Colorado Rental Housing Journal June 2014 by Professional Publishing, Inc

Rental Housing Journal Colorado

June 2014 - Vol. 6 Issue 6

2. Experts on… The Ultimate Set of Property Management Tools

3. Dear Maintenance Men 7. Shoptalk

2. Energy Efficient Window Shades and Blinds

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LED Lighting Will Help You Save Money and Give You Better Lighting at the Same Time

ne important place to find savings is in your electrical/ lighting Budget. Every year we waste over 57% of the energy we import or generate in the form of leaks and unused heat. Inefficient lighting, especially the incandescent kind, greatly contributes to this while providing poor lighting quality. Both incandescent and fluorescent bulbs, in a variety of applications, give off more energy in heat than they do in lumens, effectively draining power while trying to do their job. Commercial owners, especially those in the office and retail sectors, spend over 34% of their energy cost on simply powering their lights, and this does not account for the repair and replacement of the fixtures and ballasts. As energy costs continue to rise, even in the Pacific Northwest where we enjoy cheap energy, small increases in the cost per kWh can mean hundreds more on your energy bill. Switching to a more efficient and durable light source, like LED lighting, will reduce energy consumption, increase the lifetime of your lighting assets, and reduce your environmenContinued on page 4

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How Financial Spring Cleaning Can Lead to a Richer Long-Term Outlook 3 Areas to Consider for Increased Savings

ne lesson the average American should have learned from the recent financial crisis and gradual recovery is that putting more money into savings is, in general, good, says veteran financial expert Jeff Gorton. “When things are fine, most of us are prone to commit less of our money to savings; when the economy is down, however, we realize that having money is far more important than spending it on things we don’t need,” says Gorton, a veteran Certified Public Accountant and Certified Financial Planner™, and head of Gorton Financial Group. The personal savings rate in July 2005 hit an all-time low at just 2 percent, according to the Bureau of Labor Statistics. But in May 2009, near the beginning of the recession, the average American’s savings rate hit a high of 8 percent. “That rate dwindled as the economy recovered, which is unfortunate because you can do more with accumulated money, including benefit from investments yielding

compound interest, which means that interest also earns interest in an investment,” says Gorton, who suggests practical ways to trim spending in the short term in order to get your financial house in order and accumulate more money in the long term. • Car buying says plenty about how a consumer views their money. For most Americans, the question is whether to buy new or used. The moment you drive a brand new car off the lot after the purchase, the car’s value drastically drops. Many of the benefits you may enjoy in buying a

new car can be had with a certified pre-owned car: low miles, good-asnew functionality and, usually, that new-car smell. And, a given model will have a history, so you can avoid cars that have been recalled. Buying a certified pre-owned car will save you several thousands of dollars versus buying new. • Summer vacation is an important lifestyle enhancer for many couples, but consider replacing the $400-per-night hotel with a condo rented through a private owner, esContinued on page 7

Insight Into a Successful Apartment Management Company What Really Makes it Work!

recently had the opportunity to visit with Dick James, the owner of Dick James & Assoc., a wellrespected apartment management company currently managing more than 6,000 units in three States. In life, there are individuals that you meet that you appreciate for their enthusiasm about their work, treating everyone in their company as

Current Resident or

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“family” and taking a sincere interest in every employee. Dick’s web site (www.djaproperties.com) notes that “they care for every property like they own it”. He attributes his success to this mandate – plus some very basic philosophies. His answers to my questions provide insight on how a successful company works. Jim Kasten: How did you get into

managing apartments? Dick James: I was a very active apartment broker in the Sacramento area for many years, and then I started putting together a large number of partnerships that invested in and purchased apartments. I had worked with a number of management companies with mixed results, leading Continued on page 6

Advertise in Rental Housing Journal Colorado Circulated to over 6,000 Apartment owners, On-site, and Maintenance personnel monthly.

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Experts on… The Ultimate Set of Property Management Tools

ental Housing Journal posed this question independently to four industry experts: “If you were to look into the toolbox of a successful property manager, what 3 tools would you expect to see?” Here’s what they all had to say… Kate Good: Flexibility - Due to the fact that there is a lot about the role of a manager you cannot control, flexibility will keep you on a successful path. I have encountered people who are too rigid to be flexible and they end up being rather miserable to be around. This has lasting effects on the people around you and will show up in their attitude. A manager must demonstrate their ability to do a great job no matter what lands in your lap. Awareness - All problems can be solved. Sometimes you will need to think through the problem and other times you will go around the problem. Having an awareness that others have encountered what you have, there are resources and expertise at your fingertips, will help you be a standout. Step up to help so that you can standout as a superstar. Expertise – Never stop learning because nothing stays the same. Even the most seasoned people know that they don't know everything. Being an expert means that you are always in a state of growth even for the things you have mastered. Greg Knakal: The ability to multitask and pri-

oritize. -- There’s always a lot to do and not enough time, so you have to know what to do, what’s important and when things need to get done. Make it happen. The 4 Ps – People, product, price and promotions. Understanding the goals of the investor – Know what your owners want and want to get out of their properties and operate the property with those goals in mind.

Katie Poole-Hussa: A Working Advertisement – Potential renters are faced with weeding through hundreds of property ads online to find the perfect place to move. Not only should your advertisements for vacant units "sell" the properties, your ads should also be selling you and your company. The property amenities, pictures, and monthly costs speak for themselves. So why not elaborate on what you as a landlord, and your company, can and will do for them as a renter. List items such as your length of experience, quick turnaround times in making repairs, available 24/7, etc. You're applying for a job just as potential renters are applying to rent. IPhone or Like Device -- Staying connected these days has become a way of life. The new culture of tenants expect quick responses from their landlords. Acting quickly in most situations is pertinent. Whether you receive maintenance requests, vacancy inquiries, or your clients simply need information, respond-

ing to any and all communications quickly can make or break your business. Compassion – Even if we can't count it, we all know compassion is real. We've all felt its power and influence. We also know there is more to achieving business success than market strategy and financial objectives. Where do these paths cross? People. Everyone has a story, and I make it a point in my business to both listen to a persons story, and take that story into consideration as the business relationship develops. Will Johnson: Winning Customer Service The property management career is largely about serving customers. On one hand, you have the property owners. They’re paying you to manage their business efficiently, maintain their real estate investments and earn a nice return on them. On the other hand, there are your residents. They pay you to provide them with a safe, well-maintained and enjoyable place to call home. The problem with this picture is that the wants and needs of these two separate customers are different, and at times seemingly diametrically opposed. The best property managers I know are able to deftly balance these opposing forces by managing expectations and selling the win/win/win. Without owners, there are no homes for your tenants and you’re out of a job. Without residents, there is no business for your owners and you’re out of a job.

Your winning attitude and ability to bring balance and quality service to both, everyone’s needs are met and you not only have a job, you have a career. Organizational Tools - No matter how big or small your portfolio is, there’s a lot to juggle. Between finances and maintenance and marketing and day-today management duties, this is a bog job and one that requires an ability to organize your time and tasks. These tools aren’t a one-size-fits-all situation. For some folks a day-planner notebook, a manila folder or three and a check registry might be enough. For others, a simple out-of-the box computer program will do the trick. Still others require big powerful enterprise software that allows you to track multiple properties across multiple owners and states while doing budgets, financial projections and guiding a satellite. The bottom line is you need organizational tools to be successful in this industry, or any other really. Know what you need to organize, find a tool or tools that do the job and then use them every time. It’s that simple. Quality Forms – Your property may have a foundation made of concrete, but a good property management business has a foundation made of rental applications, lease agreements and other legal forms that are compliant with national, state and local laws. Very little can cost you and your owners more Continued on page 4

Energy Efficient Window Shades and Blinds ON-SITE-NW SEATTLE

By Mary Girsch-Bock, Articles, Technology

more efficient window coverings. also provideMETRO, an important function, APT. VALLEY, ARIZONA NEWS

One of the biggest energy savers Salsbury Industries are ‘smart shades’ that help conserve

serving as a barrier to outside heat in the summer, while keeping heat inhile it’s important for side during the winter. It’s currently renters to practice ener- estimated that about 40 percent of gy conservation in their outside heat comes through winapartment homes, there are numer- dows, while 10 percent of heat is lost Feb, Apr,managers Jun, Aug, Oct, Decduring the winter, ous things that property through windows can do in order to conserve energy so while it’s important to keep those on a larger scale. Remember, win- shades or curtains closed, it may be dow coverings, while decorative, time to upgrade your property with

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energy. And while just about any window covering is better than nothing, with current energy prices increasing, managers may want to start thinking about replacing those traditional blinds and window shades with more energy efficient ones. Here are some popular options that you may want to consider: Energy Efficient Cellular Shades – Cellular shades help to filter out damaging UV rays. The shades contain cellular air pockets inside that shield living space from cold drafts in the winter months. During the summer, direct sunlight and damaging UV rays are blocked by blind fabric while the same air pockets that blocked cold air from entering the unit also work to trap cooled air inside, preventing energy waste year round. Cellular shades are available in single cell and double cell design, with double cell structure offering the most energy efficient savings possible. Blackout Shades – The blackout shades on the market today are nothing like the old blackout cur-

tains used by hotel rooms, and older apartment buildings in places like Las Vegas, where there is an active workforce around the clock. Blackout shades block 99% of incoming light and are an excellent choice for extremely sunny climates. Blackout shades are also very energy efficient, blocking UV rays from entering the apartment. Thermal and insulated shades – These shades are designed with up to four layers of insulation and are made to fit as closely to windows as possible. Insulating window panels also offer insulation from the heat, but typically block out most light as well. For extremely hot areas such as the south, or desert southwest, managers may want to consider outdoor window treatments which block the sun from penetrating windows and doors. There are a variety of options available, some very reasonably priced, others presenting a significant investment, but either option will ultimately save both energy and utility costs. PropertyManager.com a Service of AppFolio

Rental Housing journal Colorado • June 2014

RENTAL HOUSING JOURNAL COLORADO

Dear Maintenance Men: By Jerry L'Ecuyer & Frank Alvarez

Dear Maintenance Men: I am about to undertake a landscape rehab project at my building. My problem is that I have a 25-foot King Palm in the way. Can this palm be moved? I’ve also heard that landscape companies will pay for good-sized palms or at least remove the tree for free. Is this true? John Dear John: Good question. We contacted a couple of local tree and palm experts in our area. They said King Palms do not travel well and if they are laid down on their sides for transport, they have a low survival rate. For that reason most tree companies will not pay for or remove a King Palms for free. The cost of hiring a crane truck and crew for transplant, most likely will be more than the palm is worth. If it were us, we would try to find a way to include the palm in our new landscape plans or pay for a tree removal service. Dear Maintenance Men: I have a funny problem with the automatic vehicle gate at an apartment building we manage. It gets stuck open at odd times for no reason. I have sent

the handyman to repair the gate, but he found nothing wrong with it. Manual Dear Manual: Double check all the gate systems are working properly. Chances are the problem might be a stuck remote control unit in one of the resident’s car. What happens is the control button is stuck on and when the resident comes home, the gate opens automatically and chances are they are parking close to the gate. When they leave the property and get out of range of the gate receiver, the gate returns to normal operation. Finding the defective remote control unit will require a bit of detective work. You will want to determine the range of the controller, and then talk to the owners of the cars parked within the range. Another possibility may be that the remote receiver is failing. The gate will open when cars exit by driving over the gate “loops”, but will be unable to re-enter with their remote control units. The receiver is located near the gate motor assembly and can easily be replaced. Dear Maintenance Men: I am in the process of installing new dead

bolt locks on a number of doors at my building. These doors have never been drilled for dead bolts before. The problem I’m running into is how to line up where to drill for the latch plate in the doorframe. Do you have any good tricks for getting this done? Ken Dear Ken: Indeed we do. Lip stick or shoe polish is the answer. After the dead bolt lock is installed in the door and with the door open, extend the bolt. Now, dab the end of the bolt with lip stick or shoe polish and return the bolt to the unlocked position. Close the door and attempt to lock or extend the bolt into the frame. Open the door and on the frame should be the exact location of the latch bolt hole. Using a one-inch wood bit; bore a hole 1.5 inches deep to complete the installation. Another method is to cut a oneinch thick dowel rod three inches long, insert a small finish nail into the end of the dowel rod, and be sure to center the nail. Cut the head of the nail off. With the dead bolt lock removed from the door, insert the dowel rod into the latch hole in the door with the nail end facing

out. Close the door and with your finger, push the dowel rod into the doorframe. Pull the rod out and your drilling site is marked exactly. One last item, if you are doing a number of doors, it may be worth purchasing a doorknob drilling jig. It will contain all the tools needed for professional door lock drilling and installation. The kit typically costs between $50 for a home improvement store kit and up to $400 for a professional kit. The $50 kit if fine if only have a couple of doors to drill, however, if you have a lot of dead bolts to install, the professional kit is worth the money in the time and frustration it saves. Please send us your Maintenance Questions!!! To see your maintenance question in the “Dear Maintenance Men:” column, please send submission to: Questions@BuffaloMaintenance.com Please “Like” us on Facebook.com/BuffaloMaintenance Bio: Please call: Buffalo Maintenance, Inc for maintenance work or consultation. JLE Property Management, Inc for management service or consultation Frankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075 Certified Renovation Company Websites: www. BuffaloMaintenance.com & www.ContactJLE. com www.Facebook.com/BuffaloMaintenance

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RENTAL HOUSING JOURNAL COLORADO

LED Lighting..continued from front page tal impact so your property can run smoother, simpler and brighter. Longevity: Longevity is the first category to explore when comparing lighting methods. In a test reported in the 2011 Energy Efficiency Annual Report by the New England Gas Company, the Phillips Ambient LED 12.5 watt A19 indoor bulb, a common LED light, was tested against the CFL GE Energy Smart 13 watt bulb. Although the two bulbs compared favorably in energy efficiency, the LED lasted 17,000 hours longer than the CFL. You would need three CLF bulbs to match the longevity of the 25,000 hour lifetime of the LED. When factoring in replacement cost, which can mean hiring a professional at $30$60 an hour, the CLF become much more costly than advertised. LEDs range from 25,000 hrs. – 90,000 hours in lifetime, no other single lighting

Experts On

..continued from page 2

money, more quickly than legal issues with a disgruntled tenant. Perhaps the most common cause for drawn out legal matters are bad forms. If you’re using bad forms to begin with, your business is shaky from the ground up and no matter what you do after you’re at risk. To build a strong foundation, start with forms from a reliable source. A local rental housing association is a great source for quality forms, also there are a number of sources on-line that offer state specific forms. If you have any question whatsoever, consult a local attorney specializing in landlord / tenant laws. Kate Good is one of the most recognized and in demand speakers in the industry. She is one of the founding partners of the Apartment All Stars and has recently added Apartment Developer to her resume with the ground breaking of 800 apartments in Houston, TX. She can be reached at Kate@ KateGood.com Greg Knackal has been in the Property Management industry for the last 20 years. He was the 2009 President of Multifamily NW and has been a member of the board for the last seven years. For the last 12 years he has worked for one of the largest apartment management companies in the state of Oregon, Princeton Property Management . Katie Poole – Hussa is a Licensed Property Manager, Syndicated Columnist in the Rental Housing Industry, Continuing Education Provider and Principal at Smart Property Management in Portland, OR. She can be reached with questions or comments at Katie@SmartPM.co. Will Johnson has been publishing in and providing services to the multifamily and residential real estate industries throughout the West for over a decade. He has over 20 years experience in sales, sales management and training.

method comes close. Energy Savings: The primary reason for switching to LEDs is to save on your daily energy consumption and cost. According to the U.S. Commercial Buildings Energy Consumption and Intensity Trends report retail locations using over 40% of their energy consumption on lighting, business and building owners need to make a change. However many commercial owners have yet to make a switch because of the relamping cost, especially since many owners just switched from incandescent to florescent bulbs in the last five years. The reduction in consumption can reduce the utility bill while increasing the value of the building. Let’s take a large department store, which uses 300 250 watt halide high-bay fixtures. In one hour this store will use 75,000 watts on these lights. If these were replaced

with 400 24 watt LED high bays, the store would use 10,000 watts in that hour. If these lights are on 14 hours a day, with a cost of $0.10/watt the store would be saving $32,000 on energy every year. LEDs are 80% efficient, which means they convert more energy into light, reducing waste and consumption. Control systems can also be put in place so the lights can be dimmed, brightened, or turned off based on specific preferences. In addition an asset boost is possible. In a 200,000-square foot office building that pays $2 per square foot in energy costs, a 10% reduction in energy consumption could be an additional $40,000 of NOI. At a cap rate of 8% this could mean an asset value boost of $500,000. The energy savings don’t stop at the lighting when LEDs are installed. Because less heat is generated, HVAC systems don’t have to compensate for the heat generated by light bulbs in

your office and have more power available to deal with the 90 degree summer heat. Lighting is Better and Brighter Although the lighting debate focuses on the environment, cost, and energy efficiency it’s important to include quality of lighting. Quality of light is often determined by the color temperature, measured in kelvins, and the color rendering index (CRI), which indicates how accurately the light renders colors. These are important because color temperature changes based on the application, i.e. retail lighting, kitchen lighting, classroom lighting etc, and CRI determines if the enlightened colors will appear correctly to the human eye. LED lights have an advantage in both of these areas because they are adjustable and can be manufactured Continued on page 5

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LED Lighting..continued from page 4 ergy efficient commercial buildings your chance. a tax reduction program for lighting systems that exceeded lighting Environmental Plus: Although saving energy is a plus code standards (Energy Policy Act Tax Deduction Information). Each of for the environment, efficient light 4. Management Database - Rentegration.com is an easyare to use, database drivthese programs very specific, de- bulbs are not made out of thin air. en software. Most form fields are auto pending on the type of building, the Many light bulbs( including florespopulated applications, from the database. lighting andThe themodcosts cent bulbs) are produced with and ules are all integrated and work together. they will cover, but they are incred- contain harmful chemicals like merFor example, a customer can use the rentibly helpful is getting your project off cury and lead. Sophisticated recyroll function to identify all delinquencies, cling techniques are needed to make the ground high costs. apply fees, anddespite create eviction forms with use of a full line of state specific rental a few sure these metals don’t enter our waWith the Energy Independence & simple clicks of the mouse. andand leaseGovernment forms. All Rentegration.com Security Act of 2007 the U.S. began ter ways, where they could be very Tax 5. Value - Large property management forms are created by attorneys and/or to implement stringent lighting stan- harmful. LED bulbs on the other Incentives: companies use Rentegration.com Colorthat Standards for National Network Logo and aren’t local housingare associations. hand, contain no mercury at efficiency. The bill Tenant Mostrental owners still worried dards for only aimed forms generation will save time considered a hazardous product, certain lighting about initial implementation cost. called 3. Simplified Accounting - Owners • for Logos are providedother oninefficient the CDmethods. in all three forms: and money over Mid all black, reversed to white, or in PMS 280 Blue/PMS 7543 Gray spot or 4/color applications. and managers incomeof and ex- to making them far easier to recycle. be phased out by manufacturers However, therecan aretrack a number proand small size property managers and Please see below for specific use examples. pense for each unit, property and compasuppliers. of Jan. 2014, Many hardware stores and manugrams offering incentives and rebates and independent rentalAs owners can 1st, manage • No other colors are acceptable for use for the logo. Perfect forimportant mid and small size property theirwatt entire business atis allowed. a fraction of the facturers recycling programs and watt incandescent forny.making lighting up- 75 • No altering of100 the logo If you have a special circumstance that requireshave something not managers and independent rental own- bulbs cost of other and providedsoftware the CD, please callforms. NTN NaTioNaL HeadquarTerS 1.800.228.0989for for assistance. these lights. Accordwereon cut from manufactur- especially grades. Lightingtaxdeductions.com ers, who neither have the need or budget • Logos should not be put over a busy background. forcing consumers to find ing to the U.S. Energy Information and Energy Trust of Oregon’s Light- ing, thus, for larger, more expensive software. ing Incentives Sheet, allows own- more energy efficient options. Re- Administration most of the nation, WHITE (with 40% gray circle) of our electricity is generated to make retrofitting 70% ers to supplement the cost of their bates still remainBLACK upgrades either upfront or through easier but as energy efficient lights through coal or natural gas switchthesecolorado, rebates will ing to energy efficient lighting will tax deductions. In addition The En- become arizona,standard california, ergy Policy Act of 2005 provided en- be phased out as well, so don’t miss reduce our need for these environindiana, KentucKy, new Jersey, mentally harmful energy sources. new yorK, oregon, pennsylvania, In Oregon our power is generated texas, utah, washington & more. through hydro-electric and natural gas, with some of slack picked up PMS 280/Gray Partner PMS 7543 280/PMS 7543 over color ExclusiveBlue Industry of: byPMSCoal and Biomass, meaning that even little changes can remove coal from our consumption profile. for specific color temperature while also ensuring colors are well lit. With increased control over temperature and CRI owners can provide better lighting for- Rentegration.com each application 1. Access is athey web based, multi-user software offering cusneed. These applications can range tomers 24/7 access to forms generation, from office and parking lot lighting property management to archives, retail and restaurant lighting,datayet base, basic accounting, vendor ordering each needs different intensity and and other services. temperature to create an atmosphere or 2. toRental improve visibility. andsafety Lease and Forms - Unlimited

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property in many ways. LED are comprehensively more energy and cost effective than comparable lighting methods, saving on cost, energy consumption, and maintenance, while also reducing stress on other operations like HVAC. The cost of labor, including installing, replacing and repairing, will reduced, saving owners time and money that would otherwise be used to organize and pay technicians. In addition these savings increase the value of your asset, making your property more desirable for owners. Lighting that’s up to the highest efficiency standards will be a great selling point for potential tenants, who are looking to save on energy costs with top of the line operations. Time is running out to take advantage of the programs and rebates that will make your LED transition easier. However, if it happens today or in a year LED lights are still the best all-around lighting value and just may be the brightest idea for improving your property. By Ari Goodblatt of Bluestone and Hockley and Jim House of LED Trail

OR-RTG-20 Oregon

CHECK-IN/CHECK-OUT CONDITION

REPORT

TENANT(S): __________________ __________________ OR-RTG-24 Oregon ADDRESS: ____________________________________ ______________________________ ____________UNIT: ______________ CITY: ___________________________________ STATE: ________ ZIP: _________________

PET AGREEMENT Rating Scale

= (E)Excellent (VG) Very Good

TENANT INFORMATION

(G)Good (F)Fair (P)Poor

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Pursuant to RCW 59.18.150, this is your WA-RTG-20 Washington 48 hour entering the dwelling notice that your

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landlord or their agents unit and premises located at (Address) ____________________ will be CHECK-IN/CHE ____________________ CK-OUT CONDIT ____________________ ION REPOR __________ T

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WA-RTG-40 Washington

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Cabinets Tenant(s) Tenant(s) certify that the above pet(s) are the only pet(s) on the premises. Ceilings understands that the additional pet(s) are not permitted unless the landlord gives ten Sink ant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises Electrical Outlets subject to the following terms and conditions: Floor Garbage Cans

Windows 1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the Antenna/Cable tenant’s dwelling TV unit. Blinds/Drapes 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. Fireplace 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). Cleanliness 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall notBEDROOM allow their pets to cause any sort of disturbance or injury to the 1 BEDROOM 2 other tenants, guests, landlord or any other persons lawfully on the premises. Walls 7) Tenant(s) shall immediately report to landlord any type of damage Walls or injury caused by their pet. Windows 8) This agreement is incorporated into and shall become part of Windows the rental agreement exe Blinds/Drapes -cuted between the parties. Failure by tenant to comply with any part of this agreement Blinds/Drapes shall constitute a material breach of the rental agreement.

BEDROOM 3

Walls

Landlord

Windows

BATH ROOM

Walls

Stove/Racks

Conclusion For commercial owners, energy efficient lighting upgrades, specifically LED lighting, improve your

5 reasons to use rentegration Blinds/Drapes

Towel Bars

Method Ice Traysof Service:

Sink & Vanity

Toilet

Tub/Shower

Blinds/Drapes

Personal Service:

Post and Mail:

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Light Fixtures

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Windows

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Floor day for compliance

if served by post

and mail.

www.rentegration.com 503-933-6437 Rods

Fan (Exhaust) Doors/Woodwor k

Light Fixtures

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Fireplace Plumbing

BATH ROOM

Cleanliness Heating

Ceilings

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Electricity

Electric Outlets

Hot Water

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Smoke Detectors

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may be reproduced without written

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Sink & Vanity

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TV Antenna/Cable Essential

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Successful ...continued from front page my wife and me to the decision that we thought we could do a better job managing apartments than what we had experienced. In 1994, we decided to start our own management company. The first property we started with was a 52 unit property that had about $15,000 in unpaid bills. We were told by the management company that it was a difficult property and that we should sell it. I did not agree as I always thought it was a good property with a lot of potential. We took it over without knowing much of anything about the management business. However, by making reasonable decisions and dealing with issues based on our ownership experience, we had all of the bills paid within a few months and a substantial amount in savings by the end of the year. The approach we used was simple and very basic which laid the foundation for our philosophy to managing apartments. Based on the success of this one property, we acquired more properties and turned them around rather quickly. Our business has continued to grow, mostly from repeat clients and referrals. JK: How many units do you currently manage and where are they? How many in metro Phoenix? DJ: We manage close to 6,000 units located in the Sacramento area, Phoenix, Tucson and Reno, of which

proximately 2,000 units are in Arizona. Flying my own airplane allows me to visit the properties on a regular basis, as well as respond quickly if the need arises. JK: What makes your company special? DJ: The thing that makes our company most special is our approach to managing. Not only do we keep a simple and basic approach, we manage as if we owned the properties, as if it were our money to spend or not spend. This concept is embraced by our managers, maintenance personnel, and all of our supervisors. Our employees have the authority to make decisions and they know I will back them up if they make a mistake. I have made many mistakes, so I know how important mistakes are in the learning process. As Dale Carnegie said, “The successful man will profit from his mistakes and try again in a different way”. I want our employees to build confidence and self-esteem so they have the tools they need to run their properties as if they own them. Additionally, we are a family based company and seven years ago we brought in my daughter, Michele, who has worked as a CPA. She has embraced the management business and has become an integral part of our company. Her background in business and accounting makes her an asset to our company. Also, I am personally involved in every property we manage bringing my years of experience to our business. JK: You manage apartments in a number of cities in California, Arizona and Nevada. Is there anything unique to metro Phoenix? DJ: While each area may have some unique characteristics, our basic approach to managing enables us to effectively run a property no matter where it is located. We also encourage our employees to be warm and friendly and leave a positive first impression which leads to good results no matter where you are. JK: When you were in our office, you noted that you typically manage “B” and “C” quality properties across the Valley and currently manage communities from 52 to 336 units in size. With the increase in new “A” quality apartment construction, do you think there will be significant influence on your properties? DJ: I believe the increase in “A” quality apartments will have a positive effect on “B” and “C” quality properties. With the cost of new units being high (approximately $150,000 per unit in Phoenix and $200,000 in Sacramento), the rents of these new units will have to be much higher to accommodate the higher cost of construction. We have a huge back log of people that are living at home due to the current economic conditions and once those start improving and we see meaningful job growth, we will see a greater demand for rentals. So in effect, the new units are like a new Mercedes Benz but not everyone can afford a Mercedes. This will lead to more renters being interested in “B” and “C” properties. Also, many of

these new properties are being built in the outlying areas, thus, making infill properties, particularly those that have been improved, more desirable with the ability to get higher rents. JK: Since 2010, vacancy rates have dropped every quarter. Have you had a similar increase in occupancy and if so, have you been able to decrease concessions and been able to raise rents? DJ: We have definitely seen improved occupancy and we have been able to reduce concessions, as well as raise rents. However, you have to take into consideration the micromarkets and the specifics of the property you are managing. If the property is a bit run down, it will take longer to respond to an improving market. With the lack of meaningful job growth in the higher paying jobs, we have done a good job of monitoring rents to maintain good occupancy while maximizing the cash flow of the property. JK: . Since we broker apartment communities in metro Phoenix, if I wanted to suggest that a buyer consider Dick James & Assoc. for management - what main points should I tell the buyer? DJ: We have a management team that embraces our philosophy of managing everything as if we owned it. We do our best to spend money in smart ways by controlling costs, yet still effectively maintaining the property. We put a big emphasis on responding to clients and customers promptly and truthfully. Also, we get a lot of compliments on our monthly operating statement as it is very simple and easy to understand. If a client has a specific need, we are happy to go out of our way to accommodate their wishes. We tend to hire managers with good people skills and willingness and a desire to be successful, not necessarily with a great deal of managing experience. If we hire someone with a good attitude and a desire to succeed and train them using our philosophies, we will almost always be very successful. JK: You said that every time that you have taken over a property, as best you could recall, you were always able to lessen the expenses and increase the owner’s cash flow. Can you shed some light as to how you are able to do this? DJ: One of the ways we control costs is to control our use of outside vendors. We hire a variety of maintenance personnel who can do a lot of the work in-house. As an example, my maintenance supervisor in Phoenix and Tucson is a licensed electrical contractor. Anything having to do with electrical issues, he can troubleshoot, and with the assistance of his maintenance staff, solve a problem without spending much money. We recently had a fire alarm issue in one of our properties and because it was about 40 years old, the alarm company wanted to install a new system claiming they could not fix the old one which would cost about $90,000. The maintenance supervisor did research on the system and figured out how to fix it which ended up costing

only about $5,000. Now the system works well and the fire department is more than satisfied. When faced with a problem, we are always focused on going the extra mile to make the best financial decisions for our clients to maximize their cash flow. JK: At the end of our conversation – you mentioned that over the years you had developed Five Philosophies that have now come to be your guideline for management. DJ: When we started our management company, my wife was putting together the employee handbook and suggested I put something personal in the handbook from me to the employees. After thinking about it, I came up with what I call my “Five Philosophies" in apartment management. Little did I realize that these philosophies would become an integral part of our management company as it developed. The Five Philosophies have become the base we work from in managing our many apartment complexes. Whenever we take over the management a property that was managed by another company, there are always a few of these basic philosophies that are overlooked. One of the reasons it works so well is that the management team only has five basic things they have to remember. Rather than loading my management team with a lot of meaningless reports and things to do, they are able to focus on what produces results. This keeps things simple and, if things are kept simple, things get done.

Jim Kasten, CCIM Dick James, CCIM Kasten Long Commercial Group Dick James & Assoc., Inc. 2821 E Camelback Road, Ste. 600 4849 Manzanita Avenue, Ste. 91 Phoenix, AZ 85016 Carmichael, CA 95608 602 677 0655 916 332 7459 Jim@KLCommercialGroup.com Dick@DJAProperties.com www.KLCommercialGroup.com www.DJAProperties.com The Kasten Long Commercial Group has specialized in apartment brokerage in metro Phoenix since 1998. Agents have brokerage more than 1,000 communities with gross sales in excess of 1 billion dollars. The company also provides weekly updates (by e-mail) on apartment sales and publishes an

Rental Housing journal Colorado • June 2014

RENTAL HOUSING JOURNAL COLORADO

he telephone is your single most important leasing tool and it’s probably the easiest “tool” to operate at your community, but is everyone answering it when it rings? Many apartment communities are spending time and money on designing creative, effective ads and signage to make their phones ring. Yet, believe it or not, many leasing people are still choosing not to answer their telephones. Worse yet, those who are relying on voice mail to take messages, are not always returning calls in a timely manner or even at all. I cannot tell you how many shopping reports I received last month with remarks like this: “If I had really been looking for a new home, I would have given up trying to reach someone here. The phone went unanswered as I at-

tempted to make contact numerous times, and no one returned my call when I left a message.” For those property management companies who regularly evaluate their employees with a shopping program in order to “perfect their performance,” they are also testing to make sure someone is simply answering the phone and returning calls! Of course having difficulty making contact with the leasing office is merely an inconvenience for the Secret Shopper, as I am only PRETENDING to need an apartment. What about REAL renters out there? What do you suppose happens to them? My guess is they are living in your neighborhood, perhaps in an apartment at the community next door because someone answered the phone on the day they were looking

for a new home. The question that keeps coming up over and over again from property managers and owners is this: Q: How can I get my leasing people to convert more of their telephone traffic into actual visits and then rentals? Then there’s the question from the leasing consultants and managers who primarily work alone due to budget constraints and the size of their communities: Q: I know my supervisor is concerned about the office coverage and my ability to always answer the phone, but since I work by myself I have to take care of everything out on the property and also run all the errands. I just can’t be in the office all day, every day. What can I do? A: It sounds like the people be-

hind these questions/concerns all have the same goal in mind, but have yet to devise a plan in order to achieve their objective. While the day to day operations of caring for each community and its residents must be carried out, there will be no new residents to take care of without active leasing. The most obvious solution is as simple as forwarding your office calls to a cell phone. By having calls forwarded and being prepared to quote information about your available apartments, you can easily set appointments while you are out walking a vacant apartment or running a bank deposit. Of course you will have to always be prepared with something to write on and possibly take a message if a call comes through when you are unable to talk. However, in receiving a “live voice,” Continued on page 8

techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing

their accounting, benefits and 401(k) retirement plans.

Spring Cleaning ...continued from front page pecially if your vacation will last for an extended period. A condo rental should cost you in the ballpark of $200 per night, which totals $2,800 savings for two weeks. • Your home is probably your most significant asset if you’re like most Americans. But with that grand house on the hill comes plenty of costs, many of which you may not need. As with a luxury car, rethinking the amount of luxury for a home can save you big on taxes, insurance and maintenance. The cost of maintaining a large home can be put toward lifestyle activities, such as travel and hobbies. “Of course, these are all simply suggestions; money plays a major role in how we achieve happiness, and I’ve found through years of working with clients, a few tweaks

here and there frequently yields greater satisfaction with their money,” Gorton says. “You don’t have to be on autopilot with your expenses.”

About Jeff Gorton, CPA, CFP® Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner™ specializing in individual tax and retirement planning as head of Gorton Financial Group, (www. gortonfinancialgroup.com). He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money

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Shoptalk ...continued from page 7 rather than a message, your callers are more likely to give you their name and number for a call back rather than leave you a voice mail. Of course if you aren’t in a position to answer your phone, how about regularly checking for messages AND returning calls? While you’re at it, how about also checking for e-mails from prospective renters. – Most of you can do that with your phone too! A: To those property managers and owners who already have their managers forwarding calls to a cell phone, but are not seeing a high percentage of callers being converted into visitors, maybe your employees need an “incentive” as extra motivation to work harder on setting appointments, rather than just answering questions and giving out information when the phone rings. It could be something as simple as a Starbucks gift card in the dollar amount of the number of callers turned into visitors and something more for every visitor who becomes a resident. (Of course a guest card system and/or telephone log would have to be in place for verification purposes. . . .) If the day-to-day responsibilities of managing your community make you repeatedly absent from your leasing office, consider forwarding your calls to a cell phone. This will minimize the inconvenience to your prospective renters and anyone else that might be trying to get a hold of you, as well as make you readily

Apartment Signs

available in the event of an emergency. By the way: It’s just as important to answer the calls marked “private” as it is to pick up when the calls are routed through an ad source or you see your supervisor’s phone number come up on your caller ID! – It just may be the Secret Shopper calling . . .

by RENTAL HOUSING JOURNAL

Are you dealing with a unique challenge or unusual situation at your community that you would like to see addressed next month? The Secret Shopper would like to invite you to send in your questions, as other people may be dealing with the same or similar issues. - You will remain as anonymous as the Secret Shopper! Please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: Joyce Kirby SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright – Shoptalk Service Evaluations

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