Rental Housing Journal On-Site November 2016

Rental Housing Journal On-Site

November 2016

3. Biggest Mistake New Investors Make in Due Deligence

8. Most Home Buyers Keep Ther Options Open, Consider Renting Instead

13. All-Cash Investment Home Prices Show Up 33 Percent in September

4. Long-term Hold Investing

9. Supporting Our Community

5. Four Questions to Consider When Deciding to Buy or Rent Tools

11. While U.S. Economy Grows, Housing Confidence Remains Flat

14. Dear Maintenance Men – Plumbing, Pest Preventing Primer and Paint

7. Are You Leaving Money on the Table?

12. Ten-X's Latest U.S. Retail Market Outlook Shows Sector's Top 5 'Buy and Sell' Markets

23. What Do Current Economic Trends Mean for Property Management?

25. 2016 TRENDS TRADESHOW

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

Pierce-Kitsap-Thurston Continues Torrid Pace

2Q16 Market Overview Multifamily Housing Update

Seattle - Apartment Insights 3rd quarter results show this quarter continues its record breaking pace with a vacancy rate at 3.32% and rent increase of 3.4%. Not considering rent levels, the market here outperformed metro Seattle for the second straight quarter according to Tom Cain, the firm's principal.

The data are from his Seattle firm’s statistics and trends on 50+ unit properties in Pierce, Kitsap and Thurston counties.

Seattle, WA Payroll Job Summary Average Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast

1,646.8m 55.5m (3.5%) 54.4m (3.4%) 63.9m (3.9%) 58.3m (3.4%) 34.7m (2.0%)

Vacancy: 3.32% The market vacancy for our nonrandom survey of conventional, stabilized 50+ unit properties in all three counties is 3.32%, unchanged

RCR 2020 Forecast 20.1m (1.1%) Unemployment (NSA) 4.0% (Aug.)

2Q16 Payroll Trends and Forecast Jet City labor markets continued to fly at a high altitude, indeed. Employers hired at a 55,500-job, 3.5% annual rate in the second quarter, representing the fastest year-onyear growth recorded since 1998. Virtually every industry with the exception of aerospace delivered constructive results, led by the information sector, which grew at a 7,400-job, 7.9% year-on-year rate propelled by ecommerce, software and other digital service shops. Growing demand for housing, mortgages and public services fired construction, finance and government hiring, while professional, personal and leisure services headcounts continued to grow

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continued on page 18

Top Tips for Real Estate Investing Trends and Data Surrounding the U.S. Real Estate Market and What It Takes to Become a Successful Owner and Investor

By Michael Monteiro, CEO and Co-Founder, Buildium

M

aybe it was passing by the For Sale sign in your favorite vacation town, flipping through the new listings in your Sunday paper or receiving a property passed down through the family—there are countless ways and reasons that real estate investors enter the market. But once that purchase goes through and all the papers are signed, what are you supposed to do next? I know from experience it can be daunting to figure out what your first step should be, how to get a rental ready for the market and how to then expand the business.

In 2002, when my business partner and I first started our property management

business in Rhode Island, we had a lot of questions on how to successfully manage a property. We were faced with what seemed like a never-ending list of day-to-day, tedious tasks such as credit checks, lease renewals, rent collection, etc., while simultaneously trying to grow the business with new properties.

But fourteen years later, and through some growing pains, we’ve seen the potential for real estate investment and the success it can bring.

Are you looking to expand your own portfolio in a thoughtful and low-risk way? continued on page 21

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Rental Housing Journal On-Site ¡ November 2016

Rental Housing Journal On-Site

Biggest Mistake New Investors Make in Due Diligence

By Charles Dobens, www.multifamilyinsight.net

W

hat is the biggest mistake new investor make in multifamily due diligence?

Due diligence is where many new investors start to go astray. They find a deal, make offers, get an offer accepted, put it under contract and then start the due diligence process. During the due diligence process their entire focus is centered around the real estate. They interview and negotiate rates with property inspectors. They set up a date and time that they will go through each and every unit looking for the most egregious example of poor management so that they can go back to the seller and negotiate a repair allowance.

The owner of a bad property will see this coming a mile away and be prepared for it. They will inflate their purchase price to make you pay the repair allowance WITH YOUR OWN MONEY. They will play hardball with you and structure the terms of the repair allowance such that the dollars come out of the deal in an in-kind transfer and not in cash. You, at the end of the day, end up with a property that has a list of needed repairs and no cash to fix it.

But that is not where your focus needs to be. Here’s where the new

investor goes astray. After the property inspector has completed his task and submits his beautiful 100-page report that you pay for, you will review it and look at the last page that gives a dollar amount as to the needed repairs. You then go back to the broker and open the negotiations all over again and I can assure you, they are lying in wait for you to return.

But the problem with this overdependence upon the inspection report is that, no matter what the inspector finds, it can be fixed with one thing – Money. Just name your price and the roof is fixed. Get three bids and the foundation is fixed. The brokers focus,

along with yours and everyone else is on the real estate. This is exactly where you should not be focused.

What business are you in? Real estate or multi-family? You are in the multi-family business. What generates revenue in the multi-family business?

The factory or the product? The product, or in our case, the leases, is what generates revenue. How much time and money have you spent up to this point in the due diligence process analyzing the value of the leases?

See, when you show up with your inspector and walk the property with your clipboard and flashlight, the real

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So what can destroy your business overnight and that can’t be fixed with money? The answer, just so we can keep it in the business realm, is bad customers. More specifically, felons, drug dealers and those convicted of violent crimes. Nothing can clear out a nice apartment complex faster than the

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deal is not going to be found in the units. The real deal is going to be found in the filing cabinets in the manager’s office. That is where you should be spending the majority of your time.

Now don’t get me wrong, you will still need to do a complete and thorough physical inspection. But that should be secondary to your “product” analysis.

Why is this so important? Because you need to understand the types of things that can destroy your business overnight.

Hurricanes, tornadoes, floods? Nope, you can buy insurance to protect you for those events and in some cases, you might end up better off.

Leaky roofs, broken pipes, appliances that don’t work? Nope, those happen all the time and it just takes money to fix.

Owners, Managers & Maintenance Personnel: Weather Preparedness Are You Ready for Mother Nature’s Worst?

Cash Flow Management for Owners of Smaller Properties

Darcy Jacobsen, Buildium

Julie Johnson, Smart Choice Realty

Resident 2.0 — Using Technology to Revolutionize the Resident Experience

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Will Morby, Green Property Solutions, Moderator Walt Smith, Avenue 5, Moderator Lynn Owen, TruAmerica John Forde, Puget Sound Energy Bruce Smith, Greystar Jason Lewis, Capri Capital Kevin Watier, Snoh. PUD Paul Brumm, Refino Services Tim Kelly, Investcorp Phoebe Warren, Seattle City Light Nick Klein, Summerfield John Gilmore, Hamilton Zanze Matt Flotta, Intercontinental RE Corp

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Rental Housing Journal On-Site

Long-term Hold Investing

T

he rental property investing strategy for a hold time of 15+ years is significantly different, than a short term real estate investment strategy. This is even more critical for owners who plan to do their own property management. Owning and managing a property for 15-20 years is similar to raising a child, from birth through high school. Price is always important when buying any property. If you are planning to own a property for decades, do not consider purchasing a potential “problem child”, because it is cheap. Bad purchases are often made when investors feel they must purchase quickly. Adapt the motto that “I can always spend my money” and keep shopping to you find the “right” deal.

Investors need to seriously consider the location, quality of construction, target tenants and financing for a long term hold rental property:

For Owner/Managers

Location Properties should be located within 30 minutes of where you reside.

Anything longer than an hour round trip drive will become cumbersome over time. It is always a wise idea to geographically diversify your rental portfolio. Therefore, owning properties in different neighborhoods. Within 30 minutes of your home, is preferable to owning all your properties, in one neighborhood.

Target property purchases in desirable residential neighborhoods with a low percentage of rental properties.

Initially, the annual cash and cash return will probably be less, than what could be bought in less desirable locations. Rental properties in more desirable locations usually are priced at a lower capitalization rate, than rental properties in less desirable areas. Over time, the quality of tenant, ease of

leasing, and appreciation potential will compensate for the initial lower return.

Buying in a neighborhood, that you feel may decline, is a big mistake. You can change many things about a property, but you cannot change its location.

Quality of Construction Properties that are built in quality materials and workmanship tolerate the abuse of tenants, time and the elements much better, than marginally constructed properties. Tile, metal or shingle roofs last longer and require less maintenance than flat roofs.

Copper plumbing is preferred to galvanized plumbing. Tenants damage themselves, rather than interior walls, when they punch a plaster wall. Solid wood cabinets will last decades longer than press-board or veneer cabinets. Even if you intend to

remodel a property, choose one that has good “bones”.

Target Tenant When you preview properties, form a realistic mental picture of who would be a potential tenant(s) for that property. Is it located near a college or a senior center? Is there a major employer or a hospital nearby?

Does the rental have a private outdoor patio? Covered or enclosed parking for a newer car?

With the number and size of bedrooms, how many people could realistically live in the space long term?

What does the property lack, that the potential tenant might desire?

Now that you have formulated a mental picture of your tenant(s), think how it would be interacting with that tenant(s), or a succession or variation of that tenant(s), for the next 18 years. If the mental picture you are formulating is not pleasant, keep shopping for the right property.

Financing Investor loans are fixed rate amortized loans, up to 30 years, for 1-4 family properties. When you purchase 5 unit or larger properties, it is considered a commercial loan.

Institutional lenders fix the interest rate for 3-10 years, and then it is variable or renegotiable, on commercial loans.

Sometimes you can find a fixed 15 year fully amortized commercial loan. If you are going to hold a property long term with a commercial loan, develop a game plan for dealing with interest rate adjustments or renegotiation, before purchasing.

Formulating a long term rental property real estate investment strategy involves more than analyzing the numbers on paper. Location will be a huge factor in future appreciation and convenience of management.

Quality of construction will determine long term maintenance and capital expenditures. If you self manage your properties, the tenants you choose and your relationship with those tenants, will contribute or detract from your quality of life, for decades. Securing stable long term financing, while interest rates are historically low, will insure strong cash flows until the properties are paid off. Incorporate the importance of location, quality of construction, target tenants and financing strategy into your long term invest portfolio strategy.

Jade Bossert is a licensed Real Estate Broker in Tucson, Arizona that specializes in multifamily property sales.

She has been successfully selling real estate in Arizona for over 35 years. She can be contacted at 520-797-6900 or tucsonrealestate@mindspring.com.

4

Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

Four Questions to Consider When Deciding to Buy or Rent Tools

By Tony English, Senior Tool Rental Merchant, The Home Depot

M

aintenance expenses are one of the largest controllable elements for a property manager’s operating budget, and you have to factor in both labor and equipment. One of the most important considerations for managing equipment costs is deciding whether to buy or rent necessary tools.

In addition to the upfront vs. rental costs of the products, there are a lot of factors to consider when deciding to rent or buy. Equipment may be required on a seasonal or ongoing basis and used for small- or large-scale projects.

Ask the following questions to help determine what’s best for you and your maintenance staff.

How frequently will we use it?

Generally speaking, this is one of the easier questions to answer. Renting is a viable solution when equipment is used a few times a year, while buying is much more economical when it’s an item of regular use. There may even be times when choosing to do both is the best option. For projects that require duplicates of the same tool, consider buying one and renting the extra items to complete the project more quickly.

This will allow you to scale up and only worry about maintaining one tool or piece of equipment.

What kind of maintenance is required?

Depending on the complexity of the tools, maintaining them may cost significant time and money, especially if your staff is not familiar with the ongoing upkeep. Purchasing equipment may require the assistance of an experienced professional and may hold up projects if tools are not in working order. Renting gives access to tools

that are professionally and regularly maintained by experts. Your staff will then be able to spend more time and effort completing the project.

Do we have space for storage?

Don’t underestimate the amount of space a large piece of equipment will take up in your storage area. If a new piece of equipment requires an additional shed or room, factor in the cost. You don’t want items sitting out as eye sores for residents. Renting takes this factor out of the equation and simplifies the process, allowing you to return all units to the tool rental center after being used.

How do we transport the item?

Lastly, take into account transportation costs if the piece of equipment is particularly large and factor in whether you will need to

transfer it to different parts of the property. Avoid taking a toll on your current vehicles and consider renting a large truck or special oversized trailer to transport the equipment. It may be an additional cost, but it will make for smooth and safe transportation from the tool rental center to your property and back.

By Tony English, Senior Merchant, Tool Rental Tony has worked in the capital equipment manufacturing and equipment rental industries for nearly 20 years, with extensive experienced gained at Ingersoll-Rand, Sunbelt Rentals, and The Home Depot.

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Rental Housing Journal On-Site

Market Overview

...continued from page 1

at impressive rates.

Seasonally-adjusted data were consistent, showing vigorous expansion in 1Q16 (15,200 jobs) and 2Q16 (19,900 jobs), the latter representing the largest one-quarter advance in 10 years. The third quarter maintained the momentum with a 12,000-job add in July and August.

RED Research used the rate of change of US job growth and financial variables. (S&P500 returns, 10-year UST yields and the fed funds rate) to fashion a 95.2% adjusted R 2 (SE=0.56%) forecasting model. Under the baseline macroeconomic forecast the equation projects 3%-4% SEA job growth through 2018, in keeping with expected faster GDP expansion. Hiring is likely to decelerate afterward as slowying consumption spending, higher interest rates and faltering equity returns hinder Seattle growth.

Occupancy Rate Summary Occupancy Rate (Reis) 94.5% RED 50 Rank 40th Annual Chg. (Reis) -1.0% RCR YE16 Forecast 93.6% RCR YE17 Forecast 93.7% RCR YE18 Forecast 94.3% RCR YE19 Forecast RCR YE20 Forecast

94.5% 94.4%

2Q16 Absorption and Occupancy Rate Trends Apartment demand intensified as tenants net leased 1,643 vacant units (Reis) during 2Q16, up from 1,210 and 1,264 in the prior and year-earlier quarters, respectively. But supply pressure remained a persistent theme.

Developers delivered 1,514 new units to market, the culmination of a 12month period in which 8,892 units were completed, more than in any year since 1990. As a result, Seattle occupancy increased 10 basis points sequentially but fell -100 bps year-on-year to 94.5%, 11th lowest among the RED 51.

Larger, stabilized same-store assets surveyed by Axiometrics fared rather

better. This sample was 95.9% and 95.3% occupancied in 2Q16 and 3Q16, respectively, up 30bps and down –10bps y-o-y. Class-C (95.5%) posted highest 3Q16 occupancy (6th consecutive quarter), followed by classes-B (95.3%) and -A (95.0%). West Seattle submarket recorded a 97.1% rate, leading a group on 95.6% that included supply-heavy Redmond, W. Seattle and Downtown.

The RCR demand model (ARS=92.4%, SE=0.3%) paints a constructive picture, projecting absorption at annual rates in the 5,000 to 7,000 unit range through 2018. But supply is likely to outpace demand for the next 18 months, sending occupancy down to the mid93% area. We expect a rebalancing in favor of demand in 2018, giving rise to a recovery of about 100 bps from the cycle trough by 2019.

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

$1,360 7.6% 1st 5.6% 4.8% 5.5%

RCR YE19 Forecast RCR YE20 Forecast

4.6% 3.4%

2Q16 Effective Rent Trends Reis report that Seattle tenants endured a 14thconsecutive quarter of 1.1% or faster sequential average rent growth in 2Q, in this case a $22 (1.6%) gain, down from $24 (1.9%) in the prior period. Rent growth expressed on a year-on-year basis slowed from 8.3% to 7.6%, but Seattle regained its #1 position among the RED 51 in this category; most recently held by Portland. Class-A units were largely responsible, as class asking rents advanced at a 1.7% sequential rate comparing favorably to a 1.1% rate among B&C properties.

Axiometrics surveys of 631 stabilized same-store properties found sample y-o-y rent growth of 9.1% and 7.2% in 2Q16 and 3Q16, respectively. The former figure was the fastest growth

observed since 2007. Class-C posted the largest 3Q16 gain (8.6%), with classes-B (7.4%) and –A (5.4%) following. Auburn, Federal Way and Sea-Tac submarkets notched double-digit advances, but class-A supply challenged Bellevue (4.2%), Downtown (5.1%) and North Seattle (5.7%) neighborhoods settled for less.

RCR’s 97.2% ARS (SE=0.65%) model produces a robust SEA rent forecast calling for 4% or faster rent growth to linger through 2019, fueled by rapid job and income creation. Trends should lose steam by the end of the decade as the economy weakens. But rents should rise by a 5-year compound rate of about 4.2%, among the strongest in the R47.

Trade & Return Summary $5mm+ / 80-unit+ Sales 20 Approximate Proceeds $548mm Average Cap Rate (FNM) Average Price / Unit Expected Total Return RED 46 ETR Rank

4.8% $255,481 6.4% 24th

Risk-adjusted Index RED 46 RAI Rank

3.74 30th

2Q16 Property Markets and Total Returns The white hot Puget Sound multifamily property market took what may be described as a breather during the second quarter. Sales velocity declined from 33 and 42 transactions in 1Q16 and 4Q15, respectively, to 20.

Sales proceeds fell –47% from $1.0 billion in 1Q16 to $548 million during

2Q16. But the quality of properties acquired improved considerably, raising the average price unit metric 33% from $192,416 (1Q16) to $255,481, a level surpassed in only one previous quarter (4Q13). By contrast, the pace of sales rebounded over the summer, as 33 transactions closed during 3Q16 for total proceeds of $1.05 billion.

Going-in yields fell in the mid-3% to mid-5% region. Properties at the lowend consisted of recent construction reinforced concrete mid-rises and Sixties and Seventies vintage valueadds. A/B+ assets traded mostly in the 4.2% to 4.6% range. B assets found buyers from 4.8% to 5.4%.

RCR were compelled by recent pricing to trim our purchase cap rate proxy -20bps to 4.8%. At this yield, model derived rent and occupancy point estimates and a 6.0% exit cap, we estimate an investor would expect to earn a 6.4% unlevered annual return on a 5-year hold. This compares favorably to Bay Area markets but falls short of rivals Portland and Denver. Absolute ETR ranks 24th among the RED 47, while risk-adjusted returns slip to peer group #30.

By Daniel J Hogan

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

continued on page 17

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

Are You Leaving Money on the Table?

By Cliff Hockley CCIM, President, Bluestone & Hockley Real Estate Services

M

ost real estate investors tend to operate their properties with a simple rule in mind: If money appears in their checking account by the end of the month, their property is healthy. As long as they see the same amount every month they’re happy.

However this rule inevitably leaves money on the table. Sophisticated investors know that they need to plan for their properties to be successfully operated. They need to buy the right property and operate it with a vision in mind. That vision should include an annual focus on rent increases and tenant relations.

Rent Increases Residential: Multifamily or single family investors have the opportunity to increase rental income at least once a year through the annual budgeting process. This process starts with an annual inspection, followed by a local area renewal rate review (rental comparison survey). Keeping your property well maintained is the key to managing long term rental increases.

Tenants will not be as hesitant to pay more if you treat them with respect and keep the property looking well maintained. A clean property with great looking landscaping, a current paint job without any mold or a refinished roof will net you more rent.

Yes, it will cost more to maintain, but in my opinion the payback will be in the form of higher rent, longer tenancies and lower turnover costs. Don’t forget, tenants want to be appreciated just like you do. If you have a property manager you work with, have them help you draft an annual budget and forecast the annual increases. Think into the future; plan your rent increases and capital expenses two to three years ahead so you can better control your long term destiny.

Commercial: Owners of office, retail or industrial buildings need to think through the same process. They need to develop a plan that lasts through the initial lease term and includes details regarding the tenant’s options to renew, (since commercial tenants tends to stay for 3-10 years, even more planning is involved in controlling the costs and the rental increases).

Annually, property owners need to review the comparative position of their property. They need to be realistic regarding the value of their real estate.

Just as with residential investments, they must consider the condition and location of their investment.

Commercial landlords need to have a long term plan in place that keeps rent increasing on an annual basis If you make a concession regarding

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a starting rent to get a tenant in, plan to step it up to market value within three years. Aim for a minimum of 21/2 % to 3% in annual increases based off the pre-negotiated step increase or percentages that increase on the basis of a business’ success (typically used by retail businesses). I am not a huge fan of CPI (consumer price index) increases because the government has too much control of those numbers.

Don’t permit expense caps unless you can stay ahead of the expenses, regardless of the caps.

Landlords and their property managers should not automatically cave into very low or zero rent increases at lease renewal time, even if the tenant threatens to move out.

Run realistic scenarios regarding the cost of re-tenanting. Include vacancy rates, leasing commissions and tenant improvements in these calculated scenarios. Consider also, the moving costs an existing tenant will face. Understand their business and business goals, their staffing and their success at your location.

Most importantly while they are renting from you, fix repairs that are required by your lease, and fix them quickly. Show your tenants you appreciate them by treating them how you would want to be treated, otherwise they will blame you and possibly hold back rental payments, do the repairs themselves or, worse yet, move out.

We once had a client who took two months to repair the air conditioning units on a newly leased space. It was

wintertime and it was raining; the tenant was livid and hired an attorney to preserve their rights under their lease.

The landlord wanted absolutely the lowest price for the repairs and getting the lowest price took over 30 days of negotiating with vendors. The tenant almost moved out because it took so long, and alternative cooling systems needed to be provided. The experience drove them to become a hostile tenant.

These bad feelings could have been prevented and we could have agreed on rent increases and lease renewals with this tenant if the landlord would have allowed the property manager to be more proactive. Note: Typically property managers have vendors they work with that are reasonably priced who respond quickly, but they may not be the absolute – lowest, period.

Conclusion Inevitably, attention to detail, future planning, a current understanding of the marketplace, and a fair and realistic approach to taking care of your properties will yield higher returns for real estate investors. A key component to profitability is a focus on current and future rental incomes.

Sticking to the basics with an annual planning process and taking care of your tenants will increase your annual yield and keep reliable tenants in your properties.

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Most Home Buyers Keep Their Options Open, Consider Renting Instead

n today's competitive housing market, most of those who moved recently considered both buying and renting while looking for a new place to live, according to the Zillow Group Report on Consumer Housing Trends.

It takes more than 10 weeks to find a new home to rent – and more than 12 weeks for those with low incomes or those searching in tight rental markets, according to an analysis of the Zillow Group Report and U.S. Census datai. For home buyers, the search is longer – 17 weeks.

The Zillow Group Report, available for free in its entirety, surveyed more than 13,000 renters, homeowners, buyers and sellers about their home search, aspirations, and preferences.

More than half -- 54 percent -- of buyers do not get the first home on which they make an offer. First-time home buyers make up 47 percent of all buyers, so it's feasible for many potential buyers to keep their options open and return to renting if they aren't successful purchasing a home.

"The line between renting and buying is blurry, and that's a sign of the times," said Zillow Chief Marketing Officer Jeremy Wacksman. "It's difficult and time-consuming to find a home to

move to, especially in competitive housing markets. With first-time buyers competing for a limited number of homes on the market, savvy shoppers have a Plan B, hoping to buy if it works out, but willing to sign a lease for a home if they don't make a deal by the time they need to move."

Among those who bought a home in the last 12 months, 66 percent of Millennials considered renting as well.

Just over half (54 percent) of Generation X buyers considered renting, and 32 percent of Baby Boomer buyers.

Younger renters are also more flexible when looking for a home to rent – 63 percent of Millennials and 59 percent of Generation X renters considered buying while looking for a rental.

Among renters over 50, most did not consider buying at all.

Renters make up a larger group of the

U.S. population than at any time in the last 50 years. Last week, the U.S. Census Bureau reported the homeownership rate rose very slightly to 63.5 percent in the third quarter of 2016 – barely edging up from a 51-year low.

For many renters, buying is not a financial option. The median income of home buyers is $87,500 a year, while renters make, on average, $37,500. Lowincome renters looking for a new home in a tight rental market can expect to spend an average of 12.1 weeks looking for a home, according to Zillow's analysis of survey responses and rental markets.

PRNewswire Zillow Group Zillow Group (NASDAQ: Z and ZG) houses a portfolio of the largest real estate and home-related brands on the Web and mobile. The com-

pany's brands focus on all stages of the home lifecycle: renting, buying, selling, financing and home improvement. Zillow Group is committed to empowering consumers with unparalleled data, inspiration and knowledge around homes, and connecting them with the right local professionals to help. The Zillow Group portfolio of consumer brands includes real estate and rental marketplaces Zillow®, Trulia®, StreetEasy®, HotPads® and Naked Apartments®.

In addition, Zillow Group works with tens of thousands of real estate agents, lenders and rental professionals, helping maximize business opportunities and connect to millions of consumers. The company operates a number of business brands for real estate, rental and mortgage professionals, including Mortech®, dotloop®, Bridge Interactive™ and Retsly®. The company is headquartered in Seattle.

Zillow, Mortech, StreetEasy, Retsly and HotPads are registered trademarks of Zillow, Inc. Trulia is a registered trademark of Trulia, LLC. dotloop is a registered trademark of DotLoop, LLC. Naked Apartments® is a registered trademark of Naked Apartments, Inc. Bridge Interactive is a trademark of Bridge Interactive Group, LLC. Zillow looked at individual responses from renters surveyed as part of the Zillow Group Report on Consumer Housing Trends about how much time they spent searching for their current rental unit. This data was combined with data on metro-level rental vacancy rates from the U.S. Census Bureau's 2015 American Community Survey to explore how the search for a rental unit varies across income groups and across different types of housing markets. i

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Rental Housing Journal On-Site · November 2016

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

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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

Serving Our Communities

n an effort to give back to communities in which our association members as well as our residents live and work, WMFHA continues to look for opportunities to get involved in community service.

The association’s Community Service Committee works to create initiatives that offer investments in our local community that are specifically directed to innovative and collaborative charitable programs.

These targeted programs will provide safe housing and quality of life benefits to disadvantaged children, low-income families, veterans, and the senior community.

We provide 3 levels of service participation for our members: 1. Fundraising for Charities 2. Product Donations for Charities 3. Donations of Time and Labor At WMFHA’s quarterly membership meetings, attendees bring food donations to contribute to Northwest Harvest.

Northwest Harvest is Washington's statewide hunger relief agency. Their mission is to provide nutritious food to hungry people in a manner that respects their dignity, while fighting to eliminate hunger.

WMFHA’s property members in King County have grouped together to conduct food drives at their apartment communities, encouraging employees and residents to participate and support Northwest Harvest’s mission. To date, WMFHA member properties have contributed 18,000 pounds of food for needy families.

During September, WMFHA organized their 2nd annual Volunteer Impact Day, partnering with Rebuilding Together Seattle.

Rebuilding Together Seattle brings volunteers and communities together to help low income homeowners live in warmth, safety and independence.

In an effort to continue to give back to local communities and provide a way for the association’s members to be a part of a charity volunteer day, WMFHA chose houses owned by low-income veterans.

WMFHA’s member companies donated materials, equipment and labor to make extensive repairs and replacements in the homes. New appliances were donated, a kitchen countertop was replaced, a new gas furnace was installed, extensive landscape work was coordinated, and several other home repairs were made.

Two homes had roof repairs done.

Carpet was replaced in one home.

Rebuilding Together serves low income homeowners who are elderly, living with a disability, families with children, or veterans in need. The association’s Eastern Washington Chapter held a similar volunteer day in April.

In October, our association held the 10th annual Chili CookOff charity event, raising a record $25,000 for the Domestic Abuse Women’s Network (DAWN).

Over 500 people from the multifamily housing industry and the local community attended the Chili Cook-Off at the Tukwila Community Center. Over 25 participant companies, representing property management companies and industry supplier companies which service the apartment industry, served their best chili recipes to attendees and chili judges.

Families were treated to entertainment from the Seattle Seahawk’s Blue Thunder Drum band and Seattle Seahawks team mascot Blitz, as well as visited with Seahawk’s SeaGals cheerleaders.

The Domestic Abuse Women's Network provides transitional housing and resources to women and children in the community who are victims of domestic abuse. Proceeds from the WMFHA Chili Cook Off will help allow DAWN to provide programs and services to approximately 15,000 survivors and their children. WMFHA has donated over $115,000 to DAWN from past Chili Cook-Off events.

Our Eastern Washington Chapter also held a Chili Cook-Off charity event, raising money and collecting toys for Toys for Tots.

November’s annual holiday gettogether, the Holiday Giving Gala, was all about raising money for Childhaven.

Since 1909, Childhaven has been a safe and caring place for babies, toddlers and preschoolers. Today, their trailblazing

childhood trauma treatment program heals the youngest victims of abuse and neglect and prepares them for success in school and in life.

By improving parenting skills and strengthening relationships, Childhaven’s mission is to break the cycle of abuse and neglect and lay the foundation for generations of safe and nurturing families.

The Holiday Giving Gala included a silent auction and Golden Ticket sales, where money was generously raised to support Childhaven’s efforts.

The Giving Gala also included member donations of new toys for the U.S. Marine Corp Reserve’s Toys for Tots Program, and a presentation by the U.S Marine Corp was moving.

The mission of Toys for Tots is to collect new, unwrapped toys during November and December each year and distribute those toys as Christmas gifts to less fortunate children in the community.

The primary goal of Toys for Tots is to deliver, through new toys at Christmas, a message of hope for less fortunate youngsters that will assist them in becoming responsible, productive, patriotic citizens.

The Washington Multi-Family Housing Association has over 1,300 members, representing 175,000 apartment homes throughout the state. Providing opportunities for our members to contribute to charitable organizations fulfills one of our strategic initiatives – giving back to our communities.

The Community Service Committee is just one of many committees that WMFHA members can join and be involved in. We want to thank all of our members who support our community service and charitable programs, for their generosity and their involvement.

Advertise in Rental Housing Journal On-Site Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

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Text REALESTATE-ROI to 44222 to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market Rental Housing Journal On-Site · November 2016

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Rental Housing Journal On-Site

While U.S. Economy Grows, Housing Confidence Remains Flat Millennials Worry More Than Others About Home Buying, According to ValueInsured's Quarterly Index

D

espite positive economic indicators like record wage growth and falling unemployment, housing confidence remained flat from June through September, according to the new ValueInsured Housing Confidence Index.

Housing confidence rose a mere 0.2 points from June through September to 68.9 on the hundred-point scale.

That figure is up 1.9 points since March. A number of factors are likely to blame for the subdued confidence measure, according to Joe Melendez, CEO of ValueInsured.

"Home prices rose over the summer, putting them out of reach for many renters who also saw their rents rising," said Melendez. "Another factor suppressing housing confidence is the unsettling presidential contest and uncertain future it entails. Combine those factors with the hangover of the 2008 housing crisis, and many prospective buyers really need a confidence boost."

The ValueInsured Housing Confidence Index is the aggregate mean of seven multidimensional confidence

measures collected through the Modern Homebuyer Survey, which is conducted once per quarter. As such, the Index reflects the attitudes of American homeowners and non-homeowners toward the housing market and benefits of buying a home.

A significant factor in the flat confidence index is the continued uncertainty and anxiety of millennials.

Although three-in-four (76 percent) millennial non-homeowners (i.e., would-be first-time buyers) want to buy a home, less than two-in-five (38 percent) are confident they can afford a down payment. Millennials also outpace Americans in general in a number of other home buying concerns measured by the survey: h t t p : // p h o t o s . p r n e w s w i r e . c o m / prnfull/20161012/427962-INFO Overall, millennials are skeptical and bracing for volatility. They are more likely to expect a price bubble and correction in the next two years than Americans overall (60 percent of millennials vs. 47 percent of Americans).

Prospective first-time homebuyers in particular are nervous about market

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instability – only a quarter of these millennial non-homeowners are confident that the 2008 housing crisis will not happen again in their lifetimes.

On the bright side, 70 percent of millennials said the American Dream is alive and well. They do, however, describe it differently than past generations. They want to own a home but not be tied down by it. More than four-in-five (83 percent) millennials say their new definition of the American Dream is "owning a home on my own terms while staying mobile, agile and financially secure." In fact, more than four-in-five (81 percent) millennials plan to live in their current home for less than five years.

Reassurance and down payment protection appear to be crucial in converting millennial homebuyers.

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For additional findings from the ValueInsured Modern Homebuyer Survey visit valueinsured.com/trends.

PRNewswire Survey Methodology The ValueInsured Modern Homebuyer Survey was conducted online by Equation Research on behalf of ValueInsured in September 2016 among a nationally representative sample of 1,013 American adults ages 18 and older.

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Rental Housing Journal On-Site

Ten-X's Latest U.S. Retail Market Outlook Shows Sector's Top 5 'Buy' and 'Sell' Markets Ten-X Research reveals retail sector struggling to gain momentum as consumers turn increasingly toward online shopping

T

en-X, the nation's leading online real estate marketplace, today released its latest U.S. Retail Market Outlook, including the top five 'Buy' and 'Sell' markets for retail real estate assets. The long-term forecast reveals the sector is still recovering, slowed by the rise of e-commerce and major shifts in consumer behavior.

The long-term forecast reveals Austin, Miami, Fort Lauderdale, West Palm Beach and San Francisco as markets in which investors should consider buying retail assets. These markets, concentrated largely in the Southeast and West, are being fueled by robust local economies, where a steady

influx of new residents are able to find jobs and fuel overall growth.

Milwaukee, Detroit, St. Louis, Memphis and Philadelphia are the top markets where Ten-X Research estimates that market conditions might cause retail investors to consider selling their properties. These cities reflect several lagging economic and demographic indicators in the Midwest and Northeast, where stagnating wages and lackluster growth outside of the major urban cores have made for a weakened retail climate.

The Ten-X Research report notes that 13 percent of all retail sales are now conducted through e-commerce

– a share that is expected to climb in the years to come. This has impeded demand for retail space but the very low level of new retail construction means that absorption will outpace new supply over the next two years.

The result will be continued slow recovery in vacancies, though research indicates demand may begin to dry up by 2019, pushing vacancies back above 10 percent and close to recession-era peaks.

"As more consumers opt to do their shopping online, the retail market is battling major headwinds as it crawls toward a comeback after the downturn," said Ten-X Chief Economist Peter

Muoio. "Strong economic conditions in certain regions are propping up the sector nationally on a statistical level, but this lasting shift in behavior will remain a stubborn impediment to the retail industry in the years to come."

During the quarter, a modest uptick in demand pushed rents up 2.1 percent year-over-year and vacancies fell by 20 bps to just under 10 percent. Overall deal volume in the sector fell to $17.6 billion during the second quarter - a 10.3 percent reduction from the same period in 2015. continued on page 20

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

All-Cash Investment Home Prices Shot Up 33 Percent in September The housing sector saw its 55th month of growth since the beginning of 2012.

Below is a complete breakdown of national home prices trends in September:

H

omeUnion, a leading real estate firm that provides all the services investors need to buy, sell and manage real estate online, has released September 2016 data showing that median sales prices for investment housing and owneroccupied housing continue to accelerate. According to the monthly HomeUnion Home Sales Report, median prices increased 17 percent year-over-year to $269,300, the 55th month of year-over-year growth in the residential real estate sector since 2012. All-cash buyers pushed prices up nearly 33 percent in September to $211,400.

In addition, average cap rates for both financed and non-leveraged single-family rentals (SFRs) dropped 90 basis points to 5.2 percent.

Median prices for rental properties in markets hit the hardest by the recession completely bottomed out in 2012, and little inventory remains in the sub-$150,000 range across several metros nationwide. "With a paucity of lower-priced inventory, SFR investors have started to target higher-priced assets," explains Steve Hovland, director of research for HomeUnion. "The elevated price of all-cash sales is indicative of investors' uneasiness with lower-risk, dividend-yielding assets. More buyers are willing to lock in returns over the next five to seven years because they doubt the Fed's forthcoming monetary policy will greatly benefit them. Investors are frustrated by sitting on cash, and each passing meeting with inaction from the Fed casts further doubt about how much fixed-income investments will improve over the short term. Therefore, the attractiveness of SFRs is getting amplified."

September National Home Price Trends Data Year-Over-Year Total Median Sales Price $269,300 17.0% Owner-Occupied Sales Price $286,900 15.8% Investment Median Sales Price $238,800 17.1% Average Investment Cap Rate 5.2% -90 Basis Points Investment Median Cash Price $211,400 32.8% Average Cash Cap Rate 5.5% -160 Basis Points Investment Median Leveraged Price $261,900 12.0% Average Cap Rate 5.1% -70 Basis Points PRNewswire Source: HomeUnion Research Services Disclaimer: Median sales prices are non-seasonally adjusted and based on transactions of single-family homes above $30,000.

For more information, download the HomeUnion Home Sales Report.

About HomeUnion HomeUnion is an online real estate investment management firm. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in single-family rental (SFR) properties. The company uses a combination of research and data-driven proprietary analytics to incorporate over 110 million homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 18 locations. HomeUnion's role spans the lifecycle of the investment transaction: identifying sound investments, handling all aspects of acquisition, maximizing income, protecting asset value, and selling the asset when the time comes.

SOURCE HomeUnion - http://www.homeunion.com

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DEAR MAINTENANCE MEN Plumbing, Pest Preventing Primer and Paint

By Jerry L’Ecuyer & Frank Alvarez

Dear maintenance men, I own a 16 unit apartment building built in the late 1960s. The property is in good shape and we try to address maintenance issue as soon as they develop. However, the drains lines are starting to get the best of us. For the past three years I have been experiencing clog after clog and now my main line appears to be blocked once again. Other than the obvious (the pipes are old) what can be contributing to my problem?

Charles Dear Charles: You are not alone. Plumbing issues and rooter service is the largest line item expense as compared to other trades at any apartment building regardless of age. With plumbing and drains, it is best to be proactive rather than reactive.

The difference in approach can save you thousands of dollars a year. In order to begin a proactive approach we will recommend the following: 1: Make an appointment with your local plumbing contractor or current service provider and tell them you are interested in having them join you on a thorough inspection of your plumbing, drains and fixtures. A professional plumber may see things you will miss.

2: On the date of inspection have your smart phone or camera with you

to document any items or areas of concern. A flashlight and clipboard with notepad will be essential.

3: During the inspection take extra care to look for improper drain connections, leaks, possible or future leaks, corrosion, staining and fixtures that can appear be near or at their life expectancy. Also keep an eye out for water damage, dry rot, fungus etc.

4: Check the garbage disposal unit under the kitchen sink and if you find 1/3rd HP disposal unit, consider replacing it with a half horse motor disposer. The underpowered 1/3rd unit is a large contributor to your kitchen drain line clogs. It is important to also instruct the resident in the proper use of the garbage disposal unit such as using plenty of water while using the disposer and not stuffing too much scrap food all at once.

5: Take special note of large trees above the route of the main drain line.

The roots may be invading the pipe and causing many of the backups you are experiencing. Have the plumber use a camera snake to inspect the pipe.

6: If your property does not have proper mainline drain cleanouts; plan on having them installed. We recommend having the pipes hydro jetted at least once a year to clear grease from the lines.

Dear Maintenance Men: Three years ago, I had termite repairs done to the back side of my building.

Turns out the wood was never painted or protected and now the wood is badly damaged. Would prime and paint have prevented this damage?

George

Dear George: It is unfortunate that your contractor did not complete his job by sealing or painting the new wood. This would have saved you the effort and expense of repairing the wood all over again. We cannot tell you how many buildings we see that had termite or dry rot repairs completed years ago, and they are still not weatherized or painted! It is not the cost of the lumber that is expensive, but the labor that you want to avoid by having to perform the same work twice.

When replacing wood at your building you should insure that the proper type of wood is used for an exterior job and that the wood is sealed with primer and paint. To do the job properly, the wood should be primed before it is installed followed by a second prime and paint.

When using a contractor for this type of work, be sure to read the contract carefully. Make note and question the contractor if you see the terms: “Paint by others” or “Priming and Paint not included”. You can either ask the contractor to include these items or contract with a painting company to complete the job. continued on page 19

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site

Market Overview

...continued from page 6

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.

Rental Housing Journal On-Site ¡ November 2016

17

Rental Housing Journal On-Site

Pierce-Kitsap-Thurston ...continued from page 1 from last quarter. The vacancy rate was 4.47% a year ago.

The rate for all properties including those in lease-up is 4.00%, down from 4.13% last quarter.

Pierce: 3.25% The vacancy rate in Pierce County dropped from 3.34% to 3.25% this quarter. It was 4.17% a year ago.

Fife, Gig Harbor and University Place/Fircrest are all just slightly below 3% vacant.

The Tacoma South submarket has the highest vacancy rate, 3.72%.

Kitsap: 4.36% Kitsap County's vacancy rate climbed to 4.36% from 3.88% last quarter. It was 3.23% a year ago.

The vacancy rate shot up a full percentage point to 5.21% in Silverdale.

Port Orchard is the strongest submarket with a vacancy rate of 3.32%.

Thurston: 2.8% Thurston County's vacancy rate remained virtually unchanged from the second quarter at 2.8%. A year ago it was 4.05%. Lacey continues to be the strongest submarket with a vacancy rate of 2.44%.

Rental Incentives Pierce: $3 per Month (0.3%) Kitsap: $1 per Month (0.1%) Thurston: $1 per Month (0.1%) The average overall rental incentive for the three counties is a negligible $2. Five percent of the properties are offering rental incentives, the same as last quarter.

Rents: $1,095 per Unit

$1.27 per Square Foot Average rents climbed $36 to $1,095 per month and $1.27 per foot, an increase of 3.4% over last quarter. They increased 11.2% over the past year. Rent increases averaged 8.5% per year over the last 3 years.

Pierce: $1,081 per Month

$1.26 per Square Foot Kitsap: $1,186 per Month

$1.39 per Square Foot Thurston: $1,051 per Month

$1.23 per Square Foot Rents increased $32 in Pierce, $52 in Kitsap and $35 in Thurston. Submarkets topping the list for largest rent increases over the past quarter are both in Kitsap.

They are Port Orchard and Bremerton.

The lowest average rent can be found in Lakewood. At $956 per month it is the only submarket with average rent under $1,000.

New Construction There are 1,420 units under construction which is virtually the same as the last two quarters. The majority of these are in Pierce County.

There are another 1,997 units that have successfully completed the design review and permitting process. Additionally, 3,098 units are in the earlier stages of the construction pipeline.

Featured in the photo, 123 4th Apartments opened in downtown Olympia. This mixed-use 138unit development is managed

by Prime Locations.

As long as the economies in these three counties remain strong, we expect the markets to perform very well.

Factors such as a relatively low level of apartment construction together with the limited inventories and rising prices in the residential market will help insure it.

For decades Tom Cain has supported a variety of industry organizations and events with his data and expertise as a foremost expert in the apartment industry. His company surveys the five counties in Central and South Puget Sound.

This article highlights survey results that subscribers can access from an online database of all 50u+ properties.

Apartment Insights also provides customized rent reports and market reports. www.apartmentinsightswa. com 206-632-2220

Observations Last quarter we wrote about how Pierce-Kitsap-Thurston was outperforming the metro Seattle market not counting overall rent levels.

While the vacancy rate is unchanged in both markets, the 3.3% in PierceKitsap-Thurston is lower. Its quarterly rent increase of 3.4% is greater.

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Rental Housing Journal On-Site

Biggest Mistake New Investors Make news that a sex offender has just moved in. Not only will you lose existing customers, your property will quickly get the reputation as being the place where felons can go and live. That is the kiss of death for any property.

Let’s discuss the repair allowance.

What do successful people do?

Successful people do those things that the rest of the world won’t do. In this case, the seller is expecting you to come back with a list of items that shows all the things wrong with the property.

He is seeing you coming a mile away because he played the same game when he bought the property. In addition, his broker is preparing him for it and they have already have a strategic response.

But you are not like all the other investors. You look at this business as a business. You look at the strength of the customers as the strength of the asset and you will negotiate accordingly. When you complete the inspection and set up a meeting with the broker to review, you will have two sets of reports. The first one will be the property inspection report. That will have a dollar figure at the bottom. The broker will nod his head, let you know that he will present this to the seller and then ask the waiter for the check.

This is where you distinguish yourself from every other investor. “Not so fast, Mr. Broker, there is one more thing,” you say in your best Colombo imitation.

This is when you bring out your analysis of the leases. This is where you show the broker that fifty percent of the files were lacking criminal background checks.

This is where you show the broker that

...continued from page 3

there is no income analysis done on any of the residents and therefore the sales pitch that the rents are below market and can be increased is meaningless because there is no way to tell if the current crop of residents could even afford an increase in the rent.

The broker will do one thing; stare at you with the blankest look you have ever seen and wonder what comeback he could possibly muster. He has done absolutely no analysis in this department so he will not have any facts on the table to respond back to you. You will be in complete control of the deal.

Let’s say just the opposite is true. After your analysis, you cannot find anything wrong with the resident files. They are completely up to date and accurate. If that is the case, start getting serious about buying that property. It might be as good as you think. I do spot reviews on my properties to make sure that the files are up to date. I review credit and criminal background checks all the time and make sure that everything is in order. That’s the type of business you want to buy.

Mr. Dobens is an attorney and multifamily owner. We thank him for his guest post and insights on due diligence. He can be reached at www.dobenslaw.com Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 – How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets.

Rental Housing Journal On-Site · November 2016

Dear Maintenance Men

...continued from page 14

Dear Apartment Owners: We are getting close to the holidays, which means guests, cooking and an emergency call to you from one of your residents on Thanksgiving Day about a clogged sink or non-working oven with an apartment full of guests waiting for dinner. This scenario can ruin both yours and your residents’ holiday. The answer is: Preventive Maintenance. Before the holiday season begins, check each stove and oven for proper operation, many residents only turn on their ovens at this time of year, and the problem may be as simple as a pilot light being out. Also, check the oven’s temperature calibration with an oven thermometer. Because of heavier than normal use of the plumbing, it may be a good idea to snake out your main plumbing lines. Also, sending a note to each tenant on the proper use of the garbage disposal will be useful.

Note what they should and should not put down the disposal unit. A few items to include on this “Do Not” list are: banana peels, potato skins, coffee grounds and any stringy food. Also make sure they turn on the water before using the disposer and put down small amounts of food at a time. Do not use the disposer as a trash can and then turn it on when full, it will clog.

Halloween and other holidays also means more people than usual walking on your property. Is your property safe? What are some of the liabilities to worry about? Check trip and fall hazards. Sprinkler heads sticking up above the grass or landscape near sidewalks. Use pop-up heads to solve

this problem. Look for sidewalks that have been pushed up by tree roots. This can be solved with a concrete grinder or replacement of the section and removal of the tree root. Cut any low hanging tree branches and look for branches that may break in heavy winter wind or rain. Check your decking for cracks or damage and inspect the exterior stairways for wear and tear. Inspect all your garage door springs, winter wind and rain may make them heavy causing the door to close or fall unexpectedly. As a precaution, always replace both garage springs at the same time and throw away any used springs. Never install used garage springs. Check all property lighting and timers.

Remember: Preventive Maintenance is cheaper than Emergency Maintenance!

Bio: If you need maintenance work or consultation for your building or project, please feel free to contact us. We are available throughout Southern California. For an appointment please call Buffalo Maintenance, Inc. at 714 956-8371 Jerry L'Ecuyer is a licensed contractor & real estate broker. He is currently on the Board of Directors and Chairman of the Education Committee of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988.

Frank Alvarez is the Operations Director and co-owner of Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 20 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@BuffaloMaintenance.com For more info please go to: www.BuffaloMaintenance.com

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Rental Housing Journal On-Site

Ten-X's Latest U.S. Retail Market Outlook

...continued from page 12

2Q'16 – 2020 U.S. Retail Projections 2016 Q2 Effective Rents (psf)

2020 Forecast Effective Rents (psf)

Change in Effective Rents (%)

2016 Q2 Vacancies (%)

2020 Forecast Vacancies (%)

Change in Vacancies (bps)

Austin, TX

20.52

24.54

19.6%

5.4

5.7

30 bps

Miami, FL

23.21

26.98

16.2%

6.1

5.0

-90 bps

Fort Lauderdale, FL

17.67

20.74

17.4%

9.3

7.5

-180 bps

West Palm Beach, FL

20.30

22.90

12.8%

8.6

8.8

20 bps

San Francisco, CA

32.84

36.68

11.7%

3.1

3.1

0 bps

Top 5 Sell Markets

2016 Q2 Effective Rents (psf)

2020 Forecast Effective Rents (psf)

Change in Effective Rents (%)

2016 Q2 Vacancies (%)

2020 Forecast Vacancies (%)

Change in Vacancies (bps)

Milwaukee, WI

13.74

13.93

1.4&

11.7

12.8

110 bps

Detroit, MI

15.35

15.29

-0.4%

11.7

11.6

-10 bps

St. Louis, MI

12.44

12.82

3.1%

11.9

12.6

70 bps

Memphis, TN

12.28

12.61

2.8%

11.3

11.6

30 bps

Philadelphia, PA

18.30

18.75

2.5%

10.1

10.5

40 bps

U.S.

17.72

19.41

9.5%

9.9

9.9

0 bps

Top 5 Buy Markets

The Retail Sector's Top Five 'Buy' Markets:

rents are expected to rise by more than 4 percent over the same period.

Austin Austin's economic fortunes continue to soar, making it an ideal spot for retail investment. Local employment has grown between 3 and 5 percent over the last five years and shows no signs of slowing, while population growth has more than tripled the national rate for more than a decade. Coupled with a thin supply pipeline, strong demand for retail in the area is poised to drive vacancies below 5 percent by 2018, and

Miami Burgeoning leisure and hospitality industries have been powering Miami's swift recovery from the recession, helping to push overall employment to an all-time peak. While unemployment is still hovering slightly above the national rate, it has dropped drastically from its pre-recession peak. The city's retail sector has been thriving, with rents climbing more than 4 percent over the last year. Vacancies are

20

expected to dip as low as 4 percent by 2018, and a dearth of supply additions on the horizon puts buyers in position to capitalize on the strong market.

Fort Lauderdale Retail conditions are also inviting in Miami's neighboring city to the north, Fort Lauderdale. Though vacancies and rents have been mostly stable over the last year, a steady stream of supply is expected to dry up in the near future, pushing the market sharply in the right direction. The city's recovery from the recession has been robust, and

unemployment is currently just above 4 percent – well below the national average. Ten-X Research data indicates strong population growth and job projections are likely to set investors up for annual NOI growth of about 4.2 percent through 2020.

West Palm Beach The third South Florida city to make the 'Buy' list, West Palm Beach is benefitting from escalating population growth and steadily increasing employment numbers, each of which continued on page 22

Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

Top Tips for Real Estate Investing While it will be trial and error to get a successful real estate investment or multiple investments off the ground, here are a few of the tips and indicators that helped my business partner and I along the way:

Location Matters It may seem obvious, but location is a key factor when it comes to real estate investment. While it likely won’t make sense to invest in a property across the country because of travel constraints, a real estate investor or property owner/manager should definitely put thought into what location will offer the most potential for rentals or flipping a home. This research can be done by looking at both industry trends along with other contributing factors. For example, Buildium’s annual Rental Ranking Report looks at a combination of U.S. real estate, rental housing and jobs reports, along with property appreciation forecasts, and a comparison of quarter-over-quarter and year-over-year data to discover how rental markets are changing.

For 2016, some factors to consider for location from the report include: • Top Performing Metros: The top five performing metros for the past year include: San Francisco, Seattle, San Jose, Calif., Louisville and San Diego.

• Top Performing Region: The Western U.S. is currently the best region for rental property investment, thanks largely to the impressive rent

...continued from page 1

increases and property value appreciation found there.

• Vacancy Rate: Worcester, Mass. had the lowest vacancy rate with 3.05 percent, and Birmingham came in the bottom spot with a 17.67 percent vacancy rate.

• Rent Variance: The percent change in median rent was best in Buffalo, New York at 16 percent and worst in Hartford at -6 percent.

Looking at industry data along with other important statistics can help a real estate investor truly understand the market and serve as a valuable resource to guide property purchasing decisions.

Think Like a Renter Becoming a successful real estate investor goes beyond just finding a good piece of land or a property at a good price.

In the end, the success of a property always depends on its marketability, whether it’s for new buyers or renters.

Does your property have the amenities that people are looking for? Is this a safe or quiet neighborhood in the city? Is the right property management company handling the property?

Buildium’s annual American Renters Survey looked at these questions as it aimed to shed light on what tenants care most about in their apartment or home rental and provide insights to help property managers and landlords attract and retain the very best tenants.

Some of the findings include: • Overall, an in-unit washer/dryer, high-speed internet and central air are the three most commonly

sought after amenities among the age groups surveyed.

• Feelings about property managers tended to be significantly more negative overall than feelings about landlords. Of those tenants who don't like their property manager, 58 percent say they are extremely or very likely to move in the next year.

• Among all the factors that renters consider when renting an apartment, 72 percent of the surveyed renters prioritized location. Indeed, when renters were asked what they love most about their homes, two of the top three answers were a great location and a nice, safe neighborhood.

It’s necessary for real estate investors to consider these factors if they want their investment to eventually be profitable through either selling or renting. Researching what tenants are looking for in that area, or what amenities are included in recent rentals or home purchases can really help convince that buyer or renter to make the move.

Going Digital Is a Must It goes without saying that technology exists in every facet of our lives, and this goes for the real estate industry as well. Adopting and implementing relevant technologies can only help an investor’s business, and there are a few ways to do this.

Right from the start, technology should be used when marketing properties. Buildium’s aforementioned

American Renters Survey found that when renters are searching for new housing, they first look at Craigslist, Zillow, a Google search and finally ApartmentList—clearly showing that just listing properties in the local paper is not a top search method.

The report also found that a large percentage of potential renters are looking for digital options such as online listings, electronic leases, electronic payments and online maintenance requests/tracking. Especially for those renters in multi-tenant dwellings, where 37 percent of renters indicate they can currently pay online and 59 percent indicated they like or would like to pay rent via ePay methods. Additionally, while only 27 percent of residents say they currently use a tenant portal (property management sites where they can connect, get information, file maintenance tickets and pay rent), 45 percent report either having and loving it, or wanting one.

When it comes to real estate investing, the success of a business goes beyond just purchasing a brand new condo around the corner. Investors should make sure to look into the key trends listed above and relevant research in their area in order to set themselves up for success. While in the end it always depends on the effort put in, these tips can assist as some fail-proof guidelines to help along the way.

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Rental Housing Journal On-Site

Ten-X's Latest U.S. Retail Market Outlook

...continued from page 20

outpaces national averages. Retail demand is strong enough to withstand healthy additions to supply, and Ten-X Research forecasts that it will pull vacancies below 7 percent by 2018.

Rents should continue an accelerating growth pattern over the same period, and steadily improving fundamentals show NOI will continue to grow at close to 4 percent.

San Francisco The surging tech sector in and around San Francisco continues to make the city a solid bet for investors.

Employment has taken off since the recession, with job growth averaging better than 4 percent per year and unemployment hovering just above 3 percent. Coupled with an empty supply pipeline, the continued boom projects to lower vacancies to 1.9 percent by 2018 – a historical low. While overreliance on a single sector can make a metro market particularly volatile, data suggests rents are poised to climb in the coming years, pushing NOI up roughly 3.2 percent each year.

The Retail Sector's Top Five 'Sell' Markets: Milwaukee Despite an unemployment rate below the U.S. average, Milwaukee is hampered by a struggling economy, including tepid employment growth and near-stagnant population levels.

Ten-X Research predicts that the city will continue seeing lukewarm demand for retail space, and with 650,000 square feet of product hitting the

more drastically. Effective rent growth faces a similarly bleak outlook, with projections averaging 1.3 percent over the next two years before declining during 2019 and 2020.

market, vacancy rates will stay above the mid-11 percent range in the next two years. The influx of supply will limit rent growth to less than 1 percent per year through 2018, and annual NOI gains are expected to average a meager 0.4 percent through 2020.

Detroit Detroit's population is growing for the first time in a decade, but the city's total employment remains more than 10 percent lower than its prior cyclical peak, in part due to the muted comeback of the city's manufacturing sector. Even with limited supply coming to market, the report indicates that middling retail demand will nudge vacancy rates into the high-10 percent range by 2018, before the market enters a projected downturn. Ten-X Research predicts that rent growth will average just 1.2 percent over the next two years before declining in a cyclical downturn, while NOI growth is expected to average 0.5 percent per year through 2020.

St. Louis St. Louis' metro population growth has lagged behind that of the U.S. for

several decades, measuring 0.2 percent in 2015. While the city has surpassed its previous peak in terms of total employment, St. Louis job growth is expected to be 1 percent per year through 2018. The city's retail market will see modest supply additions in the coming years, but the report notes that weak demand will likely keep vacancy rates at or above the mid-11 percent range over the next few years. Ten-X Research predicts effective rents will grow by 1.3 percent per year through 2018 before falling, while NOIs will grow by 0.8 percent annually through 2020.

Memphis Buoyed by a transportation/utilities sector which set a new peak level for employment in 2016, Memphis' total employment numbers are 1.4 percent below their prior highs. The city's retail supply pipeline is limited, but Memphis' population grew 0.1 percent in 2015 -- a metro that has lagged behind the country in this measure for nine straight years. Ten-X Research projects vacancy rates will remain above 10 percent through 2018 before increasing

Philadelphia Philadelphia's economy is accelerating, with payrolls 2.5 percent higher than their prior peak, but the city's population growth slowed in 2015 and its unemployment rate remains higher than the U.S. average.

Even with a modest supply pipeline, the city's limited demand for retail space is expected to keep vacancy rates hovering over 10 percent in the coming years. Ten-X Research projects effective rents climbing just 1.6 percent per year through 2018 and annual NOI growth of 1 percent through 2020.

About Ten-X Ten-X is the nation's leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction. com. To date, the company has sold 244,000+ residential and commercial properties totaling more than $41 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions entirely online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.

SOURCE Ten-X http://Ten-X.com

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

What Do Current Economic Trends Mean for Property Management?

By Marc Courtenay, www.propertymanager.com

T

here are times where we throw caution to the wind and go “all in.” There are other times to pause and carefully ponder the realities of what may be “coming around the bend.” Perhaps, after nearly 8 years of low interest rates and endless economic stimulants, we are now in the “carefully ponder” stage of economic realities. Now is a good time for property managers to be cautious. Notice I didn’t say “scared” and I never propose “indolence” (an excellent word to know about). With patience and keen observations come immediate results. It’s the power of doing almost nothing.

Recently we learned that the U.S. economy added only 151,000 jobs during August, giving the reluctant Fed justification to delay an interest rate hike until December. That’s the most

likely scenario. This familiar posture for the Fed was exacerbated by the Chinese economic scare, plunging oil prices and spooked equity markets in early 2016.

Then Brexit hit leading into the summer meetings and now the uncertainty of the upcoming U.S. elections.

“Lower-for-longer,” interest rates now look like “lower forever” unless the Federal Open Market Committee (FOMC) surprises and proceeds with normalizing monetary policy.

This appears unlikely. Low interest rates benefit borrowers, including single-family rental investors. At today’s rates, investors will be able to leverage investment assets at historically low rates.

Meanwhile auto sales are turning south. After rising for 66 straight months, retail car sales have now

fallen four out of the last six months.

My sources say that this trend is likely to continue.

This and other factors suggest the making of a new economic trend and not just for the auto sector. The entire economy is beginning to show unmistakable signs of slowing.

When people are overwhelmed with financial uncertainty they buy fewer cars and take fewer vacations. They’re going to eat out less and cut back on noncritical spending and purchases.

In other words, the big drop-off in car sales could mean U.S. consumers are already cutting back. That’s probably why U.S. manufacturing is weakening as we begin the 4th quarter.

Last month, the Institute of Supply Management (ISM) reported that its Purchasing Managers’ Index fell

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from 52.6 in July to 49.6 in August.

This index measures the strength of the U.S. manufacturing sector. When the index dips below 50, it signals recession. More importantly, the services and manufacturing sectors are now weakening at the same time.

It’s significant that both indices would weaken so much at the same time.

The manufacturing index dropped to 49.4% from 52.6% in August and the ISM services metric slipped to 51.4% from 55.5%. The combined reading was also the weakest in six years.

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site ¡ November 2016

Rental Housing Journal On-Site

T

RENDS is the oldest and largest running Northwest Rental Housing Education Conference and Trade Show. This year TRENDS will be celebrating its 32nd year of production in a very big way. The conference draws over 1,500 attendees and hosts the biggest industry trade show with 215 exhibits. The TRENDS education schedule offers 40 outstanding workshops. This year’s TRENDS should be the biggest conference ever.

Who attends TRENDS? Rental housing owners; property managers; leasing agents; maintenance personnel and portfolio managers all attend TRENDS, making it the premier annual education conference and trade show for rental housing ownership, management and maintenance in the Northwest.

TRENDS is also national awardwinning event. TRENDS also holds the distinction of being the longest running a event at the Washington Convention Center.

This year’s conference will feature several well-known national and regional speakers—see schedule on page 35—as well as several local industry practitioners. The TRENDS '16 workshop schedule is one of the best offered. Please visit the TRENDS website at www.trendsnw.com for more information.

The $65.00 admission to TRENDS 2016 includes the trade show, unlimited workshops and lunch. After November 28, 2016 the price of admission is $80.00.

TRENDS also offers Washington State Real Estate Clock Hour (3 CRE credits) workshop credits for an additional $25.

TRENDS is produced by:

Trends 2016 Is Brought To You By: RHAWA- Rental Housing Association of Washington

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Letter from TRENDS '16 President workshops - it’s your choice! See the complete TRENDS education schedule at www.trendsnw.com The TRENDS Trade Show also provides an opportunity to see the products and services of our industry.

Take time to visit the more than 215 exhibit booths in the TRENDS 2016 Trade Show!

The goal of the TRENDS Board is to keep our industry moving forward. The TRENDS conference includes many successful partnerships including the:

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December 6, 2016 At the Washington Convention Center, Seattle

he TRENDS Board of Directors is pleased to offer you the 32nd Annual TRENDS Education Conference and Trade Show!

We encourage you to seriously consider attending TRENDS 2016.

We strongly believe that TRENDS can augment your continuing education in keeping up with our changing industry.

The strength of TRENDS has always been the outstanding educational opportunities offered at the conference.

The TRENDS Board works very hard to provide quality speakers and upto-date subjects for every attendee: Owners; Portfolio Managers; Onsite Managers; Leasing Agents and Maintenance Managers.

I believe the TRENDS 2016 Education schedule is one of the most dynamic and timely ever offered.

We are particularly proud of this year’s workshop selection, which includes topics that relate to our changing economy and the ‘Forecasting’ of our industry’s future. This years’ program features workshops on using ‘Social Media” and “Customer Service”, as well as workshops focused on leasing, marketing and selling skills. Feel free to attend any of our outstanding

Thanks to the TRENDS 2016 Day of show Sponsors:

Puget Sound Energy Rentokil/Eden Advanced Pest Seattle City Light Surface Renew Thanks to Pacific Continental Bank for sponsoring the Latté Cart

Tacoma-Pierce County Health Wave G Additional THANKS TO: Kimberly Cameron from RAINMAKER

Trends Board Of Directors 2016 Rob Kellum (IREM) - President Bill Jackson (RHAWA) – Vice President

Finally, we are very proud that TRENDS is the longest running and continuously produced event at the Washington Convention Center.

Darlene Pennock (WROA) – Day of Show

Hope to see you December 6th.

Sherrie Clevenger (IREM) – Board Member

Rob Kellum, TRENDS, Inc. President Representing, Institute of Real Estate Management (IREM)

John Hatton (IREM) – Board Member

Rental Housing Journal On-Site · November 2016

Sherry Zane (RHAWA) - Secretary Errin Reynolds (WROA) - Treasurer

Rob Trickler (WROA) – Board Member William Shadbolt - (RHAWA) - Board Member 25

Rental Housing Journal On-Site

8:15am – 9:05am — Workshop Descriptions & Speakers’ Bios #1 Landlord/Tenant Law Everyone may attend this session. Additional fee charged to receive WA real estate clock hours.

This session is an update of the landlord/tenant laws affecting your business. Christopher will discuss how to avoid legal hassles, the value of documentation, and your rights as a landlord.

This workshop will give you a strong base to make daily decisions upon.

Speaker: Christopher T. Benis, Attorney, Harrison-Benis, LLP Christopher T. Benis is a partner with the law firm of HarrisonBenis, LLP, which maintains offices in Seattle. Mr. Benis attended the University of Washington, where he received a B.A. in Political Science, a Master of Urban Planning and J.D. from its School of Law. In his law practice, he represents brokerages, design professionals, and construction companies. Chris is a regular speaker and author on topics related to property management. He has spoken at TRENDS many times and authors a monthly property management column in the RHA’s UPDATE newspaper.

Owners, Managers, & Maintenance Personnel: Weather Preparedness — Are You Ready for Mother Nature’s Worst?

In this presentation, Darcy Jacobsen will discuss the major weather events that owners, managers, and maintenance personnel should be aware of, including the threats they pose, what can be done to prepare beforehand, and how to facilitate successful recovery efforts afterwards. The workshop presentation will also include educational handouts with resources that you can use to leverage your preparation efforts, such as a how-to guide for communication with tenants, helpful apps, and emergency toolkit checklists.

Roxanne previously worked at the Seattle Office for Civil Rights and at U.W. Disabled Student Services. In her role as King County Disability Compliance Specialist, she assists county departments to ensure full disability access for the public. Roxanne has served on numerous boards and committees, including the Solid Ground Board of Directors and the Governor’s Committee on Disability Issues and Employment.

Tina McLeod is now working here at the King County Office of Civil Rights.

Formerly, she was the Fair Housing Program Coordinator in the City of Tacoma Office of Equity and Human Rights. As the Fair Housing Program Coordinator she investigated fair housing complaints, coordinates negotiated settlements, provided fair housing insight and expertise to other City departments and community organizations, and coordinated with regional partners to work towards housing equity. She enjoys conducting education and outreach activities to housing providers and the community at large as a step to affirmatively furthering fair housing.

Ms. McLeod has been working in fair housing advocacy and enforcement for twenty years. Prior to working for the City of Tacoma, she was the Assistant Director at the Fair Housing Center of Washington (Tacoma, Washington) and Director of Programs at Silver State Fair Housing Council (Reno, Nevada). She earned a Master of Education degree from Western Washington University and a Bachelor of Arts from the University of Nevada, Reno.

Conflict Resolution — Negotiating Well in Difficult Situations with Residents

Conflict can stifle productivity, break relationships, and prevent teams from identifying and resolving problems. Resolving conflict is a learned skill. It can be studied, practiced, and mastered.

This session will introduce the participants to key conflict resolution skills, give them an opporTo plan accordingly for weather-related events, there are certain preparations that can be done tunity to practice those skills, and send them away with resources and concepts to help them ahead of time (like evacuation route planning, communication systems, posted shut-off infor- better manage conflict at work, home, and in the community. mation for electric/gas/water, and supply kits) and approaches that should be taken post-event Dispute Resolution Center of King County (like building inspections, repairs, and prevention strategies for next time.)

Speaker: Darcy Jacobsen, Buildium Darcy Jacobsen is Director of Content Marketing at Buildium, the world’s most popular provider of SaaS-based Property Management solutions. Darcy has a BS in Communications and has worked in marketing and design since 1990. She is the chief analyst and writer for Buildium’s annual research and report publications exploring the beliefs and best practices of property managers, owners, and tenants. Follow her at buildium.com and @DarcyBuildium on Twitter.

Cash Flow Management for Owners of Smaller Properties

9:30am – 10:20am — Workshop Descriptions & Speakers’ Bios #2 Landlord/Tenant Law Everyone may attend this session. Additional fee charged to receive WA real estate clock hours.

This session is an expanded view of the landlord/tenant laws. Christopher will discuss the technical nuances of evictions, fair housing, advertising, and liability issues. Mr. Benis will share ideas that can save you both time and money. This update of the most current and reliant laws will be useful in your day-to-day operations.

Speaker: Christopher T. Benis, Attorney Harrison-Benis, LLP, (Speaker’s Bio on page 26)

When purchasing or running a rental property, there are two important factors to making mon- Everyone may attend (fee charged for R.E. Clock Hours) ey – cash flow and appreciation. While the market determines appreciation, a wise property owner can manage and/or increase cash flow. There are many factors to consider in cash flow Resident 2.0 — Using Technology to Revolutionize the Resident Experience management including expenses, turnover, vacancies, policies, management, and more. In this This workshop will explore: seminar, learn how to increase your cash flow on your rental properties.

• Customer service advances.

Speaker: Julie Johnson, Smart Choice Realty • Monitoring and building your online reputation.

Julie Johnson has over 12 years experience in the rental • Crowd sourcing reviews to measure resident satisfaction. housing industry. Julie owns her own property management • Relationship between resident experience & property financial success. company, Smart Choice Realty. She specializes in multifamily properties that don’t have or need an on-site property manager. She has been the Director of a large property management firm. She is known for her passion of the rental housing industry and has hosted a local radio show teaching landlords and property managers best practices. She has taught at TRENDS Rental Housing Management Conference and Tradeshow for years, teaches several different seminars throughout Washington State and is a writer.

Fair Housing for Maintenance Personnel — Concerning Residents, Guests, Coworkers, & Service Animals Maintenance personnel have more direct and close contact with residents than any other staff person. Maintenance staff are in and out of residences and work throughout a property. This much contact leads to circumstances where maintenance staff need to be aware of and have best practices for potential fair housing situations. Knowing the basics of fair housing laws and having best fair housing practices will reduce the likelihood of a discrimination complaint. This workshop will provide fair housing basics including protected classes, and will explore scenarios and best practices, including service animals, for ensuring everyone’s fair housing rights.

Speakers: Roxanne Vierra & Christina (Tina) McLeod, King County Office of Civil Rights Roxanne Vierra is the Fair Housing Specialist with the King County Office of Civil Rights & Open Government, which enforces the King County nondiscrimination ordinances. Roxanne investigates fair housing cases, provides technical assistance and conducts extensive fair housing training. Ms. Vierra has over 37 years experience working in the civil rights and disability access fields.

Roxanne received a B.A. in criminal justice and an MSW in administrative social work with a disability specialty.

Speakers: Laurel Zacker, Weidner Apt. Homes & Jill McNiesh, Graystar Laurel Zacker, Weidner Apt. Homes Laurel’s early experience in multifamily included on-site leasing and marketing. Later, she moved to the vendor side, working in sales and marketing for both major media and a national ILS. In 2007, she moved back to the client side as the Marketing Director for a regional owner in the upper Midwest.

In 2011, she relocated to Washington and Laurel joined Weidner Apartment Homes as their Reputation Manager. In this new role, she managed corporate Resident Relations (aka Customer Service), social media and Online Reputation Management (ORM) for Weidner’s communities. Now as Director of Marketing, she leads all marketing strategy for Weidner’s portfolio of over 42,000 units across the US and Canada.

Jill Mc Niesh, Greystar Jill began her career in the multifamily housing industry more than 15 years ago as a customer service representative for a print advertising company. Working her way up through the ranks, Jill regularly outperformed expectations and was consistently ranked as one of the top performers in her companies. Her experience spans large corporations to small technology start-ups. With her current role at Greystar as Manager of the Online Reputation Management & Social Media strategies, Jill has great perspective to view current and upcoming trends and address how they’ll affect our industry.

Her solid, lasting relationships have earned her the trust and respect of her peers, clients and co-workers. Jill is passionate about apartment marketing, her family and football. continued on page 28

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

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Rental Housing Journal On-Site

9:30am – 10:20am — Workshop Descriptions & Speakers’ Bios Continued Working Your Way Up the Management Ladder — and the Steps to Get You There

Allison Lambert, Indigo R.E

Allison Lambert currently works for Indigo R.E as the Director of Conventional Housing. Indigo was founded in 1996 with a focused commitment to apartment property management services. Allison is highly regarded within the industry.

And, she’s a member of the 2016 Government Affairs Committee with the Washington Multifamily Housing Association.

With well over a combined 100 years of experience in the property management industry, this panel of practitioners’ will share the inside scoop on what employers are looking for. And, what it takes to move-up the management ladder or how to recover from career disappointment.

From Fee Management, Private Owners, HOA and everything in between, this open panel discussion will cover attitude, soft skills, balance and certifications/education. You will leave emThinking Outside the Box — Customer Service for the Four Elements of powered to control your own path.

Speakers: Melonie Shamley, Pinnacle, LaDon Beck, ConAm, Allison Lambert, Indigo R.E

Rental Housing: Multi-Family, Condos, Single Family, & Affordable Housing

This panel will explore the entire world of customer service within the rental housing industry.

They will compare and contrast the customer service needs relating to the various rental prodAs a Regional Vice President for Pinnacle, Melonie draws on over 21 years of industry experience to build exceptional teams for multifamily owners ucts. Those products are A+ assets multi-family, condos, single family, & affordable housing. throughout the Washington market. With demonstrated accomplishments in There are consistent elements with customer service and all rental products. Come listen to all facets of residential property management, she excels in pre-development, this panel and see if you can identify the universal themes of good customer service. At the development, lease-up and renovation activities in addition to bringing a quality same time, listen for those unique customer service needs for special rental products. This track record in stabilized operations. will be interesting.

Melonie Shamley, Pinnacle

Melonie starting her career as an Assistant Property Manager and quickly working her way through to a regional role. Today, her experience spans all property types ranging from luxury high-rises to affordable housing communities.

Melonie is a Licensed Washington Broker and Accredited Residential Manager and serves as a Board Member for the Washington Multi-Family Housing Association. In 2012, she won Portfolio Manager of the Year from the Washington Multi-Family Housing Association.

LaDon Beck, ConAm

Ms. Beck has more than 15 years of hands-on multifamily property management experience. She began her career with ConAm in 2001, working onsite, leasingup new construction projects and in 2006, was promoted to the position of regional portfolio manager. In 2014, she became a senior portfolio manager and in 2015, was promoted to her current role as vice president, overseeing ConAm’s Washington and Oregon apartment operations. This experience has given her vast knowledge and insight into many facets of property management. She has extensive experience with new construction lease-ups and renovations and is skilled in maximizing ROI for established communities.

In 2006, she was named ConAm’s nationwide community manager of the year.

In 2011, she was awarded the Washington Multi-Family Housing Association’s portfolio manager of the year.

• Phil Cresswell will represent customer service ideas for A+ assets multi-family and new lease-ups.

• Marie Pettie will discuss service ideas related to single family homes.

• Melissa Koenig has a special task of working with customers for affordable assets.

• Marcel Scheel will share ideas of working with owners and condominium associations.

Speakers: Phil Cresswell, Greystar, Marie Pettie, Safe Harbor Rents, Melissa Koenig, Allied Residential, Marcel Scheel, SUHRCO Phil Cresswell, Greystar Phil Cresswell is currently a Regional Manager at Greystar. He has been involved in the multi-family industry for over 17 years.

Formerly Phil was an Investment Manager for Indigo Real Estate Services overseeing a portfolio including conventional, tax credit and lease up communities. Previously, he worked for Essex Property Trust where he began his career in Property Management as a Leasing Agent and was promoted through the ranks until he became a Property Manager.

Phil was involved with IREM on the local and national levels. He was on the Executive Committee for the local chapter, a member of the 2009 National Executive Committee and received his ARM® designation in 2006.

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

9:30am – 10:20am — Workshop Descriptions & Speakers’ Bios Continued Thinking Outside the Box ...continued from page 28 Marie Pettie, Safe Harbor Rents Marie is a realtor and a career property manager. She started her career with Magnuson Management a Real Estate Investment Trust. She is also a certified Mobile Home Park manager.

She was an On-Site apartment manager and an executive property manager managing over 1000. During that time she was given a Financial Stability award for managing a $600,000 renovation while occupied. Her experience includes being an assistant asset manager for Center Point Corporate Park, a commercial campus with mid-rise 7 story buildings, amenities and restaurant.

Marcel specializes in management of high-rise buildings, mixed use buildings as well as garden style communities. Currently, he is assisting with a property on a $13,000,000 project that includes a complete renovation.

He has earned numerous awards such as National Best Occupancy and Budgetary Excellence and Association/Property Manager of the Year in 2006 and 2013. Marcel also holds an ARM® designation through the Institute of Real Estate Management.

Building Value: Using Insights to Execute Asset Performance

This session will focus on the different touch points that make up the customer experience and how we can utilize data we already collect to make actionable decisions to increase asset perShe was elected President for the state of Washington of the Women’s Council of Realtors (WCR). She now is the designated broker for Safe Harbor Property formance and customer satisfaction.

Management, LLC and brings her 21 years of management experience to the Speaker: Jennifer Staciokas, Pinnacle single family home arena.

Melissa Koenig, Allied Residential Diversity is evident in Melissa’s portfolio management. Her background includes over twenty-five years of experience in the management of stabilized properties as well as new construction lease-ups, supervision of tax credit conversions, and coordination of major rehabilitation projects. It is this varied background and extensive experience in managing portfolios in excess of $160 million that enable her to consistently exceed the investment goals for her clients.

Melissa holds multiple industry certifications and designations pertaining to affordable housing and property compliance in addition to a B.A. in Business Administration from Gonzaga University and is a Certified Property Manager (CPM ®) with the Institute of Real Estate Management (IREM®). Melissa is a Principal of Allied Residential.

Marcel Scheel, SUHRCO As the Director of Association Management, Marcel Scheel devotes his multi-family-housing expertise, excellent customer service skills, and effective work strategies to managing a successful team of association managers while retaining a portfolio of condominium association. Assisting communities with complex issues including; construction defect litigation and remediation, financial planning, special assessment management, governing document corrections and amendments, master associations and offers excellent customer services while assisting communities with their overall operations.

Ms. Staciokas is responsible for the national strategy and oversight of the Corporate Marketing, Property Marketing and Training departments for the Pinnacle portfolio. Jennifer began her career in the multifamily industry over 17 years ago. Since that time, Ms. Staciokas has served in numerous capacities at two of the nation’s largest property management firms focusing on new construction marketing, digital marketing strategies, employee development and corporate communications.

Ms. Staciokas holds a B.A. in French from West Chester University and an M.A. in International Commerce & Policy from George Mason University. Jennifer is a regular guest speaker, facilitator, and moderator at many of the industry’s most renowned conferences as well as an active participant in NAA and NMHC.

The Legal Anatomy of an Eviction — aka — 50 Minutes of Law School This course is a supplement to those landlords who want their eviction to be a sit down dining experience on a fast food budget. This course is for the landlord who wants law school crammed into a free consultation. It will explain the mechanics and the actual practice of the eviction lawsuit, rather than just the law itself. Many landlords try to file a suit on their own. Most get tripped up on case law, civil rules, and local rules that they didn’t know existed or how to interpret. Others just want to first visualize the spiderweb of “what if’s,” but don’t want to pay for the hours of consultation that it may take. This course is intended to help those landlords. continued on page 30

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We Care.

We Care.

9:30am – 10:20am — Workshop Descriptions & Speakers’ Bios Cont'd Speaker: Rob Trickler, Attorney Rob Trickler is an attorney with a practice in Everett WA and the owner of All County Evictions. Other than some family based immigration work Mr. Trickler almost exclusively focuses on landlord tenant law. The overwhelming majority of what Rob does is evictions on behalf of landlords. Rob Trickler the 1st Vice President of Washington Apartment Association and a member of that Legislative Committee. In addition, Rob is also the Vice President of Snohomish County Apartment Operators Association and a member of their Legislative Committee as well.

Our Customers Speak.

Our Customers Speak.

We Care.

Our Customers Speak.

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OurWe Customers Speak.

Care.

"Your kindness and and knowledge "Your kindness knowledge helped us tremendously getget helped us tremendouslyto to through the mess we were in." through the mess we were in."

"Your kindness and knowledge helped us tremendously to get through the mess we were in."

The Three Principles of a Thriving Property: • Branding • A Defined Purpose • Creating On-Site Culture

We are always looking for ways to separate ourselves from the competition. There are three principles we follow that help us do just that!

• Branding: We have only a few seconds to capture someone’s attention — make sure that the image/branding you put out to the world speaks to who you are as a community.

• A Defined Purpose: Why do we do what we do? Having a mission statement is something that clearly defines who you are.

"You are such a pleasure to work with • Creating an On-Site Culture: We are only as good as our weakest link — make sure and so professional. your team is strong! You need 100% buy in to your vision of how you run your community.

"You "You are such a are such a You’re the BEST!" pleasure pleasure to work withto work with Your “vibe attracts your tribe.”

Follow these three guidelines and take your community and your team to a new level. and so professional.

Our Customers Speak.

"I want to thank you for the stellar job you "I want to thank you and your company for the stellar wantyou to thank you did on"Ijob our Exchange."

"Your kindnessand andSatomi knowledge Akihiro helped usNakamura tremendously to get through the mess were in."

"Your kindness andwe knowledge Akihiro and Satomi

for the stellar job you and your company and your company did on our Exchange." did on our Exchange."

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and so professional.

You’re the BEST!"

You’re the BEST!"

E. Lesser Akihiro and Satomi Debra Sitzberger WA Nakamura Lesser

Speaker: Tracy Atkinson, Goodman Real Estate

With 23 years of industry experience in property management, "You are such a Tracy is responsible for overseeing the site marketing and Akihiro and Satomi pleasure to work with Debra Sitzberger branding for GRE’s 3,300 units under construction and existing Nakamura and"You so professional.

Nevada City, CA with all of your staff are such a "You were totally portfolio — approx. 6000 units. Tracy started her career with You’re the BEST!" have been superb."

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Nevada "You City, gave metotally great WA training.

She credits Nordstrom for teaching her how to provide the best customer with all of your staff professional and You’re the BEST!" advice." service to your customer.

Tracy began her career in property management in have been superb." gave me great E. Lesser Debra Sitzberger "All my interactionsVolkmar 1992, first working as an assistant manager with Allied Residential and then Gaussmann WA advice."

Nevada City,"You CA were totally with all of your staff Volkmar Bellevue, WA joined Pinnacle Properties as an on-site manager in 1996. Ms. Atkinson was Gaussmann have been superb." professional and promoted in 2005 to Director of Marketing for GRE/Pinnacle properties. In 2012 Bellevue, WA Debra Sitzberger "All my interactions "YouCA were totally City, Tracy moved to GRE to run their New Development Division. with all of your staff "Sincere thanks forNevada gave me great the Peter D. Hiatt professional and have been superb." great "Sincere thanks the job you andforyour Peter D. Hiatt Westlake Associates gavewere meadvice." great "You totally great and your Westlake Associates staff didjobinyou facilitating Small Property Owners — Taking the Trouble Out of Security advice." and Volkmarstaff Gaussmann in facilitating professional mydid exchange."

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© 2013 Exchange Facilitator Corporation 2627 Eastlake Avenue E Seattle, Washington 98102 206-324-1350 1-800-359-1350 2627 Eastlake Avenue E 8/2/2016 10:20:47 AM email: 1031exchanges@excfac.com Seattle, Washington 98102

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

11:00am – 11:50am — Workshop Descriptions & Speakers’ Bios Speaker: Christopher T. Benis, Attorney - (Speaker’s Bio on page 26)

Current Conditions & Trends of the Northwest Rental Market

his high-caliber management team, the 104 beautiful apartment communities his company oversees, and the owners who have instilled their great trust in his care. Jesse currently holds his M.B.A. – Accounting and Human Resource Management Emphases, B.S.B.A. - Finance Emphasis, and A.A.S. – Business Administration and Management Concentration.

This is a “featured” workshop of TRENDS 2016.

The panel members in this workshop are all extraordinary. This TRENDS workshop topic is Within our industry, Jesse is an active member of the NAA, IREM, RHA, BOMI, brought back annually due to popular demand. As is, the workshop title fully describes what IFMA, and WMFHA – where he currently serves on the Career Development Committee. Jesse holds the Certified Apartment Portfolio Supervisor (CAPS), will be discussed in this session.

We suggest you get your seat early and don’t miss it!

Speakers: Shawn Hoban, Coast RE, Mike Jansen, Tecton, Jesse Miller, Phillips RE Shawn Hoban, Coast RE Shawn is the designated broker for Coast Real Estate Services.

Co-founder and President, Shawn’s background includes over 20 years with Coast, plus two years as a regional sales director for a national pharmaceutical company in Chicago, Ill. He is a Certified Property Manager® with the Institute of Real Estate Management® and is a Certified Commercial Investment Member®.

These designations are considered the two highest achievements in the property management and real estate industry.

Shawn holds a BA in Business Finance from the University of Notre Dame.

Mike Jansen, Tecton Mike Jansen is a co-owner of Tecton Corporation. Mike is a Certified Property Manager (CPM®), the Designated Broker for Tecton Corporation and member of IREM. Mike is an alumni of Washington State University, with a degree in Business Administration. His main responsibility is managing a portfolio of apartment communities with the largest being 280 units. Tecton Corporation currently manages 36 apartment communities consisting of 3,202 units. Tecton Corporation is an Accredited Management Organization (AMO®) and their goal is to meet and exceed their client’s expectations and to maximize the value of their assets. Mike and his partner’s goal are to be the best management firm in the Greater Puget Sound area, not necessarily the largest. In his spare time, Mike enjoys spending time with his wife, Debby, their children and lab puppies.

Jesse Miller, Phillips RE Jesse C. Miller, MBA, CAPS, ARM, CAM, NALP, serving as Director of MultiFamily at Phillips Real Estate Services, is a dynamic, results-driven real estate professional in Seattle, Washington. With a passion for property management and over a decade of managerial experience, Jesse excels in every capacity to best lead

Rental Housing Journal On-Site · November 2016

Accredited Residential Manager (ARM), Certified Apartment Manager (CAM), and National Apartment Leasing Professional (NALP) property management credentials. Early in his career, while at Dobler Management Company, Inc., he was also awarded ‘ForRent’s’ Leasing Consultant of the Year Award for best performance.

Managing Mixed-Use Buildings More new construction offers both multi-family housing and commercial retail space in the same building. Some of the issues to be explored by the panel are budgeting for mixed-use properties, special management needs, expense allocations, and marketing. These mixed-use buildings offer new challenges to property managers. Our panel of practitioners will examine the unique issue of managing these mixed-use properties.

Speakers: Moderator: Pam McKenna, Greystar, Jeff Bernard, Holland, Jennifer Farmer, Holland, Suzy Miller, UDR , Diana Norbury, Pillar Pam McKenna, Greystar Pam McKenna is managing director of the western Washington region for Greystar, and serves on the Greystar Property Management Operations Committee. Pam has extensive experience with lease ups, dispositions, senior housing, and downtown high-rise and conventional gardenstyle communities. Her expertise includes marketing and leasing, attracting and retaining talent, executing value add strategies, and achieving overall operational success. Active in the multifamily industry since 1997, Pam joined Greystar in 2013 and has successfully transitioned 46 properties in three states, maintaining relationships with institutional clients and private investors. Pam has been an active board member for Multifamily Northwest Association since 2003, and is the past president. continued on page 32

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Rental Housing Journal On-Site

11:00am – 11:50am — Workshop Descriptions & Speakers’ Bios Cont Managing Mixed-Use Buildings ...continued from page 31 Jeff Bernard, Holland Jeff is the Retail Development Director at Holland Partner Group.

Jeff’s varied career includes 25 years of retail development and construction experience. Prior to joining Holland, Jeff worked for Gap Inc. for 8 years, as a Senior Manager focused on real estate capital investment strategy. Jeff specialized in working with corporate leadership, architects, procurement teams and contractors to maximize returns on invested capital.

Mrs. Miller has over 28 years of experience in the property management and multifamily for-sale field. Prior to joining UDR she was the Operations Director/ Designated Broker for Matrix Real Estate, a condominium sales and marketing company. She obtained most of her property management, lease up, development, and renovation experience working for JPI, The Allied Residential, and EQR. With experience working with REITs, Fee Management, Merchant Builders, and stabilized owner managed portfolios, Susan is capable of understanding multiple perspectives and financial strategies.

Diana Norbury, Pillar

Jeff lived in the New York metro area while working as a real estate software consultant. Jeff started his career as a site supervisor in the residential and commercial construction industry. His career also includes experience in appraising retail and mixed-use properties.

Diana Norbury is responsible for Pillar Properties multifamily portfolio with a focus on operational and financial performance, talent management, operational system training, lease-up and marketing efforts and the development of company policies and procedures for all of the company’s apartment buildings in the Puget Sound region.

Jeff has a Master of Science Degree in Real Estate from the University of Washington

Jennifer Farmer, Holland Jennifer is the Regional Commercial Property Manager for Holland Partner Group.

Over the span of 17 years, Jennifer’s career has covered urban, residential and commercial, lease-up, mixed-use management, commercial lease administration and tenant coordination. Prior to joining Holland in 2007, Jennifer was employed at another fully integrated housing company for 6 years as a General Manager, similarly focused on the management of residential and commercial mixed-use lease-up strategy, tenant improvement buildouts and ongoing asset oversite.

Jennifer has specialized in working with corporate leadership, development teams, residential and retail tenants to implement and execute procedures designed to successfully merge the operations required of each use, optimize the level of service provided, and maximize the asset value.

Jennifer’s primary interest has been in the West Coast markets. Her focus has been on understanding the nuances of each demographic while implementing the most efficient processes and procedures across all regions. Jennifer started her career in single-family real estate sales, and also has extensive experience in marketing and sales campaigns.

Suzy Miller, UDR Mrs. Miller started with UDR in May of 2000 as a Regional Manager. In 2014 she was promoted to Vice President, Area Director overseeing a mixed Urban/ Suburban, portfolio consisting of 8500 units, 100k SF retail, and located in Northern CA, Portland, and Seattle Markets.

Norbury was the Senior Regional Manager at Epic Asset, a locally owned and operated apartment management firm in the Puget Sound area prior to joining Pillar Properties and her experience includes offsite portfolio management of condominiums and multifamily rental communities in a number of markets throughout the U.S. Norbury holds a B.S. in Management from the Georgia Institute of Technology with a minor in Organizational Psychology and Marketing.

Ask (Bring) Your Questions to “Small Property Experts” Have you ever wanted to ask a panel of your peers about operating a smaller rental property?

Here is your opportunity — bring your questions!

Ask, listen, and learn.

Speakers: Nadja Tarrant, RHAWA, William Shadbolt, Broad Reach Management Inc., Errin L. Reynolds, The Landlord Law Group Nadja Tarrant,RHAWA Nadja has been the Resource Specialist at RHAWA for a few years. She spends her days (and probably nights) researching the best and right answers to property owners’ questions and conundrums. She has heard it all. Previous to RHAWA, she was a property manager for John L. Scott’s rental division in West Seattle. Her deep roots in the Northwest include attending both the UW and Seattle University.

William Shadbolt, Broad Reach Management

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His focus is South Seattle and Renton but has property as far north as Broadview and as south as Fife. He has tenants on the Section 8 program with both King County Housing Authority and with Seattle Housing Authority. He’s one of the owners of Broad Reach Management Inc. (BRMSeattle.com), a greater Seattle property management company.

He is also a licensed real estate broker. In his spare time he enjoys sailing and skiing and has served as the Washington State Director of Clubs for the NW Ski Club Council since 2007 and is the Treasurer for the Far West Ski Association.

Errin L Reynolds, The Landlord Law Group In 1990 Ms. Reynolds started a General Contracting, Landscape company that worked with Property Managers and HOA’s. That same year she purchased her first rental property and became a certified pesticide applicator.

In 2000 Errin started a property service company specifically servicing rental owners. She then partnered with Snoco Properties in Everett to manage acquisitions and the daily needs of properties. Over the years she traveled throughout the US acquiring multifamily properties and hiring staff to service specific investments.

In 2014, Errin partnered with Rob Trickler with the Landlord Law Group, PLLC to provide property management.

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Rental Housing Journal On-Site

11:00am – 11:50am — Workshop Descriptions & Speakers’ Bios Cont Playgrounds — Safety vs. Curb Appeal

Sex, Drugs, & Rock ‘n Roll: “How To” Legally Handle Nuisance Activity & The goal of the workshop is to encourage you to have playgrounds in your complexes or Home- Resident Problems owners Association as incentives, and to offer safe play to all ages of children without creating a liability. By presenting your insurance company with a standard of care, often the carrier will reduce insurance premiums. Playgrounds do not have to be liabilities. They can be fun, safe, and have curb appeal.

In discussing “sex, drugs, and rock ‘n roll,” Mr. Steven will address tenant issues relating to immoral conduct, nuisance activity, drug activity, and noise disturbances. Mr. Steven will discuss applicable statutes dealing with various types of nuisance activity, and proven strategies for eliminating said activity at leasehold properties.

This presentation will provide information on maintaining your playground equipment and sur- Speaker: Eric M. Steven, Attorney facing safely by establishing a standard of care for maintenance and inspections. You will be Eric M. Steven, Attorney provided with a checklist and instructions. The panel will talk about curb appeal, what is new in Attorney, Eric M. Steven, P.S. is a sole practitioner in playground equipment, and surfacing.

Speakers: Mary Lou Iverson & Mary Sue Linville, Playground Risk Consultants Mary Lou Iverson Mary Lou Iverson founded THE IVERSON ASSOCIATES in 1990. She is an internationally respected risk consultant for all aspects of play areas and playground safety. Mary Lou has been Director of Parks and Recreation for cities and special districts in Oklahoma, Colorado and Washington. Ms. Iverson consultants to schools, day cares, municipalities, manufactures, designers, architects, homeowners associations and installers on risk management and safety of play areas. She is an advocate on the value of play for all ages. Mary Lou is a member of the American Society of Testing and Materials International (ASTM) Playgrounds, Surfacing and Amusement Standards Committees since 1988. She has taught Playground Safety Programs for the National Recreation and Park Association since 1981, now called the Certified Playground Safety Instructor Program and Certification.

Spokane with a practice emphasis in the area of landlordtenant relations and housing. He practices in the state and federal courts litigating cases involving administrative law, bankruptcy, commercial litigation, eviction, fair housing claims, and a variety of other landlord-tenant issues. Mr. Steven is acting counsel for numerous property owners, landlords, management companies, subsidized housing providers, and the local housing authority. He is active in legislative reform and acting counsel for the Washington Apartment Association (WAA)—now known as Washington Rental Owners Association (WROA), the Inland Empire Rental Association, and also works with the Olympic Rental Association.

Intelligent Lead Management — How Analytics Can Be Used to Revolutionize Leasing Performance

Great sales are the lifeline to any business. It is no different in the apartment industry, where excellent leasing is essential to meeting a property’s budget and growth goals. Yet our understandDirector Risk Management, for Washington Schools Risk Management Pool, a ing of how effectively our leasing systems are working is often limited by bad data and limited property/casualty self-insurance pool of one-third of the public school districts analytics. Come join this exciting workshop to learn more about how advanced analytics can be (1/2 of the public school student population) and 6 Educational Service Districts used to improve leasing performance and make life easier for all on-site leasing professionals.

Mary Sue Linville

in Washington State, since April 1996.

Risk Manager for Lake Washington School District from 1989 to 1996.

Responsible for all matters relating to the financial and loss control aspects of the 5th largest school district in the state. Responsible for insurance procurement, environmental, safety, worker’s compensation (self-insured), health benefits and emergency preparedness.

Twenty years experience in all lines of Personal and Commercial Insurance, serving as a broker for one of the largest agencies in the world.

Speaker: Craig Zeutzius, Rainmaker Craig Zeutzius President, Rainmaker Leasing Performance Management (formerly SlopeJet) Prior to founding SlopeJet, acquired by the Rainmaker Group in 2015, Craig served as SVP of Portfolio Management and Strategy at AIMCO, a REIT with over 200,000 residential apartment valued at $13 billion. Before AIMCO, Craig worked in management consulting, with a focus on operational performance and investment quality of multifamily residential real estate.

Craig holds an MBA from Harvard Business School and graduated with distinction from Iowa State University with a degree in Engineering.

Smaller Property — Maintenance Strategies The workshop will discuss the maintenance strategies and tactics for the smaller properties with fewer staff on-site. Developing a system for maintenance on your property, property inspections, customer service and resident retention, and tips and techniques for properties with smaller budgets.

Speaker: Dean Hanks, TECTON Dean Hanks Dean has been involved in multifamily maintenance for the last 27 years.

Previous to his property management career, he was involved in maintenance and maintenance management for the US Government, the electric utility industry, specifically nuclear power plants, and private industry as a maintenance management consultant. Dean has been an Accredited Residential Manager since 1992.

He is currently with Gilbert Bros. Inc. and manages a property in Port Orchard.

Mr. Hanks currently works for Tecton Corp. continued on page 34

Rental Housing Journal On-Site · November 2016

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Rental Housing Journal On-Site

1:30pm – 2:20pm — Workshop Descriptions & Speakers’ Bios New State & Local Laws Impacting the Rental Housing Industry New Laws in King County and Seattle Impacting the Rental Housing Industry This panel represents experts in the political and legal areas of rental housing. They will explore issues of interest to the industry such as rent control, tenant protections laws, rental inspections, impact of the ‘16 elections, and more. These subjects, in addition to a general update on the local laws impacting the rental housing industry, will be covered.

Speakers: Eric M. Steven, Attorney, WROA, Rob Trickler, Attorney, WROA , Mark Gjurasic, Lobbyist , Sean Martin, RHAWA, Bill Hinkle, RHAWA Eric M. Steven, Attorney – (See Speaker's Bio on page 33) Rob Trickler, Attorney, WROA - (See Speaker's Bio on page 30) Mark Gjurasic, Lobbyist Mark Gjurasic is president of Public Affairs Washington, specializing in governmental affairs representation, fundraising, and educational services. He currently represents many associations before the Washington State Legislature, some of which are: Building Owners and Managers Association of Seattle and King County, Tacoma and Spokane, Institute of Real Estate Management, Washington Apartment Association, and Washington State Mobile Park Owner’s Association.

Sean Martin, RHAWA Sean Martin serves as Director of External Affairs at the Rental Housing Association of Washington and has been tracking and collaborating on issues affecting the rental housing industry at the local level for over six years. Over the course of the past six years, he has worked on a number of concerns facing rental housing operators, notably rental housing inspections, crime free legislation, protected class and fair housing laws, and various fee and taxation issues. Sean graduated in 2005 from the University of Washington with a degree in Political Science. His experience at RHA began as an intern and over seven years has grown in to the position he holds today. He recently became a graduate member of the Jennifer Dunn Leadership Institute, completing the course in May of 2012.

Bill Hinkle, RHAWA Bill Hinkle currently works for Rental Housing Association of Washington as a political consultant. Bill was the former Executive Director of the Rental Housing Association of Washington (RHA). Mr. Hinkle previously served as Minority Whip in the State House of Representatives, and retired from the Legislature after 10 years of public service.

While serving in the House, Bill had also been a business consultant in the Real Estate and Development industry providing him with the kind of understanding of the industry and leadership skills critical for his current position.

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Rental Housing Journal On-Site · November 2016

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1:30pm – 2:20pm — Workshop Descriptions & Speakers’ Bios Forecasting Trends for 2017 and Beyond in the Northwest Rental Market

Tom Daniels, Greystar

Tom is the Executive Vice President of Riverstone Residential and oversees This is a “featured” workshop of TRENDS 2016.

This workshop topic has become a “tradition” at TRENDS and always features an extraordinary Western Washington operations, including 17,000 units across 119 communities.

He has been in the Multifamily industry for over 17 years, starting as a Property panel of industry practitioners.

The workshop title fully explains the workshop subject to be discussed in a round-table format, forecasting trends — 2017 and beyond the Northwest rental housing market.

We strongly suggest getting to this workshop early! Don’t miss it!

Speakers: Kari Anderson, THRIVE, Barry Blanton, BlantonTurner , Tom Daniels, Greystar Kari Anderson, Vice President, Thrive Communities Kari is a Principal at Thrive Communities where she serves as the Vice President. Thrive Communities manages over 4,000 apartments in Puget Sound. She began her property management career in 1986 with Trammell Crow Residential Services. In 1994, she joined Equity Residential and worked as the VP overseeing the state of Washington. While she was with Equity, Kari was instrumental in helping found the Washington MultiFamily Housing Association. Kari served as first and fifth Board President of the association, she has served on the Board of Directors in the past, and has worked on numerous committees, currently as the Co-Chair of the Membership Committee.

Barry Blanton, BlantonTurner, Mr. Blanton is the Chief Problem Solver/Principal at Blanton Turner.

Barry began his career in real estate management in 1980 at Jean Tate Property Management, in Eugene, Oregon. Soon after, the firm became Jennings & Co. Property Management, and Barry was offered a partnership in the company in 1985.

In 1994, Barry formed Lorig Management Services, a Washington partnership between his Oregon firm and Lorig Associates, a Seattle real estate development company. Barry was President until 2011.

Manager in 1992. Prior to Riverstone Residential, Tom was responsible for portfolio operations for both Holland Residential and Trammell Crow Residential Services in Oregon. Before working in Real Estate, Tom spent five years in the U.S. Air Force. He is on the Board of the Washington Multifamily Housing Association and was the Chairperson of the Strategic Planning Committee. Tom graduated from Washington State University with a degree in Business Administration and holds his Washington State Broker’s License.

Maintenance & Leasing Staff Working Together to Create a Team Effort So maintenance department is mad at the leasing consultants — again. How do property management teams get past the us vs. them attitude on-site? How do they work as a well-oiled machine?

In this session, a panel of leasing agents and maintenance managers will discuss how their companies employ methods that foster teamwork to achieve maximum success on-site. Nobody can do this job alone. This panel will discuss how all staff members fit into an overall successful management picture. This seminar will provide you with many ideas to get the team working together.

Speakers: Donn Garrett, Allied Residential, Rachel Grimes, Allied Residential, Jared Harrop, Essex, Robin Poorman, Essex Donn Garrett, Allied Residential Donn has worked in property management for over 22 years. In the position of Maintenance Manager Mr. Garrett has worked on properties ranging from 123-474 units.

Donn has been a speaker for TRENDS for several years and enjoys sharing his knowledge.

In 2011, Barry formed Blanton Turner, a regional real estate management company. Blanton Turner has offices in Seattle and Eugene, Oregon.

He has won the prestige awards for “Best Curb Appeal to Grand Prize Overall” [For Rent Magazine].

Barry served as the 2010 President of the Western Washington Chapter 27 of the Institute of Real Estate Management, and named Chapter 27 Certified Property Manager of the Year for 2009.

To Donn, Continued Education is very important as he attends Advanced Appliance Classes, stays current doing Grace Hill Online Classes and was one of early O7B License Holders [2003]. Donn is now working for Allied Residential as a Project Manager. continued on page 36

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Rental Housing Journal On-Site

1:30pm – 2:20pm — Workshop Descriptions & Speakers’ Bios Rachel Grimes, Allied Residential Rachel has been involved in the multi-family industry for 14 years. She started as a leasing consultant with Equity Residential in 2002. And over a 7 year period, she worked her way up to become a Community Manager with FPI Management. In 2014 Ms. Grimes became Community Manager with RA Snyder Properties, a small company working their way into the Seattle Market. In a short time, Rachel earned the position of Assistant Regional Manager and the PNW Regional Trainer.

Currently, Rachel is a Community Manager and Mentor for Allied Residential.

Rachel is now in the process of receiving her CAM Designation through NAA and sits on the Education Committee for the local IREM Chapter.

Jahna Overcash, Pacific Living Properties Jahna Overcash has spent over 20 years in the property management industry. She focuses on raising economic occupancy, resident satisfaction and retention. In addition, she has proven success in maximizing operational efficiency and optimizing NOI. She believes in motivating her team to perform at the highest level through coaching and mentoring.

Jahna is a WA Real Estate Broker.

Trey Lane, Rainmaker

Does Section 8 Housing Make Sense in the Current Market?

Robin Poorman, Essex

The title of this workshop really says it all.

Robin Poorman has a diverse 16 years of housing experience including: Realtor; New Home Sales; District and Community Manager for multi-family housing.

Robin currently works for Essex Property Trust as a Community manager at a 423 unit property in Redmond ‘The Trails’.

In our current rental market of high occupancy and even higher rents, does Section 8 Housing make sense for you, the owner or manager of rental properties?

adventurous and loves scuba diving and traveling with her husband Eric.

Colleen Carr, Allied Residential

Melissa Koenig and Colleen Carr of Allied Residential are considered to be experts on the subject of Section 8 Housing. Their answer to this workshop’s question may be surprising to you!

Ms. Poorman believes that strong communication and organization are principal keys in creating an effective maintenance/manager relationship. Robin is very Speakers: Colleen Carr, Allied Residential , Melissa Koenig, Allied Residential

Integrating Marketing and Revenue Management

Colleen has managed conventional, affordable, senior, and student multifamily housing as well as commercial properties over a career that spans more than 20 years. She joined the real estate industry in 1995 as an on-site manager and has held a number of ever-growing responsibilities over portfolios of rental housing, rising to become a Principal of Allied Residential in 2011. She has both on-site and regional management experience in multiple state, federal, agency based and local affordable housing programs, low income housing tax credit, project based Section 8, rural development, and conventional multifamily properties.

We all know marketing and pricing strategies need to work together, but true integration is often elusive. Systems like revenue management, internet listing services, rent syndication, and lead management, along with marketing processes like advertising, social media, and promotions are designed to work together. Leasing effectiveness and performance are truly mastered when marketing and revenue management disciplines collide. When marketing and revenue personnel communicate on a regular basis, have frank discussions on how pricing impacts demand streams, Colleen holds multiple industry certifications and designations pertaining to and how demand influences future pricing at the property level, higher returns are the result. In affordable housing, fair housing and property compliance and she is a key figure in this session, operators will share their challenges, strategies, and practices for ensuring revenue Allied’s Affordable Housing Division. Colleen is a Principal of Allied Residential. management and demand generation work together.

Melissa Koenig, Allied Residential - (See Speaker's Bio on page 29) Speakers: Nichole Kagarlitsky, AMC, Jahna Overcash, Pacific Living Properties, Trey Lane, Rainmaker Nichole Kagarlitsky, AMC Nichole joined Apartment Management Consultants ‘AMC’ in June 2009 with over 10 years of experience in the multi-family industry.

At AMC, Ms. Kagarlitsky moved from a Multi-Site Business Manager to Regional Manager and most recently was promoted to Regional Vice President over the Pacific NW. Through the years she has learned how to successfully negotiate vendor contracts, obtain and review bids for capital improvements and manage staff efficiently. Her duties at AMC include administering budgets; identifying opportunities for reduce operating costs and maintain steady and high occupancy rates, while increasing rents.

In addition, she has renovated projects, with budgets upwards of $1 million at multiple sites.

Currently, Nichole runs 36 sites, totaling 8000 units in the Seattle, Portland and Boise. Ms. Kagarlitsky focus is growing her portfolio through successful marketing, increasing occupancy and decreasing expenses.

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to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

1:30pm – 2:20pm — Workshop Descriptions & Speakers’ Bios Generation Z, the New Renters Are Coming — and They’re Not Millennials!

Understanding the New Wave of Renters

Speaker: Heather Mallette, Greystar

The good news?

Heather is a certified professional speaker, trainer and coach, who has inspired thousands from diverse backgrounds and industries all over the United States, to shift mind-sets and take massive action toward creating the experiences they want to achieve in life.

As Millennial trends become more and more common, it becomes easier for you as a property manager to use these trends to your advantage. There is information everywhere on how to communicate with Millennials like what they like to do, how they talk, and what they value in the business they interact with on a daily basis. The bad news? Millennials are old news.

Heather Mallette

Heather offers full-time training solutions for Greystar Real Estate Partners,

Welcome Generation Z to the rental market! The youngest round of renters has arrived, and they provides leadership coaching as a member and independent contractor of the might not be what you expect. Join for insights into the newest generation and what they want John Maxwell Team, and is the founder and CEO of Mallette Motivation, a consulting company specializing in leadership, communication skills, and in the rental market.

Speaker: Ronnie Regev, Appfolio Ronnie Regev Ronnie Regev is a Sr Product Manager at AppFolio where he passionately focuses on bringing new, and innovative Property Management software solutions to market while developing AppFolio’s Product Management team. Prior to AppFolio, Ronnie was a Product Manager at RightScale, a cloud computing start up in Santa Barbara, California and then Sr Manager of Online Infrastructure at Ubisoft, the 3rd largest global video game publisher. He originates from Montreal, Canada and now lives in Santa Barbara, California.

360-Degree Leadership — Get Ready to Take Your Management Career to the Next Level!

This acclaimed course will equip you to operate as an exceptional leader and bring out the best in your team, no matter what position you currently hold. This class is for the property manager, maintenance associate, regional manager, housekeeper, leasing consultant, and anyone else who is interested in greater success.

personal development.

Her career includes 16 years of operations and teaching within the multifamily industry, where she co-chaired the education committee for a local NAA affiliate, currently operates as a faculty member of the National Apartment Association Education Institute, regularly speaks at industry conferences, and held on-site positions such as Leasing, Tax Credit, Accounting Manager, Property Manager, Marketing Manager and Regional Trainer. continued on page 38

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Rental Housing Journal On-Site

1:30pm – 2:20pm — Workshop Descriptions & Speakers’ Bios

3:10pm - 4:00pm — Workshop Descriptions & Speakers

New State & Local Laws Impacting the Rental Housing industry There are many potential tenant disputes that face today’s landlords and property man- New Laws in King County and Seattle Impacting the Rental Housing Industry Owners & Managers — 20 Tips to Avoid Legal Problems with Residents

agers. Attorney Evan Loeffler will highlight the 20 most common tenant problems that This panel represents experts in the political and legal areas of rental housing. They will explore lead to costly legal matters. issues of interest to the industry such as rent control, tenant protections laws, rental inspecInspections, discrimination, damage deposits, smoking, tenant criminal behavior, emotional tions, impact of the ‘16 elections, and more. Those subjects, in addition to a general update on pets, and more. Save time, money, and aggravation by avoiding these disputes before they the local laws impacting the rental housing industry, will be covered. begin. This is a great refresher for the seasoned professional and a solid foundation for new landlords, property managers, and owners.

Speakers: Eric M. Steven, Attorney, WROA, Rob Trickler, Attorney, WROA , Mark Gjurasic, Lobbyist, Sean Martin, RHAWA, Bill Hinkle, RHAWA

Speaker: Evan Loeffler, Attorney Attorney, Evan L. Loeffler is the principal attorney at the Loeffler Law Group PLLC in Seattle. Since 2002, the firm has emphasized landlord-tenant relations, real estate litigation and commercial litigation. The firm represents property management companies, commercial tenants and landlords, individual investors and financial institutions.

Mr. Loeffler is a regular speaker and author on topics related to landlord-tenant law, including writing the chapters on evictions and residential landlord-tenant law in the Washington Lawyers Practice Manual. Mr. Loeffler teaches continuing legal education seminars on landlord-tenant law and ethics, and has received the highest “AV” rating by his peers for ethical standards and legal ability since 2004.

Your Maintenance Career — Is it a Straight Line? Moving Up the Maintenance Department Career Ladder!

This TRENDS panel of well-established practitioners will share the inside scoop on what it takes to move up the maintenance career management ladder. Their round table discussion will cover questions concerning career setbacks, experience levels, and going back to school.

The panel will also share their insights on maintaining the right attitude, soft skills needed to advance, and the value of securing special certifications.

You will leave empowered to control your own path.

Speakers: Bruce Smith, Greystar, Paul Brumm, Refino Services, Nick Klein, Summerfield Bruce Smith

ATTENTION PROPERTY OWNERS:

Multi-Family = Multiple Rewards

Bruce is the Manager of Construction Services at Greystar.

Mr. Smith has worked within the field since 1996. His other positions have been as Regional Maintenance Manager, District Maintenance manager; A.C.E. Maintenance Supervisor and Sr. Maintenance Supervisor. Bruce has work for H.S.C. Real Estate and McNeil Real Estate. Bruce has extensive commercial as well as multi-family renovations.

Paul Brumm Jr. Paul is a 45 year veteran of the Construction & Development Industry, Mr. Brumm has a diverse set of experiences and skills. Achieving an Apprentice, Journeyman and ultimately Master skill level in Carpentry & Construction, he concurrently went on to obtain Licensure as a General Contractor in Oregon, Florida & Washington.

Mr. Brumm then joined the Development Department of La Quinta Inn & Suites where he managed a national portfolio obtaining Permits & Entitlements in over 250 municipalities for their new and existing Hotels.

He then went on to become part of the Construction Services team at AIMCO and Pinnacle serving as a Director and VP respectively. Both firms are invested in the multi-family world and his participation centered around departmental creation, Capital Improvement, Capital Repair, Disaster Response and Due Diligence.

Nick Klein

The PUD provides financial incentives to assist in making your property more efficient by installing approved energy upgrades in multi-family residential properties (some restrictions apply).

Examples include: • Shell Measures (for electrically heated buildings: ceiling/wall/ floor insulation, windows and sliding glass doors) • In-Unit Measures (for buildings with electrically heated water: showerheads and faucet aerators; for any building: LED lighting upgrades and advanced power strips) • Common Area Lighting (non-tenant controlled)

In 2013 after completing his BA, Nick Klein joined Summerfield where he led the project to modernize the management divisions platform into a fully digital accounting and operational workflow. Nick currently oversees a sizable portfolio that includes a wide range of properties at Summerfield Management.

Nick received his BA from the University of Washington and has held his Real Estate Broker’s License for over 12 years. Nick has strong experience in all phases of real estate management. Ranging from single-family development to repositioning large apartment communities. He currently oversees a sizable portfolio that includes a wide range of properties at Summerfield Management.

For details, call or check out www.snopud.com/multifamily

425.783.1700 Monday - Friday, 8 a.m. to 5 p.m.

d - Trends Publication Family 2015 x 7.5”

Text REALESTATE-ROI to 44222 to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market 38

Advertise in Rental Housing Journal On-Site www.rentalhousingjournal.com Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

3:10pm - 4:00pm — Workshop Descriptions & Speakers John Gilmore, Hamilton Zanze

Energy Efficiency for Your Every Need — Big & Small Properties

John Gilmore is a Senior Director at Hamilton Zanze.

With occupancy and rents at high levels, the owners and managers of rental housing are agSince joining the company in 2006, John has worked as a gressively seeking cost-cutting avenues that they can control and will increase their bottom Construction Manager, Risk Manager, and Asset Manager. line. The efficient use of energy can unquestionably contribute to a property’s performance. The At HZ, he specializes in budgeting, project management, three utilities represented on this panel will share how they can contribute to your building’s insurance, energy and water saving initiatives, waste and net profit. Included on the panel is John Gilmore from Hamilton Zanze. He will provide the recycling programs, telecommunications, and risk management. perspective as an asset manager.

John has a diverse real estate background encompassing development, construction, and property management. Prior to joining HZ, John worked Speakers: Will Morby, Green Property Solutions, Moderator, John Forde, Puget Sound for an emerging Northern California real estate development company as a Energy, Kevin Watier, Snohomish PUD , Phoebe Warren, Seattle City Light, project manager on an 80-acre mixed-use project. Previously, John worked as a John Gilmore, Hamilton Zanze project engineer for Webcor Builders on the 42-story St. Regis Museum Tower

Will Morby

Will Morby is the Vice president of operations at Green Property Solutions (GPS).

GPS works with small, mid-sized and large business owners to help “Navigate the Road to Sustainability”. Will believes that a sustainable business case for his clients will truly improve the bottom line. GPS helps increase building income and decrease expenses by implementing smart, cost effective, sustainable and lasting strategies for buildings. This creates a “Win-Win” for business and the environment. Will has worked with apartment, condominium and commercial buildings in the Puget Sound area since 2010.

in San Francisco. John has a B.S. in Industrial Engineering from Cal Poly in San Luis Obispo and an M.B.A. from Fordham University in New York. John is a LEED Green Associate.

An Owner’s Perspective: What We Expect from Our Fee Management Company after the RFP

Find out exactly what owners expect from the fee management companies after they are selected from an RFP process. Hear from leading investment and acquisition company professionals about what miscommunications can lead to disappointments, and business plan results John Forde, Puget Sound Energy which can and do lead to termination. Conversely, what are the things management companies Kevin Watier, Snohomish County PUD do right that maintains a loyalty from these same owners that leads to growth in the relationKevin Watier joined Snohomish County PUD in 1982 as an Energy Auditor and ship? Also, find out what is the most important service a management company can offer. is currently the Sr. Program Manager for the residential Weatherization and Heating programs in the single and multifamily sectors. He was instrumental in developing Snohomish’s WX + “Do more Get more” program that launched in 2015. Kevin looks forward to forging new working relationships to improve the energy efficiency of homes in our communities.

Phoebe Warren, Seattle City Light Phoebe Warren has worked on energy efficiency in commercial and industrial buildings for over 20 years. She has a BS degree from Cornell University in Mechanical Engineering, and an inter-disciplinary MS from the University of Washington in social management of technology. Phoebe co-authored a book on energy simulations, authored and co-authored books on commissioning and energy efficiency, and taught three community college courses on energy conservation. She has worked as an R&D engineering intern at Carrier, an HVAC design engineer, a university facility engineer, and an energy conservation engineer at BPA and Seattle City Light. She currently supervises a small Seattle City Light team specialized in providing energy conservation grants for new construction.

Phoebe is a licensed professional engineer in the state of Washington.

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

Speakers: Walt Smith, Avenue 5, Moderator, Lynn Owen, TruAmerica, Jason Lewis, Capri Capital, Tim Kelly, Investcorp, Matt Flotta, Intercontinental RE Corp Walt Smith, Avenue 5 Active in the property management industry since 1986, Walt was one of the three founding principals of HSC Real Estate, serving as its president from 2001 until it was acquired

by Riverstone Residential Group in 2008. At the time of the Riverstone transaction, HSC provided property management and ancillary services for more than 34,000 apartment homes in California and the Pacific Northwest. Walt became CEO of Riverstone in 2009 and provided strategic vision and leadership for its portfolio of more than 800 managed properties and 4,500 associates. During his fouryear tenure, significantly expanded the ancillary services platform, and drove substantial income and unit growth that ranked Riverstone as the second largest management company in the United States.

In 2014, Walt and the legacy HSC partners formed Avenue5 Residential to manage their 7,000 unit Investors Capital Group portfolio in the Western United States.

Avenue5 Residential, a solutions-based portfolio management services company, commenced third-party management services for the multifamily industry in November 2015. continued on page 40

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

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3:10pm - 4:00pm — Workshop Descriptions & Speakers An Owner's Perspective ...continued from page 39 Lynn Owen, TruAmerica Lynn Owen is the Chief Operations Officer and brings over 29 years of multifamily and commercial property management experience to her role at TruAmerica Multifamily. Ms. Owen is responsible for overseeing all asset and construction management and portfolio operations functions, and is a member of the firm’s Investment Committee. Ms. Owen has expertise in managing multifamily and commercial properties of varying investment criteria and business objectives.

Prior to joining TruAmerica Multifamily, Ms. Owen was Senior Director of Real Estate at Greystar. Before joining Greystar, Ms. Owen was a Principal and the Director of Business Development and Marketing at Glacier Real Estate Services, which she had an integral role in selling to Greystar in 2010. Prior to Glacier, Ms. Owen owned and operated Etico Property Management Company, and held senior positions at Allied Residential, Lexford NW, New Ventures and C.G. Rein Company.

Ms. Owen attended The University of Minnesota, she holds a real estate broker license in Washington State and has served on the Board of Directors for the Washington Multi-Family Housing Association

Jason Lewis, Capri Capital Mr. Lewis is the portfolio manager for a $1.7 billion separate account and serves as the Deputy Head of Asset Management for Capri. Prior to this role, Jason was responsible for underwriting new acquisitions, financing and refinancing efforts, and leading dispositions nationally for Capri’s institutional clients. Mr. Lewis’ transaction experience spans across the capital structure including debt, mezzanine debt, joint venture equity and wholly-owned equity investing in multifamily and retail property types. Having joined Capri in 2007, Jason has played a critical role in developing investment strategies and raising capital to support Capri’s domestic and global investment activities. Mr. Lewis holds a Masters of Business Administration with concentrations in finance and real estate from Columbia Business School, and a Bachelor of Science degree in Mathematics from Morehouse College.

Tim Kelly, Investcorp Tim Kelly is a senior asset manager with Investcorp International, an alternatives investment management firm with over $10 billion in assets under management. Utilizing his 15 years of real estate experience, Mr. Kelly oversees a diverse portfolio of Investcorp’s assets located in the Western United States.

Prior to joining Investcorp in 2013, Mr. Kelly spent the prior 7 years with Commonfund Realty, a subsidiary of the $25B institutional investment firm, Commonfund where he spearheaded acquisitions, entitlements, asset management, finance and dispositions for a portfolio of assets in major United States market. He also has also held positions with Wells Fargo Bank and CB Richard Ellis. Mr. Kelly earned a Bachelor of Science degree from Loyola University in Maryland and a Masters of Business Administration from the University of Maryland.

Matt Flotta, Intercontinental RE Corp As Regional Director - Asset Management, Mr. Flotta currently oversees a significant portion of Intercontinental’s real estate holdings throughout the country. In addition, since joining the firm, he has been directly involved with the acquisition of over $2.7B of assets including approximately 6,000 multifamily units.

His industry experience includes a broad spectrum of asset types and disciplines.

Prior to joining Intercontinental in 2007, Mr. Flotta was employed at CB Richard Ellis – New England, working directly with clients such as Beacon Capital Partners and TIAA-CREF. Previously, he worked as a Vice-President for Keller/ Davis Company where he oversaw the asset management of the firm.

Mr. Flotta holds an MBA from the F.W. Olin School of Management at Babson College and holds the Certified Commercial Investment Manager (CCIM) designation.

Advertise in Rental Housing Journal On-Site www.rentalhousingjournal.com

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

3:10pm - 4:00pm — Workshop Descriptions & Speakers What Direction Are Property Values Moving? Have Values Peaked and Lending Changed?

The same three gentlemen participated in this panel at last years TRENDS. We have invited them all back to evaluate their predictions from 2015 and talk about 2016.

As we know, the Multifamily Housing market in the Northwest is strong. The questions are: How long will it last; What’s been the impact of the current market had on property values; Is the market over built; Is now a good time to buy and/or sell and How do you value a property? This panel of industry experts will explore these and other questions concerning the direction of Multifamily Housing property values?

Cliff Ridgway, Pacific Continental Bank Cliff works for Pacific Continental Bank who recently merged with Foundation Bank. Mr. Ridgway joined Foundation bank in 2011 as Sr. Relationship Manager with 30+ years of commercial lending experience. He worked at various banks including Rainier/Security Pacific, Pacific Northwest Bank, Sterling Bank and Seattle Bank. While at Seattle Bank he held the position of Business & Community Banking Division Manager having started their Business Banking Division in 2007.

in the Seattle Metro area as well as working with select buyers on acquisitions.

Travis teamed up with Eric Smith in 2013, and they have closed over $40 million in apartment transactions throughout the city in the last year.

Prior to joining Paragon, Travis worked for a private developer in Seattle where he was responsible for sourcing acquisitions for new development and existing asset opportunities, valued at over $65 million and representing 350 units.

Travis received his BA from the University of Washington Foster School of Business, with an emphasis on Sales and Marketing. Additionally, he completed the UW Commercial Real Estate Certificate Program to further his industry knowledge and network.

On-Sites: The Importance of Staying Relevant in the Age of Technology — Connecting with Your Customers

Leasing apartments has almost become a do-it-yourself experience. All of our features, amenities, and prices are available on a number of different websites. Prospective residents now have access to virtual floor plans, real time availability, and online applications. So what do they need us humans for? Identifying that we are in a people business is the first step in staying relevant to our customer. Technology is designed to complement and enhance us in our positions, but is it often that human element that is the final factor in the buying decision? Are you connecting Cliff’s lending experience has included business financing, commercial real estate (owner and non-owner financing), multi-family projects, construction with your customer or just expecting technology to do all the work for you? and refinance, and Community Reinvestment projects. While he has financed projects in the Puget Sound region his main focus has been Seattle, Eastside, South King County and Pierce County areas. Cliff graduated from Washington State University with a degree in Economics and from Pacific Coast Banking School.

Bob McGrouther, Luther Burbank Bank Bob McGrouther is a Vice President and Commercial Lending Officer with Luther Burbank Savings. In 2008 Bob opened a new multi family lending office and platform in Bellevue Washington for Luther Burbank Savings.

Prior to Luther Burbank Savings, Mr. McGrouther opened offices and platforms for World Savings and Wachovia Mortgage Corporation, in Bellevue. Mr. McGrouther’s offices have funded over 2,500 multifamily loans in the greater Seattle area over the last 21 years.

Travis Andrews, Paragon Travis Andrews is a commercial real estate broker at Paragon Real Estate Advisors.

He represents owners in the sale of multi-family assets and development sites

Speaker: Jason Loughridge, Weidner Apt. Homes

Jason Loughridge has been in the multi-family industry since 1999. He began his career as a leasing consultant in Arlington, Texas with BH Management.

After leaving BH, he held the title of Director of Career Development for the Apartment Association of Tarrant County in Ft Worth, TX. In this position he oversaw all the training programs for the association that served over 7 counties in the North Texas area. He was also the staff director for the ThinkLink Conference for over 200 on-site associates and the annual Lone Star Awards program.

Jason is now a national trainer for Weidner Apartment Homes.

Jason is passionate about industry education. He has sat on numerous committees for the National Apartment Association Education Institute and is a graduate of the NAAEI Advanced Instructor Training. He has also been a guest speaker for the Apartment Associations of Greater Dallas, Houston and Omaha. continued on page 42

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3:10pm - 4:00pm — Workshop Descriptions & Speakers Closing Secrets of High-Grossing Leasers!

Vickie Gaskill

Get ready to experience explosive closing ratios! This course shows you how to get the commit- Vickie’s career in property management began over 36 years ago. During her ment from your prospect. We’re not just going to talk about closing. We’re going to give you professional Property Management career, Vickie has managed homeowner’s associations, single family dwellings, multi-family communities and a few verbiage examples you can use in the field.

commercial properties. She has earned four professional property management designations (MPM®, CPM®, RMP®, and ARM®). Her company is an AMO® (ACCREDITED MANAGEMENT ORGANIZATION®) and a CRMC® (Certified Residential Management Company®). In 2010 she had the distinct honor of serving as the National President for the National Association of Residential Property Managers® (NARPM®), an organization serving the needs of the professional single family residential property manager. Vickie is an instructor on the National Faculty for the Institute of Real Estate Management (IREM®) and NARPM®.

Discover: • The secret of closing the room.

• How to overcome the top ten objections.

• When and how to create urgency.

• What your customer is waiting for.

• And much more!

Attend and gain the skills you need to boost your sales today!

Speaker: Heather Mallette, Greystar - (Speaker’s Bio on page 37)

In January of 2008, Vickie, along with her good friend, Steve Barber, CPM®, wrote a book that was published by the Institute of Real Estate Management (IREM®), titled: Community Associations: A Guide to Successful Management.

Vickie was inducted into IREM®’s Academy of Authors in 2008 and in November of 2012, she was honored by her local IREM® chapter with their distinctive Lifetime Achievement award.

Tips on Managing Your Single Family Properties

Are you thinking of managing single family investment homes? Or do you already and can’t quite get your systems down? Come listen to this panel of three leading single family property management experts. They will be discussing how to avoid the biggest pitfalls of single family property management, and may even have a funny story or two. Discover the top tips on how Embracing Change to be successful from the start.

Sunny Kobe Cook Speakers: Kellie Tollifson, T-Square, Stacey Salyer, Leading Edge Property Mgt., Vickie Gaskill, Bell-Anderson & Assoc., Kellie Tollifson, T-Square - (Speaker’s Bio on page 30) Stacey Salyer Stacey Salyer started her career in Retail Management, where she successfully managed a variety of multi-million dollar stores for over ten years between Bellingham and Seattle. Transitioning to Property Management/Real Estate in 2004, Stacey has been managing single family investment homes in multiple counties in WA State for 12 years. She is currently licensed with the state of Washington to practice real estate and manage a real estate firm. Stacey is currently the Designated Broker for Himalaya Property Management, where she oversees the staff and daily operations. Her newest endeavor has been opening her own company, Leading Edge Property Management and Real Estate, LLC, specializing in single family management in Snohomish County. Stacey is the current President of the Greater Snohomish County NARPM (National Association of Residential Property Managers) chapter, and President Elect of the Washington State NARPM Chapter.

Sunny Kobe Cook began her career as a secretary and gained popularity with the company she founded in 1991, Sleep Country USA. She served both as CEO and company spokesperson in both radio and television advertisements for many years. During that time, she was named Inc. Magazine’s Northwest Woman Entrepreneur of the Year, along with numerous other business and corporate good citizen awards.

She was featured on the cover of Washington CEO magazine when her company was the first retailer to ever be recognized as a “Best Place to Work.”

Selling her retail store chain in February 2000 gave her the opportunity to realize a lifelong dream. Sunny’s book “Common Things Uncommon Ways” is now available in stores everywhere. In these pages and through the many speeches she makes, she shares with other business people proven ways to improve any business through increased focus on the customer experience, employee recognition, and motivation.

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Rental Housing Journal On-Site · November 2016

Rental Housing Journal On-Site

TRENDS Exhibitor List 1 Stop Towing

Elite Resurfacing

Millionaire Club Charity

of Washington - RHAWA

Shine a Blind

Tilco

A Advanced Septic Services

Entrata

Minol USA

Renters Legal Liability LLC

Sign Pros

TopLine Counters

A Clean Chimney & Contracting

ePremium Insurance

Miracle Method

Renters Warehouse

Sitelines Park & Playground

VanWell Masonry

Evolve Technologies

Renticity

SLABJACK NW

WASH Multifamily Laundry

ABC Towing

Executive Coatings & Contracting

MOCO - MyScreeningReport. com

Rentokil/Eden Advanced Pest

Snohomish County P.U.D.

Washington Energy Services

Moen & Cleveland Faucet Group

Response Team 1

Solid Waste Systems

Washington Federal Savings

Rich Landscaping

Spartan Plumbing & Rooter

ROOF Service Repair

Special Interest Towing

Washington Multi-Family Housing Assoc.

Roto-Rooter Services

SportsArt

Saltaire Construction ScentAir

Stop Bugging Me Pest Control

Seattle City Light

Submeter Solutions

Seattle, Renton & King County Housing Authority

Surface Renew

Seattle Public Utilities

Tacoma Power

Seattle’ Best Pest Detection

Tacoma-Pierce County Health

Security Solutions Northwest

Texacraft

Alliance 2020 AllPlay Systems American Pool Supply

Fair Housing Partners of Washington

Apartment Advantage

Ferguson Enterprises

Mr. Pressure Wash

Apartments.com

Fikes

Mr. ReKey

Apcon

Finnmark

National Credit Systems

AppFolio

First Choice Remodeling

Assurant

Fischer Plumbing & Restoration

National Purchasing Partners (NPP)

ATI American Technologies Atkinson Zornes Financial Planning Group

Mono Rooftop Solutions

NoAppFee.com

Flags A’ Flying

North Coast Lighting

FloHawks Plumbing and Septic

Northwest Center

Sustain Ability Solutions

Washington Rental Owners Association Washington Water Damage & Cleaning Service Washington Window & Glass Wave G WebListers Westlake Associates

For Rent Media Solutions

Northwest Playground Equipment

Axis Roof & Gutter

Foundation Bank

NPI

Servicemaster RESTORE

The Chimney Specialists

Aylwin Roofing

Foundry Living Real Estate

NVL Laboratories

Servpro of Central Seattle

Banner Bank

Genesis Credit

Sherwin Williams

Barker Martin

GK Industrial Refuse Systems

NW Professional Roofing Services

The Plumbing and Drain Company

Bath Fitter

Goodbye Graffiti

Bathcrest of Seattle

Great Floors

BECU

Green Property Solutions

Behr & Kilz Paint

Greystar

Bio Clean

Guardian Water and Power

Outdoor Play Solutions & Pacific N.W. Kids

Blankenship Equipment Repair

Hainsworth Laundry

Pacific Breeze

HandyTrac Systems

Pacific Crest Savings Bank

2. ONLY the workshops taught by CHRIS BENIS qualifies for Washington State Real Estate clock-hours.

Bravo Roofs

HD Supply

Brook Furniture

Homasote

Pacific Pavement Protection (P)

3. To qualify for the 3 clock-hours, you must attend ALL three classes taught CHRIS BENIS.

BuildingLink.com

Infiniti Window Coverings

4. You must SIGN-IN at each clock-hour workshop.

Buildium

Integrity Pool & Spa

Pacific West Construction & Maintenance

Buy-Rite Carpet Wholesaler

Investors Real Estate Capital

C M Heating

IREM

Cadet Manufacturing

J2 Building Consultants

Carports of Washington

KeyTrak

Cascade Water Alliance

Kidder Mathews

Coin Meter

King County EnviroStars

Colliers International

King Electrical Mfg

Comcast

KNOCK

ConService

Kurkov Construction

Cort Furniture Rental

L/T Services

COSTCO

Landlord Law Group

Criterion Brock

Larry Palmer Insurance Agency

Automated Gates & Equipment

DDN Interior Supply

One Way of Wa. Carpet Cleaning & Restoration Onerent Orca Information

Paragon Real Estate Advisors Parcel Pending

Yardi Systems Zillow

Clock-Hours Workshops 2016 - How They Work TO RECEIVE YOUR 3 CLOCK HOUR CREDITS, YOU MUST FIRST PAY AN ADDITIONAL $25 WHEN YOU REGISTER 1. ANYONE may attend the clock-hour workshops, EVEN if you don’t want clock-hour credits. However, you only get the clock hour credits if you pay the additional $25.

5. No one is allowed to leave the clock-hour class once they start.

The clock hours provided by the Washington REALTORS® Association

PayLease Paul Davis Restoration People’s Furniture Perma Dry Waterproofing Phillips Real Estate Services PooPrints Precision Concrete Cutting PRECOR Commercial Fitness Professional Publishing Property Staffing Associates Puget Sound Collections

Department of Ecology, E-Cycle Wa.

Leisure Creations

Puget Sound Energy

Loeffler Law Group PLLC

Pure Clean Carpet Cleaning

DepositIQ

LP Building Products

Diamond Roofing

Luther Burbank Savings

Rainbow International Carpet Cleaning

Dogwood Building Supply

MacGray / CSC ServiceWorks

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Rental Housing Journal On-Site · November 2016