Ellis Consulting has completed thousands of consulting projects ranging from significant property repositioning campaigns to basic troubleshooting for under-performing assets. Our team of consultants, led by ECG owner Rick Ellis, can help you identify the source of your marketing or operations concerns and create a unique and effective solution.
Our comprehensive consulting services include, but are not limited to:
- Marketing Observation and Recommendation Report
- On-site personnel evaluation
- FFF – Field, Find, Fix Onsite
- Innovative lease up and Resident lease renewal programs
- Property/product evaluation and upgrade recommendations
- Rental rate, deposit, and incentive positioning
- Property and Resident service systems review
- Special problem consulting and troubleshooting
The more unique your problem or challenge, the more creative is the solution we will provide. Regardless of your particular management or marketing dilemma, we have probably seen it before.
Multifamily Industry Consulting
The ELLIS Consulting Group “Marketing Observation and Recommendation” process and a written report is a special consulting service designed to diagnose challenges, problems, and conditions that have become barriers to an apartment community (or communities) in reaching its fullest potential as an income-producing asset. It is an executive-level troubleshooting exercise that might be compared to a medical check-up. Much like a medical doctor, ECG uses a checklist to review almost every aspect of the property’s operations including management, Resident relations, marketing and leasing, and maintenance services. After our diagnostic evaluation, we then prescribe or “recommend” solutions and alternatives.
Using a systematic approach, an ELLIS property management consultant will visit the subject property and “observe” the daily operations and make extensive notes on a special checklist. This observation format is rather simplistic but thorough and follows the traditional Four P’s of apartment marketing;
People
While we cannot provide a comprehensive assessment of your on-site team in a single visit to your community, we can ask questions, review procedures and records, observe the work patterns and leadership style, and visit with the Residents and vendors to identify any critical personnel challenges or weaknesses. With more than 25 years of experience, we find that this first and most important P, People, is usually the root of all problems.
Note: Our “people” observations include a review of the management style and effectiveness of the individual or individuals who supervise the on-site manager and the rest of the on-site employees.
Product
We will review many aspects of the apartment community’s overall desirability and functionality. Along with the third P below “price”, our study will determine if the curb appeal, signage, office/leasing center, common areas, amenity package, unit condition, and floor plans are compatible with the property’s target or best rental prospect market. Even the best on-site team cannot lease and retain Residents with an inferior product.
Price
How do the monthly rental rate and the total cost to move-in impact the success of this multi-family asset? Do rental rates seem to be in line with the property’s actual comparables? In their leasing presentation, is the staff creating the value in the property that justifies the current rental rates?
Note: This study DOES NOT include a Market Comparable Study. We will review comparable information provided by the on-site team or the management company/owner. EPMS can provide custom comprehensive market studies in an easy to use and interpret format at an additional cost.
Promotion
The final part of the study is a review of all current marketing and advertising. This will require a review of current traffic records and leasing policies and procedures. In this portion of the report, we also review current “re-marketing” or Resident Retention and lease renewal practices and procedures.
A written report is provided – usually within ten days of our property visit – that provides an overview of our observations along with some general and specific recommendations that will result in an increased value of the property. While the written report is comprehensive, we do not fill it full of public statistics and general demographic information that is available to anyone through the Internet.
The “Marketing Observations and Recommendations” Study is a custom report designed to provide an immediate impact on your real estate asset and the on-site employees. A verbal report with recommendations in lieu of the written report is also available.
Field, Find and Fix
The following program is designed by ELLIS Consulting Group (ECG) to provide management, marketing, sales consulting to apartment communities that are currently underperforming due to difficult markets and cutthroat competition. ELLIS Consulting Group, an Irving, Texas-based marketing and consulting company, will provide its immediate expertise and experience to assist apartment communities in an especially challenging market or situation to reach their occupancy and economic goals.
Field, Find, and Fix describes the process of visiting the targeted property or property cluster, determining the key problems and challenges, and solving or “fixin” these issues on the spot through coaching, training, and immediate adjustments and repositioning of the onsite team’s marketing, resident services, lease renewal efforts, and leasing strategies. Rather than writing an extensive written document that may take weeks to complete, the goal is to address all issues during the visit and leave the property in a more productive and market-oriented position.
Field
- A two to three-day “FIELD” visit to the community and its submarket
- Work with the property supervisor and/or on-site business manager to survey current property operations and the property’s primary comparables
Find
- Using a comprehensive “check-list”, identify the property’s most significant challenges
- Discuss with the property supervisor and/or manager to determine their perspective of these challenges
Fix
- Create a new or updated strategy to make an immediate impact on the asset’s income and occupancy
- Provide up to a half-day in training to address such issues as leasing, marketing, and teamwork
- “Coach” and encourage the staff during the entire two to three-day “FIXING” process
Market Comparable
Ellis Consulting Group is able to assist you in providing market comparable studies for all your properties. A market comparable study can be completed in three distinct phases:
Phase I – Comparable Property Information
The first phase will be the gathering and reporting of all comparable property information including, but not limited to, amenities, unit mix, rent schedule, vacancies, incentives, advertising, and leasing policies.
Phase II – Comparison of Comparable Information
The second phase of the study includes a comparison of all comparable properties, using graphics and charts to analyze and “grade” amenities, unit cost, floor plans, and market/net rental rates. We recommend this phase be completed with an actual visit to the site.
Phase III – Complete Market Comparable Study and Analysis
The third and final phase will be the complete, comprehensive Market Comparable Study. This study will provide an analysis of the existing market and how your property should position itself in rental rates, amenities, and floor plans to be competitive and successful. The subject community’s unit mix, rental schedule, and amenity package will compare with all the study comparables. Finally, we offer pertinent observations and economic analysis of the region and apartment submarket.
Each phase gives more detail and analysis about a given market or submarket in which you own or seek to acquire apartment communities. These three phases build upon one another with the final phase a full market comparable study, utilizing all the information and work of the first two phases. The study can be stopped after any phase should the information gathered be sufficient to meet your objective
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