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Introductions

Introductions. Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest solutions for a property problem? What are your expectations for this program?. Today’s Agenda. Identifying Issues and Problems

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Introductions

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Presentation Transcript

  1. Introductions • Your Name • Where You Work • Your Job Responsibilities • How long have you been in the Industry? • Have you ever been asked to research and suggest solutions for a property problem? • What are your expectations for this program? Property Research, Analysis and Evaluation

  2. Today’s Agenda • Identifying Issues and Problems • Conducting Research • Analysis and Evaluation Techniques • Finding and Supporting Conclusions • Making Persuasive Recommendations Property Research, Analysis and Evaluation

  3. Overview – Cognitive Abilities • The process of acquiring knowledge by the use of reasoning, intuition or perception • Perceiving conditions around you, analyzing problems and recommending solutions Property Research, Analysis and Evaluation

  4. You Already know How to Analyze! Property Research, Analysis and Evaluation

  5. Overview – Business Analysis • Identifying Business Needs • Determining Business Solutions Property Research, Analysis and Evaluation

  6. You will Get Answers to……. • What current conditions present problems? • Where do I find relevant information? • How do I separate out meaningful facts? • How do I determine what the facts are telling me? • How should my property respond? Property Research, Analysis and Evaluation

  7. Chapter 1 Identifying Issues and Problems Property Research, Analysis and Evaluation

  8. Identifying Issues & Problems - Topics • Issue or Problem? • Typical Rental Housing Issues and Problems • Identifying Present Conditions • Link to the Owner’s Goals and Strategies • CLASS ACTIVITY Property Research, Analysis and Evaluation

  9. Definitions Issue Problem A difficulty; a difficult situation, matter or person; a question or puzzle that needs to be solved A subject of concern; the central or most important topic in a discussion or debate Property Research, Analysis and Evaluation

  10. Industry Examples • Issue: New apartment property nearby in lease-up • Problems: Increased need for visibility; inferior curb appeal; poorly trained leasing staff; poorly focused market outreach • Issue: Operating expenses exceed budget • Problems: Poor purchasing strategy; failure to use company- approved vendors; poor maintenance skills Property Research, Analysis and Evaluation

  11. Some Typical Rental Housing Issues Property Research, Analysis and Evaluation

  12. Activity #1 Identify potential problems or missed opportunities for your assigned issue. Property Research, Analysis and Evaluation

  13. Identify and List Present Conditions Property Research, Analysis and Evaluation

  14. Examples of “Present Conditions” • Fantastic Weekly Activity Levels • Too much Delinquent Rent • Staff is not Energetic and Engaged • Shop is messy and parts inventory is not covering usage • The neighborhood is losing retail establishments • Building one has been damaged by Fire • Closing ratios are under 10% • Maintenance follow-up calls are not made • Property siding is uneven and warped Property Research, Analysis and Evaluation

  15. What are your Owner’s Goals for the Property? Property Research, Analysis and Evaluation

  16. Goals can Change! Property Research, Analysis and Evaluation

  17. Sample Strategies to Achieve Goals • Refinancing • Property Improvements • Renovation or Retrofit • Property Conversion • Property Exchange • Property Liquidation Property Research, Analysis and Evaluation

  18. Example Strategies Property Research, Analysis and Evaluation

  19. Short Term Hold - - - Long Term Flooring?? Property Research, Analysis and Evaluation

  20. Activity #2 Present Conditions & Problems Property Research, Analysis and Evaluation

  21. Chapter 2 Conducting Research Property Research, Analysis and Evaluation

  22. Conducting Research - Topics • Gathering Information • Taking Notes • Multifamily Rental Housing Data • ACTIVITY: DATA GATHERING • Information Overload Property Research, Analysis and Evaluation

  23. Print Materials • Libraries are great places to start • As you read, stay on track by keeping problem statement handy. • Quick scan table of contents or index to save time. Property Research, Analysis and Evaluation

  24. Interviewing People • Capture experiences of people who have had similar problems • Compose your questions before the conversation! • Write or record everything • Stay on Track • Follow-up may be necessary Property Research, Analysis and Evaluation

  25. Using the Internet • Know your Purpose • Don’t believe Everything • Smart Search Tactics • Key words • Gateway sources Property Research, Analysis and Evaluation

  26. Use Company and Property Documents and Reports! Don’t Forget! Property Research, Analysis and Evaluation

  27. Other Factors to Consider External Internal Technology New Applications Products and Services Reports Company Best Practices Competition Your Own Property • Economics • Social Trends • Business Activity • Employment • Roads and Access • Building Codes • Regulations Property Research, Analysis and Evaluation

  28. Tips for Taking Notes • Use index cards or word processing to sort as you go • Always identify the source as you note the information • Paraphrase for your purpose • Using quotes Property Research, Analysis and Evaluation

  29. Activity #3 • Research Practice Property Research, Analysis and Evaluation

  30. Information Overload!! Property Research, Analysis and Evaluation

  31. Looking for Meaningful Material • Keep your Problems and Issues with you while you research • Keep asking your 4 or 5 questions about the issue • Keep notes separated by the topics in your 4 or 5 questions. Property Research, Analysis and Evaluation

  32. Wrapping Up Research • Underline Key Words • Look for Specific Answers • Think how Ideas might Link Together • Reject Information that is too Detailed • Gain Confidence in your Conclusions! Property Research, Analysis and Evaluation

  33. Chapter 3 Analysis & Evaluation Property Research, Analysis and Evaluation

  34. Did your research change your suggestions? Will your final recommendations change? Now its Time to Analyze Property Research, Analysis and Evaluation

  35. Analysis & Evaluation Topics • Analysis Defined • Preparing and Using an Outline • Preparing and Using a Concept Map • Trend spotting • Critical Thinking Property Research, Analysis and Evaluation

  36. Definitions • ANALYSIS – the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it. • BUSINESS ANALYSIS – the discipline of identifying business needs and determining solutions to business problems. Property Research, Analysis and Evaluation

  37. Potential Solutions • Process Improvement • Organizational Change • Strategic Planning • Policy Development Property Research, Analysis and Evaluation

  38. Multifamily Business Analysis Property Research, Analysis and Evaluation

  39. Preparing and Using Outlines Working Outline Vs. Final Outline Property Research, Analysis and Evaluation

  40. Typical Outline Structure • Major Component of Issue • Smaller Factor of the Component • Details • Details • Details • Another Smaller Factor of the Component • Details • Details • Second Major Component of Issue Property Research, Analysis and Evaluation

  41. New Construction Down the Street Review Example Property Research, Analysis and Evaluation

  42. The Final Outline • Add specifics to details • Check for evenness – enough detail on each element, or did you over focus on one? • With the right detail, this is almost your final proposal if you are making it in writing! Property Research, Analysis and Evaluation

  43. Sorting Major Topics • Chronology • Cause/Effect • Compare/Contrast Property Research, Analysis and Evaluation

  44. Concept Maps Property Research, Analysis and Evaluation

  45. Numbers or Patterns? Property Research, Analysis and Evaluation

  46. Concept Maps….. • Establish Connections between Ideas you Already Have • Uncover new Connections • Organize logically, but not rigid Property Research, Analysis and Evaluation

  47. New Property in the Neighborhood Traffic Our Rents Amenities Curb Appeal Sources Loss Leader Qualify? New Bike Flags Shop Comps Pet Park New Signage Staff Training Our Units Outreach Closing Contest Shops Test Upgrades Preferred Employers Sample Concept Map Property Research, Analysis and Evaluation

  48. Activity #4 Outline Or Concept Map? Property Research, Analysis and Evaluation

  49. TrendSpotting Property Research, Analysis and Evaluation

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