Section On: Apartment Communities

Coming Next: Office Buildings and Retail Centers

Contents

Roles of A Property Manager7 Ways to Keep Your Units Occupied5 Ways to Keep Your Residents From MovingCurb Appeal, First Impressions CountClosing the Sale5 Keys to Credit Screening4 Ways To Improve Your Rent CollectionCommon Lawsuits Landlords Could AvoidTips For Efficient Risk Management

5 Ways to Keep Residents from Moving

• Create a bond with the Residents

• Excellent Service

• Maintain Your Property

• Invest in a quality, educated and trained management team

• Think Lease Renewal

Curb Appeal: First Impressions Count

BEFORE

AFTER

Curb Appeal: First Impressions Count

AFTER

BEFORE

Curb Appeal: First Impressions Count

• Signage• Advertising• Property appearance• Ease of finding rental office• Is the Manager accessible and

professional?• Unit turnover condition

The Importance of SignageMonument Signage

Closing the Sale

• Create a sense of urgency

• Listen to the prospect

• Show how your property meets their needs

• Limit the “show apartments”

• Ask for the sale

5 Keys to Credit Screening

• Establish occupancy criteria

• Consistency in screening

• Screen thoroughly and prudently

• Require confirmation

4 Ways toImprove Your Collection

• Expect rent payment on time

• Serve notices promptly

• Get tough

• Stay tough

Asset Management

Common LawsuitsLandlords Can Avoid

• Slip, trip and fall• Undelivered implied warranties• Fair Housing and Discrimination• Actions of employees

LIABILITY RISKS

Tips for EfficientRisk Management

• Create legal firewall• Obtain resident waivers & require renter’s

insurance• Respond to repair requests

promptly & completely• Prioritize H&S repairs

Tips for EfficientRisk Management

• Train staff in Fair Housing• Require vendor licensing and insurance• Routinely inspect property

RESOURCES

Happy AboutApartment Management