We here at Apartment Finder Tampa Bay are very proud of our product and the results and successes that are generated from our product. We believe that we are very good at marketing and that combined with our product, Apartment Finder Tampa Bay is one of the best marketing solutions for the multi-family housing industry in the Tampa Bay area.
That being said, we are also of the belief that we are not the end all or be all for multi-family marketing but only that we should be a very serious part of any on-site marketing package. This includes marketing collateral, marketing in print, marketing online, social networking as well as in-person networking. So, to that end, we present the little tab to your left marked Apartment Internet Marketing which will transport you to a pretty sweet website delivering tips and information on how to market multi-family online. Specifically speaking, we'll link to an article that is Part I of a series entitled, "Apartment Marketing In Recession - 10 Free Sources."
"Is your marketing budget being slashed? Don’t fear - we’ve compiled 5 free software and online services to help your marketing team do more with less. Stay tuned for Part 2 of this post next week, when we’ll give you even more free tools."
We're big fans of this kind of marketing. Keeping a good mix of traditional print and online marketing with new and innovative online marketing as well as giving out marketing collateral is a sure fire winner for keeping you in the game during these recessionary times. Check out some of the links over at AIM and if you can get the scratch together, head over to the AIM Conference in Denver, CO April 29-May 1. Maybe we'll see you there!
Apartment Marketing in a Recession – 10 Free Resources (Part 1) (apartmentinternetmarketing.com)
December 3, 2008
November 11, 2008
Citigroup To Help At-Risk Borrowers Stay In Homes
Look, we do not want anyone to lose their home. We applaud Citigroup for taking steps to curb the foreclosure rate particularly in the hardest hit areas of the housing collapse like Florida, California, Michigan, Ohio, Arizona and Indiana. But we also hope that this is not a short-term fix and that this will encourage more and more companies to encourage renting if housing or a mortgage is not feasible. There is nothing wrong with renting! Financial Institutions like Citigroup can do even more good by increasing exposure of the multi-family housing industry or even partnering with the apartment industry to showcase apartments during these tough times. Could a Citigroup even establish a savings program at a solid rate where renters rent for two years and then move into a new home? And, will Citigroup extend this same grace to apartment owners and/or management companies who have pledged millions of dollars to keep America renting?
More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the Mortgage Bankers Association.
Late last month, JPMorgan expanded its workout program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The New York-based bank has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007.
JPMorgan also said it will not put any loans into foreclosure as it implements the expanded program over the next 90 days.
Bank of America, meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with state officials in early October.
Again, we applaud banks helping people stay in there homes, but let's not just throw money at the problem and hope for the best...let's come up with real solutions that can make a difference both short-term and long-term for renters and homeowners alike. This is a good start, but we must keep going to make lasting change.
Citigroup To Help At-Risk Borrowers Stay In Homes (TBO.com)
More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the Mortgage Bankers Association.
Late last month, JPMorgan expanded its workout program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The New York-based bank has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007.
JPMorgan also said it will not put any loans into foreclosure as it implements the expanded program over the next 90 days.
Bank of America, meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion legal settlement reached with state officials in early October.
Again, we applaud banks helping people stay in there homes, but let's not just throw money at the problem and hope for the best...let's come up with real solutions that can make a difference both short-term and long-term for renters and homeowners alike. This is a good start, but we must keep going to make lasting change.
Citigroup To Help At-Risk Borrowers Stay In Homes (TBO.com)
November 6, 2008
Apartments Are Now Showing Signs Of Weakening
Probably not the best article to lead with post-election but one that is important nevertheless. The National Multi Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions reported three of the four indexes it uses to measure the health of the industry were record lows. Not. Good. Whenever you set a record low of anything that's bad, and things are not good right now for the multi-family housing industry.
One quote from the report stands out to us however so very important and something that cannot be missed in all of this gloom and doom.
"Nine straight months of job losses have begun to cut into the demand for apartment residences," says Mark Obrinsky, NMHC’s vice president of research and chief economist. "While favorable demographics and a lower home ownership rate will benefit the apartment industry over time, owners and managers will first have to work their way through the current economic downturn before the benefits of that increased demand are likely to show up. Until then, economic worry will cause some people to double up by moving in with a friend or returning to their parents’ house.
We think Obrinsky has it completely right here. Working through an economic downturn can look like many things whether it be breaking even, minimizing losses, projecting losses, or projecting minimal gains if any. The key here is to be realistic and work through the tough times, not hope things get better, but physically work through these issues.
It will not be easy, as this index clearly outlines, but it can get better. We, as an industry, just have to keep doing the good work to stabilize our assets and re-build the foundation to make sure we are ok moving forward. Hope leads to hard work and hard work can lead to success. It just might be awhile before we get there.
Three Indexes Set Record Lows in NMHC Quarterly Survey that Shows Weakening of Apartment Market (multihousingnews.com)
One quote from the report stands out to us however so very important and something that cannot be missed in all of this gloom and doom.
"Nine straight months of job losses have begun to cut into the demand for apartment residences," says Mark Obrinsky, NMHC’s vice president of research and chief economist. "While favorable demographics and a lower home ownership rate will benefit the apartment industry over time, owners and managers will first have to work their way through the current economic downturn before the benefits of that increased demand are likely to show up. Until then, economic worry will cause some people to double up by moving in with a friend or returning to their parents’ house.
We think Obrinsky has it completely right here. Working through an economic downturn can look like many things whether it be breaking even, minimizing losses, projecting losses, or projecting minimal gains if any. The key here is to be realistic and work through the tough times, not hope things get better, but physically work through these issues.
It will not be easy, as this index clearly outlines, but it can get better. We, as an industry, just have to keep doing the good work to stabilize our assets and re-build the foundation to make sure we are ok moving forward. Hope leads to hard work and hard work can lead to success. It just might be awhile before we get there.
Three Indexes Set Record Lows in NMHC Quarterly Survey that Shows Weakening of Apartment Market (multihousingnews.com)
October 29, 2008
Property Management: Retaining Residents by Building a Sense of Community
Another fantastic article today from multihousingnews.com concerning resident retention. Along with going green, building a sense of community has almost become a cliche' or more to the fact, a populist movement. There is nothing wrong with this as on its face it is good to go green and it is good to build community. However, what do these mean? Going green is a little easier to define; cut back on water consumption, recycle, don't over-consumer, look for alternative energy sources, encourage green practices, etc. But what does building community look like? Could it be a film night at a community? Is it events or a friendly staff that drive community? Daniel Babka is president of California-based Rental Marketing Success and he says it is a lot of things.
"Resident retention involves promoting a sense of connectedness to one another, to the places and neighborhoods where we live. That means creating opportunities for shared experiences, helping residents grow roots by promoting social gatherings and other business networking opportunities, promoting events held on site that draw on common interests you have identified, offering renewal incentives like “Help with your Home or Home Office” (maintenance staff or independent contractor time doing things that wouldn’t normally be covered by a service request), assisting with shelving and closet organizer enhancements, monthly drawings and promotions, occasional weekend and after 5pm office hours."
We like the fact that it starts with simply promoting community. When was the last time you were at an event that had been hevaily promoted? Probably pretty good turn out right? Parties are a great way to promote community, film nights, friendly staff, etc.
A secondary reason for creating community is resident retention. The easiest money to maintain is the money you already have. There is a hard cost to finding more customers so why not work harder to retain the ones you already have? Not only can you build an opportunity for people to come together and be a part of something bigger than themselves, but you can also lessen your cash fluctuations and create more stability for your business. Sounds like a win-win to us.
Retaining Residents by Building a Sense of Community (multihousingnews.com)
"Resident retention involves promoting a sense of connectedness to one another, to the places and neighborhoods where we live. That means creating opportunities for shared experiences, helping residents grow roots by promoting social gatherings and other business networking opportunities, promoting events held on site that draw on common interests you have identified, offering renewal incentives like “Help with your Home or Home Office” (maintenance staff or independent contractor time doing things that wouldn’t normally be covered by a service request), assisting with shelving and closet organizer enhancements, monthly drawings and promotions, occasional weekend and after 5pm office hours."
We like the fact that it starts with simply promoting community. When was the last time you were at an event that had been hevaily promoted? Probably pretty good turn out right? Parties are a great way to promote community, film nights, friendly staff, etc.
A secondary reason for creating community is resident retention. The easiest money to maintain is the money you already have. There is a hard cost to finding more customers so why not work harder to retain the ones you already have? Not only can you build an opportunity for people to come together and be a part of something bigger than themselves, but you can also lessen your cash fluctuations and create more stability for your business. Sounds like a win-win to us.
Retaining Residents by Building a Sense of Community (multihousingnews.com)
Former condo site to get the latest luxury rental concept
Pretty quick and dirty articles today from all over...more posts coming.
A high-end rental concept already planned in four other major cities will find a home in the Westshore District, where building rental properties on infill sites has become a popular strategy. DMC Developers of Houston -- known locally for its off-campus student housing -- is planning to build a 379-unit luxury apartment project on 5.7 acres it purchased last October from the The Parkland Group for $12 million.
Development 'long overdue' (tampabaybizjournal.com)
A high-end rental concept already planned in four other major cities will find a home in the Westshore District, where building rental properties on infill sites has become a popular strategy. DMC Developers of Houston -- known locally for its off-campus student housing -- is planning to build a 379-unit luxury apartment project on 5.7 acres it purchased last October from the The Parkland Group for $12 million.
Development 'long overdue' (tampabaybizjournal.com)
October 15, 2008
Job Losses Cause Apartment Rent Growth to Decline to 0.8%
Continuing our theme this week of job loss and unemployment (seriously, is there anything more depressing to write about than that right now?) comes an article from multihousingnews.com further verifying the struggle between job loss and apartment vacancy. In explaining reasons for the falling rent numbers we posted a quote below from Ron Johnsey, President, AXIOMETRICS.
“One is that job growth is the primary driver for rent growth and we have had some big job losses in the last few months and the other is that there is a lot of unsold housing inventory which is causing home prices to fall and rents follow home prices down,” explains Johnsey.
The national vacancy rate increased by +0.7 % from a year ago to 6.5 % in 3Q08, which is the highest third quarter vacancy rate since +6.6 % in 3Q03.
Jobs, jobs, jobs. Credit and housing are huge pieces of the puzzle but we cannot forget that job growth and job advancement are big pieces as well. If our industry wants to move forward then we must continue to support job growth initiatives for the long-term survival of our businesses.
Job Losses Cause Apartment Rent Growth to Decline to 0.8% (multihousingnews.com)
“One is that job growth is the primary driver for rent growth and we have had some big job losses in the last few months and the other is that there is a lot of unsold housing inventory which is causing home prices to fall and rents follow home prices down,” explains Johnsey.
The national vacancy rate increased by +0.7 % from a year ago to 6.5 % in 3Q08, which is the highest third quarter vacancy rate since +6.6 % in 3Q03.
Jobs, jobs, jobs. Credit and housing are huge pieces of the puzzle but we cannot forget that job growth and job advancement are big pieces as well. If our industry wants to move forward then we must continue to support job growth initiatives for the long-term survival of our businesses.
Job Losses Cause Apartment Rent Growth to Decline to 0.8% (multihousingnews.com)
October 13, 2008
U.S. Apartment Vacancies Rise on Concern Over Wages
We are continually fascinated with economic theory and discourse particularly as it pertains to the apartment industry. That's why when we were forwarded an article from Bloomberg News from our colleague Denise Hull, Publisher, West Palm Beach, we upon reading said article, sighed in the afterglow of economic bliss. That is not to say this article is full of good economic news. It is not. In fact, it points out a very real problem that will continue to plague the macro economy. Jobs, or lack thereof. The key to the article that pretty much sums up the vacancy rise is below:
"Twenty- to 30-year-olds are about 70 percent renters; they are a key driver for demand,'' said Chandan. `When they are not finding jobs, they are not renting either. They are more likely to move home with their parents.''
In the old economy (read 2 years ago) the thought of a massive slowdown in purchasing homes and condos was welcome news to the apartment industry for obvious reasons. Not so today as the promise of improved occupancies has not come with the slowdown in housing. We are learning, painfully, that the past has not been able to forecast this period. In the future, better economic tools must be required and more collaboration will be needed to better predict these periods.
U.S. Apartment Vacancies Rise on Concern Over Wages (Bloomberg News)
"Twenty- to 30-year-olds are about 70 percent renters; they are a key driver for demand,'' said Chandan. `When they are not finding jobs, they are not renting either. They are more likely to move home with their parents.''
In the old economy (read 2 years ago) the thought of a massive slowdown in purchasing homes and condos was welcome news to the apartment industry for obvious reasons. Not so today as the promise of improved occupancies has not come with the slowdown in housing. We are learning, painfully, that the past has not been able to forecast this period. In the future, better economic tools must be required and more collaboration will be needed to better predict these periods.
U.S. Apartment Vacancies Rise on Concern Over Wages (Bloomberg News)
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