LetsTalkPropertyManagement.com: Dee Allomong's Perspectives

Time for a "Rental Renaissance" ?

Dee — Sat, 09 Jan 2010 16:53:36 +0000

I loved the title of this UK blog article: Home Buying Has Peaked: Is it Time for a Rental Renaissance?
In it, the author examines the perspectives of the "new generation" of renters, in particular those of the "sell to rent" group. Although there are some differences in the location-specific forces that influence housing market, I agree with the author that there is a new "breed" of renter, and a growing opportunity for those involved in the rental market, if they can innovate and embrace.

The housing crisis has produced a renewed interest in renting, for some by choice and for others by necessity. And, the impending U.S. mortgage reset schedules will force even more former homeowners into the rental market (PropertyManager.com - Rental Housing and Real Estate Marketing Trends for 2010). However, at present, there is still a high vacancy rate in some areas, particularly in the apartment market (Rising Apartment Vacancy Rates Could Threaten Regional Banks).

          What's driving the vacancy rates? Several things:

    * As long-term unemployment continues, people are moving in with families and friends;
    * Younger workers are living with their parents while they look for jobs;
    * Older buildings face heavy competition from new construction, which includes both new rental apartments and condo units that did not sell and were converted to rentals. In fact, Reis found that 120,000 new units came onto the market in 2009, the largest number since 2003.

So, given the current statistics, is it time for a "Rental Renaissance?" According to Dictionary.com, renaissance is "a renewal of life; vigor; interest; rebirth." How can the rental market be transformed in order to embrace the needs of the growing number of "sell to rent" prospects? By adopting and enacting the traits of an "Ideal Renaissance Man":

1. Confidence
2. Optimism
3. Knowledge
4. Diligence
5. Motivation
6. Talent / Skill
7. Ingenuity
8. Strength / Determination
9. Financial Honor
10. Charity

By embracing these characteristics, and by finding ways to differentiate your rental property(ies) and the quality of property management service you offer, you will attract the discerning "sell to rent" tenants. You can be a "light" to those who have been stressed by the housing crisis, offering an attractive housing solution.

Let's Talk. What are you doing to differentiate yourself in the current market and to prepare for the coming flood of renters? How can you make it more attractive to rent from you, rather than choose to live with friends or family?

If you want to trade ideas with other "rental renaissance" thinkers, join the free Let's Talk Property Management community and network with over 400 (and growing) rental property owners and/or managers of single family homes, condos, townhomes, and multi-family properties.

Small Change. Big Reward. A New Year Revolution for 2010

Dee — Thu, 31 Dec 2009 05:00:29 +0000

"You're unfailingly kind . . . a trait people never fail to under value, I'm afraid."

Analysis of Property Managers' Use of Technology

Dee — Fri, 18 Dec 2009 04:40:28 +0000

Software Advice conducted a survey last week to discover more about how property management companies are using technology to grow their businesses. The survey results showed that property managers are using technology for communication, property maintenance, and financial management, however, fewer are leveraging technology to track leadsources so that they can accurately analyze ROI and allocate marketing dollars to the most effective advertising venue - the ones that convert the most leads to leases or owner inquiries to property management contracts. You can view the full survey results on SoftwareAdvice.com.

This is a very interesting analysis of current trends in the use of technology in property management companies, however, I would like to see a larger sample (only 70 respondents) to see if it truly represent current trends. In the end, whether the results of this particular survey provide a true picture of property managers' use of technology or not, I was encouraged by the results. I am a firm advocate of leveraging technology to provide services that differentiate your company from your competitors, and as an employee of Infusionsoft, a marketing automation software company, I hope future surveys show that the use of technology to track, follow up with, and convert leads explodes in the coming year.

Let's Talk. Property Managers, how does your use of technology align with or differ from the Software Advice survey results? Which of your technolgies has proven to be most powerful and effective at helping you grow your business?

Simple Thanks

Dee — Thu, 26 Nov 2009 16:10:34 +0000

Enjoy your Thanksgiving holiday and remember to give simple thanks.

Technology - a competitive differentiator

Dee — Sat, 21 Nov 2009 16:38:10 +0000

I read this blog post on the Small Business Trends website this morning: Investing in Technology Helps Your Business Move Ahead, Benchmarking Shows This article reveals how the recession has impacted capital expenditures for technology projects in SMBs (Small - Med businesses). I was discouraged to see the percentage of technology projects that are sidelined when money gets tight.

Great Expectations

Dee — Tue, 10 Nov 2009 04:07:49 +0000

The word "expectation" is a very relational and emotionally charged word. Expectations trigger hope; they imply pent up desires waiting to be fulfilled; they suggest give and take. Expectations permeate every aspect of life - personal, professional, political, educational, etc. There is power in explicit or implied expectations, and significant impact in the consequences of met or unmet expectations. The ability to effectively create, maintain, and meet expectations leads to achieving greater business and personal success.

Property Management Software: Do More, With Less. . .But Better

Dee — Sun, 25 Oct 2009 15:58:25 +0000

Earlier this month, Let's Talk Property Management member, Chris Thorman, of Software Advice, posted a great article about "6 Things Property Management Software Makes Easy." The use of the right property management software technology can help property managers do more, with less . . . but better. Here is a summary of the ways property management technology can simplify the routine tasks of managing properties, while also giving property managers the tools needed to provide stand-out service to their rental property owners and to their tenants.

Reputation: A Priceless Asset

Dee — Thu, 22 Oct 2009 15:52:17 +0000

The Internet has provided an inexpensive and easily accessible forum for the consumer voice and businesses are increasingly occupied with managing and monitoring their online and offline reputation. As the popularity of social technologies grows, how does a business cultivate and maintain one of their most priceless assets - their reputation?

Rock Solid Investments

Dee — Thu, 01 Oct 2009 04:40:10 +0000

There is a lot of buzz online and in the media about the current state of investments - many are tuned in to the latest news about the state of the stock market and the housing market, the foundational investments that have been paving the road to riches and to long-term financial security. Although I sympathize with those who have suffered loss during the events of recent months, and my family has not been untouched by them, I choose to focus on my Rock Solid Investments, rather than dwell on the losses from the speculative ones.

Pocket Office for Property Managers?

Dee — Fri, 28 Aug 2009 23:24:57 +0000

I recently ran across an article about the 5 Amazing Mobile Apps for Property Management. I was quite excited to see the following suggestions for Smart Phone apps for the property management industry!! Improved mobile technology, ultimately providing property managers with a "pocket office," would provide significant benefit to progressive, leading-edge property managers. The property managers I've worked with are often out of office and on the move, performing their rental management duties. A "pocket office" would enable property managers to manage tasks from the road with greater efficiency.