WHAT’S INSIDE 01. ALLOW US TO INTRODUCE OURSELVES.....5 T he Laramar Group Over view & Histor y National Management Presence Company Organization E x e c u t i v e Te a m
02. TOP NOTCH REAL ESTATE SERVICES.....19 Multifamily Property Management A f fo rd a bl e H o u s i n g Development Consulting Construction Management Due Diligence
03. FROM OUR MARKETING DESK............41 Marketing Approach Marketing Operating Platfor m Marketing Analytics E v a l u a t i n g M a rk e t i n g Pe r fo r m a n c e Reputation Management Resident Retention & Community Outreach
04. EXPERIENCE THE LARAMAR DIFFERENCE..61 N o r t h Wa t e r - C h i c a g o Dock Street Flats - Minneapolis O n e O b s e r v a t o r y Pa rk - D e n v e r B r i d g e y a r d A p a r t m e n t s - A l e x a n d r i a , VA
05. NATIONAL OPERATING PLATFORM........71 Quality Programs H i r i n g P r a c t i c e s & Tr a i n i n g Te c h n i c a l R e s o u r c e s Sustainability T he Fillmore Center - San Francisco
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THE LARAMAR GROUP OVERVIEW & HISTORY Founded in 1989, La r a ma r ha s grow n from a small real estate investment company to a ver tically integrated and distinguished national real estate investment and proper ty management corporation with a multi-billion dollar por tfolio. However, we haven’t forgotten the basic reason for our success: our people and the relationships they nur ture. Our foundation is built upon a highly experienced, well-trained management team of real estate professionals who love their work and honor their commitment to both our clients and our residents. From acquisitions to accounting, proper ty management to finance, each team member executes their role with strong dedication. The result is a team that is diligent and focused, understanding the needs of its clients and residents, and working tirelessly to build positive relationships and exceed expectations on ever y front. For over 25 years, Laramar has delivered an unparalleled level of ser vice to the real estate industr y. The company has a large national platform that provides a comprehensive suite of both investment and asset management ser vices, including: multifamily proper ty management, development consulting, sustainability consulting, third-par ty revenue management, constr uction management and due diligence. Laramar has specialized in managing and acquiring multifam ily proper ties throughout its entire company histor y. Our success with these proper ties is achieved through the application of our Operating Platform or strategic re-positioning of assets through value-add projects. The company manages Class A to C proper ties, including downtown high-rises, small urban buildings, and suburban garden-style proper ties. Laramar’s por tfolio consists of approximately 15,000 units nationwide, both owned or third par ty managed. The company has a presence in over 15 markets from coast to coast and corporate offices in Chicago and Denver, with over 500 employees between our corporate offices and the field. Laramar manages for a select group of clients such as AIG, JP Morgan, PNC, Pr udential, Colony, Lakeside Capital Advisors and others.
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ATTRACTING TOP TALENT THROUGH A TOP-NOTCH BRAND
A good, authentic brand that aligns with company values is attractive to not only residents, but also top talent. People care about their company’s values and seek out institutions with a reputation for quality and integrity. Laramar’s foundation of tenured professionals contributes to our place as a top tier, institutional proper ty management company. The team’s experience has allowed us to build a nationwide platform of “best practices”, including differentiating ideas in technology, training, marketing and repor ting that are implemented across our por tfolio. The firm utilizes the collective experience of our associates, as well as the data that we have accumulated over our 25 year histor y, to help identify and develop ne w oppor tunities. By analyzing historical, current and predictive vie ws of our business operations, we achieve a competitive market advantage. Laramar’s entrepreneurial spirit is seen at ever y level of the company. From our corporate offices to our associates in the field, each team member is given a voice and encouraged to contribute. OUR MISSION
Laramar strives to set a standard in apar tment living. Ever y resident can be confident that our on-site and corporate staff strive to provide quality and consistent ser vices to each resident in the community. At the end of the day, this is a people business and we feel that the ultimate success of ever y investment lies in the people on the ground. Laramar prides itself on its employees, selected for their experience and creativity, distinguished by professionalism and the ability to offer exemplar y ser vice at ever y level. Laramar’s meticulous attention to detail means outstanding living spaces with unwavering maintenance standards and personalized ser vice that will exceed expectations. Laramar continually strives to make a resident’s experience second to none.
“FOR OVER 25 YEARS, LARAMAR HAS DELIVERED AN UNPARALLELED LEVEL OF SERVICE TO THE REAL ESTATE INDUSTRY.”
NATIONAL MANAGEMENT PRESENCE Laramar has corporate offices in Chicago and Denver, along with experience and historic presence in 15 major markets across the countr y.
CHICAGO
CHICAGO-HALSTED
DENVER
LOS ANGELES
30 South Wacker Drive Suite 2750 Chicago, IL 60606 312.669.1200
7900 E. Union Avenue Sui t e 500 Denver, CO 80237 303.991.0094
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THE LARAMAR GROUP
1806 N. Halsted Street Chicago, IL 606 312.489.1600
4351 Melrose Avenue Los Angeles, CA 90029 818.821.8487
WEST REGION Las Vegas Los Angeles Phoenix San Fr ancis co Se attle
CENTRAL REGION Chicago Dallas Denver Houston Ind ianapolis Milwaukee Minneapolis St. L ouis Tulsa
EAST REGION Atlanta Boston Charlotte Har tford Louisville Mar yland Miami Orlando South Carolina Tamp a Vi r g i ni a Washington, D.C.
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C O M P A N Y ORGANIZATION
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THE LARAMAR GROUP
JEFF ELOWE
SCOTT MCMILLAN
PRESIDENT & CEO
CHIEF FINANCIAL OFFICER
Mr. Elowe fou nded The Laramar Group in 2001 after co-founding Elkor Realty Corp. and Elkor Proper ties in 1989. As President and CEO of The Laramar Group, Mr. Elowe oversees an institutional real estate por tfolio valued in excess of $1 billion and is a principal in the Laramar Multi-Family Value Fund, which is a discretionar y commingled real estate investment vehicle specializing in multi-family investments t hroughout the U.S.
Scott McMillan is the Chief Financial Officer, a member of the executive committee and has overall responsibility for the financial operations of Laramar, as well as several other corporate depar tments including IT, FP&A, Risk Management, and Asset Management. Scott was promoted to this leadership role in 2016.
Laramar is a nationally recognized investment and proper ty manager currently ranked in the top 50 largest firms in the U.S. by the National MultiHousing Council. Mr. Elowe is chairman of the investment committee and is responsible for the company’s overall strategic planning, investments, asset management and investor relations. Mr. Elowe is also a founder and principal of Covington Realty Par tners, which is a highly regarded s ponsor of national Tenant-in-Common ( TIC) and Delaware Statutor y Tr ust (DST ) transact ions. Mr. Elowe has built a successful 24-year real estate investment track record having sponsored and par ticipated in transactions totaling in excess of $4 billion. Mr. Elowe is the recipient of the 2013 Ernst & Young Entrepreneur of the Year Award (Mountain Deser t region). In addition, Mr. Elowe is on the board of directors of the National Multi-Housing Council (NMHC), is a member of the Urban Land Institute (ULI ) and is a member of the Young Presidents Organization ( YPO). He is chairman of the board for the Nor th Lawndale College Prep Char ter Schools and a board member of Chicago Je wish High School. Mr. Elowe has a B.S. degree from the University of Illinois and an M.D. degree f rom Nor thwe stern University.
Mr. McMillan joined The Laramar Group in 2004 prior to being promoted to senior vice president of accounting/controller in the fall of 2011. In this role, Scott was responsible for the oversight of all accounting functions, which includes all proper ty and corporate level financial statement production, client repor ting, cash management, accounts payable, contract management, and vendor compliance. Star ting as the accounting manager for all fee management assignments nine years ago, he focused on building versat ile policies and procedures that could easily be adapted to handle multiple clients with var ying needs. Prior to Laramar, Mr. McMillan worked at ABC Supply, one of the world’s largest building products distributors where he held several positions including internal audit and accounting manager. Mr. McMillan has a B.S degree in finance with an emphasis in accounting from the Unive rsity of Nor th e rn Iowa.
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BENNETT NEUMAN
YOLANDA MEBERG
SENIOR VICE PRESIDENT - INVESTMENTS
SENIOR VICE PRESIDENT - HR OPS
Mr. Neuman is responsible for proper ty invest ments in Laramar’s Midwest, Southeast and East Regions. Mr. Neuman joined Laramar’s predecessor company, Elkor Realty, in 1998. Since joining Laramar’s predecessor company, Mr. Neuman has been responsible for over $2 billion of acquisitions. Additionally, he has played a critical role in the affordable housing activities of Laramar and its predecessor, including completing over $90 million of tax-exempt bond financed transactions. Mr. Neuman has developed strong relationships with local owners and brokers in several markets, allowing him to identify acquisitions that are not widely marketed.
Yolanda Meberg joined Laramar in November of 2013 as a human resource professional. Ms. Meberg’s career spans two decades and she has managed human resources in a variety of industries and roles.
Prior to joining Laramar’s predecessor company, Mr. Neuman was an asset manager with M. Myers Proper ties, a privat e owner with approximatel y 6,000 apar tment units located throughout the Midwest. He oversaw the operations of this por tfolio and managed the physical renovation and repositioning of distressed assets acquired through foreclosure. Trained as an architect, Mr. Neuman also worked for Holabird & Root Architects, one of Chicago’s preeminent architecture firms, where he primarily focused on the design, programming and spac e planning for a ne w headquar ters for a national financial ser vices company. Mr. Neuman has a B.A. degree and a masters of architecture degree from the University of Michigan and a n M.B.A. with a concentration in finance from the University of C hicago.
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Throughout her career, Ms. Meberg has successfully established sustaining business re lat i onsh i p s t h roug h h e r ap p roach f or accountability, driving results for the business and respect for the individual. Through her ability to address root cause analysis, she has led process improvement teams and helped create professional development plans for all levels of employees. As a former Affirmative Action Officer in higher education, Employee Relations Man ager for a multi-national telephony company and as a Vice President of Human Resources managing top secret security clearance for international business, Ms. Meberg brings a depth and breadth of strategic and practical experience. Ms. Meberg has been successful as a recr uiter, principal negotiator for medical and extended benefits, project manager for HRIS initiatives, as well as compliance and employee relations programs designed to impact the employees in companies with a national presence. Ms. Meberg earned her Bachelor of Science degree in Adult Education & Training from the University of Wyoming College of Education. She holds her Masters in Human Resources Management and Development from Colorado State Unive rsity.
MELANIE TRAPNELL
BENJAMIN SLAD
SENIOR VICE PRESIDENT - OPERATIONS
VICE PRESIDENT - INVESTMENTS
Melanie Trapnell is the Senior Vice President of Operations and is responsible for the operations and financial per formance for over 10,000 apar tments along the Eastern Seaboard and Midwest. Melanie joined Laramar after 3 years as the Regional Vice President of Vantage Manag e me nt Incorporated, where s he was responsible for ne w business development and regional oversight of just under 4,000 uni t s i n t h e DC metro are a. Her por tfolio included lease-up and stabilized assets, as well as assets phasing out of various types of subsidy.
Mr. Slad joined The Laramar Group in 2004 and is responsible for acquisitions, por tfolio management, dispositions, asset management and investor relations. Since joining Laramar, Mr. Slad has been involved in transactions totaling more than 18,000 units and $1.8 billion of value. Mr. Slad works closely with all team members including accounting, investments, constr uction, risk management, operations and proper ty management.
Prior to working for Vantage, Melanie spent 10 years with Equity Residential in several different markets including Seattle Washington, Ne w York City, and Washington DC where she was a Regional Manager overseeing a complex por tfolio of high-rise, mixed use and lease up assets. She was actively involved with the growth of the Seattle por tfolio and instr umental in developing a bench strength of engaged leaders to manage proper ties in a highly competitive market. Her accomplishments also include managing numerous changes to the operations including the rollout of an entirely ne w accounting and operating platform, price optimization and sales training. She is a member of IREM and has received her ARM designation.
Prior to joining Laramar, Mr. Slad was a project coordinator at Imperial Realty Co. in Chicago where he oversaw asset management and financial analysis. Mr. Slad is on the associate board of the Over the Rainbow Association, is a member of the National Multi-Housing C ouncil’s Eme rg ing Le aders (NMHC) and is a member of Urban Land Institute (ULI). Mr. Slad has a B.A. degree and a Masters of Architecture degree from the University of Illinois. He also has an M.B.A. with a concentration in finance from the University of Illinois.
Melanie attended Ida ho St a t e Uni ver s i t y and was also trained in leadership at Rio Salado College.
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JOSH MULLINS
MATTHEW LEVY
VICE PRESIDENT - INVESTMENTS
VICE PRESIDENT - INVESTMENTS
Mr. Mullins is responsible for acquisitions and invest ments in Colorado. Since joining The Laramar Group in 2007, Mr. Mullins has been involved in the company’s acquisitions in Florida and C alifornia. Prior to becoming Vice President of Investments, Mr. Mullins was the Director of Financial Planning and Analysis, where he was responsible for annual operating budgets for over 100 proper ties consisting of more than 40,000 units. In this role, Mr. Mullins also oversaw t he real estate taxes for the por tfolio and the monthly debt payments, financial repor ting, financial covenants, and lender’s required repairs for approximately 120 loans.
Mr. Levy is the Vice President of Investments for The Laramar Group. Mr. Levy is responsible for identifying investment oppor tunities in the western United States with a primar y focus on California markets. Mr. Levy joined Laramar after six years as Vice President of Acquisitions & Development at Frost/Chaddock Developers, LLC, a Los Angeles based multi-family investment, development and management company where he was responsible for all aspects of acquisitions, feasibility, design development, entitlements, and str uctured financing.
Mr. Mullins joined Laramar after two years with The Bainbridge Companies, a multi-family owner, developer and condo conversion company where he was an Associate. In this role, he was involved in $750 million of multi-family development, condo conversions, and acquisitions of value-add multifamily oppor tunities.
Prior to joining Frost/Chaddock, Mr. Levy was the Acquisitions & Project Manager for Beverly Hills based Casden Proper ties, LLC. At Casden, Mr. L evy was involved in the acquisition and development of a pipeline consisting of more than 3,000 residential units and 500,000 square feet of commercial space throughout Southern California. Additionally, Mr. Levy was a Deputy to Los Angeles City Councilmember Tom LaBonge where he managed city-wide capital improvement projects, infrastr ucture development, and land-use planning. Mr. Levy received his B.S. from the University of Southern California and a Master of Planning from the University of Southern California.
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DAVID EGELAND VICE PRESIDENT - MARKETING
David Egeland joined The Laramar Group in 2014, and is responsible for all marketing and training activity. His responsibilities include proper ty-based marketing and experiential programming, digital initiatives, and investor communications. Mr. Egeland works closely with the Business Development team on ne w product development encompassing branding, awareness campaigns, strategic creative development and social media. Prior to joining La r a ma r, he s p ent 14 years at General Growth Proper ties, the second largest retail REIT in the U.S. Mr. Egeland had several senior marketing roles at GGP, such as SVP Field Marketing and VP Marketing Programming & Operations. Be fore GGP, Mr. Egeland worked as a Brand Director at Se ars, Senior Brand Manager at Kraft Foods and as a Media Super visor for Leo Burnett adver tising. Mr. Egeland holds a B.S. in Communications from the University of Illinois at UrbanaChampaign and an MBA from the Kellogg School of Management at Nor thwestern University.
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M u l t i fa m i l y P ro p e r t y M a n a g e m e n t / / A f fo rd a bl e Housing // Development Consulting // Construction Management // Due Diligence //
P R O P E R T Y MANAGEMENT DIVISIONS MULTIFAMILY SMALL PROPERTY DIVISION DEVELOPMENT CONSULTING SUSTAINABILITY CONSULTING CONSTRUCTION M A N A G E M E N T DUE DILIGENCE 20
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Laramar takes pride in its people and invests in the best talent in the industr y. We have developed a detailed network of communication and suppor t throughout our national por tfolio. Our systems are built to track, analyze, repor t and deliver quality results for each proper ty we manage, and our associates are trained to effectively lead, super vise, train and discipline. Each on-site team is suppor ted by an Area Vice President or Regional Manager, who oversees each asset with meticulous care. These managers are suppor ted by our corporate offices, which offer all back of house functions that are necessar y for our teams to succeed. Our corporate offices are strategically placed nationwide to offer easy access and communication with our on-site teams. The result is a strong organization of tenured professionals who are able to respond to oppor tunities across the countr y with a targeted, thoughtful and progressive approach. Laramar’s consistent National Operating Platform utilizes the best systems, programs, repor ting and technology in the multifamily industr y. Our benchmark standards of measuring per formance, along with our metric-based repor ting, contribute to our team’s continued success. We use dashboards and ranking repor ts to analyze our proper ties and build an internal database of information. These technologies provide historical, current and predictive vie ws of our business operations, and give us a competitive market advantage. A combination of the best people and technologically advanced tools has made Laramar a thought leader in the multifamily industr y. Please refer to 05. Nati onal Operati ng Platfor m for a comprehensi ve over view of programs available accross all divisions within our multifamily proper ty management ser vices. 22
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Our success as an investment and proper ty management company begins with our people and the technologies we deploy at ever y level of our organization. This successful combination drives per formance and NOI, and delivers exceptional results. When revie wing our most successful projects, a fe w key metrics stand out: • T E A M – The most impor tant factor in the success of any project is the selection and training of the team. From the manager to the leasing agent to the maintenance team on the proper ty, they set the standard for the deliver y of ser vices and feeling of community at the proper ty. This is critical in creating leasing velocity, improving resident retention and driving pricing power at rene wal. • E N T R E P R E N E U R I AL I S M – A consistent focus on the bottom line encourages team members at all levels to look for oppor tunities to reduce expenses, maximize effective rents and create other income oppor tunities. Driving NOI is our number one priority. • S U P E R I O R C U S TO M E R S E R V I C E – One of the greatest ways to distinguish a proper ty is through exceptional customer ser vice. Consistent, from the initial tour to the day of move out. • C O M M U N I T Y – People want to be par t of something. Not often discussed as par t of the leasing process yet critical in the decision making for prospective and rene wing residents. Many factors contribute to the sense of community, from amenity programming to the staff ’s relatability to the target demographic’s interest and needs.
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• P R O D U C T – Delivering a high quality experience at ever y oppor tunity. From premier curb appeal to an immaculate leasing office and unit interiors that relate to the proper ty’s demographic, ever ything matters. THE LARAMAR GROUP
RE V E N U E M A N A G E M E N T
Laramar has invested in an in-house revenue management depar tment, which is proficient in both Lease Rent Options (LRO) and Yieldstarleading edge, web-based revenue management software programs. Laramar develops a pricing matrix for each proper ty, and each unit is priced individually by identifying any and all oppor tunities for premium pricing. BU S I N E S S I N T E L L I G E N C E
Laramar realizes that data is right, ever y time. It has neither an opinion nor an agenda, and we have learned how to empower it to make us successful. Laramar leverages technology to maximize our marketing analytics, and we understand how to collect, analyze and interpret data to realize which assets are per forming the best, and which areas of our business need improvement. Simply put, we employ a combination of data, systems, software and people to impact net operating income. This sophisticated approach is applied using the following principles: Plan, Allocate, Measure and Manage. Laramar utilizes extensive and detailed repor ting systems to help us maximize our management capabilities and ensure the success of each proper ty. Laramar also util izes Rentlytics, a custom application which allows us to create and monitor multiple Key Per formance Indicators throughout our por tfolio. By analyzing proper ty per formance by Region, MSA, Client and Ownership, we can instantly identify and recognize any key outliers and monitor predictive indicators to stay on top of proper ty per formance on a daily basis.
Laramar has established a division specifically dedicated to smaller multifamily mixed-use proper ties in key urban markets. Our small proper ty division showcases Laramar’s unique ability to bring an institutional level of customer ser vice, management and resident programs to smaller proper ties. To capitalize on the continued and growing urbanization trend in major markets, Laramar developed a specialized management platform exclusively for small buildings to bring sophisticated, effective, and efficient management techniques to a historically “mom-n-pop” industr y. To date, Laramar is investing in and managing proper ties within this strategy in eight core markets: Chicago, Minneapolis, Los Angeles, Denver, San Francisco/Oakland, Tampa, Washington D.C., and Atlanta. Within each core market, we have a dedicated team to maximize our efficiency and drive superior results:
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• • • • • • THE LARAMAR GROUP
One central leasing and management office Centralized leasing team Maintenance teams organized by geography/specific neighborhoods Preventative maintenance programs Shared marketing programs and resident events Resident Ser vices Por tal
CURRENT MARKETS Atlanta Chicago Denver Los Angeles Minneapolis San Francis co/Oakland Tampa Washington D.C.
POTENTIAL EXPANSION Boston Miami Philadelphia Por tland
Resident data and custom research revealed that the majority of these small proper ty residents were professional millennials who desired to reside in close-in neighborhoods with easy access to the downtown CBD. While these smaller proper ties do not include many of the amenities of a ne w highrise development, these residents were driven by the proximity to hip restaurants, fun bars, and an array of enter tainment options in these urban neighborhoods. With this distinctive resident profile and unique product type, we developed our own brand for this growing por tfolio – Local by Laramar. This branding builds on the neighborhood focus of the por tfolio and resonates with our young, professional target base. Local by Laramar’s platform brings experience and operational exper tise with differentiating programs such as rent optimization, digital and social media marketing, and buying power with national purchasing programs designed to: • • • • • •
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Decrease Operating Costs Drive NOI Increase Quality of Ser vice Leverage Technolgy for operations, marketing, and leasing Provide compelling, relevant resident experience Increase loyalty a nd rene wal rates
Please refer to www.mylocalapt.com for more details on the Local by Laramar Branding Platfor m. THE LARAMAR GROUP
DISCOUNTS TO NEIGHBORHOOD RETAILERS EXCLUSIVELY FOR LOCAL RESIDENTS Local Perks is a unique program that provides exclusive discounts in your area. It’s completely free and easy to use. Simply show the Local Apartments App on your phone to participating retailers to earn discounts.
MyLocalApt.com/Perks
DOWNLOAD THE APP Download the Local Apartments App to find participating retailers in your neighborhood and take advantage of this exclusive free program.
Offers and participating retailers subject to change without notice.
LO CA L BY L A R A M AR OPE RATING PRINCIPAL S “OUR NEIGHBORHOOD. YOUR PL ACE.” Ne ig hb o rho o d – Live in the neighborhood you love and we’ll help you stay connected to it. Cust ome r Se r v ice – Our friendly and professional management team is here for you. Quality – We create a space that you want to live in, at a price that’s right for you. Smar t – We strive to make your life easier – pay your rent, make a ser vice request, or reach out to us via mobile or computer. Community – We stay involved in your neighborhood because it’s our neighborhood too. 30
THE LARAMAR GROUP
AFFORDABLE H O U S I N G Laramar recently established an affordable housing division focused on this increasingly impor tant segment of the multifamily industr y. In 1986, the US government star ted the Low Income Housing Tax Credit (LIHTC) program in order to incentivize private investment in affordable housing. This program was designed to make rent affordable to households with income below 60% of the median US income. The program has been the primar y vehicle for producing and preser ving low cost rental housing with 2.2 to 2.4 million units constr ucted since LIHTC’s inception. The LIHTC program accounts for approximately 90% of affordable housing developed in the US (the other 10% is typically in the form of housing subsidies). These affordable proper ties fill a critical role in multifamily housing, and as housing costs continue to rise faster than average incomes, demand for affordable housing increases. In the next decade, the availability of federal housing subsidies is projected to decrease which fur ther erodes the inventor y of affordable multifamily proper ties.
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Given these market dynamics, Laramar established an affordable housing fund with HQ Capital to invest in and manage a por tfolio of affordable multifamily proper ties across the U.S. Our strategy is to bring the same level of exper tise and professionalism to this por tfolio including national purchasing power, preventative maintenance programs, marketing digital programs, leasing and operations training. Currently, Laramar owns and manages over 20 affordable communities (5,000+ units) in seven different states. Additionally, Laramar provides the highest level of affordable housing compliance through their inhouse compliance depar tment. This dedicated depar tment has over 25 years of combined experience in the affordable housing arena and offers personalized ser vices for this por tfolio with special financing including LIHTC, BOND, Project Based Section 8, and HOME. Laramar’s compliance depar tment revie ws 100% of all move-in files, completes internal revie ws semi-annually, provides detailed utilizy allowance analyses, and maintains state agency compliance. THE LARAMAR GROUP
Laramar’s development team works hand-in-hand with our clients, tracking markets, trends and demographic preferences to design and deliver sophisticated products that successfully attract the target demographic. Our collaborative approach allows Laramar to be present at ever y step, from project conception through design and stabilization. Our development consulting team delivers superior results with both renovation and ne w lease up projects. By developing the community’s brand, designing the units and interiors, and programming th e amenity packages, we bring our detailed knowledge of the marketplace, as well as our creativity, to the table. The result is a strong, market-leading product, where our practical knowledge leads to efficient floor plans, more engaging amenity spaces and a better overall building per formance. These achievements allow our clients to see the value of Laramar’s par ticipation in a building’s development.
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Laramar’s constr uction management division handles assignments from routine capital items to major constr uction projects. Due to Laramar’s national reach and volume of constr uction projects, material suppliers and national and local vendors are utilized to ensure the most costefficient pricing on all projects. Laramar leverages our nationwide network of constr uction professionals to ensure that each project is completed in a quality manner, on time and within budget. Our team manages the project from star t to finish, including budget development and pre-constr uction through project closeout, including vendor selection, coordination of material procurement, negotiation and administration of constr uction contracts. We also conduct a project-specific forensic investigation and preparation of specific design- and-scope of work documents and bid packages, such as building facade, roof, window system, cladding, flashing and exterior coating repairs and replacement; landscaping repairs and replacement, fencing, and drainage collection systems; and an evaluation of site amenities. In addition, our team coordinates site-specific sur veys for energy efficiency, lighting, water, mechanical, electrical, and plumbing systems, automation and consumption management, with a common goal of enhancing revenue for each proper ty we manage.
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As a ne w development nears completion, Laramar’s Senior Project Managers revie w and provide input on the punch list template to be used as the final form. The Project Manager will revie w and punch the designated mock-up unit per the constr uction schedule provided by the client, and will, in conjunction with the future permanent site personnel, walk and punch each unit for the a period of time as determined between Laramar and the client. The Project Manager and site personnel will then per form re-walks or back punches for sign-off of completed items. Laramar’s designated site personnel will continue punch listing and re-walking each unit through the scheduled constr uction completion date, or when the first units deliver. Laramar’s Project Manager will also provide monthly tracking and required site suppor t. THE LARAMAR GROUP
Laramar has many active clients, and our dedicated due diligence and takeover team is str uctured in their approach to deliver accurate responses and recommendations. They work side-by-side with the client through the acquisition process. We provide comprehensive ser vices including exterior, common area and interior unit inspections; lease audits; financial audits; and coordination of all third-par ty environmental, engineering and other consultants. Laramar works with the client to create both operating and capital budgets for the proper ty. At each proper ty, Laramar assesses the deferred maintenance issues to create a business plan customized to each proper ty’s needs. Our operations team works with our due diligence and constr uction team to execute the business plan upon takeover.
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THE LARAMAR GROUP
At Laramar, we understand that good marketing can drive traffic. Great marketing can connect customers with a brand and drive revenue growth. Laramar’s Marketing Depar tment strives to position and brand our communities with an established identity that is recognizable, distinctive and one that resonates with the target demographic. Our team’s focus is to constantly be thinking outside the box for innovative and effective methods to drive occupancy, maximize NOI, and ensure marketing dollars are spent in the most efficient way. We also believe in telling a great stor y. To tell a stor y about our proper ties, Laramar’s marketing team conducts an in-depth revie w of the market, submarket and surrounding neighborhood. We love to create a narrative of what makes each proper ty unique including local landmarks, trendy area restaurants, major employers and transpor tation avenues. This research is channeled into creating a specific resident profile for the community that details the target demographic, including age ranges, marital and economic status, as well as education levels. Community names and branding concepts are developed to engage and attract the target demographic. Once marketing programs are launched, the progress of each initiative is tracked to gauge its success. These customized marketing programs are constantly evaluated and updated, allowing Laramar to focus marketing dollars on the campaigns that have the highest success. Fur thermore, Laramar’s Marketing Depar tment identifies key strategic par tnerships and marketing oppor tunities based upon our assessments of the community. With a national presence, Laramar understands that no two neighborhoods are alike. Therefore, we strive to custom tailor our marketing effor ts so they are relevant to each unique neighborhood. We evaluate each market to determine oppor tunities for our marketing effor ts – we par tner with local charities and organizations, stores and restaurants to host monthly or quar terly events where residents can fur ther develop their relationship with the city and the community in which they live.
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For examples of our unique approach to marketing, take a look through case studies in 04. Experience the Laramar Difference. THE LARAMAR GROUP
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Laramar’s Marketing Depar tment leverages technology at ever y oppor tunity. Our technology allows us to increase efficiency, improve operations, minimize cost and maximize financial results. Our award winning, leading-edge use of technology exists in ever y program and at ever y level of the company. We use these analytical tools to identify trends and make real-time decisions to capitalize on ever y oppor tunity. We work to educate our associates and residents on ne w technological advances, and incorporate these advances into all of our ne w and redeveloped proper ties. We believe these key elements work to increase resident satisfaction and re t e nt i on.
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THE LARAMAR GROUP
INTERACTIVE WEB/ MEDIA INTERACTIVE WEB S I T E
Laramar designs, builds and executes custom landing pages and websites. We incorporate advanced technology into our programming to ensure that the website is specially designed for the community. We understand that each proper ty is unique, and we apply that knowledge to our management and marketing. Laramar works with several website vendors, in addition to our website par tners OnSite. These par tnerships allow us to offer a fully integrated, online leasing experience. Since 80%+ of Millennials use mobile devices as their primar y search tool, Laramar captures this demographic by creating a responsive website design that offers seamless navigation from desktops, tablets or smar t phones. Our exper tise helps us create a website that contains a focused, personal connection with the desires of our core audience. Our website provides the ability to search for that per fect apar tment home by price, floor plan or availability date. With state of the ar t technology, prospective reside nts can go from tour to lease execution all from their mobile device. SEO/PPC
With online activity continuing to increase, Laramar has implemented SEO or Search Engine Optimization to increase our website visibility and traffic. This tool allows us to increase our online presence and gives prospective residents more oppor tunities to find our websites, and in tur n fill out guest cards. This system has allowed Laramar to be on the forefront of prospects’ searches more frequently than in the past. Laramar also uses PPC (Pay-per-Click) to help increase website visibility and traffic. A proper ty bids for key words or phrases in Google searches which provides higher visibility on the results page - hence, driving more traffic to the prope r ty’s website. ONSITE
Leads are tracked and managed through OnSite’s online leasing suite. The leasing team is able to vie w and manage their leads or scheduled follow ups through an easy to use online dashboard. Associates can send e-mails or text messages about specia l incentive, available unit type, or provide
opening status updates to a group of prospects which is helpful during the lease up as the lead data base is generated prior to opening. Applications can be filled out and submitted online and are integrated with OnSite’s verification product and Yardi. Prospective residents receive immediate results on their approval status. Once approved, they are able to revie w and sign their lease electronically with Manager approval. They are then e-mailed a PDF version. E-leases are stored on both On site and Laramar ser vers to ensure copies of the document are available if needed. RESIDENT PORTAL
The Resident Por tal allows for online rent payments via ACH or credit cards and submission and tracking of ser vice requests. Leasing Associates can add, revie w and edit resident information for the online account. The Por tal allows for residents to send emails to staff, create work orders, submit revie ws, place classified ads and add social groups. TABLETS
To meet the demands of the increasingly sophisticated renter, Laramar uses iPads with Site Tablet capability to provide a vir tual leasing desk from any location. This provides immediate access for customers, and also provides a fast and efficient way to spend time vie wing the features and amenities of the community. iPads allow leasing professionals to create a more personal, interactive and fun experience. Consultants can check availability, pricing and assist applicants with applying online from the Wi-Fi café or throughout the tour instead of sitting at a traditional leasing desk. VIRTUAL RENDERINGS
Vir tual renderings provide prospective residents a greater level of detail and assists with preleasing initiatives. Lifelike images display the floor plan layouts, amenities and apar tment home finishes.
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53% of Millennials use social media when exploring a ne w brand. For tech-savvy target demographics, Laramar customizes a marketing plan to place a strong emphasis on social networking. For this cohor t, we design a website largely integrated with social media, and the community landing page also hosts a widget with the proper ty’s recent Facebook, Twitter and Inst ag r am p osts . LARAMAR’S S O C I A L M E D I A P R A C T I C ES
• We vie w social media as an oppor tunity to listen, par ticipate in conversations of interest, generate a “buzz” about our proper ties, share relevant content with our friends and followers, ultimately growing a social following for our proper ties • We initiate dialogue with the online community via regular Facebook posts, tweets, instagram “likes” and pinterest boards • Laramar utilizes social media to gather and respond to resident revie ws, both compliments and potential problems • For ne w developments, we feature constr uction photos and “sneak peeks” of the ne w apar tments to entice future residents • Laramar becomes par t of “trending” conversations by tagging tweets with “hashtags” in the tweet • As residents move in, Laramar features “Home of the Month” photos of well-decorated spaces • We share u pcoming events and neighborhood activities such as street festivals, sales, restaurant openings and other events of interest to residents • We begin friending and following active social media users relevant to the proper ty, to fur ther grow a following for the residence (real estate media contributors/publications, industr y and local associations, and influential bloggers) • Laramar strives for consistent and meaning ful interaction through social media to establish more long term social interest in our communities
MARKETING PLANS
De fined Goals and Objectives: We develop detailed marketing plans with ver y specific goals to monitor progress towards revenue objectives. As par t of the goal setting process, we define lease up targets, traffic requirements, conver si on assump t i ons, cost p e r le ad and cost p e r le ase . Localized and Optimized Marketing: Laramar understands the impor tance of customizing our marketing tactics for each asset. Therefore, Laramar specifies “localized” marketing tactics and customizes them for each proper ty based on market, neighborhood, asset type and target customer to ensure the best results. For example, national ILS per formance can var y from market to market. Apar tments. com can be strong in major markets while Apar tmentFinder.com can produce a better return is smaller metros. In addition, there are regional listing sites that typically generate more qualified leads than the national sites. We leverage aggregate per formance statistics across our entire managed por tfolio and apply that knowledge to ne w assets. P R O A C T I V E L Y A L L OC A T I N G M A R K E T I N G B U D G E T
Right-Timed Lead Generation: We revie w lease expiration profiles, occupancy trends and 60-day exposure repor ts to proactively increase (or decrease) marketing activity to meet the demand for leases. This proactive approach helps to minimize occupancy changes and maximize rent revenue. Test, Cull and Reinvest: Laramar knows that being nimble is critical to effective marketing. We apply a disciplined approach to measuring our results and go through a regular exercise of cutting our least effective marketing sources to reinvest in more effective tactics. We test ne w, unproven channels, but the “Cull and Reinvest” approach allows us to minimize non-effective marketing dollars and focus on the marketing dollars that maximize traffic. 52
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M A R K E T I N G M E T R I CS
Laramar utilizes a number of different tools and resources to ensure that we are adequa tely reaching ne w prospects, following up on all in-coming leads, an d spending our marketing dollars efficiently. The OnSite web and leasing platforms offer the ability to track how prospects hear about Laramar proper ties and provide repor ting capabilities to optimize our effor ts. Laramar also utilizes Rentlytics’ marketing software which provides an insightful and comprehensive vie w of key marketing and leasing indicators for an individual proper ty, a specific subset of proper ties, or entire por tfolio. Rentlytics utilizes a custom marketing dashboard to monitor our key per formance indicators (KPI’s) as delineated in the sections below. Rentlytics works directly with Laramar’s primar y business par tners such as Yardi, OnSite, and Kingsley Research to integrate this information into their dashboard. Many KPIs are ranked in a real-time basis allowing us to address any oppor tunities in a timely fashion. M E A S U R I N G P E R F O RM A N C E
Dynamic Lead Tracking: We track the number of leads generated from each marketing source so we can track the effectiveness of marketing dollars being spent. Google Analytics: Measuring lead traffic to the Laramar website is critical to understanding which marketing par tners and lead generation channels are per forming. Google Analytics is not just a tool for measuring website hits and page impressions – we track macro conversion events on the website, such as email form completions, as well as micro conversion events, such as map vie ws, floor plan vie ws and email form abandons. These micro events happen with much higher frequency and are typically more indicative of a qualified prospective customer. MANAGING LEADS
Pro pe r t y and L e asing A gent Per formance: Our platform allows us to monitor individual proper ty and leasing agent per formance. Lead Conversion, Proper ty Per formance, Leasing Agent Per formance and Calls Conversion Repor ts give us the tools to ensure leads are being worked and leasing velocity is optimized.
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Triggered Email Campaigns: E-mail is a power ful tool to keeping prospective renters engaged and the apar tment community “top of mind” during the research phase. THE LARAMAR GROUP
Reputation Management is an impor tant aspect in developing and maintaining the community brand. Laramar encourages feedback from our residents on each community’s website as well as sites such as apar tmentratings.com and Yelp! In a recent online sur vey which included Laramar residents, 57.9% of 25-34 year olds indicated their decision on where to rent was influenced by ratings and revie w websites. Not only do these postings improve organic SEO, they offer an oppor tunity to monitor our per formance levels and quickly identify and resolve customer ser vice concerns. A P A R T M E N T R A T I N G S. C O M & Y E L P !
Laramar centrally monitors feedback from apar tmentratings.com, Yelp!, Google, and our company website to assist on-site teams with per formance trends and customer responses. We respond to all compliments and suggestions so residents know that their voice is being heard within 24 hours. R E S I D E N T F E E D B A CK
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Marketing campaigns to request feedback from prospective and current residents are in place for all communities. A recent Satisfacts study about the online habits of prospective residents showed that 67% were not aware their community had a social channel. To promote our social presence, we solicit feedback from potential and existing customers. Printed cards are given following a community tour asking prospects if they “Liked” what we are doing or how we are doing it, to please provide their feedback on Yelp or Apar tment Ratings.com. When residents log in to their resident por tal on the community website, reminders appear to request a revie w of the community. Residents are also provided with reminders and oppor tunities to submit revie ws in amenity spaces such as business centers, resident lounges or Wi-Fi cafés. Finally, we encourage resident feedback and communication on our website and social media accounts. THE LARAMAR GROUP
R E S I D E N T S A T I S F AC T I O N S U R V E Y S
An avenue Laramar uses to measure both sales and customer ser vice per formance is through resident sur veys with Kingsley. 10% of residents are sur veyed each month with questions about their experience at the community, perceived value of the product offered and inquiries on their final apar tment home selection to provide feedback and identify changes in the market trends or competitive set. Additionally, 100% of move-in’s are sur veyed within the first 30 days. These move-in sur veys ensure that we are providing top-notch customer ser vice and are providing feedback in oppor tunity areas. We value transparency, and we find that regular communication with residents is th e best way to gauge satisfaction, increase resident retention and attract ne w residents. Many of the marketing programs that we implement during lease ups continue after stabilization, and we make an effor t to create a community at each proper ty that we manage. C O M M U N I T Y O U T R E AC H
We strongly believe that marketing effor ts should continue long after a proper ty achieves full occupancy, and these effor ts are critical for resident retention. Retention is also enhanced through local community outreach oppor tunities and collaborative marketing effor ts.
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Establishing a sense of community is critical for any development, as residents evaluate their likelihood to rene w or refer early on during their residency. Demonstrating the owner and management company’s commitments to giving back within the community helps to instill a sense of pride among residents. Laramar’s outreach effor ts are par t of our company values, and we work hard to establish a sense of community at ever y site we manage. THE LARAMAR GROUP
C a s e S t u d i e s Fe a t u r i n g : D o c k S t r e e t F l a t s, M i n n e a p o l i s, M N / / B r i d g e y a r d A p a r t m e n t s , A l e x a n d r i a , VA / /
Dock Street Flats is a ne w addition to an already bustling Minneapolis area. The proper ty is a mixed-use development located in the Nor th Loop neighborhood, right next to the Cedar Lake Bike Trail that follows the rail corridor of the Nor thstar commuter rail. Minneapolis is proud of its bike trails, and in a city that prides itself on its vibrancy and commitment to health, Dock Street Flats embraces that trend as well. The community creates a live-work-play neighborhood in an urban environment, and it s location is the per fect fit for this plan. Dock Street Flats began pre-leasing in September 2013, in a market that saw a development boom - almost 800 ne w units were delivered around this time. Dock Street Flats welcomed its first residents in December 2013, and achieved its target to hit stabilization by August 2014! Effective rents averaged $2.17 psf, right on target with under writing projections, and have increased since.
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Laramar’s Preferred Employer Program was incredibly effective during the lease up, with over 35% of ne w leases secured from the positive relationship between Laramar, major employers and local firms such as Target, Oakwood, 3M, Medtronic, General Mills, U of M and Carmichael Lynch. THE LARAMAR GROUP
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BRIDGEYARD ALEXANDRIA, V A R E D E V E L O P M E N T
In In March, 2013 Laramar acquired Hunting Point Apar tments, a 2 building, 530 unit community in the historic Old Town district of Alexandria, VA. The proper ty is situated along the Potomac River with miles of r unning and cycling trails, offering residents numerous oppor tunities to enjoy the outdoors. Our business plan capitalizes on the location as well as the deferred maintenance at the proper ty to enhance residents’ living experiences. Our $14 million renovation plan includes replacing all the unit windows, renovation of all the kitchens and baths, enhancing building hallways and common areas with ne w flooring, carpet, paint, lighting and furniture, as well as upgrading a ne w leasing and amenity center. The pool area now includes the addition of a pool house lounge area for the residents. To date, Laramar has completed all capital projects. Our team has re-piped the domestic water lines and added controls to the boiler system. Both window and electrical replacements are complete in both buildings. The lobbies and hallways have been upgraded including the ne w flooring, carpe t, furniture, paint and both, directional and unit signage. The pool lounge has been completed and the fitness center has been updated. Awnings and entrance signage has been completely redesigned and installed. A majority of the unit interiors have had all renovations complet e i nclud i ng ne w ap p li ance s, cabi ne t r y and f i x t ure s. Fol l ow i n g t he a cq ui sition of th e asse t, Laramar launch e d a re -brand ing and repositioning campaign to appeal to our target demographic. This includes a ne w name, Bridgeyard Apar tments Old Town, as well as updated collateral, signage and lifestyle imager y that fits the ne w brand. The proper ty’s marketing campaign includes banners, A-frame directional and bulletin signage, regular open house events, direct mailers, sign spinners, referrals to both residents and locator ser vices, a social media presence with emphasis on Facebook, Twitter and Instagram and an aggressive Craigslist posting routine. Planned resident events include “resident breakfast on the go,” pet “yappy hour,” pool par ties, private fitness classes and water handouts for the local r unners and cyclists. Routine outreach marketing extends to the local business community and par tnerships are made with events like the annual Woodrow Wilson Half Marathon which r uns directly through the community and is a showcase for the Bridgeyard brand. As of 2nd Quar ter 2017, occupancy was trending in the 94-95% range exceeding pro-forma goals. The focus on resident retention by planning resident appreciation events, communicating constr uction schedules and a Laramar standard of customer ser vice has resulted in a positive increase to the community’s revie w site to 80% while the comparable average for the area remains at 73%. 66
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BUSINESS PLAN: •
Replace 100% of windows
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Replace domestic water system
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Re wire entire proper ty and upgrade ser vice panels in each unit
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Kitchen and bath remodel and upgrade
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Build market-leading leasing and amenity center
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Rebrand proper ty to include a ne w name, signage program and logo
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Upgrade lobbies and building entrances to be more modern and inviting
Laramar’s standardized National Operating Platform is utilized across the por tfolio and leverages technology whenever possible in order to drive NOI at the proper ty level. It provides standards of operations at each level of the company that are proven “best practices,� and these are easily adaptable from one proper ty to the next. This provides for speed of execution at takeover and enables employees to move seamlessly from one site to another, allowing them to both share and implement ne w ideas that can be used across our national por tfolio.
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One aspect of our platform focuses on Operations and Maintenance Plans. Our compreh ensive, detailed and building-specific plans call for an annual, critical maintenance calendar to ensure that all preventative maintenance measures are completed. In addition, our local and national management presence has allowed us to forge relationships with major suppliers and vendors to decrease costs and drive NOI. THE LARAMAR GROUP
QUALITY PROGRAMS ACE PROGRAM
Laramar’s ACE Program is our marketing and leasing training platform. We have identified a group of onsite community managers and leasing associates who maintain a deep exper tise in a specific marketing area or program such as Reput ation Management, Social Media, online leasing, or Kingsley Research. These individuals then help train and suppor t other individuals in their area of exper tise. This training is conducted in person, in live webinars and dedicated training classes. AREA MAINTENANC E C O O R D I N A T O R S ( “ A M CS ” )
Each region has a designated AMC who is the most experienced Ser vice Manager in their region; their role is to complete Laramar’s Quar terly Proper ty Inspections and ensure that Laramar’s Safety Management and Sustainability Programs are be ing consistently followed at ever y proper ty; they also solicit ne w ideas and once tested and proven these ne w ideas become the next Laramar Programs and are incorporated into the Operating Platform through Sharing Best Practices; ever y ne w Ser vice Manager is trained by their local AMC, ensuring consistency of training throughout the organization
blocked items are then re-directed to the approved products; this program results in significant expense savings CAR SHARE PROGRAMS
A Laramar Green Team program; implemented at urban proper ties so that residents can “check out” a car for shor t term use; not only green but also a great amenity to offer re si d e nt s CUSTOMER SERVICE EMAIL
Complaints may be made to our designated Customer Ser vice E-Mail Account at Resident@LaramarGroup.com. Residents can use this to provide feedback to our management company. All issues are recorded in a Laramar Customer Ser vice Log and responded to and resolved within 24 hours (if possible). CUSTOMER SERVICE HOTLINE
Laramar has a Customer Ser vice Center set up for all residents to call (1-888-4-L ARAMAR) at any time and repor t any issues they may have. All issues are recorded in a Laramar Customer Ser vice Log and responded to and re solve d wi t h i n 24 h our s ( i f p ossi ble ) .
BLOCKING
DUE DILIGENCE/TRANSITION DIRECTOR
A quar terly process where our National Purchasing Manager revie ws all purchasing in the field (down to nuts and bolts) with a team from our maintenance and constr uction groups and identifies the most cost-effective products that the field should be purchasing and then “blocks” alternate products with our national supplier, Wilmar; field associates tr ying to purchase
A full time Laramar employee focuses on making sure that both due diligence and management takeovers are smooth and seamless ENERGYSTAR
A federal program to identify energy efficient appliances, buildings and companies; Laramar uses only EnergyStar appliances on 100% of
replacements por tfolio-wide; Laramar has also been named an EnergyStar Par tner GREEN TEAM
A cross section of Laramar associates that meet monthly to identify and implement green initiatives throughout the por tfolio H UNTER WARF I E L D / F A I R C O L L E C T I O NS & O UTSOURCING
Third par ty collection agencies; used only after in-house collection is exhausted I NTERNAL AU D I T S
Unannounced audits per formed by Internal Audit Depar tment to ensure financial integrity and compliance with all Laramar Programs K EYTRAK
Computerized key control system utilized at ever y Laramar proper ty L ARAMAR UNI V E R S I T Y
Comprehensive training program including classroom, sm all group, one-on-one, mentor, video, audio, pre- and post-testing and extensive use of leading-edge web-training technology L IGHTING RE T R O F I T S
A Laramar Green Team program; replacing l ight bulbs, fixtures and ballasts with en ergyefficient lighting and installing photocells, timers and motion detectors resulting in better lighting quality, in many cases better curb appeal and reduced operating expenses; payback on investment is often less than 2 ye ars
MAINTENANCE SHOP BAR CODES
An inventor y control system that allows fo r the easy tracking of inventor y and ordering supplie s MAINTENANCE SHOP COLOR CODING
Ever y Laramar shop uses a standard color coding system so that associates can move to diffe rent proper ties and different regions and they immediately know how the shops are organized NATIONAL PURCHASING PROGRAM
A Laramar program that negotiates national volume discounts on a wide variety of supplies and ser vices. Revenue share agreements are negotiated with national providers of ser vices such as cable, telephone, high-speed Internet, laundr y and energy ser vices to offer Laramar residents the best available technology and ser vices at competitive rates and to develop revenue stream oppor tunities for the proper ties from these programs. Our pricing is available to all of the proper ties in our por tfolio. In addition to discounted pricing negotiated with our national suppliers, Laramar holds quar terly “blocking” meetings where all purchasing is revie wed and the most cost-effective supplies are identified and supplies that are deemed less cost effective are blocked and are not available for the field to order. N A T I O N A L P R O G R A M S A N D A N C I L L A R Y SERVICE MANAGER
Laramar has a dedicated National Programs Manager that oversees this depar tment. The National Programs Manager works with various providers around the countr y to maximize revenue potential and communicates/coordinates w ith the community manager as agreements are negotiated.
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NATIONAL PROGRA M S A N D A N C I L L A R Y SERVICE MANAGER (CTD.) We work with
providers such as AT&T, Verizon, Centur yLink, Clear wire, Sprint, Laundr y Locker, Zip Car, Amazon, Comcast, Time Warner, Bright House Networks, Sher win-Williams, Web, and others to provide you with the highest commissions and revenue stream we can negotiate. Overall contract compliance is tracked along with monthly and quar terly revenue share and commission payments. The revenue tracking spreadsheet is distributed to the proper ties on a quar terly basis.
ONLINE SURVEYS
Laramar utilizes Kingsley research, an online sur vey process, to sur vey all tours, as well as a 10% sampling of current residents. We also utilize it to measure ever y move-in. This sur vey helps us gauge our leasing and customer ser vice per formance and outlines any areas needing improvement. ONSITE
Laramar’s website and proper ty management par tner; Laramar utilizes call tracking and repor ting, lead management, Craigslist ads and marketing, Prospect Por tal, online lease execution, Site Tablet, resident screening and criminal background check, resident pay, Resident Por tal and work orders. Por tals allow for residents to send emails to staff, create work orders, submit revie ws, place classified ads and add social groups; functions as a training tool with the leasing staff, as well as accurately pinpointing marketing effor ts. This software automatically creates guest cards as leasing calls and e-mails are received and integrates directly with Yardi. All prospect e-mail communications and follow up activity are tracked within this system. Leads are routed to the Leasing Associate’s dashboard upon logging in so they can conduct regular follow up, track pending applications and online lease executions. PAYSCAN
A third-par ty ser vice that allows Laramar to process and approve all invoices electronically through the web greatly streamlining this process over what other companies do and creating better controls POLICY & PROCED U R E S M A N U A L S
All web-based with full search functionality; can be easily updated and the field always has access to cur rent information PREFERRED EMPLO Y E R P R O G R A M
A national program that allows each proper ty to identify specific employers in their area and offer
their employees discounts and special offers; this program is a great way to get access to the employees of these employers and helps with outreach marketing RENTER’S INSURANCE
Laramar requires renter’s insurance in order to protect our residents’ proper ty from fire, theft, water damage, etc. Assurant is Laramar’s preferred insurance vendor and assists our residents in obtaining adequate coverage. Utilizing Assurant’s easy online signup system, residents can obtain quality insurance with low monthly premium payments. REVENUE MANAGEMENT
A process managed through LRO to ensure that the correct number of leases are expiring each month based on projected supply and demand (summer vs. winter months) which reduces occupancy fluctuations and therefore facilita tes maximizing rental rates and driving NOI. RENTLYTICS
Rentlytics’ software provides an insightful, comprehensive vie w of the financial and operational per formance for an individual proper ty, a specific subset of proper ties, or entire por tfolio. Rentlytics creates a custom dashboard for key business segments – operations, marketing, financial by aggregating information from Laramar’s business par tners such as Yardi, OnSite, and Kingsley Research. This dashboard allows us to analyze proper ty results across a wide range of factors and compare these results to other proper ties/groups. Many Key Per formance Indicators (KPIs) are ranked in a real-time basis allowing us to address any oppor tunities in a timely fashion. RISK/SAFETY MANAGER
Laramar has invested in a dedicated Risk/ Safety Manager which results in fe wer Workers’ Compensation and liability incidents at the proper ty level and lower insurance premiums. STAR TEAM
Team of on-site and floating associates who have been identified as some of Laramar’s “best and brightest” who are available upon shor t notice to travel nationally to assist with proper ty transitions, turnarounds, staff openings and special projects; Star Team members are easily identified by the star on their name tags; the Star Team is coordinated by Laramar’s Assistant Vice President.
SUSTAINABIL I T Y S T A N D A R D S + PURCHASING G U I D E L I N E S
This initiative resulted in a sustainable i nfrastr ucture designed to establish the building blocks for efficient and sustainable per formance throughout the lifecycle of Laramar’s proper ties. Infrastr ucture addresses replacement p urchases made during the n or mal course of business at Laramar’s proper ties; The purchase of products, materials and equipment during the retrofit or renovation process . TABLET LEAS I N G
Our website also allows real time iPad leasing technology. We believe that much of the leasing activity on ne w lease ups will happen as prospects are touring the community. Leasing team members can pull up real t ime availability and close a deal at any point on a tour right from their iPad. UPDATER
Updater is a web-based move-in tool available at no cost for all Laramar resident. This automated, guided web application eases the moving process by allowing ne w residents to for ward their mail, update key accounts (banking, credit cards, magazine subscriptions, loyalty progra ms), connect utilities and purchase renter’s insurance. By updating all this information in one easy-to-use website, a ne w resident saves on average 5.5 hours of time. USGBC - LEE D ( L E A D E R S H I P I N E N ER G Y AND ENVIRON M E N T A L D E S I G N )
Laramar is a member of the U.S. Green Building Council. In 2010 we achieved a LEED silver cer tification a large San Francisco Proper ty, and in 2014 received LEED Cer tification for a multifamily highrise building in Chicago. Laramar maintains a leadership role on USGBC’s Multifamily Re si de nt i al St eering Committee. REAL ESTATE SERVICES
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HIRING PRACTICES TRAINING PROGRAMS Laramar uses a wide range of resources to attract a diverse group of top talent. This includes social media and online job boards, as well as ne wspapers, job fairs, community involvement, local networking groups, employee referrals and local apar tment associations. Laramar has experience working with unions and we recr uit and hire per the individual union contracts. We invest in the best talent in the industr y. To attract and retain this talent, fur ther education classes, seminars or conferences of the Regional Marketing Managers are charged to the Marketing Depar tment as a corporate expense. Any vendor based training through local multi housing associations is charged to the proper ty if applicable. Ne w employees are trained by our Yardi team through webinars and conference calls as well as by the Regional Marketing Manager assigned to them.
The Laramar Wellness Program is designed to encourage employees and their dependents to become as healthy as possible. This is an investment in Laramar’s most valuable asset- their people. HUMAN RESOURCES STAFF & RETENTION PROGRAM
Laramar’s Human Resources Depar tment is based out of our Denver corporate office, and is responsible for sourcing and retaining associates. They hire, train and suppor t employees both in the field and the corporate offices. They have created detailed programs designed to retain talent and re cog ni ze e mp loye e s f or t h e i r e f f or t s and su ccesses. One of the programs that has had widespre ad success throughout Laramar’s por tfolio is the Nationwide Employee Recognition Program. This program is designed to recognize and award team members for going above and beyond the n ormal call of duty in their day-to-day interaction with other co-workers and residents. RECRUITING
Each ne w associate is assigned a mentor who is based in their region. Mentors are available to assist in training, answer any questions and provide insight and feedback to the ne w associates on an as- needed basis. Laramar’s mentoring program is successful in its attempt to provide ne w associates an experienced res ou rce at the company.
Laramar’s recr uiting effor t is dedicated to site level staffing and especially focuses on proper ty takeovers allowing for quick and smooth transitions. Our pre-employment screening process ensures the best possible candidates are hired which reduces future per formance issues and turnover. Online employee orientations and ne w hire training allow for ne w employees to quickly get up to speed.
BENEFITS PACKAG E
Laramar is an equal oppor tunity employer.
A competitive bene fits package assists in attracting the industr y’s top per formers by including Paid Time Off (“PTO”); 401k Savings Plan with matching; Medical/Vision/Prescription and Dental; Disabi li t y, He alt hi es t You Telehealth, FS A , Life/ AD+D Insurance and other voulenteer benefits. These benefits help reduce turnover and resulting proper ty disr uption and expenses. A confidential Employee Assistance program, gym reimbursement and mass transit reimbursements plans are additional incentives enjoyed by Laramar associates.
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TRAINING PROFESSIONALS
Laramar has a fully staffed Training Depar tment including a VP and a team of Regional Marketing Managers (RMM). The Regional Marketing Manager program is an excellent way to leverage Laramar’s “best and brightest” in the field and provide these associates with additional challenges and recognition which is good for these associates and for the company. RMM’s also help develop and test ne w training programs which, once tested and proven effective, are implemented throughout the por tfolio and added to Laramar’s Operating Platform.
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The Fillmore Center is a shining example of Laramar’s superior capabilities in sustainable practices. In November 2010, the Fillmore Center, a multifamily mixed-use proper ty with over one million square feet of usable space in San Francisco’s Fillmore District, received the Leadership in Energy and Environmental Design (LEED) Silver for Existing Buildings: Operations & Maintenance cer tification. Built in 1991, The Fillmore Center is comprised of 10 buildings, including 1,114 apar tment units and 100,000 square feet of retail and office space. These buildings are home to 3,000 residents and 17 businesses. Laramar acquired the asset in 1998. The Fillmore Center is the largest LEED Silver multifamily proper ty in the countr y in the Existing Buildings: Operations & Maintenance (EBOM) categor y; the third largest facility by square footage (all proper ty types included) on the West Coast with the EBOM rating; and, the 18th largest facility with silver and above cer tification in the U.S. for existing bu ildings.
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In 1998, the company star ted its $46 million retrofit, which includ ed replacing all the mechanical systems and installing variable frequency drivers on the elevators, in addition to replacing roofs, windows and exterior coatings. Elastomeric building coatings—essentially r ubberized coatings—were put into place because many of the buildings’ seals and joints weren’t constr ucted properly originally. THE LARAMAR GROUP
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