. However, in certain circumstances, it could be beneficial. For example, if someone is trying to decide whether to live in an urban high-rise or a suburban townhouse at the edge of the city, it could be good to compare the homes in terms of price per square foot. Mastering closing techniques brings success to many. It enables individuals and families to find the home that is the best fit for them, drives revenue to the company's bottom line, and usually results in bonuses for leasing professionals. Top closing skills can go far in sky rocketing careers for leasing professionals.

Property Characteristics (homes)

Location, unit type, size, layout, mix, construction type, class most important:: location

Marketing Analysis: Neighborhood

More narrow focus than region • Potential for the site • Competition • Same land use, support structures, population set

Occupancy/Vacancy

Occupancy Rate = Amount of occupied space ÷ Total amount of available space (97 occupied/100 total =97% occupied) Vacancy Rate = Amount of vacant space ÷ Total amount of available space (3 vacant/100 total = 3% vacancy

Changing Rental Demographics

Older•Higher incomes•More educated•More married (no children & with families)•More single-family rentals

Condominium

Ownership within a multi-unit structure along with a prorated share of common areas and undivided land

Expansion of 4 Ps

Place • Processes • Partners • Physical evidence

Factors

Property Type and Characteristics in the socio-economic environment Supply and demand in the local market Market Segmentation to identify the target market Pricing within the market and against competition

Summary

Property managers should be aware of what is likely to create conflict for each of the BOLT types and know the best ways to deal with conflict

Analysis

Property+Market+Competition= Pricing and Owner Goals

Purpose of Market Analysis

Purpose of Market Analysis • Gather information Determine opportunities and challenges Determine• Define best action

Negotiations Tips During the Leasing process

Property management professionals should develop negotiation skills. Sometimes prospective residents want to negotiate and come away thinking they got the best deal possible. This occurs more often with small companies and individual investors and managers than with large professional management companies. In soft markets and with first time renters, however, it sometimes occurs even with large companies. Always keep in mind that inconsistent pricing and practices can be a Fair Housing violation. For example, if a male negotiated a lower rental rate than a female, the higher rate paid by the female could be viewed as gender discrimination. Because of this liability, most Leasing Consultants are spared from hard negotiations. Property managers frequently negotiate with vendors for supplies and services and may be involved with salary negotiations. Corporate employees are often involved in tough negotiating when making deals. There are a few gambits that are beneficial in negotiation. · Start optimistically high, but not so high it antagonizes the other side. One of the main reasons to start high is so you have room to give some concessions, which lets the other side win too. You may even come out better than you thought you would in the beginning, with everybody happy. · Be assertive but not aggressive. · Always keep more than one issue in play to avoid having a clear winner and a clear loser. · Understand that everyone does not want the same thing. Listen and be clear on what the other person wants and how important it is to him/her. · Show the other side how their basic interests will be met with what you propose. · When giving in on a point, get something in return. This is good because you might get more than you expected, the value of what they want is elevated, and it reduces the chance they will come back for more. · Do not confuse negotiating with price. Too often, property managers discount pricing when that is not what should be done. · Do not act aloof, too sophisticated, or too above the mentality of your future resident because you will be seen as a competitive threat instead of someone trying to help. · Watch the other person's body language and stay aware of and control yours. · Always be prepared to let the other side know that you are ready to draw the line. · Write down what you are offering. Putting things in writing can provide clarity and credibility. · Never gloat no matter how well you feel you did in negotiating. Now, let's look at some negotiation tactics prospective residents often use and strategies to counter: Nibbling: Trying to get something even after everything has been agreed to. Strategies: Make the value of what prospective residents are getting clear during the entire leasing process, so they are less likely to doubt that they got the best deal possible. Hold firm and let the other person realize they are asking too much. Remember that savvy negotiators realize that Leasing Professionals are vulnerable to nibbling when they are feeling good and letting down their guards. If you feel you need to give more, let them know you will need to take away something you already gave them to meet the new request. This often brings nibbling to a conclusion. An example of this is, "Mr. Jones, I can try to have a ceiling fan installed in your bedroom, but I will only be able to give you $25 off your rent instead of $50. I wish I could do both for you, but the company won't allow us to do that. Which is more important to you?" The Principle of Higher Authority: The prospective resident claims to need someone else involved to make the final decision. Strategies: Appeal to ego by saying something such as, "They always follow your decision, don't they?" Move forward but let the final decision be subject to a condition, such as suggesting reserving the home but not finalizing the deal until the other person sees it. It can also be good to ask at the beginning of the leasing process whether there is any reason the person is not able to make a decision today. This allows you to work in counters throughout the interaction. Good Guy/Bad Guy: Two people negotiate as a team. The team is often composed of roommates, spouses, parent/child, relatives, or friends. With this tactic, one person likes everything, and the other always brings up a negative. Strategy: Play up what the "good guy" says and counter what the "bad guy" says. Stay strong and try to win over the bad guy. The Vise: The prospective resident firmly tells you that you must do more. Strategy: Do not get flustered and start giving away the farm. Do not concede or show emotion. Just ask what they want. If done well, negotiation can result in win-win situations, improve the bottom line, and build good relationships.

Other leasing terms

Resident Manager - An employee living onsite to manage the property (also called site manager) Management Fee - Fee paid to the property management company for management services Fee Manager - A management company that manages communities for others for a fee Market Ready - The home is ready to lease Capital Improvement - Structural improvement or addition to real property beyond repair or replacement Cannibalizing - Stripping parts, eqpt., etc. from one home to use in another Gross Potential Rent - The amount of rent that could be collected if all apartments were occupied and paying full market rate Market Rent - also called street rent, rental rate quoted to prospective residents Security Deposit - A preset amount of money paid in advance by the resident before occupancy that is held for a specified period of time to assure that the resident complies with the lease terms Concession - A discount or other inducement given to prospective residents to induce them to sign a lease or to a resident to induce them to renew Delinquency - A debt on which payment is overdue Sub-metered - Individual meters to allocate utility costs by usage Service Request - (Also called work orders) - a form issued requesting the completion of specified work not normally performed on a routine schedule Turnover - The number of move-outs during a certain period of time Availability - The number of rental homes available for move-in/leasing Knock on Doors - Visiting residents in person to collect past due rent Eviction - The legal process for removing someone from their home because of default on obligations Housing Voucher Program (Section 8) - Currently the federal government's main program for assisting very low-income families, the elderly, and the disabled with decent housing from the private sector HAP Contracts (Housing Assistants Payments Contracts) - Allows private landlords to receive rental housing assistance on behalf of qualified low-income households HUD (Housing and Urban Development) - A federal government agency responsible for national policy concerning housing needs Qualifying - Process for accessing the prospects' ability to rent the home Comparables (Comps) - A technique used for valuation that measures the property against a similar one Rent Roll - A register of each rental home with information such as unit type, size, monthly rent, resident name, lease expiration, amount due Physical Occupancy - The number of occupied apartments Vacancy - Unoccupied home Economic Occupancy - The number of occupied apartments - vacancy - delinquencies - concessions Rent Loss - Vacancy + delinquencies + concessions Closing Ratio - Number of apartments leased / number of visits expressed as a percent Guest Card - A form used to gather information about the prospect - used for follow up on the prospect as well as a source of marketing information Market Trend - The general direction of the apartment market Collateral materials - Printed advertising Net Operating Income (NOI) - The difference between all of a community's operating revenue for a given period of time and the community's operating expenses for the same period of time before subtracting income taxes, debt services, capital items, and interest (the money remaining in the community's operating account at the end of the subject time period) CAP Rate - The anticipated rate of return from a real estate investment Equity - The difference between the home's market value and debt owed owed on the property Debt Service - regular payments of a loan's principal and interest Addendums - Document attached to and made a part of the original contract Ancillary Income - Income from non-core business

Courtland Presentation Notes

Speaker(s): Tiffany Barnett - Graduated in Georgia State in degree with management -Been with Courtland for 8 years -CPM candidate with IREM -Been involved with residential property management for 15 years -She serves as the director of operations Slide show presentation: - Becoming Cortland: founded in 2005 and operated as a multifamily development firm 2009-10: expanded to include investments and acqusitions 2011-12: Bought property management in house (courtland management0 set growth strategy 2013-16: brought construction management and design in house opened manufacturing and design office in shanghai expanded supply chain, product design, and construction services 2017-Present: established courtland UK focused on brand identity and marketing strategy launched new brands for courtland build and design -Business is Booming: Courtland owns and manages 63k apartment homes Courtland serves over 100,000 residents across the US in 20 primary markets Employ over 2,000 associates -Mission and Values: the mission is create a superior living space and experiences designed to inspire our residents, associates, and investors to live a better life focused on what matters most to them. belin in better life core valuesL love what you do and let it show, do the right thing for the right reason, listen with your heart and grow your mind, grow together and play as a team, and have the courage to be better - The courtland experience: always aim to expand the context of what it means to be in multifamily real estate. They are in house comapny. The are always reimaging the industry and appealing beyond cost to cusomter the leadership brings outside industry experience and focuses on smarter, research-based decision making. - The company have communities all over the country, mostly in Georgia and the south east

Today's Renters

Starting Out Singles • Young Adult Roommates • Perma-Renters • Middle-Income Boomers • Moving On Up • Working Families • Young Couples • Pet People

Summary: RPM marketing

Strategy is important to all types of properties at all stages. • Understanding the product and the customer is critical to effective marketing. • Marketing, advertising, and sales serve the same purpose.

Company level trust and competence

The customer experience, branding and leadership, attention to details and consistency

Residential Rental Assets

This course teaches strategies that contribute to the overall success and profitability of the residential rental property asset. Residential properties may take the form of houses, condominiums, modular (mobile) homes, duplexes, multiplexes, or apartments. Investors and managers of these assets may be individuals who own one asset as passive income or may be international enterprises with thousands of employees. Some strategies are effective no matter what type of property you manage. Other strategies vary significantly by property type. Residential rental property assets may be classified in various ways. Residential properties may be single family or multifamily. Each segment has advantages. Typically, it is less expensive to invest in single family rentals. This creates more liquidity and ability to diversify. Ordinarily, there is usually less turnover in single family homes. While multifamily investments are generally more expensive with less liquidity, multifamily has other advantages. It is common for multifamily to provide more rental income, have less risk of being 100% vacant, be easier to scale, and be less expensive and more efficient to manage. Assets may be classified by a grading system, in which they are rated as A, B, C, D, or F. The high-end products are A, and the lowest end are Fs. As you can imagine, strategies will differ greatly by property type. We will learn more about this as the semester progresses. There is no standard global definition for the grading, but some companies set internal definitions based on specific criteria. These classifications are also somewhat fluid. For example, a new building in a nice area may be a Class A. As the A product ages or the submarket changes, it may fall from an A to a B. If it is not properly managed and maintained or the area continues to decline, it can fall further. On the other hand, some investors specialize in value-add strategies in which they take a property in a lower classification and make improvements to raise it to a higher level. Another classification for residential rental properties is by the number of floors. Again, there is no global standardization. As a very broad rule of thumb, a low-rise is from one to four stories. A mid-rise is from 5-9 stories, and a high-rise is 10 or more. However, it is not quite that simple. Codes can define the classifications. Because floor heights differ, codes often use the total height or total height of occupied areas instead of the number of floors for classification. Classification may also differ by the type of construction. For example, in Houston, a building with five stories built with metal studs instead of wood framing is considered a low-rise. Cities with a lot of skyscrapers may consider an eight-story building to be a low-rise. The fire code may consider a 7-story building a high-rise, and other local codes may consider a 7-story a mid-rise. The important thing to know for this class is that building heights and type of construction affect strategies. Some residential rental properties provide specialized housing. Examples are low income housing, student housing, senior housing, corporate housing, extended stays, and military housing. Each of these types take specialized knowledge and may require adherence to certain government requirements. Strategies will differ accordingly.

Embrace

customer-centric language and actions and reflect competency

accommodation

issue is much more important to the other party • Important to keep relationship • Give in on this point to gain on a bigger issue with more gain

Signs of stress; Owl

want to be left alone, critical, strict

The Perception and Professional Image

- Sources of Perceptions: Actual outcomes • Others' perceptions • Market share • Marketing addressing needs • Associations -Speed of First Impressions:3 seconds • Appearance • Body language • Demeanor • Mannerisms • Dress 45: • 11 assumptions • Expertise • Success • Education • Knowledge Tend to shift from specific facts to general: Intelligent • Ambitious • Controlling • Focused • Manipulative • Selfish • Serious • High standards • Opinionated • Tough • Stubborn • Cold-hearted • No children • Wealthy • Emotionless Power of first impressions:Expectations confirmation Reactions to expectations perpetuate the bias Altered visual perception Altered behavior attribution Altered memory perception: Trustworthy and competent Projecting Trust: BE sincere, Be open (open, vulnerable), Authentic smile, flex style, actively listen Active Listen: Maintain undivided attention • Keep an open mind • Show you are listening • Verbal - (e.g., say "yes", "hmm, hmm", comments) • Body language • Don't interrupt • After the person finishes talking, repeat a few key things you've heard to make sure you understood

Comparison of Business and Academic Writing

-Academic style and tone: To write in the academic style, it's important to put a lot of research or thought into your writing before you start. An outline can be a helpful tool for good planning. You also need to have a consistent style. -Degree of formality: Academic writing uses a formal style and typically uses the third person perspective. The focus of the writing is on facts and issues rather than the writer's opinion. The language uses precise words and does not include slang words, jargon or abbreviations. -Academic Writing Formats: abstract - a short summary of an article, thesis, review, research study, or other long report on a subject or event. book report - brief overview of a particular book; common school assignment conference paper - papers presented at a scholarly conference; based on research results dissertation or thesis - formal research paper prepared by graduate students as a requirement for an advanced degree (A thesis is required for many Master's degree programs while a dissertation is required of Ph.D. students.) essay - brief piece written from the author's personal point of view explication - academic critique of a work of literature or other writing journal article - article prepared for publication in an academic journal research paper - class assignment based on secondary or primary research textbook - a book written for academic purposes. Business Writing: cuments created for a professional purpose.this type of writing is intended to be used in the business world. engage in effective professional communication. Business Writing Focus: main requirement and focus of business writing is clarity.Use shorter and simpler sentences. Sentences with fewer than 25 words would be ideal. Active Voice:active voice uses action verbs with phrases that are direct and to the point. Use in business writing Degree of Formality:The style of business needs to be professional and courteous, but not overly formal. It's best to be direct and to the point in business writing, avoiding unnecessary adjectives and adverbs. Business Writing Formats

Record Demand in Atlanta (article Notes)

-Atlanta's 3rd quarter demand is the highest quarterly rate seen in the market since mid-1997. -apartment demand typically peaks in 2nd quarter, while 3rd quarter absorption is also substantial -pattern changed in 2020, as steep job cuts and mobility restrictions took a big toll on 2nd quarter leasing activity -Even with record demand in 3rd quarter, Atlanta supply still outpaced absorption in the year-ending 3rd quarter, when nearly 12,000 new units were completed. -Only three submarkets - Buckhead, Decatur and Northeast Gwinnett County - saw 1,000 units or more completed in the past year. -Annual supply in Atlanta has consistently hovered around 10,000 units for the last five years.

A-D Products

-Class A:Newer Excellent location and condition Usually modern amenities & high-end finishes High rents Buy and hold investments Low risk -Class B: Older than Class A Good condition and location A few maintenance issues Lower rents than Class A Riskier than Class A More growth potential than Class A May have steady cash flow -Class C: Usually older May have outdated systems & need repairs Less desirable neighborhoods, higher crime Higher risk than A & B May be harder to get financing Less expensive to buy, lower rents May have good upside potential for experienced investors and managers -Class D: More neglected than Class C Usually in undesirable areas with crime Low acquisition costs High risk May be good for qualified investors to flip

Development and Evaluation Factors Affecting Overall Success

-Developers invest in land and build or renovate the property on the land. -. Developers need extensive knowledge in finance, construction, law, and project management. -more knowledge they have, the better the chance of large rewards. -Good leasing strategies leverage the good decisions made by the developers and find the best ways to deal with the errors. -Developers need to carefully plan for when a property comes on the market and begins leasing -when the market is "hot", land costs can be unreasonably high and labor and materials expensive and in short supply. -Good leasing requires awareness of the best strategies to use for whenever the product hits the market. -f the homes are late in the upward cycle, it may be more realistic to plan for concessions and lower occupancy. -Quick occupancy is critical for both financing and leasing purposes. -Three of the biggest drivers of demand are jobs, demographic trends and growth, and household formation. The number of jobs, the types of jobs and income levels, and the diversity of jobs affects rent structures and demand. -Net absorption is affected by the number of people coming into an area and the number leaving -Household formation is another important driver to consider;the higher the rate of household formation, the stronger the rental market -The product type needs to fit the location well:should meet the needs of the local market, fit into the area well, and benefit the local economy -Data on market demand, population, and employment should be evaluated in light of such factors as visibility; access; proximity to employment, transportation, shopping, dining, and entertainment; taxing jurisdictions; school districts; services; and parking, as well as many other factors. -Demographic data specific to the sub-market should be used for decisions on unit mix, unit size, and layouts -trends are more important to long-term holders than to short-term holders -How much the trend affects the specific sub-market should be determine; Ex: if the sub-market attracts almost exclusively young professionals, the unit mix would probably not be benefitted by more homes with additional size and storage. -Knowledge and skills are important for the success of both developers and property managers: tremendously increase the odds of success.

Generation Z: The future workforce: trend brief

-Generation Z is entering the workforce and will soon account for over a third of the global population -Born after 1996, Gen Z is the generational cohort following Millennials and has also been called post-Millennials, iGeneration, Gen Edge, and the Sharing Generation.3 As digital natives, they have never lived in a world without the internet and are bringing both their technological experience and their technological expectations to the workplace. They grew up during the Great Recession, have witnessed the widening wealth gap contribute to greater income inequality, and have experienced a sharp increase in higher education tuition rates.4 At the same time, their college enrollment rates are surpassing those of previous generations -Generation Z has less work experience but more education than previous generations. -Generation Z also expects education to prepare them for the future. -Generation Z defines Diversity Broadly -Gen Z expects organizations to embrace diversity and inclusion -social values and making a difference -Organization culture: likely to be loyal and postive work culture; equal opportunies for pay and promotion and learning and career advacement opportunities -Future at work

Personas Article notes

-Personas are archetypal representations of your customer types. -portray characters in terms of behavior, attitudes, preferences, lifestyles, etc -nducive to making emotional connections and are beneficial for creating consistent marketing messages, understanding needs and wants, developing quality leads, and supporting strong relationships -important to marketing-->today's customers have higher expectations of personalized, tailored services and experiences. -property management companies could benefit from developing personas for contractors--> managers might want to develop personas for clients. -Quantitative and qualitative data are typically used to develop personas -e managers might want to develop personas for clients. Quantitative and qualitative data:typically used to develop personas -First step in developing ae first step in developing personas is collecting information. Most property management companies have numerous sources for data, such as guest cards, applications, rent rolls, reasons for move out reports, lease termination reports, traffic and occupancy reports, unit type reports, resident surveys, and many more reports. persona is collecting informative Qualitative analysis, such as interviewing good, long-term residents and looking for patterns in their attributes will provide additional insight into goals, needs, pain points, and other information for building the personas.

Relationship Side of Property Management

-Real Property Management seek out property investors with goals that align with our own -a property management company does do a significant amount for a property investor, there are still some expectations, including making necessary repairs, responding in a timely fashion to repair requests, complying with local laws and obligations as a landlord. -property manager must put forth realistic objectives on aspects such as rental rates, maintenance costs, what normal wear and tear is to be expected, rates of return, and numerous other aspects. -Building positive relationships with residents will also pay big dividends by retaining quality tenants and reducing turnover costs. -Property managers act as the middle-man between the property investor and the tenant. By setting proper expectations up-front, conflicts are avoided and everyone involved benefits from the relationship.

Language of Sales: What to say (And Not Say)

-The language of sales is one in which complex thoughts are simplified - contains words and phrases capable of stirring emotion, stifling indecision, conveying agreement, and convincing even the most adamant prospect. Words are powerful -.learn to speak in terms in which the consumer can easily relate. -Do not use the word Contract. Use Agreement or Proposal.Contract is a traditional sales word that is seen as very formal or potentially destructive to the customer. The replacement word, agreement, involves the customer or another person. The customer feels better because he is agreeing with you. Proposal implies the consumer makes the ultimate decision -.Do not say "I need your signature here," or "Sign this here." Say "Please okay this here," or "Please okay this and date it."You want to make the consumer feel like he has power. -Do not say, Buy or Spend when you can say Invest. Buy and spend infer giving something up, something that may not come back. Investment implies a return -Do not say, Your first payment. Say, Initial investment .One implication is negative; the other is more positive. -Do not say, Our price or Our discount. Speak in terms of Your savings, Your payback, Your discount -What you should always say: easy results save discover, reveal guarantee safety free profit, return health love money, cash investment proven you, yours gain, benefit now, new often in good marketing and should be implemented in your sales process. -Dream Phrases: "I Know who you are" "I Know how to fix your problem" -trial closes in order to gain access to the all-important closing process. gently motivate your prospect to the next step. help you wrap up your presentation so you can move into getting the order from them.

Top 5 Traits of the Greatest Leasing Consultants in the World

-They see customers as real people:seek to understand the customer's wants, needs, and goals. They truly believe their product and service will help the customer. Solving the customer's problem becomes their #1 priority. The entire business feels the positive impact of their unselfish goals. -They Sell Value to Customers: The greatest leasing consultants in the world sell value to the customer. This entire process begins by developing a rapport with each potential resident -They Are persistent:This trait is critical in the leasing world because of the frequency of rejection -They Know when to remain silent: ow for measurable periods of silence in conversations with customers. They understand that this silence creates an opportunity for the customer to give consideration to what has been said rather than having to immediately process the next piece of information given to them 5. They Demonstrate boundless follow up manners: biggest complaint that customers have when dealing with any business is poorly following up. In general, leasing consultants are usually great following up to get the sale, but then they stop. They don't contact the customer until they need to make the next sale (aka at renewal time). This behavior confirms that the leasing consultant is interested solely in the sale - not in a long-term relationship with their customer. Tip: Your customer realizes this as well.

RPM support organizations

-Trade Organizations: 86% of hiring mangers cited involvement in trade organizations as important to employees' careers. Professional certifications are becoming increasingly important -IREM: all types of real estate management International Georgia Chapter Designations - CPM, ARM Networking Career Development center Resources and members only forums Build resume Discounts on books, courses, conferences, seminars Journal of Property Management GAAF: Largest NAAEI Includes GAA and AAA GAAF Designations - NALP, CAM, CAPS, CAMT -Summary: Trade organizations that support the RPM industry are helpful for the industry and can be an excellent way to increase personal career success IREM and GAAP support our RPM program

RPM Overview Slideshow notes

-What is residential property management? Overseeing income producing housing • Single family homes • Modular (mobile) homes • Duplexes, multiplexes • Apartments • Condominiums (form of ownership -Industry Snapshot:Trillion Dollar + Industry and growing 2% of Gross Domestic Product (GDP) Opportunities: Always a need Every area Recession shielded Multi-faceted -Why hire a property manager? Why Hire a Property Manager? Reduced risk Laws Maintenance Financial Leasing/marketing Expertise Technology, systems Buying power Keeping up with changes and best practices Infrastructure Ability to regularly monitor, visit Customer focus Desire to grow -Structure (corporate) Owner-----> executives----> asset management---> accounting----> administrative HR/Training--->Operations---->Marketing----> Maintenance -Structure (on-site) Management ---> leasing----> maintenance -Common Responsibilities: advisor Marketing and advertising Leasing Setting rates Collections Budgeting, financial Retention, customer service, resident relations Inspections Maintenance Move-ins, move-outs, evictions Summary: residential property management is larger and offers more opportunities than most people realize. • Competence and knowledge in residential property management is important to success

Absportion Rates

-absorption refers to potential demand:used by investors and developers to indicate whether to build, buy, or sell -can be used for preparing pro formas (forecasting financial statements) and predicting cash flow. -used in residential property management to advise investors and developers as well as for pricing and leasing strategies. -absorption period: property type over a period of time. -Absorption Rate: measures whether it is a "buyer's market" or a "seller's market".rovides insight into how long it will take to rent homes.

Good Grammar Should Be Everyone's Business

-good grammar is instrumental in conveying ideas with clarity, professionalism, and precision

Good Grammar should be everyone's business

-instrumental in conveying ideas with clarity, professionalism, and precision - Professionals with fewer grammar errors in their profiles achieved higher positions -Fewer grammar errors correlate with more promotions. -Fewer grammar errors associate with frequent job changes. -Attention to detail: People who care about their writing demonstrate credibility, professionalism, and accuracy in their work. Critical thinking: Knowing how to structure a grammatically correct sentence is a sign that you can analyze and explain complex problems. Intellectual aptitude: If you are a native English-speaker and never learned the difference between "it's" and "its," especially given access to Google, an employer might wonder: What else have you failed to learn that might be useful?

4 Ps of Marketing continued

1- Product: understand the product and how it meets demand 2. People: Customers at all levels, the team, partners, neighbors 3. Promotion: best way to get out the message 4. Price: supply/demand value to the customer, owner's goals

4 Ps of Marketing

1- product 2- people 3 promotion 4 price

11 New Trends Coming to Multifamily Housing Design in 2021

1. Outstanding Outdoor Amenities: Judi Kieffer says her multifamily housing clients report that their No. 1 outdoor amenity is the pool, with an increased use in private cabanas this past summer. 2. Touchless Tech: many residential communities adopted or are planning to adopt touchless technologies that reduce person-to-person contact with surfaces---> due to covid-19---> "These features, along with automated doors and fixtures, will become more standard in 2021 and beyond." 3. Authentic Design: natural and earthy colors and design trends are emerging: "a strong desire for quality and artistry in finishes, lighting, furniture, and art that is hyperlocal to the neighborhood 4. Work-From-Home-Support:" Developers should plan to provide high-speed and secured Internet access and charging stations in technology-driven areas, while creating a flexible and comfortable setting for people who want a dependable place to work from their laptop. 5. Increased Package Storage:Accelerated adoption of e-commerce, multifamily property managers have been inundated with packages: Buildings, large and small, will soon be allocating more square footage to package solutions 6. Dogs and Bikes: he pandemic brought new "COVID puppies" and newly procured bicycles to exercise or get around---->people will need a place to help take care of them more than ever 7. More Market Spaces: Maker spaces with work benches, floor drains, and extra HVAC ventilation are a huge perk, and provide a central hub for community-hosted events like planting parties, pumpkin carving contests, or painting classes. 8. Private-Public Spaces: people choose to live in multifamily communities because they enjoy being part of a community and like meeting others: "tighter social circles that formed during the pandemic will drive demand for more secluded—and sometimes reservable—areas in larger communal spaces" 9. Smart Elevators: Most common in office buildings, smart elevators can cut down on wait times, ride times, unnecessary stops, and how many people are in the elevator. 10. Healthy Home Features: developers should consider "air and water purification systems for both residences and common areas, as well as advanced lighting designed to replicate circadian rhythms."--->Due to the pandemic, today's residents are more conscious of their health and how their environments affect their health. 11. Dining and Drink Options:people more inclined to stay close to their apartment buildings: ----> provide choices such as in-house bars and cafés where residents can sit and enjoy a drink and appetizer while socializing with their neighbors

Lessor

A landlord

Summary: Market Analysis

A market analysis focuses on the asset in its context and is the first step in marketing and leasing strategies. • A market analysis gathers data, analyzes opportunities and challenges, and focuses on the product in its context and facilitates an action plan.

Lessee

A resident

Class

A,B,C, D, F Risk, return • No precise formula • Variation in strategie

AIDA MOdel

AIDA Model 4 elements of the customer path 1. Attention 2. Interest 3. Desire 4. Action 1898 - Outdated? • Psychology - No • Too simple with methods toward outbound marketing - Yes

Differences Between Business and Academic Writing

Academic writing is more formal than business writing. That doesn't mean business writing is informal, just that a lesser degree of formality is required than with academic writing. Academic writing is written for students, teachers, professors, or scholars. The audience for business writing is quite different. Common audiences for business documents include managers, coworkers, customers, prospective customers, or potential employers. Academic writing almost always uses the third person point of view, while business writing can use any point of view. Most business writing is written in second person, but it's also acceptable to use first or third person in some situations. Academic writing focuses primarily on facts, especially in the case of research-based writing and text books. While business writing is typically based on factual information, it often focuses on giving opinions in the form of recommendations. Long sentences can be acceptable in academic writing, but tend to be cumbersome in business writing. Academic writing requires extensive sourcing and compliance with specific style and formatting requirements. There is more flexibility with how information is presented in business documents.

Writing Reports

Address your audience • Most important information first, big picture with drill down • Organized • Active voice • Professional fonts and visuals • Short sentences • 100% accurate with proper grammar and spelling Review and edit

apartment data.com video summary

ApartmentData.com tracks multifamily information on a monthly basis. In this video, we will show you the Dallas and Fort Worth metro area. Dallas has more than 3,000 apartment communities that we track. You have the ability to search through all of these properties and create custom market survey reports. Then, save them to your library through our program.

Marketing Strategy

Applies to all RPM organizations • Starts with understanding product and customer in context • Increases product awareness • Attracts more customers • Attracts more qualified customers • Instills customer loyalty

Metro Atlanta

Atlanta-Sandy Springs-Roswell (MSA): 28 counties and 5.8 million Atlanta-Athens-Clark-Sandy Springs: combined statistical area: 39 counties in North Georgia and 6.5+ million

BOLT

Background: Charles clarke discovered it while completing his masters Ph.D: college professor and chairman of Dept. of Sociology Property Management Company > 100 Rental properties Sale outside real estate A Few Other 4-Quadrant Assessments: MBTI, KTS II, Jung Typology test, DiSC, True colors, people styles (behavior ) Sales Success: century 21, sold houses under this franchise... double home sales American builder: set franchise sales records (any industry) Homebuilders and developers International.... thanks to this personality test Four Quadrant Personality Profiles: Egyptians/Mesopotamian (earth, wind, air, fire), Hippocrates, Plato, Aristotle, dwindled during middle ages, revived during european renaissance, soared in 20th century, and neuroscience and data Objectives of bolt: Better understanding of yourself and others to: recognize styles, build strengths, offset less natural, flex styles, manage conflict, mindfully apply in daily interaction Putting it in perspective: nature v nurture, changes over time? 90% accuracy, blends (DiSC) and self reporting Ethical Use;Cannot use the personality test against them in terms of hiring them---> discrimination Share only if you want... be comfortable Share only if you want only share one data point no good or bad type no right or wrong answers Ten Commandments of Type watching: -Awareness of tendency to use experiences to support preferences -Danger of strength becoming liability -Theory, validate against real life -Not an excuse -Whole > parts (e.g ENTJ, ESTJ) -Other factors play into results -self-awareness first -easier said than done -tendency to blame opposite type -cannot solve everything

Similarities of Academic and Professional Writing

Both styles need well-developed ideas that are communicated precisely and clearly. The tone is serious in both, whether reporting on research in an academic setting or making recommendations on how to improve a corporation's profitability. Proper grammar and punctuation is very important in both forms of communication. It's important to know how and when to use jargon and relevant abbreviations in both styles. There are a number of common business word abbreviations. In academia, it's important to properly use degree abbreviations.

Bolt Type Summary

Bull · Assertive · Quickly gets to bottom line · Likes control · Independent · Goal-driven · Confident · Pioneering · Hard-working · May be abrupt Owl · Accurate · Analytical · Detailed · Deep thinker · Logical · Introspective · Disciplined · Reliable · Careful · Reserved · PerceptiveCritical Lamb · Stable · Considerate · Easygoing · Likes to please · Soft-spoken · Avoids conflict · Patient · Loyal · Sensitive · May be indecisive Tiger · Enthusiastic · Talkative · Fun-loving · Expressive · Confident · High-spirited · Popular · May exaggerate

Dress

Bull: Formal, designer Owl: casual, blend in Lamb: casual, Natural, Tiger: formal Fun

Fears

Bull: being taken advantage of by others Owl: criticism Lamb: loss of security through change Tiger: rejection

Body Language

Bull: •Solid and strong with little head and body movement •90% eye contact Owl: •Much like body language of Bull •Not rushed (time to analyze) Lamb:•Quiet, little movement •Less eye contact that others Tiger: Open and expressive •Looks up to remember things more than otherscontact than others

Communication

Bull: •To the point, direct, results (not methods) •No tangents, no details unless asked Owl: •Accurate, facts, figures, thorough •Not rushed (time to analyze) Lamb: •Sensitive, indirect, reassuring, steps •Not confrontational -Tiger: •Stories, examples, experiences, enthusiastic, positive •Time for social niceties

Absorption can also be done

By unit type: ex: nly one bedroom one bath apartments could be used for the calculations. This would provide insight into the market for one bedroom one baths, which could be more useful in many circumstances.

Communication

Communication • Use resolution-oriented language. • Both parties present their side and desired resolution. • Actively listen with no interruptions. • Restate what the other said until clear. • No invalidation of feelings. • Be aware of body language. • Resolve to learn from the situation. • Commit to changing the cycle of conflict (e.g. more frequent communication until trust is re- established)

Language Do Not Use

Complex • Tenant • Unit • Security

Collaboration

Complex solutions, many people involved, important, best results for a long time but time-consuming, difficult, and can be costly

Conflict

Conflict 3 Inevitable Can be good or bad Strategies to make productive Address to curtail escalation

Conflict: lamb

Conflict - Lamb • Be very sensitive and careful with language. • Show genuine interest in their feelings. • Talk in terms of them. • Insure them the differences are not personal. • Be sincere about wanting to resolve the conflict. • Ease into conversation in steps. • Avoid hurry and pressure. • Bring assurance of security

Conflict strategies

Conflict Strategies Compromise Competition Avoidance Accommodation Collaboration

Summary

Conflict can be productive or destructive. • To make it productive, use the appropriate strategy and techniques for the situation

Role of Marketing

Connect those with a service or product (supply) with those who have a need (demand)

4Cs Alternative

Customer-centric • Customer • Cost • Convenience • Communication

Demographics

Definition - statistical data relating to the population and particular groups within it

Psychographics

Demographics - Quantitative • Hard data (objective) • Who the customer is • Age • Gender • Race • Employment Psychographics - Qualitative • Soft data (subjective) • Activities • Interests • Opinions • Values • Attitudes • Behaviors • Lifestyles Why - motivations

Summary

Demographics are important in market analysis to identify the target audience for efficient use of resources and strategies for marketing, leasing, and retention

Economic Conditions

Economic environment of the area • Jobs and income levels • Supply/demand • Occupancy/vacancy • Rental rates • Zoning, taxes, utilities, and Trending

Investor: Owner relations

Good relationships with investors (owners) are important to good leasing strategies. The principles for good relationships with prospects and residents apply to relationships with investors. Investors need to trust property managers and believe management is competent. Property managers benefit from putting themselves in the shoes of the investor and communicating accordingly. We have discussed some of the most common goals of owners - periodic return, appreciation, diversification, leverage, and providing affordable housing. To an extent, speaking in terms of finances and NOI are good for all these goals. Confidently and accurately talking about markets instills trust and a perception of competence. There are many programs that support affordable housing, so being aware of those programs and using the "language" of those programs is important when interacting with investors in affordable housing. As you know, ownership takes many forms. An owner may be an individual with a few rental homes or a huge global institutional investment group. Reports and written correspondence should follow good professional business communication protocol. It is also good to keep in mind that even the huge investment groups are made up of individuals. Flexing to their individual styles can help with communication and conflict management.

Guest speakers: 2/23/21

Guest speaker names: - Andrea Berg and Jessica Tripp - Andrea Berg: Emphasis on the advancements on technology and the effects on leasing strategy: the efficiency of it, advertising, marketing, virtual tours, zoom, self-tours. She talks about the ease it comes with apartment hunting. She mentions automatiion---> google is the frontrunner in terms of automation. Your search results a programmed (programmmic advertisting) through an algorithm, and then you are bombarded with ads - she also talks about linkedin: people are finding others and opportunities through linked in (jobs, networking opportunities, etc....) she emphasizes the importance of having your linked in page show all accomplishments and relevant experience---> you are your best self-marketer. Linkedin is where decision makers are going. like Facebook for the professionals. Make sure that your linked in profile is up to date. -Always be careful about what you put on social media---> it gives the public snap shots of your life. However, people posts the best parts of their life... everything is not perfect -influencers: have a huge platform; the kardashains have made millions and millions of dollars just from this alone - Instagram reels: The forefront of the instagram algorithm---> like tiktok... short video clips -if you don't ask, the answer is always no. If you don't go after what you want, you will never get it. If you don't step forward, you will always be in the same place Jessica Trip: Also agrees with the other quotes. FACS graduate. Director of risk management Rangewater only had 60 properties when Trip started working there---> concentrated in the southeast but are pushing towards west Call properties, shopping for them, etc.... make lots of decisions based on market surveys Insight into the market: They look at subject market rents: want to know the rent in the market, they look at consessions; lots of competing properties have incentives to residents in order to be competitive Absorption: this is based on unit count on each phase lease and spans 14-15 months and an average of 19 per month lease expirations: 12-15 month lease terms on average. Due to the budget, make sure you do not have an usual amount of lease expirations. Because you have to find a way to find people to move in to cover those vacancies and do concessions Property management software used: entrada, one sight, etc... Community First: rangewater takes a secondary brand to the property and community. All of the brands and logos for rangewater have different designs and logos unique to their property. It is important to dive into the them of the community and build that brand

HVAC

Heating, ventilation, and air conditioning systems

MSA Data

Housing Trends, population movement, and gross income

Map The Neighborhood

Identify boundaries • Pinpoint places of employment • Marketing effort

Steering

Illegal practice of limiting the housing shown to a certain protected group

Types of Marketing

Inbound • Pulls • Consumer's needs • Interactive Outbound • Pushes • Product's needs • One-way

IREM

Institute of Real Estate Management

Types of conflict

Interpersonal (2 ppl) , intra-personal (Within one's self) , intra-group (within a team) , intergroup(different teams)

Projecting Competence

Knowledge Confidence Body language, speak quickly Ask for advice at the right level

Punch

Light maintenance, includes making the apartment ready for move-in

conflict tiger

Listen to them and talk in terms of ideas. Show energy in your body language and tone of voice. Avoid sounding skeptical or negative. Avoid saying anything that implies rejection. Do not overact to a display of emotions.

Does The Product Work in the Market?

Location Size, Layout Mix Class Type

What is the next most important characteristics

Location, unit type, size, layout, mix, construction type, class, Answer: Unit type, size/layout (BR, BA, Eetc....) size= # of Bedrooms

Construction Type

Low-rise, mid-rise, high-rise • Mixed Use • Specialized • Other (Age, modular, frame/metal, etc.)

Marketing Analysis

Market Analysis: Regional analysis, neighborhood analysis, demographics, economic factors

What is a region?

Market area in which changes in economic conditions are likely to affect the fiscal performance (value) • Office of Management and Budget (OMB) statistics - metro and micro (Core Based Statistical Analysis - CBSA) • Metropolitan statistical area (MSA) - City of at least 50k people & the surrounding communities • Micropolitan for towns and smaller communities with populations of 10-50k

How do they differ?

Marketing: Comprehensive Advertising: Component of marketing and communication vehicles to bring visibility to the customer Sales: interpersonal interaction: leasing and close the deal: signed lease

Renter Profiles In US Market

Pet people: 4% Young Couples: 5% Working Families: 6% Loving on Up: 8% Middle Income Boomers: 11% Perma-Renters: 16% Starting out Singles: 29% Young Adult Roomates: 21%

Types of Vacancy

Physical Vacancy: The # of units that are vacant and available • Economic Vacancy: The # of units that are not producing rents. Includes: • Models • Offices • Employee apartments

Persona Example: Marketapts.com

Picture examples as super blurry on elc. cannot really tell what they says very well

Summary

Proper neighborhood analysis provides a wealth of information about what it is like to live in the neighborhood and how your product would compare to the competition. • There are numerous resources, tools, and methods for conducting neighborhood analysis

Resources, Tools, Methods

Recommendations, networking • Internet research • Competition sites • Reviews • Availability searches • Heatmaps, Walkscore.com, www.greatschools.com • First-hand visits • Various times of the day • Ask locals questions • Shopping reports • Consultants • Seminars (e.g., AAA Market Outlook, IREM David Haddow) • Software - RealPage Analytics, ApartmentData, ALN, Yardi Matrix • Chamber of Commerce

Regional Information

Regional Information • Economic • Employment • Per capita income • Demographic • Age • Gender • Size of households • Rent amounts • Education level

Conflict Owl

Repeat their ideas, soften language as you insert your ideas into theirs, credit expertise, be accurate in what you say, show logic and link steps, possibly ask them to mentor

Competition

Right and wrong and urgent

Market Survey Examples

Sample market survey forms in ms word apartment market survey form unique examples of survey forms in ms word sample market survey forms in ms word free 60 sample survey forms in ms word.

Neighborhood Analysis

School systems - ratings • Universities • Roads, traffic congestion, transportation, walkability • Businesses, restaurants, retail in area • Recreation • Medical facilities • Nightlife, social scene • Crime rates • Trends • Potential

Market Analysis

Scope-Varies Greatly Examples of Uses: Investing, lending, strategy Quantitative and qualitative First Step in Marketing and leasing

Target Market

Segment of population that would find the product most appealing • Non-discriminatory • Strategies for each market Better Use of resources

Shopping Report Video Notes

Shopping report: virtual shop Started a few years ago; much more mainstream today System: Ellis Instructions: - 3 parts: prepare for it; can't do it 30 mins before it's due. Fill out the form. Submit! -Preparation: important to the outcome. Go into module 2, leasing tour tab—> make sure you understand this 100%. You must understand what a leasing consultant does 100% in depth. Read the shopping report in advance from beginning to end a few times—-> gives you an overview picture of what is going on Must be able to come up with a story -leasing consultants expect to be shop. Should be prepared at all times. -excellent feedback experience for both sides

Competitor

Similarities -Product Type, Age, Floor Plans, Amenities, condition, and reputation Perception: ask questions (eg: houses v apartments, further away than expected)

How to calculate absorption rates?

Step 1: Identify your absorption period. Step 2: Determine the beginning number of vacant homes available for rent at the beginning of the period. Step 3: Add the number of homes delivered to the market from the construction pipeline during the period. Step 4: Subtract the number of homes taken off the market for renovations, demolitions, etc. for the period. Step 5: Subtract the number of vacant homes available for rent at the end of the period. Step 6: Calculate the absorption rate.

Example of Absorption

Step 1: March 1 - May 31 = Absorption period (3 months). You assign whatever you want for the absorption period. Step 2: + 5000 = # of vacant homes at the beginning of the period available for rent. You would get this number from market data. Step 3: + 25 new homes delivered to the market from the construction pipeline. You would get this number from market data. Step 4: - 1 home taken off the market for renovations/demolitions. You would get this number from market data. Step 5: - 524 vacant homes available for rent at the end of the period. You would get this number from market data. Step 6: = 4500 units absorbed (5000 + 25 - 1 - 524) , 90% of available homes were absorbed (4500/5024 = 90%). -above calculations only provide information for this three-month period.

Summary: Market analysis: Regional

Summary A REGION IS A GEOGRAPHIC AREA IS WHICH CHANGES IN ECONOMIC CONDITIONS ARE LIKELY TO AFFECT THE FISCAL PERFORMANCE (VALUE). A REGIONAL ANALYSIS EVALUATES SUCH FACTORS AS THE REGION'S ECONOMY, DEMOGRAPHICS, HOUSEHOLD COMPOSITION, RENTS, AND EDUCATION LEVELS

Summary

Summary • Perceptions are made quickly, and people are prone to extend traits and behavior beyond reality. • People tend to subconsciously try to validate their initial perceptions. • Leasing professionals should project an image of trust and competence. • Basics of being sincere and having knowledge go a long way toward projecting trust and competence

Economic Analysis

Supply and Demand and occupancy/Vacancy Rates

Assessment

Thomas Kilmann Conflict mode instrument (TKI)

Federal Fair Housing

Title VIII of the Civil Rights Act of 1968 as amended by the Fair Housing Amendments Act of 1988, better known as the Fair Housing Act, requires that rental housing be made available to all persons without regard to protected classes

Summary

Understanding the economic environment is important in analyzing the rental market.

Business Writing Focus

business email - digital correspondence for business purposes business plan - detailed outline of business goals, objectives and strategies executive summary - overview of business recommendations letter - formal correspondence sent by mail or email on behalf of the business memo - internal document to communicate information to team members press release - document sent to news media or published online to announce information project proposal - request for approval to begin a new project or initiative resume - work history document submitting to prospective employers technical document - detailed instructions for procedures or equipment

Rehab

he process of reconstructing or improving a community that is in a state of disrepair and bringing it back to its full potential or use

Traffic

he volume of customers visiting a business establishment

Avoidance

insignificance, cool down, will resolve soon anyway, impossible to resolve

Conflict-Bull

keep silent if the bull is yelling show confidence, maintain eye contact if out of control, repeat name calmly and assertively go to the bottom line and state your case be specific about actions and results

Unit Type

method to describe the apartment, for example 1 bedroom/1 bath (1BR/1BA)

Signs of stress: bull

openly hostile, bossy, loud, impatient, aggressive, expressive

Demographics

population data • Gender • Age • Family composition • Education • Occupation • Income levels • Spending habits Trends and changes

Appearance

professional, groomed, usually, conservative

Shopping reports

refer to elc

Supporting conflict management

set the environment and rules assume a positive intent; consider personalities and the effects of stress Reinforce the shared goalFs

signs of stress: lamb

slows down more sulks wants to check out altogether

Activity

supply in an area is < demand. < • Is it a landlord's market or a renter's market? Landlord's • Is it likely for rents to be increasing or decreasing? Increasing Supply < Demand

Basic Tips

target Include the neighborhood in marketing efforts Neighborhood Use high quality pictures Pictures Incorporate video Video Include pricing Pricing Include adjectives and specific features Differentiate Use various marketing method

AIDA

tential renters Interest - Connects with understanding, continues appeal of renting Desire - Features to benefits, hot buttons met Action - Signs the lease

Writing Tips for A mind-blowing Property description

—-Begin with the basics -start with the obvious: how many bedrooms does the rental have? How many bathrooms?—>first things renters want to know. ——How to Write a Rental Listing Headline -Be specific in your headline. -want to get the location in as soon as possible, as well the number of bedrooms and bathrooms. -only want renters interested in that particular area and needing that amount of space to contact you. —->Add the numbers<—— - include the rent up front -weed out those who can't afford your property. -You want real, qualified leads reaching out to you or you'll spend a lot of time on the phone without really getting anywhere. be specific about other costs: move-in fees, the security deposit, any HOA fees they might have to pay, parking fees, what utilities they are responsible for, etc. (may not want to do this right away—-> could scare off renters) -Specify your lease terms ——>What to Include in your property description<——- -Provide as much detail as you can, but be succinct about it. -keep this on the short side so you don't lose the viewer's interest. -What makes your rental special? —>highlight the things your property has that no other property can offer. -Try to tell a story in your description -Make sure your description says something. Avoid using generic or flowery language. -property description can give other details, such as train stations or bus stops, nearby highways, bike lanes, and other commute options ----->What Not to Include in Your Description?<------ -don't violate the Federal Fair Housing Act (FHA) in your description (ex: can't put a limit on the number of children a family may have.) --->Always review and Edit Your Property Description <----- -No unnecessary punctuation and capitalization -read over what you write out loud -Use feedback to your advantage - ---> Add Your Photos<--- -need both description and photos -10-15 photos in listing ---> Add a Video <---- -Can be on video streaming site and social media account -Can boost rental inquires by 95% --> Additional Details<--- -Unique features and amenities Any current specials you may be offering Security and smart home features Parking details Special services (community pool and tennis court, a car-washing station, etc.) Neighborhood features --->Contact Information<---- -list your company website and your business email address so renters can reach out to you. ---> Get your Ad in Front of Potential Renters <--- -sting your property is free, and your ad will appear on all five of our popular sites also be able to add Rental Tools, which will allow you to screen applicants, generate a lease, and even collect payments online.

Needs- BOLT

• Bull - Choices, challenges, control • Owl - Quality answers, value, excellence • Lamb - Appreciation, security, assurance • Tiger - Recognition, approval, admiratio

Compromise

• Want to maintain the relationship • Equal power • Mutually independent goal