Designed to meet the growing demand for one- and two-person households in urban centers, micro-apartments target middle-class, single, and Generation Y residents, who may otherwise be unable to afford housing in these prime neighborhoods. Often smaller than existing city codes allow, the rise of micro-apartments has driven some mayors, like Mayor Bloomberg, to modify minimum living space ordinances.

Investors see micro-apartments as profit opportunities, while property developers are creating entire micro-apartment developments. Property managers in densely-populated cities have the opportunity to capitalize on this trend. Managers should take the time to understand this new market opportunity and work alongside property owners and developers to execute a plan with long-term profit potential.

The Case For Micro-Apartments

If you own properties in population-dense cities, this could be an opportunity to convert existing units into micro-units. This gives you more rentals within your portfolio.

For example, New York City sets its minimum square footage to 250, and the average square footage of a one-bedroom apartment there is 750. This means you could create three micro-apartments out of one average-sized apartment.

These units will command lower than average rent, but of course you now have more units. For example, 300-square-foot units offered by Smartspace in San Francisco are going for $1,600 a month. While still pricey, this is considered a bargain in the city, where the average rent was $2,741 in Q4 2012.

If one traditional unit equals three micro-units, this scenario would yield $4,800 in a month’s rent–two thousand dollars more than the income from an average rental.

Micro-apartments are competitively priced and access an underserved tier of the rental market that really wants to live in these neighborhoods. The target demographic for micro-apartments wants to live in urban centers but struggle with the high rent common in urban neighborhoods. The lower rents of micro-apartments give renters a way to live centrally as long as they are willing to sacrifice square footage.

Furthermore, existing apartments aren’t the only kind of building that can be converted into micro-apartments. Developers in Chicago have been flipping foreclosed flophouses into micro-apartment development projects since last year.

And just this month, architects in Providence, Rhode Island, converted a historic mall that was on the Providence Preservation Society’s “10 Most Endangered Buildings” list into a micro-apartment complex with 48 apartments. Opportunities for conversions of structures like these are plentiful.

Considerations for Property Owners on the Fence

There are, of course, many things to keep in mind before determining whether this is an optimal decision for your portfolio. For example, more units will require more maintenance, and having more tenants can lead to more administrative duties. Determining your bandwidth to manage more properties is essential in the planning phase.

The cost of either converting or developing a micro-unit community is also something to consider. Smart design is necessary to ensure all a resident’s needs are encompassed in a mere 250 square foot space (or less–in San Francisco, the minimum square footage is 220 square feet).

It’s a bigger task than simply chopping an average rental into two or three units. And in addition to design fees, there will of course be sizable construction costs and lost rental income while units are being converted.

It’s also vital to assess your market opportunity. Are your properties in a prime or up-and-coming neighborhood? Does the right demographic–single and two-person households seeking an affordable, urban lifestyle–live there now, or aspire to live there? And will this neighborhood and demographic profile remain in place for several years?

As a property manager, how do you feel about this trend? Is it one your management company has considered becoming a part of? Or, if you have experience managing such properties, what advice would you give other managers considering this? Feel free to share your thoughts below, or email me: ashley@softwareadvice.com.

Layout image was provided by the NYC Mayor’s Office via CBS New York.

Web: http://blog.softwareadvice.com/articles/property-management/why-property-owner-should-consider-micro-apartments-0413/

So ask yourself this: What kind of image does your telephone system present to those who call your company? One of the best ways small businesses can improve their image is by switching to a voice over Internet protocol, or VoIP, phone system. VoIP can help any size business project an image of professionalism and appear larger than it really is, which can help overcome any qualms customers may have about working with smaller, less established companies.

Stefan Horbonis, who owns APA Financials, a company that buys restaurants, says that caller perception is critical for his business. “For us, it’s not just about looking big—it’s also about looking professional, because very sophisticated business people and investors are calling into our phone system. We can’t afford to look small and unsophisticated.”

VoIP phone calls are made and received via an Internet connection instead of an analog landline. This provides access to more features at a lower cost, such as auto attendant, call routing and voicemail and fax-to-email. “With business VoIP, small businesses have access to sophisticated telephone features that, in the past, only big businesses could afford,” says Yaniv Masjadi, the vice president of marketing for Nextiva, a cloud-based unified communications provider.

Auto Attendant Answers and Transfers Incoming Calls, 24/7

The auto attendant and intelligent call routing features work by automatically answering calls with a recorded greeting and directing them to the appropriate contact within the company, regardless of whether or not they’re in the office. For some small businesses, this can eliminate the need for a separate receptionist, which makes it both an efficient and cost effective solution.

This feature is especially beneficial for small firms, says Jeff Palmer, a lead management specialist with Jive Communications, a provider of enterprise-grade hosted VoIP and unified communications. “Even a one-person business can route calls to different ‘departments’ like billing, customer service or sales, which creates the impression of being larger and more sophisticated,” he explains. “It gives customers the best experience when they call in—they are automatically routed to the person who can best help them.”

Horbonis’ business VoIP telephone system handles all incoming calls to his investment company as well as his West Palm Beach restaurant, the Gourmet Deli House, on separate lines and routes them appropriately. Calls from vendors, for example, are transferred to management, while calls from customers for take-out orders are directed to another service provider that relays these orders to the restaurant.

With many VoIP systems, incoming calls can be directed to employees’ cell phones when they’re on-the-go. This can be an especially valuable feature for small companies where maintaining constant communication with all customers is absolutely essential, and a single missed call can mean lost revenue.

Dr. Marc Kay, D.D.S., the owner of Phoenix-based 19th Avenue Dental Care, also cites the auto attendant as the most useful feature for his practice. Kay decided to switch to business VoIP after years of "being ripped off by the phone company," and now pays 50 percent less for his phone service.

“If all our receptionists are busy, the auto attendant automatically routes calls to my cell phone so I can talk directly to patients if there’s a dental emergency,” he explains.

Voicemail to Email Conversion Prevents Gaps in Communication

Tratt Properties, a Phoenix-based commercial real estate firm, switched to Nextiva’s business VoIP recently after what owner Jonathan Tratt called a “small business nightmare” with its old landline phone service provider. “I don’t have time to be put on hold by the phone company or passed from one person or machine to the next. It has been a pleasure to have a phone system that is state-of-the-art and offers the same sophisticated features large corporations use.”

Tratt uses a number of his VoIP phone system’s features, but says one of his favorites is voicemail to email conversion. This feature is particularly helpful for companies with staff who take frequent business trips, particularly overseas. Given the inevitable lapses in communication that often accompany travel due to time zone differences and unreliable cell phone service, voicemail to email conversion helps ensure that important messages are promptly received and answered.

“I have the opportunity to travel internationally and my voice messages are converted into emails and forwarded to me so I can listen to them on my iPhone wherever I am in the world,” says Tratt. “This enables me to be more responsive to my customers. Plus, I have an electronic copy of the message if it’s ever needed.”

By helping smaller companies appear more reliable and accessible, this feature can be an essential tool for building a credible reputation that helps both retain and accrue new clients.

Online Admin Tool Enables Quick and Easy Customization

Many VoIP systems offer an online management platform that allows users to quickly change settings. This feature helps small businesses maintain an efficient, professional appearance despite periods of rapid growth or change, e.g. adding a number of employees or positions in short succession, expanding office space, having employees who are constantly traveling, etc.

“I can log into my VoIP system on Jive’s website from anywhere and route calls and call forwards, create new lines and users, customize the auto-attendant—the sky’s the limit,” says Horbonis. “A traditional landline phone system doesn’t allow you to do any of this yourself.”

Ely Alexander, the CEO of Los Angeles-based Retrospec Bicycles, also appreciates his business VoIP phone system’s admin capabilities. “It’s easy to customize the phone system’s settings and change extensions using the online admin tool,” he says. “For a growing business, VoIP is definitely what you need.”

Don’t Neglect Your Telephone System

With so much business communication today taking place via email, social media, texting and the like, it can be easy to neglect the business telephone. Daryl Reva, the director of channel marketing for Fonality, a developer and marketer of cloud-based business and unified communications solutions, stresses the importance of your business’ core telephone system.

“A phone call is often the first interaction customers have with your company, setting the standard for the experience and quality of service they can expect going forward,” he says. “Therefore, it’s critical that small and mid-sized businesses make the right first phone impression. Implementing a business VoIP phone system enables you to do this while also presenting an image of professionalism and sophistication.”

Don Sadler is a freelance writer and editor who specializes in the areas of business and finance, which he has covered for nearly three decades. Throughout his career, Don has worked with some of the nation’s largest financial institutions, investment companies and financial publishers in the creation of content for all mediums: print, online and broadcast. Learn more about Don and his writing background at his website, www.donsadlerwriter.com.

Thumbnail image created by elminium.

Source: http://blog.softwareadvice.com/articles/business-telephony/how-voip-makes-your-organization-appear-much-bigger-and-more-sophisticated-0513/

Fortunately as the internet and cellular technology matured it became easier for a mobile salesperson to stay in touch via any smartphone or tablet. Combining the use of a smartphone with access to mobile CRM allows constant contact with the office.

Let’s take a look at a day in the life of a mobile salesperson through the guise of modern technology.

It starts with the alarm beeping…

Reaching over to turn off the alarm on his cell phone, the mobile salesperson unplugs this essential device from the charger before quickly checking his email.

His office is in New York and despite the early hour in LA everyone back home is already working. His inbox is filled with messages keeping him up-to-date and he makes note of the email regarding the importance of checking inventory levels.

Next the salesperson looks at his Tasks on the mobile CRM. Here he has a clear view of the meetings he will have today, plus any other actions he must perform.

Fast forward to breakfast, our salesperson is busy prepping for the first meeting of the day. He’s meeting with a major client who has requested an overview of a new product his company recently started manufacturing.

Sales of this new product are fantastic. They’re so good that inventory is difficult to maintain so to double check stock levels the salesperson logs into his CRM to ensure there is enough on hand for what the client will likely require.

In the meeting the client surprises him by requiring more stock than his company has available. Our salesperson has done his homework so he informs them of the quantity that can be immediately shipped and estimates the time it will take for the remainder to be delivered.

 Later in the day…

At lunch the salesperson takes a few minutes to update his CRM with notes from the morning meeting and places the company’s order.

As he is doing so he receives a new lead alert via his smartphone from a prospect who wants to take a look at another product his company builds.

This is not an organization the salesperson happens to be overly familiar with so he takes a second to refresh his memory on the key players in the firm and what their needs are.

That afternoon the salesperson walks into the meeting and nails it, thanks to his selling skills of course and a solid assist to easily accessing prospect details. Afterward he logs into the CRM to update the status of the company in the system – it is now a solid opportunity.

On the flight home the salesperson takes a minute to review his progress toward this quarter’s goals. With a trip this successful, he’s well on his way.

Information is preparation

It’s no longer excusable for a salesperson to come to a meeting unprepared. He should know who he is meeting with, have awareness of their needs, and know inventory levels.

This is all possible with mobile CRM access which is transforming the efficiency and capabilities of a sales force.

It shouldn’t need to be said that if your organization comes prepared and the competition not, your firm instantly looks better, seems more together, and demonstrates a flexibility and responsiveness not found in alternative suppliers.

If you’ve been neglecting mobile CRM we invite you take a look at Maximizer Mobile Access which works on every modern smartphone and tablet. Click here to demo.

Source: http://www.maximizer.com/blog/a-day-in-the-life-of-a-modern-mobile-salesperson/

More: http://www.zdnet.com/crm-watchlist-2013-winners-social-is-as-social-does-the-mainstream-part-1-7000012230/

Source: http://blog.softwareadvice.com/articles/scm/government-incentives-fuel-efficient-commercial-trucks-0413/

Is your organization in need of a customer relationship management system that can support transactional data in multiple currencies?  If the answer is “yes”, then Microsoft Dynamics CRM may be the one for you.

Dynamics CRM is a multicurrency system in which each system entity record (Opportunity, Quote, Order, Invoice, etc.) or custom entity record can be displayed in their own transaction currency. Base currency(such as the currency used at your company headquarters) amounts  are also reserved on each record, allowing you to accurately report on and analyze all data across the organization in a single currency.

Here’s how it works:

When setting up your Dynamics CRM organization, you’re asked to select your organization’s base currency.  This is usually the currency that your company headquarters uses.  Once your CRM organization is set up, this currency is set up in your system and automatically becomes the default organization currency used when creating new records.  An administrator can then start adding additional currencies in your organization.  When adding a new currency, you can select from the available list of 174 currencies the system provides, or opt to create a custom currency.

After you select the currency you want to add, you indicate the current exchange rate which is the value equal to 1 of your base currency.  These exchange rates are maintained manually, but a custom process/3rd party solution can be deployed to update them automatically.  Once your currencies have been added, users can opt to set one of the additional currencies as their default or continue to use the organization’s default base currency. This becomes the default currency on each record they create, but it can be changed.  Each record will display currency amounts in the chosen currency for the record as well as the base currency amounts and exchange rate.  So you can report on and analyze data based on the currency selected for the record or utilize the base currency amounts in order to report on data across the entire organization.  The currency and amounts on each record are displayed the same for every user.

When exchange rates change in your currency table, the base currency amounts and exchange rate on existing records remains the same, allowing you to keep the history.  If a record was pre-existing but still open (such as an Opportunity that hasn’t been Won yet), the base currency amounts and exchange rate on the record will update when you modify one of its currency amounts, change the currency, or when you close the Opportunity.  However, a custom process can be set up to update existing records based on certain criteria if, for example, you are reporting on Open Opportunities utilizing the base currencies and you needed to keep it up to date.

For more information on how currencies work in Dynamics CRM, you can read more about it here:

http://msdn.microsoft.com/en-us/library/gg328355.aspx

If you need help setting up your multi-currency Dynamics CRM system, please reach out to the Beringer Team at www.beringer.net; info@beringer.net; 856-910-7771.

Founded in 1993, Beringer Associates is a leading IT solutions provider specializing in IT Services & Support, Customer Relationship Management (CRM), CRM for Distribution, and Business Telephone Systems/VoIP.  Headquartered in Pennsauken, NJ, the firm has 20 years of experience helping businesses plan, implement, and support CRM initiatives, with a proven implementation methodology that drives business success. Beringer is a Microsoft Gold Certified Partner, representing the highest level of competence and expertise with Microsoft Technologies.

Dynamics CRM Multi Currency: How Does it Work? is a post from: CRM Software Blog

Source: http://www.crmsoftwareblog.com/2013/05/dynamics-crm-multi-currency-how-does-it-work/

Web: http://www.crmsearch.com/cx-research.php

Source: http://www.crmsoftwareblog.com/2013/05/resco-mobile-crm-at-your-fingertips/

More: http://www.maximizer.com/blog/10-ways-crm-software-can-boost-revenue/