Rental Housing Journal Colorado
April 2015 - Vol. 7 Issue 4
2. Commercial Markets Poised for Growth Despite Weaker Global Economy Student Loan Debt Affects Real Estate Investments in a Big Way
3. Multifamily Apartment Marketing: Are You Missing Out on New Leases? Taking a Pulse Check on Your Attitude 6. Ask Tbe Secret Shopper Behind the Leasing Desk
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he nation's economy is growing at its fastest rate since 2000, which spells great news for residential property investors for the year ahead. The latest data from HomeVestors (the "We Buy Ugly Houses®" people) and Local Market Monitor, the national real estate forecaster, shows excellent conditions from coast to coast, whether the property is for rental or resale. "The Top 10 markets for real estate investment all have a common thread: a fast growing economy, which means more jobs and more renters," said Ingo Winzer, president and founder of Local Market Monitor. "This also means that rent and property values will be increasing in many markets because housing construction has been at very low levels for years and can't possibly catch up with the increased demand." Topping the Best Markets list once again are Texas cities: Houston (1), Austin (2) and Dallas (3), with Denver (4) and Orlando (5) rounding out the top 5, all which have seen substantial job and population growth. "Texas continues to be a sure bet when it comes to real estate investing. Lower oil prices may slow some areas, but the diversified economy and pent up demand for real estate will help to mitigate the impact on ...continued on page 8
Colorado Markets Showing Increasing Signs of Strengthening, Says Veros' Latest 12-Month Forecast Update
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eros Real Estate Solutions (Veros), an award-winning industry leader in enterprise risk management, collateral valuation services and predictive analytics, reports that the residential market is gaining momentum with a greater percentage of markets expected to increase in value over the next 12 months, moving upwards to 86% from last quarter's 82%. The latest VeroFORECAST also found two interesting market areas, one on each coast, that reflect both the predicted top and bottom growth areas in the residential market. The national forecast grew to +3.2% annual appreciation, increasing over the previous VeroFORECAST rate of 2.4%. It is the eleventh consecutive quarter in which the index ...continued on page 5
Multifamily Apartment Marketing: Are You Missing Out On New Leases? By John Wilhoit Jr
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any people believe that property management is an old-line business that moves slowly. If you believe that then your team is already half a mile behind in a one mile race. In other words; you are toast because the competition is using all the best practices at their disposal to make sure they close every new prospect that steps on their property. If your on-site team is “undertrained” consider revising your procedures to get quality marketing in motion in real-time. In other words, implement best practices with the end goal in mind; closing more (lease) sales. Following are three areas to implement improvements. Leasing and Sales staff training.
All of your marketing falls down if once the prospect come to your door there is no one there to greet them and begin the process of becoming a new resident. Your team must know how to implement the leasing sales process and engage accordingly. The process must be seamless. Gaps in training lead to fewer closed leases. Market surveillance (knowing competitive assets). Full time property management businesses understand that market dynamics change at a velocity much faster than the casual observer believes. Utilizing current market information means keeping continually in the loop on pricing and incentives offered by competitors. Knowing, really knowing, the attributes and pricing of directly competitive assets is paramount to understanding your place
within the market. Absorption (unit counts). Being up-to-date with changes to unit counts in your marketplace (and submarket) is imperative. With new construction, absorption is an absolute number but there is more to unit counts. Assure that your team is aware of current and pending changes to the competitive marketplace. Gaining a new lease is a process. Preparedness is the initial stanza of the process; prepared leasing staff, sales material, office reception, ready units, grounds. These are all part of your property presentation towards making the sale and gaining a new resident. Published courtesy of Multifamilyinsight.net
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