When it comes to architecture trends, micro-apartments are all the rage. It’s hard not to be impressed when you see a 420-square-foot apartment transform into 6 functional rooms, accommodate 12 person dinner parties, and house 2 overnight guests. The question is, will it affect the multi-family industry? With New York’s city council approving the development of their first micro-apartments (against the 400-square-foot apartment minimum) in an attempt to experiment with affordable housing options, it’s safe to say it soon will be. That being said, no one will start renting out micro-apartments until some necessary changes are made.

Generally, micro-apartments are tiny one-room living spaces that are multi-purpose and self-contained. They’re like the Russian nesting doll of apartments; they’re compact but the space is utilized completely. Due to their specific design, particular furniture is needed. A renter can’t just go out and get any sofa, they have to buy a sofa that doubles as a bed, has unique storage options and has specific dimensions. While New York’s new 260 to 360-square-foot micro-apartments might leave you wondering how any renter would be attracted to the lack of space and weird furniture requirements (see for yourself), the keyword is: affordable housing.

With so little square footage, single renters will be able to afford living on their own (without packing in three or four roommates into one apartment) and landlords and developers will be able to maximize profits by putting in more rental units. At $950 per month for 55 rental units, low and medium-income applicants have been flocking to New York’s new micro-units. More than 60,000 applications have already been received. In response, the de Blasio administration is proposing to end a square-footage limit on apartments, opening the door for more affordable housing options with micro-apartments. Alongside New York, cities such as San Francisco and Boston have begun looking into micro-apartments as well. On February 1, 2015, the City of Fresno, CA even passed new zoning codes for tiny houses (the micro-apartment version of a house on wheels).

While many, including UCLA, are betting on micro-homes and apartments to combat the affordable housing crisis, critics point out the design isn’t nearly as full-proof as it seems. Since micro-units are made for single renters, questions have been raised about what will happen when a single renter wants a family and an affordable micro-unit. With designs like the Kasita, a micro-home inspired by shipping crates, many are skeptical the micro-housing won’t make renters feel isolated and thus create a high turnover rate.

In response to this criticism, designers have been experimenting with creating expandable micro-units and communal spaces. Studio P10 used Project Salva46 to tackle these challenges, creating a space that could easily house two strangers, or two different couples, with its independent micro-studios. More focused on abolishing the isolation criticism, SsD Architecture designed the Songpa micro-housing to have semi-communal spaces not just on the first floor, but in between units. They hope this effect will make their communal micro-housing make it feel more like its own neighborhood.

The idea of a cheaper and communal housing option isn’t unknown to affordable housing. In March, 2015, Boston proposed creating dorm-like villages, suggesting they build 10,000 communal units to satisfy the housing demand in the area. Although the proposed units weren’t specifically micro-units, the idea was that the communality would attract the growing number of single, millennial renters. Unsurprisingly, a micro-unit building has already been built in Syracuse, NY and is taking advantage of this idea by catering to millennial renters at a low $700 to $900 per month rent. However, unlike the New York micro-apartments and the proposed Boston dorms, CoWorks takes the communal living a step further by trying to create a specific sense of community. While CoWorks wants to foster a professional community aimed at making work connections, other affordable housing options have been targeting a more a creative community. The La Esquina micro-apartments in San Diego are an affordable housing option for professors, grad students and alumni and the co-living situation has been designed for creative collaboration between teachers and grad students.

While creating a cost-efficient solution to solve the growing need for affordable housing is a top priority, creating larger communal spaces and options for growing families should be considered. Although the necessity in creating a community in affordable housing that targets specific segments and community types is still debatable, it’s undeniable that it could be used in specific housing types like aged 65+ renters and possibly teacher affordable housing. If micro-apartments do become the affordable housing solution for big cities like New York, tenant screening will be even more important for these tight-knit and communal complexes. Before even implementing micro-apartments and micro-housing, considering all the options (design included) is apparent.

About the Author

Becky Bower is a writer for ResidentScreeningBlog.com and the Communications Executive at Contemporary Information Corporation (C.I.C), a nationwide tenant & employment screening company.  She has also spent several years in compliance and auditing.  Becky holds a degree in English with a focus in creative writing from CSU Channel Islands and is a published writer.

About CIC

Celebrating 30 years of background screening excellence, CIC is a leading provider of tenant and employment screening solutions for the multifamily housing industry. CIC offers full service background checks, credit reports from all three major bureaus, the nation’s most comprehensive eviction records database, complete nationwide criminal records search, full verification services and other specialized screening products. For more information, please visit www.CICReports.com.

Erin Maude returned to homeownership in December, three years after losing her condo in the U.S. foreclosure crisis. This time, she’s confident she’ll keep the house she bought with the help of a 14 percent raise and a Federal Housing Administration loan, which required little money down.

“I’m very lucky,” said Maude, 38, an airline marketing manager. “Without FHA, I don’t know how long it would have been before I could have saved for a bigger down payment.”

Renters gaining confidence about the economy — those buying their first home, and people like Maude who are looking for a second chance — are jumping into the property market. Many are compensating for soaring starter-home prices with FHA loans that became cheaper after insurance premiums were cut last year. And they’re giving a lift to the U.S. homeownership rate, which rose in the second half of 2015 after steadily declining for almost two years.

An increase in apartment rents — which rose 4.6 percent nationally in the fourth quarter from a year earlier, according to Reis Inc. — also is helping drive young people to buy instead of lease. They’re entering a market with few affordable houses available. The U.S. inventory of starter homes — the bottom third of the market — is down 39 percent from three years ago, according to data from brokerage Redfin.

FHA-insured mortgages, used mostly by first-time buyers, nonetheless accounted for 22 percent of all loan originations in December, up from 17 percent a year earlier, according to data compiled by Ellie Mae Inc.

Higher Homeownership

“The FHA insurance-premium cut pulled forward the day that first-time home buyers came back in a big way and turned around the homeownership rate,” Mark Zandi, chief economist for Moody’s Analytics Inc., said in a phone interview. The rate rose to 63.8 percent in the fourth quarter from 63.7 percent in the previous three months, the Census Bureau reported last week.

For the $2,400 monthly mortgage payment on her Kirkland, Washington, home, Maude gets twice as much space and is closer to the water than she was in the townhouse she rented for only $400 less — and it has a fenced-in backyard where her dog, Percy, can run. Maude, a marketing manager for Delta Air Lines Inc., put 4 percent down for her house, more than the 3.5 percent required by the FHA but less than the 20 percent typical for mortgages.

Maude lost her job and then her Atlanta condo three years ago in a short sale, a transaction in which lenders agree to accept less than what’s owed on the property. By November of last year, she was eligible to borrow again from the FHA.

She bought the Kirkland house in December, making a full-price offer of $422,000 the day after it went on the market. She knew, after six months of searching, that the supply of homes for sale was too tight to delay.

Competitive Market

“There are now only two to four houses within 5 miles even on the market in the price range I was looking at,” Maude said in an interview.

Other Americans wanting to become homeowners haven’t been as lucky. Tight credit standards prevented 5.2 million mortgages from being made from 2009 to 2014, according to the Housing Finance Policy Center at the Urban Institute in Washington. That left fewer families able to buy at an opportune time in the market cycle and build the wealth that often comes with homeownership, the institute said in a report last month.

The FHA reduced annual mortgage-insurance premiums in January 2015 to make homebuying more affordable. The Department of Housing and Urban Development estimates the decrease in costs will save borrowers an average of $900 a year.

New Buyers

As a result of the mortgage-insurance decrease, FHA purchase originations increased more than 30,000 a month last year from 2014, said Sam Khater, deputy chief economist for CoreLogic Inc. That means that more than 250,000 first-time homebuyers were added to the market.

The increase in FHA loans brings added risk that would become apparent the next time the U.S. economy tumbles, according to Stephen Oliner, a resident scholar at the American Enterprise Institute in Washington who worked at the Federal Reserve Board of Governors in Washington for more than 25 years. With prices rising, borrowers have been gravitating toward government-guaranteed loans, mainly from the FHA, that require only small down payments and allow high monthly payments relative to a borrower’s income, Oliner said.

“Since the federal government is guaranteeing these loans, there isn’t much market discipline to prevent risky loans from being made,” Oliner said.

‘Pristine’ Loans

A look at loans of all types originated in the past six years shows they are “pristine” and have the lowest default rates in almost two decades, Khater said. FHA loans that are at least 90 days delinquent were up only slightly, with an increase of just 0.05 percent in fiscal 2015 from a year earlier, he said.

Rob Nunziata, chief executive officer of FBC Mortgage LLC in Orlando, Florida, said lenders are feeling more confident as the real estate market recovers. In the past year, his firm has dropped its minimum credit score for a FHA mortgage to 580 from 640.

“Credit standards were a little too tight — now they’re easing toward a more acceptable level,” Nunziata said. “Defaults have decreased, the economy is doing better and the housing market has stabilized.”

Source: bloomberg.com

A recent report published by J Turner Research highlights the top 10 emerging trends in the apartment rental process, based off responses from over 25,000 residents in more than 500 properties nationwide. Three themes rose to the surface that all property managers should take note of and adjust their marketing efforts to address.

Online Reviews Top the List of Rental Trends

One big theme stood out in the research study: the importance of online reviews. Over half the respondents (52% of rental prospects) said they check online ratings and reviews when they start their apartment search; and 78% of residents use those reviews to find more specific information about places they are interested in. Apartmentratings.com, Yelp, and Google stood out as the three top sites for ratings and reviews. When it comes to social media, the rental prospects surveyed agreed that social media doesn’t play a major role in their apartment search and only 13% of residents mentioned using Facebook or Twitter to research their current apartment.

Do you focus enough on your brand’s online reputation? Do you know what is being said about you on review sites and social media platforms? It’s important to pay attention to this, as people’s comments can change someone’s opinion instantly. For tips on online reputation management, check out this blog post: Hug Your Haters: How to Turn Bad Reviews into Your Competitive Advantage.

Searching for a New Place – Where Do People Look?

According to the report, ILSs rule as the top source for apartment searches, and the top three sources haven’t changed since 2012: ILSs (Apartments.com and ApartmentFinder.com top the list), Drive By and Word of Mouth. However in 2015, generic search more than doubled in the past three years from 10 percent in 2012 to 23 percent in 2015.

When it comes to property listings, you can save time and reach more prospective renters with software that posts not only to your website but also to hundreds of popular property listing sites simultaneously. For more information, check out 10 Best Practices for Listing Your Properties.

Mobile vs. Desktop

Another trend that the J Turner Research study highlights is that while mobile optimization is extremely important with the prevalence of smartphones, 62% of residents surveyed still prefer the desktop to search for an apartment, followed by 20 percent opting for smartphones. What does this mean? Your website needs to work on all major devices to provide the optimal experience for every apartment hunter. Also, when it comes to websites, prospects are most interested in useful information over flashy design. Unit Price, Floor Plan and Location are the top three facts expected from a property management listing. An interesting tidbit from the study: Word choice is important. While the Boomers want words like “quiet,” Millennials care more about rent price. In describing your property to prospects, take care to cater to the type of residents who would best fit your property. This extra attention on language can drastically improve resident retention rates in the long run.

Having a professional looking website paired with relevant content is critical to a property manager’s success. Check out these tips on how to optimize your property management website.

The post On the Hunt: How Today’s Renters Search for Apartments appeared first on The Official AppFolio Blog.

There are so many details to take note of when listing a property online! It is key to remember that most listing pages are overloaded with properties, therefore it’s important to make sure your listings stand out from all the others. Imagine you could get a unit rented that much faster because you changed one or two things to set you apart. A few facts about what renters want:

• Renting is the new buying and for most Americans, they’re looking for flexibility and amenities.
• Many Americans are jumping quickly when they find a space they want to rent. It’s important that your online presence is up to date and informative for renters.
• Renters are looking for online applications; in fact, it may soon become common practice that listing sites include search filters so renters can search for properties accepting online applications.
• In today’s renting world, most applicants say they would prefer online application over any other method. Most people are not comfortable sending their information via .pdf or e-mail. An online option makes many renters feel more comfortable.

Now, how exactly do you optimize your listings? Here are some best practices to follow so you can have an outstanding property listing every time and fill your vacancies faster.

10 Ways to Optimize Your Property Listings

#1: Photography combines both quantity and quality. Be sure to include at least 10 photos and make sure the photos show a good representation of the property interior and exterior. Renters agree they will not consider a property without photos and listings without any images can get de-prioritized.  Images should be professional looking images; hire a photographer or use your own camera as long as the pictures are high enough quality.
#2: The description of your property needs to include things that are not known by your photos. People will skip listings that do not have descriptions. Avoid things like all caps, poor grammar, and spelling mistakes that could hurt your credibility.
#3: Amenities are incredibly important to renters. If renters like your photos, the amenities are what will sell them on your property. It’s the icing on the cake!
#4: Be sure to advertise your availability date and at least 45-60 days out. This crucial piece of information gives you a greater pool of applicants to choose from. You’ll spend less time answering the questions about availability that are sure to come in if this info is missing.
#5: The most asked question from renters is ‘do you allow pets?’ Make your rental space pet policy clearly known upfront. 65% of households have pets and 42% have more than one pet (Source: 2015 All Property Management Research Report).  
#6: Online applications are simple and easy to use. Most renters want to use online applications for multiple reasons including ease of use and mobility. No one has time for a lengthy rental process anymore.
#7: A defined process that is easy to follow and in place ahead of time will help you move quickly through your applicants.
#8: Communicate with your applicants in the best way for them to reach you. Don’t forget to keep up with modern advances in communication software such as text messaging.
#9: Make sure the websites you list on are the best they can possibly be for advertising your rental listings. (See the top 5 places to list your properties in 2016)
#10: Social media can be a powerful tool to get your listing noticed. However, don’t overload things like Facebook or Twitter with too many posts.

Your ultimate goal is to find quality renters, the right renters for your properties, and fill your vacancies quickly and efficiently. By incorporating some of these tips, it’ll be easier for both your renters and you as the property manager to move people in fast.

We held a webinar with Greg Fischer from Move, Inc. (operator of doorsteps.com and realtor.com) where he discusses these 10 key practices in more depth. Greg uses his own experiences to show why certain practices work and others don’t when renting a space online. He walks you through each step with a detailed explanation that will help you not only better understand but also how to implement these 10 steps.

View the Slides:

Watch the Recording:

During the webinar, there were a ton of great questions posed. As promised, here are all the answers from Greg Fischer:

1. We manage a lot of properties that are BRAND NEW, so they are empty and perfect and beautiful when they are completed. How important do you really believe staging is?

Staging is important, but in regards to rentals, I am really referring to occupied houses. And staging could simply mean that you go around the house making it look presentable vs. hiring a professional (though it wouldn’t hurt if it’s in your budget). I think vacant rental homes are perfectly ok to market (less so when for sale).

2. When you say include at least 10 pictures, are you talking about multiple angles for some rooms like kitchen or living room?

Ten photos is a guideline. A professional real estate photographer I know took 25 photos of a vacant lot so I think it can definitely be done for an entire home!

3. When do you communicate the expectations of the process? And how is the best way to communicate that process; email, text, other?

Anytime is a good time. But upon first contact is the most important if you didn’t explain it in your advertisement. Email, text or phone are all great ways to do this.

4. What advice would you give for listing senior communities? One of our properties is an over 55 community, and we don’t offer an online application or communicate via mobile, etc. We feel like marketing to that particular demographic is a little different. Any recommendations?

This is a great article: http://www.pewinternet.org/2014/04/03/older-adults-and-technology-use/. Move has a site called Seniorhousingnet.com that is popular and I would also recommend checking out a site called A Place For Mom. Your sense is probably right, if you feel that your target demographic is more likely to communicate through other means then it makes sense to do it that way.

5. What are the software programs where we can use a different phone number to text/call tenants and prospective tenants?

Better Voice, Google Voice, Twilio all have solutions for the phone solutions I mentioned.

6. Is doorsteps.com available in Chicago?

Yes, Doorsteps.com is available nationwide and is continuing to build local experiences in specific areas as the year goes on.

7. Will MLS list Commercial Rentals?

It depends on your MLS. Check locally.

8. For listings, what do you think about a bunch of bullet points describing the properties as opposed to well written paragraphs?

Bullet points are ok too. The most important thing is to highlight important features, items that aren’t clear through the photographs and giving insight into your process and communications expectations.

9. How would results differ for searches on doorsteps.com and realtor.com since doorsteps.com is powered by realtor.com?

What I was referring to here is that the websites appeal to different demographics in different ways. Doorsteps has seen amazing performance in urban markets with a younger demographic and realtor.com does really well in suburban single family home markets.

With AppFolio you can post your listing to hundreds of sites with a click of a button. To learn more, visit www.appfolio.com.

The post 10 Best Practices for Listing Your Properties appeared first on The Official AppFolio Blog.

There are plenty of great ways to market a property and get potential renters interested, but the problem is that your competitors use those same ways. An even bigger challenge is that the current pool of young renters rely on their smartphones for pretty much everything, and prefer things like texting and Facebook wall posting to phone calls and face-to-face interaction. With technology’s prevalence today, one of the best ways to reach out to potential renters and stir up some interest in your available properties is through mobile marketing.

Why Spend Your Time on Mobile Marketing?

People searching for a new apartment usually have to conduct their research in between work or school or coffee dates. Apartment hunting is often viewed as an inconvenience, so renters may not have the time to spend several days touring properties; they may want to focus on eliminating the majority of properties that won’t work for them before they see them in person. Time is precious, and by providing your property information in a way that is accessible anytime, prospects will be able to check it out when it’s convenient for them. That means they can take a look while they’re at home, on the bus, on a lunch break, in line at the grocery store, or anywhere else where they have a spare minute.

Here are some recent mobile trend stats that prove mobile is one of the biggest marketing opportunities for your business:

• 4 out of 5 millennials use smartphones
• 82% of current or prospective renters view property floor plans on mobile devices
• 40% of current or prospective mobile renters use video to make a decision

Potential renters who see properties they like online can then get in touch directly with you from your mobile-optimized website, and they’ll spend a lot less time driving around looking at places that might not be right for them. Not only will that help them budget their time, but it may persuade them to rent from you because your company offers convenience and utilizes modern technology. It can make a significant difference in your interaction with potential tenants, particularly millennial renters.

Social Media is another aspect of mobile marketing that might have a big impact if done correctly. With so many people using social media each day, and accessing their Facebook and Twitter accounts from their mobile devices, it would serve you well to be visible on these channels. Check out 8 Ways to Drive Rentals with Social Media for more social media marketing ideas.

Mobile Video Property Tours

While offering pictures of the property and relevant descriptions of amenities and unit pricing is important, another valuable way to get into mobile marketing in a big way is through video tours. When you provide a video, anyone who is interested in the property can get a “walk thru” right there on their phone. They can see the layout, and will be able to get an idea of the size of the rooms, the finishes, and more. While pictures can show prospective renters what the property basically looks like, a video can help them put it all together in their mind, so they can make an informed decision about viewing the property. They may even want to fill out an application right then, so having online applications optimized for mobile devices is the next important step. For more on video tours, check out this post: Lights! Camera! Action! Getting the Most From Virtual Property Tours.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

There’s a general perception that finding residents is easy because renters are relatively abundant and often found within the first few days of posting an ad. But with more properties being built in some of the major cities and new management companies popping up every day, it can be hard to find renters for your properties among the competition.

Modern renters are venturing away from Craigslist to find their next home, which means you need to venture away, too. There are marketing methods, tips, and tricks that you can utilize in parallel with what you’re already doing that could bring in more renters for your rental properties. And ultimately, you’ll find better-quality residents which will lead to lower vacancy rates, happier owners, and more money in your pocket as the property manager. (Keep in mind, high-quality is relative to your specific properties, but in general, you want someone who will resign that lease year after year.)

If you’re set on Craigslist advertising, here’s a trick.

Many property managers will only place a single ad for their available rentals on Craigslist. The challenge with Craigslist is that you can easily become lost in the sea of competing rentals (and the same can be true for property listing websites). A best practice is to re-post your advertisement every three days to ensure that it’s fresh and gets new eyeballs on it. In many large cities, your ad can be on page 3 after only a few hours. Be sure that you don’t post a similar ad to the same category any more than every 3 days with a single Craigslist account. This will lead to you getting flagged by Craigslist and if you do this a couple times, they may delete your account. (I have tested this theory.)

Find more renters on property listing sites.

While Craigslist is a popular website for prospective renters to find your listings, you may be missing out on potential high-quality renters that can be found elsewhere. So where could we look for residents without spending a lot of extra time?

Beyond Craigslist, there is a plethora of online marketing platforms that are great for advertising your rentals and attracting higher-quality renters. Some people look for rentals on other sites. Many times, people that are moving from one area of the country to your area will not look to Craigslist as their first resource. Many times these people will look to sites like Rent.com, or Hotpads.com, etc. [Read: 5 Rental Sites for Listing Your Properties in 2016]

Many property managers don’t have time to place an advertisement on each online rental website. That is where online syndication companies can take your standard listing and distribute them among a number of websites for you. This is a great time-saving opportunity and allows you to cast a large net to attract a wide range of quality and quantity of residents, with minimal effort.

Another avenue to consider is social media. Sites like Facebook and Twitter get millions of visits a day from potential renters, so why not post your vacancies on these channels? You’re building brand awareness and engaging with potential and current customers at the same time as you are filling your properties.

Technology can streamline the vacancy listing process for you.

There are a number of online syndication companies that provide the type of service mentioned above. That is one of the great things about the AppFolio marketing platform. If you’re an AppFolio user, with the push of a button, 100% of your available rentals are distributed to all of the largest online rental marketing platforms that are available. This is an amazing time-saver and allows you to focus on more important items, while still allowing for greater marketing visibility.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Knowing what you want to achieve in a project is important of course, but ensuring that your vendors and contractors know your expected outcomes and goals is, even more, important. A well-thought out, well-written RFP (Request for Proposal) prior to beginning your project will not only accomplish this for you, but it can also protect your interests should the project begin to experience problems.

It’s difficult to overestimate the importance of an RFP when you start a new project, for it becomes the “baseline” of understanding between you and your contractors or vendors. The RFP outlines your needs and requirements, making them clear to all parties involved. As a written document of your expectations and your vendor’s responsibilities, it becomes a historical record to which both sides can refer as needed.

The importance and value of your RFP

As all property managers know, a problem can develop at any point in any project, and may include any aspect of the project: from scheduling to deliverables. If a problem becomes serious and begins to affect the project itself, the baseline documentation, your RFP, will most likely be the tool you use to determine where the problem occurred, who is responsible, and what must be done to resolve it.

While it’s difficult to outline every piece of information required to create a comprehensive RFP within the limited space of a blog post, it is important that you understand the basics of how to build and distribute a custom RFP. Much of this information is borrowed from the Warehousing Education and Research Council website, an association for logistics professional. If you would like a more detailed explanation of the components of a well-written RFP, and perhaps a useable template as well, click here

Here is a brief description for each and any of the common sections of your RFP:

1. Statement of Purpose
Describe the extent of products and services your organization is looking for, as well as, the overall objectives of the contract.

2. Background Information
Present a brief overview of your organization and its operations, using statistics, customer demographics, and psycho-graphics. State your strengths and weaknesses honestly. Don’t forget to include comprehensive information on the people who will handle future correspondence.

3. Scope of Work
Enumerate the specific duties to be performed by the provider and the expected outcomes. Include a detailed listing of responsibilities, particularly when sub-contractors are involved.

4. Outcome and Performance Standards
Specify the outcome targets, minimal performance standards expected of the contractor, and methods for monitoring performance and process for implementing corrective actions.

5. Deliverables
Provide a list of all products, reports, and plans that will be delivered to your organization and propose a delivery schedule.

6. Term of Contract
Specify length, start date and end date of the contract, and the options for renewal.

7. Payments, Incentives, and Penalties
List all the terms of payment for adequate performance. Highlight the basis for incentives for superior performance and penalties for inadequate performance or lack of compliance.

8. Contractual Terms and Conditions
Attach standard contracting forms, certifications, and assurances. You may include requirements specific to this particular contract.

9. Requirements for Proposal Preparation
A consistent structure regarding content, information, and documents types simplifies things for the people evaluating the proposals. Therefore, you should request a particular structure for the project and provide an exhaustive list of documents you want to receive.

10. Evaluation and Award Process
Lay down the procedures and criteria used for evaluating proposals and for making the final contract award.

11. Process Schedule
Clearly and concisely present the timeline for the steps leading to the final decision, such as the dates for submitting the letter of intent, sending questions, attending the pre-proposal conference, submitting the proposal, etc.

12. Contacts
Include a complete list of people to contact for information on the RFP, or with any other questions. Incorporate their name, title, responsibilities, and the various ways of contacting them into this list.

In short, a well-constructed RFP will allow your providers to propose creative, relevant, and cost-effective solutions by focusing on the end, not the means.

MultifamilyZone.com | Company Website | MultifamilyZone.com provides a listing of products, services and industry-related companies, technology tools, marketing trends and is a resource for information and news. Our goal is to assist individual owners, as well as fee and national management firms in the operations of their assets by connecting them with professional vendor partners.

Did you know that 80% of people who make a New Year’s Resolution give up it within the first 30 days? If you read on, I’ll explain why this is important to you as a property manager in just a couple of minutes.

A quick Google search of the phrase “property management pain points (or problems)” inevitably leads to a massive number of sites that list common resident problems: slow pay/no pay, damage to the property, excessive noise and more, along with suggestions to overcome them. Surprisingly few, however, offer insight into the array of common problems that most property managers encounter when dealing with contractors or vendors.

But, here’s the thing…

While most of us already have a pretty good handle on the things that make life difficult for a property manager, the advice of the “experts” tends to focus almost exclusively on a tactical approach to resolving them, rather than a strategic plan of action. In other words, they offer short-term solutions to long-term problems, missing the mark entirely.

Resolve to focus on strategic relationships

This emphasis on the immediate (temporary) resolution of ongoing resident and vendor problems ensures that they will continue to plague you while taking a longer view will eventually eliminate these types of issues.

OK, here’s why I included that statistic in the opening…

If you’d like to be one of the 1 in 5 who will successfully achieve their resolution this year, and eliminate most of your problems into the bargain, you need to develop a relationship-building strategy – with your residents and your vendors. This does not mean that you need to be “best friends” with them, but that you will want to foster professional relationships with them; associations and alliances that are based on mutual respect, expectations of acceptable performance, and that benefits both parties involved.

Thinking of your residents and vendors as partners in your properties will enable you to manage them more efficiently and effectively, with far less stress and confrontation. Plus, if and when they let you down, whether by repeatedly failing to meet their commitments to you, you’ll feel no remorse at ending the relationship. Just think of the peace of mind you’ll enjoy!

In my experience, property managers who place a priority on building relationships with their residents and vendors have fewer problems, in both the short- and long-term. To me, that’s a great reason to make your New Year’s resolution all about creating more professional relationships.

MultifamilyZone.com | Company Website | MultifamilyZone.com provides a listing of products, services and industry-related companies, technology tools, marketing trends and is a resource for information and news. Our goal is to assist individual owners, as well as fee and national management firms in the operations of their assets by connecting them with professional vendor partners.

You might have the “best” rental properties of anyone in your area, but if people can’t access information on what makes them so great, those amazing properties could sit vacant for longer than you can afford. There are several channels in which you should market your properties, but the most important channel is your property management website. Your website is a critical place to showcase available properties to potential renters and help them determine whether they will take the next step and contact you. And if you don’t currently have any available units, your website can still leave a positive impression that apartment seekers will remember in the future or pass along to friends who are in need of a new home.

Here are a few questions to ask yourself to make your property management website shine brighter than the others in your city.

What Information Does Your Property Management Website Offer?

If you company website doesn’t offer plenty of information to people who are interested in your rental properties, you’re missing out on one of the biggest ways to bring in more tenants. Many property management websites only provide the basics, but modern renters need more. Rather than taking extra time to come see you in person and ask about the properties you have, they might decide to look elsewhere. A stellar website includes:

• Financial and rental history requirements
• Location/Map of available properties
• Pictures! Lots of them and from many different angles
• Parking information
• Number of bedrooms/baths
• Square footage
• Age of the property
• Pet policies
• Laundry facilities and other amenities
• Recent property upgrades
• Contact information (a simple-to-use form)
• What leasing features renters can enjoy, such as online maintenance requests, text message communications, online rent collection, etc.

What Are Your Competitors Doing?

To really set your properties apart from the competition, you need to know what other competitor websites are doing. You don’t want to copy what they’re saying, but you can use their websites as inspiration to give you ideas about what you want to do differently. If they do an exceptional job of showcasing the properties they have available, take a look at why they seem to handle things so well and what they’re doing that you might not have thought of. You can incorporate similar ideas on your website without copying a competitor or making your site too similar to another property management company.

When Is It Time to Make Changes?

Making changes to your website takes time and effort. It also may take a little bit of trial and error. Hiring a professional to build or make changes to your website can be a great idea, so you can be sure that everything works properly right from the start. You don’t have to worry about a lot of downtime with the site, and you can get your properties showcased quickly and efficiently. Decide what’s most important about each property, and then tailor the property portion of your website around those important or unique features. The properties will be more easily seen and appreciated that way, which can lead to more renters wanting to be a part of your community.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

While the majority of residents are perfectly agreeable, pay their rent on time, and don’t make much of a fuss, over the course of your property management career, you will inevitably run into a problem tenant. From a resident who continuously abuses community spaces to the resident that never pays his or her rent on time, a problem tenant can make you dread going to work in the morning. Try implementing the following into your strategy and handling difficult residents will be easier than ever.

How to Manage a Problem Tenant

Tip 1: Don’t Kick or Scream, Screen!
The first step for handling problem renters starts by eliminating the problem before it can begin. In short, before you rent out any property, make sure that you conduct a proper screening. The best tenant screening will include the following elements:

• Running a thorough background check
• Running a credit check
• Checking references
• Calling previous landlords
• Verifying job status and current income levels

With this checklist in place, you will be able to narrow down your list of potential tenants to the individuals who are the best fit to live in the property. Bonus tip: Tenant screening software is a major benefit to any property management company, as it cuts down on time and staff needed to conduct the screenings.

Tip 2: Create a Thorough and Comprehensible Written Policy
In defense of the tenant, it is a little hard to follow the rules when you don’t know what they are. To rectify this situation, make sure your leasing documents clearly outline the property’s written policy. This list can also include a list of “dos and don’ts,” which will provide helpful guidelines if a tenant starts to break the rules.

Your written policy should have a special section for rent payments. All too often, tenants will switch from being the “ideal tenant” to “a total nightmare” over rent payments. Make sure that your residents know when rent is due, how it can be paid (if you offer online rent collection options), and what the consequences are if they a) are late with a payment or b) miss a payment altogether. If you present your residents with professional, legal documents then they are more likely to treat you with the professionalism that you deserve. Creating and maintaining a professional environment is paramount to successfully managing your renters and properties.

Tip 3: Stick to Your Rules
When you start to waver from your written guidelines, so too will your tenants. For example, if you waive a late fee, then you are telling the tenant that there isn’t a penalty for paying rent, which means that they will be more likely to pay whenever they feel like it. When it comes to property management best practices, rules are meant to be established and followed. A rule abiding property manager won’t let tenants take advantage of a situation, and in return, tenants will appreciate the honesty and consistency that this type of property manager provides.

Handling issues with problem tenants starts by protecting yourself from the beginning to the end of the lease. Make sure that your renters know and agree to the property rules. Enforce these rules so that you are respected and treated fairly by your tenants. Finally, if a tenant is breaking the rules, then make sure that you communicate effectively, professionally, and honestly about the future consequences. By establishing a professional environment from day one, renters are more likely to follow the established rules, rather than becoming rule-breaking problem tenants.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.