Books to Blocks A home purchasing program for understudy inhabitants.


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224 Garden Style Apartments constructed in two stages in 1963 and 1966 ... Likewise reviewed neighborhood flat buildings at costs, civilities, lease terms, and so on ...
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Books to Bricks A home purchasing program for understudy occupants Presented by: Brian Hellwig, Security and Apartment Manager (bhellwig@kent.edu) Rick Schneiderman, Sr. Monetary Manager (rschnei3@kent.edu) www.Reslife.net November 2008

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Brief History of Allerton 224 Garden Style Apartments worked in two stages in 1963 and 1966 12 Buildings Built in light of changing demographics of undergrads in the 1960\'s Intended object was to house understudies with families

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Years 2000 - 2006 KSU Residence Services, using security stores, contributed over $136,000,000 to construct eight new habitation lobbies and repair all other existing conventional corridors Allerton was excluded Continuing decrease in inhabitance, PLUS genuine and saw inadequacies at the perplexing (value, courtesies, offices, intangibles)

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Allerton Task Force In 2006, a team was delegated by the Director of Residence Services The Charge of the team was to inquire about the issues encompassing Allerton and look for approaches to balance out inhabitance Task Force utilized a SWOTS examination and a review of inhabitants to pick up standard information and produce an arrangement of activity Also overviewed nearby loft edifices at costs, civilities, lease terms, and so forth

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Task Force Findings The "cost and esteem" of Allerton was by a wide margin the greatest downside and worry of occupants Facilities, including open air support were likewise distinguished as requiring consideration Programming and Safety and Security were appraised exceptionally by inhabitants Needed more nitty gritty information from Allerton in regards to inhabitance levels

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Action Plan Strategy Focus on Value Focus on high perceivability, lower cost repairs and renovations Build on qualities of programming to improve group Develop upgraded reporting instrument to investigate Allerton inhabitance

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Action Plan Implementation – FY07 Price Freeze on rent at $690 for 2BR and $660 for 1 BR Huge expansion in promoting through Departmental View Book, and Web Page nearness (concentrate on worth, group, and accommodation) New signage, ball court revive, new model room, supporter to college for expanded thoughtfulness regarding grounds ($30k), painting and rust reduction. Month to month Unit (MU) reporting for upgraded information examination Reduce warming expenses through instruction

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Results – FY 2007 Occupancy Rate – 74.8% Highest Monthly Occupancy Rate – 84.4% Lowest Monthly Occupancy Rate – 57.4% Total Revenue - $1.012 Million Highest Monthly Revenue - $98,327 Occupancy change from FY06 – (2.8%) However, the decrease was least in recent years

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Additional Value Task Force as of now had finished Still concentrating on the quality condition Wanted to diminish turnover and expansion inhabitance; how to inspire individuals to sit tight? Give money related motivators to leasing at Allerton yet Residence Services couldn\'t stand to lessen rent; accordingly thought for home value program advanced

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Books to Bricks Program Home Buying program for Allerton Residents Partnership with Century 21 Prestige Realty – vast nearness in NE Ohio Residents acquire value credits by marking and recharging a lease, furthermore procure month to month credits After inhabitants graduate or leave Allerton Apartments, they may trade their accumulated value credits towards the up front installment on a home Must utilize Century 21 Prestige Realty as their purchasing operator

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Up to $1,000 towards buy of home Good for up to 4 years in the wake of moving out Reduction of "mind channel" of NE Ohio Discounts for moving Educational Home Buying Programs: Mortgage Basics Title Basics Home Inspection Basics What is Books to Bricks?

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How It Works… 1 credit = $1 300 credits for marking/restoring lease 20 credit for every month of residency 540 credits earned following one year Credits useful for four (4) years subsequent to moving out

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Home Sales Price $0 - $49,999 $50,000 - $89,999 $90,000 - $139,999 $140,000 - $189,999 $190,000 - $249,999 $250,000 & up Allowable B2B Credits $0 $300 $500 $700 $850 $1,000 Home Buying Credit Scale

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Benefits to Real Estate Partner Steady pipeline of potential purchasers (more than 200 leases marked every year at Allerton) Develop associations with inhabitants now (home purchasing courses at Allerton) and in future (long haul connections, referrals) Exclusive real estate agent for Allerton Apartments SMART BUSINESS – Commissions on a $150,000 house add up to roughly $4,500 - $9,000 for the specialist/merchant (split equitably). After value credit of $700 there are still noteworthy profit

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Benefits to KSU and Residents procuring critical dollars for home buy Rent cash isn\'t being "discarded" Residents stay in region to stem "cerebrum channel" in Ohio. ( critical vital activity by KSU President ) Stabilize and conceivably develop Allerton inhabitance

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July 2007 – Great Expectations Rent solidified again at $690 for 2 BR and $660 for 1 BR Two new extensive condo edifices start development close Kent grounds Books to Bricks program executed July 1, 2007 Occupancy at Allerton plunges to 2 year low of 54%

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Onward – FY08 August Occupancy – 66.8%; this was 5.9% not as much as August 2006 September Occupancy – 91.7%; this was the most noteworthy month to month rate in more than 2 years September income overshadowed $100,000; first time in more than 2 years First time any building was 100% involved in a month

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Books-to-Bricks Kick-Off September 5, 2007 Official Kick-Off to Books to Bricks was acquainted with Allerton occupants. Secured by grounds Newspaper Covered by grounds TV-2 Reps from Century 21 Prestige Realty Group Reps from Residence Services Virginia Edwards of Century 21 Realty converses with Allerton inhabitants about the new program intended to help them buy homes of their own at the "Books to Bricks" excursion the previous evening. Photograph by Leslie Cusano | Daily Kent Stater

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Educational Programming Century 21 and their Associates Presented Anything and everything to think about purchasing a home Mortgages Title Company Home Inspections first Program hung on Thursday, March 27 th

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Results through April 2008 YTD Occupancy – 85.9%; this is 8.5% higher YTD than FY07 Individual Bldg Occupancy ranges from 80.7% to 91% Seven straight months of over $100k income Estimated FY08 Revenue is $1.15 million versus $1.012 million a year ago.

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Books to Bricks Data Over 250 inhabitants enlisted Approximately $110,000 in credits have been earned by occupants Interest in project seems solid as no less than 4 occupants have met with C21 Reps to talk about home purchasing alternatives It will take a couple of years to evaluate genuine changes of understudy inhabitants transitioning from Books to Bricks

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Establishing a Realty Partnership Our center was keeping inhabitants in NE Ohio; so it was imperative to choose organization with solid nearby ties Wanted a very much regarded organization with national affiliations if conceivable Have a strategy for success; exhibit the advantages of an association with definite budgetary investigations Know what you need and expect out of the relationship, yet be interested in the ability that the realty firm offers

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Costs of Books to Bricks Basically simply the work expenses of two Residence Services representatives to set up and oversee the system Only hard expenses were the printing costs for leaflets - $1,500; and refreshments for home purchasing class C21 paid for all promoting outline costs, sustenance and beverage for commencement party; time and work of land specialists

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Key Points Obtain authoritative consent inside and outside of your lodging program Obtain the gift of your general insight/lawful officer before going into an understanding or offering this system Marketing – sooner the better, and keep premium provoked with intermittent honor authentications, courses, pamphlet pieces, complementary site joins, and so forth

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Key Points Structure system to empower lease recharges; it takes 2 years to procure $1,000 B2B value credits Maintain standard correspondence with your realty accomplice; welcome them to introduce a project on home purchasing nuts and bolts to occupants Select an accomplice who is truly keen on the project and comprehends that a multi-year duty is important (e.g. – B2B credits are great 4 years from date of Allerton flight)

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Future Possibilities… ? Growing to Traditional Residence Halls (understudies and their folks?) Expanding to University workforce and staff

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Submitted by: Brian Hellwig got his college degree in Political Science from Heidelberg College and earned his Masters in Higher Education Administration and Student Personnel from Kent State University where he is at present utilized in the double parts of Apartment Manager for family and understudy Rick Schneiderman got his college degree in Accounting from the University of Akron and earned his Masters in Public Administration from The Ohio State University.  He has more than 13 years in Higher Education Budgeting and Finance, including the most recent four years spent as the Senior Fiscal Manager in the Department of Residence Services at Kent State University

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Books-to-Bricks Any Questions? Brian and Rick would be glad to answer any inquiries you may have with respect to this system. bhellwig@kent.edu rschnei3@kent.edu

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