How to survive the latest round of Craigslist TOU changes

If you are like many management professionals, you have been using a handy dandy website, or if you are lucky, have something built into your management software that allows you to post quickly and effectively to Craigslist.  Well as of today those easy buttons are as useless as last-years fruitcake.

Craigslist, for reasons known only to Craigslist, have changed their terms of use so that you can no longer use any type of automated posting. 

So what to do now?  If you have been managing property for a while, you will remember back when we had to post the old fashioned way on CL.  It’s a pain and it takes time.  For many of our newer staff this will be a learning experience.

How do you post an effective ad under the new terms of use?

1. The most important Craigslist leasing tool is pictures.  Take some great pictures and upload them to your Craigslist ad.  If you are posting for an apartment community, I suggest taking at least one exterior shot.  People want to see where they are going to live.
2. You’ve got to have a good tagline.  Something that is going to make folks want to look at your ad.  Something that will stand out among the sea of apartment ads posted that hour.  The best way to create one is to check the ads for other cities.  Which ads drew your attention?
3. Create a marketing template.  If you are planning multiple postings per day, your ads must be unique enough to not be flagged by Craigslist.  Per Craigslist terms of use you may only post the same ad every 48 hours.  Create templates for each vacancy.  I recommend my staff have at least three unique ads for each floorplan.  Save them as a document to your desktop and cut and paste as you post.  This will take a little time upfront but it will save you time on the back end when you or your staff are trying to get your ads up.
4. Information.  Make sure you are providing your prospect with all of the information regarding your vacant unit.  Square footage, price, amenities, parking, screening criteria, pet policy, deposits and application fees.  The more information that is available in your ad the better.  Put yourself in your prospects position.  Would you call on an ad for a place that didn’t list the price?
5. ASK FOR THEIR BUSINESS!  I can’t believe how many ads I have seen that do not ask the prospect to call or to apply.  Give your prospects easy access.  Offer them your phone number or your website.  Leave them a way to contact you other than responding to the Craigslist ad.  The main reason for this is building trust.  I mean seriously, how many of us have had our ads hijacked by someone for the purpose of scamming our prospects?  If your prospects believe that the company or person posting the ad is legitimate, the more likely they are to contact you.

Craigslist has been frustrating at times to work with but it isn't going anywhere and it is a necessary evil for leasing so we've just got to work within the boundaries that they establish.  That doesn’t mean that we cannot make this easier on ourselves.

Have an idea?  I would love to hear from you!!

Athena Barnhart

VP Operations

Mission Real Estate & Property Management, Inc.

www.missionre.com

Saving on Energy Costs in the Winter

Winter has finally arrived in the central valley.  Here are a few tips to trim your energy costs this season:

• 1.       Drop your thermostat to 68.  "The rule of thumb is that you can save about 3% on your heating bill for every degree that you set back your thermostat" full time, says Bill Prindle, deputy director for the nonprofit American Council for an Energy-Efficient Economy (ACEEE). Turn down the thermostat 10 degrees when you go to work, and again when you go to bed -- a total of 16 hours a day -- and you can save about 14% on your heating bill, says Prindle.
• 2.       Use exhaust fans sparingly.  Surprisingly your kitchen and bathroom exhaust fans can pull heat from your home.  In fact, according to the Department of Energy, an efficient exhaust fan can pull the warmth from a house in about an hour.
• 3.       Lower your water heater temp.  Even just one notch can make a difference in the energy used to heat the water inside.  An efficient setting is 120 degrees.
• 4.       Reduce your hot water use.  Showers typically use less hot water than baths and use cold water to wash clothing.
• 5.       Use solar heating.  Don’t have solar panels?  Not to worry.  Just open all of the drapes on your south facing windows.  Allowing the sunshine to warm your home during the day will lower your heating use.
• 6.       If you have a fireplace, close the damper.  An open damper will allow heat to leave during the day and will allow cold in at night.  Make sure it is closed when your fireplace is not in use.

Saving money is always in style.

Have a Wonderful Thanksgiving!

Athena Barnhart

VP Operations

Mission Real Estate & Property Management, Inc.

www.missionre.com

Bakersfield - The 2nd Best City in the Nation to Own Rental Property!!

The following infographic shows that Bakersfield has seen a rental increase of over 12%.  Have you increased your rents lately?  Mission Property Management can help you.

scientia potentia est – Knowledge is Power

Scientia Potentia Est – Knowledge is Power

What does this phrase mean to you?  As a Property Manager you must know your market, your sub-market, current vendor rates, current demographics, rental performance and renovation costs.  This education is invaluable to your profession.  This is what sets you apart from the crowd. 

When you educate yourself, you create the ability to make better decisions, create more evolved and intelligent thoughts, improve the lives of yourself and those around you, and make yourself a more valuable professional.

This, in turn, leads to referrals. The more educated  a professional you are, the more people will want to be around you, the more they will want to work with you, the more they introduce you to others who need your help or can help you, and the more doors and opportunities open in your profession. This high level of professional option gives you the freedom to choose from many different paths. And that freedom is power.

Nothing is more powerful in this industry than an educated professional.  Many of our markets and sub-markets are suffering due to lack of educated management.  When this happens we all pay the price.  Owners are taken advantage of and investors lose income.  When this happens, we as property managers suffer from the bad reputation of a few unprofessional companies when owners and investors lose faith in our industry.

There are many educational resources available to us as professionals.  Check out your local apartment association, industry related blogs and get involved in community related organizations such as the chamber of commerce.  Educate yourself.  Knowledge is Power!

Athena Barnhart

VP Operations

Mission Property Management 

www.missionre.com

Through The Roof - The High Cost of Ignoring Home Repairs

Home maintenance seems expensive – unless you’ve considered the astronomical costs involved with ignoring it. HomeInsurance.com and Redbeacon (a subsidiary of Home Depot) have teamed up to deliver this infographic, which examines some common home maintenance projects and the shocking costs that can result when they go neglected. You might just think twice before underestimating that leaky sink or faulty electrical outlet.

  

Preventative Maintenance plans provided by Mission Property Management can save you time and money.

Athena Barnhart

VP Operations

Mission Real Estate & Property Management, Inc.

3600 Pegasus Dr #15, Bakersfield, CA 93308

www.MissionRE.com

(661) 829-7839

Apartment Rental Prices are on the Rise

It's a normal occurrence, as the economy dips and fewer people are buying, rental pricing increases.  Simple supply and demand.  Good news for owners and management companies.

Here is a great article that shines some light on the current national information:

http://www.multifamilybiz.com/News/5011/Rents_Rose_35_Percent_Nationally_Jumping_Higher_fo...

Are you maximizing your rent potential?  Central California is experiencing  a surge in rental pricing now.  Our average rent increase is closer to 6% versus the national average of 3.5%

Mission Real Estate & Property Management, Inc. is here to assist you with any questions you have concerning your investment property.  Call us today for a free income and expense analysis including a plan to maximize your rent potential.

www.MissionRE.com

Athena Magruder
VP Operations
Mission Real Estate & Property Management, Inc.
 3600 Pegasus Dr #15 Bakersfield, CA 93308
(661) 829-7839

Closing Tip

Staging  a mini-model apartment

We’ve all had that one apartment.  You know the one.  That bane of your existence apartment that has been sitting on your vacancy report week after week.  Now you are closing in on your 30 day mark and after showing this apartment over 20 times, you still don’t have a lease. 

Quit bashing yourself.  It’s not your leasing chops.  Sometimes apartments just don’t lease.  It could be the noisy neighbors upstairs, the back window overlooking the trash bin (who hasn’t had that one?) or any number of things that are completely out of your control.

Instead of dropping your price (again) or offering a ridiculous leasing special, why not try a mini-model?

The mini-model apartment is very similar to a model unit, but it has been strategically stripped down to the bare essentials.  It eliminates the bulk and expense while still delivering results.  The mini-model includes just enough items to give potential tenants the same feeling as a full model apartment.  Let’s take a look at a few things that will help you and your closing ratio.

A welcome mat is essential.  In the Kitchen set up a plate, a cookbook, and a wine glass and a place-mat on the counter.  Drape a kitchen towel over an oven handle and maybe a mat on the floor.   Living areas can require a bit more work.  A chair stolen from your community center usually can work wonders.  As can that potted silk plant from your office.  Throw a nice $5.00 Ross bought throw blanket over the arm and now you have a reading nook in the corner of your empty living room.

Bathrooms can be a nice touch as well.  Grab an inexpensive shower curtain (please make sure you iron it!), a wash cloth, hand towel and a nice paper-wrapped soap on the counter can make an empty, sterile bathroom look inviting.  Hang a few nice hangers (velvet or cloth covered) in the master bedroom closet and place a hat box on the shelf and you have a really inviting mini-model for under $100. 

Happy Leasing!

Athena Magruder

Mission Real Estate & Property Management, Inc.
 3600 Pegasus Dr #15 Bakersfield, CA 93308

http://MissionRE.com