Block Multifamily Group 2014 Overview

The executive team at Block Multifamily Group (BMG) has over 35 years of experience in the operation of multifamily assets and provides the “ground-level look” at all facets of multifamily.

Property Management Tip #8 - Pushing Revenue

Make pricing trends work for you! 
A well-managed property
should set prices more strategically than competitors. 

Property Management Tip #4 Internet Marketing

Being Relevant Means Being Connected!

 

A well-managed property should be more connected than its competitors.

Day 10: 12 Days of the KC Market Report: Apartment Market Overview

The Multifamily market continues to lead U.S. housing and real estate recovery.  Increasing numbers of retiring baby boomers combined with the entry of the Millennial generation into the renter pool has created tremendous demand for high-quality, high-amenity apartment housing.  The collapse of the single-family market only accelerated these trends over the last several years, causing national multifamily vacancy to fall to 5.0% by year-end 2012, down from 5.4% the previous year. 

Apartments as a Consumable Product

Apartments are consumable products. At our company, Block Multifamily Group, (BMG) we understand this concept through the Retail lens. Through this lens, we imagine the property as a retail shop, with the front door being the property’s entrance; the product for sale being the units; the store being the grounds and the salespeople being every member of the Management, Leasing and Maintenance staff. This approach has proven to be a critical management tool, and we have seen great on site improvements as a result. 

Generating Value for a Managed Multifamily Property

Block Multifamily Group's (BMG) goal is to generate an increase in value for our managed assets. The increase in value for our managed multifamily asset lies squarely with the line item known as NOI (Net Operating Income). NOI is derived by subtracting your operating expenses (not including mortgage payments) from your Gross Income. Our topic is not about determining a purchase price for an asset, but to concentrate on items that “create value” or “create “an increase in the NOI.  This is the “line item” that all owners and clients focus on.

Going Green, Saving Money

Sustainability is a vital and recurring topic discussed throughout the commercial real estate realm. According to CoStar Group article about "Green Buildings", green practices are “reducing long-term operating and occupancy costs, improving occupant health and boosting employee productivity.” The study also found that “green building demonstrated higher average occupancy levels.” These findings show how sustainability is an essential feature in environmental and cultural preservation. Also, maintaining a healthy community and environment is an invaluable practice in commercial real estate.

BRES Breaks Through The Barriers: Block Multifamily Group

As Real Estate begins to emerge out of a tumultuous economic downturn, individuals seeking housing are less willing to buy and commit themselves to purchasing a house. Also, baby boomers are retiring out of the workforce, seeking condos and senior apartment living. While office, industrial and retail sometimes struggle with a weaker demand, a strong fundamental recovery in rental housing demand has propelled apartments to a broad recovery in occupancy, rental rates and investor pricing.

According to the Block Real Estate 2012 Market Report, “With more than 3 million foreclosures since 2009, profound shifts in demographic, economic and social patterns have changed the way many Americans, particularly those of the millennial generation, feel about home ownership. This, combined with the entry of the first wave of ‘echo boomers’ graduating from college, has resulted in the addition of an estimated 1.4 million renter households.” (Read more from the 2012 Multi-Family blog post).