Blog Posts

Managing resident turnover is key

Now more than ever, managing turnover at properties is critical to the ongoing success of any good community. Being focused on taking care of residents during the ongoing global pandemic requires that everyone adapt and find ways to work directly with residents and maintain a healthy occupancy ratio in our communities. Certainly, the pandemic has changed many things. But overall there continues to be some sound practices that will assist in dealing with turnover. First of all, keep in mind that the renewal process should always start at move in. Developing an approach that connects with new residents and gives them a sense of well-being about the future home is highly beneficial. Always remember to listen to your residents, and communicate with them. If a resident is sharing important concerns or general ideas, take the time to find out what they have to say. If residents share why they want to leave, make sure to pay attention. What they tell you could give you new insights on how to improve issues or better respond. Management should also host resident events, such as pool parties, breakfast on the go, bingo, movie night, or a pizza party to help form a sense of community. You can use these times to listen to concerns, promote incentives you may be able to offer them to stay, and to generally connect in a sincere and inviting manner. With the current pandemic, many of these activities and more can be done virtually. While this may sound obvious, it is critical that you focus on timely completion of work orders, and make improvements or upgrades to living spaces – even if minor – that will help with future retention. Remember that improvements, offering a concession or incentive to stay, are often less costly than turning a unit or allowing units to remain vacant. In terms of renewal time, begin the process 90 days prior to lease expiration. Conduct an inspection of the unit to determine what repairs may need to done and help show you’re motivated to keep them as residents. And whenever possible, offer incentives for early signing of renewal leases. If you are not sure what makes sense in regards to special offers or incentives, consider reviewing what current rents and specials are being offered by competitors. Managing resident turnover is a fundamental part of who we are and what makes properties remain strong, vital and fully occupied. Do everything you can to keep it that way.

Tech trends in the property management industry

As our world continues to change and evolve due to the ongoing health crisis, property management agents are turning to new and innovative technologies to help improve their leasing practices and the lives of residents through automated resources and smart tools. There are many industry practices that the team at FOURMIDABLE has focused on in our ongoing effort to strengthen community connections and develop ways for prospects, residents, managers and owners to maximize the benefits of the tools available in Entrata, our property management software system. Two of the key elements in the Entrata platform are ProspectPortal and ResidentPortal. Both of these have allowed FOURMIDABLE to develop no contact, paperless systems for our prospects and residents. Our applications, screening processing, leases and lease addendums, rent payments and maintenance requests can all be completed and signed online. FOURMIDABLE has also implemented Entrata’s Internet Listing Services portal, which automatically synchronizes real-time pricing and availability data to all major internet listing services websites for effortless updates. This allows managers and owners the flexibility to change rents and add specials across all online marketing venues on demand. Another key element, which we implemented in early April, is the ability for our on-site team to conduct remote and virtual open houses, so that prospects can view their new apartment without having to step foot on the property. Many other electronic enhancements go beyond traditional leasing practices, such as package management with onsite lockers that provide easy, secure and contact-free ways to streamline deliveries and send automatic notifications when packages arrive in the office. Also, smart home technologies that integrate devices and allow residents to manage locks, thermostats, and lights are now being slated for our properties which are currently in development. The information technology team at FOURMIDABLE is focused on the future and are working directly with the leaders in our industry to continue to develop leading edge processes to enhance the experience for our applicants, residents, owners and employees.

Developing A Good Crisis Communications Plan

As most people have experienced during the ongoing pandemic health crisis, being able to communicate to clients, staff, residents and other key stakeholders really needs to be front and center of any plan that includes sharing critical information during a time of crisis. And in today’s world of online news media, social media and viral communications, all organizations need a good crisis communications plan that can help whether they are facing a natural disaster (or a pandemic), misconduct by an employee or some other type of crisis. Ultimately, keeping residents and staff informed is critical, and crisis communications play a key part of maintaining a good property. Personal involvement in ensuring thoughtful communications at all of our properties is a hallmark of FOURMIDABLE, and helps guide our efforts in every community. There are several essential aspects to a solid crisis communications game plan that I would like to cover briefly. Really, though, the goal is to plan now and be ready in case you need it. It’s kind of like insurance in that way. Let’s hope we don’t need to use it, but better to be prepared. Have a spokesperson The plan should call for a spokesperson to speak on behalf of your property or community. In fact, to ensure more depth in times of trouble, an organization should really have a couple of key individuals in this role, certainly no more than two. The role is to represent the company, and make sure others aren’t chipping in with random thoughts or comments. Be honest, respond quickly and tell your story Never lie about the nature of the crisis or try to cover things up. Developing a response plan is just that – respond to what is happening and do it in as open and honest way as possible. While third and fourth on my list, I think the next two tips are the most important ones of all, and they tend to go hand in hand. First, be sure to tell your side of the story and, next, respond as quickly as possible. We should never forget to prioritize our response, and to whom we respond to, no matter the difficulty presented by the crisis itself. While there can be challenges sometimes to telling your side of the story, it doesn’t mean you can’t reasonably articulate as much as practical. It is also important to do it quickly before too much time passes, as this can be seen as hiding something or trying to cover it up. This is not always a fun part of our role, but there are no excuses for not responding, in some way. Use all of the communications tools at your disposal Good communications can take many forms, including things like letters directly to residents or staff, holding a special meeting and sending or posting notices throughout the property. Ultimately, be ready to use your communications resources and to make yourself available to stakeholders, especially if you are the spokesperson. The goal is to be confident, in control and be a credible source of information in a crisis. Having a plan will help give you the confidence to make the surefire decisions when a crisis arises. It will help you feel in control and it will allow you to prepare and disseminate credible information. If nothing else the COVID-19 pandemic has taught us all a valuable lesson about communicating in a crisis. Let’s look to a brighter future, one where we are always ready for whatever issue may arise.

People Are What Make FOURMIDABLE So Formidable

Maybe this will sound trite, but I truly mean it when I say this – people are what make FOURMIDABLE such a formidable company. As I look back on the past 45 years of success our organization has enjoyed, there remains one constant. That’s the men and women who work tirelessly every day to serve our clients, their properties and the needs of our team and their communities. Think about it a bit more. We have over 7,000 units spread across 11 states. It takes a staggering amount of focus, coordination and dedication by everyone who works for our company to allow FOURMIDABLE to be so successful. During this special anniversary year, I want to remind everyone that people are at the heart of what make us special. Recently we updated our corporate brochure, which lists all of our awards, honors and industry recognitions. It also lists all of our properties, from Michigan to Florida, and from South Carolina to Oklahoma. When I think about the combination of honors we receive each year and the diverse list of property types we help manage, I can only return to my original idea: people make all of this happen. We have dozens of employees with more than 20 years with the company, many of whom have received well-deserved recognition in some of our online newsletters. Overall, the average tenure for an employee in our corporate office is more than 11 years. These are not just statistics to us; these are the results of hard work and commitment to our employees and clients. So, what’s it all about? I believe we strive to see things a bit differently, and so it comes down to relationships – long-term relationships that we are closely committed to, especially between our employees, our clients and our owners. That’s not just some corporate-speak, it’s a truism at FOURMIDABLE. Most of all, we see people and communities first. Sure, we have plenty of processes and procedures critical to success. Certainly, we are focused on good financial stewardship as well, but none of that happens without people making a difference. Behind all those things, and effectively managing our properties and investments, are the people who organize, sustain, take care of and develop those relationships that in the end lead to a better experience for everyone. I have been so blessed to know so many members of our FOURMIDABLE team. It is always gratifying to get to know people who do so much for other people. We’ve heard the phrase “frontline workers” a lot these days. Well, let me tell you, at FOURMIDABLE all of our people are just that – frontline workers doing an amazing job day in and day out. In the end, it is because we are committed to building long-term relationships, that we do what’s right for our clients, residents and associates. Help me now in thanking the men and women who have helped make this company what it is over the past 45 years, and who will continue to give FOURMIDABLE a bright future.

How Portfolio Diversity has shaped 45 years of success

While we are deservedly well-known for managing an extensive affordable portfolio across 11 states and several regions, there is much more to the FOURMIDABLE portfolio, and the team working so hard to guide our clients through a challenging 2020. Even as we celebrate our 45 th anniversary as an organization, I have never been more proud of the men and women who operate, manage, lead and develop our entire property portfolio. Without them it would be nearly impossible to grow, let alone sustain the over 7,000 units that make up the FOURMIDABLE family. Diversity in terms of property style is such a hallmark of our company that I am never hesitant to share or talk about the idea. Besides a long list of affordable units in our portfolio, what really separates us from our competitors is something I like to call future flexibility. The idea here is to remain vigilant for new opportunities no matter the source, no matter the location, the size or challenge, and definitely no matter the property type. By approaching any individual or group of properties with fresh eyes and a willingness to evolve who we are as a company, we exemplify the very heart of what FOURMIDABLE has been about these past four and a half decades. As our founder J. Ronald Slavik likes to say, FOURMIDABLE is all about being creative and representing, embracing virtually every property segment in this country. Ron’s vision has always been focused on just that, and today we strive hard to follow that path even as we innovate and try new approaches that are sometimes demanded by economics, regional differences or new technologies. Clearly, our portfolio consists of many property opportunities, including market rate, luxury, tax credit (LIHTC), government assisted, public housing, rural development, independent senior communities and commercial properties. Whatever the type of property, our team works to ensure our clients, management partners and owners all experience the FOURMIDABLE approach to financial stewardship, strategic planning and team building. We know that FOURMIDABLE’s model is one of success and well deserving of consideration during this 45 th year as a company.

FOURMIDABLE Expands their Footprint into Iowa

FOURMIDABLE, a diversified, national real estate management and brokerage company that specializes in managing low income housing tax credit, affordable, market rate, rural development and public housing communities is announcing their emergence into the state of Iowa. FOURMIDABLE has been awarded the management contract for three apartment communities in Waterloo, Iowa consisting of 247 units. This marks FOURMIDABLE’s first properties in the state. - Camelot Apartments is an 82-unit Project Based Section 8 community for seniors, 62 plus, or disabled. Camelot Apartments features one-bedroom units with controlled access, laundry facilities, a community room and is pet friendly. Rent includes heat, water, sewer and trash. Interested individuals can learn more about the community at www.camelotinwaterloo.com - Crossroads Square, is an 81-unit Project Based Section 8 community for seniors, 62 plus, or disabled. Crossroads Square features one-bedroom units with controlled access, laundry facilities, a community room and is pet friendly. Rent includes heat, water, sewer and trash. Interested individuals can learn more about the community at www.crossroads-square.com - Hotel President Apartments is an historic 84-unit building consisting of studio and one-bedroom units. Hotel President is a layered Project Based Section 8/Low Income Housing Tax Credit property featuring a community room with a small library, computer lab, laundry facilities, elevator and paid utilities. Interested individuals can learn more about the community at www.hotelpresidentapts.com “FOURMIDABLE is proud to continue our partnership with Huntley Witmer Development, they are a leader in the development and preservation of affordable housing communities. We currently manage other communities for them in Mississippi. We are also looking forward to being part of the Waterloo community and serving the residents to the best of our ability,” said Michael Schocker, President of FOURMIDABLE.