Property Management Tips

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Here are 10 Top Property management Tips to help you in your every day managment of your Multifamily property. If you would like Block Multifamily Group to give you a free analysis please contact …

Here are 10 Top Property management Tips to help you in your every day managment of your Multifamily property. If you would like Block Multifamily Group to give you a free analysis please contact Justin Larson at jlarson@blockmultifamily.com

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  • 1. Top 10 PropertyManagement Tips
  • 2. Tip #1—Curb Appeal Keep your community fresh & appealing• A well-managed property should always look better than its competitors• Curb appeal is the bread and butter of Multifamily. Plan ahead and involve team members. Encourage resident participation and get your hands dirty by Let Block Multifamily Group (BMG) planting bulbs in fall or gardens analyze your property for a FREE analysis. in spring. In doing this, you Go to www.blockllc.com/free-analysis. enable a strong sense of ownership in the residents and staff.
  • 3. Tip #2—Prompt Maintenance Report Quickly. Respond Quickly.• A well-managed property should be better maintained than its competitors!• Timing is key with maintenance calls from residents, and complete the work orders as quickly as possible. This helps the property perform in three ways: Let Block Multifamily Group (BMG)1. Building systems function analyze your property for a FREE analysis.2. Promoting resident retention Go to www.blockllc.com/free-analysis.3. Reducing utility use.
  • 4. Tip #3—Energy Efficiency Proactively audit your property’s energy usage!• A well-managed property should be greener than its competitors• Energy monitoring involves more than just placing setbacks on thermostats and timers on common area lighting. It includes:1. Preventative maintenance,2. Analyzing usage trends,3. Negotiating peak rates, and Let Block Multifamily Group (BMG)4. Researching rebates for upgrades. analyze your property for a FREE analysis. Go to www.blockllc.com/free-analysis.And remember ... green practices attract green tenants!
  • 5. Tip #4—Internet Marketing Being relevant means being connected!• A well-managed property should be more connected than its competitors• The key to a robust and successful Internet presence is tying the proper website to multiple social media platforms and producing relevant content. This will push Let Block Multifamily Group (BMG) search results higher and increase analyze your property for a FREE analysis. the interaction of residents and Go to www.blockllc.com/free-analysis. prospects to your rental product.
  • 6. Tip #5—Reputation Management Manage. Monitor. Respond.• A well-managed property should have a better reputation than its competitors• Keep tabs of what residents and prospects are saying about your property. Monitor as many review sites as possible. This will cost a little time and money, but it is well worth it. If a resident posts a Let Block Multifamily Group (BMG) complaint online, they expect a analyze your property for a FREE analysis. response within the hour! Go to www.blockllc.com/free-analysis.
  • 7. Tip #6—Resident Services Make their home feel more like home!• A well-managed property should feel more like home than its competitor• The key to effective resident services: make them relevant! Try ideas like cooking classes, Bootcamp or Zumba fitness Let Block Multifamily Group (BMG) classes, or after-hour socials. analyze your property for a FREE analysis. Providing services that your Go to www.blockllc.com/free-analysis. residents actually want will increase the likelihood of them calling your property home for longer.
  • 8. Tip #7—Vendor Relations Cultivate positive vendor relationships!• A well-managed property should build better vendor relationships• On-site and regional managers should proactively build relationships with skilled workers. Choose vendors that are in your price range, are trustworthy, and do very good work. Keep them Let Block Multifamily Group (BMG) close, and they will come to the analyze your property for a FREE analysis. rescue when the property needs it Go to www.blockllc.com/free-analysis. most.
  • 9. Tip #8—Pushing Revenue Make pricing trends work for you!• A well-managed property should set prices more strategically than competitors• Price units appropriately and keep up with the competition. Corporate and on-site teams must be knowledgeable of pricing trends and changes course as needed. Let Block Multifamily Group (BMG) Programs like LRO, Rentpush, and analyze your property for a FREE analysis. Yieldstar are very successful in Go to www.blockllc.com/free-analysis. automating and managing revenue management initiatives.
  • 10. Tip #9—Market Trends Understanding how shifts in culture affect rentability!• A well-managed property should analyze trends better than its competitors• Concessions? Amenities? Green design? Social media? What are the hot topics and how is your management company addressing them? For your asset to Let Block Multifamily Group (BMG) succeed, you need a ground-level analyze your property for a FREE analysis. team that understands how shifts in Go to www.blockllc.com/free-analysis. culture affect the rent ability of your asset.
  • 11. Tip #10—Invest in Staff Invest in people who will invest in the property!• A well-managed property should attract better staff than its competitors• Invest in people who will invest in the property with their time, energy and creativity. High quality customer service and strong resident relationships are the keys Let Block Multifamily Group (BMG) to increasing resident retention. analyze your property for a FREE analysis. Having the right people in place can Go to www.blockllc.com/free-analysis. protect and increase the value of the asset.
  • 12. Block Multifamily Group For more information contact: Justin Larson 913.387.1113 jlarson@blockmultifamily.com