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Book Recommendation: Hug Your Haters

Back in October, I had the privilege to meet Jay Baer, author of the recently released book, Hug Your Haters .  Jay is a hilarious orator and has a unique grasp and understanding on approaching marketing and customer service.  Jay explains how you can turn your haters into part of your best marketing tools.

My take away’s are:

  • 80% of Americans trust online reviews
  • Customer service is the new marketing
  • Haters are not your problem…Ignoring them is!
  • Obey the rule of reply no more than twice to anyone who engages you in a complaint
  • Not answering customer complaints decreases customer advocacy

Check out Jay’s presentation, while long, is worth the time to listen:

Jay Bear teaches the following (from his website):

1. The two types of Haters and what they want from you when they complain

2. How to handle trolls

3. How to measure customer service the right way

4. The precise customer loyalty impacts of answering complaints (or not answering) by channel

5. Why you need to answer every complaint, in every channel, every time

6. A specific framework for exactly how to answer private complaints

7. A specific framework for exactly how to answer public complaints

8. Where you should spend most of your time in social media

9. How fast you need to be when responding to customers, by channel

10. The future of customer service, including specialized apps and new technologies

11. Software recommendations for handling online and offline customer service for both small and large businesses

 

How is your property performing

Do you know, at a glance, how your property is performing?

Are tenants paying their rent online?
What is your average turnover time?
Are tenants signing their lease online and depositing money in your account before they even move in?
How many maintenance requests are being ignored because of lack of accountability?

If you can’t answer these questions, then how well are your properties really performing and being managing?  Drexel Properties continues to implement cost effective digital solutions that are streamlining our property management and allowing us to focus on customer service  and increasing revenue. We are improving cash management by having our tenants sign leases and pay rent online through our tenant portal.  Better than ever in the past, we have a clear handle on turnover — shortening the time and reducing the effort to ready apartments for new renters.  In this digital age, encouraging tenants to submit maintenance requests online streamlines the work order process and promotes accountability among our maintenance staff and vendors.  As a result of these efficiencies, we are finding new ways to generate additional revenue.  And best of all, our tenants are happier than ever.

Take a look at the performance of this 180 unit portfolio!  73% of our payments are collected online.  We have four apartments with signed leases and the first month rent paid with the money in the bank even though the move-in dates are Feb 1 and March 1.  And if you were to look into the 9 delinquent tenants you would find only 2 of them owe over $100.

Drexel Properties Dashboard 1

Drexel Properties Dashboard 2

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If you are considering outsourcing or changing your property management company, please consider Drexel Properties.  Our range of services include complete property management services, leasing and rehab/development services.

Contact us at Drexel Properties or 773-667-9760

Get “credit” for paying rent on time

RentBureau – Resident Brochure

We are excited to announce that we are now part of the Experian RentBureau community

We believe that renters should get “credit” for paying rent on time. When you make monthly rent payments for the place you call home, you should build your credit as you would if paying a mortgage .  That’s why we’ve partnered with Experian RentBureau to include positive rental payment data in Experian credit reports.

In the past, only negative rental payment data such as evictions and collection were reported to consumer reporting agencies.  Unlike credit card, mortgage or car payments that help raise credit scores when paid on time, on-time rental payments were never included in credit reports.

The addition of positive rental payment data in Experian credit reports can be a tremendous benefit to anyone who rents, especially non-credit-active, cash-based consumers.  We recognize the value of having a positive rental payment history, and we want to provide our residents with this unique opportunity to get credit for their on-time rental payments.

We are proud to announce our partnership with Experian RentBureau to help improve their credit.

The attached brochure has more information

RentBureau – Resident Brochure

Drexel Properties Has New Office

We are excited to show off our new website.  Our new site is not just about making it easier for us to do business with you.  It reflects a number of excited changes allowing us to focus on providing great apartments and the best possible service. But first, we would like you to be aware that Drexel Properties has new office.  

OUR NEW ADDRESS AND PHONE NUMBER.

Drexel Properties, LLC
4016 W. Melrose
Apt OFC
Chicago, Illinois  60641

o  773.667.9760
f  773.289.0890
e  help@DrexelProperties.com

Please keep an eye on this section of our website to stay up to date on important information about our apartment communities and other helpful tips and advice for our renters.

Drexel Properties Completes Sale Multifamily Portfolio for $9.5 Million

November 30, 2015
SVN Completes Sale Multifamily Portfolio for $9.5 Million

SVN Chicago Commercial
Sperry Van Ness LLC
Contact: Jeffrey Baasch
jeffrey.baasch@svn.com
Office: 312.676.1873
FOR IMMEDIATE RELEASE:

SVN Chicago Commercial’s Jeff Baasch has completed the sale of a multifamily portfolio of four buildings totaling 181 units. The portfolio sold for $9,500,000. The buildings are located at 6715 S Paxton, 6755 S Paxton, 6701 S Merrill and 6920 S Ogelsby in Chicago’s South Shore neighborhood. The seller was Drexel Properties and the buyer was from out of State. Jeff Baasch represented the seller in the transaction and there were no other brokers involved in the transaction. At the time of sale, the portfolio was well occupied. The buyer plans to complete a major renovation of the buildings.

According to the seller, Jeff Weinberg of Drexel Properties, “With the renewed buyer interest in this South Shore neighborhood, and the market recognizing the potential of our portfolio that we assembled, we felt this was the right time to sell the portfolio which will allow us to continue to focus on new development opportunities and investment projects.”

“We are seeing accelerating demand from out-of-state buyers for Chicago area multifamily properties who have been priced out of more expensive markets. SVN’s national footprint helped our seller maximize the value for his portfolio by more effectively tapping into the non-Chicago buyer pool,” Baasch said.
Sperry Van Ness, LLC is a national full-service commercial real estate advisory firm located at 940 West Adams Street in downtown Chicago. 312.676.1866. For more information, please visit www.svnchicago.com.

About Sperry Van Ness International Corporation
Sperry Van Ness International Corporation (SVNIC), a commercial real estate brokerage franchisor, is one of commercial real estate’s most recognized brands, based on the annual Lipsey Survey. The SVN® Organization includes more than 180 locations in 200 markets. With headquarters in Boston, Mass., SVN Commercial Real Estate Advisors provide brokerage, tenant representation, consultation, asset management, property management, and leasing, accelerated marketing and auction services. SVN Advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina and land transactions, charter schools, corporate real estate, and medical offices. All SVNIC offices are independently owned and operated. For more information, go tohttp://www.svn.com.

Chicago Logan Square Pizza Restaurant

Drexel Properties Logo High Quailty JPG - Copy

 

 

Chicago Stories

As a born and bred Chicagoan, I love the history of our great city.  This week, DNA Info published a fun article about Father and Son Pizza – one of the few pizza delivery restaurants 50 years ago.  Their business was so popular back in the late 60’s that on a busy night they delivered as many as 1,500 pizzas.  This level of business was so robust that the FBI thought that it couldn’t be possible that so many people were only calling to order “pizza”!.

Check out this article in DNA Info waxing nostalgia about these events:

Father and Son Pizza Turn Back Clock

Importance of Landlord Customer Service

Drexel Properties Logo High Quailty JPG - Copy

The past two years, we have seen big changes at Drexel Properties.  The recession and real estate market crash changed the lives of many people – homeowners and renters alike.  Multifamily property owners were hit equally hard.  Fortunately, Drexel Properties made good investment strategies and operating decisions prior to the hard times that helped us navigate the rough years.  Things really started to turn a corner in 2013 and by 2015 the real estate market has made a big comeback.  But the fundamentals remain the same.  For multifamily properties, it is crucial to provide great apartments and the best landlord customer service to your tenants.  I believe that consistent and quality customer service  distinguishes  the best landlords.

Customers have a choice where to spend their money.  Customers are finicky, and if not treated right, they will go elsewhere.  Customers are not only looking for a good deal, they are also looking for quality service as well as personal attention.  We interact with our tenants every day and we act as if they always have a choice. While they may have a lease that doesn’t end for months and therefore will pay their rent, if they are unhappy with the quality of their apartment or the service they receive, they will move.  The cost of finding a new tenant is far greater than retaining existing ones.  Retaining existing tenants by keeping them happy does not only reduce turnover, it generates referrals.  We follow a philosophy that the apple doesn’t fall far from the tree.  By this I mean that great tenants most often refer other great tenants.  For an owner, this means that the cost of attracting new tenants is reduced and the risk associated with leasing to bad tenants is also reduced.  In the end, this leads to better tenants, better communities and improved financial performance.

At Drexel Properties, customer service is at the forefront of what we offer.  From the first time a prospective tenant inquires about an apartment throughout their residency and even after they move out, we promptly follow with a returned phone call, email or even knock on their door.  Our tenants always know we have their back.  Sometimes we can’t provide the answer they want or we can’t address a need as quickly as they want it, but they know we are there to satisfy them.  This is why many tenants who are up sizing  or downsizing  stay with us asking for a larger or smaller apartment.  We are proud when this happens because it is a testament to the quality of our housing and services.

Last year, we implemented a new property management software platform.  Not only has the new system made operating our business much easier, it has provided numerous benefits to our tenants.  Our Tenant Portal provides many benefits, the two most important are online rent payment and maintenance requests.  Tenants are able to pay their rent online, with an electronic check without any added fees saving them time and money.  Our online maintenance request allows tenants to communicate repairs or other needs.  We are then able to easily assign requests to our staff and even outside vendors.  But the real value is that this makes us more organized and fully accountable to follow up and make the repair.  Whether a burnt out light bulb in a hallway or a broken front door lock in an apartment – big or small – it doesn’t fall through the cracks and not get resolved.  

Drexel Properties is once again going through explosive growth.  As we grow, we will continue to focus on our goal of having the best apartments as well as the best customer service in the industry.