As we approach Thanksgiving and we ponder on what we have to be thankful for this year, I'm sure we're all thinking of our friends, our family, our health, etc. But with this crazy industry we work in, one where there's never a dull moment, there's a whole different meaning to the term "thankful." Here are the top 10 things you have to be thankful for this season when you're a property manager....
*disclaimer...this is meant to be humorous :)
10. Be thankful that you're fully staffed and that they've all passed their drug screenings and background checks!
9. Be thankful that the police haven't been called to your property in over a month!
8. Be thankful that your regional manager is on vacation and you haven't heard from him ALL week!
7. Be thankful that the resident you evicted a few weeks ago actually left on his own without having to get the Sheriff involved!
6. Be thankful you're leased at 95% and your competitor is only leased at 93%!
5. Be thankful you got 5 leases this week...and not a single one was declined!
4. Be thankful you haven't had any vendors calling your property this week trying to collect on that invoice that your corporate office "forgot" to pay!
3. Be thankful that the H1N1 flu hasn't hit your office and none of your employees have called out sick!
2. Be thankful that half of your residents are out of town for the holidays and you don't have to listen to their whining about who's being loud, who's parked in the wrong parking space and who's leaving their trash outside of their door.
And the number 1 thing you have to be thankful for when you're a property manager this Thankgsiving.....
1. Be thankful that your maintenance tech on call didn't get drunk on Thanksgiving and can still respond to the emergency calls!
Tuesday, November 24, 2009
Sorry, I Can't Help You....Or Can I?
Your phone is ringing...
You: "Thank you for calling XYZ Apartments, this is So and So, how can I help you?"
Caller: "Do you accept Section 8?"
You: "No, I'm sorry, we do not."
Caller: "Ok, thank you."
You: "You're welcome."
Caller: "Bye."
You: "Good bye."
Sound familiar? I can say with pretty good certainty that we've all had a conversation just like this. It may have not been Section 8, maybe it was a restricted pet or a low price range. Every day you likely get calls from people who are looking for something that you don't have. But I'll tell you what....you DO have what they're looking for. They're looking for customer service, and that my friends, we all have (or should have). Providing exemplary customer service means going above and beyond to help out a customer. Situations like this are the perfect opportunity to put this into action. Make a list of things that people regularly call for but that you don't offer. Large or restricted pets, fireplaces, lower prices, Section 8 acceptance, washer/dryers, etc. Now do your homework and include on that list what neighboring communities offer those things. Then your conversation can go something like this.
You: "Thank you for calling XYZ Apartments, this is So and So, how can I help you?"
Caller: "Do you accept Section 8?"
You: "I'm so sorry, we do not, but I would love to help you find a community that does. Have you contacted ABC Apartments or 123 Apartments yet?"
Caller: "No, I haven't, thank you for the information."
You: "You're so welcome. I have their phone numbers handy if you'd like them."
Caller: "Wow, thank you so much, I'd really appreciate that."
You: "It's no problem at all. Do you have a pen ready?"
You get the point. :)
This tiny step that will take you all of 30 minutes will go a long way in helping to make someone's life easier. And maybe you don't have what they need now, but I guarantee they'll remember you if their circumstances change and they'll also be sure to mention you to their friends who are looking for an apartment.
Tackle every situation thinking "yes, I can help you" rather than "no, I can't" and you and your community will gain the positive reputation that you know you deserve. :)
Morgan Oney, CAM
www.getmoreleases.com
www.mynewsletterconnection.com
You: "Thank you for calling XYZ Apartments, this is So and So, how can I help you?"
Caller: "Do you accept Section 8?"
You: "No, I'm sorry, we do not."
Caller: "Ok, thank you."
You: "You're welcome."
Caller: "Bye."
You: "Good bye."
Sound familiar? I can say with pretty good certainty that we've all had a conversation just like this. It may have not been Section 8, maybe it was a restricted pet or a low price range. Every day you likely get calls from people who are looking for something that you don't have. But I'll tell you what....you DO have what they're looking for. They're looking for customer service, and that my friends, we all have (or should have). Providing exemplary customer service means going above and beyond to help out a customer. Situations like this are the perfect opportunity to put this into action. Make a list of things that people regularly call for but that you don't offer. Large or restricted pets, fireplaces, lower prices, Section 8 acceptance, washer/dryers, etc. Now do your homework and include on that list what neighboring communities offer those things. Then your conversation can go something like this.
You: "Thank you for calling XYZ Apartments, this is So and So, how can I help you?"
Caller: "Do you accept Section 8?"
You: "I'm so sorry, we do not, but I would love to help you find a community that does. Have you contacted ABC Apartments or 123 Apartments yet?"
Caller: "No, I haven't, thank you for the information."
You: "You're so welcome. I have their phone numbers handy if you'd like them."
Caller: "Wow, thank you so much, I'd really appreciate that."
You: "It's no problem at all. Do you have a pen ready?"
You get the point. :)
This tiny step that will take you all of 30 minutes will go a long way in helping to make someone's life easier. And maybe you don't have what they need now, but I guarantee they'll remember you if their circumstances change and they'll also be sure to mention you to their friends who are looking for an apartment.
Tackle every situation thinking "yes, I can help you" rather than "no, I can't" and you and your community will gain the positive reputation that you know you deserve. :)
Morgan Oney, CAM
www.getmoreleases.com
www.mynewsletterconnection.com
Monday, November 23, 2009
Hi, My Name Is...
Without a doubt, the biggest problem I had when I was leasing was forgetting to tell people my name. It was a problem I knew I had, yet it was just the one thing that I always seemed to forget. It's something that was so simple, yet I could just never seem to remember it! I guess I'd just get so excited when someone would walk in the door and I would anxiously help them find what they were looking for, so I'd forget about that tiny detail. Often times, it wouldn't even come up until the end of the tour as I handed them my business card. I'd then say something like, "oh, and my name's Morgan," but it was obvisously a little late! I missed a golden opportunity to establish a connection in the beginning.
Who knows how many more leases I could have gotten if I had just done things a little differently. I could have connected with more people, gotten their trust earlier. You see, there's a lot of value in exchanging names and setting the tone for your relationship together. When you give someone your name, you're connecting with them. You're allowing them into your life by sharing the most personal detail you have. You're bringing your interaction together to a personal level, showing them that you're personally here to help them and that you genuinely care. This can go a long way in generating a sale. People will feel more comfortable with you and will be more likely to sign a lease with you.
If you're like me and find it difficult to remember to share your name, then I highly recommend name tags. At least if you can't remember to share your name with your prospect personally, they can still see it and form a connection with you in their own mind. Name tags also help residents identify team members they haven't met yet and can curb some confusion that may take place later.
One thing I've seen on name tags in restaurants, theme parks and even car dealerships that I love is the hometown of the person underneath their name. This is a great conversation tool. People will likely have some kind of connection to the town and comment about it. It's a great icebreaker and relationship builder.
Another great idea would be to have plaques or signs when you walk in your leasing office introducing your team members. You can have their photos, names, titles, even a brief description of them. Again, you're establishing a connection right away and your prospects will immediately feel like they already know you.
My name is...
Morgan Oney :)
www.getmoreleases.com & www.mynewsletterconnection.com
Who knows how many more leases I could have gotten if I had just done things a little differently. I could have connected with more people, gotten their trust earlier. You see, there's a lot of value in exchanging names and setting the tone for your relationship together. When you give someone your name, you're connecting with them. You're allowing them into your life by sharing the most personal detail you have. You're bringing your interaction together to a personal level, showing them that you're personally here to help them and that you genuinely care. This can go a long way in generating a sale. People will feel more comfortable with you and will be more likely to sign a lease with you.
If you're like me and find it difficult to remember to share your name, then I highly recommend name tags. At least if you can't remember to share your name with your prospect personally, they can still see it and form a connection with you in their own mind. Name tags also help residents identify team members they haven't met yet and can curb some confusion that may take place later.
One thing I've seen on name tags in restaurants, theme parks and even car dealerships that I love is the hometown of the person underneath their name. This is a great conversation tool. People will likely have some kind of connection to the town and comment about it. It's a great icebreaker and relationship builder.
Another great idea would be to have plaques or signs when you walk in your leasing office introducing your team members. You can have their photos, names, titles, even a brief description of them. Again, you're establishing a connection right away and your prospects will immediately feel like they already know you.
My name is...
Morgan Oney :)
www.getmoreleases.com & www.mynewsletterconnection.com
Friday, November 20, 2009
Learn How to Handle Tenants Who Pay Late
You own and manage your own investment property, but your tenant had not yet paid the rent. Should you call? Should you email? Should you visit the tenant? What should you do if you have tenants who pay late? Well, the first thing that you should do is not to panic. One of the toughest problems that a rental property owner may have is collecting rent from a late-paying tenant - or, worst, a tenant who does not pay at all. As an investor and landlord, you should be ready to encounter such tenants from time to time. Bad payers are real pain in the neck for all landlords but there are several ways to deal with the problem.
It may not be a bad idea to offer discount for on-time payments. This may encourage tenants to be on time when they pay their rent. On the other hand, late fees should apply on late payments. Being in control may prompt tenants to pay on time, every time. Some late payments happen not because they intend to do it but because the tenant simply forgot. In this case, consider two things. One is to issue a notice of non-payment of rent immediately as the rent is late. Tenants tend to pay their cell phone use, credit card, or whatever when they receive the bills each month. This can also work on their rent. Another is to suggest an automatic payment plan. This can be done by setting up automatic payments by direct withdrawal or by credit card. Again, this set up is assumed good intentions on the side of the tenant.
What should you do with constant late payers? If the tenant is a consistent late payer, then you should act consistently as well. Always apply the same late payment fees and file rent invoices for every late paying tenant or those who have not paid at all. Showing consistency in your actions makes a strong precedent in case you have to defend your actions in court or consider evicting the tenant. Being consistent in your actions also gives the impression that you are fair to all tenants and at the same time firm.
A tenant, whose lateness gets worse and worse every month, even with the late fees and issues about late payments, indicates that he has little regard for your authority. Then, you have to ask them to move out. Talk the tenant into taking a voluntary eviction. Court-ordered evictions require a lot of money and time. In case the tenant refuses to leave the property, you need to get this court approved eviction paper.
Like they say, the best way for getting tenants to pay their rent on time is prevention. At the beginning, do a little investigation on the applying tenant. Occasional late payment is unusual if you have applied the proper background checks. You can run each applicant's credit report and contact the landlord before their present one. You may also want to verify the applicant's employment record. Ask for a recent pay stub for verification of his employment status.
Get great deals in Phoenix Foreclosed Property. Phoenix Golf Homes place you within minutes of the first tee.
Article Source: http://EzineArticles.com/?expert=Alvin_Clavines
It may not be a bad idea to offer discount for on-time payments. This may encourage tenants to be on time when they pay their rent. On the other hand, late fees should apply on late payments. Being in control may prompt tenants to pay on time, every time. Some late payments happen not because they intend to do it but because the tenant simply forgot. In this case, consider two things. One is to issue a notice of non-payment of rent immediately as the rent is late. Tenants tend to pay their cell phone use, credit card, or whatever when they receive the bills each month. This can also work on their rent. Another is to suggest an automatic payment plan. This can be done by setting up automatic payments by direct withdrawal or by credit card. Again, this set up is assumed good intentions on the side of the tenant.
What should you do with constant late payers? If the tenant is a consistent late payer, then you should act consistently as well. Always apply the same late payment fees and file rent invoices for every late paying tenant or those who have not paid at all. Showing consistency in your actions makes a strong precedent in case you have to defend your actions in court or consider evicting the tenant. Being consistent in your actions also gives the impression that you are fair to all tenants and at the same time firm.
A tenant, whose lateness gets worse and worse every month, even with the late fees and issues about late payments, indicates that he has little regard for your authority. Then, you have to ask them to move out. Talk the tenant into taking a voluntary eviction. Court-ordered evictions require a lot of money and time. In case the tenant refuses to leave the property, you need to get this court approved eviction paper.
Like they say, the best way for getting tenants to pay their rent on time is prevention. At the beginning, do a little investigation on the applying tenant. Occasional late payment is unusual if you have applied the proper background checks. You can run each applicant's credit report and contact the landlord before their present one. You may also want to verify the applicant's employment record. Ask for a recent pay stub for verification of his employment status.
Get great deals in Phoenix Foreclosed Property. Phoenix Golf Homes place you within minutes of the first tee.
Article Source: http://EzineArticles.com/?expert=Alvin_Clavines
Wednesday, November 18, 2009
Package Acceptance Tips
I was reading through my local City Data message board yesterday and came across a post from an angry apartment resident blasting her community because she believed they "lost" one of her packages. She was even involving the police! I'm sure we've all been in the uncomfortable position of having a resident come into the office with a notice that they have a package, yet that package is nowhere to be found. Ordinarily, the fault likely lies with the delivery agent. At my last office, the friendly postman was bombarded with packages, bringing them in the office in about 3-4 large bins and cheerfully handing them over to us to deal with. He'd then place slips that he'd prepared earlier that morning before leaving the post office inside the mailboxes of the residents. Sounds pretty typical, right? It is, however, there's so much room for error. A slip could go in the wrong mailbox, a slip could not get written at all, the package could actually be in a different bin or on a different truck...who knows. All we do know is that if something goes wrong, we're the ones to blame. Help minimize the negative impact that lost packages can have on your community by practicing the following steps...
1. Have all residents sign a package release that will hold you harmless in the event a package is lost. Remind your residents that packages are accepted as a courtesy and while every effort will be made to insure they're handled properly, ultimately the responsibility relies on the recepient and the delivery agent.
2. Create a package log. As each package comes in, log it into a spreadsheet. As the residents pick up the packages, have them sign and date the log acknowledging their pick up.
3. Organize your packages. Pick a system that works for you, like building, last name or the day of the week that they came in. That way you have easy access to your packages and less room for them to get misplaced.
4. Have copies of a handy phone list of all delivery agents, including the local USPS and name of your usual carrier, UPS, Fed Ex, etc., to be able to give to the residents in the event their packages are missing. Rather than take the attitude "It's not my fault, I can't help you," offer the resident every bit of help that you can possibly give.
5. Offer package drop off to your residents. Many people aren't home during business hours to be able to pick up their packages from your office. Step up your customer service and offer to drop the package off inside of their apartment for them. (Be sure to get a waiver in writing first so that they know you'll be entering their apartment while they're not there). Not only is it providing excellent service to your residents, it's clearing the packages for you, thus lessening the chaos and minimizing the chance a package will get misplaced.
Accepting pacakges can be a headache, but it's a very important resident retention tool. This is a great opportunity to go above and beyond to keep your residents happy, just be sure to protect yourself in the process!
Morgan Oney, CAM
www.mynewsletterconnection.com
Online newsletters for apartment communities to connect with their residents
1. Have all residents sign a package release that will hold you harmless in the event a package is lost. Remind your residents that packages are accepted as a courtesy and while every effort will be made to insure they're handled properly, ultimately the responsibility relies on the recepient and the delivery agent.
2. Create a package log. As each package comes in, log it into a spreadsheet. As the residents pick up the packages, have them sign and date the log acknowledging their pick up.
3. Organize your packages. Pick a system that works for you, like building, last name or the day of the week that they came in. That way you have easy access to your packages and less room for them to get misplaced.
4. Have copies of a handy phone list of all delivery agents, including the local USPS and name of your usual carrier, UPS, Fed Ex, etc., to be able to give to the residents in the event their packages are missing. Rather than take the attitude "It's not my fault, I can't help you," offer the resident every bit of help that you can possibly give.
5. Offer package drop off to your residents. Many people aren't home during business hours to be able to pick up their packages from your office. Step up your customer service and offer to drop the package off inside of their apartment for them. (Be sure to get a waiver in writing first so that they know you'll be entering their apartment while they're not there). Not only is it providing excellent service to your residents, it's clearing the packages for you, thus lessening the chaos and minimizing the chance a package will get misplaced.
Accepting pacakges can be a headache, but it's a very important resident retention tool. This is a great opportunity to go above and beyond to keep your residents happy, just be sure to protect yourself in the process!
Morgan Oney, CAM
www.mynewsletterconnection.com
Online newsletters for apartment communities to connect with their residents
Tuesday, November 17, 2009
Emergencies....Are You Prepared?
You're officially initiated into the property management world when you've gone through your first crisis. In my many years on site, I dealt with fire, flood, ice storm, hurricanes, dead bodies, robberies, shootings...fun stuff! By far the one that had the biggest impact on me was the fire I experienced. I was the only person working on a Saturday in the middle of a very large thunderstorm. In what seemed like an instant, one of the main fire alarms in the leasing office went off indicating trouble in a building. Before I could even investigate, a resident came running in to say they saw smoke coming from one of our buildings-it had been struck by lightning. My instincts kicked into gear, as well as some great training. I was fortunate that only 1 week before, I had been through the Emergency Management module of my CAM course. Talk about perfect timing! I grabbed my keys, keys to the building and cell phone and made my way to the building. I ran into our maintenance tech who lived on site and saw what was happening and he took the building keys and went to get everyone and their pets out while I used my cell phone to call the fire department, red cross and a disaster management company and moved everyone away from the building to make way for the emergency vehicles. Then I sat back and watched a 24 unit building burn to the ground before my eyes. Ya, not fun. But, I'm happy to report that the only casualty was a single goldfish, so overall, it was a successful crisis.
Most of these items occur unexpectedly, so it's important have a plan in place so that you know exactly how to handle them in the heat of the moment. I'll be honest and say that for each company I worked for when I went through the events I listed above, there weren't any clear guidelines on how to handle situations like this. My CAM training was the only official training I had for emergency management. It helped me tremendously for the fire, but the other events I experienced before that could have been handled a bit smoother. So take a look at your emergency plans. If your corporate office has written them for you, take a moment to review them yourself as well as with your team to make sure that everyone knows what steps to take in an emergency. If you don't have guidelines, take the liberty to write them yourself. The last thing you want is to be caught off guard in a critical situation. The way you handle it will have an effect of many, many people.
Morgan Oney, CAM
www.mynewsletterconnection.com & www.getmoreleases.com
Most of these items occur unexpectedly, so it's important have a plan in place so that you know exactly how to handle them in the heat of the moment. I'll be honest and say that for each company I worked for when I went through the events I listed above, there weren't any clear guidelines on how to handle situations like this. My CAM training was the only official training I had for emergency management. It helped me tremendously for the fire, but the other events I experienced before that could have been handled a bit smoother. So take a look at your emergency plans. If your corporate office has written them for you, take a moment to review them yourself as well as with your team to make sure that everyone knows what steps to take in an emergency. If you don't have guidelines, take the liberty to write them yourself. The last thing you want is to be caught off guard in a critical situation. The way you handle it will have an effect of many, many people.
Morgan Oney, CAM
www.mynewsletterconnection.com & www.getmoreleases.com
Monday, November 16, 2009
Are You Maximizing Your Extra Income?
With the economy down, you're likely granting more concessions than you'd like to. So, it's wise to try to make up for that loss elsewhere. There are many opportunities in an apartment community to earn some extra income. The great thing is that most of these are often providing a service to your residents, so it's a win win for everyone. Here are 20 ways for you to jump start your bank account...
1. Vending Machines-look into soda and snack machine vendors in your area. Some offer profit sharing programs for vending machine sales.
2. Laundry Machines
3. Car Vacuum
4. Newspaper Machines
5. Sell ads-contact local businesses to sell ads in your newsletter or move in packets. Home based business people like Pampered Chef and Mary Kay reps are great people to contact for this!
6. Blog-if your community has a blog, you can set up a Google Adsense account and place ads on your page. You can earn income every time someone clicks on the ad.
7. Valet Dry Cleaning-establish a relationship with a local dry cleaner in your area to get a great deal. Increase their rate by 50% and then offer a valet service to your residents. Once a week, you can drop off and pick up your residents dry cleaning. You keep the additional 50% for your community. It's a win win for everyone!
8. Utility Set Up-there are companies out there like White Fence and Move in Minutes that offer commission when your residents use their services to sign up for their utilities.
9. Insurance-there are also many insurance affiliate companies who offer referral fees. You could also try to work out something with a local insurance agent. They may be able to offer you more, plus your residents would have someone locally to contact.
10. Pet Fees-depending on where you live, you may be able to charge a monthly pet fee as well as a pet rent. *Hint* To catch residents with unauthorized pets and collect their pet fees, have maintenance carry a spreadsheet listing each apartment with them and have them note who has pets when they do air filter changes. Cross check that with your records and you're guaranteed to catch a few each time.
11. Short Term Fees-if your residents would like the convenience of having a lease shorter than 12 months, be sure to charge them a fee. The average short term is $50 per month.
12. Month to Month Fees-this is the ultimate in convenience for residents, so this situation should carry an extra premium. The average month to month fee is $100 per month.
13. Location Premiums-if you have some units that are highly desired, consider charging an extra premium for them. You can also do this for highly desired floor levels.
14. Upgrade Premiums-if you have an older community, doing a few improvements can go a long way. You can update certain features like light fixtures and faucets pretty inexpensively, but you can recover those costs very quickly with an extra monthly premium!
15. Fitness Center Membership-if your community doesn't have a fitness center, contact a local health club. You can often work out a program with them where you offer their club to your residents exclusively and they'll cut you a referral fee when they join.
16. Satellite Fees-Most communities don't want dishes on their property, however, due to FCC regulations, you have to allow them. But, the FCC doesn't say anything about charging your residents a convenience fee to have them, so use this opportunity to earn an extra $100 or two.
17. Late Fees-I never minded when a resident would pay a day or two late. It meant I could collect their late fees! Be firm on collecting these fees right when they're assessed and don't bend the rules for anyone. Not only is it protecting you from a Fair Housing mess, it's a great source of income.
18. Legal Administrative Fees-If you're forced to file legal action against someone, consider charging an extra administrative fee for your office on top of attorney's fees. $100 is about average.
19. Payment Plans-If you're going to set up a payment plan for past due debt, consider added a convenience fee. You're not obligated to accept payments, so you're offering them as a convenience to your residents, and conveniences often come with a price.
20. Concession Forfeit-depending on your state, you may be able to charge a resident their gross monthly rental amount if they pay late, meaning they forfeit their concession for that month. If they make a habit of paying late, say 2 or 3 times, they could forfeit their concession altogether.
1. Vending Machines-look into soda and snack machine vendors in your area. Some offer profit sharing programs for vending machine sales.
2. Laundry Machines
3. Car Vacuum
4. Newspaper Machines
5. Sell ads-contact local businesses to sell ads in your newsletter or move in packets. Home based business people like Pampered Chef and Mary Kay reps are great people to contact for this!
6. Blog-if your community has a blog, you can set up a Google Adsense account and place ads on your page. You can earn income every time someone clicks on the ad.
7. Valet Dry Cleaning-establish a relationship with a local dry cleaner in your area to get a great deal. Increase their rate by 50% and then offer a valet service to your residents. Once a week, you can drop off and pick up your residents dry cleaning. You keep the additional 50% for your community. It's a win win for everyone!
8. Utility Set Up-there are companies out there like White Fence and Move in Minutes that offer commission when your residents use their services to sign up for their utilities.
9. Insurance-there are also many insurance affiliate companies who offer referral fees. You could also try to work out something with a local insurance agent. They may be able to offer you more, plus your residents would have someone locally to contact.
10. Pet Fees-depending on where you live, you may be able to charge a monthly pet fee as well as a pet rent. *Hint* To catch residents with unauthorized pets and collect their pet fees, have maintenance carry a spreadsheet listing each apartment with them and have them note who has pets when they do air filter changes. Cross check that with your records and you're guaranteed to catch a few each time.
11. Short Term Fees-if your residents would like the convenience of having a lease shorter than 12 months, be sure to charge them a fee. The average short term is $50 per month.
12. Month to Month Fees-this is the ultimate in convenience for residents, so this situation should carry an extra premium. The average month to month fee is $100 per month.
13. Location Premiums-if you have some units that are highly desired, consider charging an extra premium for them. You can also do this for highly desired floor levels.
14. Upgrade Premiums-if you have an older community, doing a few improvements can go a long way. You can update certain features like light fixtures and faucets pretty inexpensively, but you can recover those costs very quickly with an extra monthly premium!
15. Fitness Center Membership-if your community doesn't have a fitness center, contact a local health club. You can often work out a program with them where you offer their club to your residents exclusively and they'll cut you a referral fee when they join.
16. Satellite Fees-Most communities don't want dishes on their property, however, due to FCC regulations, you have to allow them. But, the FCC doesn't say anything about charging your residents a convenience fee to have them, so use this opportunity to earn an extra $100 or two.
17. Late Fees-I never minded when a resident would pay a day or two late. It meant I could collect their late fees! Be firm on collecting these fees right when they're assessed and don't bend the rules for anyone. Not only is it protecting you from a Fair Housing mess, it's a great source of income.
18. Legal Administrative Fees-If you're forced to file legal action against someone, consider charging an extra administrative fee for your office on top of attorney's fees. $100 is about average.
19. Payment Plans-If you're going to set up a payment plan for past due debt, consider added a convenience fee. You're not obligated to accept payments, so you're offering them as a convenience to your residents, and conveniences often come with a price.
20. Concession Forfeit-depending on your state, you may be able to charge a resident their gross monthly rental amount if they pay late, meaning they forfeit their concession for that month. If they make a habit of paying late, say 2 or 3 times, they could forfeit their concession altogether.
Sunday, November 15, 2009
Weekends....Use Your Time Wisely!
Working weekends is always so unpredictable. Either you don't even have a moment to sit down and breathe or all you're doing is sitting down just waiting for someone to walk through that door. Even though I never knew what to expect, I always enjoyed working the weekends because I knew that no matter what, they'd be productive. How can it be productive, you say, if your slow as a turtle? Well, that's the perfect opportunity get things done! Here's a list of 10 things you can do around your leasing office when you're working the weekend and no one seems to want to visit you!
1. Finish up your paperwork/administrative duties. Surely there's something somewhere that needs to be completed and it will be a great feeling to have it under your belt.
2. Organize your desk. Throw away those ketchup packets and 2 year old lip gloss that have been in your top drawer for ages.
3. Clean the clubhouse. I know, I know, cleaning is no fun, that's why you hire a housekeeper or cleaning service. But, I bet you if you take a walk around, you'll find something that needs to be done. Do some dusting, some straightening, heck, even rearrange some furniture if you feel like it.
4. Organize the package room. If you accept packages for your residents, they can often get very disorganized very quickly. Also, you can use this time to send reminder notices to residents who need to come and pick theirs up.
5. Post some ads online. There are a million free classified websites out there. Can't hurt to list yourself on them!
6. Surf the web for marketing contacts. Research local businesses and make a spreadsheet with their contact information for use later.
7. Brainstorm for your next resident function. Have a few in mind so when the time comes to have them, you already have your plans in order.
8. Phone and email shop some other properties. They don't even have to be in your area. It's always great to hear how other leasing agents handle their traffic. You may get some great ideas, or even learn what NOT to do!
9. Call back residents who have had recent maintenance requests and make sure they're happy with their service.
10. Blog...having a blog for your community gives you yet another footprint on the web each time you make a post.
Morgan Oney, CAM
www.getmoreleases.com
Don't have time to maintain your social networking sites, maintain a blog or post ads to Craigslist? Let us do it for you to maximize your exposure on the internet!
1. Finish up your paperwork/administrative duties. Surely there's something somewhere that needs to be completed and it will be a great feeling to have it under your belt.
2. Organize your desk. Throw away those ketchup packets and 2 year old lip gloss that have been in your top drawer for ages.
3. Clean the clubhouse. I know, I know, cleaning is no fun, that's why you hire a housekeeper or cleaning service. But, I bet you if you take a walk around, you'll find something that needs to be done. Do some dusting, some straightening, heck, even rearrange some furniture if you feel like it.
4. Organize the package room. If you accept packages for your residents, they can often get very disorganized very quickly. Also, you can use this time to send reminder notices to residents who need to come and pick theirs up.
5. Post some ads online. There are a million free classified websites out there. Can't hurt to list yourself on them!
6. Surf the web for marketing contacts. Research local businesses and make a spreadsheet with their contact information for use later.
7. Brainstorm for your next resident function. Have a few in mind so when the time comes to have them, you already have your plans in order.
8. Phone and email shop some other properties. They don't even have to be in your area. It's always great to hear how other leasing agents handle their traffic. You may get some great ideas, or even learn what NOT to do!
9. Call back residents who have had recent maintenance requests and make sure they're happy with their service.
10. Blog...having a blog for your community gives you yet another footprint on the web each time you make a post.
Morgan Oney, CAM
www.getmoreleases.com
Don't have time to maintain your social networking sites, maintain a blog or post ads to Craigslist? Let us do it for you to maximize your exposure on the internet!
Saturday, November 14, 2009
Delegating...Your Success Depends On It!
Delegating has always been a huge challenge for me. I've always lived by the old saying "if you want something done right, do it yourself." At home, I want the house cleaned the way I want it, the laundry done the way I want it and the meals prepared how I want them. When I worked on site, I wanted to control the payables, the rent posting, the leasing, the maintenance, the human resources, etc. You get the idea. I would always delegate just the bare minimum to get things done, but I preferred to do the majority of the daily operating duties myself.
So how's the delegating going in your office? Do you find yourself just doing tasks because you know you can do them right? Do you prefer to do the weekly reports so that you know they're accurate when they go to corporate? Do you prefer to handle the rent because you know you won't receive a bank correction notice later? Do you like to follow up with traffic because you know that you're going to ask them the right questions to ensure the lease? If you've ever found yourself in any of these situations, then you probably have the same issue as I do with delegating. So how do you change? Here are a few things I think will help you along the way.
First, sit back and look at everything that needs to be done. Now take a good look at the team you have behind you. What are their strengths? What are their weaknesses? Try to look closely and delegate the tasks appropriately. If you want things done right, then you're going to have to give them to the right person. Being comfortable with who you have doing your work for you is going to make you relax so you can focus on the things that you need to accomplish.
If you have concerns about someone on your team not being able to do things right, then you need to address that. Work on training, or if necessary, look for another team member. If you don't have confidence in who you have doing the job, you're never going to be able to feel comfortable with delegating and you're going to be stressed to the max!
If you ever find yourself working long hours, going above and beyond the call of duty just to get regular job duties performed, then something is wrong. You need to have a good work/life balance. When you find that your job is interfering with your life, you need to take a step back and see what can be changed. Typically delegating is the first step in making those changes.
Hope this is helpful! Share with me some of your delegating stories. What challenges have you faced? What do you have to do in your office so you know it gets done right?
Morgan Oney, CAM
www.mynewsletterconnection.com
Communicate with your residents on the web! Email and online newsletters at a fraction of the cost of traditional paper newsletters!
So how's the delegating going in your office? Do you find yourself just doing tasks because you know you can do them right? Do you prefer to do the weekly reports so that you know they're accurate when they go to corporate? Do you prefer to handle the rent because you know you won't receive a bank correction notice later? Do you like to follow up with traffic because you know that you're going to ask them the right questions to ensure the lease? If you've ever found yourself in any of these situations, then you probably have the same issue as I do with delegating. So how do you change? Here are a few things I think will help you along the way.
First, sit back and look at everything that needs to be done. Now take a good look at the team you have behind you. What are their strengths? What are their weaknesses? Try to look closely and delegate the tasks appropriately. If you want things done right, then you're going to have to give them to the right person. Being comfortable with who you have doing your work for you is going to make you relax so you can focus on the things that you need to accomplish.
If you have concerns about someone on your team not being able to do things right, then you need to address that. Work on training, or if necessary, look for another team member. If you don't have confidence in who you have doing the job, you're never going to be able to feel comfortable with delegating and you're going to be stressed to the max!
If you ever find yourself working long hours, going above and beyond the call of duty just to get regular job duties performed, then something is wrong. You need to have a good work/life balance. When you find that your job is interfering with your life, you need to take a step back and see what can be changed. Typically delegating is the first step in making those changes.
Hope this is helpful! Share with me some of your delegating stories. What challenges have you faced? What do you have to do in your office so you know it gets done right?
Morgan Oney, CAM
www.mynewsletterconnection.com
Communicate with your residents on the web! Email and online newsletters at a fraction of the cost of traditional paper newsletters!
Friday, November 13, 2009
New Resource Guide for Property Managers
We've added a fantastic page to our My Newsletter Connection website. We're collecting links to all of the best apartment industry websites, blogs, speakers, services, etc. and putting them all in one place! It's a one stop shop for learning all you can about how to be a successful property manager!
If you've got an industry related website, blog, business, etc. and would like a link on our site, shoot me an email to info@mynewsletterconnection.com! It's totally free, we just ask for a little love in return. :)
If you've got an industry related website, blog, business, etc. and would like a link on our site, shoot me an email to info@mynewsletterconnection.com! It's totally free, we just ask for a little love in return. :)
Tuesday, November 10, 2009
'Tis the Season for Giving
Times are tight this year for everyone. Marketing budgets have dwindled and it's becoming increasingly hard to attract new residents. This is the perfect opportunity to take advantage of all of the free marketing available to you. What a better way than to help people in the process????
Charitable giving has long been a marketing technique in the apartment industry. Help the community, get your name out there, it's a win win for everyone! Times are tougher than ever, the need for giving is greater than ever, and your need for new residents is likely greater than ever! So take advantage of this opportunity and select a charity to help out with this holiday season. Get your employees, residents and community involved and you'll see great success!
In case you need some inspiration, here are some ideas of charities you can get involved with this holiday season.
1. Toys for Tots
Provides toys for children in need
2. Make A Wish
Make an ill child's wish come true. You can donate or volunteer your time.
3. Salvation Army
http://www.salvationarmyusa.org/
Offers a variety of giving opportunities, including Coats for Kids and the Angel Tree
4. Holiday Mail for Heroes
Send holiday cards to American soliders overseas
5. Feeding America
http://www.feedingamerica.org/
Food banks across the country are running low in these tough economic times. This is a great organization!
6. Soles 4 Souls
Soles4souls has a mission of helping people by providing them shoes in those areas of the world where there is no shoe store, much less the money to buy shoes.
7. Sponsor a neighborhood family
There's nothing better than helping out someone in your own backyard. Odds are there are residents in your community who are facing tough times. It's likely no secret as they're already in contact with you because of their rental payments, so why not take an opportunity to ask these families if they'd be interested in some assistance for the holidays. I know it seems like an overwhemling task, but I've seen it done successfully and it has had a great impact on the community. Here are a few tips:
In your newsletter, send a notice to your residents about your campaign, maybe call it Neighbors Helping Neighbors, and ask residents who need a little help to just send in a letter about their need. You can also ask neighbors to send in a letter about another family in the community. Sort of like a "nomination." You may get one or two or you may get a handful. Don't turn anyone away, anyone who sends in a letter will get something.
Next begin your campaign by taking compiling a list of things that are needed and getting the word out there. Keep the families identities anonymous. Send letters, put signs up, host a resident giving party, contact local businesses...you can secure a great number of items for these families!
I hope some of these ideas inspired you to get involved. The holidays are a great time to begin a giving program, and once you get the hang of it, it's something that you can implement all year long!
Morgan Oney, CAM
http://www.mynewsletterconnection.com/
Internet and email newsletters for you to communicate with your residents! They're creative, interactive, and best of all, affordable!
Wednesday, November 4, 2009
Collecting Past Due Accounts...Love It or Hate It?
For some people, collecting on past due and delinquent accounts is the worst part of their job. For others, it's exciting and exhilirating. I fall into that category. When I was an Assistant Manager and my primary job function was collections, I loved every minute of it. Every time I collected on an account that others deemed hopeless, I got such a rush. It was so rewarding to me to know that I did something that other people struggled with.
It wasn't always like that, though. It took me a long time to get comfortable with collections, to move past the personal feelings I had for my residents and to get a process down that worked for me. But once I had that accomplished, I was comfortable with my role and success soon followed. So if you're one of those who thinks this is the worst part of your job, here are some of the ways I evolved in my role as a collector.
Establish Your Collection Process
If your company already has clear collection guidelines in place, then of course, follow what they say. But if they don't, it's in your best interest (for the sake of your sanity) to create collection guidelines yourself. Here's a snapshot of the process I created for my company....
Move Out Collections
1. When a resident gives notice to vacate, send a notice to vacate acknowledgement form that includes details they need to know about to prepare for their move and schedule a pre-move out inspection of their apartment for roughly 2-4 weeks prior to their move out date. This inspection is where you're going to try to get an estimate of charges to collect on before they move out. You'll also include any charges you may already know about, like lease termination fees, past due balances, etc. Anything you can assess and collect on before the resident moves out will certainly be in your best interest.
2. Once you've completed the pre-move out inspection and have assessed known damages, create an invoice including all owed charges and send it to the resident with a due date of their move out date. Send this notice on bright paper so it is noticeable and looks important.
3. A few days before the invoice is due, contact the resident by phone or email to let them know you haven't received their payment and remind them it's due when they turn in their keys.
4. Once their move out date has come and gone, you'll likely find yourself with that prior balance still due. You may get lucky with some, but for the most part, people won't pay until they're out. That's ok. You tried. So from here, you'll complete the actual move out inspection, assess final charges, and send an invoice to their forwarding address (which you should collect when they give their notice). Give them 15 days to make their payment.
5. If the next payment date has come and gone, pick up the phone and give them a call. Be friendly and just remind them that you haven't received their payment. Be nice as pie and hopefully they'll arrange to make the payment right then or tell you when you can expect it. Also send another friendly reminder of the past due invoice and give them 15 days to pay.
6. Once that payment due date passes, now is the time to become more firm. Send a notice outlining your next steps should they not make their payment. Tell them about the damage that could occur on their credit report as well as how it will affect their ability to rent elsewhere. Give them 15 more days to make their payment. Towards the end of those 15 days, another reminder phone call is helpful.
7. After 45-60 days have passed, it's unlikely that you're going to collect the full amount. If your company is flexible, this is the time to offer a settlement. After all, something is better than nothing. Plus, you'll just lose money sending it over to a collection agency anyway. I would knock off 25% off the top if they paid in full within another week, otherwise, I told them the account would go in full to an outside collection agency who may also pursue legal action.
8. If they didn't pay by this point, odds are they're not paying at all, so it's time to let go and send the account off.
Rental Collections
Collecting rent can be tricky. You want to maintain a high level of customer service, but you also need to be firm and collect your money. I think the best thing you can do to accomplish both of these things is to have clear cut guidelines for rental payments, make sure the residents are aware of them and do not deviate from them. For example, our rent was due on the 1st, late on the 6th, evictions filed on the 11th. No exceptions. If you were filed on, you had an opportunity to pay and stay if you paid your account in full by the court date, but you could only use this free pass one time. If we had to file again, we wouldn't drop the suit. Making residents aware of your process up front keeps the situation clean and clear because everyone knows what to expect. When there are no surprises, people stay happy and disagreements are kept to a minimum. Plus, I've also found that by being firm on your legal action, you have a lower rate of delinquency because no one wants that to happen!
To futher assist in our rental collections, we placed a bootleg "rent is due" reminder sign at the property entrances at the end of each month, a sign by the mailboxes, a reminder in our newsletter and also emailed a link to our rental payment website as a reminder to those who paid that way. These few things also helped with those few residents who had a tendancy to "forget" when rent was due!
Put Your Job First, Feelings Last
This is perhaps the trickiest part of being a collector. Your heart sympathizes with every job loss, every illness or every string of bad luck. But your business mind knows that while these problems are terrible, you still have a job to do. It's a tough thing to come to grips with, but the sooner you can separate these things, the easier your job will be. It's not that easy, I know. It took me years before I was completely comfortable. It's a fine art and there's really no right or wrong way to get there, but just know that it's critical that you find a way to make it happen.
I hope these tips and tricks on collections help you and your team. There's far more I can say on this topic, so if you have any questions at all, feel free to let me know!
Morgan Oney, CAM
http://www.mynewsletterconnection.com/
Internet and email newsletters for apartment communities to communicate with their residents
YES! You can include a link to your rental payment website in our newsletters! :) How's that for help with your collections?!?!
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