On-Site (Seattle) Rental Housing Journal - July 2014

Rental Housing Journal On-Site

July 2014 - Vol. 8 Issue 7

3. 5 Keys to Developing Personal Power

19. Dear Maintenance Men:

9. “I Just Do Maintenance”

22. Being a “Remarkable” Property Manager

10. Shoptalk 14. WMFHA - Keys to Exceptional Service

24. 3 Tips for Practicing Mindfulnessin a Multitasking Workplace

16. How Entrepreneurs Can Increase Profit with a Hands-Off Approach

25. Knowing the Limits on Collection Practices for Property Managers

17. Making Rent Collection Easier

26. Responding to Maintenance Emergencies

18. Te Coach – Can Your Rental Center Walls…Sell?

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Puget Sound Apartment Owners, Property Managers & Maintenance Personnel

Rents Up 4.1%; Vacancy Rate Drops to 4.17%.

Market Overview Seattle, Washington Multifamily Housing Update 1Q14 RED CAPITAL GROUP®

Payroll Job Summary Total Payrolls 1,515.4m Annual Change 39.8m(2.7%) 2014 Forecast 33.9m 2015 Forecast 26.9m 2016 Forecast 31.1m 2017 Forecast 28.9m Unemployment 4.8% (May) 1Q14 Payroll Trends and Forecast Payroll job formation continued at a brisk pace over the winter as Seattle employers hired at a 39,800-job, 2.7% year--on-year rate, in line with 4Q13 results. The skilled services industries were the prime movers as business, education and health care services establishments hired at a combined 16,100-job, 3.9% annual rate, up from a 13,600-job pace in the prior quarter. Results were inhibited to some degree by weakness in the aerospace sector, where attrition of -3,300 jobs were recorded over the trailing 12 months, representing the first annual net decline observed in this critical industry since 3Q10.

Seasonally-adjusted data also were constructive. This series indicates that establishments created a continued on page 12 Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007

S

eattle - The quarterly Apartment Insights survey shows rents up 4.1% and the vacancy rate dropping to 4.17%, according to Tom Cain of Apartment Insights. The data are from his Seattle firm’s 2nd quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

VACANCY: 4.17% The vacancy rate for our nonrandom survey of conventional, stabilized 50+ unit properties in the King/Snohomish market is 4.17%.

This is the lowest vacancy rate since we began surveying this market 9 years ago. It was 4.38% last quarter and 4.41% a year ago.

The overall vacancy rate which includes properties in lease-up increased from 6.24% to 6.35%. King has a vacancy rate of 4.19% and Snohomish County is at 4.08%. The greatest demand for apartments based on property class is for the least expen-

sive units in the C class properties.

The have a vacancy rate of 3.69%.

Seattle's U District has the lowest vacancy rate at 2.48%. There are three other submarkets under 3%,

and all are in Snohomish County: Mountlake Terrace, Edmonds and Everett Central.

The Eastside South submarket Continued on page 0

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Education Conference which draws over 1,500 attendees and offers 40 education workshops.

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5 Keys to Developing Personal Power Working on Emotional Intelligence Skills Can Open the Door to Achievement By: Lynda Chervil

P

ersonal power is a core leadership competency that everyone needs to develop before they can lead others. It has to do with being able to lead yourself.

"Personal power is the ability to achieve what you want,” according to Frederick Mann, a successful entrepreneur and author of The Economic Rape of America. “More than anything else, it is personal power that brings you success and happiness. The biggest barrier to success in almost any endeavor is powerlessness, negativity, helplessness, and inertia. They belong together. The problem is not only our own powerlessness, but also the powerlessness of those around us."

We can help harness and learn to use our personal power by understanding and working on our Emotional Intelligence (EI) skills.

Not long ago, when I worked in a corporate environment, there was a strong push to incorporate EI into the organization's leadership training curriculum as an array of skills and characteristics that drive leadership performance.

EI is "the ability to monitor one's own and others' feelings and emotions, to discriminate among them and to use this information to guide one's thinking and actions," according to psychologists John D. Mayer and Peter Salovey, who co-developed the concept and were two of the three authors of the Emotional Intelligence Test.

My EI training and its practical applications to my work team environment still resonate in my personal life. They became skills that I now methodically apply to current situations in both personal and entrepreneurial pursuits.

There are several EI models, but the one to which I ascribe is the mixed model introduced by Daniel Goldman, a combination of ability and traits. Here are Goldman’s five main EI constructs, and my views on how each of us can develop them: 1. Self-awareness: the ability to know one's emotions, strengths, weaknesses, drives, values and goals and recognize their impact on others while using gut feelings to guide decisions.

Continued on page 5

TRENDS 2014 ...continued from front page TRENDS attendees include: • Rental housing property owners; property managers; • leasing agents; • maintenance personnel • portfolio managers.

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5 Keys..continued from page 3 In order to become self-aware, you need to conduct an honest self-assessment to determine your strengths and weaknesses, such as powerlessness and inertia, and determine the root causes. You then need to create a plan that will help you overcome your fears, which are barriers to courage and stand between you and your successes.

While I am a big proponent of using my intuition to guide my decisions, whenever it is appropriate, I need to caution that unless your gut feelings are often more right than wrong, you cannot make decisions solely based upon intuition. You need to use a balanced combination of intuition and logic.

2. Self-regulation: involves controlling or redirecting one's disruptive emotions and impulses and

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adapting to changing circumstances.

Simply put, you need to exercise self-discipline and know how to control your emotions and be flexible in order to adapt to changing situations. You cannot continue on the same trajectory or keep the same plans when the circumstances or facts have changed. Your plans need to be modified accordingly.

3. Social skills: managing relationships to move people in the desired direction.

Your social skills refer to your interpersonal skills or your ability to relate and connect with people, which can motivate them to deploy discretionary efforts to help you achieve goals that are best accomplished via partnership and collaboration.

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5 Keys..continued from page 4 your social skills: a. Pay attention to the feedback of friends and co-workers, good and bad. Train yourself to repeat the behaviors that get positive feedback and work on eliminating those that make people react negatively. b. View constructive criticism as just that. When we become defensive, we don’t hear what can be very helpful feedback. c. Learn to handle conflict and confrontation from a perspective of compassion and caring.

Personal coaching can be very helpful in learning to be more diplomatic in your interactions with others.

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4. Empathy - considering other people's feelings, especially when making decisions.

Some people believe empathy cannot be learned, but I believe just the opposite. Put yourself in the other person’s shoes and try to see situations from their perspective. Might they be feeling fear? Shame? Guilt?

How do those emotions make you feel? Understanding and addressing the concerns of others is essential to EI. Always consider intent versus impact, and how your actions or decisions may affect the individuals or groups involved.

5. Motivation - being driven to achieve for the sake of achievement.

Simply put, what motivates you?

What are your benchmarks for success? Once you achieve certain levels of success, you need to consistently set new benchmarks to keep chasing personal excellence!

Practice your EI skills on yourself first, and you’ll develop greater personal power. That can lead to achievements you may never have dreamed possible.

About Lynda Chervil Lynda Chervil is the author of “Fool’s Return,” http://lyndachervil. com/, a new novel that incorporates valuable life lessons in a page-turning tale that touches on technology, the green movement, and other aspects of contemporary society. She graduated from New York University with a master’s degree in Integrated Marketing Communications and has extensive experience in consumer and commercial banking and has held positions in new business development, sales management and executive leadership. Chervil seeks to push the limits of established understanding by exploring alternative forms of spiritual healing, and, through creative writing, to expand the narrative of cutting-edge energy technology to promote sustainability.

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Rental Housing Journal On-Site • July 2014

RENTAL HOUSING JOURNAL ON-SITE

Rent's Up ...continued from front page with a vacancy rate of 8.83% continues to be the weakest area. This submarket has seen almost no new construction in the past five years. Here the high vacancy rate is due to the departure of several major employers.

Ballard is a close runner-up at 8.6%, which is up nearly 200 basis points from the first quarter. Including properties in lease-up, Ballard's vacancy rate is 18.25%. In the 50+ unit market we survey, the inventory in Ballard has more than doubled in the past six years. When the units under construction are completed it will have quadrupled! In 2011 we warned our subscribers of the potential risk of overbuilding in this submarket.

There is a consistent pattern among different grades of properties: the lowest vacancies are in the least expensive apartments. Class C properties rent for an average of $908 and have a 3.71% vacancy rate; Class B properties get $1,286 per unit with a 4.15% vacancy rate; and Class A properties command $1,857, but have a 5.02% vacancy rate.

RENTAL INCENTIVES: $9 (0.7%) Rental incentives plunged from $15 to $9 per month. In the two-county area 20.9% of the properties are offering incentives, down from 25.2% last quarter.

ABSORPTION: +2,214 Units There were +2,214 units absorbed this quarter, up from +1,604 units last

quarter. The Downtown Seattle submarket (including South Lake Union and Belltown) had the highest absorption at 325 units.

RENTS: $1,284 per Unit $1.53 per Square Foot Rents jumped $51 to $1,284 per unit and $1.53 per foot. This represents a 4.1% increase. Over the past year rents have increased 7.9%.

The downtowns of Seattle and Bellevue continue to achieve the highest rents. They are $1,796 ($2.43 sf) and $1,912 ($2.16 sf) respectively.

SeaTac offers the lowest rents at $901 ($1.15 sf). Next is Des Moines at $923 ($1.18).

NEW CONSTRUCTION There are currently 16,135 units under construction, up 8.4% from last quarter and 16.6% from a year ago. Fifty-nine percent of these units are in the city of Seattle; 22% on the Eastside; 8% in Snohomish County, and 11% in South King County. The number of units under construction in South King County has nearly tripled since last quarter. There have been relatively very few units completed in this sizable market in the current building boom.

Together with the 4,664 units that have opened this year, the projected total for 2014 is 10,269 units. This will be a 71% increase over 2013. If all of the units scheduled to be finished in 2014 are completed, it will nudge out 1989 for the record number of units

built in a given year.

Village at Beardslee Crossing in Bothell opened this quarter (see photo). It has 146 units and is managed

by Indigo Real Estate Services.

There are currently 9,484 units under construction with a 2015 completion date. Additionally, 2,496 units are scheduled to begin construction with completion targeted for next year. This would make a total of 11,980 units for 2015. We have information on 5,919 units that are either under way or scheduled for a 2016 completion.

The grand total for all of the units in various stages of the pipeline is 44,858 units, up 19% from a year ago.

OBSERVATIONS It's remarkable that the market continues to strengthen in the face of the massive amount of new units. Underlying the rental market's strength is the economy. The Census Bureau's recent figures show that Seattle grew faster than any other major American city in the past year - a 2.8% rate. Seattle is now the nation's 21st biggest city with a population of 625,000. Recent data also show that the Seattle metro area has the second best rate of small business creation in the country.

This quarter's performance is stellar. The vacancy rate dropped to 4.17% and rents rose 4.1%. For the year rents increased 7.9%. We had been concerned about a market

that might have been overbuilt at this point based on past economic growth. We would like to applaud the developers and lenders who have been providing apartments to help meet the demand from renters.

If all the new units hadn't been built in the past several years, demand for fewer apartment units would have pushed rents even higher. As it is, over the past twelve months, rents have been increasing faster in Class B and C properties than in A properties (those with the highest rents).

Tom Cain of Apartment Insights Washington is a member of the nonprofit Central Puget Sound Real Estate Research Committee in charge of providing apartment rent and vacancy data. Tom has been a member of the Committee for over 25 years, and has been researching apartment market trends in the Seattle area since 1978. His company surveys the five counties in Central and South Puget Sound. This article highlights survey results that subscribers can access from an online database of all 50u+ properties. Apartment Insights also provides customized rent reports and market reports. www.apartmentinsightswa.com 206-632-2220 Contact: Tom Cain Apartment Insights 206-632-2220

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RENTAL HOUSING JOURNAL ON-SITE

By Pam McKenna “I just do maintenance.” How many times have heard this statement out at a property? The phrase seems to imply that this role is insignificant or less important than others. Through our resident surveys, I’ve seen consistent feedback on personnel demonstrating the importance the maintenance team plays.

Through reviewing financial reports I’ve seen operations literally turn around as a result of an organized, diligent, hardworking maintenance team member. Clearly this is a pivotal role in property management.

So what have you done to invest in this critical piece of your operations?

Through strategic training, development and oversight, you will experience a higher level of performance and improved operations.

The best place to start is with your onsite manager. If your manager and your maintenance team do not speak the same language it can often cause frustration and create unnecessary work for the team. Get your manager signed up for a maintenance class in order to understand the basics of the maintenance function. One of the best experiences I have had

“I Just Do Maintenance” in my career was spending the day working alongside the maintenance team. It allowed me to understand the demands of the day for the maintenance crew and highlighted ways that the office team could improve on communication. Let’s just say I had a lot more respect for what they do after walking a day in their shoes. The more knowledge the management team has of this critical function the more effective their management will be over the maintenance role.

Budget knowledge is the number one weakness. We don’t want to give our maintenance managers the budget, but when they are over budget they are the first to get reprimanded for spending too much. If you prepare your team with budget knowledge they will understand the goals for the year ahead and can find ways to not only meet budget but often come up with creative ways to reduce expenses resulting in savings.

Time management for the maintenance team includes efficiency in ordering. On-line ordering will cut down on hours spent thumbing through a catalog. Create a saved favorites list that only requires you to enter the quantity of items and with a few clicks the order is submitted.

Planning ahead will make it easier

to cut down on driving to the local hardware store for those last minute items needed to wrap up a turn. It is more effective to order supplies once a week through organized scheduling rather than putting in an order every other day.

Communication between the maintenance team and the management team is critical. It begins with holding regular team meetings to ensure the team is on the same page.

Was a move-in bumped up to an earlier date? Did someone cancel their notice and they are not moving out? Did a resident complain about a work order not getting handled correctly? Team meetings can be an excellent way to coordinate and efficiently work through changes and challenges. How often do the manager and maintenance walk the property together? This should be done weekly so that both sets of eyes are on the community and expectations are reviewed and discussed during that walk. The team should set goals for each week, month and year and track them in order to appreciate their progress. Establish standards regarding the use of radios to ensure all communications are professional and appropriate. Train the management team on how to bet-

ter communicate when preparing a maintenance request. There are questions that when asked can clarify the specifics of the request. An example might be clarifying a specific room and wall an outlet is not working instead of just saying “outlet in bedroom not working.”

Resident satisfaction is often tied to the relationship with maintenance. This team is interacting with Continued on page 20

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here is an old saying when it comes to selling/renting real estate that the three most important factors are: location, location, location. Yet, what if you are working at an apartment community that does not have these three things going for it? Maybe your community is “off the beaten path” and no one can find you, or your building is located in a neighborhood that is not considered desirable because it needs a facelift. Perhaps you are near certain types of businesses that may discourage people who are driving by from driving in. The issue of “location,” is obviously a concern based on the following question:

Q: I work at an older building that is tucked away in a secluded spot. It once had a great reputation, but over several years, the local neighborhood has taken on a “run down” appearance and many of the area businesses are not caring for their properties the way they once did. It’s getting harder and harder to attract new renters, not to mention trying to hang onto existing residents who are now concerned with security and safety issues. If I could pick up and move this building I would do it! Do you have any suggestions?

A: I want to commend you for your loyalty to your building and residents. It’s obvious that you care

a great deal about the people and the place where you work, as well as your local community. Challenges with “location” are especially difficult as they sometimes fall into the realm of things that we consider to be “beyond our control.” We feel powerless and frustrated. On the other hand, difficult challenges present unique and exciting opportunities to become creative and also get other people involved in the problem-solving process. Thomas Edison said, “Opportunity is missed by most people because it is dressed in overalls and looks like work!”

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work! It requires spending time analyzing ALL of the problems, not just the ones that are blamed on location.

Let’s face it: Over a period of time, it becomes easier and easier to make “excuses” and “blame” what is perceived as a “bad location” on EVERY problem that arises. (i.e. “No one can find us because we are in a bad location!” - How colorful and well placed are your signs? How skilled are you at giving specific, detailed directions; even if it means using a local pub as a landmark? “No one will use our laundry facility because it is perceived as being ‘unsafe’ because we are in a bad neighborhood.” - Is your laundry room bright, cheerful and welcoming? Is the interior, as well as the exterior building and surrounding area, well lit? Can residents be introduced to each other and encouraged to use the “buddy system?”)

With regards to your neighborhood situation, perhaps your community could become a member of your local Chamber of Commerce and network with other area businesses who care about the condition of your section of the city. Maybe your staff and residents could get involved civically and attend local town meetings to make your voices heard about what’s happening in your neighborhood. What about forming a block watch at your community?

The problems you face won’t go away overnight. They took years to develop and will take time to correct.

MUCH patience will be required to bring about any lasting change. Of course many people prefer to stay with problems they understand rather than look for solutions they’re uncomfortable with. (It’s easier to complain than change!) However, if you always do what you’ve always done, you’ll always get what you’ve always got. You may not be able to change the location of your building, but you CAN change the direction of your thinking. - After all, it’s a lot easier to “pick up and move” people, rather than buildings!

If you have a question or concern that you would like to see addressed next month, 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: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web: www.shoptalkservice.com Rental Housing Journal On-Site • July 2014

RENTAL HOUSING JOURNAL ON-SITE

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MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON Seattle Occupancy Rate Trends

Average Average Occupancy Average Occupancy Rate Occupancy Rate Rate

1Q14 Effective Rent Trends Reis report that asking and effective rents increased 1.0% sequentially in the first quarter, in each case representing the smallest quarterly gains recorded since 4Q11. Expressed on

Trade & Return Summary $5mm+ Sales 19 Approx. Proceeds $515mm Avg. Cap Rate (FNM) 5.2% Avg. Price/Unit $162,783 Expected Total Return 7.8% RED 46 ETR Rank 20th Risk-adjusted Index 2.98 MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON RED 46 RAI Rank 33rd

97% 96% 97% 95% 96% 97% 94% 95% 96% 93% 94% 95% 92% 93% 94% 91% 92% 93%4Q09 91% 92% 4Q09 91%

4Q09 97% 8,000 96% 7,000

Units (T12 UnitsMonths) (T12 UnitsMonths) (T12 Months) Average Occupancy Rate

1Q14 Absorption and Occupancy Rate Trends Demand for Seattle apartment space intensified during 1Q14 as tenants net leased 1,906 units, according to Reis, the largest tally in a year. Developers delivered 1,293 new units, producing a net 30 basis point sequential quarter average occupancy increase to nearly 95.9%. Same store stabilized properties surveyed by Axiometrics recorded a unit-weighted average 95.5% occupancy rate, up 50 bps sequentially but down 10 bps year-on-year.

Effective Rent Summary Mean Rent (Reis) $1,151 Annual Change 5.9.% RED 50 Rank 3st RCR YE14 Forecast 4.8% RCR YE15 Forecast 4.8% RCR YE16 Forecast 5.4% RCR YE17 Forecast 4.3%

Source: Reis History, RCR Forecasts

RED 46 AVERAGE

Seattle Occupancy 95.9%Rate Trends Source: Reis History, RCR Forecasts 95.6%

SEA TTL E (REIS/RC R) RED 46 AVERAGE

Seattle Occupancy Rate Trends

95.9% Source: Reis History, RCR Forecasts 95.6% 95.9% 95.6%

SEA TTL E (REIS/RC R) RED 46 AVERAGE SEA TTL E (REIS/RC R)

95.2%

95.1%

95.3%

95.2%

95.1%

95.3%

95.2%

95.1%

4Q10

4Q11

4Q12

4Q13

4Q14f

4Q15f

4Q16f

4Q17f

4Q18f

4Q10

4Q11

4Q12

4Q13

4Q14f

4Q15f

4Q16f

4Q17f

4Q18f

Source:Reis ReisHistory, History,RCR RCRForecasts Forecasts4Q15f 4Q12Source: 4Q13 4Q14f

4Q16f

4Q17f

4Q18f

Seattle Occupancy Rate Trends Seattle Absorption and Supply Trends

4Q10 4Q11 RED 46 AVERAGE

Seattle Absorption and Supply Trends 95.9%

SEA TTL E (REIS/RC R)

Source: Reis History, RCR 95.6% Forecasts

95.3%

ABSORPTIONS Seattle Absorption and Supply Trends

8,000 6,000 95% 7,000 5,000 94% 8,000 6,000 4,000 7,000 5,000 93% 3,000 6,000 4,000 2,000 92% 5,000 3,000 1,000 91% 4,000 2,000 0

95.3%

MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON

95.1% COMPLETIONS

95.2%

Source: Reis History, RCR Forecasts ABSORPTIONS

COMPLETIONS

ABSORPTIONS

COMPLETIONS

3,000 4Q09 1,0004Q09 2,000 0 1,000 4Q09 0

4Q10 4Q10

4Q11 4Q11

4Q12 4Q12

4Q13 4Q13

4Q14f 4Q14f

4Q15f 4Q15f

4Q16f 4Q16f

4Q17f 4Q17f

4Q18f 4Q18f

4Q10

4Q11

4Q12

4Q13

4Q14f

4Q15f

4Q16f

4Q17f

4Q18f

4Q09 8,000 7.5% 7,000 7.0% 6,000 7.5% 6.5% 5,000 7.0% 6.0% 4,000 7.5% 6.5% 5.5% 3,000 7.0% 6.0% 5.0% 2,000 6.5% 5.5% 4.5% 1,000 6.0% 5.0% 4.0% 0 5.5% 4.5% 4Q09 5.0% 4.0%

4Q10

4Q11

4Q12

4Q13 4Q14f 4Q15f Source: eFannie.com, RCR Calculations

4Q16f

4Q17f

4Q18f

4.5%

Seattle Absorption and Supply Trends Source: Reis History, Forecasts Seattle Cap RateRCR Trends Seattle Cap Rate Trends

7.1% COMPLETIONS

ABSORPTIONS PA CI F I C R EGI ON Source: eFannie.com, SEATTLE RCR Calculations

Seattle Cap Rate Trends

5.5%

5.3%

5.5%

5.3%

5.5% 5.3% 1Q11 2Q11 4Q10 1Q11

2Q11

RCR Calculations PA5.7% CI F I C R EGI ON Source: eFannie.com, SEATTLE 5.4% 5.3% 5.2% PA5.7% CI F I C R5.1% EGI ON SEATTLE 4.6% 5.4% 5.3% 4.6% 5.2% 5.7% 5.1% 5.4% 4.6% 5.3% 4.6% 5.2% 3Q11 5.1% 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 4Q11 4Q12 4Q13 4Q14f4.6% 4Q15f 4.6% 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

4.0%TRANSACTIONS NOTABLE 1Q11 2Q11 3Q11 NOTABLE TRANSACTIONS NOTABLE TRANSACTIONS Property 7.5% Name (Submarket) NOTABLE TRANSACTIONS PA CI F I C NOTABLE 7.0%TRANSACTIONS Bailey Farms (Everett / Mukilteo) Property 6.5% Name (Submarket) NOTABLE TRANSACTIONS Ballinger Commons (North Seattle) 5.7% 6.0%

BaileyHighland Farms (Everett / Mukilteo) Park (Bellevue) 5.5% 5.3% Property 5.5% Name (Submarket) Ballinger (North Seattle) WaterfordCommons at the Lakes (West Kent) 5.0% (Everett / Mukilteo) BaileyHighland Farms Park (Bellevue) 4.5% Joseph Arnold Lofts (North + RetailSeattle) (Belltown) Ballinger Commons Waterford at the Lakes (West Kent) 4.0% (Bellevue) Park Highland 1Q11 Joseph Arnold Lofts + Retail (Belltown) Waterford at the Lakes (West2Q11 Kent) 3Q11 Joseph Arnold Lofts + Retail (Belltown)

NOTABLE TRANSACTIONS NOTABLE TRANSACTIONS

12

1Q14 Property Markets and Total Returns Twenty $5 million or larger sales for which pricing data were available closed during the first quarter for gross proceeds of $522mm, up from 18 and $469mm in the year earlier period. Sales equated to an average price of $162,160/unit, down from $241,416 in the previous quarter and $182,452 in the year-earlier period.

Sales gained momentum during the spring as 28 transactions were closed by the fourth week of June for total proceeds of $918mm and average unit price of $180,159.

A diverse group of buyers participated, led by hedge and private equity funds, REITs and diversified owner/managers. Institutional quality assets traded to mid-4% to mid5% cap rates. Second tier properties offered going-in yields ranging from 5.25% to 6.25%, according to broker sources.

Using 4.7% purchase and 5.3% exit cap rates and model derived rent and occupancy assumptions, RCR estimate a 7.8% 5-year expected total return, ranking 20th among the RED 46 and comparing favorably to the 7.5% mean of the peer group. The risk-adjusted return measure ranks #33.

a yearon- year basis, asking and effective rents were 5.9% higher, down from 7.3% and 7.1%, respectively, during the prior quarter. As a result, Seattle dropped two spots to 3rd rank among the RED 46 after San Jose and San Francisco. Axiometrics surveys of stabilized same store properties recorded a 5.5% y-o-y advance, slowest since 3Q10.

Axio Class-A rent trends accelerated from 4Q13’s 5.4% annual pace to a 6.3% y-o-y advance to $2,043.

Class-C assets also posted a 6.3% y-oy gain in 1Q14 ($1,005), while class-B properties recorded an average 5.8% increase ($1,411).

RCR’s Seattle rent model employs personal income, employment, home price growth and lagged vacancy rates as predictive variables. The 96.9% Adjusted-R2 model projects healthy rent gains in the 4.5% to 5.5% range for the next several years. The 4.7% compound annual growth forecast is the 6th fastest among the RED 46, trailing the three Bay Area markets, New York City and Orange Co.

Units (T12 Months) Average Average Cap Rate Average Cap Rate Cap Rate

Occupancy Rate Summary Occupancy Rate (Reis) 95.9.% RED 50 Rank 28th Annual Chg. (Reis) +0.1% RCR YE14 Forecast 95.6% RCR YE15 Forecast 95.3% RCR YE16 Forecast 95.2% RCR YE17 Forecast 95.1%

Axiometrics report that occupancy levels were similar across classes, ranging from 95.3% in class-A to 95.6% in classes-B and –C. Absorption of new units remained brisk but some slowing was evident as the mean lease-up decelerated to a 12unit per month pace in 1Q14 from 16 in 2Q13.

RCR’s modeling exercise suggests that Seattle apartment demand is correlated to current and lagged rent growth, S&P 500 returns and new supply. We expect rent and supply growth to remain brisk while S&P gains moderate. With this background, the most probable outcome is a gentle occupancy rate slide to about 95% in 2017.

Average Cap Rate

net of 8,400 jobs in 1Q14, despite a slow start, and another 8,100 jobs during April and May. The RCR payroll model finds that Seattle job growth is closely correlated to national job trends, the shape of the yield curve and S&P 500 returns.

This 95.1% R2 model finds that moderately slowing expansion is likely to evolve through 2015, followed by a meaningful rebound in 2016.

Property Name (Submarket)

4Q11

7.1% 5.0%

5.2%

5.0%

5.2%

7.1%

5.2% 5.2% 5.2%

5.0% 5.2% 2Q13 3Q13 4Q16f

4Q13 1Q14 4Q17f 4Q18f

2Q13

3Q13

4Q13

1Q14

1Q12 Seattle 2Q12 Cap 3Q12 4Q12 1Q13 2Q13 Rate Trends Total Price / Source: eFannie.com, RCR Calculations

3Q13

4Q13

1Q14

<Appr. Value> (in millions) Total Price / R EGI ON SEATTLE <Appr.

Value> Class/ Approx.

Date of AProperty / GLR (2013) 16-Mar-2014 $91.3 (in millions) Type (Constr.)

Transaction Total Price / B- / GLR (1989) 28-Mar-2014 $86.0 <Appr. Value> Property 5.4% Class/ 5.3% Approx. Date of A // GLR 16-Mar-2014 $91.3 $47.75.2% (Allocated) BGLR (2013) (1993) 31-Mar-2014 (in millions)5.0% Type (Constr.)

Transaction 5.1% B/ GLR (1989) 28-Mar-2014 $48.1$86.0 (Allocated) C+/ GLR (1989) 2-Apr-2014 4.6% A // GLR 16-Mar-2014 4.6% $47.7$91.3 (Allocated) BGLR (2013) (1993) 31-Mar-2014 $58.2 (Allocated to A // GLR MR (2013) 29-Apr-2014 B(1989) 28-Mar-2014 $86.0 Rental $48.1Apartments) (Allocated) C+/ GLR (1989) 2-Apr-2014 $47.7 (Allocated) B- / GLR (1993) 31-Mar-2014 $58.2 (Allocated to 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 A / MR 29-Apr-2014 $48.1 (Allocated) C+/ GLR(2013) (1989) 2-Apr-2014 Property Class/ Type (Constr.)

Approx. Date of Transaction

Rental Apartments) $58.2 (Allocated to Rental Apartments)

| June 2014 A RED / MRCAPITAL (2013) Research 29-Apr-2014

RED CAPITAL Research | June 2014 Total Price / <Appr. Value> Property Class/ Research Approx. |Date of 2014 RED CAPITAL June (in millions) Type (Constr.)

Transaction

Price / <Appr. Value> per unit7.1% Price / <Appr.

Value> $245,431 per unit Price / $177,267 <Appr. Value> $245,431 $190,632 per unit 5.2% $177,267 $139,859 $245,431 $190,632 $445,000 $177,267 $139,859 $190,632 3Q13 4Q13 $445,000 $139,859 $445,000

Estimated <Underwritten> Cap Rate Estimated <Underwritten> 4.5% p.f.

Cap Rate Estimated 5.2%5.2% <Underwritten> 4.5% p.f.

6.5% Cap Rate 5.2% 5.0% 4.5% p.f.

6.5% 5.3% p.f.

5.2% 5.0% 6.5% 1Q14 5.3% p.f.

5.0% 5.3% p.f.

Continued on page 13 Price / <Appr. Value> per unit

Estimated <Underwritten> Cap Rate 4.5% p.f.

5.2% 6.5% 5.0%

Rental Housing Journal On-Site • July 2014

Bailey Farms (Everett / Mukilteo) Ballinger Commons (North Seattle) Park Highland (Bellevue)

A / GLR (2013) B- / GLR (1989) B- / GLR (1993)

16-Mar-2014 28-Mar-2014 31-Mar-2014

$91.3 $86.0

$47.7 (Allocated)

$245,431 $177,267 $190,632

Waterford at the Lakes (West Kent)

C+/ GLR (1989)

2-Apr-2014

$48.1 (Allocated)

$139,859

MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON

RENTAL HOUSING JOURNAL ON-SITE

MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON MARKET OVERVIEW 1Q14 | SEATTLE, WASHINGTON

Market Overview...continued from front page Seattle Effective Rent Trends

YoY Rent Trend YoY Rent TrendTrend YoY Rent

Sources: Reis, Inc., Axiometrics, RCR Forecast

12% 10% 12% 8% 10% 12% 6% 8% 10% 4% 6% 8% 2% 4% 6% 0% 2% -2% 4% 0% 2% -4% -2% -6% 0% -4% -2% 4Q09 -6% -4% 4Q09 -6%

4Q09

Seattle Effective Rent Trends

SUBMARKET TRENDS

Sources: Reis, Inc., Axiometrics, RCR Forecast

Seattle Effective Rent Trends

Sources: Reis, Inc., Axiometrics, RCR Forecast 5.9% 4.9%

5.9%

4.9%

5.9%

4Q10

4Q11

4Q10

4Q11

4Q12

4Q11

4Q12

4Q10

4Q12

4.8%

4.9%

4Q13

4Q14f

4Q13

4Q14f

4.3%

5.3%

4.3%

5.3%

4.8%

4.3%

5.3%

RED 46 AVERAGE SEATTLE AXIOMETRICS SAME-STORE RED 46 AVERAGE SEATTLE (REIS/RCR) SEATTLE AXIOMETRICS SAME-STORE RED 46 AVERAGE 4Q15f 4Q16f 4Q17f SEATTLE (REIS/RCR) SEATTLE AXIOMETRICS SAME-STORE 4Q15f 4Q16f 4Q17f SEATTLE (REIS/RCR)

4Q14f

4Q13

4.8%

4Q15f

Seattle Home Price Trends

4Q16f

4Q17f

4.0% 4.0%

4.0%

4Q18f 4Q18f

4Q18f

Y-o-Y % Change Y-o-YY-o-Y % Change % Change

Source: FHFA Home Price Indices and RCR Forecasts

Seattle Home Price Trends

12.0%

Source: FHFA Home Price Indices and RCR Forecasts

12.0% 8.0%

10.2% Source: FHFA Home Price 10.0% Indices and RCR Forecasts 9.3% 10.0% 10.2% 9.3% 5.1%

Seattle Home Price Trends

12.0% 8.0% 4.0% 4.0% 8.0% 0.0%

9.3%

0.0% 4.0% -4.0%

5.1%

5.1%

4.2%

10.2%

4.2%

4.2%

-4.0% 0.0% -8.0% -8.0%2011 -4.0%

2012

2013

2011

2012

2013

-8.0%

2011

2012

3.5% 3.0% 2.5% 3.5% 2.5% 2.0% 3.0% 2.0% 1.5% 2.5% 1.5% 1.0% 2.0% 1.0% 0.5% 1.5% 0.5% 0.0% 1.0% 0.0%2011 0.5% 2011 0.0%

2014f 2014f

2015f 2015f

U.S.A.

8.6% 3.3%

8.6% 3.3% 3.3%SEATTLE

U.S.A.

SEATTLE

2016f U.S.A. 2016f

2017f SEATTLE 2017f

2.2%

2012 2012

5.6% 1.7% 5.6% 1.7%

5.6%

2013 2013

2014 2014

2015f 2015f

1.8%

2016f 2016f

2.6% 2.6% 0.7%

2.6%

0.7%

1.7% 0.7%

2018f

Change

1Q13

1Q14

Change

$830

$851

2.5%

3.4%

2.2%

-120 bps

5.7%

-130 bps

$989

$1,015

2.6%

7.0%

$1,304

Effective Rent $1,382

6.0%

4.5%Physical Vacancy 5.0%

Bothell

$1,084 1Q13

$1,117 1Q14

3.1% Change

Submarket

Des Moines / West Kent Auburn / Enumclaw Downtown Beacon Hill/ /Capitol RainierHill

$869 $830

$1,467 $989

$903 $851

$1,636 $1,015

4.0% 2.5%

11.5% 2.6%

50 bps

1Q133.4%

1Q14 3.7%

Change 30 bps

3.4%2.7%

2.2% 2.2% 5.7% 7.2%

-130 bps110 bps

7.0%6.1%

-120 bps-50 bps

Edmonds Lynnwood Bellevue // Issaquah

$916 $1,304

$960 $1,382

4.8% 6.0%

4.5%2.7%

Everett Bothell/ Mukilteo

$924 $1,084

$975 $1,117

5.5% 3.1%

3.4%2.1%

5.0% 3.1% 3.7% 3.6%

Des Moines Federal Way / West Kent

$869 $901

$903 $922

4.0% 2.4%

2.7%3.4%

2.2% 2.7%

-50 bps-70 bps

Downtown / Capitol Hill Kent

$1,467 $893

$1,636 $919

7.2% 1.9% 3.1% 4.2%

110 bps-90 bps

Federal Way

Redmond Kent

Renton

Kirkland / Juanita

Tukwila / Sea-Tac North Seattle

West Seattle / Burien Redmond

11.5% 3.0%

6.1%2.8%

$916 $1,267

$960 $1,331

4.8% 5.0%

2.7%2.2%

$901

$924 $1,090

$922

2.4%

3.4%

3.6% 5.4% 2.7%

$893

$919

3.0%

2.8%

1.9%

$1,267

$1,331

5.0%

2.2%

4.2%

$922 $1,247

$969 $1,302

5.1% 4.4%

4.9%4.6%

3.0% 4.2%

$1,247 $966

$786 $1,090

$975 $1,201

$1,302 $990

$808 $1,201

5.5% 10.2%

4.4% 2.5%

2.9% 10.2%

2.1%3.7%

4.9% 2.9%

3.7%2.1%

3.0%

2.4%

5.4% 1.6%

50 bps 40 bps 30 bps150 bps

40 bps200 bps

150 bps170 bps -70 bps

-190 bps

-90 bps

-50 bps

200 bps

170 bps-50 bps

-190 bps-40 bps

Metro Renton

$1,087 $966

$1,151 $990

5.9% 2.5%

2.9%4.2%

2.4% 4.1%

-50 bps-10 bps

Tukwila / Sea-Tac

$786

$808

2.9%

2.1%

1.6%

-50 bps

$922

$969

5.1%

4.6%

4.2%

-40 bps

$1,087

$1,151

5.9%

4.2%

4.1%

-10 bps

Metro

2018f SEATTLE SEATTLE

2.0% SEATTLE 2.0% 1.6% 1.6%

2.0% 1.6%

2017f 2017f

2018f 2018f

For more information about RED’s James P. Hensley, Senior Managing 2012 2013 2014 2015f 2016f 2018f research capabilities contact: Daniel J. Director Head 2017f of Mortgage OriginaThe information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or Hogan, Director of report Research jphensley@redcapitalgroup.com financial advice, or recommendations towas buyprepared or selldjhogan@ currencies orinformation securities orpurposes totion engage inand any isspecific transactions.

Information has been The information contained in this for general only not intended as legal, tax, accounting or gatheredadvice, from third party sources andtohas independently verified or or to accepted CAPITALtransactions.

GROUP. REDInformation makes no representafinancial or recommendations buynot or been sell currencies or securities engageby in RED any specific has been redcapitalgroup.com 614.857.1416 770.753.6472 tions or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report. gathered from third party sources and has not been independently verified or accepted by RED CAPITAL GROUP. RED makes no representa2011

RED cannot becontained heldasresponsible for anyor errors or misrepresentations contained in the report or in information gathered third party tions or warranties to the accuracy completeness the information, assumptions, analyses or conclusions in the report.

The information in this report was prepared forof general information purposes only and is the not intended aspresented legal, tax,from accounting or sources.

Under norecommendations circumstances anyorinformation contained herein betoused considered asinformation antransactions. offer or gathered a solicitation an to RED cannot be held responsible forshould any errors or contained inengage theorreport or inspecific the fromofthird party financial advice, or to buy sellmisrepresentations currencies or securities or in any Information hasoffer been participate in third any transaction strategy.

Any reliance upon thisor information is solely and yourmakes own risk.

Please sources.

Under no particular circumstances should any information contained herein be used or considered as exclusively an GROUP. offer or at aRED solicitation of an offer conto gathered from party sources and hasor not been independently verified accepted by RED CAPITAL no representasult or your own counsel, or other advisor Any regarding specific situation.

Any views expressed herein arepresented subject toinPlease change withparticipate in any particular strategy. reliance upon this information is solely and exclusively at your own risk. contions warranties as toaccountant the transaction accuracy ororcompleteness of theyour information, assumptions, analyses or conclusions the report. out cannot notice due to market conditions and other factors. sult your own accountant other advisor regarding your specific situation.

Any viewsorexpressed herein aregathered subject to change RED be counsel, held responsible foror any errors or misrepresentations contained in the report in the information from thirdwithparty out notice due no to market conditions and other factors. sources.

Under circumstances should any information contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors.

The information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or financial advice, or recommendations to buy or sell currencies or securities or to engage in any specific transactions. Information has been gathered from third party sources and has not been independently verified or accepted by RED CAPITAL GROUP. RED makes RED CAPITAL Research | June 2014 no representations or warranties as to Research the accuracy or completeness of the informaRED CAPITAL | June 2014 tion, assumptions, analyses or conclusions presented in the report. RED cannot be RED CAPITAL Research | June 2014 held responsible for any errors or misrepresentations contained in the report or in

Rental Housing Journal On-Site • July 2014

Physical Vacancy

1Q14

Beacon Hill / Rainier

West Seattle / Burien

2018f

Effective Rent 1Q13

Bellevue / Issaquah

Everett / Mukilteo North Seattle

8.6%

2013 2014f Payroll Employment 2015f 2016f 2017f Seattle Trends Source: BLS,Seattle InstitutePayroll for Economic Competitiveness Employment Trends at UCF & RCR

1.9%

Auburn / Enumclaw SUBMARKET TRENDS

Edmonds / Lynnwood Kirkland / Juanita

Source: BLS, Institute for Economic Competitiveness at UCF & RCR U.S.A. Seattle2.7% Payroll Employment Trends U.S.A. 2.7% Source: BLS, Institute for Economic Competitiveness at UCF & RCR 2.2% 1.9% 1.8% 2.2% U.S.A. 1.9% 1.8% 2.7%

3.5% 3.0%

Y-o-Y % Change Y-o-Y % Change Y-o-Y % Change

10.0%

Submarket

RED CAPITAL GROUP For more information RED CAPITAL GROUP about RED’s research capabilities contact: James P. Hensley, Senior Managing Director For more about RED’s research capabilities contact: Daniel J. information Hogan, Director of Research Head of Mortgage Origination djhogan@redcapitalgroup.com jphensley@redcapitalgroup.com James P. Hensley, Senior Managing Director 614.857.1416 Daniel J. Hogan, Director of Research Head of Mortgage Origination 770.753.6472

the information gathered from third party sources.

Under no circumstances should djhogan@redcapitalgroup.com jphensley@redcapitalgroup.com 614.857.1416 770.753.6472 as an offer or a solicitation of any information contained herein be used or considered an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors.

13

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W

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Keys to Exceptional Service

MFHA’s June quarterly Membership luncheon, attended by 125 members, included an extremely enjoyable and informative discussion of 5 Star Service. Guest speaker Denny Fitzpatrick from the prestigious Hotel 1000 in Seattle shared his experiences and tips for developing a culture of superior service in the hotel industry.

Denny has been the General Manager of Hotel 1000 since 2008 and was the former General Manager of the Beverly Hilton in Beverly Hills, California. Denny was also a former University of Washington Huskies football quarterback, and his leadership skills and passion for people was evident in his presentation.

Relating the similarities of the hotel industry and the property management industry, Denny acknowledged that the key to business success is in attracting and retaining quality employees, then instilling in your employees a commitment to an exceptional customer experience.

Every employee at Hotel 1000 is empowered to make judgment calls to do what it takes to ensure that every customer has a memorable experience.

The philosophy of customer satisfaction is instilled in all employ-

ees at every level. Every employee is valued. Every employee plays an important role in the customer experience. Perception becomes reality when it comes to the customer. “Exceed customer expectations whenever possible“ stated Denny.

At a recent WMFHA training class held in Spokane, trainer Brian Babcock from Riverstone Residential spoke on Enhancing the Resident Experience – Turning Residents into Neighbors.

From the property management perspective, customer service begins well before the potential resident visits the property. Touch points could involve prospect interaction with your advertising, website, social media outlets and/or ratings and review sites.

They could call or e-mail the property for information, and most likely, have done so as well with your competitors. All of these initial research gathering “moments of truth” create that all important first impression prior to any actual personal meeting. The goal is to build positive rapport with the customer at all contact points.

With the amount of information at the fingertips of our prospective renters, and with the intense com-

petition and sophistication of many professional apartment managers in the marketplace today, companies should ensure there is a high level of attention paid to any and all interactive touches with potential customers. Those are the time to shine.

The knowledge, experience and people-skills that front line employees’ exhibit will make or break the rental relationship. Employees who are natural, pleasant, informative, confident, service-oriented and skilled in sales techniques will have the greatest success in serving the needs of customers. Your residents want to do business with site personnel who are knowledgeable, professional, enthusiastic and genuinely care.

Creating a culture of high-quality customer service at a property most importantly includes all maintenance staff. Property upkeep, exterior maintenance, and skillful, prompt repairs are instrumental in keeping residents happy and increasing resident retention. This translates into an improved bottom line and leads to positive word of mouth marketing for the property through resident referrals. Greater customer satisfaction will increase leases and renewals.

Effective communication is the

key to your success. Your good communication skills will set the example for others. The first step in good communication is listening. Be ready to listen, pay attention to verbal and non-verbal language, and use active listening skills.

Attitude is the emotional base of good communication and good customer service. If you and your staff have a good attitude, it will improve your communication and your dealings with others. People’s perceptions and judgments of a situation combine to form their attitudes. If a situation is perceived as pleasant, it has a positive effect on the person’s attitude. If a situation is seen as unpleasant, it has a negative effect on attitude.

Further, if a person has previously heard positive or negative information about another person, property or company, this can have a direct effect on his or her attitude toward that person, property or company. “Body language and tone of voice make up 93% of communication. The actual words that are said make up only 7% of communication.” Brian reminded the class.

Successful companies embrace the concept that investing in their continued on page 21

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RENTAL HOUSING JOURNAL ON-SITE

How Entrepreneurs Can Increase Profit with a Hands-Off Approach Mechanical Rule of Distance’ Lets You See Big Picture & Test Ideas, Says Business Development Strategist

I

t’s a common occurrence among the most talented people in the corporate world – highly skilled and qualified workers make the leap from valued employee to uncertain business owner.

Unfortunately, rather than becoming a master of their own business, many of these entrepreneurs work twice as much as they did in their safe corporate job, unwittingly committing themselves to becoming the lowest rung on the ladder, says Zenovia Andrews, founder and CEO of The MaxOut Group, a company devoted to empowering and teaching entrepreneurs development strategies to increase profits.

“People believe that starting a new business is supposed to mean they’ll have to work much longer hours, and that’s why most new businesses fail early,” says Andrews, author of the new book “All Systems Go – A Solid Blueprint to Build Business and Maximize Cash Flow,” (www.zenoviaandrews.com).

“Entrepreneurs need to be the brains and oversight of the opera-

tion. It’s not wise to work for your own business. Sixteen-hour days get entrepreneurs lost in the minutiae.

The lose perspective and burn out.”

Business owners need distance for perspective, and the best way to create that is by knowing how to delegate duties to employees, she says.

“Owners need to be the strategic visionary who hires, trains and develops the best talent available, and then delegates work,” says Andrews, who discusses the five keys of delegation.

• Understand that your team is made up of human beings. No one can work nonstop, so get your timing right. Know what each employee can handle, and never overwork them.

Most people perform at their best when they are consistently busy but not rushed or pressured.

• Focus on the strengths of your team. Delegation is not a dumpand-run tactic. Know your employees and how they fit into your business puzzle. Allow them to do what

they do well, and give them responsibilities and authority. They’ll be happier and so will you.

• Focus on your own strengths, then plug the holes. Few of us are great at everything! If bookkeeping’s not your thing, hire an accountant.

If you don’t have marketing experience, find someone with proven skills. Trying to perform jobs that you don’t do well will require twice as much effort with less-than-satisfactory results.

• Be the resource king or queen.

Your employees are only as good as the resources they have. Make sure that they are equipped to always do the best work for you on a daily basis. Running out of stock, not having new software and not shelling out for that desperately need printer is NOT good delegation.

• Become the fire, ice and motivation behind your team. When they need guidance, give it to them; when they need appreciation, offer it to

them. Inspire, motivate and lead by supporting your delegated decisions and following up on them often.

“Business owners need to be the big thinkers: to identify patterns both good and bad; to become an idea machine and testing fanatic; to fill out details from outlined strategy; to be aware of market trends; to always have one eye on the competition; and to develop an instinct for the people with whom you like to work,” Andrews says.

About Zenovia Andrews Zenovia Andrews, www.zenoviaandrews.com, is a business development strategist with extensive experience in corporate training, performance management, leadership development and sales consulting with international clients, including Pfizer, Inc. and Novartis Pharmaceuticals. A sought-after speaker and radio/TV personality, she is the author of “All Systems Go” and “MAXOut: I Want It All.”

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Rental Housing Journal On-Site • July 2014

RENTAL HOUSING JOURNAL ON-SITE

Making Rent Collection Easier

By Mary Girsch-Bock As important as it is for property managers to ensure that rent is received on a timely basis; rental collection is not just important to property managers. Surveys have shown that residents also want an easier way to pay rent. While many smaller management companies have continued to accept checks, many have done away with the hassle of recording, depositing, and dealing with delayed mailings, lost checks and potential NSF check situations.

With a large under 30 demographic, property managers looking to attract young, professional renters would do well to institute a 21st century rental payment policy that allows tenants to use credit cards to pay rent, can accept rental payments online, or can automatically debit a tenant’s bank account to withdraw rent on a monthly basis.

There are numerous advantages to making updated payment acceptance a priority. Here are just a few: Your rental payment policy can directly affect the type of renters you’re able to attract. With computer savvy young professionals making up one

w

of the fastest growing group of renters, it’s imperative that properties offer quick, easy methods for rental payments. Many 20-somethings have never written a check in their life, and aren’t likely to start just to live in your property. They’ll simply find a property where they can pay their rent easily.

Accepting rental payments electronically will eliminate the ex-

tra work involved with accepting checks, as mentioned above. While those in a small apartment community do not spend a lot of time processing checks, those in large, multiunit complexes will typically spend a large chunk of the first week of each month processing checks, not to mention following up on lost mail, determining if in fact a check is late, and contacting tenants when insuffi-

cient fund issues pop up, as they always do. Accepting rental payments electronically give property managers a much better idea of their rental income for the month much earlier, and managers will know immediately if a scheduled electronic payment has been made.

The majority of your rental payments will be in the bank much sooner. If the 2nd is the cutoff for accepting rental payments, by accepting electronic payments, the majority of your rental income will have been received by the cutoff date, instead of straggling in up to five days after the deadline.

If you make one change this year in your internal processes, you may want to consider changing your rent payment process. Your residents will appreciate the ease in which they can make payments, while your staff will be freed up to handle other responsibilities instead of stamping checks and driving to the bank the first week of each month.

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Can Your Rental Center Walls…Sell?

by Ernest F. Oriente, The Coach

I

f first impressions are formed by a new resident within 10-12 seconds of meeting those on your leasing teams, what impressions do the walls in your office make? Can your walls sell?

Can your walls motivate and inspire you and your leasing teams? You bet they can! This article will show you three easy steps to make sure your walls are selling—365 days a year.

Inspiring your residents: First, recognize that every time a resident comes into the leasing office of the properties you manage, your leasing teams have a golden opportunity to sell and re-sell the wonderful lifestyle your apartment communities provide. Next, have your leasing teams determine how much wall space is available in their leasing offices and ask them to draft a plan for the types of information they want each resident to see. Here are some strategic items your leasing teams can place on their walls: pictures of their residents having fun at a recent property activity, letters of appreciation from current residents, a mission

statement from your company, your service guarantee or promise, a current resident newsletter, a reminder about resident referrals, dates for an upcoming resident party or event, sample floorplans, special awards or training certifications, your Facebook page, and a photo of your leasing and maintenance team. Lastly, have your leasing teams professionally frame each of the items they will be displaying on the walls of their leasing offices, as the quality of the framing will make a subconscious quality impression on your residents and future residents.

Tip From The Coach: Now that your leasing offices are ready to sell to your current residents, can your leasing teams use this sales tool for future residents as well? You bet! At the start of each property tour, have your leasing teams begin by showing each future resident the fun items displayed on their walls…especially the pictures of current residents having great fun. When the walls in your leasing offices sell, your leasing experts will have higher closing ratios and more team success!

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Motivating your team: Once your leasing teams have finished setting up the selling walls in their leasing offices, it’s time to prepare the walls that will motivate them. Ask your leasing teams to locate a wall or two in their leasing offices that is not usually seen by either current residents or future residents. Next, discuss with your leasing teams the key numbers, corporate information or trends they would like to see on a regular basis. Here are some ideas that might be helpful to display: weekly/monthly leasing goals, budget performance on a monthly and year-to-date basis, maintenance requests, a follow-up system for tracking hot prospective residents, bonus programs, a calendar to plan future resident events or activities, a place to share or post new ideas, company awards and collection reports. Lastly, ask your leasing teams to find a creative way to display this wonderful information so they will have a pride of ownership attached to this special area.

Tip From The Coach: Many of our property management clients ask their resident managers to hold a weekly meeting in the area where this information on their walls can be easily referenced. Consistently referencing this information on a weekly

basis will show your leasing teams that the information displayed is critical to the success and profitability of their apartment community.

Encouraging yourself: As the executive or owner of your property management company, your walls must also sell. Certainly, many of the ideas mentioned above, would be valuable to have on your walls.

Some specialized measurements to place on your walls might include: occupancy trends, employee turnover, ROI performance, quarterly graphs recapping this quarter…compared to the same quarter last year, team rankings and industry statistics that will impact your properties.

Tip From The Coach: Remember, whatever you place on the walls in your executive office will send a strong message to your company about the key areas of your business.

So choose each item carefully, as every person who comes into your office will survey your walls and ask you questions about what they see or read. In addition, you might consider giving new employees a tour of your office walls on their first day with your property management company. This will allow them an opportunity to see and read firsthand, exactly what is most important Continued on page 23

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RENTAL HOUSING JOURNAL ON-SITE

Dear Maintenance Men:

By Jerry L'Ecuyer & Frank Alvarez

Dear Maintenance Men: Mildew is driving me crazy.

We have a property with interior bathrooms and they are constantly developing mildew on the walls and ceiling. We have cleaned, painted and cleaned out the duct work for the vent fan and the problem does not go away. How can I solve this problem?

William Dear William: A number of things may be at work here. Unit overcrowding is generally the main reason for moisture & mildew build-up in an apartment unit. Because of the overcrowding, the residents, take more showers and baths, throughout the day and evening. Often to hide the excess people in the unit, the resident will keep all the window covers closed and the widows shut, effectively keeping the moisture from escaping. Add a windowless bathroom into the mix and the problem is compounded.

Mechanically, we suggest you inspect the vent fans in the bathrooms.

Make sure they are not clogged with lint or dust. If the fan is operating properly, check the CFM or Cubic Feet per minute of air movement.

The minimum number should be 50 CFM. If the bathroom is getting more than the average amount of use, you may want to replace the existing fan with one that has a higher CFM rating. We recommend using at least a 120-CFM fan. Equally important, many bathrooms have two wall switches; one for the light and the other for the fan. If this is the case, we recommend combining the two switches into one. That way when the resident switches on the light the fan will come on automatically. We find most residents will not turn on the fan if it has its own switch. Lastly of course, is to get the resident to open a few windows and let some fresh air in.

Dear Maintenance Men: Over the years, the sidewalks around

Rental Housing Journal On-Site • July 2014

our building have accumulated a fair amount of chewing gum residue. We are looking for a good method to remove the gum and the gum deposit. Once clean, is there any surface treatment to prevent gum from sticking?

Ryan Dear Ryan: There are a number of ways to remove gum from a brick or concrete sidewalks. Spray the gum with an aerosol freezing agent or place dry ice on the gum for a few minutes.

The gum will become very brittle and should be easier to pry off the surface with a putty knife or scraper.

It may take a few tries to remove all the gum. If there is any gum remaining, spray WD-40 or vinegar and let it soak to dissolve the remaining gum. Use a scraper or stiff brush to remove the rest of the gum. After all the gum is removed, use a power sprayer to deep clean and remove any gum residue. If you still have discoloration on the concrete, use muriatic acid & water mixture to bleach the concrete. To keep the gum from sticking to the concrete or brick sidewalks in the first place; use a waterproofing sealer on the sidewalk to reduce the likelihood of the gum sticking to the surface.

The pipe is extremely flexible and easy to install.

Pros and cons of using PEX: Pros: 1: Versatile and user friendly, can be bent around corners & snaked through walls.

2: Minimum of connections needed to complete a pipe run. (Less chance of a leak) 3: Cold weather burst resistant.

4: PEX pipe is less expensive than copper pipe Cons: 1: Cannot be used outside or in sunlight.

2: Not recycle friendly 3: Installation tools can be expensive.

4: Not handyman friendly Pros and cons of using copper pipe: Pro: 1: Long lasting, easy to use and install 2: Resists corrosion 3: Environmentally friendly, i.e.: recyclable.

4: Safe for exterior use.

Cons: 1: Expensive to buy.

2: Can burst in extreme cold weather if not properly winterized.

3: More connections and elbows needed to complete a pipe run.

Before making any decisions about using PEX piping, check with your local building department to ensure it is allowed in your area.

However, if it were our building, we would use copper pipe. Copper is straight forward to install, no special tools are needed and any competent handyperson can fix a leak with simple tools and a torch.

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

Dear Maintenance Men: I keep hearing about PEX tubing as an alternative to copper tubing when it comes to re-piping my rental units.

What is the difference between PEX and copper tubing and why use one over the other? What are the pros and cons?

Aldridge Dear Aldridge: First let’s define what PEX tubing is. PEX is a cross-linked polyethylene pipe. (It looks and feels like plastic pipe.) The PEX pipe is resistant to extreme temperatures, stress, pressure and chemicals attacks such as acids & alkalies. This makes PEX pipe suitable for both hot and cold water systems and can be used in below freezing condition and is suitable up to 200 degrees Fahrenheit.

19

RENTAL HOUSING JOURNAL ON-SITE

Just Do...continued from page9 the residents on a more consistent basis making customer service and fair housing training a critical piece for improved resident satisfaction.

The maintenance team should know how to sell the value of the community when interacting with the residents and do their part to market the service they provide. Make sure they are completing follow up calls to verify the residents are satisfied after every work order. What about leaving behind a thank you note and a treat?

This can add that additional marketing and customer service “wow” fac-

tor to your maintenance team.

Setting up a team with the proper personal protection equipment, current MSDS sheets, and regular training on safety practices can reduce liability at the property. Routine site inspections are encouraged to stay out in front of any areas that may become liabilities and are being overlooked.

Set standards for the team on appearance and hygiene. Personally, I am more comfortable allowing a maintenance person into my home that is in a clean uniform with a

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proper name badge. Smoking should only be allowed in designated areas and steps should be taken to remove the smoke smell that lingers on an employee.

How else can you improve efficiency with the maintenance team?

Be clear on when it is a good time to include two workers to complete a task. Train the team to plan ahead to bring all the right tools and supplies to a job to avoid those needless trips back and forth to the maintenance shop. Managers should be aware of what a reasonable amount of time is required to complete typical tasks so they can help monitor efficiency.

The maintenance team needs to know when it is appropriate to call in a vendor because an issue is larger than what they can handle.

Keeping the shop organized will help improve efficiency as well. A shop should have minimal inventory with a system that is organized making it easy to quickly locate the parts needed. Dispose of old random parts that will never be utilized. Create smart work spaces that allow for easier repairs, such as a large table to cut screens. Get rid of old couches and TVs and create appropriate lunch stations for the team to take breaks.

Compile a standard specs list for your community making it easier to order supplies and creates a more consistent apartment turn for resi-

dents. It is easier to find the parts you need when the specs are the same throughout the property.

Create a record documenting the property systems, dates replacements occurred, annual inspection dates and routine maintenance calendars. Plan the year ahead by creating a capital planning board in the shop. Map out the plan for the year ahead and what items are budgeted or planned for in each month.

Set the tone that a great attitude goes a long way. Coming to the property with a “can do, get it done” outlook will make a huge difference in performance. Ask for their commitment to excellence and to bring 100%. Invest in your maintenance team through training. Maintain consistent oversight – “inspect what you expect”. Follow up with recognition, rewards and appreciation.

Validate how valuable they are to the operations of your communities and definitely don’t accept the statement “I just do maintenance.”

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RENTAL HOUSING JOURNAL ON-SITE

Exceptional Service. ...continued from page 14 employeesâ&#x20AC;&#x2122; education, training and career development is an investment in the future of the company and properties under management.

Employees are your internal customers.

If employees see that a company is invested in their performance and their future growth, employees will be loyal, happy and productive.

Employee turnover will be reduced and performance will be enhanced.

After devoting time to employee training, make sure to give employees all the tools they need to be successful. Then, find ways to measure customer satisfaction and make needed changes to improve.

The Washington Multi-Family Housing Association has many dif-

ferent opportunities for companies and career-oriented employees of all positions to learn, grow and expand their skills through classroom and online learning. As you begin the budgeting process soon for your company or property, make sure to budget for employee training and development. Doing so provides the best return on investment you can make.

For information on joining the Washington Multi-Family Housing Association or services provided, visit www.wmfha.org and review all that we have to offer. Have a great summer!

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RENTAL HOUSING JOURNAL ON-SITE

Being a “Remarkable” Property Manager

By Marc Courtenay

W

hether you’re following your passion or just trying to be successful at what you do for a living, it always counts to be in that esteemed group we call “outstanding”.

There is more research surfacing that gives practical guidance on the characteristics of those who flourish and those who flounder.

It’s not just motivation that matters; it’s also having the right information. That’s one of the reasons you come to propertymanager.com and read these articles. One great idea can enhance your well-being.

In a fascinating book titled “So Good They Can’t Ignore You” by Cal Newport Ph.D. I found some powerful insights on being both outstanding and what Newport calls “remarkable” in our chosen occupation.

His premise is found in the subtitle of the book; “Why skills trump passion in the quest for work you love.”

It’s based on the old axiom that the more skills you have and the more experience you accrue the better your chances of experiencing both personal career satisfaction and exceptional rewards.

“The law of remarkability” is introduced colorfully in chapter 15 of

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Newport states that great missions are transformed into great successes as a result of finding (and doing) great projects that satisfy this “law”. It starts by defining the word remarkable.

Literally, it means to be so amazing, so exceptional that people can’t help being inspired to remark about you and what you’re doing. It brings new meaning to the term “word of mouth advertising”.

For example, I know of a property manager who organizes and sponsors an annual seminar that’s open to owners, landlords, investors and prospective participants in the rental property industry.

This seminar also includes people who are residents. She actually invites any renter who wants to learn how to find, improve and hold onto top quality residential rentals. The first year’s results were sketchy.

By the third year she was attracting prospective clients, lenders, community leaders and the attention of the local media. People were being to remark to one another about the seminar’s value and its sponsor.

Some attendees were so impressed they asked to co-sponsor the seminar the next year. It became so popular that the property manager who began this project didn’t need to pro-

mote it or market it.

Like a remarkable property management company, the seminar was promoting itself. The reputation of the individual who started the seminar was transformed in many positive ways.

She was perceived as a positive force for good in her community and was invited to speak before public service organizations like Kiwanis, Rotary and the local Chamber of Commerce.

It won’t surprise you that her referrals tripled by the third year and last I had heard she was turning away business because she was so busy. She told me she enjoyed referring them to her competition.

Her competition couldn’t believe that she would do this and offered to take her to dinner in gratitude. Over a fine meal she forged an alliance of cooperation, mutual respect and opportunities to collaborate.

If you want to be a remarkable property manager be so creative, proficient and willing to do just a little more than the average that your community feels compelled to remark about you to others.

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The Coach...continued from page 18 to you and those on your executive teams Want to hear more about this important topic or ask some additional questions about how to create walls that sell? Send an E-mail to ernest@ powerhour.com and The Coach will E-mail you a free PowerHour invitation.

Author’s note: Ernest F. Oriente, a business coach/trainer since 1995 [32,170 hours], serving property management industry professional since 1988--the author of SmartMatch Alliances™, the founder of PowerHour® [ www.powerhour.com ], the founder of PowerHour SEO [ www.powerhourseo. com ], the live weekly PowerHour Leadership Academy [ www.powerhourleadershipacademy.com/pm ] and Power Insurance & Risk Management Group [ www.pirmg.com ], has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and their leaders.

He provides private and group coaching for property management companies around North America, executive recruiting, investment banking, national utility bill auditing, national real estate and apartment building insurance, SEO/SEM web strategies, national WiFi solutions [ www.powerhour.com/ propertymanagement/nationalwifi.html

], powerful tools for hiring property management SuperStars and building dynamic teams, employee policy manuals [ www.powerhour.com/propertymanagement/employeepolicymanuals.html ] and social media strategic solutions [ http://www.powerhour. com/propertymanagement/socialmedialeadership.html ]. Ernest worked for Motorola, Primedia and is certified in the Xerox sales methodologies. Recent interviews and articles have appeared more than 8000+ times in business and trade publications and in a wide variety of leading magazines and newspapers, including Smart Money, Inc., Business 2.0, The New York Times, Fast Company, The LA Times, Fortune, Business Week, Self Employed America and The Financial Times. Since 1995, Ernest has written 225+ articles for the property management industry and created 400+ property management forms, business and marketing checklists, sales letters and presentation tools. To subscribe to his free property management newsletter go to: www. powerhour.com. PowerHour® is based in Olympic-town…Park City, Utah, at 435-615-8486, by E-mail ernest@powerhour.com or visit their website: www. powerhour.com

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Rental Housing Journal On-Site • July 2014

23

RENTAL HOUSING JOURNAL ON-SITE

3 Tips for Practicing Mindfulness in a Multitasking Workplace and Give You Better Lighting at the Same Time

G

oogle, eBay, Intel and General Mills offer classes on it. So do Harvard Business School, Ross School of Business and Claremont Graduate University, among other campuses. Mindfulness is not just a corporate trend, but a proven method for success.

Mindfulness – being focused and fully present in the here and now – is good for individuals and good for a business’s bottom line.

How can people practice it in a workplace where multitasking is the norm, and concerns for future profits can add to workplace stress?

“Even if a company doesn’t make it part of the culture, employees and managers can substitute their multitasking habits with mindfulness in order to reduce stress and increase productivity,” says Dr. Romie Mushtaq, www.BrainBodyBeauty.com, a neurologist with expertise in MindBody medicine and Mindful Living.

“The result that you and your colleagues will notice is that you’re sharper, more efficient and more cre-

24

ative.”

Dr. Romie says the physiological benefits of clearing away distractions and living in the moment have been documented in many scientific and medical studies.

“Practicing mindfulness, whether it’s simply taking deep breaths, or actually meditating or doing yoga, has been shown to alter the structure and function of the brain, which is what allows us to learn, acquire new abilities, and improve memory,” she says. “Advances in neuroimaging techniques have taught us how these mindfulness-based techniques affect neuroplasticity.

“Multitasking, on the other hand, depresses the brain’s memory and analytical functions, and it reduces blood flow to the part of the right temporal lobe, which contributes to our creative thinking. In today’s marketplace, creativity is key for innovation, sustainability and leadership.

Romie offers these tips for practicing mindfulness in a multitasking business:

• Focus on a single task for an allotted amount of time. You might say, “For 15 minutes, I’m going to read through my emails, and then for one hour, I’m going to make my phone calls,” Dr. Romie says.

If your job comes with constant interruptions that demand your attention, take several deep breaths and then prioritize them. Resist the urge to answer the phone every time it rings -- unless it’s your boss. If someone asks you to drop what you’re doing to help with a problem, it’s OK to tell them, “I’ll be finished with what I’m doing in 10 minutes, then I’m all yours.”

• When you get “stuck” in a task, change your physical environment to stimulate your senses. Sometimes we bounce from one task to another because we just don’t have the words to begin writing that strategic plan, or we’re staring at a problem and have no ideas for solutions.

“That’s the time to get up, take a walk outside and look at the flowers and the birds – change what you’re seeing,” Dr. Romie says. “Or turn on

some relaxing music that makes you feel happy.”

Offering your senses pleasant and different stimulation rewires your brain for relaxation, and reduces the effects of stress hormones, which helps to unfreeze your creativity center.

• Delegate! We often have little control over the external stresses in our life, particularly on the job. How can you not multitask when five people want five different things from you at the same time?

“Have compassion for yourself, and reach out for help,” Dr. Romie says. “If you can assign a task to somebody else who’s capable of handling it, do so. If you need to ask a colleague to help you out, ask!”

This will not only allow you to focus on the tasks that most need your attention, it will reduce your stress.

“And who knows? The colleague you’re asking for help may want to feel appreciated and part of your team!” ...continued on page 27

Rental Housing Journal On-Site • July 2014

RENTAL HOUSING JOURNAL ON-SITE

Knowing the Limits on Collection Practices for Property Managers

By Marc Courtenay

O

ne of the challenges in the management of rental properties involves collecting from residents behind on rent payment. Knowing the laws which govern the methods used for collection is a vital first step.

We can debate how far we’d push the envelope to make sure the rent is collected, but the key to avoiding legal trouble is awareness and compliance with federal, state and local regulations.

A good place to begin is the federal government’s “Fair Debt Collection Practices Act” which is enforced

by The Federal Trade Commission (FTC). You can go directly to their web page on this topic for details.

Two relevant declarations that motivated Congress to enact this legislation speaks volumes: There is abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors. Abusive debt collection practices contribute to the number of personal bankruptcies, to mar-

ital instability, to the loss of jobs, and to invasions of individual privacy.

It is the purpose of this title to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent State action to protect consumers against debt collection abuses.

The complete text of the Fair Debt Collection Practices Act (FDCPA) is found here. It’s challenging to read but it does cover in detail the intentions and protocols of the FDCPA. Then there are state and local regulations to know about. The good news is that each state and many municipalities have updated online explanations of these laws. Most are common sense but the details are where managers and their staffs can get entangled.

This topic was recently discussed at the PropertyManagers.com discussion page on LinkedIn. The question of what constitutes being “too aggressive” was raised in regards to Community Management Asso-

ciations (CMA). The feedback turned in the direction of how it applies to property managers.

One property manager responded by writing, “Aggressive to me would entail going door to door instead of the normal practical methods of getting tenants to pay on time. Are there other ways to promote timely payments?”

That’s the main question, and responding to it another manager wrote, “Depending on the property, door knocking, notices, phone calls and e-mail generally work.

“Using the threat of an eviction af-

ter say the 10th or 15th (after proper 3 or 5 day notices have been delivered) has proven most effective for myself as they do not want that on their record, the associated court costs due to dismiss the eviction or the ruined rental history. Being consistent on this and requiring signed arrangements are usually an effective strategy”, he concluded.

This topic reminds us of how important it is to screen applicants thoroughly. Once you’ve found qualified residents consider having a questionand-answer discussion concerning Continued on page 27

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Responding to Maintenance Emergencies

By Mary Girsch-Bock

Y

ears ago, while living in Las Vegas, a summer thunderstorm wreaked havoc on my apartment.

Lightning eventually struck the roof of my loft, creating a fairly significant hole in the roof.

Since it was late, I placed a bucket under the hole to catch the still-falling rain and called the management office to report the damage.

I left four messages that evening; none were returned. The roof was eventually fixed; five days later.

Each day I prayed that the summer monsoon rains would stay away until the roof was fixed.

I was lucky about the weather.

Not so much about my choice of apartment communities. What really angered me was the lack of concern about a serious problem that a tenant had. I didn’t expect them to come out that evening in the middle of a storm to fix the roof. I did expect them to call me back and let me know that it would be taken care of.

That lack of concern was what I put on my 30 day notice, when I chose not to renew my lease.

Are you available for your residents 24-7? That doesn’t mean fol-

26

lowing up on minor issues that can be easily addressed in the light of day. It does mean that when your tenant has a legitimate concern, are you easily reachable, even if just for some reassurance?

If you’re a little confused on what

constitutes a legitimate emergency, here are some issues that property managers should respond to as quickly as possible. And remember, if you’re not sure, err on the side of the emergency being important and pick up the phone and call.

Major leaks, including both storm related damages, or issues such as a toilet or sink overflowing from an upstairs units.

Lack of heat. This is an issue that needs to be addressed immediately, particularly in colder climates.

Any structural issues. This can include anything from collapsing balconies, stairways, carports, or ceilings.

Any gas smells. While hopefully tenants have been instructed to call the local gas company in the event of a gas smell, this is an issue that managers need to address promptly.

Lack of running water. Again, this is an issue that constitutes an emergency, and property managers should respond accordingly.

While property managers should

never be expected to respond to every issue that arises after hours, it’s important for tenants to know that should an emergency arise outside normal business hours, their property manager is only a phone call away.

PropertyManager.com a Service of AppFolio

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Pleas e Vis it us at www.Re ntal Ho usi ng Jo urnal .co m

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Collection

Multitasking ...continued from page 24

timely payments.

Many property managers have a one-page “collections agreement” that clearly spells out what will happen if the resident is late on paying rent. The manager has them sign it and gives them a copy.

Make sure you know your rights as a property manager, and make sure if you use a “collections agreement” the wording is legally sound and in harmony with the laws.

There are also collection agencies and “debt collection specialists”.

One that I corresponded with wrote, “Collection agencies must have licenses in most states. In my company, everybody (including myself) must take courses and get designations from the ACA and other trade organizations. Nobody in my organization talks to a debtor without taking the course, passing the exams, and getting the designations.”

If you have suggestions and experience on the subject of effective and legal collection practices please leave them in the comments section. It’s a need-to-know topic for all property managers.

While it is possible to practice mindfulness in a hectic workplace, Dr. Romie says she encourages business leaders to make it part of the company culture. Stress-related illnesses are the number one cause of missed employee workdays.

“Offering mindfulness training and yoga classes or giving people time and a place to meditate is an excellent investment,” she says.

“Your company’s performance will improve, you’ll see a reduction in

...continued from page 25

stress-related illnesses and you’ll be a more successful businessperson.”

About Dr. Romie Mushtaq Dr. Romie is a mind-body medicine physician and neurologist. She did her medical education and training at the Medical University of South Carolina, University of Pittsburgh Medical Center and University of Michigan, where she won numerous teaching and research awards. She brings to healing both her expertise of traditional Western medical training and Eastern modali-

ties of mindfulness. She is currently a corporate health consultant and professional health and wellness life coach at the Center for Natural and Integrative Medicine in Orlando, Florida. She is also an international professional speaker, addressing corporate audiences, health and wellness conferences and non-profit organizations. Her website is www.BrainBodyBeauty.com.

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