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Page 1: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest
Page 2: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Introductions

• Your Name• Where You Work• Your Job Responsibilities• How long have you been in the Industry?• Have you ever been asked to research and

suggest solutions for a property problem?• What are your expectations for this

program?

Page 3: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Today’s Agenda

• Identifying Issues and Problems• Conducting Research• Analysis and Evaluation Techniques• Finding and Supporting Conclusions• Making Persuasive Recommendations

Page 4: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Overview – Cognitive Abilities

• The process of acquiring knowledge by the use of reasoning, intuition or perception

• Perceiving conditions around you, analyzing problems and recommending solutions

Page 5: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

You Already know How to Analyze!

Page 6: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Overview – Business Analysis

• Identifying Business Needs

• Determining Business Solutions

Page 7: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

You will Get Answers to…….

• What current conditions present problems?• Where do I find relevant information?• How do I separate out meaningful facts?• How do I determine what the facts are

telling me?• How should my property respond?

Page 8: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Chapter 1

Identifying Issues and Problems

Page 9: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Identifying Issues & Problems - Topics• Issue or Problem?• Typical Rental Housing Issues and

Problems• Identifying Present Conditions• Link to the Owner’s Goals and

Strategies• CLASS ACTIVITY

Page 10: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Definitions

Issue

A subject of concern; the central or most important topic in a discussion or debate

Problem

A difficulty; a difficult situation, matter or person; a question or puzzle that needs to be solved

Page 11: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Industry Examples

• Issue: New apartment property nearby in lease-up• Problems: Increased need for visibility; inferior curb

appeal; poorly trained leasing staff; poorly focused market outreach

• Issue: Operating expenses exceed budget• Problems: Poor purchasing strategy; failure to use

company- approved vendors; poor maintenance skills

Page 12: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Some Typical Rental Housing Issues

Issues and Problems

Staff

Need for Income

Physical Structure

Owner's Strategy

Market

Residents

Page 13: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Activity #1

Identify potential problems or missed opportunities for your assigned issue.

Page 14: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Identify and List Present Conditions

Page 15: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Examples of “Present Conditions”

• Fantastic Weekly Activity Levels

• Too much Delinquent Rent

• Staff is not Energetic and Engaged

• Shop is messy and parts inventory is not covering usage

• The neighborhood is losing retail establishments

• Building one has been damaged by Fire

• Closing ratios are under 10%

• Maintenance follow-up calls are not made

• Property siding is uneven and warped

Page 16: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

What are your Owner’s Goals for the Property?

A specific rate of return Regular cash flow

Tax benefits Investment diversification

Quick profit Increased property value

Improved management performance

Pride of ownership

Page 17: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Goals can Change!

Original Goal: Regular Cash

Flow

Market conditions shift and cash flow

diminishes

Revised Goal: Quick Profit

Page 18: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Sample Strategies to Achieve Goals

• Refinancing• Property Improvements• Renovation or Retrofit• Property Conversion• Property Exchange• Property Liquidation

Page 19: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Example Strategies

• Property Improvement

• RetrofitQuick Profit

• Conversion• Property

Improvement

Increased Property

Value

Page 20: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Short Term Hold - - - Long Term Flooring??

Page 21: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Activity #2

Present Conditions & Problems

Page 22: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Chapter 2

Conducting Research

Page 23: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Conducting Research - Topics

• Gathering Information• Taking Notes• Multifamily Rental Housing Data• ACTIVITY: DATA GATHERING• Information Overload

Page 24: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Print Materials

• Libraries are great places to start

• As you read, stay on track by keeping problem statement handy.

• Quick scan table of contents or index to save time.

Page 25: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Interviewing People• Capture experiences of people who

have had similar problems

• Compose your questions before the conversation!

• Write or record everything

• Stay on Track

• Follow-up may be necessary

Page 26: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Using the Internet

• Know your Purpose

• Don’t believe Everything

• Smart Search Tactics– Key words– Gateway sources

Page 27: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

DON’T FORGET!

Use Company and Property Documents and Reports!

Page 28: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Other Factors to Consider

External• Economics• Social Trends• Business Activity• Employment• Roads and Access• Building Codes• Regulations

Internal• Technology• New Applications• Products and Services• Reports• Company Best Practices• Competition• Your Own Property

Page 29: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Tips for Taking Notes

• Use index cards or word processing to sort as

you go

• Always identify the source as you note the

information

• Paraphrase for your purpose

• Using quotes

Page 30: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Activity #3

• Research Practice

Page 31: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Information Overload!!

Page 32: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Looking for Meaningful Material

• Keep your Problems and Issues with you while you research

• Keep asking your 4 or 5 questions about the issue

• Keep notes separated by the topics in your 4 or 5 questions.

Page 33: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Wrapping Up Research

• Underline Key Words• Look for Specific Answers• Think how Ideas might

Link Together• Reject Information that is

too Detailed• Gain Confidence in your

Conclusions!

Page 34: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Chapter 3

Analysis & Evaluation

Property Research, Analysis and Evaluation

Page 35: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

NOW ITS TIME TO ANALYZE

Did your research change your suggestions?

Will your final recommendations change?

Property Research, Analysis and Evaluation

Page 36: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Analysis & Evaluation Topics

• Analysis Defined• Preparing and Using an Outline• Preparing and Using a Concept Map• Trend spotting• Critical Thinking

Property Research, Analysis and Evaluation

Page 37: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Definitions• ANALYSIS – the process of breaking a

complex topic or substance into smaller parts to gain a better understanding of it.

• BUSINESS ANALYSIS – the discipline of identifying business needs and determining solutions to business problems.

Property Research, Analysis and Evaluation

Page 38: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Potential Solutions• Process Improvement

• Organizational Change

• Strategic Planning

• Policy Development

Property Research, Analysis and Evaluation

Page 39: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Multifamily Business Analysis

Present Property and Company

Conditions

Alignment with Owner’s

Strategies

Support of Suggested Solutions

Property Research, Analysis and Evaluation

Page 40: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Preparing and Using Outlines

Property Research, Analysis and Evaluation

Working OutlineVs.Final Outline

Page 41: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Typical Outline StructureI. Major Component of Issue

A. Smaller Factor of the Component1. Details

2. Details

3. Details

B. Another Smaller Factor of the Component1. Details

2. Details

II. Second Major Component of Issue

Property Research, Analysis and Evaluation

Page 42: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

New Construction Down the Street

Review Example

Property Research, Analysis and Evaluation

Page 43: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

The Final Outline• Add specifics to details• Check for evenness – enough detail on

each element, or did you over focus on one?

• With the right detail, this is almost your final proposal if you are making it in writing!

Property Research, Analysis and Evaluation

Page 44: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Sorting Major Topics• Chronology

• Cause/Effect

• Compare/Contrast

Property Research, Analysis and Evaluation

Page 45: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Concept Maps

Property Research, Analysis and Evaluation

Page 46: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Numbers or Patterns?

Traffic

Drive By 25Apt Magaz. 11Website 20Referral 6Pref Emp 2ILS-A 12ILS-B 12Billboard 2Transit Ad 1Renewal 6Direct Mail 3

Property Research, Analysis and Evaluation

Page 47: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Concept Maps…..• Establish Connections between Ideas you

Already Have

• Uncover new Connections

• Organize logically, but not rigid

Property Research, Analysis and Evaluation

Page 48: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Sample Concept Map

Property Research, Analysis and Evaluation

New Property in the Neighborhood

Closing ContestShops

TrainingStaff

Sources

Traffic

New Signage

Flags

Curb Appeal

Test Upgrades

Our Units

Preferred Employers

Outreach

Loss Leader

Our Rents

Amenities

Pet Park

New Bike

Shop Comps

Qualify?

Page 49: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Activity #4

Outline Or Concept Map?

Property Research, Analysis and Evaluation

Page 50: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

TrendSpotting

Property Research, Analysis and Evaluation

Page 51: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Tips from Sonicbids1. Stop talking and listen

2. Look beyond your own business

3. Visit your alma mater

4. Kill your products before someone else does

5. Think “yes,” not “no”

Property Research, Analysis and Evaluation

Page 52: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

TrendSpotting in Reports• Repetition• Once is a Charm• Knowledge is Power• External influences• Reporting• All alone

Property Research, Analysis and Evaluation

Page 53: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Critical Thinking

Lots of Data…

What’s important and why?

Property Research, Analysis and Evaluation

Page 54: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Ask Yourself• Am I too vague?• Do I have enough facts and figures to

support my plan?• Have I thought of every roadblock or

hurdle?• Do I have enough clear examples?

Property Research, Analysis and Evaluation

Page 55: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Critical Evaluation SkillsUse questions to

Clarify Critical Thinking

Property Research, Analysis and Evaluation

Page 56: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Chapter 4

How to Draw Conclusions

Property Research, Analysis and Evaluation

Page 57: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

The Fourth Step…..

Problems and Issues

Conducting Research

Analysis & Evaluation

Property Research, Analysis and Evaluation

Page 58: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

“Assumption”

“An assumption is a statement that is presumed to be true without concrete evidence to support it”

INC Magazine

Property Research, Analysis and Evaluation

Page 59: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Some Typical Assumptions• This slowdown is temporary – traffic will be back

to normal soon• This resident loves us, so our decision is safe• Our residents want “X”• Our comps can’t beat us at “Y”• We can’t afford to do “X”• We tried “X” before and it didn’t work.

Property Research, Analysis and Evaluation

Page 60: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

As you draw your conclusions…

Check for practices, results, stereotypes and history that you may be assuming has or will happen!

Property Research, Analysis and Evaluation

Page 61: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Activity #5

Identify typical assumptions for each category

Property Research, Analysis and Evaluation

Page 62: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

The Role of Logic

Property Research, Analysis and Evaluation

Are you relying on:

•Evidence?

•Facts?

•Observation?

•Inference?

Page 63: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Three Parts to a Conclusion• Introduction

• Body

• Recap

Property Research, Analysis and Evaluation

Page 64: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Writing Effective Conclusions

• So What?

• Circle Back

• Synthesize

• Action?

• Broaden

Property Research, Analysis and Evaluation

Page 65: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

ConclusionsNever – Ever

• Overused Phrases• 1st Time for

Proposal• New Idea• New Evidence

Property Research, Analysis and Evaluation

Page 66: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Chapter 5

Writing Effective Recommendations

Property Research, Analysis and Evaluation

Page 67: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Effective RecommendationTopics• Recommendations or Conclusions?• Using Debate Skills in Recommendations• Tips for Writing Recommendation• ACTIVITY: Writing Recommendations

Property Research, Analysis and Evaluation

Page 68: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Property Research, Analysis and Evaluation

Research, Analysis & Evaluation Conclusions Recommendations Solutions

Page 69: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Our Example:

Property Research, Analysis and Evaluation

Conclusion: Inadequate service levels are costing

occupancy, income and loyalty

Recommendation: begin new

personalized service program; conduct

focus groups

Solution! Customer retention goes up,

occupancy improves

Page 70: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Consider Who your Audience is!

Property Research, Analysis and Evaluation

Page 71: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

What do I want my Audience to get?

Property Research, Analysis and Evaluation

Page 72: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Wear the Stakeholder’s Shoes

Property Research, Analysis and Evaluation

Page 73: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Personal Move-In

Visit?

Property Research, Analysis and Evaluation

Page 74: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Using Debate Skills to Sell Recommendations

Property Research, Analysis and Evaluation

Page 75: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Debate Skills

Persuasive Verbal ArgumentsConfidence and Clarity

Property Research, Analysis and Evaluation

Page 76: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Debate Skills

Use Big Picture Perspective Counter Opposing Arguments

Property Research, Analysis and Evaluation

Page 77: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Debate Skills

Time Management SkillsLogical & Analytic Thinking

Property Research, Analysis and Evaluation

Page 78: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Debate Skills

Research Skills Reading the Audience

Property Research, Analysis and Evaluation

Page 79: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

An Equal Balance

Research and Organize Evidence

Make Recommendations

Successful Presentation

Property Research, Analysis and Evaluation

Page 80: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Not Accepted???

Property Research, Analysis and Evaluation

Don’t Give Up!

Page 81: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Your Recommendation Checklist

• Restate the Problem(s)• Don’t Assume they think you have the

Answer!• Double-check your research• Prove your Conclusion(s)• Financially Feasible• Look and Sound Professional

Property Research, Analysis and Evaluation

Page 82: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

The Multifamily Professional

Property Research, Analysis and Evaluation

YOU!

Page 83: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Activity #6

Property Research, Analysis and Evaluation

Writing Recommendations

Page 84: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Chapter 6

Property Research, Analysis and Evaluation

Research, Analysis and Evaluation Workshop

Page 85: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Workshop Instructions• Work in small groups• Select a scenario• Complete the Answer Sheet• Present your final Recommendations to

the Class

Property Research, Analysis and Evaluation

Page 86: Introductions Your Name Where You Work Your Job Responsibilities How long have you been in the Industry? Have you ever been asked to research and suggest

Thank You!

Begin to use Your Cognitive Skills TODAY!

Property Research, Analysis and Evaluation