If Not Now, When?

I’ve had an epiphany. I can’t believe I hadn’t thought of this before now. Our properties are going through the Due Diligence phase of a sale. The new proposed Owners keep scheduling walk throughs with their vendors, with management company execs, with contractors, and, what is so bothersome for me, is that the onsite teams are never included. Sure, we can send a Manager or a Maintenance Tech or Supervisor but their only role is to open doors. 

Recently, they came with a contractor and the management company’s Acquisition and Operations people and brought their sample boards. They walked around and discussed moving the leasing offices elsewhere, create a business center area here, and place the game room items there. But they did not include anyone onsite in their conversations. It was at that moment that I realized why I have such a problem with the Sale Process. It really isn’t that the properties are being sold; it’s that the properties are moving forward without any input from the current team.

When new owners, even those who plan to keep the onsite team in place, exclude the team on these visits, it is as though they are saying, “Thank you for being here today and performing your duties, but we don’t need any of your input. Your opinion does not matter. Carry on!” 

If their opinion does not matter now, will it ever in the future?

The Final Days of the Property Sale

A little piece of my marketing soul died this week. Remember when you had your first real boyfriend (or girlfriend) and you broke up, well, because this was your first relationship and as relationships go, the first one usually doesn’t make it to your high school days. Anyway, here we are in the final days of the impending sale and the Owner calls me and says matter-of-factly, “Stop.” What he meant was, don't lease any more. And I was heartbroken - as if we had just broken up.

Do you know how difficult that directive is for me to follow? It goes totally against all the grains of my Pre-Leasing Strategy. The Business Manager side of me understands because I know at this stage of the game, there will be final prorates done, etc. and it all washes out for him at the end of rainbow. But for anyone who calls me needing to find a home, I am left in utter limbo. So, now I have become YOUR best leasing link as I am assisting people in finding homes with YOUR communities … and you don’t even know it. But I cannot in good conscience just ignore those who are trying to move before the holidays, and trust me, there are still quite a few that do.  

Shadow Market Is Hot This Fall

I spent the last three days taking a look at the private rental market. It’s been a while since I’ve done this and I was pleasantly surprised by the quality of what your dollar will get you in the private sector, as compared to the large apartment communities managed by property management companies.

For this adventure, I worked with private landlords who owned their own 4-8 unit buildings and real estate firms that are managing houses that have not sold or are now bank-owned assets. The biggest difference I found was the skimming of basic Fair Housing practices.

At least four building owners asked questions such as, “Got any kids?” or “Married?” Twice, I was offered the unit even though the Owner supposedly had already accepted someone else’s Security Deposit. When I questioned this, saying, incredulously, “Oh, I don’t think I can move next weekend. I need to at least give my current landlord a 30-day notice,” I was told, “Are you sure? The guy that wants this hasn’t called me today and he’s at least 89 years old! You would make a better tenant!”

As tempting as this may be, I declined saying, “Well, if he backs out, please call me.”

It was amazing to me that the private landlords of the small buildings were very accommodating as to allowing modifications to their units. I could paint, install me own appliances if I didn’t like the ones provided, and hang window treatments. One very nice man said he would change out the vinyl and install ceramic tile in the kitchen and bathrooms.

The real estate professionals were not so lenient. They were all about getting a lease signed TODAY. And by the way, you are responsible for all the lawn care and the snow removal. If you have problems, you can call the office but it might take a while before we can get the maintenance crew over there.

“So what happens if the water heater goes out?” I asked.

“Oh, we don’t handle replacement of the water heater. That’s on the tenant. You would have to contact the owner and make arrangements.”

“What? Why would I have to be responsible? It’s a health standard to have hot water,” I said.

“Yeah? Well, of course, you can always replace it and ask the Owner to reimburse you.” he said. (Okay, so maybe this guy is not the real estate professional I would ever choose to work with "in real life" if I was looking to hire someone.)

I will say that almost all provided great curb appeal! There were a couple of small houses in questionable neighborhoods that looked pretty run down. In fact, I didn’t even go inside those. After I completed my showing appointments, fourteen in all, I can tell you that no one can offer the amenities of the apartment communities unless it was a condo community. Nor, could they compete with maintenance issue resolution and the convenience of offering on line work order request submission. And of all these landlords and real estate agents, guess how many followed up with me? One out of three. That was it. The most significant difference I noticed was this: the private sector market is looking to close the deal quickly. Several times, as I was arriving or leaving a Showing appointment, someone else was also there to see the same available unit. This created such a sense of urgency! I admired that and have decided I think booking back-to-back appointments is defintiely a marketing strategy that I will employ going forward with our communities all year instead of only in the spring and summer months.

The best and the worst of the private sector market … One thing was clear, the shadow market is, as I suspected, definitely alive and well and thriving in this area. Obviously this was not a scientific analysis, though I think it is in line with my expectation.

Home Is Where My Heart Is

What happens when you don’t like the company that buys your community? I mean, do you have an option of just not accepting an employment offer from the new owner/management company? What if you don’t have any other offers on the table? This is what I am facing now. And it’s tearing my gut up to the point that I want to scream, and cry, or God forbid, just give up. Or, do all three. I realize I am probably not supposed to be saying this, at least not out loud. L

I hate that this is all such a secretive thing. It is just not fair to have all these questions and no answers. Yes, ranting out loud, and there is nothing to do except continue the job search and try not to worry about what will happen to “my baby” and all the work that has gone into making this such a vibrant, fun community all while ensuring it keeps its charm and its quaint and thoroughly relaxing, peaceful feel.

I see the word bantered back and forth about the definition of community. Wow. Just come here! Oh! My eyes to the heavens soar – this place where everyone does seem to know one another, where if you’re feeling sick your neighbor will bring you soup. A place where I have wandered over to the neighbor next door to grab an egg out of her refrigerator because I stupidly forgot to buy some at the Kroger down the street (and who wants to have to actually put shoes on – much less make-up – to run to the store again?) A place where a couple of the neighbors sit outside with a flat screen to watch The Ohio State football game on the patio and down a couple of beers, laughing and relaxing. A place where there is clique of little girls sitting in the Gazebo giggling and playing. A place where when I am here on a UK Basketball Game Day, no one cares that the TV in the Leasing Office is televising the game and I am sporting my Blue! Go Cats!

If I cannot be at home in my house in Indiana, here is home. It’s where my heart is for now and I suspect a little piece will remain no matter what happens.