Rental Housing Journal On-Site December 2015

Rental Housing Journal On-Site

December 2015

10. How to Dodge a Tax Hit When Selling Rental Property 12. 4 Reasons Why Women Will Lead the Business World in the 21st Century 13. Historic Lending Discrimination Settlement Addresses Allegations of Modern Day Redlining

3. Seattle Apartment Research Report 4. Flipping Edges Out Renting As The Preferred Investing Strategy 6. Will 2015 Be A Super El Niño Year?

9. Promoting Quality Housing – The Year In Review

14. Preparing Your Business for the New Year 19. Dear Maintenance Men – Emergency Preparedness 20. Ask the Secret Shopper – ‘Tis The Season to be Jolly

www.rentalhousingjournal.com • Professional Publishing, Inc 17,000 Papers Mailed Monthly To Puget Sound Apartment Owners, Property Managers & Maintenance Personnel Published in association with Washington Association, IREM & Washington Multifamily Housing Association

3Q15 Market Overview Multifamily Housing Update

Residential Landlord Tenant Law Update 2015

By Derek P. Leuzzi, Attorney, Loeffler Law Group PLLC

Seattle, WA Payroll Job Summary Total Payrolls

1,617.6m

Annual Change

53.7m (3.4%)

RCR FY15 Forecast

52.9m (3.4%)

RCR 2016 Forecast

35.6m (2.2%)

RCR 2017 Forecast

39.3m (2.4%)

RCR 2018 Forecast

39.7m (2.4%)

RCR 2019 Forecast

31.9m (1.9%)

Unemployment (NSA)

3.9% (Sept.)

outstanding rent and removing the deceased tenant’s personal property.

In the event a tenant dies the landlord must notify the designated personal representative in writing and advise the tenancy terminates in 15 days unless the rent has been paid for a longer period or unless arrangements are made. The tenant representative must remove the dead tenant’s property from

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the home before the tenancy terminates. New notices and procedures are established by the legislation for allowing the tenant representative to access the premises and remove the deceased tenant’s personal property. A landlord who follows these new procedures may not be liable for missing personal propcontinued on page 14

The Top Amenity Trend in 2016 for Today’s Tech-Savvy Residents:

Property-Wide WiFi

By Eric Markow

Part I of III

P A I D

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3Q15 Payroll Trends and Forecast Seattle employers added workers to payrolls at an upbeat tempo during the third quarter as employment increased at a 53,700-job, 3.4% year-on-year pace, down modestly from 2Q’s 58,100-job cycle peak. The construction, retail, and business, health care and education service industries continued to provide leadership, hiring at a collective 33,400-job, 4.9% rate. But weakness remained evident in the foundation transportation equipment manufacturing and soft ware sub-sectors. Industry headcounts declined at a –4,250-job, -2.9% rate, down from annualized attrition of -3,200 (-2.2%) jobs during the prior quarter. continued on page 5

T

he Washington legislature and the courts made significant changes to laws affecting landlords in 2015. This article will briefly review three such changes: the landlord’s responsibilities when a tenant dies, tightening up of security deposit accounting, and the landlord’s duty to keep rental property up to code.

This July, the legislature amended RCW 59.18 to address the landlord’s duties when tenants die. Under the new requirements, landlords must have their tenants who are sole occupants designate a personal representative to contact in the event of their death. This application must be a separate document to the lease agreement. The personal representative is responsible for closing the tenancy, including handling

W

ith widespread technology use by residents of all ages and the rise of the Millennial generation, property-wide WiFi, Gigabit speeds, WiFi calling, and smart

home features are what’s next in technology trends for apartments in 2016.

Rental properties have to provide the technology amenities the market demands, starting with high-speed, re-

Advertise in Rental Housing Journal On-Site Circulated to over 20,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information

liable internet service. Apartment living is evolving because of shifting population dynamics. With 77 million tech-savvy Millennials (ages 18-36) entering the apartment market, they are transforming the demand for technology-oriented amenities in both private and shared residential spaces. It’s not hard to see why Internet is the No. 1 desired technology-based amenity today. In addition to attracting droves of new residents, new technologies actualcontinued on page 7

Rental Housing Journal On-Site

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Rental Housing Journal On-Site 路 December 2015

Rental Housing Journal On-Site

Seattle Apartment Research Report Seattle-Tacoma Metro Area, Fourth Quarter 2015

trade, transportation and utilities sector, employment will rise 3.5 percent this year, or by 65,000 jobs. This should keep the unemployment rate below 5 percent.

Construction Following the completion of 10,400 apartments in 2014, tenant demand still remains strong. As a result, developers have stepped up the pace of construction and will deliver the largest stock increase since 2000, as nearly 12,000 rentals come online, a 3.1 percent rise.

S

urge in Supply Heightens Interest in Seattle-Tacoma The Seattle-Tacoma rental market is one of the most robust in the nation, led by flourishing employment that has generated a spike in demand for apartments. Developers have been scrambling to keep pace with the growing need for housing, adding more than 30,000 rentals to inventory during the past five years. Deliveries will reach a new peak of 12,000 units in 2015, which is expected to be matched next year.

Still, vacancy continues to tighten as housing prices soar beyond the reach of many tenants, contributing to climbing rents. This is creating a sizable need for more affordable housing, especially in downtown Seattle, which has received the bulk of the luxury high-rises. City officials have responded with a proposal that would require affordable rentals

to be included in every new multifamily or commercial development. Builders could either add floors to include the units or pay into a fund. This should result in even higher-density mixeduse projects in the metro core. With no signs of the job market cooling, demand for apartments should remain strong, boosting NOI. Investors will remain active in the metro’s vibrant multifamily market and new projects will expand offerings.

Institutional buyers will target recently completed stabilized assets, especially near the Seattle core or on the Eastside, which may require some developers to offer concessions to reach full occupancy quickly. This could temporarily flatten rents in areas where multiple buildings are leasing up at once. Other investors, meanwhile, are seeking value-add opportunities and intense com-

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petition for these assets in select neighborhoods has driven prices higher at cap rates that can dip below 4 percent.

Rising valuations, coupled with escalating renovation costs in some areas, have pushed prices above the threshold required to capture desired returns.

Accordingly, buyers may have to move farther from the core to find properties properly priced for value-add plays. As valuations approach all-time highs and with a perceived lack of exchange opportunities, some sellers will finance the sale of their properties, allowing them to spread out gains while maintaining a steady cash flow.

2015 Annual Apartment Forecast Employment After a 3.3 percent increase in headcounts during 2014, led by gains in the

Vacancy During 2015, sizable population growth will support demand for rentals. Vacancy will decrease 60 basis points to 3.3 percent on net absorption of 13,900 apartments throughout the metro. This is up from a 40-basis-point slide in 2014.

Rents With vacancy residing below the traditional replacement level in all submarkets, rents will continue to soar in 2015. This year, effective rents will jump an average of 10.6 percent to $1,375 per month, building on a 6.4 percent hike in 2014.

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Flipping Edges Out Renting As The Preferred Investment Strategy For The Fourth Consecutive Quarter According To Auction.com Real Estate Investor Activity Report™

A

Price appreciation and inventory constraints continue to dictate investor strategy in the second half of 2015

uction.com, LLC, the nation’s leading online real estate marketplace, today announced the findings from its Third Quarter 2015 Real Estate Investor Activity Report™, a nationwide survey of real estate investors bidding on properties offered for auction during the respective period. Survey data collected from investors bidding on property online and at live events across the country reveals that flipping is still the preferred investment strategy among investors, edging out the hold-to-rent strategy for the fourth consecutive quarter – and since Auction.com began tracking the split in investor intent.

“Rising prices and extremely limited inventory make a nearly ideal environment for real estate investors who want to buy, fi x and flip properties, and that is precisely where we are in today’s market,” said Auction.com Executive Vice President Rick Sharga. “But record occupancy rates in the rental market also present opportunities for investors who find moderately priced homes they can rent out at a reasonable rate of return, so it’s not surprising that we’re continuing to see buyand-hold investing activity in the Midwest and Southeastern states.”

Although Auction.com’s findings for the third quarter reveal a propensity toward flipping among investors overall, investor intent varies considerably by the type of auction (live event versus online auction) and investor profile. Survey respondents who indicated that they were making a one-time purchase clearly preferred a hold-to-rent strategy, while respondents identifying themselves as fulltime “real estate investors” and those indicating that they were working on behalf of another investor strongly favored flipping.

Advertise in Rental Housing Journal On-Site Circulated to over 20,000 apartment owners, on-site and maintenance personnel monthly.

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Q3 2015 National Findings: Investor Intent Investor Profile One-time purchase Real Estate Investor Working on Behalf of Another Investor Total

Flip 27.8% 55.1% 67.6% 53.7%

Rent 68.7% 43.3% 31.9% 45.1%

Undecided 3.5% 1.1% 0.5% 1.2%

Investors bidding at live events appear to be far more likely to flip the properties they purchase based on survey responses collected in the third quarter of 2015, with respondents indicating a preference toward flipping over holding to rent in every state where Auction.com conducted live events.

Q3 2015 Live Event Investor Data: Intent of All Investors Surveyed State Arizona California Georgia Idaho North Carolina Nevada Tennessee Texas Washington Nationwide

Flip 59.8% 67.5% 53.2% 71.6% 54.9% 87.4% 69.5% 56% 73.8% 62.4%

Rent 40.2% 32.5% 46.8% 28.4% 45.1% 12.6% 30.5% 44% 26.2% 37.6%

Undecided 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% continued on page 11

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Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

3Q15 Market Overview ...continued from page 1 Expressed on a seasonally-adjusted basis, payrolls increased by 9,900 jobs from July to September, up from 9,400 in 2Q15 but weaker than the year-earlier period’s 10-year high 17,800-job blow-out. The quarter ended on a soft note in September with a 17-month low 200-job add and a 0.3% unemployment rate increase to 3.9%.

RED Research tweaked the Seattle payroll model slightly, employing U.S. payroll growth, S&P500 index returns and the slope of the Treasury curve as independent variables to achieve a 95.2% adjusted-R2 (S.E.=0.27%).

Boosted by a slightly stronger macroeconomic outlook, the model now forecasts consistent annual job gains in the 30,000 to 40,000 range through 2019; slower growth in 2020.

Occupancy Rate Summary Occupancy Rate (Reis) 94.9% RED 50 Rank 39th Annual Chg. (Reis) -0.6% RCR YE15 Forecast 94.4% RCR YE16 Forecast 94.4% RCR YE17 Forecast 94.3% RCR YE18 Forecast 95.2% RCR YE19 Forecast 95.1%

3Q15 Absorption and Occupancy Rate Trends Reis surveys recorded a sharp decrease in tenant demand during the third quarter as renters net leased 736 units, the lowest one-quarter total in more than three years. At the same time, the service added 1,809 units to its Seattle inventory, the largest quarterly vintage in more than one year.

As a result, metro occupancy dropped 40 basis points sequentially and 60 bps year-over-year to 94.9%.

Axiometrics surveys of larger, professionally-managed properties revealed stronger conditions. Axio report av-

erage occupancy of 95.7% among stabilized assets, up 10bps y-o-y. Levels were comparable across classes, led by class -C (95.8%) with classes-B (95.7%) and –A (95.5%) close behind. Three submarkets — Kent, North Seattle and Redmond — posted rates above 96%, while none fell below 94%. Stabilized Downtown properties averaged 95.8%, but the impact of five assets in lease-up lowered overall occupancy to 93.5%.

New metro properties net leased an average of about 17 units per month, up 1.5 units from 2Q. The reworked demand model uses inventory, rent and lagged job and home price growth, lagged vacancy and SP500 returns as independent variables.

The 95.5% ARS (S.E.=0.28%) model finds probable absorption will fall short of supply through 2017, but a more favorably supply/ demand relationship is likely to evolve by 2018-2019.

Effective Rent Summary Mean Rent (Reis) Annual Change RED 50 Rent Change Rank RCR YE15 Forecast RCR YE16 Forecast RCR YE17 Forecast RCR YE18 Forecast RCR YE19 Forecast

$1,299 8.4% 3rd 8.4% 2.5% 3.6% 6.2% 5.2%

3Q15 Effective Rent Trends Reis revised its Seattle rent series, raising realized rent growth in four of past five quarters. For example, year-on year growth in 2Q15 is now estimated to be 7.1%, up from 5.6% prior to the revision. For 3Q15, Reis now report an 8.4% surge, representing the fast annual increase recorded since 2001. Much of the impetus came from the Downtown and Kirkland submarkets, which posted 7.9% and 6.0% sequential and double-digit y-o-y respective gains.

Axiometrics findings were largely in line with the revised Reis statistics. Surveys of 524 stabilized properties found rents rising an average of 8.8% y-o-y, following 2Q’s 8.1% advance. Class-C properties recorded the fastest growth (9.9%), with classes-B (9.0%) and –A (6.4%) trailing. Seven submarkets notched double-digit increases, led by Kent (15.3%). Downtown remained in the last echelon at 4.9%.

Changes to the Reis series forced RCR to re-specify the rent model. It now employs metro income, payroll and home price growth, vacancy and Baabond rates as independent variables to achieve a 96.8% ARS (S.E.=0.7%). The model projects decelerating rent gains in 2016 as vacancy rises but a strong recovery after mid-year 2017, fueled by faster job and income expansion projected for that period.

Trade & Return Summary $5mm+ / 80-unit+ Sales Approximate Proceeds Average Cap Rate (FNM) Average Price / Unit Expected Total Return RED 46 ETR Rank Risk-adjusted Index RED 46 RAI Rank

22 $1.05bn 4.8% $230,018 7.3% 13th 4.79 20th

3Q15 Property Markets and Total Returns Property sales velocity continued at a brisk pace as 22 properties valued at $5 million or more exchanged hands, equaling 2Q15’s cycle-high total. Gross proceeds totaled about $1.05 billion, up

16% quarter-over-quarter. The increase was attributable to a higher concentration of class -B+ and -A assets in the mix, which produced a 17% advance in the average price per unit metric from $197,057 to $230,018. Trade got off to a fast start during the fourth quarter as 11 transactions were consummated by early November for gross proceeds exceeding $500 million.

Private equity investors were well represented among sellers, an indication that early entrants in the Puget Sound boom already have achieved their return objectives. Integrated owner/ managers dominated the ranks of buyers, suggesting that efficient operators believe that attractive returns still are available even at today’s low cap rates.

Cap rats for institutional quality assets ranged from 4% to 4.5%. Class-B product was on offer in the high-4s to low- 5s. Class-B-/C assets traded in the mid-5% to low-6% area. RCR reduced the generic B+ cap rate proxy 5 bps to 4.75%. Employing this purchases cap rate and model derived performance metrics produces a 7.3% 5-year, unlevered total return, ranking 13th among the RED 46.

By Daniel J Hogan

Director of Research djhogan@redcapitalgroup.com 614-857-1416 Office 1-800-837-5100 Toll Free

continued on page 8

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Will 2016 Be A Super El Niño Year?

By Jerry L’Ecuyer and Frankie Alvarez of Dear Maintenance Men

W

e have been living with drought in the Western United States for a long time now. So the prediction of a strong, wet El Niño year is quite appealing. Will it fill our reservoirs, recharge our aquafers, and bring us back to normal? Hard to tell; many experts say we may need multiple years of El Niño to be back to predrought conditions. First a short explanation by some of the experts as to what an El Niño condition is.

An El Niño is a weather pattern produced by unusually warm ocean temperatures in the Equatorial Pacific. The El Niño phenomenon is associated with extreme weather around the globe and in California it typically means a wet winter with higher than normal rain levels. As early as last spring, the National Oceanic and Atmospheric Administration (NOAA) was predicting a 60 percent chance that the El Niño conditions will continue all year. Now that we are much closer to the end of the year, the experts are predicting closer to 100% that 2016 will being a strong or super “El Niño” year. Dr. Dough Gillham a Meteorologist, PhD tells us: “We are in the midst of a rapidly strengthening El Niño event which will likely peak later in fall as one of the strongest El Niño events on record.” El Niño has a reputation for bringing mild winters to much of the country, especially across the northern States. The two strongest

two El Niño events on record prior to this year (1982-83 and 1997-98) were quite mild from the Pacific Northwest to the Northeast. Only the Southwestern States saw below average temperatures during those winters. However, a review of other El Niño winters shows that a strong El Niño does not guarantee a mild winter.

A unique feature of the upcoming winter compared to other strong El Niño winters of the past is the expected persistence of the warmer-than-normal ocean-water temperatures south of Alaska. Some have referred to this feature as “the Blob” and it has been a key contributor to the dominant weather pattern across North America for the past two years. This pattern has been associated with extended periods of warm and dry weather in the West and two of the coldest winters in recent

memory further to the east, especially in the Great Lakes and Northeast. If “the Blob” does indeed persist through the upcoming winter, then the threat for a cold conclusion to winter in the East will increase.

Now that we know what an El Niño weather condition is, how do we prepare for El Niño? First order of business is to take a long hard look at your apartment building and surrounding property.

Inspect your building’s roofs, gutters, drains, flashing and trim overhanging trees. In other words, don’t wait for it to be raining to find out your roof is in poor condition. Get the work done now while it is dry and the roofing companies are not busy. Don’t forget about large trees that hang over your roofs.

In wet windy weather, they can cause a lot of damage to a roof if a limb breaks or a tree falls because of soggy soil.

Flat roofs are especially vulnerable to blocked scuppers and roof drains. The backed up water will find the slightest weakness in any roof system and may even cause a roof to collapse. Make sure the landscaping around your property is designed to drain away water quickly. Connect downspout extenders at the ground level. The extenders will direct water away from the building. Check for stucco cracks. A surprising amount of water can be sucked into a building because of damaged stucco. Clean out window weep holes to stop water from finding its way through window frames and damaging interior walls. If you have wooden garage doors, check that the doors are painted or sealed and that the springs are in good order. The garage doors can get quite a bit heavier when wet or allowed to soak up water.

A little bit of preventive maintenance now will save both you and your residents a lot of discomfort later. And last but not least, don’t forget to turn off your sprinklers.

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 www.BuffaloMaintenance.com www.ContactJLE.com www.Facebook.com/BuffaloMaintenance

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Rental Housing Journal On-Site

Property-Wide WiFi ...continued from page 1 ing property-wide WiFi that offers high speed connectivity for both individual units and in common areas is a growing trend, and is proving to be a “win” for residents and owners/managers at properties around the country. New cutting edge technologies have finally made it easy and affordable to offer WiFi solutions at a high level.

ly have the potential of opening up untapped ancillary income for owners.

High speed access to the internet for information and entertainment is an integral part of the lives of more and more Americans, but especially the millennials who grew up with such services. Dense, bandwidth intensive content such as YouTube videos, movies, and video games is a given for this market. Millennials want to stay connected on their devices anywhere for social media and real-time interactions on platforms like Twitter and Snapchat. Mid-life residents (36-55) are also increasingly heavy technology users.

With the growth of telecommuting, more workers are based at home and demand reliable Internet. And seniors aren’t far behind, as they want to use email, Netflix, and other websites, and Skype with their grandchildren.

To keep up with this societal trend, more and more properties have dis-

covered that technology amenities have become a critical part of the mix of offerings required to attract and retain residents, especially the swelling ranks of younger residents who grew up computer literate and social media savvy. Apartment hunting priorities for these residents still include affordable price and quality living conditions, but high-speed connectivity has risen to equal importance in and plays a key role in decision making. Most apartment hunters want to know they’ll have powerful and reliable internet connectivity, delivered wirelessly and with plug-and-play simplicity. Smart home features such as USB ports, and smart phone docking and charging stations round out the complement of technology offerings that will let residents know that your apartment community is the right fit for them.

Whether building a new facility or upgrading existing buildings, includ-

Community Space Technology One of the major trends in apartment, MDU, and condo development in

rooms, technology, fitness, business centers, media rooms, and play spaces so residents can gather socially while remaining connected to the Internet.

Millennials in particular use these public spaces for socializing with other residents and guests, or as an extension of their own living space. Implementing the newest technology trends like property-wide WiFi and smart home features allows residents to use these spaces as an extension of their home.

Residents can print property wide, turn

2015 has been the focus on campus-like spaces, especially for urban communities where per-unit footprint has been shrinking. Designers and builders are creating more upscale lounges, club

off their lights from anywhere, adjust their AC on the go, and much more.

The perfect solution for a growing number of property owners has been continued on page 11

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Rental Housing Journal On-Site

3Q15 Market Review ...continued from page 5

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 no representations or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Under no 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.

continued on page 23

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Rental Housing Journal On-Site 路 December 2015

711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

Executive Director - Jim Wiard • President - Kris Buker - Vice President - Brett Stevens Treasurer - Becky Sanders • Vice President of Suppliers Council - Rob Pendleton • Immediate Past President - Gail Duke

A

s the year comes to a close, we have much to be thankful for as we look ahead to another year of service to the communities of Washington and our many wonderful member companies and their employees.

I am humbled at the passion, enthusiasm and commitment our members have in giving to the apartment industry and supporting each other and our mutual interests to promote quality housing in our state.

2015 was in many ways an extremely successful year for our association and our industry, and 2016 will be an exciting year of growth, innovation and excellence for WMFHA as we continue to look for ways to bring value and relevance to those we serve.

Membership Our association continues to grow and strengthen our role as a leader in housing for the state of Washington.

The association developed a new Eastern Washington Chapter, with Councils in Spokane and Tri Cities.

The development of these Councils brought enhanced engagement for Eastern Washington members and allowed the association to expand its services in these markets.

Our membership now exceeds 1,200 members, including apartment properties, property management companies and products and service companies.

Promoting Quality Housing

The Year in Review

WMFHA is on pace to end the year with a 25% year-over-year property unit membership growth, having increased membership from 737 properties with 131,600 units to 953 properties and 165,000 units. Management company membership has increased from 69 companies to 91 companies. Growth of industry supplier partner membership increased from 154 companies to 184 companies in 2015.

The National Apartment Association awarded the Washington Multi-Family Housing Association with the prestigious award as the top NAA affi liate across the country for membership growth in 2015.

Government Affairs The legislative session in Olympia was successful in that no bills aimed at restrictions or limitations on the hous-

ing industry passed the legislature. One bill promoted by the housing industry passed, clarifying provisions of the landlord-tenant act regarding belongings of a sole occupant who deceased.

Association members joined together on our annual Day on the Hill legislative day to meet with our state legislative members to educate them on the valuable benefits the housing industry provides to local communities in our state and the need for appropriate legislation to benefit residents of apartment homes.

In Olympia, the House proposed a budget that included an increase in the capital gains tax on the sale of rental property, but our lobbyists worked with the Senate to oppose that added tax provision, and the budget was passed without this capital gains tax increase, a win for our industry.

Elections for the Seattle City Council prompted candidates to campaign for rent control in response to increased rents in Seattle and a desperate need for more affordable housing. WMFHA advocates for less restrictions and more incentives to new housing development, as opposed to misguided government constrictions that would curb new development and erode affordable housing.

The housing affordability issue won’t be solved by ill-advised discussions of rent control. Policymakers need to work on long term and creative solutions that involve the housing industry in the planning process.

Education One our primary goals is to promote professionalism through education. A continued on page 17

How much does the job pay?

Amanda Beaudoin, StoneHorse at Wandermere Douglass Properties Kandi Smith, Union Park Apartments Black Realty Management Katie Galbraith, Affinity at Southridge - FPI Management Kristi Hamberg, Aspen Village - Madrona Ridge Residential

Brenda Wolf, Maple Ridge/Arborpointe Apts. - Greystar Cari Claussen, Forest Creek - FPI Management Lidia Pauline, Diamondrock Townhomes/Blake - Greystar

Angela Jackson, Douglass Executive Suites Douglass Properties Desiree Vick, The Homestead Apartments - Greystar Shelby Nichols, StoneHorse at Wandermere Douglass Properties Tresha Weyer, Affinity at Southridge - FPI Management

Alan Christianson - Madrona Ridge Residential Doug Harris, Montgomery Court - FPI Management Pavel (Paul) Lipatkin, College Terrace - Greystar

Filiberto Mendoza, Copper Ridge / Affinity at Southridge FPI Management George Gladback, Whimsical Pig - Avenue5 John Derting, The Ridge at Midway - Greystar Larry Turner, The Vintage Apartments Weidner Apartment Homes Tom Clark, Prairie Hills Apartments - Greystar Jeff Hill, Sunset Hill - Black Realty Management, Inc. Paul McGinn, The Lusitano - Douglass Properties Pierre Madrigal, Meadow Park Apartments - Greystar

How much

SHOULD it pay?

Lofts at Innovation Center - Prodigy Property Management Residence at River Run - Prodigy Property Management River House at the Trailhead - Avenue5 Country Homes Court - Black Realty Management, Inc. Island View Apartments - Avenue5 Pine Valley Ranch - Avenue5 The Reserve at Shelley Lake - Douglass Properties Aalpine Services Co. Affordable Construction

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Rental Housing Journal On-Site

How To Dodge A Tax Hit When Selling Rental Property

T

By making the right move, sellers can sidestep the Capital Gains Tax

he life of a landlord certainly isn’t easy.

There are plumbing issues that eat into time and money. There are tenants who fail to pay the rent. There are broken leases and leaky roofs.

And the hassles don’t even end when the beleaguered landlord finally decides to sell the property. After the deal closes, the Internal Revenue Service is waiting in the wings to collect a capital gains tax on the profits from the sale.

“Depending on your situation that can definitely end up being a significant hit when tax time arrives,” says Dwight Kay, founder and CEO of Kay Properties and Investments (www.kpi1031.com).

But Kay says with the right planning those landlords – and anyone who sells commercial property – can sidestep paying the capital gains tax.

Here’s how: When they sell their property, they can invest the proceeds in what is referred to as “like-kind” property using Section 1031 of the Internal Revenue Code. Essentially, they are exchanging one piece of commercial property for another, but hopefully one that better meets their needs, Kay says.

“A landlord who decides he’s tired of all the work he has to put in on his rental property could use the exchange

to get an income-producing property where someone else is dealing with all the problems,” he says.

All types of commercial properties can be considered “like-kind,” including apartment buildings, vacant land, farmland, office buildings and warehouses among other properties.

Also, despite the name, the property doesn’t have to be in Delaware. Kay, for example, says his Los Angeles and New York City-based company works with clients and properties in all 50 states. Kay goes on to say, “A Delaware Statutory Trust property could be a property that has a long term lease with Costco or Walgreens or it could be a 200 unit apartment community built in 2014 and located in Denver, Colorado. Investors are able to invest as little as $100,000 into each DST thereby creating a diversified portfolio for there 1031 exchange.”

One drawback is that the seller has just 45 days to identify what property they are going to exchange into. It’s not always easy to find 1031 exchanges quickly, but there’s also a solution to that, Kay says there a several potential Kay says.

If the seller qualifies as an accredited investor, which is generally defined as an investor with a net worth of greater than $1 million dollars excluding their primary residence, the seller can potentially invest in Delaware Statutory Trust properties. A Delaware Statutory Trust (DST) is a trust that lets investors buy an interest in commercial property, but managing the property is left to professional asset managers. Because Delaware Statutory Trust properties are pre-packaged for 1031 exchange investors, they provide a viable solution for those concerned about meeting that 45-day deadline.

benefits for investors. Here are just a few:

• Eliminating the day-to-day headaches of property management.

The Delaware Statutory Trust 1031 property provides a passive ownership structure, allowing the investor to enjoy retirement, grandkids, travel and leisure, as well as to focus on other things that they are more passionate about instead of property management.

• Increased cash flow potential.

Many investors are receiving a lower amount of cash flow on their current properties than they potentially could

be, Kay says. That might be because their properties have under-market rents or multiple vacancies. It could be that they have raw or vacant land that is sitting idle. These Delaware Statutory Trust exchange properties provide an opportunity for investors to potentially increase their cash flow on their real estate holdings.

• Portfolio diversification. Often times, 1031 investors are selling a property that comprises a substantial amount of their net worth. They want to reduce their potential risk and instead of buying one property they decide that investing into a diversified portfolio of Delaware State Trust properties is a better fit for their goals and objectives.

About Dwight Kay

Dwight Kay, founder and CEO of Kay Properties and Investments, LLC (KPI) (http://www.kpi1031.com/ www.kpi1031.com), is a Series 7, 22 and 63 licensed, Registered Representative and Real Estate Professional. His firm, Kay Properties and Investments, specializes in Delaware Statutory Trust (DST) brokerage and advisory services. Kay Properties and Investments currently has offices in Los Angeles as well as in New York City and offers securities through Colorado Financial Service Corporation, Member FINRA/ SIPC. Kay Properties and Investments, LLC and Colorado Financial Service Corporation are separate entities. OSJ Address: 304 Inverness Way S, Ste 355, Centennial, Colorado.

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Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

Flipping Edges Out Renting...continued from page 4

Property-Wide WiFi...continued from page 7

Conversely, responses given at online auctions in the third quarter of 2015 show that investors bidding online generally intend to hold the properties they purchase.

This was true in every region except the Northeast, which experienced a swing toward flipping in the second quarter due to the region’s inventory constraints and higher purchase prices negatively impacting rental property returns.

to offer high-speed community-wide Internet service, which a recent survey by the National Multi Housing Council calls “one of the most desired amenities.” More than 70 percent of respondents said that fast, reliable broadband connectivity was either “important” or “very important” in their decision making.

Increasingly, apartment communities are installing “bulk Wi-Fi” services and marketing this in-demand amenity as an option to create a new profit center. By eliminating the “big box” cable or DSL Internet companies from the equation, residents receive a superior service at a fraction of the market cost and MDU owners can establish a new revenue source

Q3 2015 Online Investor Data: Intent of All Investors Surveyed Region

Flip

Rent

Undecided

West Midwest South Northeast Nationwide

45.8% 41.3% 38.6% 52.7% 43.3%

51.8% 56.6% 58.1% 45.5% 54%

2.4% 2.1% 3.3% 1.8% 2.7%

Less active investors (those indicating that they purchase one or fewer properties per year) demonstrated a strong preference for renting properties, while flipping was prevalent among investors who purchase multiple properties per year. This preference appears to be growing among investors purchasing more than 50 properties per year: nearly 68 percent of respondents in this group favored flipping in the third quarter – up from 62 percent in Q2 and 54 percent in Q1.

Q3 2015 Investor Data: Intent By Purchase Profile Purchase Profile 0-1 Property/Year 2-49 Properties/ Year 50+ Properties/ Year

Flip 37.3%

Rent 60.1%

Undecided 2.6%

58.8%

40.4%

0.8%

66.7%

33.3%

0%

About Auction.com:

Auction.com, LLC, is the nation’s leading online real estate marketplace. Founded in 2007, the company has sold more than $32 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, Calif., as well as offices in key markets nationwide. Visit www. auction.com for more information.

SOURCE Auction.com, LLC

Increase Your Laundry Room Capacity by as much as 50%

Modernizing In-Unit Technology Amenities To keep up with tech-savvy residents, modernizing rental units to include additional technology features are a key trend for 2016 and beyond. Simple steps like installing wall outlet covers with USB ports can be a great starting point.

Adding the latest technology amenities converts quickly into increased revenue and retention. And while quality Internet service may not be the only factor in a resident’s choice to move in, your bad Internet service can definitely be a reason they choose a competing property.

Conclusion Of all the latest amenities that a property can include, technology access is becoming increasingly crucial

in today’s competitive rental marketplace. High-speed Internet service options that extend from apartment units to community spaces can help set you apart, and don’t have to be an expensive solution to implement; in fact they can bring you untapped profit opportunities. If done right, Property-Wide WiFi, amongst other technologies, are a distinguishing factor for resident loyalty, retention and increased per door revenue.

Look for Part II of this three-part Property-Wide WiFi series on in the January issue of RHJ, which will delve more into specific Internet technology options and provide a “how to” on selecting the best community WiFi provider and installer for your property to ensure successful deployment. Part III, appearing in February, will address how to package and market property-wide WiFi and technology amenities to maximize your attraction, retention, and revenue.

Eric Markow is Chief Technology Officer of Dual Path, a provider of high speed property-wide WiFi services.

Dual Path’s customers include MDU and senior living communities who enjoy fast, reliable connectivity, delivered with old-fashioned customer service. Dual Path’s unique revenue generating model allows property owners to leverage their “Internet real estate” to maximize profits, increase resident satisfaction and retention, and increase property value.

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Rental Housing Journal On-Site

4 Reasons Why Women Will Lead The Business World In The 21st Century

W

hen you let women be women in the business world, they do better. That’s according to a recent report from the Harvard Business Review, which makes the case that traditional thinking – that women should be treated no differently than men in corporate settings – is simply flawed and regressive.

A major point the post makes is that only about 20 percent of businesswomen make partner. By expecting from women what you would expect from men, the corporate world is consciously and unconsciously excluding female leadership. That’s a very bad thing, according to many. For example, Kevin O’Leary of “Shark Tank” fame says that of his 27 companies, only the ones with female CEOs make him money.

“Women are good for business, so it follows that what’s good for your best women will be good for your bottom line,” says Debora McLaughlin, CEO of The Renegade Leader Coaching and Consulting Group (www.TheRenegadeLeader.com), and author of “Running in High Heels: How to Lead with Influence, Impact & Ingenuity.”

12

“I’ve long advocated this position, and that symbols of female business identity, like high heels, are signs of a businesswoman’s ability to elevate business results, consistently providing a better return for stakeholders.”

McLaughlin discusses why women will be essential for leading businesses into a new paradigm this century.

• The old way doesn’t work. Since 1955, more than 90 percent of the companies on the Fortune 500 list have gone bankrupt, shrunk in size, become inconsequential, been mopped up by their rivals or closed their doors. Sixty percent of CEOs think their current business model is only sustainable for another three years. Sticking too closely to your old guns, including discouraging a woman’s nature in the corporate world, will likely involve your company in that 90-plus percent failure rate.

• The business world has already changed. While technology continues to revolutionize how we do business, it has also changed the workforce. continued on page 18

Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

Historic Lending Discrimination Settlement Addresses Allegations Of Modern Day Redlining

By Jo Becker, Education/Outreach Specialist, Fair Housing Council of Oregon

E

arlier this year the Department of Housing and Urban Development (HUD) announced an agreement with Associated Bank to resolve a disparate treatment redlining case. Redlining is the practice of refusing to lend or insure homes in areas deemed to be a poor financial risk due to the ethnic demographics of the areas.

At approximately $200 million, this is the largest fair housing settlement of this sort against a mortgage lender. The settlement stems from a HUD-initiated complaint alleging that from 20082010, the Wisconsin-based bank denied mortgage loans to African-American and Hispanic applicants and provided different levels of loan services in neighborhoods with significant African-American or Hispanic populations – both violations of the FHA’s race and national origin protections.

Associated Bank’s mortgage lending activity indicated that, compared to other lenders, the firm made few loans in majority-minority census tracts in five metropolitan areas, but did make loans in nearby predominantly white tracts.

activity in majority-minority census tracts in the same areas;

The terms of the settlement include: • Nearly $10 million over three years in lower interest rate home mortgages and down payment/closing cost assistance to qualified borrowers in major-

ity-minority census tracts in Chicago; Milwaukee; Minneapolis-St. Paul; Racine, Wisconsin; Kenosha, Wisconsin; and Lake County, Illinois; • Nearly $200 million committed to increased home mortgage lending

• Nearly $3 million to help existing homeowners repair their properties in these predominantly minority communities; • $1.4 million to support affirmative marketing of loans in the above census tracts; • $1.35 million for community reinvestment and fair lending education and training; • Four new loan production offices in majority-minority census tracts in addition to three branches Associated opened or has planned to open since HUD’s complaint was filed; • Fair housing training for all residential lending employees; • A second level review process for all denied residential loans.

You can read the full agreement here – http://portal.hud.gov/hudportal/ documents/huddoc?id=ExecAssBankConAgrmnt.pdf In announcing the settlement HUD Secretary Julián Castro said, “Discrimcontinued on page 18

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Rental Housing Journal On-Site

Preparing Your Business for the New Year

by Mary Girsch-Bock Courtesy of propertymanager.com

I

t’s never too early to prepare for year end. Because year end is typically when new systems are implemented, new software purchased, or current work wrapped up, the sooner you can get a jump on these items the better. Here are some things you can finish up now to make a fresh start for the New Year: Filing – Yes, everyone hates filing.

You’ve watched that stack of moveins and move-outs continue to grow throughout the year. If you truly don’t have the time or the staff to take care of it, invest in a temp for a few days. It will be worth it.

Bank reconciliations – This follows the same premise as the filing, but with some larger repercussions. It’s impossible to know what your ledger balances truly are without reconciling those statements. And it’s important to remember that banks make mistakes. But it’s difficult to fight erroneous charges or miscellaneous debits when they’re six months old. Get them reconciled now.

Internal audits – Many property managers undertake a yearly audit, primarily to check that procedures are being followed for move-ins and moveouts. Are move-in rents being pro-rated properly? Are move-out procedures being followed? Are refund checks or invoices going out on a timely basis? If your audit comes up clean, great. It not,

14

there’s no better time than now to begin following proper procedures.

However, year end isn’t only about finishing–it’s also about starting something new. Here are a few things to start now and reap the benefits next year: A new software system. – If you’re looking to upgrade or switch soft ware systems, now is the time to get the product up and running. This will allow for training and other issues that frequently appear when setting up a new soft ware product. And now is the time to iron out all of those problems before you go live.

Replacing aged equipment with a new, more energy efficient version. – If your workstations are ten years old or the copier is constantly jamming, finding and installing a replacement will ensure that year end is done right, and more importantly, the New Year starts off the right way.

New processes and procedures are best started now and perfected over the next few months. – This can include everything from increasing employee responsibility to a new method of handling applications and leases. By perfecting the system during the traditionally slow season, you’ll ensure that you’re on top of your game when the New Year arrives.

Don’t let another year sneak up on you and your staff. Start preparing now, and greet the New Year with confidence.

Residential Landlord Tenant Law ...continued from page 1 erty. There is the potential for substantial liability and possible penalties for noncompliance.

Very recent case law tightened the requirement to account for the security deposit within 14 days. RCW 59.18.280 allows the landlord to extend the 14day deadline if there are circumstances beyond the landlord’s control that result in a delay. In Goodeill v. Madison Real Estate, a Division III case decided by the court of appeals in early November, the landlord did not repair the unit until 12 days after regaining possession of the premises, and did not receive the work invoices until after the 14 days expired. The landlord wanted to account for the exact damages and delayed issuing the statement. The tenant complained that they did not receive a timely security deposit accounting. The court determined there are active and passive delays . An active delay is when the landlord fails to promptly do something. A passive delay is when the landlord permits an unreasonable delay by another. If the landlord can control the delays, they do not receive an extension.

In the Goodeill case, the court ruled that waiting twelve days to commence repairs on the unit after the tenant vacated was an unacceptable delay within the landlord’s control. Landlords are advised to schedule repairs as soon as they regain possession of the premises.

Any delay may be a violation of the 14 day rule.

Division I of the court of appeals the Pham v. Corbett decision In May. This case reinforces the importance of resolving requests for repairs prior to initiating an unlawful detainer action.

In Pham the landlord received numerous complaints from the tenants regarding habitability issues. The landlord did not timely address these complaints. When the lease expired the tenants stopped paying rent but continued to holdover in the unit. When the landlord attempted to evict the tenants they counterclaimed that they had overpaid for rent due to the condition of the unit and they were entitled to relocation assistance. The Pham court held that where the landlord breached the warranty of habitability the tenant could raise this defense, claim offsets to rent, and counterclaim for relocation assistance.

The legislature’s changes relating to deceased tenants provide much-needed guidance to landlords in dealing what has always been a trying and confusing situation for all parties involved. The case law discussed above reiterates to Washington landlords that their duties to their tenants to timely account for their deposit money and to keep the premises safe and habitable are active duties that require proactive measures.

Landlords are advised to properly document repairs to their rental property at all times.

Derek Leuzzi is an associate at the Loeffler Law Group PLLC. Mr. Leuzzi’s practice emphasizes landlord-tenant relations and real estate litigation. He received his law degree from Gonzaga University School of Law in 2012. He has published articles on topics related to environmental, construction and real estate law.

Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

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711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

Executive Director - Jim Wiard • President - Kris Buker - Vice President - Brett Stevens Treasurer - Becky Sanders • Vice President of Suppliers Council - Rob Pendleton • Immediate Past President - Gail Duke

Promoting Quality Housing ...continued from page 9 highly skilled staff ensures your operations are more cost efficient, residents are happy, staff are more satisfied in their roles and a greater number of your apartments stay occupied.

NAA Education Institute designation programs offered by WMFHA were successful, with 87 full designates who attended either the Certified Apartment Manager (CAM) designation, the Certificate for Apartment Maintenance Technicians (CAMT) course, National Apartment Leasing Professional (NALP), Certified Apartment Portfolio Supervisor (CAPS), the Certified Apartment Supplier (CAS) or the Specialist in Housing Credit Management affordable housing designation.

Another 45 students took individual modules of these designation classes rather than full courses. Classes conducted in Eastern Washington were well attended, particularly maintenance skills classes and the Budget Bootcamp financial management course.

Please review our website periodically to keep up with all of the exciting educational programs we will offer throughout the year, either online or in the classroom.

Events The year, WMFHA hosted the annual national Government Affairs Roundtable legislative event at the Edgewater

Hotel. The attendance of 100 government affairs directors, lobbyists, attorneys and association executives from across the country were treated to a unique Seattle experience and a tremendous conference.

The annual Emerald Awards recognition gala set a record with over 900 attendees. The three signature trade shows – Education Conference (EdCon), Maintenance Summit and Business Exchange reverse trade show continued to set records for attendance and drew many compliments from property management and supplier member attendees. EdCon continues to be the most valuable education conference and trade show for attendees in our market.

The Washington Apartment Outlook economic forecast luncheon continues to be the industry’s most successful and beneficial economic conference event.

Mike Scott, Matthew Gardener, Dylan Simon and Joe Puckett offered tremendously valuable information on current economic trends and gave their predictions for market dynamics in 2016.

Community Service WMFHA has increased its charitable service by including new charities supported at its events, including Toys For Tots, Northwest Harvest, Rebuilding Together and Childhaven. The Holiday Giving Gala, with its silent auction,

Chea Morgan, Echo Ridge - Berkshire Eric Graham, CAM, Guinevere Apartments - Epic Kristi Cervantes, Fort Vancouver Terrace - Indigo Laina Pickrel, Hidden River - Thrive Sandra Regmi, Sherwood Apartments - Weidner

Christina Koski, Dimension Seattle - Indigo Jean Heier, CAM, Terra Heights - Madrona Ridge Mark Whitcomb, CAM, Kendall Ridge - Thrive Ron Burkhardt, AMLI South Lake Union - AMLI Sarah Hale, Altia Apartments - Pinnacle Sherilyn Butler, The Outlook - Greystar

Brian Killian, Premiere on Pine - Holland Elizabeth Forkell, The Timbers - Simpson Kathleen Beeby, The Bravern - Greystar LeAnna Bell, Overlook at Magnolia - Weidner Shannon Hammond, Via6 Apartments - Greystar William Betterton, AMLI Mark24 - AMLI

Jody Hunter, Willow Tree Grove,HNN Mariel Avery, Urban Center - FPI Rachel Dudley, Balfour Place - Greystar Rebecca Wilson, Landmark Apartments - Greystar Sophia Dannehl, Crestview West Apartments - Indigo Tracey Silver, The Vantage - HNN

Carmen Valencia, The Villas at Lakewood - Indigo Kimberly Gelderman, Island Park - Weidner Shelleen Nolen, 2000 Lake Washington - Madrona Ridge Stephanie Slendebroek, Boulder Creek - Simpson Zuzie Hammond, Borgata Apartments & Townhomes Thrive

Alexis Wood, CentrePointe Greens - Holland Alma Landaverde, Discovery Heights - HNN Nicole Kellogg, Stadium Place - Pillar Stefanie Driggers, Rock Creek Landing - Greystar Stephen McCauley, Via6 - Greystar

Christina Harris, Park 16 - HNN Jeannie Wilcox,Bridges @ 11th - Madrona Ridge Kaylyn Balusek, AMLI South Lake Union - AMLI Sammie Pang, The Luke - Greystar

Eli DeBerry, NALP, The Wave at Stadium Place - Pillar Kara Teats, Via6 - Greystar Kari Loesl, AMLI Mark24 - AMLI Mike Courtney, Benson Downs - Simpson Sandra Hernandez, Bridge at Northcreek - Thrive Amelia Peck, NALP, Hidden River Townhomes - Thrive Kelly Onarheim, Park 210 - Epic Kourtney Scipio, Premiere on Pine - Holland Nathan Lashock, St James Towers - Weidner Sidneigh Barks, The Lyric - Pillar

raised nearly $17,300 for Childhaven.

In addition, the annual Chili Cook-Off event raised a record $17,000 for DAWN, the Domestic Abuse Women’s Network.

WMFHA members worked with Rebuilding Together in our first annual Community Impact Day. Member companies volunteered to renovate two homes owned by low-income veterans, including installing a new roof, kitchen cabinets and countertops, all new appliances, water heater, new carpet and vinyl flooring, landscaping and painting.

Members in Eastern Washington also conducted a similar volunteer day.

Apartment communities throughout Puget Sound are conducting ongoing food drives for Northwest Harvest. To date, WMFHA members have worked to collect 15,000 pounds of food for Northwest Harvest.

As stewards of our industry and leaders in our community, we owe it to ourselves to work together to advance the benefits and reputation of multifamily housing. The association enlists the assistance of many member volunteers participating on committees to help direct resources in order to conduct the business of the association.

We are lucky to have outstanding committee members doing great work.

I would like to personally thank the volunteer efforts of all of our commit-

Ben Johnson, AMLI South Lake Union - AMLI Jake Willmott, CAMT, Main Street Flats - Greystar Jedd McDaniel, Creekside Village - Greystar Ron Frank, Copper Trail - FPI Vadim Prokazyuk, CAMT, Island Park - Weidner

Bassim Barbour, CAMT, The Cove - Weidner Dave Wendt, Via6 - Greystar Jake Meehan, Millington at Merrill Creek - Madrona Jason Simmons,The Mark on 4th - Fairfield Tyler Patton, Stadium Place - Pillar

Doug Frelin, CAMT, Floater - Epic Enoc Castillo, Island Park Apartment Homes - Weidner Jose Ponce, The Park in Bellevue - Greystar Pedro Sanchez, AMLI 535 - AMLI Salvador Alfonso Reyes, Galleria Apartments - Thrive

Jared Scouten, Club Palisades - FPI Ryan Robinson, Seasons at Lea Hill Village - HNN Steven Bice, Cambridge Court - ConAm

Jim Wiard – Executive Director

Andrew Hurd, Guinevere - Epic Dante Snapp, Hubbard's Crossing - Thrive Jason Pittman, Echo Ridge - Berkshire Jesse Loucks, Overlook at Magnolia - Weidner Tony Kidd, AMLI South Lake Union - AMLI

Cove East Apartments - Greystar Millington Merrill Creek - Madrona Ridge Padden Creek Apartments - SUHRCO Regency Apartments - Woodspear The Lodge at Redmond Ridge - Simpson

Brett Stevens, CAPS - Fairfield Alisa Kelley - Madrona Ridge

700 Broadway - Madrona Ridge Celebration Senior Living - Independent Living Epicenter - Madrona Ridge Metro 112 - Simpson

Borgata Apartments and Townhomes - Thrive Vox - Essex Alan Stevens, Vintage at Sequim - FPI George Manguru, Gibson Gardens - Edison47 Ismet Kandzic, The Luxe at Meridian - Thrive Joe Folino, Serra Vista - Epic Jon Land, Villaggio - Epic Nixon Gomez, Kentwood - Epic

tee members, without whose time and devotion we could not provide such quality events and education to benefit our membership.

I would also like to thank our Board of Directors and our Executive Officers for the leadership and guidance to keep this association on our successful path.

I look forward to working with several new board members and officers as we collectively advance the interests of our association.

Lastly, I would like to extend a special thank you to our devoted staff - Judy Bradley, Sloane Cerbana and Tricia Johnson. Their hard work and friendly service allows us the ability to meet the needs and expectations of our members.

Our WMFHA staff have worked hard this year to serve others. To explore avenues to get more involved in the association, please call us at 425-656-9077 or e-mail me at jim@wmfha.org.

I am proud to serve this association and wish everyone a safe and joyous holiday and a prosperous new year.

We look forward to serving you in the coming year and making your housing association the best it can be.

On the Green - Madrona Ridge Padden Creek/Fairhaven Park Apartments - SUHRCO Stadium Place - Pillar

College Glen - Greystar Urban Center - FPI Villas at Lakewood - Indigo

Eliana Bravo - Epic HD Supply Facilities Maintenance Kurkov Construction Zillow To be announced at the gala.

To be announced at the gala.

Nine and Pine - Indigo Walton Lofts - Thrive

Bridges @ 11th - Madrona Ridge Cielo - Berkshire Premiere on Pine - Holland The Luke - Greystar

Copper Trail - FPI Park 16 - HNN

Beacon at Center - Fairfield The Hudson - AMC

2000 Lake Washington - Madrona Ridge Montclair Heights Apartments - Greystar Redmond Hill - Essex

Criterion Brock * For Rent Media Solutions Executive Coatings and Contracting Maintenance Supply Headquarters ResMan Property Management Software Mohawk * Rich Landscaping * Wilmar

For information about the Emerald Awards, visit www.wmfha.org or call 425.656.9077

Advertise in Rental Housing Journal On-Site • Call 503-221-1260 for more information Rental Housing Journal On-Site · December 2015

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Rental Housing Journal On-Site

4 Reasons Why Women Will ...continued from page 12

Today’s employees are smarter, more innovative, more creative and full of potential – and it’s not only due to technology. As Generations X and Y emerge as tomorrow’s leaders, Millennials are proving to be very resourceful workers. Old models like “command-and-control” don’t fit with a company’s most precious resource, its people.

• Women are more social and excel in collaboration. We shouldn’t generalize to strictly regarding gender norms. However, it’s probably fair to say that women are more nurturing for in-group members. Much of the traditional management method centralized authority; a woman’s leadership is more prone to sharing influence and, perhaps, fostering a creative culture of collaboration.

• Momentum will continue to build for women leadership. Momentum tends to build upon itself, and that includes social change. While that change has been slower in the corporate world, we’re already seeing signs and opinions of change, as exemplified

by Kevin O’Leary.

Historic Lending Discrimination ...continued from page 13 inatory lending practices have too often cut off too many credit-worthy families from the opportunities they need to thrive. This agreement will ensure that more Americans can fulfill their hopes and aspirations.”

This article brought to you by the Fair Housing Council; a civil rights organization. All rights reserved © 2015.

Write jbecker@FHCO.org to reprint articles or inquire about ongoing content for your own publication.

To learn more… Learn more about fair housing and / or sign up for our free, periodic newsletter at www.FHCO.org.

Qs about this article? ‘Interested in articles for your company or trade association? Contact Jo Becker at jbecker@ FHCO.org or 800/424-3247 Ext. 150 Want to schedule an in-office fair housing training program or speak-

er for corporate or association functions? Visit www.FHCO.org/learning-resources/trainings to learn about the trainings we offer for companies and groups.

Federally protected classes under the Fair Housing Act include: race, color, national origin, religion, sex, familial status (children), and disability. Oregon law also protects marital status, source of income, sexual orientation, and domestic violence survivors. Additional protected classes have been added in particular geographic areas; visit FHCO.org/mission.htm and read the section entitled “View Local Protected Classes” for more information.

“More importantly, if the Harvard Business Review’s post is an indicator, women in business will feel more comfortable being themselves in a professional environment,” she says.

“Unlocking those invisible shackles from a woman’s high heels will be a game-changer.”

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Debora McLaughlin is the best-selling author of “The Renegade Leader: 9 Success Strategies Driven Leaders Use to Ignite People, Performance and Profits.” Her new book, “Running in High Heels: How to Lead with Influence, Impact & Ingenuity,” is a how-to leadership companion for women in business. She is CEO of The Renegade Leader Coaching and Consulting Group (www.TheRenegadeLeader.com). As a certified executive coach, McLaughlin helps business owners, executives and managers nationwide ignite their inner renegade leader to unleash their full potential, drive their visions and yield positive results, both in business and in life.

“Of course, this is not a strict gender rule,” McLaughlin says. “But I think it’s the experience of many that women are, Feb, Apr, Jun, Aug, in the aggregate, more nurturing.

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Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

DEAR MAINTENANCE MEN

By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men, I have given my residents information on how to prepare a personal emergency preparedness kit for their families. My question is for you is: does my Apartment or commercial building need an emergency preparedness kit?

And if so, what should be in it?

Diana

Dear Diana, A quick list of what should be in your family disaster preparedness kit: Flashlight with batteries, canned goods, a Gallon of water per person, a knife, Meds and blankets at minimum. Now this works ok for a family, but may not be appropriate for an apartment building. The residents may very well shelter in place during a disaster and be fine.

What may be in danger is your property! Start with a bit of preventive disaster maintenance.

• Locate the main water shut-off valve and any minor shut-off valves. Make sure the valves are in working order.

If they are gate valves, it might be time to upgrade them to ball valves. Old gate valves are notorious for breaking valve stems at the moment you need them to work.

• Locate and clearly mark the main electrical panel.

• Locate and mark the main sewer clean-out. Run a mainline snake or

Emergency Preparedness hydro jet at least once a year. (A Friday evening main back-up is a disaster.)

• Locate and mark the main gas or fuel oil shut-off valve.

• Write down and post this information in a public area of your apartment building, including emergency phone numbers and how to get hold of management. Alternatively; Post this information on the inside of a kitchen cabinet door in each rental unit.

Dear Maintenance Men, I am starting my planning for a major kitchen cabinet remodeling project in my rental units. However, I am having a difficult time making material and design decisions. What recommendations can you give?

Allen

Dear Allen, When doing a kitchen or bath material selection, cohesive and functional design is important. Kitchen and bath rehabs are some of the most expensive work you can do in an apartment unit and proper planning is a must. In order to appeal to a larger segment of the population, try to keep the interior color scheme to neutral earth tones. Cabinetry quality varies greatly. Don’t let the cabinet fronts fool you. Manufactures designed their cabinets to look good at first glance. Keep in mind, being in a

rental environment, the cabinets also need to hold up to abuse. Look at the actual construction of the cabinet box or frame. There is no need to use custom cabinets to fit your existing layout.

The use of prefabricated modular cabinetry can greatly reduce the time and cost to have a finished kitchen or bathroom. Using real wood cabinet fronts with 3/8” plywood sides is essential for durability. The drawer fronts and sides should be connected with a dovetail or other positive lock construction. Drawers that are held together by nails will not hold up to tenant abuse, nor will particle board constructed cabinets.

On a side note; if you are gutting the kitchen or bathroom, use this time to relocate and add more electrical outlets and under cabinet lighting.

Dear Maintenance Men: I am a property supervisor for a local property management company and I am looking for solutions to my maintenance issues. How do I keep the cost of maintenance down while still maintaining good living conditions for my residents?

Sally

Dear Sally: Prioritize and bundle is the short answer. To elaborate, you will want to prioritize all of your non-emergency maintenance work by unit, building

and area and then bundle enough work for each unit, building or area to use your maintenance tech or vendor efficiently. The less your tech or vendor needs to travel between jobs the lower the cost of each job will be.

Essentially, you would accumulate all non-emergency routine maintenance work placed on a P.O. or work order and forward it to your vendor or tech as authorized. This dramatically reduces the costs related to gas, trip charges, mobilization, purchase hours, etc. (It works even better if your parts are already onsite) Establishing a “time and material” (not to exceed) approach to billing vs. a per unit price method would also give you more bang for your buck. Talk to your venders or techs about bundled service to help cut costs. Most will appreciate a more organized approach to servicing your properties.

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 www.BuffaloMaintenance.com www.ContactJLE.com www.Facebook.com/BuffaloMaintenance

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Rental Housing Journal On-Site

SK THE SECRET SHOPPER ‘Tis the season to be jol ly.

H

owever, for many it’s the season of added stress with the holidays barreling down, year end, wondering how you will ever meet next year’s income and expense goals, etc.

All of these factors and MORE combine into the perfect storm for those who already struggle with keeping their emotions in check. While it may seem like the property management industry is about “managing properties,” it’s really about managing and caring for people.

Regional and property supervisors are responsible for meeting the needs of their owners, and the staffs and residents of the communities they oversee. On site or resident managers are

required to manage and care for their staffs, residents, prospective residents and vendors. This may not be a “news flash” for most of you. However, what may come as a surprise is that not everyone is treating those in their care with the utmost respect and consideration. This is a very “touchy” subject, yet one that still needs to be addressed based upon the following question:

Question I have a pretty good relationship with my property supervisor, but sometimes when a project isn’t done on time or the numbers just aren’t lining up, he yells and swears at me. I pretend his behav-

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ior doesn’t bother me and try to ignore it, but honestly I don’t know how much longer I can put up with this. Not only do these outbursts hurt my feelings, but it’s so unprofessional that I am losing respect for my boss. What should I do?

Answer There is no room for verbal abuse in the workplace. It’s a form of harassment, and most companies have policies and procedures in place to protect their employees from this type of treatment. Yet, many people don’t speak up for these reasons: One, they’re afraid they will jeopardize their employment situation and/or experience some sort of retaliation. Secondly, the first time an episode of verbal abuse happens, the initial feeling is shock and perhaps disbelief that it actually occurred. You may even try to convince yourself that it wasn’t so bad or that it was a one time, isolated incident that will “never happen again.” However, if someone loses control even once, he or she has the potential of losing control over and over again.

Remember This is a “people” business where every “person” deserves to be treated with respect and consideration; no matter what the circumstances. Property supervisors are going to continue to slash budgets, on site managers will at times

overspend and miss deadlines, and certain residents are going to be late with rent payments and damage their apartments. It’s just the nature of the beast.

“Keeping your cool” is not an option.

It’s a character quality that is essential to your success in this business, and life in general.

If you find yourself in the type of situation described above, please seek some wise counsel regarding your particular circumstances. If you are a person who has the tendency to take your anger and frustration out on the people you work with, then sign up for an anger management course or ask your co-workers to chip in and buy you a punching bag as a holiday gift!

Note Please don’t take your anger and frustration home with you either. - Your family deserves to be treated with respect and consideration too!

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.com Ask The Secret Shopper

Provided by: Joyce (Kirby) Bica Former owner of Shoptalk Service Evaluations Consultant to Jancyn Evaluation Shops E-mail: shptalk2@gmail.com Copyright © Joyce (Kirby) Bica

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Rental Housing Journal On-Site · December 2015

Rental Housing Journal On-Site

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site · December 2015 7/23/15 1:28 PM

Rental Housing Journal On-Site

3Q15 Market Overview ...continued from page 8

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site · December 2015