Blog
‘The Accidental Economist’ with Jack Kern: Past Performance is No Guarantee of Past Performance
“The straight line, a respectable optical illusion which ruins many a man.” ― Victor Hugo, Les Misérables I was so pleased to attend the NMHC Apartment Strategies Update Conference and Board of Directors meeting in Boston on May 14th and 15th. Along with the usual suspects extolling the virtues of why it’s great to be in the apartment business, a number of very well thought out presentations were shared. I am, as many of you know, a forecaster who enjoys reviewing massive amounts of data in the hope that I can glean a pattern that will indicate an unlikely trend….
‘What Renters Want’ with Jessica Fiur: 4 Things Property Managers Can Learn from Arrested Development
This is a very important weekend. Sure, it’s Memorial Day and the unofficial kickoff of summer. There will be barbecues. And many of us get a day off from work. Whatever, though, right? The big news is that Arrested Development is coming back on Netflix! [Pause for an awesome music interlude.] This show, which first aired in 2003-2006 for three seasons, is back after popular demand for a fourth season. And as property managers, there’s a lot you can take from Arrested Development. No, seriously. Well, it’s worth a shot at least. What are you, chicken? Just because an idea…
‘What Renters Want’ with Jessica Fiur: Why You Might Want to Let Them Out of Their Lease Early
Leases are important—why else would we use them? They spell out the terms of the apartment so that the renter knows all the rules and requirements going in to the agreement, and leases protect the interests of both the property manager and the resident. And, while an important contract, leases are written in ink. Not carved in stone. (See also: “rules are meant to be broken,” and “the bell doesn’t dismiss you, I dismiss you.”) Sometimes, residents might need to leave an apartment before the end of the lease. Of course, this is why there are leases—to prevent this so the…
‘The Accidental Economist’ with Jack Kern: Why Real Estate Will Get More Costly
“Running on Empty, …but I’m running behind.” ©Jackson Brown/Swallow Turn Music One of the greatest things about attending an NMHC meeting, besides the hospitality and amazing resort locale, is the camaraderie and openness that permeates through most of the meeting. The interim meetings between the national events are smaller, and lots of conversations are shared in earnest about market conditions, competitive pressures and capital structures. You have no doubt heard about the rapid compression of cap rates, which in some instances in all property sectors, particularly multifamily, provide for returns so low that in previous years people scoffed at the…
‘What Renters Want’ with Jessica Fiur: In Defense of Non-Pet-Friendly Communities
Have you ever had that moment where you look at someone you thought you had a lot in common with and wondered, “How could she not like _____? Everyone likes that! Is there something wrong with her? Did I ever really even know her?” Well, I’m often that person getting stared at. I don’t care for The Beatles. I can’t stand cheesecake. I hate the movie Top Gun (Goose died during a training exercise! What an idiot!). Oh, and here’s the kicker: I’m not really an animal person. Especially dogs. (I know, I know. Bring on the hate mail. But,…
Guest Blog: Networking in a Nutshell (Take the Long-Term View)
By Matt Slepin, Terra Search Partners At a recent industry networking event, I provided relationship-building tips to the diverse group of real estate professionals. For those who are interested in honing their networking skills, here’s a brief recap of the main points I discussed. A key theme runs through all of these concepts—take the long term view to creating habits, building relationships, and your career. Building a habit of networking Some may associate the word “networking” with shallowness, but it is actually a positive practice that is essential to any professional in business, especially in the real estate industry. Think…
‘What Renters Want’ with Jessica Fiur: 6 Ways to Celebrate Neighborday at Your Community
In multifamily, neighbors are a fact of life. And that’s a good thing. Who else could accept a package for you or call the cops if they haven’t seen you in a few weeks and there’s a weird smell coming from the apartment? However, it’s likely that your residents don’t really know each other, beyond a brief nod at the mailboxes. Well, it’s time to change that. If your residents get to know each other there will be a greater sense of community (and they’ll be less likely to leave). Luckily, this Saturday is Neighborday. Perfect time for some bonding…
‘What Renters Want’ with Jessica Fiur: 4 Ways Your Community Could Help the Boston Marathon Bombing Victims or Show Support
In the wake of the Boston Marathon bombing, many are still in shock and want to do anything in our power to help out. In your apartment community, there are several different ways for you and your residents to help the victims of this tragedy and others, to show support, or to help other people in need. Organize a community blood drive. According to the Red Cross, the organization currently has more than enough blood to help the victims of the Boston Marathon bombing. However, there is always a need for blood, and even if it won’t help the people in…
‘The Accidental Economist’ with Jack Kern: Apartment Markets are All Consuming
By Jack Kern, Research Editor I attended the CBRE Multi-Housing Conference this week, which was well attended by over 800 investment professionals from CBRE, along with many of their clients and partners. The event, with Pierce-Eislen as the principal sponsor, was much more focused this year on investment research and market results than in prior years. This probably more than anything else was due to a shift in interests from the clients that attended the meeting. During a number of the sessions, there continued to be both a cautious optimism among the participants as well as a recognition that we’re…
‘What Renters Want’ with Jessica Fiur: Employers Can Choose to Not Hire Smokers–Is the Multifamily Industry Next?
There are many reasons that someone might not get a job. Maybe they didn’t have the proper skill set. Maybe someone more qualified who would accept less money also interviewed. Maybe the applicant showed up to the interview without his pants. But now, someone might not get the job because they’re a smoker. Apparently, many companies are opting not to hire smokers, citing the fact that it raises insurance costs, and that health incentives and even bribery to quit smoking haven’t been working. The interviewer might just ask the interviewee if he is a smoker, and then dismiss him automatically if he…