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BEST PRACTICES

BEST PRACTICES. Steven J. Egger. Questions Statistics My Role Rent Strategies Increasing Revenue Cutting Expenses Advertising Marketing Website Designers & Ideas Lead Generators Selling Your Apartments Concessions Resident/Employee Screening, Collections & Renters Insurance.

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BEST PRACTICES

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  1. BEST PRACTICES Steven J. Egger

  2. Questions Statistics My Role Rent Strategies Increasing Revenue Cutting Expenses Advertising Marketing Website Designers & Ideas Lead Generators Selling Your Apartments Concessions Resident/Employee Screening, Collections & Renters Insurance Retention Vendors Retention Ideas Service Maintenance Characteristics of a Successful Company Employee Training Utility Management Property Management Systems Rent Collections Security Systems Real Estate Insurance Table Of Contents

  3. Questions? • Do you want to maximize the revenue of your apartments? • In order to do this it’s my opinion that we need to establish best practices & be connected to the right resources.

  4. StatisticsNational Home Builders Association for National Statistics / Multi Family Council • National Resident turnover is 65%, goal is to be to get down around 35 to 38%. • People that look for a long period of time are the ones that stay the longest, we tend to ignore these people in this industry. • 65% of resident turnover could and can be avoided. • Average cost is 3,000 dollars to turn over an apartment. • People leave because they don’t feel it’s theirs. • It takes 7 years to recover from an apartment that sits vacant for 30 days! • 65% of pet owners earn $40,000 or more a year. • The best customer is the one you already have. • If you sell on price they leave on price. • 50% of all Ohio renters are going to move next year. • The highest cost an owner can concur is turnover!! • When looking for a place to rent the avgerage person calls 7 to 10 complexes, they get a hold of 5 to 6 and only visit 2 or 3 communities. They will also lie about who they have been to see. • Average cost per lead when using: For Rent, Apt Guide, Local Paper and 2 Internet sites is $78 in North East Ohio. National Average is $146. • 50% of renters have one type of pet or another.

  5. My Role • Director Of Operations • Director not the doer. • Develop it, sell it & be done vs. operating it! • Researcher & Explorer • Cutting edge, trends, making sure we are on top of it all.

  6. It all starts here. Setting the right price for right product is your first step! Companies w/ Expertise In Rent Setting... REALPAGE – M/PF YieldStar Ellis Management Services, Inc. Epmsonline.com Rent Strategies

  7. Revenue Raisers Strong Collections Process Timely Eviction Process Make Deposits Quickly Know How To Raise Rents Increase Rent On Renewals Laundry Machines Vending Machines Party Center Vacuum Cleaner Coin Machines Cable Revenues Late Fees Revenue Reminders & Ideas Add a 9 to the last digit of your rent. Improve physical assets in order to continue growth & rent revenue. The Golden Path Value Selling / Closing Card Game Increasing Revenue

  8. Cutting Expenses • Group Purchasing – Value Discounts • Constantly Get New Quotes • If You Pay Early – Demand Discounts • Never Let Your Maintenance Leave The Property • Organize The Maintenance Shop • Standardize Each Product • Monitor Supplies • Do Spot Inspections • Maximize Carpet Life • Utilities Savings - Cut Electric, Water, Gas/Heat

  9. Advertising • Magazine Print/Internet • For Rent … ForRent.com … Print w/ Web Counter Parts • Apartment Guide … Apartmentguide.com … Print w/ Web Counter Parts • Apartment Finder … ApartmentFiner.com … Print w/ Web Counter Parts • Internet • HotPads.com … FREE! • #1 Move.com … #1 … $20 Floor Plan or $.75 Cost Per Click …Vertical Search Engine…AOL, Yahoo & MSN • #2 Rent.com … $375 referral fee … Paid For Performance • #3 Apartments.com … $400 a month … Internet Listing Service • MyNewPlace … $375 referral fee … Paid For Performance • PezGrande.com … $34 a month (Spanish Web Site) … Internet Listing Service • Local Paper • Local Radio • Weekend Directionals

  10. Marketing • Tell a story in your ads. • Change your ads seasonally. • The purpose of advertising is to generate enough interest to generate a phone call. • White space is your best friend in an ad. • People call your ads to eliminate you. • Change ads all the time, but only change verbage and pictures not the layout. • In pictures try to capture that there is a lot of space. Don’t just take pictures of furniture or exercise equipment. • Don’t feature dump • People want to see color, want to see what their getting. • Branding is important. • Break your properties into categories – high rises, garden style, downtown, town homes etc. • Peoples 3 buying habits – 1 Save me money, 2 Save me time, 3 Make me feel good • Moving company will move anyone to your property. $390 bucks!

  11. Ideas Your Website Linked To Advertisers Online Floor Plans, color, furniture, 3D, w/electronic furniture templates interactive. Designers The Ellipse Group Spherexx.com Webrentpro.com Resite – resiteIT.com Property Solutions – Prospect Portal Propertysolutions.com Website Designers & Ideas

  12. Lead Generators • Lead2Lease.com • Level One • Levelone.com • Call Max • Callmax.us • REALPAGE – CrossFire • Resite – LeaseToLease • resiteIT.com • Call Source • Callsource.com

  13. Selling/Renting Your Apartments • Call Max – callmax.us • Don’t ever miss a lead! • Car Give Away – Saturn – Our Apartments Are Out Of This World! More than 20 people drawing and more than 1 prize to give away ipods etc • Village Marketing DVD / Toni’s local photographer $290 a day plus expenses • The Walk Up Closet • European • Heart Smart Apartments • Garden Level • The Store, lights, scent, sound, invitation station, YELLOW! • Sun Light Indicator • Multifamilypro / killer closers / gracehill.com

  14. Concessions • Sure Deposit • Suredeposit.com • Free Laptop • One Month Free Rent • Win a free car! • Cover some moving expenses • Pay for the Moving Van • Groceries • Trips (cost you less) • Utility Deposits - A check to cover the costs • Upgrades (that remain with the apartment home) • Selection from a gift table - vacuum cleaners, fancy appliances ($75.00) • Try not to give away operating expenses. Like 1 month FREE!

  15. Resident/Employment Screening, Collections & Renters Insurance • Renters Insurance Only • Leasing Desk - eRenterPlan.com • Assurant assurantspecialtyproperty.com • Resident/Employment Screening • CBC • Rentgrow.com • Mocco-inc.com • TransUnion.com • REALPAGE – OneSite & CrossFire • Resident/Employment Screening & Collections • ResidentCheck.com • ChoicePoint.com ResidentData • Resident/Employment Screening, Collections & Renters Insurance • First Advantage Fadvsaferent.com • On-Site.com

  16. Retention Vendors • The Ellipse Group – ellipseinc.com • Relate 24/7, • Call Max callmax.us • Keep residents • News & Graphics – newsgraphics.com • Keep residents informed! • Illustratus – illustratus.com • Keep residents informed!

  17. Retention Ideas • Relate 24/7 – Ellipse Communications Inc. 80% of residents have e-mail. Mortgage lenders contact residents 12 x per day – phone calls, letters, e-mails, tv etc. about benefits to purchase a home, well were going to counter those with benefits of renting thru e-mail reminders • Design Book – Customize apartments. Design a marketing & leasing strategy that appeals to long term tenants. Put a value on all of this customization such as $800. People are visual. Create a design book for people to choose from. White walls is the biggest resident complaint. Ideas – chair rails in dining room, accent 2 tone paint job, solid accent wall, 3 inch wide curtain rods w/ toper fabric sleeve on a roll w/ diff. colors fits over rods changing is easy, lighting kits w different tops victorian tulip bulbs, contemporary chandelier, / Don’t make the apt look temporary, every day visually the resident feels this, change the environment to make them feel like it is their home • American Express Resident Loyalty & Retention Program • Move In Day Program – reserved parking space, complimentary newspaper, pre printed address labels, personalized stationary, grocery store gift card, magnetic letters on fridge, welcome mats, personal escort • How do you get residents to stay steps – Service team is responsive, efficient & effective / Hire the right people / Educate the staff / Manage the moral / Empower them / Flexibility / Lead / Make it personal • Summer Staff Free Car Washes • Dinner Arrangements 1 Time Per Month • Establish a high level of customer service & maintenance • Maintenance – 100% of residents have left an unreported svc request • Customer Service

  18. Service • Work Orders Completed ASAP no later than 24 hours. • Follow up call after maintenance has been completed. • Never let your maintenance leave the property.

  19. Maintenance • Maintenance Uniforms!! • Work orders never go more than 24 hours. • Never let your maintenance leave the property. • On Call 24/7. • Maintenance shops immaculate/organized. • Keep a high low inventory in maintenance shop, 4 is low 12 is high. • Only outside contractors to use are for landscaping, snow plowing, ashfault repair & roofing. • Replace filters once a year. • Empty hot water tanks twice a year so sediments don’t rust. • Destroy all master keys!! • Maintenance should always do a quick audit when doing a work order, check for cats, dots, pets and check smoke detectors.

  20. Characteristics of a Successful Company • I. Involve Every Employee at Every Level. • II. Set Realistic Goals & Expectations • III. Develop a Personalized Employee Reward Program • IV. Develop Training Programs that Involve Every Employee • V. Employee Appreciation is a MUST! • VI. Recruit, Hire, Train, & Retain the Best Employees • VII. Take Time to Analyze

  21. Employee Training • Consistent training in small doses. • GraceHill.com • Call Source • Callsource.com • Ellis Management Services, Inc. • Empsonline.com

  22. Utility Management • REALPAGE - Velocity • Minol • Minolusa.com • ConService Utilitiesinfo.com • Water, Sewer, Trash, Gas, Electricity, Heating, Cooling, Rent and Cable

  23. Property Management Systems • Yardi, MRI, AMSI, Realeum & Remanage • Property Solutions • Propertysolutions.com • DIY Real Estate Solutions • Diyresolutions.com • REALPAGE – CrossFire • Property Marketing Systems • REALPAGE – M/PF YieldStar • Asset Optimization Systems • REALPAGE – Velocity • Utility and Billing Services • REALPAGE - OneSite • Accounting, Leasing & Rents, Facilities, Purchasing, Screening, Payments

  24. Rent Collections • American Express • Property Solutions – ResidentPay • Propertysolutions.com • RentPayment • Compatible w/ Yardi, MRI, AMSI, Realeum, Remanage • NWP – aBreeze • Nwpsc.cm

  25. Real Estate Insurance • Neace Lukens neacelukens.com

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