Blog - Summerfield Management

3 Ways to Keep Your Buildings Running on Budget

Move-out Inspections: Technology Ensures Accurate Records

10 Ways to Add Value to your Property

By Operations Team. Adding Value to Multifamily Properties How do you add value to a real estate investment? This is done in a variety of ways and for a variety of reasons. Each year smart property owners will try to find feasible ways to increase the value of their p

IT - Real Page Business Intelligence

Three Ways to Drive Apartment Leasing Using Facebook

By Patty Webster, Portfolio Manager, Summerfield Management It is one of the eternal struggles in property management, how can we drive more leads without going over the advertising budget? I get asked all the time by our clients for cost effective ways to drive more le

6 Ways HR Tech is Revolutionizing Property Management

By Jason DuBois, HR Business Partner, Summerfield Management. For more information contact Robert Parmar In the world of property management, having an effective and productive workforce is essential for success. Over the past several years, human resources technology h

Six In-Demand Amenities to Add to Your Apartment Property

By Marketing Team. For more information, contact Robert Parmar To thrive in A and B asset class multifamily housing, you need to go all-in on the most sought-after and in-demand apartment community amenities. These tenants are not only looking for just a roof over their

Maximize Leads: How to Elevate Your Property Website with SEO

By David R. Cohen, Portfolio Manager, Summerfield Management. For more information, contact Robert Parmar In the olden days of property management, drive-by/walk-by traffic was paramount. Being on a desirable street or in a good area meant higher traffic volume which le

How to Optimize Ad Spend at Your Property with Lead Tracking

By Nate Ward, Director of IT Services, Summerfield Management. For more information, contact Robert Parmar In a competitive multifamily market, optimizing the conversion of prospects into leases is critical. But with a multitude of physical and electronic advertising c

Six Property Management Hiring Best Practices for Apartments

By Marketing Team. For more information, contact Robert Parmar To run a successful apartment rental business, you need people who have the right blend of skill and attitude. Finding this mix is no easy task, but your chances of hitting pay dirt in your search go up expo

Resident Experience: Small Touches to Increase Lease Renewals

By Marketing Team. For more information, contact Robert Parmar Managing a multifamily asset becomes much easier when you have a high rate of lease renewals. You spend less on lead generation, worry less about vetting prospective tenants, and feel more immune to the vola

5 Tips to Deter Theft at Your Property

By David R. Cohen, Portfolio Manager, Summerfield Property Management. For more information, contact Robert Parmar Is your asset in an area where property crime is on the rise? The FBI recently reported that property crimes rose nationwide 7.1% last year, with a large p

Three Tips for Automating Your Lease Renewal Process

By Property Management Team. For more information, contact Robert Parmar If you are a property manager, then you know that the lease renewal process can be time-consuming and repetitive. But it doesn’t have to be. There are a number of ways to automate the lease renew

Is Your Property Ready for 2024?

By David R. Cohen, Portfolio Manager, Summerfield Property Management. With Thanksgiving behind us and the winter holidays quickly approaching, it’s once again time to look ahead to the new year. At Summerfield, we know that a great start to 2024 requires plenty of

How to Elevate the Tenant Experience this Holiday Season

By Marketing Team. For more information, contact Robert Parmar It’s all about the experience. That’s a phrase heard a lot in customer-focused industries like residential property management. Customer service is one of the largest influencers of the success or failur

8 Property Management Best Practices to Keep Your Asset Running Effectively

The promise of this article is simple: to help you reduce your vacancy rate, boost your rent roll, and maximize your cash flow by adhering to the property management best practices of the pros. If you’re just getting started in rental property investing, these idea

The Cutting Edge: Tech-Focused Best Practices for Property Management

By David R. Cohen, Portfolio Manager, Summerfield Property Management Roughly 90% of all renters start their search for a new apartment online. As such, choosing the right digital marketing strategy can make or break the performance of your investment. At Summerfield,

Flexibility: A Strategic Benefit of Utilizing a Mid-Size Management Company

By David R. Cohen, Portfolio Manager, Summerfield Property Management Choosing the right property management company to oversee the operations of your asset can make the difference between success and mediocrity. We make no secret of the fact that we aren’t the

How to Improve Tenant Retention With Effective Communication

By Marketing Team One of the most basic principles of multifamily property management is to keep tenants happy so they stick around long term. After all, tenant turnover is often one of the largest expenses for owner-operators. So how do we keep renters satisfied and in

Strategizing for Success: How Cloud-Based Operations are Revolutionizing Property Management

By IT Team. For more information, contact Robert Parmar The COVID-19 pandemic forced businesses to adapt and adjust to a new normal and not all of them made it. However, Summerfield has successfully navigated this difficult time thanks to strategic alignment with a glob

Renter’s Insurance: Protect your asset against the high cost of property damage

The Smart Renter's Guide to Security Deposits: 3 Ways to Protect Your Hard-Earned Money

A hand shake, a “thank you” and a security deposit paid back in full. That’s how you want your lease to end. But in order for this to happen, three conditions must be met: You must feel grateful for the time you spent in a comfy home and excited to move to a bette

A Great Tool to Optimize Site Performance

What Is The Role of Artificial Intelligence (AI) in Property Management and Will It Replace Humans Entirely?

Discover the role of Artificial Intelligence (AI) in property management and its potential to reshape the industry.

Don’t Get Canceled! Marketing Your Property to All Especially Gen Z!

By Marketing Team. For more information, contact Robert Parmar As we move into the future, generational changes are affecting the way we market and operate apartment communities. With Generation Z renters already seeking rental housing, it’s essential to develop marke

Lease Audits: Accuracy = Higher NOI

What is a Cap Rate in the Context of Commercial Real Estate Investments?

Cap Rate How do you know your initial expected rate of return for your commercial real estate investment? Informed commercial real estate investors measure this by determining their investment’s anticipated capitalization rate “cap rate” before investi

8 Essential Clauses Every Property Management Agreement Needs

Property Management Agreement A property management agreement is a written contract between a property owner and a property management firm that outlines the manager’s duties and responsibilities. This agreement is critical for protecting the owner’s interes

The Top 7 Reasons to Invest in Garden Apartments

What are Garden Apartments? Garden apartments, also known as garden-style apartments, are a type of multifamily real estate that are a series of low-rise buildings spread across a larger piece of land. Garden apartments are lower in density than other types of multifami

8 Highly Effective Marketing Tactics to Rent More Apartments

By Marketing Team. For more information, contact Robert Parmar Marketing your apartment is an essential part of the property management process. To effectively market your multifamily property, there are many marketing tactics that you can use today to rent more apartme

What are The main Pros and Cons of Short-Term Rentals

Short-Term Rentals Someone may be unemployed or deciding on moving to a different city after completing their education. In contrast, others might just want to try a new neighborhood. There can be several reasons why people prefer short-term lease apartments over long-t

What is a Rental Income Calculator and Factors Affecting It

Rental Income Calculator Are you looking for a passive income source? The impact of inflation on the cost of debt has taken its toll and is now nearing its end. The good news is that multifamily apartment rental prices are down 10% to 20% depending on the market. ItR

What are the Benefits of Tenant Screening for Landlords

Tenant Screening Any seasoned landlord will accept that Tenant screening is one of the most important steps to ensure they get qualified Tenants and protect their properties. Landlords should conduct background checks for every prospective Tenant to ensure they are the

Townhomes for Rent: Smart Investment Opportunity for Investors

Townhomes for Rent Real estate investing is an excellent way of growing wealth; however, you need a proper understanding of the industry, its related risks, and rewards. But, if you’re interested in smart opportunities, look at the investment potential of townhome

What is a Gross Rent Multiplier and Its Benefits

Gross Rent Multiplier Imagine you are a multifamily property investor; you have your eyes set on two similar properties with almost identical attributes and in a similar location. One has 20 residential units, and the other has 30 units, so which one do you invest in? W

What You Need to Know About Break Even Point

Break Even Point Every multi-family investment, irrespective of size and type, has one common goal: to be profitable. Being profitable takes focused effort and the first goal of an investor is to surpass their break even point. Most if not all investors measure investme

Cutting Edge Technology for Real Estate Multifamily Investors

Multifamily With growing urbanization, space limitation, and inflation people are looking for affordable housing options, and renting has growing demand. Multifamily housing has emerged as a winner in these challenging times. Multifamily investors are always looking for

Make More Money! 7 Easy Things Your Property Manager Should Do to Reduce Tenant Turnover

By Operations Team. For more information, contact Robert Parmar As a property owner, you understand that vacancies in multifamily properties are normal. There will always be vacancies and they can happen at any time of the year. While tenant turnover is never unavoidabl

What is Cash on Cash Return? An investor's guide

Cash on Cash Return Multifamily income property is a great source of passive income, but how much you make depends on several factors and applicable taxes. If you have decided to invest your hard-earned money in a multifamily apartment property, it is good to understand

The 5 Elements of a Good Takeover Plan

By Operations Team. For more information, contact Robert Parmar Elements of a Good Takeover Plan Fraud, lack of execution, or lack of communication are all valid reasons to change Property Management companies. Some would say outside of market conditions, your Property

5 Simple Tips to Quickly Minimize Your Vacancy Rate

Minimize Your Vacancy Rate According to a real estate survey, rental owners’ top request for property management services in 2021 was to minimize our vacancy rate. Landlords always look for reputable property management companies to assist them to reduce vacancy r

What is Real Estate Crowdfunding And How Does It Work?

Real Estate Crowdfunding When we speak of real estate investment, most take it to hundreds of thousands of dollars, and you usually do not have such an amount lying in your checking account unless you are Barbara Ann Corcoran. But lack of funds should not stop you from

How to Maximize Your Rent Roll: 10 Tips for Property Investors

Maximize Your Rent Roll Your rent roll refers to the total gross rental income you receive from your investment properties. Income property is one of the biggest sources of passive income. As a property investor, one of your primary goals is to learn how to grow your re

What Is Fair Market Value & How to Calculate It?

Fair Market Value Out of all the things in real estate, fair market value, or FMV, is a term that professional real estate professionals throw around a lot. If you are new to the real estate market, this is one term you should understand. Keep reading to learn more abou

Everything You Need To Know About Long-term Rental Property Investment

Long-Term Rental Property Looking for tenants every few months can be extremely tedious, and when you find a good tenant, you don’t want to let them go. Long-term rental property can be a fantastic option for you. It can be an effective way to build long-term weal

What is Assessed Value? How Does It Differ From Market or Appraised Value?

Assessed Value The Assessor’s office for each county in the United States determines an assessed value for all property in the county including apartment complexes. It is used by local and state governments as a way to allocate tax collection to meet their needs for g

What is Turnkey Property Investing? Why We need To Know It

Turnkey Property Investing Presently, real estate has become a popular passive investment method, and more people are investing in it. As an investor, you always seek new opportunities to grow your portfolio. When it comes to real estate, there are many different strate

The Benefits of Multifamily Housing for Local Communities

Multifamily Housing When you think of housing, single-family homes typically come to mind. However, a type of housing that is often overlooked is multifamily real estate. For most real estate investors, multifamily housing investment is a great way to generate passive i

How to Analyze Cash Flow in Real Estate Investments

Analyze Cash Flow in Real Estate Investments The recent pandemic brought the world to its knees. Needless to say, the economy was impacted in unexpected ways, and even now it is unclear what will be the ultimate long-term impact. One important economic sector saw unchar

Real Estate Proforma: A Comprehensive Guide

Real Estate Proforma A real estate is proforma is a tool used by investors to assess the financial feasibility of a potential investment property. The proforma calculates the potential current, medium, and long-term annualized Net Operating Income (NOI) for a property,

Your Ideal Tenant + Your Income Goals

By Operations Team. For more information, contact Robert Parmar Costs can spike when you do not attract the right Tenant demographic. Driving down operational costs by controlling delinquency, reducing turnover, and minimizing upkeep starts with marketing to the Tenant

The Impact of Rising Commercial Mortgage Rates on Multifamily Investment

Commercial Mortgage Rates Commercial mortgage rates in the United States fell to an all-time low in 2021, making loans very affordable. Many American investors jumped into investing in income property, specifically multifamily rentals. With inflation on the rise, the Fe

What are the Pros and Cons of Refinancing a Mortgage

Pros and Cons of Refinancing a Mortgage For the past number of years, investors in the multi-family industry enjoyed strong market fundamentals, favorable economic conditions, and falling interest rates. This led to beneficial opportunities for refinancing their loans,

What Is The Purpose Of A Loan To Value Ratio in 2023?

Loan To Value Ratio Are you an investor looking to purchase a multifamily rental property? Most investors borrow money to help fund the proceeds to purchase a property. Banks use the loan to value ratio (LTV) to consider how much money they are willing to lend. The high

Cap Rate Trends of 2023: Multifamily Real Estate Market

Cap Rate Trends The commercial real estate industry in the US entered a new frontier in 2022 through market challenges driven by inflation and changing US monetary policy. This market is constantly changing and evolving. We urge real estate investors and asset managers

The Top 5 Real Estate Trends To Look Out for in 2023

Real Estate Trends The real estate market is cyclical. It is divided into four phases: recovery, expansion, hyper-supply, and recession. It can provide reliable information regarding an investment property’s potential profit. For investors, it is crucial to identi

The Top 8 Benefits of Living in an Apartment with Utilities Included

Living in an Apartment with Utilities Included If you’re like most people, you probably budget your monthly expenses intending to make ends meet. Especially in today’s economy, one must constantly worry about how to save money due to inflation and the rising cos

Things to Know Before You Sublease Your Apartment in 2023

Sublease your Apartment The one most uncertain thing in life; you never know what will happen in the future. But when we plan for our future, we never think of such uncertainty. Rent agreements for apartments are usually done for a year, but for various reasons; you mig

Maximizing Returns in 2023: The Benefits of Real Estate Depreciation

Real Estate Depreciation Most real estate investors are familiar with the concept of real estate depreciation – reducing taxable income by writing off the cost of a long-term asset over its estimated useful life. Rental property depreciation is a primary element in ta

What is Real Estate Syndication and How Does it Work in 2023?

Real Estate Syndication Are you looking to invest but unable to take the plunge because of a lack of knowledge about investing and/or inadequate funding? Keep reading because we may have just the right option for your problem. Rather than trying to invest alone, partici

5 Multifamily Property Management Myths You Need to Know

Multifamily Property Management Myths What happens when you buy a multifamily property and need to run it? As a landlord, does your job end with finding tenants? Who takes care of the property i.e. maintains it on a day-to-day basis, and handles the tons of paperwork? T

News and Notes – Hot Trends in 2023

By Operations Team. For more information, contact Robert Parmar Q1 Q1 always brings about the desire for change. These changes can be smart ways to improve your life and for many, this starts with their home. A home is one of the most important places in life and havi

Keep Operations Humming with Flexible Communications Tools

Staff turnover at the property level is high. Without flexible communication tools, it’s easy for leads that could have become leases to fall through the cracks. That’s why Summerfield uses an award-winning VOIP product called Dialpad at all our properties. With Dia

The Market – Rental Trends in 2023

By Operations Team. For more information, contact Robert Parmar Past, present, and possibly the future… It’s that time of year. The time of year when real estate experts speculate about the condition of the real estate market and what consumers can expect for th

9 Things to Look for in a Property Management Company

By Operations Team. For more information, contact Robert Parmar Owning property is a proven way to increase your personal wealth. Not only do you own a physical asset, but you can also improve that asset to make it worth even more when you sell it at a later date. Renta

Hard Conversations: Delivering Notices

Pros and Cons of Investing in Ground Lease in 2023

Ground Lease Pros and Cons Prime real estate is frequently pricey and challenging to find. However, Developers who might not otherwise have access to land for developmental purposes can get an opportunity through the process of securing a ground lease. A ground lease re

6 Best Property Maintenance Tips for Winter 2023

Property Maintenance Tips for Winter Winter is here! Winter ushers in a season of festivities and celebrations. But it also brings certain challenges, especially if your property is in a Northern climate. The cold weather affects your buildings and grounds, from snow

Staff Support and Lease Renewals

By Operations Team. For more information, contact Robert Parmar Property Management is a relationship business with a lot of different relationships to tend to. When those relationships are running smoothly, you can bet operations at your assets are going to run smoothl

The Top 5 Reasons Lease Renewal Makes Sense

Finding an apartment that ticks all your requirements is like winning a million-dollar lottery. And once you find a place you can call home, it’s not easy to move out. Lease renewal can be a source of anxiety for many renters. Will your rent go up? Will you have t

Choosing a Property Management Company

Good Dog! Breed-based bans lifted in some states

The Secret to Motivating Staff Remotely

Observation Logs: Catch mistakes before they cost you big money

Communication - Could Going Old School Benefit Your Bottom Line?

Lease Expiration - Smoothing the highs and lows

Tenant Screening - Setting the right standards

Mobile = $

Managing Delinquent Payments

During the COVID-19 pandemic, moratoriums created widespread restrictions on collection and eviction. Although the rules for collections changed overnight, Summerfield did not see this as a throw in the towel and walk away situation. We’re much more proactive than tha

Vendor Compliance - Protect Your NOI From Vendor Mistakes

How Deep Is Your Bench? Cross-train staff to maintain smooth operations

The on-site staff at your investment property are a lot more like a team than you might think. Are you ready to deepen your bench?

Financial Reports - Are They Worthless?

A comprehensive report might not be very entertaining to read, but it’s worth your time if it can provide you with the information you need to evaluate if your Management company is meeting your operations goals.

Online Reviews Matter: The #1 Strategy for Getting More Good Ones

98% of renters read online reviews and 96% say those reviews influence their renting decisions. So how do you get your renters to leave more positive reviews for your apartments? Take a look at our tips!

Vacancy Fraud - Reduce Your Risk

Vacancy fraud happens when an unethical employee leases a unit under-the-table and pockets cash. The most common act we have heard, is when they take cash for the initial pro-rata rent, pocket it, and record the move-in as of the beginning of the upcoming month.

Maintenance and Supply Chain

Being able to respond quickly means having the right materials on-hand. How can you ensure you have the right materials on-hand without accumulating a massive stockpile i.e. idle $?