Toni Blake's
Journey to Leasing ExcellenceHelping you channel your full potential
Step 2: Not a Job, a Career
- Ownership is the biggest difference
- Connect and network with others
- 4 types of apartment ownership
- Core values, goals, mission, and focus
- Understanding your role as a fiduciary
Think Like The Owner$
It’s important to understand the types of ownerships in multifamily housing. It is one of the biggest differences between multi-family and single-family. Knowing and understanding the different kind of ownerships will influence the way you manage an asset. Below are the 4 most common types of owners in multifamily housing. Leasing is the key revenue source. Our job is to maximize the value of the asset. Excellence in your performance in leasing will impact the value of the asset on the market. Even $20 more on a 250 unit property can equal close to $1million in value! Our job is to maximize the investment spent to generate traffic and follow-up on every lead, and to make every dollar count.
- REIT (Real Estate Investment Trust) – reporting to stock market shareholders
- Investment Group / Owner Operated – long term
- Merchant Builder – build and sell – short term
- Fee Management – Contracted by Owner
Featured Resources
Word Study
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Excellence:Â the quality of being outstanding or extremely good
- Fiduciary: a person responsible for the value of a real estate asset
Personal Assignments
Learn about the people that pay you
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Find out the current value of your property
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Find out the cost per lead
- Find out cost per lease
- KNOW what type of ownership situation you are in. Each is type of ownership influences how you manage your community. I want you to think like an owner!
- Take time to familiarize yourself with the key ownership players of your asset. Spend time on the company website and look for biographies and photos of key executives. If they are not there, ask to see photos and learn more about their term with the company. You’ll want to recognize them if they were to walk into your office and have conversation points of interest on the ready!
Learning Assets
The Trillion Dollar Apartment Industry
This 2013 report contains still-timely data on the economic role of the apartment industry. Commissioned by the National Apartment Association and the National Multi Housing Council, Stephen S. Fuller, Ph.D., of George Mason University’s Center for Regional Analysis, developed the math behind these economic impact numbers. Fuller began by examining all the dollars directly spent on building new apartments, operating and maintaining all existing apartments and by apartment residents in their daily lives. He then analyzed those dollars to determine how many jobs that spending directly supported. Using government data, he calculated how much additional spending and jobs supported that direct spending spurred as it cycled through the economy. The final result tallied apartments’ total economic contribution and jobs supported, as well as additional data points.
