research, analysis and evaluation. introductions your name where you work your job responsibilities...

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?

January 2013 Revision 1

Property Research, Analysis and Evaluation 2

Today’s Agenda Identifying Issues and Problems Conducting Research Analysis and Evaluation Techniques Finding and Supporting Conclusions Making Persuasive

Recommendations



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



You Already know How to Analyze!



Overview – Business Analysis

Identifying Business Needs

Determining Business Solutions



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?



Chapter One

Identifying Issues and Problems



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

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

Strategies How to Write a Problem Statement CLASS ACTIVITY



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



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



Some Typical Rental Housing Issues



Activity #1Identify potential

problems or missed opportunities for your

assigned issue.



Identify and List Present Conditions



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



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



Goals can Change!



Sample Strategies to Achieve Goals

RefinancingProperty ImprovementsRenovation or RetrofitProperty ConversionProperty ExchangeProperty Liquidation



Example Strategies



Short Term Hold - - - Long Term Flooring??January 2013 Revision 1


Problem Statement

1. Illustrates a clear vision of where we want to go

2. Describes current errors or shortcomings

3. Identifies the method to identify and solve the problem(s)



Problem Statements May Change!



Three Parts to a Problem Statement

STATEMENT 1 – Description of the ideal scenario

STATEMENT 2 – The reality of the situation STATEMENT 3 – The consequences for the

audienceConclude with proposed research to

investigate the possibility of making the reality more like the ideal!



Review the Sample Problem Statement



Activity #2

Writing Problem

Statements



Chapter Two

Conducting Research



Conducting Research -Topics Gathering Information Taking Notes Multifamily Rental Housing

Data ACTIVITY: DATA GATHERING Information Overload



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.



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



Using the Internet

Know your Purpose

Don’t believe Everything

Smart Search Tactics Key words Gateway sources


Property Research, Analysis and Evaluation

30

DON’T FORGET!

Use Company and Property Documents and Reports!



Research Topics to ConsiderExternal

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



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 quotesJanuary 2013 Revision 1


Activity #3

Research Practice



Information Overload!!



Looking for Meaningful Material

Keep your Problem Statement 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.



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!January 2013 Revision 1


Chapter Three

Analysis & Evaluation



NOW ITS TIME TO ANALYZE

Did your research change your suggestions?Will your final recommendations change?

January 2013Course 9: Research, Analysis &

Evaluation 39

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


Evaluation 40

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.


Evaluation 41

Potential Solutions Process Improvement

Organizational Change

Strategic Planning

Policy Development


Evaluation 42

Multifamily Business Analysis


Evaluation 43

Preparing and Using Outlines

Working OutlineVs.Final Outline

January 2013Course 9: Research, Analysis

& Evaluation 44

Typical Outline Structure

I. Major Component of IssueA. Smaller Factor of the Component

1. Details2. Details3. Details

B. Another Smaller Factor of the Component1. Details2. Details

II. Second Major Component of Issue


Evaluation 45

New Construction Down the Street

Review Example


& Evaluation 46

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!


Evaluation 47

Sorting Major Topics Chronology

Cause/Effect

Compare/Contrast


Evaluation 48

Concept Maps


& Evaluation 49

Numbers or Patterns?


Evaluation 50

Concept Maps….. Establish Connections between Ideas

you Already Have

Uncover new Connections

Organize logically, but not rigid


Evaluation 51

Sample Concept Map


Evaluation 52

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?

Activity# 4

OutlineOr

Concept Map?


& Evaluation 53

TrendSpotting


& Evaluation 54

Tips from Sonicbids

1. Stop talking and listen2. Look beyond your own business3. Visit your alma mater4. Kill your products before

someone else does5. Think “yes,” not “no”


Evaluation 55

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


Evaluation 56

Critical Thinking

Lots of Data……What’s important and why?


& Evaluation 57

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?


Evaluation 58

Critical Evaluation Skills Toolkit

1. Students teaching Students

2. Group Problem solving

3. Using Questions to encourage Critical Thinking


Evaluation 59

Chapter Four

How to Draw Conclusions


& Evaluation 60

The Fourth Step…..


Evaluation 61

“Assumption” “An assertion about some

characteristic in the future that underlies the current operations or plans of an organization”

RAND Corporation


Evaluation 62

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.


Evaluation 63

As you draw your conclusions…..

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


& Evaluation 64

Activity #5

Identify typical assumptions for

each category


& Evaluation 65

Reasoning Skills Inductive Reasoning

Deductive Reasoning


Evaluation 66

Inductive Reasoning Starts from specific facts or

observations to arrive at a general conclusion

A “prove it” approach Relies on generalizations (could be

misinterpretations!)


Evaluation 67

Deductive Reasoning Starts from a general observation

and works back to a specific example

Relies on inference (conclusion) Relies on all parts of the premise to

be connected (what happens to variables?)


Evaluation 68

Three Parts to a Conclusion Introduction

Body

Recap


Evaluation 69

Writing Effective Conclusions

So What?

Circle Back

Synthesize

Action?

Broaden


Evaluation 70

ConclusionsNever – Ever Overused

Phrases 1st Time for

Proposal New Idea New Evidence


Evaluation 71

Chapter Five

Writing Effective

Recommendations

Effective RecommendationTopics Recommendations or Conclusions? Using Debate Skills in

Recommendations Tips for Writing Recommendation ACTIVITY: Writing Recommendations

January 2013Module 9: Research, Analysis &

Evaluation 73


Evaluation 74

Our Example:


Evaluation 75

Consider Who your Audience is!

Module 9: Research, Analysis & EvaluationJanuary 2013 76

What do I want my Audience to get?


Evaluation 77

Wear the Stakeholder’s Shoes


Evaluation 78

Personal Move-In Visit?


Evaluation 79

Using Debate Skills to Sell Recommendations


Evaluation 80

Debate Skills

Persuasive Verbal Arguments

Confidence and Clarity


Evaluation 81

Debate Skills

Use Big Picture Perspective

Counter Opposing Arguments


Evaluation 82

Debate Skills

Time Management Skills

Logical & Analytic Thinking


Evaluation 83

Debate Skills

Research Skills Reading the Audience

January 2013

Module 9: Research, Analysis & Evaluation 84

An Equal Balance


Evaluation 85

Not Accepted???


Evaluation 86

Don’t Give Up!

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


Evaluation 87

The Multifamily Professional


Evaluation 88

YOU!

Activity #6

Writing Recommendations

January 2013Module 9: Research, Analysis

& Evaluation 89

Chapter Six

Research, Analysis and

Evaluation Workshop

January 2013Module 9: Research, Analysis

& Evaluation 90

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

to the Class


Evaluation 91

Thank You!

Begin to use Your Cognitive Skills TODAY!


& Evaluation 92

research, analysis and evaluation. introductions your name where you work your job responsibilities...

Documents

property research

property problem

new apartment property

evaluation course

evaluation techniquesfinding

potential problems

list present

use of reasoning