Are you creative, well-spoken and well-written? Do your Facebook posts draw millions of comments?  Are you just a little quirky but not quite strange?  Are you up for a challenge?

 Legacy Real Estate is currently seeking 2 interesting and dynamic individuals to take part in a one-of-a-kind contest for two of our STELLAR apartment buildings. Qualifications include but are not limited to:

1. I know my way around the Interstate, I mean Internet
2. I can write something that others want to read, even on bar napkins
3. I find something interesting and funny in the simplest things, like Bran Flakes
4. I am a “glass half full” kinda character
5. I am not ashamed to be seen in bunny slippers
6. I work from home or am currently seeking gainful employment
7. I make dryer lint fun
8. I know a lot of people
   1. I am not a felon nor have I ever been arrested (except in the state of Nevada)
   2. The people who know me like me
   3. I have never been referred to as a stalker
9. If we get another 9 feet of snow I plan to:
   1. Make kabobs and grill in my bunny slippers on the deck
   2. Create a life sized replica of Captain 11 out of snow
   3. Surf for just the right tiara on E-Bay

   If any of our, er, qualifications fit you or someone you know, have them post why they should be selected to participate in our “It’s All Right Here” Live-In contest. We’ll wade through your posts and decide who the true contenders will be.

And, if you haven’t “gotten it” quite yet (as a semi-blonde, believe me I understand) this is a live-in contest. The persons selected will live at the wonderful digs we represent and compete to see who can live with what’s “all right here”–never leaving the premises. The winner will receive a prize package worth more than the bran flakes…I promise!

And hey, if you are a business and think you might wanna help sponsor this crazy gig,  just let us know! We support those who support us!

Now more than ever, it is critical your management company works a targeted plan to fill vacancies and maintain top-notch customer service for the existing tenants. Management companies must think outside the box and be willing to implement new processes and offerings setting them apart from others in the rental industry. There are several facets to this and the following is by no means inclusive of everything that can be done, however, here are a few key items that can make all the difference in your property’s vacancy rate.

Communication: In any organization, clear communication is critical to success. Your management company should periodically let you know how they are doing, and allow you to ask questions, express concerns and provide suggestions. Some of the best ideas I’ve had regarding marketing, property improvements and other lease-up strategies have come from owner-clients. Your management company’s willingness to keep an open mind and share their successes and failures demonstrates not only their attention to your property but the ability to change and evolve with the rental market.

Likewise, communication with tenants is another critical component to stellar management. Retaining tenants, addressing problems and questions in a timely fashion, and asking for tenant feedback are all important to managing your property. Sending out tenant surveys, secret shopping employees, and tenant events are all great ways to keep the lines of communication open so tenants know they are heard. The smallest thing can have a significant impact on tenant satisfaction. A fresh coat of paint, clean carpets, a new light fixture, all are relatively inexpensive improvements that benefit the value of your asset and demonstrate to tenants that management and owners care. And the costs of these items most likely outweigh the turn over costs incurred for advertising and re-renting the unit.

Marketing: Make certain your management company has a system that tracks activity, providing feedback on marketing tools, advertising and the closing rate of the rental agents. Does the advertising your management company schedules reflect where the leads come from? If 80-90% of traffic comes from drive-by and/or internet is there appropriate signage in front of the building? Are all the internet advertisements updated and current? Has the management company looked for other sites to supplement their internet presence? In many markets, newspaper and other print media have drastically fallen to the wayside as a vehicle to recruit tenants. Ramping up your property’s internet presence is crucial. Look to sources such as Google ad words, facebook, linkedIn, local rental web sites, craigslist and other internet sites. One of the best parts of advertising on the internet is it is inexpensive, if not free in some circumstances.

Incentives and “Free Rent”: When vacancy rates soar, tenants have a huge selection of properties to choose from. Many properties offer huge rent discounts, free rent, upgrades like paint, garages or appliances and other incentives to lure new tenants. Customers are savvy when shopping for their next apartment and ask for these things up front and use their position to negotiate the best deal for their budget and needs.

For management companies, the solution can be two-fold. One, your management company should make the effort to be top-of-mind when tenants are looking for a place to live. And second, management companies need to sell prospective tenants when showing them your property. This takes a combination of stellar sales technique and the right combination of meeting their needs and/or offering incentives to close the sale. Too many times inexperienced leasing agents throw out the incentive before they know what the prospect needs or wants. Finding the unit first, asking the right questions and then offering an incentive to close the deal will ultimately result in higher closing ratios and a tenant who is convinced of the value of the features and amenities of the property.

Ultimately, as an owner, you need to choose a management company you feel comfortable with, one you can communicate with–ask the questions and get relevant answers. Make sure your management company is paying attention to marketing the property and that they track the traffic to your property. Training their employees on how to sell and when to offer incentives is another critical component. If you aren’t satisfied with the answers or the results, it’s time to re-examine your management strategy. Your management company works for you, make sure they are committed to managing your investment as if it were their own.

Jennifer Fleming is Broker Associate and co-owner of Legacy Real Estate. Her expertise lies in commercial and residential brokerage, real estate investment, historic redevelopment, development, and property management. Jennifer possesses an extensive knowledge of Sioux Falls market conditions and is experienced in historic renovation and Historic Tax Credit programs, lofts and downtown development. Jennifer leads the Legacy team of brokers, property managers and support staff. Jennifer has a BS from South Dakota State University and is a member or Sioux Valley Optimists, Women in Networking and other local service organizations. Contact Jennifer @ 605.376.1308, via  Email or View Jennifer Fleming’s profile.

Buying a business is arguably the best way to become your own boss. Starting a business from scratch or buying a franchise are other possibilities, but only buying an existing, successful business provides an immediate cash flow to get your feet on the ground and running.

Although there are many good businesses for sale, there are several critical steps you must follow to be certain you buy the right one, the first time.

1. People who are serious about being in business for themselves have to realize that they will be the proverbial “chief cook and bottle washer”.  Too many prospective business owners want to be the CEO of the business.   Being the CEO of your own business does not mean that you sit behind a big desk and plan on how to spend the monies.  It means you will be doing everything possible that needs to be done to run the business.
2. Prospective business buyers must understand that they will be buying some else’s “baby”.  A business that another person has built, nurtured, developed and has spent many hours, many hours making it work.  It may be important to the present owner that they feel comfortable with a potential new owner since their reputation will be somewhat still associated with the new owner in the eyes of the customers.  The buyer needs to consider who they are in the eyes of the prospective seller.
3. Buyers should not begin the business buying process unless they have the necessary funds or know exactly there they will come from.  Bankers are a lot tougher on providing business financing and the term “blue sky” is no longer in their vocabulary.  Stricter loan requirements, higher buyer cash down and other economic impacts all have changed the way someone purchases an existing business.  Know how much cash you can contribute and how much you will need to finance and research your options out well in advance, so when the right opportunity arises, you are financially sound and ready to buy.
4. Buyers think that when businesses are enjoying good times, they are overpriced and when economic times are not as good, they want to buy a business for far less than what it is worth.  Timing works both ways and there is a right time to buy and a right time to sell.  When it is right for both the buyer and the seller, it’s the right time.
5. There are no sure things in life or business.  There will always be a risk when buying a business.  Buying the right business usually takes time, energy and patience.  However, one can’t be a procrastinator – when the right business ownership opportunity comes along, you must be ready to act.

Buying your own business is a serious step in your future –seek professional help to assist you in navigating through the details of purchasing a business.  By owning your own business, you help in providing jobs for other people in your community and add significant value to their lives as well as yours and your family.   Small business owners own and operate the local businesses that provide the goods and services that add to the richness of our life everyday. So what are you waiting for?

Kristi Leisinger is a Broker Associate with Legacy Real Estate specializing in Business Brokerage. She enjoys putting people together that share a common bond or need. Her strong work ethic and passion is foundational by shaking hands and building relationships. She is a good listener to reach the objectives of her clients and is a trusted professional to build lifetime relationships. Her background includes over 20+ years in the healthcare industry including medical administration, business development and medical sales. She has her bachelor’s degree in Health Services Administration and her MBA from the University of Sioux Falls. She is actively involved in Junior Achievement, Sioux Falls Chamber of Commerce, SME of Sioux Falls, Sioux Falls Business and Professional Women, Sioux Valley Optimist and National Association of Female Executives.

To contact Kristi call 605.321.2992 or email.

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