60 Ideas

1
60Ideas

• 60
• Minutes

Scott Fitzpatrick Acquisitions Manager, NEF Bob
Schock Sr. V.P. / Director of Property
Management, YARCO Erica Dobreff President, Kansas
City Equity Fund
2
USE Shareware

• Business cards
• Stationery
• Make sure you show your web site and email
  address

3
Shareware sites

• www.freebusinesscards.com
• www.vistaprint.com
• www.printsmadeeasy.com

4
NON-MONETARY CONCESSIONS

• Less cost GREATER IMPACT!
• Give em what they want

5
Whats COOL!

• Electronics
• Gift cards
• Gas Card
• Full Bars

6
EXTEND ROOFING LIFE

• Hold preconstruction meeting
• Use lighter colored shingles or new reflective
  products
• Know the terms of the warranty

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EXTEND ROOFING LIFE

• Employ independent roofing consultant/ inspector
• Inspect during first two days of installation to
  ensure best practices
• Have inspector write up and sign off punchlist

8
PROMOTEWITH LABELS

• Pizza delivery flyers
• Use gift cards for incentives

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PROMOTION IDEAS

• Move-in gift so new residents
• dont have to cook
• Gift to HR Director of big local employer
• Send a pizza to resident for renewals with note
  
• Any way you slice it, we want you to stay!
• Resident parties
• Nice treat for your team for Friday lunch

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REDUCELANDSCAPING COSTS

• Shrub/Tree placement not too close to
  structures
• Ball material consistent with site
• Use plant material compatible with exposure and
  area for low-maintenance
• 2 ½ caliper trees less expensive/less
  susceptible to transplant shock
• Slow-growing plants are best

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LEASE RENEWAL STRATEGY

• Starts on move-in day
• Call at least 120 days ahead to start process
• Give incentives for early renewal
• ( i.e., gas cards)

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MORE STRATEGY

• If you use a call center, have them do your
  renewal calls
• -- Average 7 increase in renewals
• When resident pays rent, always ask if there are
  repairs needed in their apartment

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ELECTRONICS POWER STRIP

• Added value to each apartment
• Unique and inexpensive upgrade
• Valued by residents within all income levels

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MAXIMIZE INCOME MINIMIZE EXPENSE

• Assign one staff person/coordinator
• Ancillary income
• - Laundry and telecom contracts
• - Options with telephone and cable providers
• Expense Reduction
• - Extended contracts for refuse removal,
  elevator, retrofitting plumbing
• - Seek bids for capital projects (roofing,
  exterior painting, etc.)

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SAVE ON EXTERIOR WOOD MAINTENANCE

• Use treated metal clad if near grade or resting
  on concrete
• Consider using composite materials or cement
  board products for column bases or baseboards
  along porches patios

16
BE AWARE OF FMRs

• PHAs lack of program knowledge can cause lost
  revenue
• Charge rent equal to 100 of Fair Market Rents
• Self education required
• Make sure you are paid equally for each
  equivalent unit

17
DISCOURAGE MOLD

• Keep building dry during construction
• Use fiberglass facing, other non-organic, non
  paper drywall products
• Adequate ventilation will discourage mold growth
  during/after construction
• This is a legal liability for owners

18
CONSIDER the Beehive

• www.thebeehive.org
• About the Beehive
• Find the help you need to create a better life.
  The Beehive connects you to important
  information plus the local help to make it
  happen.

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COORDINATE SERVINGSENIOR RESIDENTS NEEDS

• HUD grants
• Service coordinators for Section 8 senior
  properties
• Local church programs

20
PREVENT BRICKSPLITTING/CRACKING

• Need adequate air spacing between brick veneer
  and supporting framing
• Special care between wood posts and columns
• Excessive mortar will clog weep holes, make sure
  weep holes are clear

21
IMPROVE STAFF RETENTION

• School em and
• support em from the
• git-go!

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STAFF RETENTION

• Training and/or mentoring programs
• Incentive pay programs
• Employee surveys act on results
• What does the employee want?
• Exit interviewing

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IMPROVE UTILITY EXPENSES

• Use expanding foam between windows and rough
  openings or materials that wont dry out and
  crack
• These provide air-seal
• Seek and repair all leaks

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ENHANCE PHONE SKILLS

• Start with sizzling, exciting greeting
• Is client on-line? Virtual tour through website
  with photos, floor plans, neighborhood amenities
• End with invitation to visit property NOW

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STAFF CAREER PATHS

• Train to Retain

• Set up mentor relationship
• Did we hire the right person?
• Use behavioral testing

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ENHANCEMARKETING SKILLS

• Check out on-line training
• www.gracehill.com for individualized marketing
  training
• Test shop by phone, email and in person

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SMOOTH MOVE

• Loan the new Resident some helpful supplies and
  equipment to make moving day easier . . .

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SMOOTH MOVE KIT

• Tool kits, carpet protector plastic sheets,
  furniture
• slider discs
• Handcart or dolly, box cutters, touch-up paint
• Place sign in nearest parking spot
• -Reserved today for our new neighbor.

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MOVE-IN AMBASSADOR

• Appoint a Service Technician
• Ambassador introduces the apartment and shows how
  everything works
• Remove boxes and packing trash
• Touch-up paint entry walls and doorways
• Pizza anyone?

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PROMOTE STAFF SAFETY

• Talk to insurance company about safety meetings
• Use lunch and learn format

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BATHROOM SAFETY

• Exposed screw bath accessories are more durable
• Blocks behind toilet paper holders installed
  inside of vanities provide more solid anchoring
  surface and eliminate sharp screw heads inside
  vanity
• Blocking behind tub wall
• is thinking ahead

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PROMOTE RENTERS INSURANCE

• You cant buy a car or a house without insurance
  why rent without it?
• Some programs offer incentives.

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CONSIDER CALL CENTERS

• 35 of calls are missed
• Can respond to call and email
• Use for operational support
• Help with renewals

34
ELIMINATEBIFOLD DOORS

• Reduces door and wall damage
• Use swing doors, pivot doors, or bypass
• If bypass, upgrade track and hardware
  (approximately 8 per opening)

35
CELL PHONE and E-MAIL COMMUNICATION

• Keep in touch with Residents
• - Announcements and Thank You notes
• - Birthdays and Anniversaries
• Keep in touch with Prospects
• - New apartment available
• - New rent rate or new special
• - Invitation to an event
• Constant Contact, Vertical Response
• Remember Full Bars

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SAVE ON SERVICECONTRACTS

• Negotiate additional year for elevator,
  irrigation, etc.
• Saves operating costs.
• Remember to ask for bids.

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THE MAGIC OF 9

• Raise all rents to end in 9.
• 650 to 659 perceived as the same
• 9 x 100 apartments 900/mo
• 900/mo x 12 months 10,800/year

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Plan for Non-English Speaking Residents and
Prospects

• Newsletters in more than one language
• Translated leases and other info

39
SHOW TIME

• Tailor the model to your market
• Use mini models
• Choose unit close to the office
• Pick a path that lets you showcase the property

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MARKETING NEW PRODUCT AND SITE

• START EARLY especially for a senior property.

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MARKETING PRODUCT AND SITE

• Banner with phone number
• Start collecting names at least 6 months before
  first COs are expected
• Follow-up / Follow-up / Follow-up
• Strategize media
• Use eye catching signs

42
INSTALL BACKDRAFT DAMPERS

• On return air grilles for Magic Pacs other
  unitized HVAC equipment placed in exterior walls.
• Will cut down on drafts and lower heating costs.

43
BETTER USEOF BUSINESS CARDS

• Add photos, coupons, brainteasers, bullet points
• Supersize your card and use as marketing table
  tent
• Use front and back of card

44
UTILITY COSTMANAGEMENT CONTROL

• Know about RUBS

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PERSONALIZED SIGNS

• Add staff photos to signs
• Make personal statements
• Meet Greg . . . He is anxious to serve your
  maintenance needs.
• Shelly will give you a personal tour.
• . . . please lease here!

Save Lindas job!
46
RECOVER BAD DEBTS

• Try to collect before it goes to collection
  agency
• Give Manager 10 if they can collect before going
  to collection

• But dont hesitate to use collection agency
• Report to credit bureau!

47
SAVE ON CARPET

• Install borders threshold at hallway transition
  areas - allows for selective replacement to avoid
  larger amounts due to dye lot variances
• Purchase stock to leave for repairs or
  replacement with same dye lot
• Consider vinyl planking

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MARKETING . . .
is too important to be left to the Marketing
Department!

• Magnetic signs on staff cars
• Pay staff extra for weekends
• Encourage
• referrals

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Marketing promote, promote, promote . . .

• Pens with company logos
• Shirts with community information
• Bootleg signs

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LEASE STRATEGICALLY

• Think about the BIN

• Be proactive
• Create a plan
• WORK IT!

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CHOOSE YOUR NEIGHBOR

• Resident Referral Program

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RESIDENT REFERRAL PROGRAM

• Pay a graduated fee that increases as resident
  refers more people.
• Constant reminders signs, newsletters
• Reminder at Holidays extra for Christmas

53
REDUCE CHANCE OFSANITARY SYSTEM PROBLEMS

• Test each unit
• TV building mains prior to occupancy to make
  sure no restrictions are present
• Even if under warranty, downtime and tenant ill
  will generated from backups makes this worth the
  extra money

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ANTICIPATE to avoid

• Budget tracking form. -- like your checkbook
• Record at the time you spend dont wait for
  invoice

BUSTING the
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AS-BUILTS

• Get accurate complete drawings
• Keep track to have valuable info regarding
  critical systems shutoffs, valves, etc.

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MORE AS-BUILTS

• Have reproducible set made keep at home office
  in case site set lost, damaged or borrowed
• Get copies of the project manual (including all
  equipment) for the home office and to keep on site

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NAME TAGS UNIFORMS

• Helps prospects/residents identify staff
  security benefit
• Add an interesting fact about yourself
• Add a fun title
• Add where you were born or where you have lived

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MOBILE SHOP.com

• Keep up-to-date on new products
• Site stuff
• B2B portals
• Internet
• buying programs
• - Buyers Access

59
HAVE FUN WITH YOUR RESIDENTS

• Picnics
• Back-to-school activities
• Cook-outs

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FOLLOW TROUBLESHOOTING PROTOCOLS

• Use good maintenance procedures.
• Check power, fuses and pilot lights to avoid
  service call costs.
• Use staff to replace smoke-detector batteries and
  furnace filters
• Formal housekeeping inspections

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CREATE AN INVITING RENTAL OFFICEfor Adults and
Children

• Blocks
• Coloring Supplies
• Water and soft drinks