Colorado Rental Housing Journal - April 2015 by Professional Publishing, Inc

Rental Housing Journal Colorado

April 2015 - Vol. 7 Issue 4

2. Commercial Markets Poised for Growth Despite Weaker Global Economy Student Loan Debt Affects Real Estate Investments in a Big Way

3. Multifamily Apartment Marketing: Are You Missing Out on New Leases? Taking a Pulse Check on Your Attitude 6. Ask Tbe Secret Shopper Behind the Leasing Desk

www.rentalhousingjournal.com • Professional Publishing, Inc

DENVER • COLORADO SPRINGS • BOULDER

Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Denver Metro Among Ten Best Markets for Real Estate Investing

Professional Publishing, Inc., PO Box 6244 Beaverton, OR 97007

PRSRT STD US Postage PAID Sound Publishing Inc 98204

he nation's economy is growing at its fastest rate since 2000, which spells great news for residential property investors for the year ahead. The latest data from HomeVestors (the "We Buy Ugly Houses®" people) and Local Market Monitor, the national real estate forecaster, shows excellent conditions from coast to coast, whether the property is for rental or resale. "The Top 10 markets for real estate investment all have a common thread: a fast growing economy, which means more jobs and more renters," said Ingo Winzer, president and founder of Local Market Monitor. "This also means that rent and property values will be increasing in many markets because housing construction has been at very low levels for years and can't possibly catch up with the increased demand." Topping the Best Markets list once again are Texas cities: Houston (1), Austin (2) and Dallas (3), with Denver (4) and Orlando (5) rounding out the top 5, all which have seen substantial job and population growth. "Texas continues to be a sure bet when it comes to real estate investing. Lower oil prices may slow some areas, but the diversified economy and pent up demand for real estate will help to mitigate the impact on ...continued on page 8

Colorado Markets Showing Increasing Signs of Strengthening, Says Veros' Latest 12-Month Forecast Update

eros Real Estate Solutions (Veros), an award-winning industry leader in enterprise risk management, collateral valuation services and predictive analytics, reports that the residential market is gaining momentum with a greater percentage of markets expected to increase in value over the next 12 months, moving upwards to 86% from last quarter's 82%. The latest VeroFORECAST also found two interesting market areas, one on each coast, that reflect both the predicted top and bottom growth areas in the residential market. The national forecast grew to +3.2% annual appreciation, increasing over the previous VeroFORECAST rate of 2.4%. It is the eleventh consecutive quarter in which the index ...continued on page 5

Multifamily Apartment Marketing: Are You Missing Out On New Leases? By John Wilhoit Jr

any people believe that property management is an old-line business that moves slowly. If you believe that then your team is already half a mile behind in a one mile race. In other words; you are toast because the competition is using all the best practices at their disposal to make sure they close every new prospect that steps on their property. If your on-site team is “undertrained” consider revising your procedures to get quality marketing in motion in real-time. In other words, implement best practices with the end goal in mind; closing more (lease) sales. Following are three areas to implement improvements. Leasing and Sales staff training.

All of your marketing falls down if once the prospect come to your door there is no one there to greet them and begin the process of becoming a new resident. Your team must know how to implement the leasing sales process and engage accordingly. The process must be seamless. Gaps in training lead to fewer closed leases. Market surveillance (knowing competitive assets). Full time property management businesses understand that market dynamics change at a velocity much faster than the casual observer believes. Utilizing current market information means keeping continually in the loop on pricing and incentives offered by competitors. Knowing, really knowing, the attributes and pricing of directly competitive assets is paramount to understanding your place

within the market. Absorption (unit counts). Being up-to-date with changes to unit counts in your marketplace (and submarket) is imperative. With new construction, absorption is an absolute number but there is more to unit counts. Assure that your team is aware of current and pending changes to the competitive marketplace. Gaining a new lease is a process. Preparedness is the initial stanza of the process; prepared leasing staff, sales material, office reception, ready units, grounds. These are all part of your property presentation towards making the sale and gaining a new resident. Published courtesy of Multifamilyinsight.net

Advertise in Rental Housing Journal Colorado Circulated to over 6,000 Apartment owners, On-site, and Maintenance personnel monthly. www. rentalho using jo urnal.co m

Call 503-221-1260 for more info.

RENTAL HOUSING JOURNAL COLORADO

Commercial Markets Poised for Growth Despite Weaker Global Economy

WASHINGTON, March 16, 2015 / PRNewswire/ -- The gap between rental costs and household income is widening to unsustainable levels in many parts of the country, and the situation could worsen unless new home construction meaningfully rises, according to new research by the National Association of Realtors®. NAR reviewed data on income growth, housing costs and changes in the share of renter and owneroccupied households over the past five years in metropolitan statistical areas1 across the U.S. The findings reveal that renters are being squeezed in many metro areas throughout the country due to the disproportionate growth in rental costs to incomes. New York, Seattle and San Jose, Calif. are among the cities where combined rent growth is far exceeding wages. Lawrence Yun, NAR chief economist, says the disparity between rent and income growth has widened to unhealthy levels and is making it

harder for renters to become home- incomes, it's difficult for first-time owners. "In the past five years, a buyers – especially in high-cost areas typical rent rose 15 percent while the – to save for an adequate downpayincome of renters grew by only 11 ment." NAR's research analyzed changes percent," he said. "The gap has worsened in many areas as rents continue in the share of renters and hometo climb2 and the accelerated pace of owners, mortgage payments, medihiring has yet to give workers a an home prices, median household income for renters and the rental meaningful bump in pay." According to Yun, the share of costs in 70 metro areas. The top markets where renters renter households has been increasing and homeownership is falling. have seen the highest increase in Those financially able to buy a home rents since 2009 are New York (50.7 in recent years were insulated from percent), Seattle (32.38 percent), San rising housing costs since most take Jose, Calif., (25.6 percent), Denver out 30-year fixed-rate mortgages (24.14 percent) and St. Louis (22.26 with established monthly payments. percent). Looking ahead, Yun says a way to Furthermore, a typical homeowners' net worth climbs because of upticks relieve housing costs is to increase in home values and declining mort- the supply of new home construction gage balances. The result has been an – particularly to entry-level buyers. unequal distribution of wealth as Builders have been hesitant since the renters continue to feel the pinch of recession to add supply because of VALLEY, METRO, APT. construction NEWS costs, limited increasing housing costs ARIZONA every year. rising "Meanwhile, current renters seek- access to credit from local lenders ing relief and looking to buy are fac- and concerns about the re-emergence ing the same dilemma: home prices3 of younger buyers. Yun estimates are rising much faster than their housing starts need to rise to 1.5 milincomes," adds Yun. "With rents tak- lion, which is the historical average. ing up a larger chunk of household Housing starts have averaged about

ON-SITE-NW SEATTLE Salsbury Industries

Feb, Apr, Jun, Aug, Oct, Dec

766,000 per year over the past seven years4. "Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities," adds Yun. "With a stronger economy and labor market, it's critical to increase housing starts for entry-level buyers or else many will face affordability issues if their incomes aren't compensating for the gains in home prices." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to ...continued on page 7

Student Loan Debt Affects Real Estate Investments in a Big Way By Clifford A. Hockley, President Bluestone & Hockley Real Estate Services

ON-SITE

ally did everything right. She ferred payment on her student loans tion. She knew her debt would make was accepted into her first for 2 years but after watching the in- buying a house impossible, so she choice college and received a terest inflate her debt up to $170,000 called her loan provider to see if she first rate education to pursue her she had to move back in with her could get her interest reduced. They METRO,onARIZONA APT. NEWS no, she already had .25 for direct parents to concentrate paying it said dream career. She filled out the stu- VALLEY, deposit taken. Her interest was 8%. dent loan applications like everyone off before it got any worse. Then her boyfriend proposed to She could barely make the minimum told her to; after all, she couldn’t afford the $90,000 degree without it. her. He talked about wanting to buy required monthly payment to take When she graduated, she started out a house and have a family, the whole care of the interest let alone get down entry level in her chosen field, mak- American dream, but though he to the principal. Worst of all, when ing near minimum wage which just knew she lived with her parents in she told her fiancé this, he withdrew covered her rent (with three room- order to pay off her student loans, he his offer; he didn’t want her bad debt Jan, Mar, May, Jul, Sep, Nov, mates) and living expenses. She de- didn’t know the extent of her situa-

Salsbury Industries

1010 East 62nd Street, Los Angeles, CA 90001-1598 Phone: 1-800-624-5269 • Fax: 1-800-624-5299

September

Octoberp

The Industry Leader in Quality 1/8 Page 4 7/8” x 3 5/8” On-Site4

Designer Steve Olsen • steve@propubinc.com Advertising Sales Will Johnson • will@propubinc.com Terry Hokenson • terry@propubinc.com

Order Factory Direct! 1010 East 62nd Street, Los Angeles, CA 90001-1598 Phone: 1-800-624-5269 • Fax: 1-800-624-5299 2 2

Publisher Will Johnson • will@propubinc.com

www.rentalhousingjournal.com The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. Metro Apartment Manager is produced monthly and is published by Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

ruining his good credit. According the National Association of Consumer Bankruptcy Attorneys, seven out of ten college seniors who graduated in 2012 had student loan debt, with an average of $29,400 per borrower. Currently 29 million of 86 million Americans aged 20 – 39 have some level of student debt, which translates into 16.8 million households. Because federal law ...continued on page 4

Serving the Denver Metro Multifamily Housing Industry More than 7,000 Distributed Monthly

If your target market includes the rental housing industry in the Denver Metro Area, you will not find a more efficient, cost effective way to reach your target.

Please call & consult your Account Executive for more Details 503-221-1260

Rental Housing Journal Colorado • April 2015

RENTAL HOUSING JOURNAL COLORADO

Multifamily Apartment Marketing: Are You Missing Out On New Leases? By John Wilhoit Jr

implement best practices with the end goal in mind; closing more (lease) sales. Following are three areas to implement improvements. Leasing and Sales staff training. All of your marketing falls down if once the prospect come to your door there is no one there to greet them and begin the process of becoming a new resident. Your team must know how to implement the leasing sales process and engage accordingly. The process must be seamless. Gaps in training lead to fewer closed leases. Market surveillance (knowing competitive assets). Full time property management businesses under-

stand that market dynamics change at a velocity much faster than the casual observer believes. Utilizing current market information means keeping continually in the loop on pricing and incentives offered by competitors. Knowing, really knowing, the attributes and pricing of directly competitive assets is paramount to understanding your place within the market. Absorption (unit counts). Being up-to-date with changes to unit counts in your marketplace (and submarket) is imperative. With new construction, absorption is an absolute number but there is more to unit

counts. Assure that your team is aware of current and pending changes to the competitive marketplace. Gaining a new lease is a process. Preparedness is the initial stanza of the process; prepared leasing staff, sales material, office reception, ready units, grounds. These are all part of your property presentation towards making the sale and gaining a new resident.

Published courtesy of Multifamilyinsight.net

Taking a Pulse Check on Your Attitude A Change In Thinking Can Lead To A Change In Behavior And Results, Says Sought-After Speaker

ard times that sap your energy and leave you frustrated are an inevitable part of life. Maybe you lost a job. Maybe your finances took a turn for the worse. Maybe your personal life is in disarray or a health problem emerged forcing a lifestyle change. Such setbacks can leave people feeling afraid, uncertain, angry or unsatisfied, says Darlene Hunter, a renowned speaker and author of “Win-Ability, Navigating through Life’s Challenges with a Winning Attitude,” (www.darlenehunter. com). Overcoming those emotions, she says, comes down to a person’s mindset and perspective. “Your attitude is a critical factor that can either hold you back or help you move forward,” Hunter says. “Everyone needs to take the time to do a pulse check on where they are in their thinking. Is it positive or negative?” A positive attitude comes easily when life is rosy. The real trick is persevering when things go awry so you can continue to strive toward your goals.

“The important thing to remember is that we cannot give up just because things do not work out the way we want,” Hunter says. “We must be persistent and press our way through to the end.” Hunter offers five tips that can help change your thinking, which in turn will change your behavior and, ultimately, change your results. • Be a planner. To live your dream, you need to know what you want and have a plan for getting there. “Planning your day, week and month are critical ingredients to living your dream and purpose,” Hunter says. The “how” and “why” elements are important factors in planning, as they guide you in the direction you want to go. • Be goal oriented. Once you set goals, the next step is to work on completing them. That’s why it’s important to set goals you can accomplish. Each time you can check a goal off your list, you are one step closer to what you ultimately want to achieve. “The sense of accomplishment that comes from reaching even the

NAME

ADDRESS CITY

I am an: OWNER

STATE

INVESTOR

PROPERTY MANAGER

VISA

PRINT ARIZONA

• Be driven for results. When you are driven, Hunter says, you have a compulsive and urgent desire to accomplish what you are seeking, whether it’s a bonus, a promotion,

VENDOR

OTHER

E-mail subscriptions $15/year

E-MAIL COLORADO

PORTLAND OR

additional knowledge in a particular area or some other goal. The important factor is to always know what you are seeking. Resultsdriven people focus on meeting objectives and delivering on the goals they set. ...continued on page 7

PROFESSIONAL PROPERTY MANAGEMENT SUPPORT COMPANIES Rental Applicant Screening Pre and Post Move Out Inspection Video Taped Reports Eviction Support

ZIP

*Print subscriptions $25/year $15 each additional market $8 each additional market I would like: Editions:

smallest goals will help you keep moving and striving to get your desired end,” Hunter says.

Licensed, Bonded and Fully Insured National Coverage for Most Services

Special Events Vacation and Emergency Coverage for Staff Security Evening and Weekend Patrol

MASTER CARD

CARD NUMBER

NAME ON CARD

BILLING ADDRESS Or mail a check to: Rental Housing Journal

PO Box 30327 Portland, OR 97294-3327

Rental Housing Journal Colorado • April 2015

EXP.

CVV

PO Box 33950 Northglenn CO 80233 (303) 993-4871

RENTAL HOUSING JOURNAL COLORADO

Student Loan Debt ..continued from page 2 treats student debt as non-dischargeable in bankruptcy proceedings, borrowers can be burdened with this debt for a lifetime even if circumstances make it unlikely that the borrower will ever be able to repay. Asking nicely won’t make it go away. How does this affect real estate investors? In a 2014 blog post, Rick Palcios Jr. and Ali Wolf of John Burns Real Estate Consulting, LLC, estimated that 414,000 real estate transactions would be lost in 2014 due to student debt. At a typical sales price of $200,000 for an entry level home, they calculated that out to $83 billion in lost sales volume or 8% of the total marketplace demand. (8% of 20 -29 year olds usually buy a home each year, which would be equal to 1.35 million transactions a year.) They calculated that 5.9 million households under the age of 40 pay over $250 a month in student loans as compared to 2.2 million in 2005. As a percentage, that is from 22% in 2005 to 35% in 2014. In that same eleven year timeframe, student debt increased from 241 billion to between $1.1 and $1.2 trillion dollars, which is even greater than current credit card debt. That basically means that those that sought shelter in the halls of

academia during the economic downturn, often have no way to pay it back. Even with a college education and a decent job, some of these college graduates live with as much expendable income as those under the poverty line since all their wages go to living expenses and to pay down their student debt. We know that home builders are selling fewer homes. As investors, we want to know how long this will go on and how this will impact the demand for alternate living arrangements. Bear in mind The percentage of students who cannot pay their student loans have a huge impact on American society and economic growth: • They can’t afford to buy a car, and their credit may be too bad to finance one. • They are hesitant to marry, because they don’t want to assume liability for unpaid student loan debt or they don’t want their future spouse and household to be burdened by the debt. • They are hesitant to have children, because they can’t afford to raise them or put them through school. (The last thing they want is to have their children pay their student loan debt as well.)

• They are putting off medical care because they don’t have the money to pay the deductibles or even afford insurance premiums. • They can’t buy a house, not only is their credit bad but they cannot afford the house payments, not to mention the down payment required to close. Where does this take us? We have already seen a boom in apartment construction. It is estimated that this boom will continue through 2015 as young people continue to move in together to save money. Many of those tenants don’t have a car and want to live in the downtown of a large city where they can walk or bike everywhere they need to go. At some point, high downtown rents will force those with student loan debt out of the city center, because the rents needed to fund new construction will not be affordable. The Y generation will then need a car, a small used car with high gas mileage, or find a place with easy access to public transportation. As they move to potentially lower rent apartments in the suburbs, their peers without student loan debt will be buying homes and home builders will see some increased demand. Another option for the future

would be to encourage the federal government and Sallie Mae, (one of the major holders of student loan debt,) to refinance loans at lower interest rates and to forgive late penalties and interest rate hikes since, as they say, you can’t squeeze water from a stone. Credit unions are showing some interest in helping the Y generation recapitalize their debt, but they are very cautious, and should be given that many of these student loans are delinquent and their holders have low credit scores. If the Y generation can refinance this debt, then the opportunity exists that within 5 – 7 years a new cohort of buyers might end up in the housing marketplace. In the meantime the members of this debt-ridden generation are renting apartments and houses together, fueling the apartment building boom.

(303) 574-9594 www.windowworldcolorado.com

Locally Owned & Operated

189

America's Largest Window Replacement Company

White Vinyl Double Pane Energy Efficient

Ranked By J.D. Power

WINDOWS

Installed By Experienced Professionals

& DOORS Rick & Christina Rose Owners of Window World of Denver, Colorado

Maintenance Free

Rental Housing Journal Colorado • April 2015

RENTAL HOUSING JOURNAL COLORADO

Signs of Strengthening ..continued from front page has shown forecast appreciation, with the pace now indicating an upward trend. This insight comes from the company's most recent VeroFORECAST, a national real estate market forecast for the 12-month period ending March 1, 2016, updated quarterly and covering 967 counties, 333 metro areas, and 13,549 zip codes. Reminiscent of Dickens' classic story, VeroFORECAST revealed a "Tale of Two Coasts" in the forecast's

top and bottom residential markets. Six out of the "Top 10" appreciating markets are located within a 75-mile radius in the Bay Area of California. Conversely, six of the "Bottom 10" are located within a 100-mile radius in the Northeast coastal area. "We continue to see the same factors influencing the appreciation or depreciation of residential markets across the country," stated Eric Fox, Veros' vice president of statistical and economic modeling and devel-

Projected Twenty-Five Weakest Markets* 1 Vineland-Millville-Bridgeton, NJ 2 Sumter, SC 3 Salisbury, MD 4 Atlantic City-Hammonton, NJ 5 Jacksonville, NC 6 Gadsden, AL 7 Scrantonâ&#x20AC;&#x201D;Wilkes-Barre, PA 8 Warner Robins, GA 9 New Haven-Milford, CT 10 Torrington, CT 11 Elizabethtown, KY 12 Saginaw-Saginaw Township North, MI 13 Jackson, TN 14 Hartford-West Hartford-East Hartford, CT 15 Pittsfield, MA 16 Fayetteville, NC 17 Williamsport, PA 18 Kingston, NY 19 Ocean City, NJ 20 Valdosta, GA 21 Joplin, MO 22 Greensboro-High Point, NC 23 Norwich-New London, CT 24 Dothan, AL 25 Santa Fe, NM

Projected Twenty-Five Strongest Markets* 1 Santa Rosa-Petaluma, CA 2 San Francisco-Oakland-Fremont, CA 3 Denver-Aurora-Broomfield, CO 4 San Jose-Sunnyvale-Santa Clara, CA 5 Austin-Round Rock-San Marcos, TX 6 Santa Cruz-Watsonville, CA 7 Vallejo-Fairfield, CA 8 Salinas, CA 9 Boulder, CO 10 Dallas-Fort Worth-Arlington, TX 11 Port St. Lucie, FL 12 College Station-Bryan, TX 13 Portland-Vancouver-Hillsboro, OR-WA 14 Houston-Sugar Land-Baytown, TX 15 Fort Collins-Loveland, CO 16 Coeur d'Alene, ID 17 Bend, OR 18 Merced, CA 19 Greeley, CO 20 Medford, OR 21 Reno-Sparks, NV 22 Modesto, CA 23 Naples-Marco Island, FL 24 Stockton, CA 25 Carson City, NV

Rental Housing Journal Colorado â&#x20AC;˘ April 2015

-3.9% -2.6% -2.6% -2.4% -2.3% -2.2% -2.2% -1.9% -1.9% -1.9% -1.9% -1.8% -1.7% -1.7% -1.5% -1.4% -1.4% -1.3% -1.3% -1.2% -1.0% -0.9% -0.9% -0.8% -0.7%

oper of VeroFORECAST. "Unemployment rates, housing supplies, and population trends remain the primary factors affecting the housing market. Their impact is clearly reflected in the market forecasts for these coastal areas." *Markets demonstrated are for residential real estate in metro areas (typically greater than 100,000 residents) among single-family homes in the median price tier. SOURCE Veros Real Estate Solutions

Check us out online www.rentalhousingjournal.com

+10.0% +9.9% +9.3% +9.2% +8.8% +8.7% +8.6% +8.5% +8.4% +8.0% +8.0% +8.0% +7.6% +7.6% +7.5% +7.5% +7.4% +7.4% +7.3% +7.2% +7.1% +7.0% +6.9% +6.9% +6.9%

RENTAL HOUSING JOURNAL COLORADO

Northwest

he importance of teamwork can not be overstated or emphasized enough. Yet sometimes boundaries are so clearly drawn regarding the role or “job description” of each staff member, that those who desire to “go the extra mile” are forced to remain at the starting line and watch prospects and residents “fall through the cracks.” I was recently asked the following question which brings up the issue of maintenance and leasing staffs

T Ask

Secret Shopper

getting involved with each others’ job duties: Q: Is it appropriate for maintenance staff members to get involved in the leasing process and how far should they go? A: This is a very important subject, and it brings up another question: Is it appropriate for leasing/ office employees to get involved in some aspects of maintenance and how far should they go?

As property management companies have to make difficult budget decisions. Some budget cuts have involved a reduction in leasing and maintenance personnel. The result is less office coverage and slower response time to resident requests, as one or two team members are trying to do the jobs of three or four people. Providing some “basic” training to your leasing and maintenance personnel to create an “overlap” in their job responsibilities will take some of the pressure off your team

members and provide better service to prospective residents and existing residents. If a leasing person is away from the office and a maintenance staff member encounters a prospective resident, the maintenance person at the very least could extend a warm, friendly greeting. The visitor could be made comfortable and offered refreshments, if available, and be given a brochure to look at while he or she is waiting. If a guest ...continued on page 8

Behind the Leasing Desk with Heather Blume

Dear Heather, I've been in my current job for about 6 years now and can't seem to move any further up in my company than the role of a property manager. I think I'm good at my work and my employees seem to like me, but when the opportunity to move up happens, my regional always seems to find someone "better qualified." I don't want to have to leave my current company, but I feel like I've earned a promotion and I'm getting a little burned out where I am now.

What should I do? -Looking for a Ladder Dear Looking for a Ladder, I think that it shows a lot of dedication to your company that you have stayed with them for 6 years. In the world of property management, that's a couple of lifetimes for some of us. It can be a very difficult experience for many of us to be passed over for promotions we think we have earned, so I want you to know what you're going through is

incredibly common. My first real question to you is, have you talked directly to your regional manager about this yet? So many times, the real problem is that we don't know what other people are thinking or wanting, and so we can't meet their needs. Everything past this point in my reply is based on speculation and experience, so take it for what it's worth. As a former hiring manager, one of the things I can tell you is that why you're being passed over could be due to a number of reasons. Perhaps, as you've been with your company for a while, paying you to do a higher end job would be more expensive to the payroll right now, and for many companies, they just cannot afford to pay the internal promotion 5 or 6 thousand more a year than they would have to pay an external new hire. Another reason you may not be getting moved up is that there's no one who can fill your shoes. If you are very good at your job, then it's hard for a regional manager to take the risk of someone new behind your desk who might not be able to do the job as well as you can. In the current market, occupancy is EVERYTHING, and if you've got it, that's not a gamble most regionals will take. The good news is that if this is the reason, then you've got a clock on the obstacle, since the economy is bound to improve AND you can mentor up your current assistant manager so that he or she could step in to your shoes more quickly. Also, your regional manager might not yet see the skill set in you to move you up in the company. One of the easiest ways to get noticed and move up is to either volunteer for new projects that you have a skill set well suited for or to set public goals and meet them. Both are actions that regional managers respect and respond well to. Step up to the plate and mentor the younger managers in the company, or offer your marketing talents to sister properties that are maybe not having as

good a run in the current market as you are. If you've found a company that you like, I encourage you to talk with your upper management. After all, there is a reason you're still working for them after 6 years, and from their point of view, they have a lot of time and energy invested in you. Ask your manager for a clear path of what it's going to take for you to move up with the company and then formulate your goals around that path. It's hard not to admire people who are willing to do what it takes to get the job done. Don't let your burnout get the better of you and your temper. Open up your communication with your regional manager and find a new way to love your job until you can ascend within the ranks of your company! Good Luck! Heather Dear Heather, At our property, we are asked to do weekly shops of our competing properties. I'm supposed to call them and get how much they are renting all of their apartments for, if they have any specials, what their traffic has been like, and what their current occupancy is. For 2 of my comps, this is really easy and they're really nice to me. 1 of the other ones never answers their phone, but sometimes if I fax them our sheet, they will return it. The other 2 flat out refuse to give us any information or they lie to us about their stuff, even though we are willing to give them ours and we're always honest. One weekend, the bigger one was doing a free 47 Inch TV with a new lease, and we didn't know about it! How can I get those two properties to give me the information I need? -Frustrated with Fibbing Dear Frustrated with Fibbing, This is a song that we hear all too often! Kudos to you on actually doing your weekly market survey/ comp shops, since so many leasing consultants don't. Your dedication ...continued on page 7 Rental Housing Journal Colorado • April 2015

RENTAL HOUSING JOURNAL COLORADO

Poised for Growth ..continued from page 2 seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings. NAR began tracking of metropolitan area median single-family home

prices in 1979; the metro area condo price series dates back to 1989. Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report. 1Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an

exact match is not possible from the available data. A list of counties included in MSA definitions is available at: http://www.census. gov/population/estimates/metrocity/List4.txt. 2According to the U.S. Bureau of Labor Statistics, actual market rents paid by individuals who do not own the home they live in rose by 3.4 percent in January from January 2014 – the 10th consecutive month of growth above 3 percent. 3The median existing-home price for all housing types in January was $199,600, which is 6.2 percent above January 2014. 4According to U.S. Census Bureau

data from 2008-2014.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website. Statistical data in this release, as well as other tables and surveys, are posted in the "Research and Statistics" tab. Photo - http://photos.prnewswire. com/prnh/20150210/174672 Logo - http://photos.prnewswire. com/prnh/20150210/174673LOGO

Leasing Desk ..continued from page 6 to being armed with the right information is commendable! Early in my career, I had a property that refused to work with me on my comp shops. I was annoyed with them, and indeed, over time I became annoyed with the whole market survey process. No matter what, every week, my surveys were incomplete because I could NOT get information from this one property. Finally, I got so frustrated that I went over there one day on my day off, scones and Starbucks in hand, and asked them why they wouldn't give me any information. When they couldn't give me a real reason (because I knew that bunk about it being "com-

pany policy" was just that - bunk), I asked them if they had any one bedroom apartments open. The leasing consultant hesitantly told me that, yes they did, and I told her I sure wished I had known that because I would have loved to send her a couple I had to turn away the day before, as my property didn't have any open one bedroom apartments. I left her my card, the Starbucks and scones, and wished them a good week. The next week when I called, they gave me the information I was looking for, because I had shown them that I could be an ally, not just an adversary. My advice to you is this: Build

bridges with these people. Reach out to them on a personal level and a professional level, and even though they swat you away a few times, be persistent. If that doesn't work, I encourage you to use the tools at your disposal by searching Craigslist for open units with their phone number. If nothing more, you'll be able to gain prices and potential specials from their postings. But before you take the sneaky route, try the more honorable method of just building the relationship. I promise you, it will yield rewards even greater than the information you're seeking now.

Heather Heather is the Imagination In Charge of Behind the Leasing Desk Training & Consulting Services out of Seattle, WA. An accomplished national speaker, trainer, consultant, career coach, and author of both books as well as countless industry related articles, Heather holds her CAS designation, is NAA Advanced Instructor trained, and has been a member of the NAA Faculty since 2009, serving as a WMFHA, CAM, and NALP instructor since 2009. You can check out more of her musings, podcasts, and class offerings at www.behindtheleasingdesk.com

Best of Luck,

Cut Cost, Improve Quality ..continued from page 3 •

Have a winning attitude. You must be determined, dedicated and devoted to succeed. “You should never give up on your goals and dreams simply because something goes wrong or you are not getting where you hoped to be fast enough,” Hunter says.

• Be focused. When you are focused, you have a clear perception and understanding of what you want to accomplish and where you need to go to get there. “Think about long-distance runners who will run a 26-mile marathon,” Hunter says. “They find their pace and then they stay with it. They may get weary and tired, but they find their zone and stay focused and concentrate on what is needed to get to the end.” “Plenty of stories can be told about people who failed in the beginning, but made it to the top of their profession because they did not give up after being told they weren’t good enough,” Hunter says. “The ability to keep trying and

pushing no matter how many failures or obstacles you hit is the power of perseverance and is what ‘WinAbility’ is all about.” Darlene Hunter, (www.darlenehunter.com), is president of Darlene Hunter & Associates, LLC, a motivational / inspirational speaker, author, life and business coach, and award-winning radio talk show host. Her new book, “Win-Ability, Navigating through Life’s Challenges with a Winning Attitude,” is her fourth on the theme of perseverance. She is the host of “The Darlene Hunter Show”, winner of the Fishbowl Radio Network 2013 Distance Show Of The Year Award. Hunter has been a top performer in management for more than 30 years.

Vi s i t u s a t w w w. R e n t a l H o u s i n g J o u r n a l . co m Rental Housing Journal Colorado • April 2015

RENTAL HOUSING JOURNAL COLORADO

Ten Best Markets ...continued from front page rental markets," noted David Hicks, HomeVestors co-president. "Places like Austin and Dallas have rapidly growing technology and financial sectors that make the oil slump less significant." Along with job growth and population growth, relatively low home prices are factors making investments in single-family homes as rental properties a nearly risk-free opportunity in some markets. All top five markets have a median home price below $300,000. A couple of California cities broke the Top 10 list, with San Jose and Oakland at number six and eight, respectively. "California has higher home prices, but the state is growing again, both in jobs and population. Because most of these markets are no longer underpriced, investors in

these markets are likely to see more of their gain come from price appreciation and less from a long-term rental stream," explained HomeVestors co-president Ken Channel. Seattle (7) and Portland's (10) growing technology sectors and their desirable quality of life make them valuable markets, while Miami's rapidly growing population and high rents take the list at number 9. "We believe 2015 bodes well for rental property investors. The economy shows no sign of slowing down and consistently low home prices and population growth make investing conditions ideal," said Channel. The Best Markets Top 10 markets for real estate investing are: 1. Houston-Baytown-Sugar Land,

Secret Shopper

..continued from page 6 card or visitor log is available, the service requests. Every person workmaintenance person could request ing in the office should know how to that it be filled out. Then, if the wait operate a plunger and an Allen time becomes excessive and the pro- wrench. Leasing team members must spective resident has to go, there will also be willing to pass out flyers, be a record of the visit, and a way to pick up litter, sweep sidewalks, maintain common areas, etc. If you follow up. Office personnel can provide this are constantly paging maintenance same type of support to their mainte- to pass out your lease renewal letters nance team, when they are busy or handle minor messes around your turning apartments and handling community, then you are delaying

Commercial & Residential

TX 2. Austin-Round Rock, TX

5. Orlando, FL

• The population has been growing at above-average rates (4% or better) with growth coming from people moving there in search of jobs;

6. San Jose-Sunnyvale-Santa Clara, CA

• The current rate of job growth of 2% or better; and

7. Seattle-Bellevue-Everett, WA

• There is low unemployment, so that new jobs will be filled by people who move there, not by unemployed people who are already there. Markets are excluded that:

3. Dallas-Plano-Irving, TX 4. Denver-Aurora, CO

8. Oakland-Fremont-Hayward, CA 9. Miami-Miami Beach-Kendall, FL 10. Portland-Vancouver-Beaverton, OR About the Quarterly Data: The data identifies markets that will be good rental markets and where home prices are likely to increase at a good rate over the next few years. Criteria include markets where:

• Have a small population because they don't have stable economies

the make ready process, as well as prompt service to your residents. REMEMBER: Being part of a team means doing whatever it takes to get the job done; whether it’s your job or not! If you are interested in leasing training or have a question or concern that you would like to see addressed, please reach out to me via e-mail. Otherwise, please contact Jancyn for your employee evaluation needs: www.jancyn.

HomeVestors of America, Inc.

com ASK THE SECRET SHOPPER Provided by: Joyce (Kirby) Bica Former owner of Shoptalk Service Evaluations Consultant to Jancyn Evaluation Shops Phone: 425-424-8870 E-mail: shptalk2@gmail.com

Make PARTSMASTER your first choice for Water Heaters!

Roofing & Sheet Metal Work Our mission:

Service, Product, Savings and Satisfaction...

To set an unprecedented standard in the roofing industry with a commitment to provide complete and efficient service dedicated to total customer satisfaction.

√ Low Prices √ Free Same Day Delivery √ Custom Catalogs √ GL Coded Invoices √ Budget Reports √ On-Line Ordering √ Service with a

Locally owned and operated here in Denver for over 30 years!

Thousands of everyday items in stock! FREE same-day local delivery.

2014-2015 • b2b.azpartsmaster.com • 1-888-924-7278

To Open an Account: b2b.azpartsmaster.com/ca.pdf SINCE 1984

303-287-7666 www.jproofing.com

Proud members of:

11600 East 53rd Ave., Suite C Denver, CO 80239 (720) 446-3821 b2b.azpartsmaster.com Rental Housing Journal Colorado • April 2015