Flaws on the Property that can Drive Away Prospects

It is not possible for property management to meet every requirement of what a prospect might be looking for in a home or place to live. Location, aesthetics, and personal preferences, all play a role, but it may not be so for all renters. However, to keep the vacancy rate to the minimum, property management must make sure that the property is free of these major flaws.

Higher Rent

This is number one reason for prospects to select some other property, especially when features do not match up to the rent being charged. Even if there are other properties in the area charging the same rent, make sure your property has all the features the exist on the other properties.

It is also critical to factor in aesthetics and the age of the structure. It is possible to demand higher rents if the property is on a prime spot, but features should also be able to match up with other neighboring properties. It may not be possible to decrease rent; however, property management will have to provide some service or features that could justify the high cost.

Clutter and Dirt

Apart from high rent, this is another major reason for prospects to reject a property. The common areas might be kept very clean, but if there is clutter, the whole place will look shabby. Property management should have strict policies against clutter, and they should be enforced even if it means losing a few tenants who repeatedly disobey rules against clutter.

The same rules should be followed in the office as well, since the prospect will be coming to the office to discuss and settle the lease. There are certain things that particularly are quite disgusting for most renters. Topping the list is dog waste in the lawn or garden area, and accumulation of garbage bags that have not been cleared or picked up by the trash company. Peeling paint, poor lighting, and unmaintained landscape also create a pathetic and lowly impression.

Bad Odors and Noise

Apart from sight, the sense of smell and hearing are also very active in people. Most renters are particularly sensitive to loud noises and would not want to rent in a property where there is excessive partying, brawls, and unruly children playing around. Property management should have strict policies and enforce rules to keep these things in check. Bad odors can also diminish the value of the property in the eyes of a renter, even if the place is kept spotlessly clean. Strong pet odors and cigarette smoke are very disturbing and can ruin the chances of obtaining tremendous tenants.

Malfunctions

Malfunctioning appliances and equipment are other major reasons for renters to reject properties. Even when the unit has excellent tiles and furniture, malfunctioning appliances, or plumbing can ruin the deal. While inspecting the unit most prospects will turn on switches and faucets to see if things are working. Flickering lights, leaky faucets, malfunctioning heaters or coolers create a terrible impression and this will paint a terrible impressive to any would be renters. Word spreads pretty quickly in situations like this.

Restrictive Breeds and Service Animals in Property Management

Increasing injuries and damages caused by dog bites is a growing concern for property management. In two states, judges have ruled that the property owner or management could be held liable for a dog attack or a bite by the dog of a tenant. Last year, the Supreme Court in Kentucky ruled that a property owner can be deemed to be the dog's statutory owner, and hence responsible for the injuries and damages cause by the dog's attack or bite.

In view of these rulings property management tend to take a hard stance in their pet policies, especially against restrictive breeds such as a pit bull. The image of a pit bull even when on a leash is quite disturbing for most tenants, especially those with kids or other pets. However, there seem to be other developments and court rulings that have given the status of service animal to the pit bull breed. Hence, property management will have to again reconsider their pet policies in order to comply with the Americans with Disabilities Act (ADA).

Pit Bulls are Protected

According to the ADA, it is wrong to discriminate against service animals; however, the DNA of the pit bull is considered dangerous, and that does not help the case, particularly in the multifamily industry. The question is can property management ban a service animal from the property if it is on the restricted breed list. Unfortunately for property owners and property management, the answer is no. The only think that can be done is to handle the liability as best as possible.

The ADA has specified that a service animal is an animal that has been specifically trained for performing tasks or doing work for disabled person. Tasks could include alerting deaf people, guiding blind individuals, protecting a person having a seizure by alerting others, calming people with PTSD, or even pulling a wheelchair. Interestingly, the ADA has amended the Act recently and has classified service animals to include only dogs, and exclude other animals that provide emotional support.

Not just Dogs

However, the Housing and Urban Development (HUD) department has included other animals in the service animals list, and a disabled individual could request for service animals other than dogs, which could include a parrot and even a miniature horse.

However, the main cause of concern is the Pit Bull Terriers who are included in breed-specific laws and are usually used in illegal dogfights. They are not allowed on most properties because they usually display aggression towards tenants and visitors. Property management can decline having a pit bull on the property only if it is a pet. However, if the dog is being kept as a service animal then there is not much property management can do, and only hope the dog is trained well enough and it does not resort to aggressive behavior.

An Understanding

Property management should state the city and council rules about animals and then form a policy about restricted breeds. However, including a breed that is used as a service animal on the list will not be of much use, since the judge is most likely to side with the disabled person. But even a disabled person will be responsible for any person that is attacked by their dog.

How to Use Instagram in Property Management

Many things are possible on an online platform that enables you to store and share videos and photos for free. Instagram is one of the latest apps that is being increasingly used on mobile devices, and property management could use it effectively for different purposes for the community.

Creating a Sense of Belonging to a Community

Interaction is critical to property management for improving and maintaining good relationships with existing residents and prospects. Prospects and residents share something in common about the community, and based on this common interest, property management can share content on Instagram that provides information or some value. For instance, host a photo contest based on some theme, or postphotos of the new store that has newly opened in the neighborhood.

Prospects and residents should have some common reason for following you and for you to follow them back. The use of hashtags is vital in Instagram, for following a line of topic or theme. When property management uses hashtags it enables tenants and prospects to use the same hashtag if they are posting something similar or following a particular topic. Secondly, the exposure is also fantastic since all videos and photos using the same hashtag are grouped on one page, which will be displayed when someone is searching for that particular hashtag.

Community Branding

Instagram enables property management to create a brand for the community. Creating photo ops for residents is one way of developing awareness of the community. Encourage residents to take photos and share them on Instagram by placing many Instagram photo frames at various locations within the community. Instagram has a huge membership, which means the exposure of the community will also be massive when some resident uploads a photo with the name of the community.

Secondly, it is easy to create a location page on Instagram, and it can be particularly useful to property management to improve exposure of the community. This location page will allow anybody to add videos and photos to the photomap in the particular location. It is not only the photos that gain exposure but also the community's name. 

Engage Residents

There are many ways to make residents actively engage on Instagram. For property management, tenants are the main assets, and it helps sharing with the world, how happy residents are in the community. Share videos and photos of happy hour and other community events. This not only shows the residents are a happy bunch, but also shows the community is a socially happening place.

Do not Forget the Pets

Almost 60% residents have pets, and it would be shame to ignore all the lovable cats and dogs on the property. Create hashtag like #catsofdowerscommunity and you will be surprised to see how much residents love posting the portraits of their feline companions.

Run Referral Campaigns

Acknowledge residents who have referred a friend to the community, by posting their photos. This will not only remind residents of the referral program, but they will also become aware that so many people in the community are happy and actually referring others. 

Handling Flu Epidemics in the Community

Flu epidemics have become quite common in the past few years, and it is a very difficult task for property management to keep flu causing viruses off the property. Previously the flue and influenza used to occur mostly in certain seasons, but now, CDC (Centers for Disease Control and Prevention) has cautioned that these epidemics are highly unpredictable and can occur any time.

Deep into Spring

Usually, the holiday season was considered prime time for these viruses but now their presence could last up to May and even beyond.

Young children and older people are particularly vulnerable during these epidemics, since they can suffer serious complications from the flu. Apart from the flu virus, there is another highly contagious bug, Norovirus, which causes acute gastroenteritis and affects over 60,000 people each year severely. Therefore, property management needs to take certain steps to avoid or contain such outbreaks and keep the community safe.

Before the flu season arrives, property management should educate residents of the possible ways to avoid an outbreak in the community. Here are some of the measures that are considered highly effective by the CDC.

Encourage residents to wash hands regularly with soap and water. Parents should be instructed to pay particular attention to children to make sure they wash their hands often, especially immediately after they enter the home. When soap and water is not available, people can use a hand sanitizer that has minimum 60% alcohol content. Property management could also keep germicides at entrances and encourage staff, guests, and residents to make use of it and stay germfree.

Property management should also advise residents to be vaccinated, even if the same type of vaccines from last year is available. Staff should also be vaccinated, and it is important to be inoculated against pneumonia. If somebody is affected, isolation can greatly prevent the spread of the disease.

Proper Precautions

If anybody on the property management staff is infected, he should be sent home immediately, and if it is a resident, he or she should be encourage to stay in the unit to avoid interaction with other. Children in particular should be kept away from infected adults and parents should not allow them to visit any sick neighbors.

When several people in the community have been infected with the flu virus or Norovirus then extra precautionary steps should be taken. If a member of a household is sick, it is best to switch to disposable cups, plates, and utensils for that person.

Protect Yourself & Your Family

The sick member can be served meals in plastic plates and after the meals all utensils used by the person can be bagged, sealed, and thrown into the trashcan. It is very easy for the entire household to catch the same virus if one member is infected, and therefore it is critical to take these precautions even if they sound drastic.

It is also crucial for people who feel they have recovered from the disease to wait at least two days before they start to mingle with others. Usually, these ailments could make the person feel content for some time, but the disease may not have fully dissipated or burned itself out.

Earthquake Preparedness for Property Management

With the increasing number of natural disasters, property management needs to be prepared to face the worst calamities. Amongst all disasters, earthquakes have the most devastating effect depending on their magnitude. According to United States Geological Survey, moderate quakes are now being recorded in areas that are relatively new to any kind of seismic activity. For instance, several smaller quakes in the Fort Worth Dallas areas have significantly rattled business establishments and homes recently.

Since the start of 2015, eleven quakes have hit the North Texas region, which is quite a distance from the usual epicenter that affects western part of the country. This indicates that almost any areas in the country are at risk from unexpected quakes, and therefore property management needs to be prepared for all types of seismic activities. Here are some important points to consider for limiting property damage and reducing risks to life of residents.

Strengthening Structures

If there are existing structural issues, they should be looked into and corrected immediately. Cracks in foundations and ceilings will dramatically increase the chances of structural collapse, which causes the greatest destruction and harm. Check for deep cracks and all structural repairs should be given priority. If there are signs of structural wear, it is best to seek expert advice and professional help.

Minimizing Risk of Fires

Earthquakes can cause fires that increase the devastation considerably. Detect and repair faulty gas connections and electrical wiring, these two are the major reasons for fire even during times when there are no quakes. Flexible pipefittings are more resistant to breakage, and their installation should be seriously considered when property management is thinking of renovations and repairs. Property management could also consider installing protective mechanisms such as gas valves that automatically shut off when strong vibrations are detected.

Limiting or Securing Objects that can Move Around

Avoid hanging objects in common areas, since they can fall and greatly increase the risk of injuries and fatalities even during small tremors. Inside units, make sure shelves are solidly secured to the walls and are not likely to come off their mounts during tremors. It is not possible to secure everything, but in quake prone areas special attention should be given to photo frames, mirrors, and decorative wall hangings.

These can be secured by earthquake putty or strong adhesives. Similarly, electronic devices like televisions, computers, and printers can be secured using nylon straps to avoid damage. Gas appliances and water heaters should be bolted to the floor or strong strapping can be used to prevent their movement.

 

Educating Residents and Holding Mock Drills

Many residents may not have faced an earthquake in their lives and will not have any idea about what they should do in such situations. Hence, property management should hold a meeting or post material that educates tenants about earthquakes and what tenants can do to minimize damage and injuries. It also helps an astounding deal to hold mock drills so that tenants are aware of safe spots in the units, or possible escape routes to move to comparatively safer areas.

If you do not want to run actual drills because that could affect peoples’ lives and day, you can at least hand out fliers on where to go in case of an emergency. 

Are Real Estate Postcards Outdated for Lead Generation

When you hear words like letter and postcard, people usually feel that you are talking of a bygone era. However, there are realtors who still swear about the efficacy of real estate postcards in generating leads. In a world where email campaigns and social media are considered the best marketing tools, are postcards still relevant.

Surprisingly, they still are, and many real estate agents have excellent results to show, when used along with social media. Many agents have reported that they were able to net around three listings for every hundred postcards they mailed.

Real estate postcards and direct mailing campaigns might sound basic, but you cannot write off a technique simply because it is old and basic. If your real estate business is lagging or you have newly started it, then postcard marketing could render excellent results, provided you are consistent. Direct mail marketing is still effective even after many years since its inception, particularly in the real estate field.

Developing a Successful Campaign

However, success of your campaign will mainly depend in correctly identifying the farm or target market, which comprises the best pick of potential clients, and your level of consistency in mailing the postcards. Identifying the farm area will involve thorough market research. For instance, if you are trying for first-time purchasers, you might need listings of luxury home communities.

On the other hand, if you are looking for listings in general, you might want to pick neighborhoods that are most promising, including the areas having the most baby boomers. Condominiums and neighborhoods, where other realtors have an established presence should be avoided. The objective is to develop dominance in one area so that anybody seeking property in the place automatically thinks of contacting you first.

Number of Postcards and Consistency

Every realtor has his own optimum number of how many postcards to mail. Experts believe that sending postcards in the range of 1,000 to 3,000 will provide the best results. However, reach may not be as important as frequency. Some marketers believe that asking 20 prospects ten times will generate much better results than asking 50 prospects only once.

The Best Content for Postcards

Realtors who have managed successful postcard campaigns believe that content should simply be an announcement of a property that has just been listed, sold, or one where the contract has just been signed. However, this content is best used when you are known to the residents of the area and you are promoting a listing in your target market.

If you are newly developing a farm area, the content of your postcard will mainly be your introduction. Later you could follow up with reports and newsletters on a regular basis. Make sure you are providing value through your content to homeowners in your area.

Type of Postcards

The quality of the postcard and the printing will mainly depend on your budget. If you are newly establishing yourself in the area, choose all the bells and whistles, since you want to be seen as a notable and respectable realtor who understands this realm.  

Strategies for Retaining Terrific Tenants

Retaining outstanding tenants is highly profitable for property management, since it will reduce vacancies considerably and the workload will be substantially reduced as well. Hence, forming specific strategies for tenant retention is a fantastic idea, and should be given the highest priority, especially for the coming year, where competition is expected to be intense.

When you want to retain impressive tenants, the obvious objective would be tenant satisfaction, as a satisfied tenant is not likely to leave, provided other factors in his life are stable.

Check the Competition

This could be considered as an indirect way, but it is quite effective when you are ruling out the places, where your tenants are likely to relocate. Review similar properties in the area and check out the tenant profiles and vacancy rates on those properties. Consider what features and amenities they are offering, and see if your property is able to match or falls short. Make the necessary changes, do renovations, and upgrade to their level, so that your tenants are no longer inclined to move.

 

Check for New Developments

New building projects in your area means increased competition, and you can track these by paying a visit to the municipal council of your locality. New developments will not only upset the demand-supply ratio, but the new properties will also be offering incentives and better features to attract prospects. To counter this, property management can consider offering the same incentives or better features to their tenants.

Improving and Maintaining Impressive Relations with Tenants

Tenant satisfaction has a lot to do with the type of relationship property management develops and maintains with the tenant. Better features and incentives do play a major role in retaining tenants but ultimately if the relationship goes south, the tenant will think of moving. Here are some of the major points that can help property management build stellar relationships with residents.

 

Being Responsive and Attending to Issues Quickly

 

This is one of the most important aspects of maintaining remarkable relations. Facilitate open communication channels, where it is easy for tenants to contact property management. Ignoring emails or calls is a major mistake, even if the concerned matter is hardly worth noting. Delaying response could escalate issues, and repeatedly ignoring tenants will make them disregard the property and its rules.

However, being responsive is not enough, since you need to follow it up with actions to set the problem right. Many tenants are dissatisfied due to the delay in the execution of maintenance and repair requests. If it is not possible to carry out the request in time, then at least inform the tenant about the difficulties and ensure that the repairs will be done as soon as possible.

Having Pet Friendly Policies

 

With over 60% tenants having pets, it would be very helpful for property management to have pet friendly policies. For many tenants their pets have become a part of their families, and they would not hesitate to move if they feel their pets are uncomfortable or being discriminated against. Well, if they have a pet cobra, that type of pet should be frowned upon.

Syndicating Social Media for Real Estate Business

Usually realtors consider any person who wants to purchase, lease, or sell property as the ideal customer. However, in actuality this is not the case, as realtors work their own niche comprising of certain price ranges or specific pin codes and so on. Hence, everybody in the business is looking for more listings, buyers, and leads, but in the end the question remains as to who is the ideal customer.

It might be surprising to note that in many instances the ideal customer for a realtor is another realtor.

A real estate agent is capable of bringing a signed contract with money, and not a client. However, you might argue that other agents will be farming the area, where you have listed a home, and they might have potential buyers. This may be true, but you could befriend them and change the competition into a fruitful collaboration. Moreover, the best and easiest way to become friends in today's world is through social media.

Utilizing Social Media

When you are mostly representing purchasers, you would be relying on agents who have listings for your inventory. The reverse could be the case as well, where you are the listing agent and you require purchaser's agents for selling your properties. Finding a random seller or buyer with a complete executed contract and money is not probable, and therefore your ideal customer is another realtor. Befriending several realtors by syndicating power of social media platforms is quite easy.

One of the most important aspects of social media is that when you want to acquire loyal friends you need to be a marvelous friend. This means you will have to give more and act first, if you want to be the leader of your group. You cannot expect other realtors to in your circle to act first. You need to be proactive for instigating a reactive response, this type of approach works reliably well.  

Creating a Syndicate on Social Media

The first step would be to surfing and searching Facebook to find realtors whom you already know. These people could be realtors with whom you entered contracts in the past or other realtors in your office. Secondly, from now on, when you acquire a contract from another realtor, immediately follow them on Twitter, or become friends with them on Facebook and LinkedIn as well.

When you are browsing Facebook walls of other realtors and you come across latest listings, simply click on the share button. This will make their posts visible to your friends as well, which means the visibility of their properties will be almost doubled or trebled, depending on the number for friends in your circle. However, do not forget to insert a call to action in the sharing or your personal posting.

Virtual Networking

You could insert a call to action like - "My friend Robert has listed this excellent property in Charlotte. I always love working with Robert, and if you are looking in this area, please contact me". Since the agent's name is tagged by you, the agent will automatically receive an email from Facebook about him being mentioned in a post, and this will demonstrate your proactive help in marketing his listing. 

Page 33 of 53