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How Commercial Property Owners Can Attract New Millennials

How Commercial Property Owners Can Attract New Millennials

 The millennial demographic is a source of fascination and sometimes confusion. It includes people between the ages of 21 and 35, and it’s a group that is having a huge impact on how businesses are marketing and operating. This is a generation of consumers who expect innovation and flexibility. Most of them have never been without a smartphone. When your commercial property is primarily offices, your goal is to retain your current tenants while appealing to new tenants, such as millennials. While a fresh coat of paint and some new flooring was once all you had to do, it’s time to think about different types of upgrades and improvements. Your millennial tenants won’t necessarily care as much that the beige paint looks crisp; they are more interested in technology upgrades you are making. Collegiate and Communal Work Spaces Forget cubicles. Forget a suite of offices. Millennials like to collaborate. Open space offices are especially attractive to this generation. This doesn’t mean you should pile everyone into one big conference room. Think about what a college dorm lounge looks like. Groups should be able to gather in different parts of the office to work together. Employees should also have the option of carving out some solitary space when they need to focus on independent projects. The furniture should include sofas, yoga balls, and mini libraries. The space must be flexible and functional to attract these tenants. Tech Upgrades are Crucial Companies looking to attract millennial tenants are going to need instant and creative access to technology. Smart thermostats that adjust to the time of day and the season are...
Are Your Real Estate Investment Properties Prepared for Hurricanes? National Flood Insurance Program Updates and Hurricane Preparedness Tips

Are Your Real Estate Investment Properties Prepared for Hurricanes? National Flood Insurance Program Updates and Hurricane Preparedness Tips

We’re still in hurricane season, and when tropical storms do occur, they can be catastrophic to property and people. Anyone living along the Atlantic or Gulf coast remembers the active year we had last year, with Harvey, Irma, and Maria. It’s always a good time to make sure your property is protected against the very worst that Mother Nature can bring, and to be sure you’re all set with flood insurance. The National Flood Insurance Program is in need of reform and sustainability, and at Latter & Blum Property Management, we are doing everything we can to ensure property owners and investors remain protected. Preparing Your Rental Property for a Hurricane You don’t want to begin preparing for a storm once the rain and wind start. Have a plan in place ahead of time. You’ll want to make sure you have good relationships with local vendors so that they can come out to your property to address any damage as soon as it’s safe. You’ll want to make sure all maintenance and repairs have been completed, and there are no loose roof shingles, overgrown branches, or shaky window panes. Do a complete pre-hurricane season inspection so you know that your property is secure if a storm does hit. Provide your tenants with some tips. If they’re going to stay in place through a hurricane, they should have plenty of food, water, and batteries, and they’ll need to know how to communicate with you. Review your insurance policy so you know how to file a claim and what might be covered or denied. The National Flood Insurance Program Having a...
Beyond the Backlash: Dark Store Theory & the Impact on Commercial Property Investors

Beyond the Backlash: Dark Store Theory & the Impact on Commercial Property Investors

 If your retail or commercial space is facing challenges when it comes to re-tenanting, one of the newest trends in facilities management is the Dark Store Theory. The concept is taking hold, particularly among big-box retailers, and today we’re talking about the pros and the cons of this idea. Extra Space Management: Losing Brick and Mortar Ground Many big-box retailers are closing down. It’s not necessarily a lack of business; it’s simply the gains that e-commerce has made in the last couple of decades. When brands decide to abandon their brick and mortar storefronts, property owners are left wondering how to fill that space. Leaving it empty isn’t a viable option; vacant properties attract decay and deterioration as well as squatters and intruders. In an effort to attract new tenants to those spaces, investors are having to negotiate rents that are extremely reduced. This problem can have a significant impact on ROI. Dark Store Theory: A New Way to Value Space Dark Store Theory, or DST, would have property appraisers and tax assessors value a retail property based on its unoccupied value. When a property is unoccupied, it’s dark, and thus not bringing in any earnings. This is contrary to how such properties are currently valued, which is with the assumption that a tenant will be in place, paying market rent. This theory is based on the idea that real estate shouldn’t be valued on its potential to attract income, but on its physical structure and attributes. What it means for Landlords and Investors and Facilities Management This is not a proposal that local governments and tax authorities...
Making Sure Your Real Estate Investment is in the Right Hands

Making Sure Your Real Estate Investment is in the Right Hands

When you cannot be near your real estate investment, you want to be certain you’ve placed it in the right hands to keep it safe and secure. A good property management company can keep your rental properties occupied, maintained, and performing as well as you expect. Today, we’re discussing some of the things you want to make sure your property management company is doing. Designations and Accreditations Work with a management company that is active in professional organizations and in possession of valuable accreditations. For example, an Accredited Management Organization (AMO) will meet specific certification criteria. This accreditation is administered by the Institute of Real Estate Management (IREM), and not every company has it. To meet the AMO standards, a management company must abide by a professional code of ethics that’s based on property management best practices. You know you’re getting excellence when you hire a management company that’s AMO certified. Experience and Stability Successful real estate investing means relying on a property management company that is established and respected in the local market. You want someone that has a track record of success, and an excellent reputation. As an investor, you don’t want to worry about someone stealing from you, mishandling your finances, or missing important deadlines that put you at risk. Many mom and pop shops do a great job for their clients, but you’re safer with a company that has deep financial resources, adequate insurance, and the technology available to manage your property efficiently and effectively. Responsiveness and Accountability A good property management company is responsive, and experienced when it comes to handling emergencies and disasters....
What a Property Management Company Can Do for an Institutional Investor

What a Property Management Company Can Do for an Institutional Investor

Institutional investors have the opportunity to do very well in a market like New Orleans, especially if they have the right help. If you’re working with a team that understands the value of income producing property and has the experience and the local market knowledge to help you succeed, there’s no telling what you can achieve. Today, we’re discussing some of the benefits of working with a local management company if you’re an institutional investor buying property in New Orleans and the Gulf South. Real Estate Investing: One Stop Shopping You don’t have time to shop around for all the different services and partners that you’ll need for successful real estate management. It’s better to work with a company that can handle everything for you. At Latter & Blum, we are experienced and knowledgeable in everything from the real estate market to construction and leasing. We handle everything in the investment cycle for you – from start to finish. This takes a lot of pressure off you, and allows us to operate more efficiently on your behalf. Understanding Net Operating Income Everyone understands ROI, but a great management company will help increase your NOI – or Net Operating Income. That’s an important number. Whether you are focused on residential real estate or commercial real estate, we know how to help you earn more. We’ll increase the value of your asset and drive up shareholder wealth. Better Service and Management of Rental Properties You need a team that can advise you on capital improvements, find and select the best tenants, and attract additional income to your portfolio. As a third...
Debbie Harvill Named NAI Global Property Management Council Chair

Debbie Harvill Named NAI Global Property Management Council Chair

Debbie Harvill, CPM© has been named the 2018 Property Management Council Chair for NAI Global, a leading global commercial real estate brokerage firm. Harvill is the Executive Vice President and Chief Operating Office of Latter & Bum Property Management, Inc., the largest third party property management firm in Louisiana and one of the largest in the southeast. “Debbie brings more than 35 years of experience in all aspects of property management that will greatly benefit our professionals,” said Jay Olshonsky, President, NAI Global. “We are delighted that Debbie will serve in this role to advance the organization’s efforts.” As Chief Operating Officer of Latter & Bum Property Management, Harvill oversees the management of over 18+ million square feet of commercial space representing a wide range of property types and sizes....