Rental Housing Journal - Colorado - November 2013 by Professional Publishing, Inc

Rental Housing Journal Colorado

November 2013 - Vol. 5 Issue 11

COLORADO DENVER • COLORADO SPRINGS • BOULDER

DENVER METRO •

Professional Publishing, Inc • www.RentalHousingJournal.com

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

Apartment Vacancies Hit 18 Year Low as Market Tightens Across Front Range

partment vacancy rates across Colorado’s Front Range remained low during the third quarter, with northern Colorado’s markets reporting occupancy rates of more than 97 percent in most submarkets and Greeley hitting near an all-time low in vacancy. According to a report released Wednesday by the Colorado Division of Housing, the vacancy rate was 2.8 percent in the Fort Collins-Loveland area and only 1.3 percent in Greeley, which was the lowest vacancy rate reported in Greeley since 1995. The vacancy rate fell, year over year, in Colorado Springs and in Pueblo, signaling growing demand for apartments in all Colorado metros except Grand Junction. “As usual, employment is a major driver in all metros, as is the fact that new multifamily construction has only recently begun to pick up in Greeley.” In Colorado Springs, the vacancy rate fell to 5.4 percent from last year’s third-quarter rate of 6.1 percent, and in Pueblo, the rate fell to 9.3 percent during the third quarter from 15.8 percent a year earlier. Grand Junction’s vacancy rate remained relatively high at 7.8 percent reflecting a shrinking labor force and flat employment totals over the past year in that metro area. The metro Denver vacancy rate, measured in a separate survey, was 4.4 percent, up from 4.3 percent during the third quarter of 2012. The average rent increased, year over year, in all metros except Grand Junction from the third quarter of 2012 to the third quarter of 2013. The largest increase was found in Colorado Springs where the average rent rose 5.4 percent, year over year, Continued on page 2 Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327

Dear Maintenance Men: By Jerry L'Ecuyer & Frank Alvarez

right of the center mark. Cut and label this piece Left Hand Corner Inside. Test your samples in an inside corner where the wall meets the ceiling. The two pieces should form a 90-degree corner.

Dear Maintenance Men: Do you have a recommendation for exterior lighting that will make the property stand out from its neighbors? Jorden Dear Jorden: We did a recent job involving half inch 120 volt LED rope light. The rope light was installed under the eaves and out of the way. From the ground the light appeared to emanate out from the eaves and down the walls. The light is indirect and made for a very interesting look. The side benefit of the rope light was not only did it look great; it shed light in all the dark corners around the building. LED rope light is more expensive than the incandescent rope light, however, it is economical in the long run, it has a long service life and the rope does not get hot or even warm to the touch. (We DO NOT recommend incandescent rope light.) LED Rope light comes in 150 foot rolls and with the proper rectifier in place, up to 1200 feet can be used from one electrical source. The light comes in cool white, natural white and warm white along with a variety of colors. The rope light can be installed onto a plastic track to help keep it straight and to eliminate any drooping of the rope. Remember to pre-drill the track before installation. LED rope light is perfect for under stairs, balconies and anywhere you need soft indirect light. Keep in mind, it does not throw light very far and will not light up a courtyard, it is mainly for aesthetics. Dear Maintenance Men: We are preparing to gussy up our rental property by adding crown molding in each room. The quote I got from the contractor was astronomical! I want to teach my maintenance tech how to install crown molding, however after looking at molding how-to books and the internet, I am about to give up on the idea. It looks very complicated. Can you help? Ron

Current Resident or

PRSRT STD US Postage PAID

Snohomish, WA

Permit #5

Dear Ron: We know what you mean; anyone who has installed crown molding for the first time knows the frustration. But it need not be! Crown molding truly is easy to install and yes, we said easy. Throw the book away; it only serves to show how smart the author is, but not very practical. We are going to describe a method that we learned long ago that absolutely simplified crown molding installation. The key is to cut the molding in the same position that it will be install on the ceiling and to make visual samples. It is important to make a set of sample pieces for reference. 1A: Inside corner: cut two 12-inch pieces of molding to use as a sample. Place that sample up on the wall and ceiling for a visual. Now bring that sample to your saw and lay it to the left of the blade, against the vertical fence or backstop. Position the sample exactly in the same orientation or position as it was on the wall/ ceiling. (The sample piece will not be flat against the fence; it will stick out just like it does on the wall.) Now position your saw blade in the 45-degree position and left of the center mark. Cut the right side of your sample piece and label it Right Hand Corner Inside. 1B: Take the second piece of sample molding you cut and position it exactly like the first piece, but to right side of the blade. Put your blade in the 45-degree position, but this time it will be to the

2A: Outside corners: cut two 12-inch pieces of molding to use as a sample. Place that sample up on the wall and ceiling for a visual. Now bring that sample to your saw and lay it to the left of the blade, against the vertical fence or backstop. Position the sample exactly in the same orientation or position as it was on the wall/ ceiling. Set the blade at the 45-degree position and right of the center mark. Position the sample to the left of the blade. Cut and label Right Hand Outside Corner. 2B: For an outside left-hand corner, set the blade at the 45-degree position and left of the center mark. Position the sample to the right of the blade. After the cut, label the sample Left Hand Outside Corner. Test your samples in an outside corner where the wall meets the ceiling. The two pieces should form a 90-degree corner. The hard part is done; you now have sample cuts to refer to. After measuring the wall, place your measurements on the backside of the molding, the mark will be easier to see on the backside when cutting. (Hint: Mark the molding where the saw blade will first touch the work piece.) Cut a little long at first, and then trim with the saw until the molding fits. And don’t forget to repeat to yourself … “caulking is my friend!”. If the corner is not quite perfect, don’t worry, caulk the corners, and the mistakes disappear. Continued on page 3

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RENTAL HOUSING JOURNAL COLORADO

THINK This Holiday Season

Vacancies Hit 18 Year Low ...continued from front page

D&Z – What Were You Thinking Moments

with Greeley’s average rent increasing 5.1 percent over the same period. “Although vacancies are quite low there, we did see rent growth flatten out in the Fort Collins-Loveland area,” McMaken said. “That’s one of the few metros where we’ve seen a significant amount of new construction in recent years, so new supply is helping a little to moderate rents.”

COLORADO Ron Spraggins, CCIM CEO/Founder Commonwealth Colorado Springs, Colorado

Hello Property Management Industry! So, as 2013 comes to a close and we prepare for a prosperous 2014, the goal should be to minimize those “What Were You Thinking Moments”. Budgets are complete, the cold weather and holidays are coming. The office will be filled with deliveries of residents boxes with bows, complaints of appliances not working to prepare the holiday feast, slippery stairways, walkways and residents trying to heat their apartments with space heaters. Then you have New Years Eve and the day after, with remnants of sparklers (Fire VALLEY, ARIZONA Hazard) andMETRO, recycling, guests sleeping it off at the pool, you know the drill. This is a “What Were You Thinking Moment” waiting to happen! Dana and Zach, through years of experience navigating the end of the Aug, Oct, Dec year blues while preparing to start the new year off with great success, have prepared a special holiday property wish list of things you hope

will not happen; complete with helpful suggestions. This is a great way to provide your residents with helpful and needed information to have a wonderful holiday season! Dana’s list Remove the headache of the season for you and your residents by reminding them of best practices on the following: 1. All property staff should know all of this information as well as emergency shut off locations.

2. Office Hours – including holiday ON-SITE-NW SEATTLE hours, when the resident can

APT. NEWS pick up packages and what they

Salsbury Industries

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3. Rubbish & Recycling information – Remind residents of trash & recycling pick up days and if there will be additional pick-ups for trees and extra holiday recycling 4. Prepare Residents for Emergency – What to do in an emergency during business and after hours. Incidents that can occur during the cold or inclement weather Emergency procedures and phone numbers, even if you think the resident has them, include: • Fire & Rescue for non-life threatening • Office and after hour contact Instructions if no response in predetermined time • Home office contact

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

1/8 Page 4 7/8” x 3 5/8” On-Site4

• In case of a weather related power outage, have your electrical provider’s phone number available and remind residents not to use their

stoves, or space heaters that do not automatically shut off if tipped over. Avoid candles and make certain they have working flashlights and batteries 5. Hazards to Report for safety • Slippery walkways • Property lighting outages • Standing water that could freeze 6. Ventilation and moisture prevention suggestions due to cold outside weather & heated apartments • Fans in bathrooms • Wipe down window condensation 7. Holidays – Each holiday presents its own harmful potential, we live with many on our properties and it is important to remind them of the following for a safe holiday season. • Keep holiday trees watered, a dry tree is a fire hazard • New Years Eve present noise, sparklers (Fire hazard) remind residents to remember the quiet enjoyment for all residents • Parking is usually a headache over the holidays with visiting family and friends. Remind your residents the parking rules and guest parking Zach’s List 8. Security- remember that even though you may feel safe and trust your neighbors always be diligent and smart. When unloading packages or groceries close and lock your car even if it’s a quick trip in and out. 9. Unplug your Christmas lights at night, these little bulbs can get very hot and have a tendency to be in contact with flammable materials such as paper, needles, wood, and carpet. 10. I am a big believer in AAA road service. If your car battery dies or you find yourself on the side of a road, you will have someone to call for help to get you and your car home safely. If you this is not an option for you, a pair jumper cables and a tow rope should be stored in your truck so that if a Good Samaritan is around to give assistance, you will have the right items. Don’t forget water, flashlights, batteries and a blanContinued on page 4

Rental Housing journal Colorado • November 2013

RENTAL HOUSING JOURNAL COLORADO

Be A Giving Landlord

he holidays are a time of giving and also a time of thanks. To give to those, through gestures large and small, and thank others for their friendship, hard work, and good service. This holiday season I have decided to gift my ten-

ants for their continued support and service. Many landlords may consider this notion an absurd waste of money and that is certainly their prerogative. But, I look at gifting the residents differently. I see this gesture as similar to a tip or a bonus. You tip for good service even though you’ve already paid for the meal. Most of us appreciate bonuses this time of year in our paycheck even though we

have already performed the job that is expected of us. So, in addition to providing a nice place to live, why not give them a “thank you” for helping pay your mortgage, insurance, and property taxes? I’m not talking about going in the red here. I have in mind a very corporate-like holiday card with a nice handwritten note inside. Included in these generic cards will be a gift card of no more than $10-$20 each for a

local restaurant, coffee shop, or grocery store for which I will hand deliver. Hand delivered I said! Here is an opportunity to catch a glimpse of the outside of your property unannounced. Just because you’re doing something nice for the tenants does not mean you quit being a landlord. Now because I manage a small operation, this level of spending on my residents is feasible. For those of Continued on page 4

Dear Maintenance Men ...continued from front page Also caulk the top and bottom rails of the molding and it will look like an expert did the installation. Good Luck. Dear Maintenance men: I am aware of having a disaster preparedness kit for my family, however, what do I do for my apartment building? Jason Dear Jason: A quick list of what should be in your family disaster preparedness kit: Flashlight with batteries, canned goods, a Gallon of water per person, a knife, Meds and blankets at minimum. Now this works ok for a family, but may not be appropriate for an apartment building. The residents may very well shelter in place during a disaster and be fine. What may be in danger is your property! Start with a bit of preventive disaster maintenance. 1: Locate the main water shut-off valve and any minor shut-off valves. Make sure the valves are

in working order. If they are gate valves, it might be time to upgrade them to ball valves. old gate valves are notorious for breaking valve stems at the moment you need them to work. 2: Locate and clearly mark the main electrical panel. 3: Locate and mark the main sewer clean-out. Run a mainline snake or hydro jet at least once a year. (A Friday evening main back-up is a disaster.) 4: Locate and mark the main gas or fuel oil shut-off valve. 5: Write down and post this information in a public area of your apartment building, including emergency phone numbers and how to get hold of management. Alternatively; Post this information on the inside of a kitchen cabinet door in each rental unit.

QUESTIONS? QUESTIONS? QUESTIONS? We need more Maintenance Questions!!! To see your maintenance question in the “Dear Maintenance Men:” column, please send submission to: Questions@BuffaloMaintenance.com Please “Like” us on Facebook.com/ BuffaloMaintenance Bio: Please call: Buffalo Maintenance, Inc for maintenance work or

consultation. JLE Property Management, Inc for management service or consultation Frankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075 Certified Renovation Company Websites: www. BuffaloMaintenance.com & www. ContactJLE.com www.Facebook.com/ BuffaloMaintenance

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COLORADO Rental Housing Journal Colorado Publisher Will Johnson • will@propubinc.com Designer Steve Olsen • steve@propubinc.com Advertising Sales Will Johnson • will@propubinc.com Terry Hokenson • terry@propubinc.com

www.rentalhousingjournal.com The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. Metro Apartment Manager is produced monthly and is published by Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2013 All rights reserved.

Rental Housing journal Colorado • November 2013

RENTAL HOUSING JOURNAL COLORADO

Be A Giving Landlord

THINK This Holiday Season ...continued from page 2

...continued from page 3

you who may be managing hundreds of units, a charitable donation in the name of your tenants, or a generous coupon towards a holiday ham may make greater sense for your business. As long as you’re gifting to others from a place of general goodwill, then the actual gift is secondary. And, who knows, the gesture may just be reciprocated whether it’s through a thank you note, a small gift, or the continued care of your rental property. Some small gifts may be tax deductible, so check with your accountant Giving to others without expectations can make us feel good. We’ve all heard of ‘paying it forward’. So, why not make a small “investment” in others who help us throughout the year? A nice card and a little something to brighten their season is a small price to pay. I think that there is still something very important about interpersonal relationships, especially around the holidays.

Katie Poole – Hussa is a Licensed Property Manager, Continuing Education Provider and Principal at Smart Property Management in Portland, OR. She can be reached with questions or comments at Katie@ SmartPM.co.

ket, hopefully you won’t need any of these items, but just in case. 11. Stay alert to those who take advantage of folks this of time of year when most of us are in a giving mood. Take your time and do some research to be sure that those who claim to be helping others and not just themselves.

Have a safe and wonderful Holiday season and a prosperous New Year! Happy Holidays see you next year! Dana & Zach

Dana Brown and Zach Howell have been working and training Managers and Maintenance staff in the property management industry for 20 + years. They are excited to give back and share the crazy stories that can only happen in our industry. We would love it if you would share your stories and “WHAT WERE YOU THINKING” moments with us as well as questions that you need answers to. Dana can be reached at: danabrown3321@gmail.com. Zach can be reached at: zach@aminstitute.net

12. Charge your cell phone and keep a mobile charger with you that you can use in your car or other power source. We are so connected to our phones, but all the browsing, GPS directions, downloading coupons, and seasonal event pictures can suck the life out of your battery, leaving you in a lurch late at night when you may need to make a real emergency call. 13. Lastly be respectful of others. We tend to get going crazy and add stress to our days and many times the mass of people moving at different speeds throughout the city can cause us to be real Grinch’s. Also, keep in mind that not everyone celebrates the season or have the same religious beliefs, so, just enjoy your family’s tradition whatever that maybe and be kind and courteous to others.

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