Rental Housing Journal On-Site February 2016

Rental Housing Journal On-Site

February 2016

3. How Are You Helping Your Prospective Residents Who Are Searching For Trustworthy, Honest Content About Your Property Management Business 5. Inherit A House? How To Rent It Out 6. CorporateHousingByOwner.com Reveals the Findings of Annual Survey

7. Dear Maintenance Men – Landscaping, Graffiti and Power Snakes

15. Modern Rent Collections For Property Managers

8. Ask the Secret Shopper – Curb Appeal

20. How to Attraction Generation Y Residents to Your Rental Properties

9. Apartments – A Vital Housing Resource 10. WMFHA’s 2016 Educational Convention and Exposition

23. Why Should I Rent From You?

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

Your Community Network –

14 Points That Must Be In Your Doorway to Delivering New Dollars from Digital Services Apartment Building Leasing and Marketing Plan

by Theresa Bradley-Banta

I

recently received the following request from a multifamily investor:

“Can you please send me a marketing plan post purchase for an apartment building I am buying (my bank wants this)?”

This is a fantastic question! When you approach a bank to finance your apartment deal they most assuredly will want to see your apartment building leasing and marketing plan. Without a solid strategy you risk losing financing and you’re more than likely ready to walk into apartment building ownership with blinders on.

Let’s make sure you’re ready with a great plan and strategy from day one of ownership.

As an apartment building owner you have to be proactive. In order to succeed you must: • Know exactly how you will market and lease units.

By Eric Markow

Y

our renters not only want to live on your properties, they also want to live on the Internet and the World Wide Web! In a recent article, we talked about the increased value and desirability that implementing wireless (Wi-Fi) internet access in each of your units would bring to your properties. Wi-Fi services would make your properties more effi-

cient, and more in tune with the needs of today’s renters – whatever their age.

Presto – You’ve Built a Network What we haven’t talked about is the fact that implementing Wi-Fi in all of your units actually builds your own private community network -- a sort of mini-internet all your own!

So now that you have this network, what can you do with it?

leisure time. You can find some unusual places to advertise. Often these are places that your competitors haven’t thought of like: • Movie theaters (place an ad during the “pre-show entertainment”).

• Put the best team in place.

P A I D

Sound Publishing Inc 98204

• Prepare an accurate budget forecast. continued on page 19

PRSRT STD US Postage

continued on page 4

5 Extraordinary Ways to Market and Lease Apartments

• Have a solid understanding of your market and your competition.

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

Incremental Revenue from Your Community Network The first thing you need to know about your community network is that it makes money for you. You become your renters’ Internet Service Provider (ISP), and incorporate the added value of internet access and related services into their rent. Implemented with a

• Concert venues.

• Ridesharing apps such as Uber and Lyft (enormous advertising potential).

• Local schools and universities.

by Theresa Bradley-Banta

W

hen it comes to marketing and leasing apartments Craigslist might be your best source—but it’s not the only game in town.

Zillow.com, HotPads.com, Rent.com, Apartments.com, your own website and social media can all generate good

traffic. But have you explored new resources and strategies lately?

Try these ideas for great results:

1. Market Where Your Target Renter Hangs Out Take a minute and think about where your target market likes to spend their

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

• Coffee shops (put your property ad on cup sleeves).

• Bike sharing stations.

For example, Denver B-cycle, which was the first large-scale municipal bike sharing system in the United States, is a hugely popular program especialcontinued on page 14

Rental Housing Journal On-Site

We Paint Hallways, Cabanas, and Offices

2

Rental Housing Journal On-Site 路 February 2016

Rental Housing Journal On-Site

H

How Are You Helping Your Prospective Residents Who Are Searching For Trustworthy, Honest Content About Your Property Management Business?

ow are prospective tenants finding out about your rental properties online, and what you offer and how you differ from the competition? What are you offering to retain your current residents?

While many talk about Google and the importance of search engine optimization, there is something just as important that is frequently overlooked.

If your potential, or current apartment residents find your website and stop by for a visit, are you providing helpful, useful rental information for them to help make an informed decision on where to live or what your community has to offer? Or, are you just pushing at them what you want to sell?

The world has changed and the key is the quality of the rental content you are proving on your website for your visitors. This is key for two reasons.

First, attention spans are short and you only have a few seconds to grab their attention. The message they see should be about them, and what they need or are looking for. It is about them and what problems they are facing. It is not about you and touting your business.

but you want to be on the playing field when they are searching. And, more than ever, it is not what you are saying about yourself, it is what others are saying about you.

Research from CEB shows at customers are 57% through the buying decision before they want to talk to a sales person.

Second, many websites are still using the old broadcast-style message that focuses on one message to all. However the web has fragmented audiences and you need to focus on how each individual is different and has different needs.

The one size fits all message pushed in traditional sales language is no longer as effective.

People are tired of these broadcast type messages that interrupt them with a sales pitch. They are tuning these messages out. They want to learn and investigate the options for themselves , and they have, at their fingertips, the ability to search and compare on their own. Your goal is to be a part of their search. You may not win every time,

Toni Blake TotallyToni.com

Help Not Sell To Engage Customers The goal of your website, and the content you have there, should be to attract, engage and delight customers online.

The stronger the content for your target audience, the more visitors you will attract. More visitors mean more sowings and more showings mean more rental applications and lower vacancies.

This is the core of what you have probably heard called content marketing. The key is having great content, at the right time for the right audience.

You should know your audience and what their “pain points” are around when it comes to finding an apartment or rental home. You are the expert and talk to renters all the time. continued on page 17

Heather Blume Behind the Leasing Desk Training

THANK YOU TO OUR GOLD SPONSORS!

Rental Housing Journal On-Site · February 2016

3

Rental Housing Journal On-Site

Your Community Network ...continued from page 1 full-service partner like Dual Path, your renters will discover move-inready, easily accessed Wi-Fi from day one, plus ongoing technical support that is readily available at all times.

Wi-Fi based security systems are revolutionizing the personal security industry. Far from the “burglar alarms” of yesteryear, these new state-of-the-art systems require no unsightly wires or separate network, and can protect everything from doors to windows to motion in and around the living unit. Your renters will benefit from the ability to check video from cameras deployed strategically throughout their apartment or home via their smartphones.

In an emergency, renters could even allow the police temporary access to these cameras.

Digital Telephone is growing in popularity because it’s far less expensive than traditional landlines, and far more feature-rich with video-calling, voicemail that is transcribed and emailed to the recipient, detailed activity and billing reports and much more. Your premises Wi-Fi network by Dual Path eliminates any costs to adding 4G and LTE coverage to your property, thus providing your renters with worry-free calling that is often totally free.

Alternative energy initiatives take full advantage of your community network infrastructure, providing you and your renters substantial savings on energy costs and enabling new technologies such as solar energy generation.

Smart Home technologies automatically turns lights on when needed, off when they are not, and can even adjust thermostats to save energy when the premises is unoccupied. Additionally, leakage sensors, carbon monoxide, fire, and other detection devices can be built into your network giving your property and your renters multiple layers of safety.

Maintenance Services and Property Administration also benefit from your community network. Property-wide coverage enables video chat tours of the property or a particular unit for potential residents who may not have the opportunity to visit in person. Work Orders can be opened and sent to devices used by your maintenance staff to improve operational efficiency.

Home Automation – Offer More Than a Home, Offer a Smart Home!

A visit to your local do-it-yourself superstore will show you that home automation is becoming the “next new thing.” People, including your renters, want the ability to switch lights and appliances on and off, adjust their thermostat, lock and unlock doors, and do much more remotely by using their personal mobile phone or tablet.

Home automation protects too!

Sensors are now available to provide early alert of moisture, leakage, fire, carbon monoxide, as well as possible intruders and unexpected motion on the premises.

Home automation also saves money!

By pre-setting times when lights, appliances, and other devices and services turn on and off, the cost of electric bills, gas bills, and other utility charges are dramatically decreased. Great for your renters if they’re paying for utilities.

Great for you if they’re not!

By installing Wi-Fi compatible equipment, you can offer your prospective renters more than a new home. You can offer them a new Smart Home! Convenience, control, and peace of mind will be available on their own mobile device of choice.

Opportunities Continue to Emerge We’ve all seen the meteoric rise of new Internet services. Now you can put all of that innovation to work for you on all of your properties by building your own Wi-Fi community network and using it to offer and deliver an ever-widening array of services and products.

Finding Your Path Dual Path specializes in implementing premises networks right on your properties. Our comprehensive services connect each of your properties to the Internet, allowing you to become the source of internet-based services for each of your renters, while ensuring them top quality Wi-Fi equipment installed by Dual Path’s experts in each of your units.

Our services are truly comprehensive because they include the ongoing maintenance of your network and the all-important highly responsive customer support your renters expect from their Internet Service Provider. Your renters will be thrilled with how easily and completely they enjoy life on the internet from the first moment they step into one of your properties enhanced by Dual Path.

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.

Headquartered in Phoenix, Arizona, Dual Path offers property-wide WiFi, Gigabit Internet and WiFi calling solutions to properties and businesses coast to coast.

For more information, visit www.dualpath.net or contact 1-800-468-6851.

TONY CONTI, CIC

EQ - Apartments, Small Business 18927 - 33rd Ave., West, Suite C, Lynnwood, WA 98036 4

1-800-803-7000 Fax 425-712-1058 Cell: 206-930-9333 tony@soundviewinsurance.com

Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

Inherit A House?

How To Rent It Out.

By Cliff Hockley President, Bluestone & Hockley Real Estate Services

W

e manage properties for homeowners with many unique circumstances but inheritance is one of the most common reasons why people choose to rent out a home. This is the story of a typical case.

The Inheritance Jayne was in her late 40’s when her grandmother died. When Jayne met with the attorney to review the estate issues he gave Jayne the keys to the house her grandmother had lived in for forty years and a copy of the property deed. This was something she had never expected. She had decided early in her career not to invest in real estate. She wanted nothing to do with the

property taxes and maintenance headaches, and now she had this old house to contend with.

She asked the attorney what others have done with houses they inherited.

The attorney frankly told her that she could sell it, rent it or donate it to a charity, but he advised Jayne not to make any decisions until she walked through it first. “It was not a bad investment,” he said, “It’s insured, owned free and clear, property taxes are current and it’s well maintained, you can’t ask for much more than that.”

The Decision Her grandmother had lived in an older one level brick house. It was 1800 square feet with three bedrooms and two bathrooms, a two car garage and a

small yard. She had already begun feeling sentimental about it during the estate sale when a young man approached her with a business card. He introduced himself as the neighborhood realtor and gave his condolences about her grandmother’s passing before swiftly changing the subject to ask her if she had put the house on the market yet.

Jayne was taken aback. This guy was rude and pushy and she wanted to get rid of him. Purely in reaction to his offensive demeanor Jayne told him with confidence that she had already decided to keep it as a rental. That was how she made her decision.

But she knew nothing about being a landlord. She decided to start by consulting the attorney to first understand the laws involved.

He sensed she might be in over her head during the conversation, “You may want to hire a property manager to help you,” he suggested.

Jayne, a successful businesswoman, saw no reason why she couldn’t handle it herself.

Renting the House Once Jane made up her mind, she toured other house rentals in the area in person and on the internet to get a sense for market rents and conditions.

Based on her research she decided to upgrade the house with more modern colors and appliances. Since the carpets were in good condition she just had those cleaned. She also received a refercontinued on page 17

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CorporateHousingByOwner.com Reveals The Findings Of Annual Survey Exodus from Vacation Rentals; Airbnb beats Homeaway; Craigslist beats Facebook and the Value of Corporate Housing Rentals

C

HBO reports the 7th annual CHBO Corporate Housing Real Estate survey and finds corporate housing furnished landlords say 2016 is the year of division. Monthly corporate housing rentals, a $2.7 billion industry, is not the same as vacation rentals and should not inadvertently be lumped into that lodging segment.

To see the difference between corporate housing and vacation rentals, just look at the renter’s length of stay. The finding of this report states that 6 out of 10 respondents say their last tenant stayed for three months or longer. Fifteen percent (15%) say their last tenant stayed for one year or longer. At an alltime high in 2015, 78% of respondents say they would only rent their property for 30 days or more.

According to The Corporate Housing Providers Association (CHPA), “Corporate housing is fundamentally different from other types of short-term rentals.

This well-organized industry provides a valuable service to businesses, employees and others in need of temporary housing while having a sizable economic impact on the communities where it

operates. It is important that policymakers and officials understand the industry’s importance and are cognizant of its particular characteristics and value when creating and implementing short-term rental policies.”

Kimberly Smith, CEO of CHBO says, “there continues to be a strong need for professional corporate housing real estate rentals from independent property owners and managers. And personally, I believe the clients who need this type of lodging are very different from those who want a shared rental or an extended stay hotel. Think about the difference between buying a new car from a dealership versus buying a used car from an individual. These are transactions for two types of customers with very different needs. Likewise, a relocating professional who has a high paying, high pressured job and needs to relocate his or her family of five to a new city is looking for corporate housing from a professional.”

Rental Success Starts With Understanding Data and Trends 2016 is the year of recognition for corporate housing real estate as a lucrative investment niche answering the needs of a mobile workforce and others seeking quality monthly residential rentals.

The outlook for the coming year held strong with 21% predicting 2016 will financially be “much better than last year.” Of those investors, 90% say their investment real estate is profitable and 45% are so positive they plan on buying more investment real estate.

Mrs. Smith says, “Corporate housing is coming into its own, gaining recognition and also gaining investors who see the revenue potential.” She believes Airbnb brought to the forefront the value to renters, the fun and even the “sex appeal” of what is means to immerse yourself in a community and now renters are discovering the corporate housing industry has been providing quality rentals for decades and takes the guessing game out of a community rental.

In this year’s findings, CHBO learned that Airbnb continued to beat HomeAway as one of respondents’ “most

used” marketing sources and for the first time also beat them as the source for the “most renters.” Surprisingly Craigslist regained some traction, just as Facebook lost ground in all 3 marketing categories.

Our biggest surprise this year was that everyone spent less on marketing their corporate housing rental. In fact 63% (up from 55% in 2014) spent less than $500 on marketing their rental, however they were also less satisfied with their results. In 2015, respondents saying my property is “always rented” went down to 41% from 48% in 2014.

Whether you’ve owned or managed a corporate housing rental for 10+ years or you’re new to the industry, CHBO reports that success starts with understanding trends. Just because something has worked in the past doesn’t mean it will work in the future. If you pay attention to the trends and avoid getting stuck doing the same thing over and over, you greatly increase your opportunities for rental (and financial) success.

Mrs. Smith says corporate housing landlording is nothing new, but obvicontinued on page 18

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Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

DEAR MAINTENANCE MEN

Landscaping, Graffiti and Power Snakes

By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: I own a small apartment building with an average amount of landscaping around the property. I have a garden service that comes each week; they cut and edge and do what their supposed to do, I think, although they don’t spent a lot of time at the property. What should I expect from my landscapers or garden service?

John

Dear John: We have a minimum list of items that must be completed at a property. If these items are skipped or ignored, we feel the property will suffer. On a weekly basis, we expect the garden service to provide the following: 1. Cut the grass.

2. Edge the grass.

3. Pull out weeds between the sidewalk cracks, walk around the building, including the alley.

4. Turn over the dirt in all the flowerbeds each week.

5. Pick up any trash around the property.

6. Broom, blow or hose down the walkways.

7. Turn on the sprinkler lines, check for clogged heads, broken lines etc.

8. Check that set properly.

the

timer

is

9. Cut, trim and thin any shrubs or bushes.

10. Maintain communication with the owner about problems or improvements The above list takes time, half hour minimum at a small property. If your landscape gardener completed the list on a weekly basis, you could very well have the best-looking property on the block! Which means higher rents

… if you add color flowers … even higher rents!

Finding a landscape gardener to do above list consistently is not easy.

Ask your local apartment association for recommendations or look in your neighborhood or city for a property with outstanding landscaping and ask who the gardener is. Have him give you a quote according to your “list”. Keep in mind a landscape company or gardener who give the above service will charge more than a “blow and go” gardener, however your property will reflect their above average service.

Dear Maintenance Men: My building gets hit by graffiti on a regular basis. How can I stop this curse?

Jim

Dear Jim: We understand. Our company maintains several properties that attract graffiti like a magnet. There are several solutions that may help.

• Painting over graffiti as quickly as possible will help deter future vandalism. We recommend painting over the same day or within 24 hours of the graffiti appearing on your property. Graffiti vandals continued on page 21

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Rental Housing Journal On-Site

SK THE SECRET SHOPPER Curb Appeal

I

t’s that time of year when drive by traffic can slow down, as one gray, rainy day blends into another. Occasional sun breaks do little to brighten up your community, but rather expose areas with built up dirt and left over dead leaves. In some neighborhoods dense with apartment buildings, there is nothing to separate one group of gray or brown buildings from the next; they just blend into the dreariness of the day.

Several smaller apartment communities on a block could actually be mistaken for one larger community to people who are driving by. The question is:

or flowers, how are you brightening up your community to enhance its curb appeal? Is there a freshly painted fence or curbing that differs from your neighbors? What about the use of flags or balloons to highlight the entrance to your community? If you use balloons, do you keep them properly inflated?

Nothing communicates apathy and a lack of attention to detail like deflated (dead) balloons!

No matter what you have going for you on the “inside” of your community, no one will ever find out if you can’t draw them in from the “outside.” If the basics aren’t handled at the curb, your prospective renters won’t make it to the front door.

Q

What can I do to make my community stand out from all the others in the area?

Clear, clever signage + clean, colorful curb appeal = countless cars carrying customers!

A

The first thing to take a close look at is the signage you are using. This may seem very basic, but are the signs you are using clearly visible? Can they be seen from a distance, in ALL directions, and are your signs CLEAN? Are your signs placed in such a way that it’s clear they are identifying YOUR building, and not the one next door? Is your signage creative and colorful? If advertising a promotion, are you using clever, eye-catching signs, banners, and/ or balloons? Once a visitor drives into your community will they be able to find the rental office? What about managers and assistants who work out of their apartment homes? If this is you, are there well placed directional arrows and appropriate signs so prospective renters can easily find your apartment?

The second thing to carefully assess is the cleanliness of your community.

This time of year is especially challenging because of the unpredictable

weather. One day it’s pouring down rain giving you water and mud issues to contend with, followed by a sunbreak so you have just enough time to clean up the mess before the next downpour!

This is also the time of year when weeds begin making their appearance in the shrubs and flowerbeds. They are looking for the sun too, even though it’s not exactly gardening season yet! However, with “all hands on deck,” this seemingly impossible goal of a clean property is completely realistic. It can be accomplished if all staff members are willing to take on responsibility for the outward appearance of the community. For maintenance staff, that would be washing down gutters, downspouts and siding, and power washing to keep sidewalks and other areas from taking on the dreaded “green hue” that is so

unattractive this time of year. For office staff and visiting property managers, that would mean picking up litter when you see it, as well as pulling an occasional weed, and keeping flowers cleaned up.

Speaking of flowers . . . Do you have any? If you don’t have colorful plants

Publisher Will Johnson – will@propubinc.com Designer/Editor Kristin Flores – kristin@propubinc.com

If you are interested in leasing training or have a question or concern 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

Advertising Sales Will Johnson – will@propubinc.com Terry Hokenson – terry@propubinc.com Larry Surratt – larry@propubinc.com

Rental Housing Journal On-Site is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in Investing & Real Estate Investor Quarterly

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

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 8

Rental Housing Journal On-Site · February 2016

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

O

Executive Director - Jim Wiard Treasurer - Sheri Druckman

Board President - Brett Stevens Vice President - Becky Sanders Vice President of Suppliers Council - Rob Pendleton Immediate Past President - Kris Buker

Secretary – Laura McGuire

Apartments A Vital Housing Resource

n February 3rd, 35 WMFHA members converged on the Capitol Mall in Olympia to lobby our state legislators for our annual Day on the Hill Legislative Day. Members met with their legislators to educate our lawmakers on issues of importance to the housing industry and to learn the political process.

Several bills affecting the housing industry have been introduced into the short-session Legislature this year, including an Omnibus Bill regarding portable screening reports, dissemination of eviction records to screening companies, and extending the period to return security deposits from 14 days to 21 days.

WMFHA also supports a new multifamily property tax exemption program for existing rental properties, encouraging property owners to set aside a certain number of rental units affordable to very low income residents.

WMFHA opposes a bill mandating source of income, including Section 8, as a new protected class in Washington.

Our members did an outstanding job of grassroots advocacy, showing support for bills beneficial to our industry and opposing bills that would be bad legislation for our members and residents.

Educating policymakers on our industry and the benefits rental housing has on local communities was key to building relationships with public officials.

The apartment industry is a competitive and robust $1.3 trillion industry that helps today’s 38 million renters live in a home that’s right for them.

We help build vibrant communities by offering housing choice, supporting local small businesses, creating millions of jobs and contributing to the fabric of communities across the country. And we are increasingly important given the historic growth in renter households in recent years. That’s good news.

Meeting that demand will create millions of jobs nationally. To get there, we need new public policies that support the multifamily housing industry and that don’t make it harder for renters and their families to find the housing that makes sense for them and their community.

Booming Rental Demand • Over one third of American households rent their housing and 42% of those live in apartments.

• Growth in renter households is at a historic high. We gained 7 million new renters in the five years ending in 2015, while the numbers of homeowners were up less than 400,000. Going back 10 years (pre housing bubble), there were 11.4 million new renter households and just 600,000 new owner households.

• The fastest growing population segments in the next decade – young adults and empty nesters – are most likely to want an alternative to single family housing.

• Eighty million Millennials are already entering the housing market, primarily as renters. They could make up 24 million new households from 2015 to 2025, and their preferences will reshape housing demand.

• Many of their parents, the 77 million Baby Boomers, are beginning to downsize and some will choose the convenience of renting. Over half (56 percent) of the net increase in renter households from 2005 to 2015 came from householders 45 years or older.

$1.3 trillion annually to the economy.

They supported 12.3 million jobs.

To put this number in perspective, that means apartments and the people who live in them contributed, on average, $3.6 billion a day to the economy.

In 2013, new apartment construction produced $30.0 billion in spending, supported 702,482 jobs and had a total economic contribution of $92.6 billion.

The same year, the operation of the nation’s existing apartments accounted for $69.1 billion, 1.5 million jobs and a total economic contribution of $190.7 billion.

Apartment resident spending in 2013 totaled $406.0 billion, supporting 10.1 million jobs and a total economic contribution of $1.0 trillion.

The collective economic impact of apartments and their residents continues to grow as construction begins catching up to demand. This will only continue, as greater economic stability and stronger job creation lead to stronger household formations.

A Strong Track Record The performance of the apartment industry stands in stark contrast to the single-family sector. The apartment industry did not over build in the hous-

ing boom and did not contribute to the housing meltdown.

Apartment homes are economic engines, driving dollars and jobs that strengthen local communities.

Apartment construction continues as a bright spot in the economy, helping lead the housing recovery.

Whether it’s young professionals starting out, empty nesters looking to downsize and simplify, workers wanting to live near their jobs, married couples without children or families building a better life, apartment homes provide a sensible choice to meet their specific housing needs.

We all should celebrate the positive impact our industry is making in communities all across this country and locally in our beautiful state.

Find out how apartments are contributing to our state or Seattle Metro area economy at www.WeAreApartments. org, where you can also use ACE—the Apartment Community Estimator—to see the economic impact of building a given number of apartments in our state. For more information about the Washington Multi-Family Housing Association, or to sign up for membership, go to www.wmfha.org or call us at 425656-9077.

• Married couples with children are now only 21% of households. Single-person households (28%), single-parent households (17%) and roommates (6%) collectively account for 51% of all households, and these households are more likely to rent.

Demand Outstrips Supply The surge in apartment demand has outstripped new supply. This has prompted rising rents and discussions of housing affordability. The solution to improving housing affordability is to build more housing.

The country needs 300,000 to 400,000 new apartments built each year just to keep up with demand – a number reached just once in the past decade.

Growing the Economy and Creating Jobs In 2013, the nation’s 19.5 million apartment homes and the 36 million residents who lived in them contributed

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 w w w. rentalhou singjournal .com Rental Housing Journal On-Site · February 2016

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Rental Housing Journal On-Site

2016 EDUCATION CONFERENCE AND EXPOSITION Commit To Gold!

2016 Education Conference and Exposition You Don’t Wanna Miss This!

Washington Multi-Family Housing Association

ED-CON Wednesday, March 23, 2016 Meydenbauer Conference Center 11100 NE 6th St, Bellevue, WA 98004

Pricing Regular (Feb 5-March 11) Late Registration (After March 11)

$79 – Member $99 – Non-Member $89 – Member $109 – Non-Member

Registration, Breakfast, Networking and Trade Show – 8:00am – 8:30am

Be Part Of A Winning Team!! This event is BYOC.....Bring Your Own Cleats!!

Special Keynote Address 8:30 a.m. - 9:20 a.m. – Hall A

Toni Blake – TotallyToni.com The Passion Workshop

Take a personal development journey with your team on a step-by-step roadmap required to master the highest level of excellence.

Give your team the gift of Empowerment with Toni Blake’s new Passion Workshop! Toni will show you how to

make life changing decisions, adjust your personal perceptions thereby adjusting your life. Learn the importance of having clarity in your personal vision to produce the achievements to winning. This interactive workshop will walk you step-by-step through re-imagining yourself to unleash your highest standard of passion. Gain understanding of the psychology, science and time-tested techniques relied on by masters in their field. Personal exercises will offer you time to take the positive energy test, review your personal talent inventory, understand your gifts, affirm your self-esteem, align your passion with purpose and define on your “I AM” character lessons.

Class Session One

9:30 a.m. - 10:30 a.m. – Room 404

Behind the Leasing Desk Training Heather Blume Sprinters Wanted! The Speed of Leads Getting off the starting block first is a winning strategy! This session will use stats from local market data to show the connection to sales and closing in respect to response time and follow up.

Champion the need to learn. The busy leasing season is right around the corner - don’t get left in the back of the pack!

Tradeshow and Networking 10:30 A.m. – 11:00 A.m.

Class Session Two

11:00 a.m. – 12:00 p.m. – Room 404

The Team That Trains Together Wins Together!

Heather Blume Everyone knows that a great maintenance professional is worth his or her weight in gold, but do you know how to support your team optimally and make continued on page 12

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Rental Housing Journal On-Site · February 2016 7/23/15 1:28 PM

Rental Housing Journal On-Site

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Rental Housing Journal On-Site

2016 EDUCATION CONFERENCE AND EXPOSITION the most of their skills? This feel-good class takes a look at the statistics to the real bottom line impact of what a service team contributes to the overall success of a property and comes chock full of ideas to make that success even better.

Focused on communication techniques, empathy, and appreciation, this session will cover: • Tips to open up and make the most of the communication between your office and maintenance staff • Ways to make staff meetings more inclusive and teams more in sync • Ideas for going the extra mile in maintenance service and follow up to your residents • Ideas to aid in easing the move in process for service teams • Steps the front office can take to help the maintenance staff have a more productive workflow • A hands-on learning experience about how to take work orders in an optimized fashion and why doing so leads to higher success rates and job satisfaction for everyone involved in the process

20-20 Vision: Premeditated Marketing for a Winning Strategy Toni Blake Our greatest responsibility is to understand the impact of our actions today will shape our future. In 2015 multifamily supply exceeded demand. This year current residents become the target market for new construction properties.

With a national average of 4% vacancy no one is sounding the alarm and site teams can become complacent. If you are not diligent to close your back door, a slow budget-busting decline in occupancy will begin.20-20 Vision looks ahead and implements a premeditated marketing plan with an aggressive pursuit of every leasing lead and every resident renewal. Looking forward, marketing and training should be focused on improvements in the leasing path, measurable improvements in customer service and a dublicatable 365-day plan for resident relations and renewal.

1:00 p.m. - 2:00 p.m. - Room 404

Scout Gold Medal Talent and Keep Them on Your Team!

Heather Blume Front line talent is the most important investment that any company makes in their assets, and everybody in today’s market is trying to hire the best employees out there. How do you know you’re hiring the right person? Where do you find them? What’s the best approach for attracting the top candidates out there and weeding out the crazies?

How do you hire someone who will stick around? In this seminar, Heather will share with you some of her tips and tricks of the recruiting and hiring trade, teaching you some of her methods in all the various stages of hiring, including: • Advertising for the position • Weeding through the resumes and weeding out the words of nothingness • Phone Screening approaches to help you save time • Interview concepts and ideas to help you identify the best possible hire

• How to develop a property “pre-diagnosis” tree to aid in the speed and ease of work orders • Thoughts on how to support your maintenance teams during their challenges and make the most of their achievements

Class Session Three

Tradeshow, Lunch and Networking 12:00 P.m. – 1:00 P.m.

pany culture and expectations

Class Session Three Room 405

The Growth Economy Toni Blake Many cities experience decreased vacancies, and increased rents. Toni Blake will coach your team through this consumer transition with a strategic combination of rent and reputation management. Discover how to negotiate for an increase while improving customer service; how to build positive online conversations about your community; and how to position yourself in the market to attract improvements in economic occupancy with strong resident profiles for the future. Discover FREE online marketing resources, innovative marketing tools, tech savvy resident services including fundamentals for building your online reputation and SEO. This session is an excellent management level course.

Tradeshow, Snack Treats and Networking 2:00 P.m. – 2:30 P.m.

• How to spot an employee that has the best chance of being a long term team member • Onboarding techniques that help minimize confusion and maximize adaptation and embracing of com-

Lunch Sponsors continued on page 13

12

Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

2016 EDUCATION CONFERENCE AND EXPOSITION CHAMPIONS..UNITE!!

2016 Think Tank Brainstorming Session!

You won’t want to miss our 4th annual Think Tank – WMFHA’s very own brainstorming extravaganza!

Afternoon Bonus Session 2:30 p.m. - 4:30 p.m. – Center Hall A Think Tank Brainstorming Event!!

Led by our national speakers Toni Blake and Heather Blume, our Think Tank Team will guide you through several rounds of collaborative idea generation for today’s business challenges.

If you have a problem - you will leave with several solutions! This is not your average “sit back and listen” workshop; this is a “roll up your sleeves, we are in this together BRAINSTORMING EXTRAVAGANZA”!!

Got To Our Website At www.wmfha.orgto Submit A Topic For The 2016 Think Tank Brainstorming Session

Speaker Profiles Toni Blake – TotallyToni.com Toni Blake has long been recognized as a leader in multifamily management training. Her cutting-edge concepts will keep you in front of the market instead of always struggling to keep up. This doesn’t mean you have to jump on board with every new trend that comes along, but it does mean your marketing strategy must relate to today’s consumer to be effective. Toni takes the guess-work out of it by giving you key market tools infused with solid fundamentals.

Toni is a popular international speaker, consultant, author and comedienne inspiring thousands of multifamily apartment industry professionals every year. With over 30 years of training experience, her “laugh while you learn” approach has made Toni one of the most sought-after experts in her field. As a published author, Toni’s ideas have been published in dozens of trade magazines and blogs across the country. In November 2008, Toni was awarded the Multifamily PRO “Industry Legend” Award. She was selected by the National Apartment Association as one of the industries’ “Marketing Gurus” and is recognized for her research and innovative concepts in customer service, sales, marketing and social media. Toni was honored at the very first Multifamily PRO “People’s Choice Awards” winning awards for “Educational Excellence” and “Imagination and Innovation.” She currently serves as President of TotallyToni.com.An industry favorite for meetings, conferences, award dinners and private consultations, you will always enjoy Toni Blake!

Heather Blume – Behind the Leasing Desk Training

Heather Blume has a contagious energy and passion that goes to the heart of the multifamily industry. Her work on site, combined with her work as a vendor, give Heather a unique perspective that allows her to enable those around her to find their own success.

Currently, Heather is the Imagination In Charge of Behind the Leasing Desk Training and Consulting Services, a training and consulting firm out of the Seattle area that specializes in meeting the specific needs of multifamily clients who may be experiencing challenges in different facets of the property management world. She is an accomplished national speaker and trainer, and her blog posts, podcasts, and articles are visited by thousands of apartment professionals each month. Her work has been seen in industry publications across the country, including UNITS Magazine. Besides holding her CAS designation, Heather is NAA Advanced Instructor trained and has been a member of the NAAEI Faculty since 2009, as well as a Washington Multi-Family Housing Association NALP and CAM instructor. Heather’s blog, Behind the Leasing Desk, shares her ideas on everything in her corner of the property management universe. Heather provides an educated and objective point of view coupled with a sense of humor that is valued by her readers and clients.

Ed-Con Gold Sponsors Brook Furniture Rental Mohawk Industries The Plumbing and Drain Company Precision Concrete Cutting Vasquez Landscapes Zillow Group Rentals Trade Show Exhibitors: 1Up Floors ABODA Apartment Advantage Staffing Bathfitter Behr Paint Brook Furniture Rental Community NW Conservice CORT Dog On It Parks Entrata Executive Coatings & Contracting Genesis Credit Gorman Roofing HD Supply Interstate Restoration LeaseLabs LeaseTerm Solutions Minol USA Mohawk Industries One Way of Washington Palmer Insurance The Plumbing and Drain Company Precision Concrete Cutting Security Solutions NW Vasquez Landscapes Wave G Yardi Systems Zillow Group Rentals continued on page 14

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Rental Housing Journal On-Site

2016 EDUCATION CONFERENCE AND EXPOSITION This is What People Have Said About EdCon! ”Thanks for the great event! We had a lot of fun!”

Kiril Urekeanu - Allied Residential ”I enjoyed the conference very much. The classes were amazing and the speakers well prepared.”

Cindy Lien-Kessner, CAM - ConAm Management ”I am especially pleased with all of the knowledge that three of my staff members, new to the industry, were able to take away after just one day at the EdCon. They are still excited about it this morning.”

E.A. - Community Director with Pinnacle “Some of the examples given were great and I was so excited to use them upon return to the office.”

Anonymous Attendee Survey ”I loved Heather’s class about dealing with difficult residents and how to calm them down. I feel that the skills taught will be beneficial for myself and my team.”

Anonymous Attendee Survey

”Great marketing ideas!”

Anonymous Attendee Survey “I attended EdCon for the first time yesterday. I have been in the industry for 11 years and heard Toni Blake speak before years ago at a Pinnacle meeting. I have also attended TRENDS for many years and even spoke in a panel last year but I have to tell you, that was the best seminar I have ever been to! From start to finish. The venue was easy to navigate in and out of, the speakers were incredible, knowledgeable and spoke about vital topics, The lunch and snacks were well coordinated, timed and delicious.

The whole event ran so seamlessly. I loved the stamps on the vendor cards and the Think Tank. I love the keynote speech at the start of the day rather than at the end. I even loved the lanyards vs. pins that always damage my clothes. All the little touches made it a class act all the way. I will be there with bells on every year. I would also love to volunteer in next year’s event if possible. I would be happy to help in any capacity.

Let me know how I can help. I am with Essex Property Trust at Castle Creek currently.”

Felicity Alexander “It is so much fun, we have so many amazing and brilliant people in our industry. I enjoyed it.”

Aaron Stright, HNN Associates

5 Extraordinary Ways to Market ...continued from page 1 ly among young urban residents. This wouldn’t happen to be your target market would it?

2. It’s Time to Update Your Curb Appeal There’s nothing worse than seeing prospective renters keep driving right on by at 30 miles an hour after a quick glance at your property. Five seconds is all it takes to make a negative, and lasting, first impression.

Curb appeal is one of the most important things in property marketing and leasing. Presenting an exterior that meets your target markets’ standards must be one of your biggest priorities.

You can develop incredibly creative ads that draw potential renters in droves yet lose them before they reach your front door if your apartment community has no curb appeal.

Here are some inexpensive ways to make your property more attractive and welcoming: • Touch up the paint.

• Add outdoor planters that are stuffed full of colorful flowers.

• Add a canopy.

• Install inexpensive landscaping.

• Put up modern signage (yes, maybe it’s time to get rid of your old dated signage).

• Offer mobile friendly ways to contact your leasing agent.

And don’t forget the people who walk by your property every day. If they’re walking, chances are they live in the neighborhood.

It’s a great idea to hold open houses at your property—especially if you have fantastic curb appeal. Put out a sandwich board with balloons and grab the auto and foot traffic on busy weekends.

3. Develop Mutually Beneficial Relationships With Local Merchants When a local merchant learns that you will promote their business to your community they will embrace the idea of cross promotion. Local employers

are especially happy when their employees live in close proximity to work.

Proximity to work contributes to less tardiness and fewer missed days due to bad weather.

Offer to waive your application fees for employees of participating merchants.

Other ways to support your local merchant in exchange for free advertising are to: • Include coupons or flyers of the local business in new resident welcome packages.

• Put a “Welcome to the community! Enjoy dinner (or a discontinued on page 21

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Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

Modern Rent Collection Methods for Property Managers

By Mary Girsch-Bock, www.propertymanager.com

T

oday, property managers find themselves in a tough spot. With baby boomers looking to downsize from their home in the suburbs, and recent college graduates entering the rental market for the first time, property managers can find it difficult to know exactly how to market to and communicate with these two very different groups.

So how exactly does the successful property manager market and provide perks to both generations, as well as those in-between? A good start is realizing what is important to each of the renters and provide the capability to offer it to them, including various rent payment options that make everyone happy.

For instance, while baby boomers and the senior generation are much more comfortable writing checks for all of their expenses, including rent, many millennials will never write a check a day in their life if they don’t have to. But by working with your bank and a good property management software product, you can offer the latest rental payments options available while also being mindful of the preferences of your older tenants.

Here are a few options that are available: If you continue to offer tenants the option to pay rent by check expedite check processing; many banks now offer remote deposit capture, where property managers can run checks through a scanning device that immediately delivers checks to the bank for deposit. This eliminates the need to hand endorse and prepare bank deposits, as

well as the time it takes to drop the deposit off at the bank. while still being mindful of resident preferences.

Offer the ability to pay rent via smartphone or other electronic device. This can be done by offering an online rent payment option on your website, where tenants can securely log in and pay rent.

Set up a tenant portal that allows tenants to view rent history, check for messages from management, and choose to

pay their rent using a either a checking account or a credit/debit card.

While finding ways to make tenants of all ages happy can be challenging, employing various rent payment options will offer all of your tenants a way to pay rent that suits them, while offering management companies a way to process rental payments more quickly and efficiently than eve

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

Help Your Prospective Residents Listen to what they are telling you and asking you.

Then, you can design a core of great content about your rental properties and begin engaging your customers.

How Will I Know If This Works?

Once you have the key content in place, you want some way to measure engagement with your online audience to see if this is working.

One of the best ways to measure this is by adding an inbound marketing program to your content.

Sometimes people confuse content marketing and inbound marketing. The important thing is to do both. Inbound marketing is a great way to measure the ROI of your content marketing.

For instance, if you create a great piece of content that helps your potential or current residents solve their problem with content you create, they will be more than willing to give you their email address in exchange for that great piece of content.

You create a form for them to fill out which they will gladly do if the content you are providing is so valuable they might even pay for it as author Jay Baer says at convinceandconvert.com.

Then, using this core piece of content, you can create additional marketing spokes around this hub which include email newsletters, social media and more for your apartment communities.

Inherit A House?

...continued from page 3

or maybe you are already using some form of it – understanding expectations is a critical factor.

How are you going to measure success? What metrics are you going to track and how are you going to optimize for those metrics? The wonderful thing about digital marketing is that you can track many, many things and easily get lost in the trees and not see the forest.

What are the metrics that matter to your rental business? Define the key ones and then track and watch and see what is working. Frequently it does not work right in the beginning and you will have to tweak the message to get the right fit with your audience.

These are just a few key points to consider in your inbound marketing program.

By John Triplett Special Editorial Contributor Rental Housing Journal offers inbound and content marketing services to property management companies and industry service providers. For more information, email Inbound@ProPubInc.com

Understanding Expectations If you decide that inbound marketing and content marketing are right for your property management business –

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ral from a friend for a good handyman to make some minor repairs.

Once the place was up to par Jayne placed an ad online and within five minutes started receiving calls about the house. A few roommates wanted to see the house that night. She didn’t even have any application forms!! She quickly printed out a form she found online but when they came she wished she didn’t have any to give them. They were five college students from the school down the street. One of them quickly asked her what application screening criteria she used. Another wanted to see the lease ahead of time.

She hadn’t printed anything other than the forms out yet so she asked if she could e-mail it to them the next day.

They didn’t mind. They liked the house so much they filled out the forms right there to be the first ones in line.

Reviewing the applications after they left Jayne noticed that only two of the students had any real employment history and two never had any jobs at all. She doubted that these optimistic students could afford the rent for long.

However, she remembered the attorney’s warning about the rules preventing tenant discrimination and called her local landlord association for help.

She had found the application form through the landlord association website and was curious what other resources they could offer. She found the regional not-for-profit organization had plenty of good information. In addition to sponsoring monthly educational dinner meetings they had a newsletter providing tips for improving property management, sponsored annual training seminars, and had an extensive mentor and vendor referral program.

From them she got linked to a credit checking company and discovered that the roommates were not qualified to rent the house. She learned what screening criteria she could legally use and was able to get the correct rental agreements just in time for the next applicant to pass all her screening criteria.

eager to start their family. Within a year they had their first baby. They sent Jayne the birth announcement and she was so proud she had offered them their first home. But after 24 months she noticed the rent coming later and later and then not at all. The husband said they had struggled since his wife quit work after having their son. Jayne sympathized for a while but eventually was forced to hire an attorney to evict them.

They left a filthy home, with some damages, which her handyman charged her $4,000 to fi x. Only later did she realize his limitations included plumbing and he had overcharged her in attempt to fi x something he had little experience with. Just preparing the house for her second tenant turn was so painful that Jayne considered selling it after all.

Then Jayne realized that she had something in common with her handyman. She had her strengths and limitations. She was at the height of her career. Her employer had just offered her a national account that would come with a boost in pay and lots of travel.

She loved to travel. She loved hotels.

She loved her little high rise apartment where she didn’t need to worry about plumbing and landscaping. Wasn’t that the reason why she didn’t want real estate to begin with?

She also loved the gift her grandmother had given her and decided to rethink her approach. She interviewed a series of property managers and decided that their expertise was worth the cost to take care of her home. After five years of renting out her grandmother’s home hassle free she decided to refinance it and bought a four-plex with the equity. Her property manager also took over management of that property.

Over a period of 20 years she managed to increase her portfolio to 20 units (her goal), and her cash flow to $7,000 a month which combined with her savings, healthy 401K and social security benefits was enough for her to retire on and travel for pleasure this time.

Problems and Solutions She thought she found the perfect tenants, young, up and coming, and

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Rental Housing Journal On-Site · February 2016

Circulated to over 20,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information 17

Rental Housing Journal On-Site

CorporateHousingByOwner.com Reveals ...continued from page 6 ously an increasingly popular option these days for the savvy real estate investor. “My hope is that this report will continue to help real estate corporate housing landlords become more educated, knowledgeable and profitable as it allows them to deep-dive into emerging rental trends and how such trends will impact them personally.”

What You Should Know About This Report This report is different from other property management reports because it reflects input from independent owners and property managers, rather than full-service corporate housing companies.

Our survey was open to anyone who owned or managed a furnished, monthly residential rental in 2015 – not just to CHBO users. Our goal is to get the best snapshot of the independent corporate housing segment, so you can learn from relevant trends and be more successful.

Other key findings from the survey include Rental rates rising. 39% of respondents — an all-time high — report charging higher or much higher rental rates in 2015. This number has been rising since 2013. We also saw a 3% decrease in the number of respondents

who say their rental rates were identical to the previous year.

Actual Rental Rates. Compared to our 2014 survey results, actual rental rates were higher in 2015. The one exception was for studio units, which showed a slight decrease in month-to-month rental rates. Four bedroom rentals saw the largest increase in rental rates.

Investment Real Estate Trends. Consistent with previous years, more respondents say, “Yes, I plan on buying more real estate” (45%), than “No, I’m done with real estate” (18%). Unlike previous years, however, the number of respondents who say they’re done with real estate investing rose 5%.

Corporate housing has gone to the ‘burbs. Consistent with previous years’ results, 49% of respondents say their corporate rental properties are located in urban, business districts. 44% say their properties are located in suburban areas.

You’ve Got Pets. We saw a slight increase in the number of property owners who accept pets compared to 2014.

Now, 38% of survey respondents say they accept pets (down from the alltime high of 50% in 2011).

Reasons for Being a Corporate Housing Landlord. The majority of respondents — 58% — tell us they’re landlords

for “investment purposes.” With a 15% response, the second most common reason for being a landlord is renting a “primary residence.”

Renter Types. “Relocation” renters rose to 45% — up 3% over 2014. We also saw all-time highs in renters due to: “home remodels” (30%), “movies/ entertainment” (15%) and “divorce” (20%). We’ve seen annual increases in renters due to divorce since 2010.

Security Deposits, Travel Insurance and ARDI. 88% of respondents collect a refundable security deposit — most often, $500 to $1000 or one month’s rent.

The number of respondents who collect “no kind of deposit” hit an all-time low of 4%. 26% of respondents say they offer travel insurance and/or Accidental Rental Damage Insurance (ARDI) to their renters.

Credit Cards. Approximately 57% of respondents say they accept some form of credit card payment from their renters, down slightly from last year. In 2015, MasterCard and Visa tied with PayPal as the most popular credit solutions.

Internet Reservations. Once again, we asked property owners about real-time booking reservations (in which a property is leased through a computer website without any interaction be-

tween the property owner and tenant).

Similar to 2014, 44% of respondents say they’ve used one of these programs.

To download a free copy of all seven Corporate Housing Real Estate Reports, please visit www.CorporateHousingbyOwner.com.

About Corporate Housing by Owner (CHBO) CHBO is a Team of Corporate Housing Professionals. CHBO works daily to support quality corporate housing rentals and qualified renters find solutions. We are focused on Corporate Housing rentals around the world and our on-line portal works to connect properties and renters as quickly as possible. CHBO was founded in 2006 out of a need to connect private homeowners and real estate investors offering furnished, monthly rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes and more. The company provides individual homeowners and investors resources and guidance to help them strategically manage their corporate housing rental properties as well as exposes their properties to thousands of potential tenants worldwide who are seeking monthly housing options.

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 18

Rental Housing Journal On-Site · February 2016

Rental Housing Journal On-Site

14 Points That Must Be In Your Apartment ...continued from page 1 All before you buy the building. This information will help you finance your deal and it will most likely help you negotiate a better deal with the seller.

Here are 14 points to include in your planning:

1. Your team: It’s time to show that you have best around If you are light on experience or you are a seasoned professional real estate investor this is your opportunity to let your lender know that you have the best multifamily real estate team in the business ready to step in the day you close on the deal. Your list should include: • Your third party apartment building property manager. Some lenders may make this a requirement of your first year of ownership—they will insist you bring in professional management while you get your feet wet.

• Your leasing agents. If your property has vacant units you may decide to bring in a professional leasing team for the first few months of ownership.

• Your renovation and trade contractors. These professionals should have experience at the apartment building level. Be sure to point it out.

What experience does each team member bring to the table? Don’t hold back. Tout their talents and experience to the skies. Be sure to include the company name, contact person and telephone number for each member of your team.

4. Creative concessions If your market is giving away free or discounted rent in order to lease units, you and your management team can come up with alternatives that don’t cost you in property income. For example, if you charge for parking and your spaces are not full, give your resident free parking for three months instead of lowering the rental amount.

2. Responsive apartment building maintenance A top-notch maintenance team goes a long way in keeping happy residents.

Promptly addressing maintenance requests equals less resident turnover.

Describe your team and their experience. Put a plan in place for maintenance request response times and your method of communication with residents. Include the details in your marketing plan.

3. Apartment unit rent and concession comparables Describe what your competing market is doing and how you stack up today. You must know the rents that your submarket competitors are receiving for comparable apartment units and also if they are offering concessions or discounts in order to rent units. Include your research in your report.

If your units are currently leasing below market rent address this in your report. Describe how you plan to make changes—in both rents and concessions—in order to attract new residents to your apartment building. This may involve: • Bringing in a new professional and seasoned management team.

• Updating apartment units.

• Offering creative concessions and incentives to new and existing residents.

• Creating greater curb appeal to improve marketing.

• Establishing a new leasing and marketing plan and, • Hiring a temporary leasing agent in addition to the leasing services your management company provides.

5. Current and prospective resident incentives Entice your current residents to get the word out about your apartment building and apartment units to their friends, family and coworkers. Create an incentive for prospective residents to help lease apartment units in lieu of offering them other concessions such as discounted rent. For each new lease signed give the referring resident a $25 gift certificate or other attractive bonuses and incentives.

6. Current vacancy Providing a current rent roll and historical financials will be a requirement of getting financing. Your lender will ask for these documents and they will be fully apprised of any vacancies at your property. Don’t shy away from describing where you are today and where you plan to be in 6 months, 12 months, etc. Let your lender know you have a solid plan for leasing and lease renewals.

7. Upside to current rents A lender does not want to hear that you will be blazing new trails with the continued on page 22

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How to Attract “Generation Y” Residents for Your Rental Properties

By Marc Courtenay, Courtesy of propertymanager.com

B

elieve it or not, there are up to 80 million people between the ages of 16 and 29 who will be filling your vacancies in the year ahead. They are often called “Generation Y.” Also known as the “Echo Boomers”, they are the children of that other gigantic demographic, The Baby Boomers (those born between 1946 and 1964). Born between 1981 and 1995, they’re already having a huge impact on entire segments of the economy. And as the population ages, they will become the next dominant generation of Americans. So whether you call them “echo boomers,” “Generation Y” or “millennials,” they already comprise nearly a third of the U.S. population, and currently spend $180 billion a year of their own and their parents’ money. They are a force to be reckoned with and not to be ignored.

er-tablet company does. Have you been to an Apple store lately? It’s absolutely packed with Echo Boomers! Think about it, do you know anyone between How to Attract Them to Fill Your VALLEY, the ages of 16 and 29 thatARIZONA doesn’t have METRO, either an iPhone, an iPod,or an iPad? Vacancies?

To begin with, you have to reach them Go to Apple’s website and see for on a technological level. They don’t read yourself how they grab and hold the newspapers and aren’t likely to even attention of this enormous generation. read their mail. They are multi-taskers Watch the videos that they use to speak with smart phones, iPads, music down- to the heart of their interests and how loads, and text-messaging on their In-Aug, AppleOct, motivates them. When it comes Feb, Apr, Jun, Dec ternet-connected devices. They are to- to having a place to live, this generation tally plugged-in citizens of a worldwide doesn’t mind living with their parents community. Communicate to them like as long as tolerably possible. Yet at some their favorite smart phone and comput- point they want their privacy and in-

dependence. What they don’t seem to want is the responsibility or financial obligations involved in owning their own place. My own two (my daughter, a Generation Xer, and my son born in APT. NEWS 1981) both have chosen to rent or lease their respective housing.

Forbes recently had a relevant article titled, “Housing the Echo Boomers—Next Big Real Estate Opportunity?” and it is a must-read for property managers who want to attract this age group. In the section titled, “What Will They Want?” the author emphasizes that “…most of Generation Y seem to want modest homes, the demand of

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which may be indicative of their young age. But it might also represent a demographic shift against large housing that is often overpriced and unnecessary.”

So if you’re using smart phone and online applications to advertise rental properties to this group, make sure you focus on affordability, easy upkeep, and the manageable size of your rentals. The Echo Boomers have been polled in recent years, and they value not only economy, but also ecology. They want to live in as green and environmentally-friendly a home as possible. If your units are energy efficient and have features that show respect for the planet, make that part of the theme for your advertisement. Appeal to their priorities and let them know that you understand what they’re looking for.

This massive generational group is rediscovering the joys of marriage, partnering and raising a family. Again, reach them through their technologies and stress that your rental housing is close to work, school and their kind of social areas. Accentuate the point that housing which is centrally located will save them money so that they can afford other things in the area and be closer to where they work or can find additional employment.

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Dear Maintenance Men ...continued from page 7 like to advertise. By removing the graffiti quickly, the less recognition the vandals will receive, thus making your building less attractive to graffiti taggers.

• Install lighting in areas prone to graffiti. Motion activated lights also work well to deter vandals. If you have a sense of humor, install motion activated water sprinklers.

• Planting vines or bushes along a wall or the side of the building is a good long-term solution. As the landscape grows, it will make it more difficult to graffiti your walls.

Dear Maintenance Men: I have an opportunity to buy a small power snake for cleaning out kitchen & bathroom drains. At the rate my tenants block their drains it should pay for its self in no time. Is this a good idea?

Dale

Dear Dale: We understand that almost any excuse is a good reason to buy a power tool. But… most bathroom and kitchen drains can be cleared with a threefoot hand snake. The tub or shower will typically have a hair stoppage just past the tub shoe and the bathroom sink will have a toothpaste and hair stoppage in the trap before the wall. The kitchen sink will typically be stopped on the garbage disposal side because of improper usage of the disposer. If both sides of the kitchen sink are blocked, then it may be necessary to use the power snake.

Power snakes can be very dangerous.

Most operate with a ¼ to ½ horse motor, which packs quite a punch, especially if your finger or arm gets caught!

If you buy this snake, we highly recommend that you get some training on your machine. Power drain cleaning is very much an “art” when done well.

Knowing when you hit the stoppage and when the snake is snagged comes with experience. A broken snake cable in your drain system will be far more expensive than simply calling an experienced plumber when needed. Another thought is; most kitchen stoppages are caused by grease. Your snake will only temporarily clear the stoppage.

Getting a company to “Hydro-Jet” your drains every year may help cure your chronic grease stoppages.

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5 Extraordinary Ways to Market ...continued from page 14 count etc.) on us!” note in all new resident packages.

• Offer local merchant discounts or gift cards to new and renewing residents.

• Offer a referral fee to merchants.

In exchange your local merchant can: • Post your apartment building ad on notice boards or shopping carts.

• Include your ad in company flyers and mailings.

• Provide word of mouth advertising.

The extra effort spent in meeting your local merchants can be rewarding on both a personal and financial level.

4. Send a “Feel Good” Letter to Your Current Residents Your current residents can be the most influential marketing group you have around. Sending occasional thank you letters to your residents will help establish a sense of community.

But it goes beyond creating happy feelings. When your resident loves where they live they will tell their friends and family. Establish a referral incentive program at your property where each referring resident gets a gift, bonus, or rent discount.

Some effective ways to get the word out are by: • Hosting a resident referral party.

• Sponsoring a community yard sale.

• Holding open houses with tours of the property.

When you receive a compliment from one of your residents be sure to ask them if they would be willing to

share it online.

5. Pick the “Right” Property Management Company Some property management companies have amazing branding. Find out who they are and hire them—or watch them closely so that you can model their branding. These are the management companies that offer the “cool” factor to their residents.

Sometimes the branding is as simple as offering a “green” element to living at their communities. For example, recycling programs are a very inexpensive and desirable service to offer at your property.

You can create your own buzz and cool factor by offering something as simple as pre-leasing. Include text such as “Now Pre-Leasing for Large Two-Bedrooms” in your online advertising and on your property signage.

It may not seem like a big deal but pre-leasing can tell prospective residents that they are with a proactive management company. It also implies that your property is a desirable building to live in because people want to sign leases months before they are able move-in.

Theresa Bradley-Banta Founder + CEO

Theresa Bradley-Banta writes, speaks and mentors on investing in real estate while avoiding the pitfalls that plague many investors.

Over the past ten years she has owned or had primary ownership roles in single-family rentals, multifamily properties and international single-family development projects from $50K to greater than $9M. Theresa has performed due diligence on hundreds of multifamily properties and is a consultant to clients with an aggregate portfolio value in excess of $150M.

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14 Points That Must Be In Your Apartment ...continued from page 19 rents you plan to get. Do not be tempted to claim you can rent units for amounts that are far above what the apartment market receives—unless it’s true. And if you purchased a property that cannot command current market rents you’ll need to address how you plan to make appropriate changes in order to catch up to your local apartment market.

On the other hand your lender will love to hear that your rents are below market and that you can easily catch up to the competition. By having solid market research on the comparable rents in your submarket you will be able to address your plan knowledgeably.

8. Annual income and expense budget forecast Provide a 12-month spreadsheet budget for income and expenses. This spreadsheet will include all income and all expenses for the property from day one through the next 12 months. You should also include all planned capital expenses that exceed normal property operation requirements such as major building system repairs or replacement.

Your commercial property management company can prepare an annual budget. Use it not only to project future cash needs if any, but also to monitor your property operations. If your income falls short of projections or your expenses exceed projections you have a baseline to work from when you address the issue with your property management company.

Read Creating an Annual Operating Budget for Your Multifamily Property to understand the benefits of preparing

an annual income and expense forecast.

9. Additional sources of income If you have untapped sources of income describe them. For example you might be able to rent out unused storage space, lease unused parking spaces, increase laundry coin operation amounts or implement a utility reimbursement plan (commonly called RUBS) where your tenants will pay for their utility usage. It is not unlikely that the current owner has overlooked additional sources of income. Let your lender know you have the expertise to increase revenue.

10. Advertising strategy How and where will you advertise units for rent? Make a list that includes: • Online rental sites.

• Newspapers.

• Local merchants.

Clearly define your marketing budget, frequency of posts/ads/notices, system for ad response follow-up and professional appearance. Will you have a designated leasing agent? If so, include that individual in your list of team members with appropriate contact information.

11. Property curb appeal An apartment building with great curb appeal is easier to rent. By investing a small amount of your time and renovation budget you can change the entire look of your property. New shrubbery, signage, blinds and landscaping can have a major impact on your ability to attract new residents.

12. Local apartment market “sizzle” Market sizzle comes in all shapes and sizes. Your submarket renters might want free WiFi, wood floors or in unit washers and dyers. Study your local apartment market and let your lender know that you can give prospective renters what they’re looking for. Plan for these expenses in your renovation budget.

13. Current leases and lease expiration dates Review all current leases and demonstrate a solid understanding of your current resident status and lease renewal dates. Have a plan for staggering lease renewals for all new leases.

14. Local police department premise history Most police departments keep a log of all visits to a property. This is typically called a premise history. If it’s clean use it in your marketing. For example you might advertise a “Safe, secure, quiet building.” A good report speaks volumes about the neighborhood in which your property is located.

Theresa Bradley-Banta Founder + CEO Theresa Bradley-Banta writes, speaks and mentors on investing in real estate while avoiding the pitfalls that plague many investors.

Over the past ten years she has owned or had primary ownership roles in single-family rentals, multifamily properties and international single-family development projects from $50K to greater than $9M. Theresa has performed due diligence on hundreds of multifamily properties and is a consultant to clients with an aggregate portfolio value in excess of $150M.

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Rental Housing Journal On-Site

Why Should I Rent from You?

By Lisa Trosien Courtesy of propertymanager.com Your ads are compelling. Your website is easy to navigate and your floor plans are right there for me to review.

I might even be able to place my furniture on them if you’ve got that functionality on your site.

Even better, your property is priced right and has great curb appeal. But, I’m still not sold. If I was, I probably would have reserved an apartment online. What’s missing? Probably what’s missing from most websites, leasing offices, collateral materials, property videos and more.

Q. What’s missing? A. Testimonials.

I need to know that other people like – or even better, LOVE – living at your property. And I haven’t seen one word of a testimonial on your site. So, what should I do? Well, I’ll do what everyone does in this day and age of social media – I’ll Google your site and see what comes up under your name. And believe me, there’s a wide variety of sites with opinions to share these days.

If it’s not ApartmentRatings.com, it’s Yelp.com, or even a relative newcomer (at least to me), InsiderPages.com.

And that’s where I find your property’s testimonials.

Not all of them are positive, but that’s okay. Like most people, I’m suspicious of products that have 100% positive ratings. But, I find it interesting that you

haven’t responded to a single review on these sites. Why wouldn’t you take the time to respond? Your lack of participation on these sites tells me a couple of things (and I might not even be correct with my assumptions, but that’s not my problem – it’s yours).

• It tells me you don’t care what people say about your company and your product. Isn’t that just a little bit arrogant? Can’t constructive criticism help you create a better product?

And provide better service?

• It tells me that you don’t even want to engage your clients in conversation about their experiences.

Hmmm…how will you treat ME if I have an issue?

Would all of this been avoided if you’d have had testimonials on your site? Maybe, maybe not. But don’t you think that in this day and age of social media and word of mouth (let alone word of mouse) recommendations, you’d have thought of this?

Start using testimonials in your leasing office, in your models, on your website and even on your collateral materials, to distinguish your property management business from the competition. Have a variety of demographic groups in your testimonials. The 65

year old empty nester couple might not relate well to the 22 year old roommates fresh out of college in their first jobs, you know?

A couple more rules about your testimonials: • Use photos. People want to see who provided the testimonial.

• Be specific. Have your residents give details on what they love about living at your property.

Why send people searching for reviews? Provide them for your prospect residents. They’ll soon become an invaluable selling tool.

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