Volume 2 - Edition 1 2013
Apartment Insurance Costs Increase for the Second Consecutive Year According to National Multi Housing Council Report
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he cost to insure apartments increased by 9.5 percent between 2011 and 2012, marking the second consecutive year of rising insurance expenditures according to the National Multi Housing Council’s (NMHC) Apartment Cost of Risk Survey (ACORS). The survey covers data from more than one million apartment units, the largest number of units covered by the survey to date, operated by 55 apartment firms, tracking three principal components of insurance premiums: property, general liability and workers’ compensation. The 9.5 percent increase in 2012 came entirely from property risk costs, with general liability and workers’ compensation costs staying virtually unchanged from 2011. “Respondents noted that their greatest challenges in 2012 came from obtaining adequate and affordable coverage in traditional catastrophe risk zones. In fact, catastrophe exposed properties were the major drivers of the increase in premium costs and higher deductibles,” said Rick Haughey, NMHC’s Vice President of Property Operations and Technology. “With U.S. catastrophe losses in 2012 expected to be moderately higher than average due to Hurricane Sandy, the outlook for insurance costs in 2013 remains uncertain. This uncertainty mitigates what would be downward pressure on 2013 catastrophe rates due to strong underwriting capacity for primary insurers and reinsurers.”
$1,038 per full-time employee. Property terrorism insurance take-up rates increased to 91 percent in 2012, compared to 85 percent in 2011. A slight decrease in property terrorism insurance rates was also reported. About the Survey The ACORS contains information about property, general liability, umbrella, workers compensation, D & O, professional liability, employment practices, environmental, and newly added insurance lines including terrorism and cyber liability. Fifty-five firms representing over one million apartment units supplied data on rates, deductibles, retentions, key coverage terms, claims history and more for the key lines of coverage. Firms that completed the survey can receive exclusive access to the full data set, along with the report
analysis by Conning Research and Consulting on behalf of NMHC. Non-participating NMHC members can download an executive summary and a PowerPoint summarizing the results at www.nmhc.org/ goto/61017. Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. One third of Americans rent their housing, and more than 14 percent live in a rental apartment. For more information, contact NMHC at 202-9742300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.
Additional key findings: The mean (nonweighted) average for the total cost of risk increased 9.5 percent in 2012, driven by an increase in property cost of risk, which accounts for 70 percent of the average apartment firm’s total cost of risk. The mean average property cost of risk increased by 10.4 percent and average per occurrence deductibles increased to $118,000 from the unusually low average deductible of $66,000 in 2011. The mean average general liability cost of risk remained virtually unchanged in 2012 after a 9 percent increase last year. The mean average workers’ compensation cost of risk in 2012 also remained similar to 2011 at
Valley Vacancies at Lowest Level in Six Years
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Apartment Insurance Costs Increase for the Second Consecutive Year ...
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Investors Anticipate Opportunities in Commercial Real Estate across All Major Property Sectors in 2013, According to Latest PwC Real Estate Investor Survey™
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Greater Investor Optimism in Retail, Especially for National Regional Malls; Technology Office Markets and Warehouse Sector Showed Steepest Cap Rate Declines in Q4
2012 drew to a close and the industry’s recovery progresses, commercial real estate offered varied investment opportunities across each major sector and a diverse number of cities, even though macroeconomic uncertainties still exist, such as the fiscal cliff, according to the fourth quarter 2012 findings of the PwC Real Estate Investor Survey. According to the report, investors in the office sector are showing a greater acceptance for slower growth and less apprehension about moving further out on the risk spectrum. Although core trophy assets remain the preferred target of both domestic and international investors, aggressive pricing and improved fundamentals have resulted in certain investors looking to buy either core in strong secondary markets or lessthan-core in primary markets. “The commercial real estate industry continues to show its investment durability as assets command attractive spreads over fixed-income investments and offer more stability than stocks, while most property sectors continue to post occupancy gains and rental rate growth,” said Mitch Roschelle , partner, U.S. real estate advisory practice leader, PwC. “Foreign investors are particularly bullish on U.S. commercial real estate as they look for stable investments during uncertain times abroad. In 2013, Survey respondents expect to see an uptick in sales activity as property owners cull portfolios to take advantage of the low cap rate environment. And as investment capital continues its trend of matriculating beyond just apartments, cap rates are expected to compress across the entire asset class.” Investors Becoming More Comfortable with Buying in the Retail Sector The above chart illustrates that the decline in overall capitalization (cap) rates has extended to the retail sector. According to the fourth quarter Survey findings, investors remain optimistic about investing in the national regional mall market despite a slow-moving economic recovery and a challenging retail landscape. Buying opportunities remain few and far between, especially for Class-A+ and Class-A malls, with huge barriers to entry making high-quality malls thrive, which also keeps owners from selling them. According to surveyed participants, yields have compressed too much for well-leased strip shopping centers that some are considering buying value-add in great locations due to a lack of new supply. For power centers, challenges mainly stem from rising Internet retail sales, merchant consolidations, and an
inability to easily shrink into urban streetscapes. In the fourth quarter of 2012, the average overall cap rate, the initial return anticipated on an acquisition and a reflection of an investment’s anticipated ownership risk, decreased in 24 of the surveyed markets, held steady in seven, and increased in just one of them. The overall cap rate shifts remain irregular with tech office markets (i.e. San Francisco) and the warehouse sector both showing some of the steepest declines. The national warehouse market’s cap rate compression, where the average overall cap rate declined 40 basis points, reflects the optimistic outlook held by most surveyed investors. The average overall cap rate declined again in the Survey’s national Central Business District (CBD)
property sectors due to lower job creation among office-space using companies, as well as an evolving work environment, many metros are benefiting from a lack of new supply. As a result, the barometer places 35.2 percent of the U.S. office stock in expansion by year-end 2012. This percentage is expected to grow through 2015. Pockets of strength exist in the retail sector and are starting to outnumber the weaknesses in certain trade areas. The barometer places 45.6 percent of the U.S. retail stock in recovery by year-end 2012. As the industrial sector continues to recover, occupancy gains are being reported in most industrial markets across the country. As a result, the portion of U.S. industrial stock in recovery is expected to grow annually through
office market, marking nearly ten instances of quarterly declines since the first quarter of 2010. Moreover, the current average of 6.70% is the lowest reported for this market since the second quarter of 2008. Due to this cap rate compression, some Survey participants are taking time to identify CBD assets to sell – while others remain in search of select buying opportunities. In the apartment sector, surveyed participants believe market conditions continue to favor sellers, but some investors sense that rents may have peaked for now and that certain markets have become overpriced. In addition, investors remain attentive to the near-term impact of new construction. Consequently, this market’s average initial-year market rent change rate dipped for the second consecutive quarter, suggesting less upside in this market.
year-end 2014. By year-end 2015, the expansion and recovery phases of the real estate cycle will dominate this sector. Underlying fundamentals for the U.S. multifamily sector remain extremely positive through 2015 due to pent-up demand and a growing preference for renting instead of buying. The expansion phase of the cycle will dominate this sector for the next four years. “While the recent slowdown in the country’s economic recovery and job gains has reduced leasing activity across much of the nation’s office sector, it has not had the same impact on the warehouse sector, with many surveyed investors calling the sector extremely healthy,” stated Susan Smith , editor-in-chief of PwC’s quarterly real estate investor survey. “While the U.S. multifamily sector remains a top investment choice, concerns about new supply and overpricing do exist, which has some investors looking to other sectors, like retail, which had been a bit taboo for many investors for quite a while, but is starting to regain attention even with the rising popularity of e-commerce.” Information about subscribing to the PwC Real Estate Investor Survey
Investor Outlook Through 2015 The PwC Real Estate Barometer included in the Survey tracks the anticipated performances of the four main property sectors (office, retail, industrial, and multifamily) from 2012 to 2015. For the office sector, even though the sector’s recovery as a whole lags behind other commercial
can be found at www.pwc.com/us/ realestatesurvey. About the PwC Real Estate Investor Survey™ The PwC Real Estate Investor Survey, now in its 25th year of publication, is one of the industry’s longest continuously produced quarterly surveys. The report provides overviews of 33 separate markets, including ten national markets -- regional mall, power center, strip shopping center, CBD office, suburban office, flex/ R&D, warehouse, apartment, net lease, and medical office buildings. The report also includes a review of 18 major U.S. office markets including Atlanta, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Manhattan, Northern Virginia, Pacific Northwest, Philadelphia, Phoenix, San Diego, San Francisco, Southeast Florida, Suburban Maryland, and Washington, DC. In addition, the report covers three regional apartment markets - - Mid-Atlantic, Pacific, and Southeast, and two regional warehouse markets - - East North Central and Pacific. In addition, the National Development Land Market is included in the second and fourth quarter issues while a comprehensive lodging report is included in the first and third quarters. The fourth quarter 2012 report also features up-to-date information relating to forecast periods, structural vacancy replacement reserves, forecast values, tenant improvement allowances, and vacancy assumptions. In addition, each issue of the survey contains over ten tables of market data focusing on value expectations, tenant improvement allowances, forecast periods, structural vacancy, and growth rates. About the PwC Network PwC firms help organizations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +. © 2012 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc. com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. www.prnewswire.com
Increasing Community Reviews Online Should On The Top of Your Marketing "To Do List" for 2013
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By Tami Siewruk
ere are few tips on how to increase the number of reviews you receive on Yelp and Google Places. These are very easy to use tips that can greatly improve the number of reviews. Why is this goal of increasing your online reviews so important? According to research by the Opinion Research Corporation (ORC), 84% of Americans say that their buying decisions are highly influenced by online reviews. Give this a minute of thought and you'll realize that you also read reviews make decisions based on what you have read. Also, the number of reviews the community has on Google Places, the rating, and frequency of those reviews is correlated with the visibility of your listing according to research and local search ranking factors. http:// www.davidmihm.com/local-searchranking-factors.shtml Increase review today by adding calls to action: The testimonials page on your website is not only a great place to add great reviews about your apartment community and company, but is also a great page to add a call to
action for residents to leave reviews. We made it easy by adding links to read and write reviews for Google, ApartmentRatings.com and Yelp. Make certain you and your teams are actively asking for reviews: Have call outs in your email signatures, on the leasing desks, and on all social media channels asking residents to leave reviews on the channels that are important to you. Link back to the resident reviews page on the website via social media posts so future residents can read great reviews and click to read or write reviews on the channel of their choice right from your website. We've seen great results for clients of whom we've added a reviews page linking to their resident's reviews profiles on Google Places, and Yelp. It's critical to make certain that the entire community team is encouraging residents to leave reviews on these channels by providing them with the direct URL to the reviews landing page on the community's website. Leave a card in each apartment where a service request has been taken care of... watch how call backs suddenly decrease!
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Expansion Moderates for Apartment Markets in January
fter a seven-quarter run, expansion moderated for apartment markets according to the National Multi Housing Council’s (NMHC) January Quarterly Survey of Apartment Market Conditions. For the first time since 2010, two of the four indexes – Market Tightness (45) and Sales Volume (49) – dipped below 50, though just barely. The two financing indexes show continued improvement for the 8th consecutive quarter, as the Equity Financing (56) and Debt Financing (57) Indexes remained above the breakeven level of 50. “The pace of improvement in the apartment industry is moderating, but the expansion remains solid,” said Mark Obrinsky, NMHC’s Vice President for Research and Chief Economist. “Lease-up demand is seasonally weak in January, which would fully explain the small drop in the Market Tightness Index. Beyond that, markets were quite tight three months ago, and remain tight today. New construction has picked up considerably since its 2009 low, but is still playing catch-
up with the increase in demand for apartment residences.” Key findings include: Financing remains constrained to top markets. Only 12 percent reported construction financing as available for all types of apartments in all markets. Similarly, slightly more than a quarter (28 percent) thought acquisition financing was available for all properties in all markets. For both construction and acquisition financing, 43 percent of respondents indicated that capital was available for primary markets but constrained in secondary and tertiary markets. Market Tightness Index declined to 45 from 56. The change ends an 11-quarter run for the index at 50 or higher. Fifty-nine percent of respondents said that markets were unchanged, reflecting stable demand conditions. One quarter of respondents saw markets as looser, up from 14 percent in October, while 16 percent viewed markets as tighter.
The Sales Volume Index decreased slightly from 51 to 49. Nearly half (47 percent) of respondents said that markets were unchanged, reflecting stable demand conditions. One quarter of respondents saw markets as tighter, with nearly the same (26 percent) indicating looser markets. The Equity Financing Index remained unchanged at 56. This reflects the 14th quarter in a row with the index above 50. Approximately two-thirds (68 percent) viewed equity financing as unchanged, while 20 percent of respondents thought equity financing was more available and only 8 percent indicated equity financing was less available. Debt Financing Index declined from 65 to 57. Seven in ten (71 percent) reported conditions as unchanged, and only 6 percent believed that borrowing conditions for debt financing had worsened – the eighth consecutive quarter in the single digits. Full survey data are available at www.nmhc.org/goto/61043.
About the survey: The January 2013 Quarterly Survey of Apartment Market Conditions was conducted January 7-14, with 87 CEOs and other senior executives of apartment-related firms nationwide responding. To view this release online, visit www.nmhc.org/goto/61044. Based in Washington, D.C., NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. One-third of Americans rent their housing, and over 14 percent live in a rental apartment. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.
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Multifamily Industry Set to Remain Strong Through 2013, Says NAHB
T
he multifamily sector has led the way in the recovery of the overall housing market and will continue to do so over the next several years, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas. The multifamily market has recovered substantially since the end of 2010 and now stands at about 70 percent of the way back to a sustainable level. “Last year was a banner year for the multifamily market, and our baseline forecast calls for further steady growth in the rate of multifamily production,” said NAHB Chief Economist David Crowe. “We are forecasting construction of 299,000 new multifamily residences in 2013. While this is an improvement from just a few years ago, it is still well below the 350,000 units that are required to keep supply and demand in balance.” Although the forecast calls for an increase in multifamily production, developers see several difficulties
that could hinder a full recovery. “A lack of capital is restraining the ability of developers in many markets across the country from being able to build apartment communities for residents of all income levels,” said Michael Costa, president and CEO of Highridge Costa Housing Partner LLC in Gardena, Calif. “Additionally, we are being faced with increases in the cost of building materials and construction labor, which makes it infeasible to build in certain circumstances.” There are several reasons for optimism, however. “The market continues to improve as new household formations generate demand, especially in the market-rate rental segment,” said Lance Swank, president of The Sterling Group in Mishawaka, Ind. “There is also a change in attitude toward renting—people like the flexibility it gives and the option to be able to easily move to another city or state for a job opportunity.”
January 2013 • Vol. 50 No. 1
THE OFFICIAL PUBLICATION OF THE ARIZONA MULTIHOUSING ASSOCIATION
Valley Vacancies at Lowest Level in Six Years By Pete TeKampe, Marcus & Millichap The Phoenix metro area in third quarter 2012 recorded its lowest apartment vacancy rate since third quarter 2006. Third quarter 2012 also saw the planning and zoning pipeline of new apartment development increase fivefold since third quarter 2010 and continued declines in concession offerings compared to one year ago. Third quarter 2012 marks the first time in six quarters in which asking rents were higher than those observed in the same period of the prior year. RENTS In third quarter 2012 Phoenix area average asking rents stood at $751, a $4 increase over third quarter 2011’s asking rents. As previously noted in Trends, reductions in vacancies and concessions would ultimately lead to modest asking rental rate increases.
Through November 30, 2012, year-todate eviction filings were up by four percent compared to the same period in 2011. As previously reported in Trends, eviction data have proven to be the most reliable indicator of apartment demand in the marketplace.
Light Rail transit all contributed to the area’s relatively high rents. The Chandler submarket had rents averaging $887 for the period, up $20 from one year ago. This submarket’s average rents are highly likely to exceed $900 by first quarter 2013.
Highest Submarket Rents in Third Quarter 2012
The Chandler submarket had rents averaging $887 for the period. This submarket’s average rents are highly likely to exceed $900 by first quarter 2013.
North Scottsdale/Fountain Hills ..... North Tempe ....................................... Chandler .............................................. South Scottsdale .................................. North Paradise Valley ........................
$962 $937 $887 $884 $862
North Scottsdale/Fountain Hills had the highest rents for third quarter 2012 at $962, a $10 increase over third quarter 2011’s rents for the area. This submarket also had the Phoenix metro area’s lowest vacancy rate in third quarter 2012 at 5.4 percent. One other submarket had an asking rent average above $900 for the period, North Tempe. New construction of apartments in the area, area desirability, expansion programs at Arizona State University and the Phoenix Metro
Lowest Submarket Rents in Third Quarter 2012 Central Black Canyon ........................ West Central Phoenix ......................... Metrocenter ......................................... West Phoenix ....................................... Glendale ...............................................
$570 $579 $608 $618 $624
Central Black Canyon rents in third quarter 2012 were $6 higher than those recorded in third quarter 2011. Area vacancies declined from 20.4 percent to 14.6 percent over the same timeframe. Moreover, for the first time in over two years, Central Black Canyon
did not have the Phoenix area’s highest vacancy rate in third quarter 2012. As previously noted in Trends, affordable rental housing within proximity of transportation corridors and employment centers has seen a demand surge. West Central Phoenix is the only other submarket with average asking rents under $600 for the period and this submarket and Central Black Canyon submarket were the only markets in the low rent category to record higher rents in third quarter 2012 than in third quarter 2011. “…Affordable rental housing within proximity of transportation corridors and employment centers has seen a demand surge.”
VACANCY Third quarter 2012 was the first time since third quarter 2006 in which Phoenix area vacancies were below nine percent. Vacancies in the period were 8.8 percent, down from 9.3 percent recorded one year ago. In third Continued on page 3
Governor’s Task Force Hire for the Best Fit, Not Recommends a Change To the Best Resume The Current Prime Contracting Tax System By Curtis L. Odom, Ed.D.
Recruiters are the ones out there on the front lines of the workforce, trying to bring talent into organizations; there are a lot of qualified people out there from a credential standpoint. Fit is where the true challenge lies. Will this person fit our organization? There are many meanings to that. Does the person look and feel to others like they belong here? The answers to those questions play a huge role in the talent acquisition success. Unfortunately, recruiting
By Courtney LeVinus and Jake Hinman, Capitol Consulting This past December, the Governor’s Transaction Privilege Tax (TPT) Task Force unanimously approved ten recommendations for simplifying Arizona’s complex taxing system. These recommendations were included in a Final Report issued to the Governor, the Senate President and the Speaker of the House. Included in the Final Report was the recommendation to transition the state away from the current prime contracting tax system and towards a system that taxes materials at the point of sale. Continued on page 5 Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
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and staffing is seen by the organization as an easy thing, as a lower level skill. On the contrary, it is probably one of the hardest things under the umbrella of talent management to find the right match of talent to the organization and the hiring manager that needs that talent. Organizations sometimes shy away from being very definitive about the type of person they want, commonly because they don’t want to be viewed as being biased in some way. Personally, I think this is erring too far on the side of political correctness. As a culture and a society, we’ve carried it way too far. Continued on page 2
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P L AT I N U M
ships and more to develop your companies’ hiring programs. I encourage you to visit the NAA’s website to review and use these resources. Pete TeKampe’s market report includes insights on how our competitors are performing in each submarket. The more we understand the regional and submarket fundamentals, vacancy rates and upcoming development, the more aggressive we can be about our own pricing. Smart operators will use this data to gutcheck their leasing rates and concessions. I’m always appreciative of the 30,000 foot look at the market each quarter to help me and my team understand the bigger picture. As always, the first few months of the new year are a busy time in our businesses. I hope that you and your families enjoyed the short holidays and I wish each of you a happy, healthy and prosperous new year! q
• Represents ethical rental housing providers in legislative, legal and regulatory matters. • Provides services, products, educational programs and networking opportunities that enhance the general welfare and economic health of all our members. • Cultivates opportunities for quality rental housing throughout Arizona.
OFFICERS CHAIR OF THE BOARD: Robert Hicks, Alliance Residential CHAIR ELECT: Kimberly Fitch, Nicolosi & Fitch, Inc. VICE CHAIR: Christine Shipley, Dunlap & Magee Property Management TREASURER: Chris Evans, HSL Asset Management SECRETARY: Amy Smith, Bella Investments IMMEDIATE PAST CHAIR: Lesley Brice, MC Residential
DIRECTORS David Adame, Tiempo, Inc. Vicki Allison, Allison-Shelton Real Estate Services Jen Ambrosius, Apartment Guide Chapin Bell, P.B. Bell Companies Reid Butler, Butler Housing Company John Carlson, Mark-Taylor Residential Mike Clow, Greystar Real Estate Partners Keri Conyers, Alliance Residential Liz Culibrk, Fairfield Residential Amy Davidson, Cox Communications Kohl Eisenhour, Riverstone Residential Ken Gould, Madeline’s Meticulous Adam Greco, Burns Pest Elimination Matt Koglmeier, Koglmeier Law Group, PLC David Kotin, Kay-Kay-Realty Lesa LaRocca, Riverstone Residential Pam McCarthy, Simply Better Management Omar Mireles, HSL Asset Management Greg Morehead, Fairfield Residential Melanie Morrison, MEB Management Services Kim Pacheco, Scotia Group Management Dale Phillips, Mark-Taylor Residential Jim Pierson, Legacy Capital Advisor Erica Reinke, Camden Property Trust John Rials, Greystar Real Estate Partners Mike Rochon, Distinctive Carpets, Inc. Mark Schilling, MEB Management Pam Shelton, Allison-Shelton Real Estate Services Pamela Sullens, Silver Mountain Real Estate Group Ike Tippetts, Rainforest Plumbing & Air Rondetta Troutman, Picerne Real Estate Group Debbie Willis, P.B. Bell Companies Lynn Zoroya, Redi Carpet
“Thank you Platinum Members” Adanac Enterprises Corp. Apartment Guide Apartments.com/Republic Media Burns Pest Elimination Cox Communication Kowalski Construction, Inc. Law Offi ces of Scott M. Clark, P.C. Pinnacle Restoration Rainforest Plumbing & Air Redi-Carpet-Arizona Valley Protective Services, Inc.
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THANK YOU
With the economy starting to recover, we are seeing the employment market change as well. Job seekers who are eager for work seem to be searching for a more permanent opportunity where there’s a clear career path or opportunities for growth. In my opinion, our multihousing industry is well poised to welcome these new employees into our industry. Could there be a more important challenge and opportunity for our industry that the development of a talent pipeline? We work an industry of people – our leasing teams, our residents and our maintenance teams. Our success relies on our talented people and the training that we offer them. The better they are, the most successful we will become! And the cost of this talent is one of the largest budget items for our com-
panies. Turnover impacts our companies in a number of ways. To recruit, screen, hire and train new employees takes time and money. It’s in our best interest to more intentional about our hiring and invest in talented team members so we can retain them for the future. Looking forward to February, national Apartment Careers Month, I am reminded of how important this work is to our companies. I’m appreciative of the coordinated efforts that the Arizona Multihousing Association has undertaken in the past two years to support us in these recruitment efforts. Our Jump Start program reports a steady pipeline of engaged applicants who commit to learning more about the variety of career opportunities available in our industry. The NAA, our national association, has developed a number of initiatives that teach companies how to create mentoring programs, college partner-
The Arizona Multihousing Association:
Tom Simplot, President & CEO tsimplot@azama.org
Rachael Ekstrom, Membership Assistant rekstrom@azama.org
James Tunnell, Membership, Sales & Retention Manager jtunnell@azama.org Direct Line: 602-296-6212
Brooks Hansen, Community Outreach Assistant bhansen@azama.org
Lucina Chavez, Community Relations Manager lchavez@azama.org Direct Line: 602-296-6213 Erika Kowalski, Accounting Manager ekowalski@azama.org Direct Line: 602-296-6210 Robert Schmitz, Education Manager rschmitz@azama.org Direct Line: 602-296-6204 Michelle Rill, Events Manager mrill@azama.org Direct Line: 602-296-6205 Desi Brinkman Events and Education Assistant dbrinkman@azama.org
For information on the AMA Patron Member levels contact us at 602-296-6200. Apartment News • January 2013
Cassidy Campana, Communications Manager ccampana@azama.org Direct Line: 602-770-6014 Todd Bradford, Manager of Membership Benefit Services tbradford@azama.org Direct Line: 602-377-2553 Cathy A. Wagner, AMA Tucson – Director of Administration cwagner@azama.org Direct Line: 520-323-0643 FREE ext 401 Joanna Grassinger, AMA Tucson – Marketing & Member Relations jgrassinger@azama.org Direct Line: 520-323-0643
Apartment News (ISSN 0746-0686) is published monthly by Professional Publishing, Inc. for the Arizona Multihousing Consulting Corporation. Advertising rates available upon request. We are not responsible for nor guarantee any information, statements, products or services of any advertisers in the publication. The articles herein do not necessarily represent the views of the corporation or the majority of its members, unless so stated. Reproduction in part or whole is forbidden without written permission. Complete control, management and ownership along with the copyright and trade name belong to the Arizona Multihousing Consulting Corporation, 818 North 1st Street, Suite L160, Phoenix, AZ 85004. Periodical postage paid at Snohomish, Washington.
Copyright © 2012 Arizona Multihousing Consulting Corporation. All rights reserved. POSTMASTER: Please send address changes to: Apartment News, PO Box 698, Portland, OR 97207-0698. Phone: 602-296-6200 or toll-free 800-326-6403. FAX: 602-296-6178. Tucson Office: Phone: 520-323-0643. FAX: 520-323-3399
1
ArizonA Multihousing AssociAtion Hire ...continued from front page One of the biggest things that frustrates hiring managers is that recruiters take too long to get the talent the company needs. In reality, the business doesn’t understand what the recruiter is doing. When the hiring manager says, “I need a business development manager. I want them to have 10-12 years worth of experience. I want them to have worked for a Fortune 100 Company, and have a book of existing clients. I want this person to be in the local area, because I’m not paying for relocation.” All of these unique factors not only Talent management is about sourcing candidates for knowledge, skills, and abilities to accomplish the organization of today’s goals. It stresses the importance of hiring based on the right fit for the individual and the organization. shrink the candidate pool and restrict the options of what the recruiter has to work with, but also increases time to hire. I am sticking up for recruiters here and acknowledging that this is what they are faced with daily. Once the hiring manager says, “Do you have everything you need? You’re going to get me this person. Great. Thanks. Bye,” the clock starts for the business leader right then and there. In reality, the recruiter takes this information and has to create the job requirement if it doesn’t exist. That
might take two or three days to write it, review it, post it, and start to field resume submissions from applicants. It might be three weeks or a month before the recruiter even starts to get candidates in for interviews from when the posting went up based on conversations with the hiring leader. The hiring leader is ticked off. “It’s been two months. Where is this per-
middle of the daytime trying to find someone’s shadow. They’ve been given this exacting description of what skills they need to find but they have not had time to get a head start on trying to find that person. And they get very little respect or thanks when they do find the needles in the haystack. I think we’re coming to a point
son I need?” Without constant contact from the recruiter back to the hiring leader, the hiring manager doesn’t know the particulars of the situation, or what goes on behind the curtain. They think, “Next time I’ll hire an outside agency so I can get this done in less time!” Unfortunately, that’s what happens to internal recruiters. They are out there with a flashlight in the
where things are going to stabilize, because nothing lasts forever—even the downturns, even the bad times. We’re going to reach a point of stability. And when that does happen, you will find a lot of organizations that are going to start to think differently. They’re not going to ever want to return to talent firefighting, and they’re will now be thinking, “We never want to go through that again. We want to
at least be able to mitigate our exposure to the whims and vagaries of the markets and economics.” The only way to do that is to literally have as lean and as flexible an organization as possible. That means do more with less. To do more with less, you have to have top talent and processes to enable that talent to do their jobs while pioneering a new paradigm. You can’t do more with less if the people that you’ve got do not have the capability to pull it off. The best way to find those people is to grow them. You can’t just hire them; because if you always go outside to hire them that means that you had to go out and poach them, which costs money and is not a long-term solution to a recurring problem. Corporations and organizations over a twenty-year period have had to resign themselves, to hire and replace, hire and replace. If you don’t have the type of talent management savvy that gives Gen Xers comfort enough about their career with your organization, they will go elsewhere, and you will consistently need to hire and replace. A properly structured talent management strategy such as a “talent farming” strategy can dramatically cut the cost of that impact and can guarantee you, perhaps, a seven-figure savings over the long Continued on page 19
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Apartment 11/29/12 News • January 9:48:51 2013 AM
ArizonA Multihousing AssociAtion Valley ...continued from front page quarter 2009, Phoenix area vacancies were 15 percent. Restricted inventory, modest job growth, declines in foreclosures, tightening single family rental market conditions and relocations of home consumers to Phoenix have all contributed to the vacancy declines. Highest Vacancy Rates in Third Quarter 2012 Southeast Central Phoenix ... Central Black Canyon ........... North Central Phoenix ......... Uptown Central Phoenix ..... Glendale ..................................
15.7 percent 14.6 percent 13.1 percent 11.7 percent 11.6 percent
Central Black Canyon usually holds the top spot for highest vacancy rate for a submarket. In third quarter 2012, Southeast Central Phoenix recorded the Phoenix area’s highest vacancy rate. And, for second time since second quarter 2008, Central Black Canyon recorded vacancies under fifteen percent. As previously noted, the area lost a significant amount of rental housing demand due to the economic downturn of the past few years and controversial immigration legislation. Central Black Canyon is slowly gaining improvements in apartment occupancy due to its affordability and proximity to jobs and transportation options. Lowest Vacancy Rates in Third Quarter 2012 North Scottsdale/ Fountain Hills .................. South Scottsdale & Southeast Valley (tie) ...... Ahwatukee ............................... East Mesa/Apache Junction & Central Valley (tie) ...... North Paradise Valley .............
5.4 percent 5.6 percent 6.1 percent 6.3 percent 6.8 percent
North Scottsdale/Fountain Hills in third quarter 2012 recorded the lowest vacancy rate and the highest rent in the Phoenix metro area. North Scottsdale and South Scottsdale account for 37 percent of the new development pipeline in various planning stages. Central Valley is a submarket which typically has the lowest concession ratio in the Phoenix area also is among the lowest vacancy rate submarkets due to its communities being served by the Phoenix Light Rail Transit System. As environmental consciousness increases and home consumers’ desire to simplify their lives, apartment buildings in any submarkets served by the LRT system are likely to experience low vacancies and low concessions and rental rate increases. As environmental consciousness increases and home consumers’ desire to simplify their lives, apartment buildings in any submarkets served by the LRT system are likely to experience low vacancies and low concessions and rental rate increases. Largest Percentage Rent Increases from Third Quarter 2011 to Third Quarter 2012
South Scottsdale ...................... South Phoenix .......................... East Mesa/Apache Junction .. North Tempe ............................ East Central Phoenix ............... Apartment News • January 2013
7.3 percent 5.9 percent 4.6 percent 4.3 percent 2.5 percent
South Scottsdale’s average rents increased 7.3 percent from third quarter 2011 to third quarter 2012. Rental increases were fueled by South Scottsdale’s vacancy falling over the last year from 9.3 percent to 5.6 percent. Modest asking rental rate increases for the period occurred ranging from 5.9 percent in South Phoenix to 2.5 percent in East Central Phoenix. Largest Percentage Rent Decreases from Third Quarter 2011 to Third Quarter 2012
Northwest/ Southwest County ........ Moon Valley/North Mountain ......................... West County ........................... Ahwatukee .............................. Metrocenter .............................
-4.9 percent -4.5 percent -3.8 percent -3.1 percent -2.3 percent
Northwest/Southwest County landlords lowered rents 4.9 percent since last year, mainly in response to the area’s 100 percent concession ratio and to keep area vacancies from increasing. Moon Valley/North Mountain landlords lowered rents over the past year to combat area vacancies and to remain competitive with single family homes in the area which are competing against apartments for rental home consumers. CONCESSIONS Third quarter 2012 saw a slight increase in concessions over second quarter 2012 concession levels and a lower concession ratio compared to third quarter 2011. The concession ratio in third quarter 2012 was 71 percent, down from 74 percent in third quarter 2011. Highest Percentage of Communities Offering Concessions in Third Quarter 2012 Northwest/ Southwest County ............ 100 percent Northwest Black Canyon ........ 91 percent Glendale ..................................... 90 percent West Phoenix ............................. 89 percent Metrocenter ............................... 86 percent
Every property in the Northwest/ Southwest County submarket offered concessions during third quarter 2012. Landlords lowered rents over the past year and area vacancies in third quarter 2012 were kept low at 7.2 percent. All of the other high concession submarkets are on the west side of Phoenix. Lowest Percentage of Communities Offering Concessions in Third Quarter 2012 Central Valley ............................ 30 percent Ahwatukee ................................ 38 percent North Paradise Valley .............. 42 percent North Scottsdale/FH ............ 52.7 percent South Tempe .......................... 53.3 percent
Central Valley in third quarter 2012 remained as the submarket with the lowest concession ratio for the period. Central Valley’s access to LRT and jobs are the reasons why area concessions are so low. Ahwatukee, a supply-constrained market, was the only other submarket in the Phoenix area with a concession ratio below 40 percent.
As of third quarter 2012, there were thirteen projects totaling 2,742 units scheduled for- or under construction. In addition, the planning pipeline comprises 71 projects totaling 20,275 units.
was observed in the area in third quarter 2011. Vacancies increased from 9.3 percent in third quarter 2011 to 10.1 percent in third quarter 2012. In 2012, through third quarter the city added 758 new apartment units. q
NEW CONSTRUCTION In third quarter 2012 there were two projects totaling 439 units added to the Phoenix area’s multifamily housing stock. As of third quarter 2012, there were thirteen projects totaling 2,742 units scheduled for- or under construction. In addition, the planning pipeline comprises 71 projects totaling 20,275 units. In third quarter 2010, the apartment planning and zoning pipeline comprised nineteen projects totaling 3,753 units.
Pete TeKampe is a commercial real estate agent who specializes in creating value for private real estate investors. He holds the title of Vice President Investments at Marcus & Millichap, a national commercial real estate brokerage firm. He can be reached at ptekampe@marcusmillichap.com or at 602-687-6767. *Source: RealData Inc/ Phoenix; Peter E. TeKampe, P.C.
TUCSON In third quarter 2012, area rents were $629 compared to $626 which
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ArizonA Multihousing AssociAtion
AMA Selects Sterling Grant as Insurance Partner By Todd Bradford, AMA
T
he Arizona Multihousing Association is pleased to announce their new Insurance Endorsement Agreement with Sterling Grant and Associates (Sterling Grant). Earlier this year, the AMA Board of Directors appointed a committee to review the association’s insurance
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program and to evaluate the respondents to a Request for Proposal (RFP) sent to members for the opportunity to become the AMA’s endorsed insurance program for the upcoming years. There were many companies who responded to the RFP, and after careful review, Sterling Grant and Associates was selected to become the Association’s new partner by demonstrating the best combination of a strong insurance and risk management programs for AMA members, while maximizing the return to the Association. Sterling Grant has an insurance program designed specifically for AMA’s membership. Designed to meet the needs of all AMA members by providing maximum premium discounts, Sterling Grant’s program can insure single family homes as well as up to $2 billion in any one multifamily portfolio. Liability limits available up to $100 million, coverages that meet or exceed all lender requirements, and guaranteed acceptance to AMA members are but a few of the benefits of this program. Coverages provided meet or exceed all lender requirements, and all of their insurance carriers meet or exceed all lender financial size requirements. They also have many resources to help with AMA’s members’ risk
management needs including free custom manuals, free employee training, and are willing to assist with the Five STAR program, as members request, at no additional charge to AMA members. So far, the AMA has received many positive responses from membership regarding the choice of Sterling Grant as the endorsed carrier. “The Sterling Grant insurance program fit our needs and budget. We look forward to expanding our coverage with them in the future,” said Robert Hicks, Vice President at Alliance Residential Company, and current AMA Chairman of the Board. Sterling Grant is not limited to providing Property and Casualty insurance, but also offers renters insurance, Life Health and Disability, and Excess and Surplus Lines as well. They are well positioned in the market to meet all of our members’ insurance needs. The AMA is also excited to have Laura Milne as the exclusive AMA Member Representative from Sterling Grant. She is the Managing Member of Sterling Grant, as well as the Vice President of Operations. Her experience runs deep, with over 15 years as an insurance professional – she is licensed as a broker as well as an agent. The RFP committee felt strongly that
the endorsed company needed to have a face in the association – someone the members could call not only for bids and coverage, but when they might need extra assistance. Laura Milne is that person, and has proven herself, pleasant and professional to work with. We are confident that she will serve our members well. She will handle all AMA members for Sterling Grant, and members will work with her on providing bids on insurance, and supporting AMA committees and programs as well. John Rials, Managing Director from Greystar, and Past AMA Chairman, has been more than satisfied with Sterling Grant as a broker. “Sterling Grant has been very responsive to our needs, many times under a very short deadline. Although Sterling Grant is only one of our insurance brokers, we consider them to be our partners in improving safety while reducing costs.” The Insurance Endorsement Program benefits AMA members by not only providing for the insurance needs of members, but directly supports the Association and helps to provide the necessary funding for programs throughout the year. q
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Apartment News • January 2013
ArizonA Multihousing AssociAtion AZ Sales Tax ...continued from front page Arizona is one of only a few states that do not tax materials for construction as retail at the point of sale. Instead, Arizona administers a taxing system based on prime contracting activities which is not only burdensome for the business community to comply with, but difficult for the state to administer. The Task Force believes that taxing materials will result in some level of tax relief for contractors who have been compliant and will also result in less opportunity for tax avoidance. Most importantly it reduces the regulatory burden and allows businesses to focus on their trade rather than navigating the complicated tax system. The Transaction Privilege Tax Task Force was established through an Executive Order issued by Governor Jan Brewer in May of 2012. The Task Force included tax experts, business owners and municipal representatives. The creation of the TPT Task Force was due to the general consensus in the business community that Arizona maintains one of the most complex sales tax systems in the nation that is not only difficult for business owners to comply with, but for the state to administer. There is no common sales tax standard for the state and all of the local jurisdictions, which often times forces business owners to
Apartment News • January 2013
hire dedicated employees or consultants in order to effectively navigate through Arizona’s sales tax codes. Prime contracting was not the only area that the Task Force looked to address. The Task Force also made the following recommendations in the Final Report: • State and local governmental entities, in cooperation with taxpayers, should aggressively work to standardize the tax base, definitions, and interpretations of taxable transactions to the maximum extent possible. • Any future proposed changes to the tax base by either the state or a municipality should be scrutinized and should not be enacted without a clear understanding of the potential impact of such a change on state and local standardization and budgets. • State law should provide for statewide TPT administration. • State, cities and towns should standardize TPT licensing. • When fully implemented, the online portal required by HB 2466 should be expanded to have all licenses be issued and all TPT tax returns filed through the portal. • State law should allow only a single audit, in accordance with existing statutory schedules, including a multi-jurisdictional audit if applicable.
• State and local governments and taxpayers should continue to monitor and provide feedback to Arizona’s congressional delegation regarding federal legislation allowing state taxation of online retail and remote sales. • The Arizona State Legislature should act to ensure Arizona is well-positioned to benefit from the taxation of online retail and remote sales by passing legislation clarifying that taxable transactions are sourced at the destination for both state and local taxes.
• Economic analysis of the impact of taxation on online retail and remote sales should be continued. As of December there has yet to be any specific legislative proposal in draft form. However we anticipate that some of these recommendations, if not all, are considered by the legislature this session. The Final Report can be viewed on the Governor’s web site, www.azgovernor.gov/TPT. q Courtney LeVinus is a principal with Capitol Consulting and Jake Hinman leads legislative affairs for the firm. They can be reached at 602.712.1121.
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ArizonA Multihousing AssociAtion
February is Apartment Career Month! One of the best retention strategies for companies is EDUCATION. The AMA is proud to offer a variety of classes for members and their employees to earn their national industry designations or build their skills. National Industry Designations Industry training and continuing education are the vital links between
an employee and the industry. There are several nationally recognized industry designations offered by NAA Education Institute (NAAEI) and your local apartment association, in addition to a multitude of issue-specific classes that can only help you to progress professionally and pursue any position in the industry that you desire. Education offerings undergo intensive annual reviews and are revised
as standards change and expand. Click on the links below to view more information about each of NAAEI’s nationally-recognized designations. • Certified Apartment Manager (CAM) • National Apartment Leasing Professional (NALP) • Certificate for Apartment Maintenance Technicians (CAMT)
The professional and personal benefits of perfecting and boosting your job skills through NAAEI’s designation programs and other continuing education opportunities are an invaluable way for you to shine as a top performer. q
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Apartment News • January 2013
ArizonA Multihousing AssociAtion
Apartment and Condominium Market Remains Steady in Third Quarter The Multifamily Production Index (MPI), released by the National Association of Home Builders (NAHB) today, remained steady with an index level of 52. It is the third straight quarter with a reading over 50. The MPI, which measures builder and developer sentiment about current conditions in the apartment and condominium market on a scale of 0 to 100, was essentially unchanged in the third quarter, only dropping two points from 54 in the second quarter. The MPI provides a composite measure of three key elements of the multifamily housing market: construction of low-rent units, marketrate rental units and “for-sale” units, or condominiums. The index and all of its components are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse. In the third quarter of 2012, the MPI component tracking builder and developer perceptions of market-rate rental properties recorded a level of 69 and has been over 60 for five consecutive quarters—the longest sustained period of strength since the inception of the index in
Apartment News • January 2013
2003. For-sale units had its highest reading since the fourth quarter of 2005, coming in at 44, while low-rent units dropped 15 points to 46. “The market-rate apartment and condo markets continue to improve as household formations generate demand,” said W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB’s Multifamily Leadership Board. “As young households find sustainable employment, most are renting in new apartment communities.” The Multifamily Vacancy Index (MVI), which measures the multifamily housing industry’s perception of vacancies, dropped three points 33. With the MVI, lower numbers indicate fewer vacancies. After peaking at 70 in the second quarter of 2009, the MVI declined consistently through 2010 and has been at a fairly low level throughout 2011 and 2012. “The multifamily market has recovered substantially since the end of 2010, and now stands at about 70 percent of the way back to a sustainable level. Our baseline forecast calls for further steady growth in the rate of multifamily production,” said NAHB
Chief Economist David Crowe. “However, there are reasons for concern, especially at the affordable end of the rental apartment market, where builder confidence dropped dramatically in the third quarter. That was likely due to a specific provision of the Low-Income Housing Tax Credit set to expire at the end of the year. The prospect of dealing with this is making lower-rent projects difficult to underwrite. Ongoing deficit-reduction negotiations in Congress need to address this issue, or a serious shortage of affordable rental housing may develop.”
Historically, the MPI and MVI have performed well as leading indicators of U.S. Census figures for multifamily starts and vacancy rates, providing information on likely movement in the Census figures one to three quarters in advance. For data tables on the MPI and MVI, visit www.nahb.org/mms.. q
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ArizonA Multihousing AssociAtion
Apartment Industry Issues Housing Finance Reform Key Principles: Calls for Ongoing Federal Role to Ensure Capital in All Markets at All Times As lawmakers consider housing finance reform, the meaningful differences between the single-family and multifamily sectors require unique solutions for each. The National Multi Housing Council (NMHC) and National Apartment Association (NAA) Joint Legislative Program has issued a white paper outlining the key principles a reformed housing finance system needs to embrace to preserve liquidity and stability for the wellperforming multifamily sector. One in three Americans rent, and apartments are helping meet the housing needs of 17 million households across all income levels in every corner of the country. But the private apartment sector’s ability to meet the growing demand for rental housing depends on consistently reliable and competitively priced capital. “The industry supports a return to a system dominated by private capital; however, even in healthy economic times, private capital has not been able to meet the broad
liquidity needs of the apartment industry,” said NMHC President Doug Bibby. “A private-only housing finance system results in an overabundance of capital for high-end properties in top-tier markets, but leaves secondary and smaller markets underserved,” said Bibby. “Private capital is returning to the market, but as has been the case historically, it is concentrating in a handful of cities and on trophy assets.” “Ensuring capital is available in all markets and at all times so the apartment industry can continue to provide housing from coast to coast and should be the goal of housing finance reform,” said NAA President, Doug Culkin, CAE. The NMHC/NAA white paper points out that the very successful multifamily programs of Fannie Mae and Freddie Mac were not part of the meltdown and have actually generated $7 billion in net profits to the government since conservatorship.
IS YOUR BUSINESS LOST IN A CORNFIELD?
“A solution that doesn’t recognize the unique needs of the multifamily sector would have disastrous consequences for the nation’s supply of workforce housing,” said Culkin. A reformed housing finance system should retain the successful components of the existing multifamily programs in whatever succeeds them. The key principles for multifamily housing reform as outline by the NMHC/NAA white paper are: 1. Provide Access to Federal Credit Support 2. Provide Broad Liquidity Support at All Times, Not Just “Stop-Gap” or Emergency 3. Mission Should Focus on Liquidity, Not Mandates 4. Restrict Federal Credit Support to the Security Level 5. Support Private Capital and Protect Taxpayers Through Effective Guarantee Structure and Pricing 6. Encourage Competition 7. Empower a Strong Regulator 8. Impose Effective Capital Requirements 9. Retain Limited Portfolio Lending (without a Federal Guarantee) While Expanding Securitization 10. Reduce Existing Portfolios in a Responsible Manner 11. Create Certainty and Retain Existing Resources/Capacity During the Transition
The key principles outlined by NMHC/NAA reflect meaningful differences between the current/ historical GSE structure and a future one. The four main differences are: 1. Government Guarantee at the Security Level Only 2. Separately Accounting for Multifamily Activities 3. Market Pricing to Avoid Crowding Out Private Capital 4. Limited and Capped Retained Mortgage Portfolios NMHC/NAA’s white paper is available at www.nmhc.org/goto/ FinanceReformPrinciples. For more than 20 years, the National Apartment Association (NAA) and the National Multi Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 170 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of Americans rent their housing, and more than 14 percent of all U.S. households live in an apartment home. For more information, contact: NMHC at 202/974-2300 or info@ nmhc.org or www.nmhc.org. NAA at 703/248-9440 or carole@ naahq.org or www.naahq.org/governmentaffairs. q
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Apartment News • January 2013
ArizonA Multihousing AssociAtion
The Tax Man Cometh for Your Real Estate Income By Jeneé Hilliard As part of the financing of Obama Care, Congress created Internal Revenue Code Section 1411, which created a new 3.8 percent Medicare tax. The new Medicare tax will take effect on January 1, 2013, and will apply to net investment income of individuals with a modified adjusted gross income of at least $200,000 ($250,000 for couples filing jointly). The tax will apply to the lesser of (1) the taxpayer’s total “net investment income” for the year, or (2) the amount by which the individual’s total income exceeds $200,000 (or $250,000 for married couples filing jointly). This new tax will hit real estate investors hard. Investment Income Includes Rental Income Under the new code provision, “net investment income” is defined to include “gross” rents. Even though “gross” rents are subject to the new Medicare tax, the “gross” rents can be reduced by deductions properly allocable to the rents. We expect that this will allow an individual to deduct depreciation, interest expense, property taxes, insurance payments, and other rental property expenses before determining the amount of “gross” rents subject to the new Medicare tax (although it does cause concern that Congress used the term “gross rents,” if it is actually intended to mean “net” rents). Exception for Real Estate Professionals One way to avoid the tax is for a taxpayer to qualify as a real estate professional and for the taxpayer to materially participate in the real estate activities that generate the rental income. To be a real estate professional, a taxpayer must (1) spend more than half her time in real estate businesses and (2) perform more than 750 hours of service per tax year in a real estate business. Real estate businesses include businesses that participate in rental, leasing, real property development, construction, acquisition, conversion, operation, management, or brokerage activities. But any services performed by a taxpayer in a real estate business
as an employee will not be counted toward meeting the “real estate professional” participation requirements unless the taxpayer is also at least a 5-percent owner of its employer. A taxpayer will be treated as materially participating in the real estate activities that generate the rental income if the taxpayer: (1) provides at least 501 hours of service to the business during the tax year, (2) provides substantially all the services for the business (after evaluating participation from nonowners), or (3) provides at least 101 hours of service to the business during the tax year if no other person provides more service to the business (after evaluating participation from nonowners). For example, a real estate professional who also individually owns 35 rental properties but hires a property manager and performs very few services related to the rental, operation, or management of the properties will not have materially participated in the activities that generated the rental income and may therefore be subject to the new Medicare tax. The real estate professional exception is narrow, but many real property developers, property managers, and brokers who own their own companies and also materially participate in the management and operation of their own rental properties will not be subject to the new Medicare tax. This also means that the rental income for any taxpayer who is not properly classified as a real estate professional will be “net investment income” and may be subject to the new Medicare tax.
owns real estate or not) and may be subject to the new Medicare tax. Similarly, the partnership rental income allocated to a partner who does not materially participate in the rental business of the partnership will be “net investment income” and may be subject to the new Medicare tax. Investment Income Includes Gain on Sale of Real Estate In addition to applying to “gross” rents after deductions, the new Medicare tax also applies to the net gain on the disposition of any real property not held in a real estate business. This means that gain on the sale of a principal residence may be subject to the new Medicare tax to the extent the gain is not sheltered by the principal residence exclusion. This also means that the gain on the sale of appreciated rental property may also be subject to the new Medicare tax unless the gain on the sale is not recognized, for example, as a result of a taxpayer’s completing a Section 1031 exchange.
Tax-Saving Ideas The new Medicare tax casts a wide net to tax rental real estate income and capital gains on sale. Individuals who anticipate being subject to the new 3.8 percent Medicare tax may want to engage in advance tax planning before the tax becomes effective, for example, by selling appreciated real estate in 2012 to avoid the new Medicare tax or investing in tax-free income-producing assets instead of rental properties. The new Medicare tax may provide an additional incentive for taxpayers to complete a Section 1031 exchange after January 1, 2013. q For further information about Medicare tax and real estate income, contact Jeneé Hilliard at (503) 205-2505 or at jenee. hilliard@millernash.com.
Please Visit Us At www.azama.org
Application to Entities Although the new tax applies to individuals, but not to partnerships, limited liability companies, or corporations, taxpayers that own real estate investments indirectly through an entity will not avoid the new Medicare tax. With respect to corporations (including S corporations), the dividends received by a shareholder will automatically be “net investment income” unless the shareholder materially participates in the business (regardless of whether the corporation
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ArizonA Multihousing AssociAtion
Will You Be Prepared for the Next Hurricane Sandy? Asset Protection Specialist Offers Disaster Safeguarding Tips As the beleaguered residents of New York City and New Jersey continue to put their lives back together, asset protection lawyer Hillel L. Presser reminds Americans – it could happen to you! “We’ve seen some bizarre, destructive weather in recent years – nearly 1700 tornadoes in 2011, extreme drought this year and Hurricane Sandy followed up with a Nor’easter, just to name a few,” says Presser, author of “Financial SelfDefense (Revised Edition),” www. assetprotectionattorneys.com. “And we can expect more of the same. AccuWeather is forecasting major snowstorms from North Carolina to New York City in January and February; severe storms across the South, with the possibility of tornadoes and flash flooding; and a growing drought in the Northwest that carries the potential for more wildfires.” People should take steps now, before a crisis, to make sure they’re protected, he says. “If your tree falls on your neighbor’s house in a storm, will you be prepared for a lawsuit?” he asks. “Is your important paperwork in a safe
place where you’ll be able to access it if your home floods, like so many people in New York and New Jersey?” He offers these tips for safeguarding your assets now: • Protect your assets from lawsuits. One way to do this is by protectively titling non-exempt assets. Exempt assets vary by state and may include such things as your primary residence and personal furniture; make sure to check your specific state exemptions – those items generally should not need any extra protection. However, non-exempt assets, such as bank accounts, recreational vehicles and the like, should be titled in the names of corporations, limited partnerships, domestic trusts and other entities. • Have adequate insurance. In fact, over-insure your assets! Those include -- but are not limited to -- your car, home, and other valuables. You never know what you could lose in a natural disaster. • Diversify your assets geographically. This is extremely important in the case of natural disasters. Use international asset protection to
help disperse your valuables into some non-U.S.-based jurisdictions. • Safeguard your paperwork. Collect and copy all paperwork and have it accessible in the event you must evacuate. Give the second copy to a trusted financial advisor, attorney or trustee for safekeeping. Take a video of every room and keep an itemized asset list with your paperwork. That way, you’ll have the documentation to present to your insurance company when filing a claim. Photos and videos, as well as receipts and documents showing the value of those assets will help. • Safeguard your business. Create a plan of action to implement in the event of a natural disaster, and practice implementing it. Hurricane Sandy illustrated the problems business owners faced in trying to resume operations during widespread power outages and equipment destroyed by floodwaters. Do you have a generator? Can you utilize cloud computing? Keep a record of all payrolls and business documents remotely so that if you don’t have access to your business dwelling, you can
A
still access copies of all important business documentation. • Make sure your estate plan is up to date. Everyone should have an updated Estate Plan, including minor children. Choose one trustworthy person to be the executor of your estate. This person should have a hard copy of your financial account information and list of your assets, including intellectual property and passwords that you can access in the event of a natural disaster. q Hillel L. Presser’s firm, The Presser Law Firm, P.A., represents individuals and businesses in establishing comprehensive asset protection plans. He is a graduate of Syracuse University’s School of Management and Nova Southeastern University’s law school, and serves on Nova’s President’s Advisory Council. He also serves on the boards of several non-profit organizations for his professional athlete clients. He is a former adjunct faculty member for law at Lynn University. Complimentary copies of “Financial Self-Defense” are available through www.assetprotectionattorneys. com.
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Apartment News • January 2013
ArizonA Multihousing AssociAtion
APTS Awards, Promotions, Talent, Success
“Lesa’s mastery of property management fundamentals embodies true leadership,” said Steve Davis, division president, West. “Mark’s proven real estate acumen will leverage new opportunities,” said Stephanie Brock, division president, Riverstone Residential “LaRocca has earned a reputation as one of the top performing leaders in the region and creates a positive impact in the culture of the organizations where she leads. Her personal skills, blended with professional acumen, have made her one of the most respected business leaders in Arizona’s multifamily market.” Tom Simplot, AMA President and CEO
Riverstone Residential Group, one of the largest privately-owned, thirdparty multifamily property management companies in the United States, recently announced that Lesa LaRocca will join their organization as the senior vice president for the company’s Desert region, which includes markets in Arizona, southern Nevada, New Mexico, and Western Texas. LaRocca, a multifamily professional since 1987, holds extensive expertise on both the owner- and fee-managed aspects of the business. Her experience covers a diverse portfolio of assets, including lease-up communities and repositioned assets. Most recently, she held the position of regional vice president for Weidner Investments. Additionally, LaRocca previously served as one of the managing partners for Trillium Residential. LaRocca has served on the board of directors for the Arizona Multifamily Association since 2005, and served as the chairwoman of the board for the organization in 2011. LaRocca holds a bachelor of arts degree in business communications from Arizona State University. Riverstone Residential manages a portfolio of multifamily assets valued
at more than $17 billion for leading institutions, pension funds, developers and other major owners. Riverstone’s portfolio includes more than 700 communities and 170,000 apart-
ment homes under management. The company is headquartered in Dallas, TX. q
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9/12/2012 8:41:34 AM
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ArizonA Multihousing AssociAtion
Holiday Happy Hour at the Ritz By Jim Kowalski, Associate Member Chair
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record-breaking 70 Associate Member Companies hosted this year’s AMA Holiday get together; please be sure to thank them for their support! (Look for a listing of host companies in this edition of the Apartment News.) We relocated
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our event back to the Ritz after celebrating last year at the Montelucia. With about the same number of guests attending this year as last, the smaller room provided more of a bustling, intimate feel. Thank you to all the regular members for coming out and joining us for the holiday celebration. Special thanks to all the Board Members (and there were many) who were able to attend. I hear often from
the Associate Members how much they appreciate your attendance and participation. Also, I’d be remiss if I didn’t thank the hard-working staff at the AMA, in particular, Michelle Rill & Brooks Hansen. Many people went home with some fabulous items from a very large silent auction benefitting AMAPAC. Bidding is both a way to purchase a nice gift and also to help the AMA
and our industry as a whole. There seemed to be something for everyone, and I want thank all those who donated items which contributed to the great success. The biggest bargain of the night had to be the opportunity to take home a car for a $5 donation to Big Hearts for Little Hands, benefitting UMOM New Day Centers. The car, a Continued on page 13
Apartment News • January 2013
ArizonA Multihousing AssociAtion Holiday ...continued from page 12 2008 Toyota Yaris was generously donated by Kwik Tow. This car has had terrific exposure, having been to many community events and properties as an added incentive to enhance tickets sales. So, in addition to their generous donation, I want to recognize Kwik Tow for all their efforts in shuttling the car around town for us. With the high price of gas these days, an economical car like this was quite a popular prize, which undoubtedly increased ticket sales. The excitement rose to a fever pitch as everyone anticipated who the lucky winner would be. When I pulled the ticket and read the name, I was pleasantly surprised that we had this year’s winner in the room at the time.
Apartment News • January 2013
Kelly Harrison of All City Towing approached the stage, and I saw the surprise in his eyes at having been picked. Ah, but the night was still young, and the biggest surprise was yet to come! As I was congratulating him, Kelly leaned into me and whispered, “On behalf of All City Towing, we would like to donate the car back.” Well, how about them apples? All City Towing had donated the cars to us for the last two years, and then donated this year’s car from Kwik Tow right back to us! Obviously, Kelly Harrison is a man of great composure…..I am not sure I could have handled my unexpected good fortune as generously as he did! For those who believe in Karma, expect good things for both Kwik Tow & All City Towing in the new year!
This year the AMA moved the Holiday Party to early in the party season and I think we saw a larger turnout because we avoided the holiday rush! Thanks to all the hard work and dedication of the hosts, donors, attendees, Board Members, Holiday Party Committee, and AMA Staff. q
I hope to see you there next year! Jim Kowalski Kowalski Construction, Inc. (602) 944-2645 jimk@kowalski.com
Thanks To all of The aMa holiday ParTy sPonsors:
Adanac Enterprises Corp. Advanced Exercise Equipment All City Towing Apartment Guide-Phoenix Apartments.com/Republic Media Belfor USA Group Belsito Plumbing LLC Better NOI Blue Steel Security Services BluSky Restoration Broken Arrow Construction Company Brown and Bigelow - Snyder Promo Burns Pest Elimination (Phoenix) Business Observations Carpeturn.com Contact at Once! Cox Communications (Phoenix) Criterion Brock Digital Logic Distinctive Carpets, Inc. Euchner Performance Enterprises Fine Point Finishes & DDR FitLogistix For Rent Media Solutions (Phoenix) Gorman Roofing Services, Inc. GPM Landscape HD Supply Facilities Maintenance Hull, Holliday & Holliday, PLC Inca Roofing, Inc. Indigo Painting Interstate Restoration J.R McDade Flooring (Phoenix) Koglmeier Law Group, PLC Kowalski Construction, Inc. Law Offices of Scott M. Clark, P.C. LeaseHawk
Macgray Intelligent Laundry Systems Madeline’s Meticulous, The Cleaning Specialists Maintenance Supply Headquarters Mike’s Swat Team Pest and Termite Control Mohawk Industries Move.com NWP Services Corporation On-Site.com Pinnacle Restoration PPG Pittsburgh Paints Puckett’s Flooring RainForest Plumbing & Air Redi Carpet - Arizona Roofing Southwest Safeguard Seamless Services, Inc. Sent images to Drop Box….you should have it already! Shaw Industries Signal 88 Security Signworx Smart Pest Solutions Sun Devil Fire and Security The I Too Corp The Screening Pros United Asset Services Valet Waste Valley Protective Services, Inc. WASH Multifamily Laundry Systems Waste Management Wilkinson Floor Covering, Inc Williams, Zinman and Parham P.C. Xeriscapes Unlimited, Inc.
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ArizonA Multihousing AssociAtion
T
SCF and AMA Partner for SAFETY PROGRAM
he AMA is partnered with SCF AZ to help provide for our members provide for their workers’ compensation needs. The Association Safety Program (ASP) is designed exclusively for SCF Arizona policyholders that are members of trade and business associations, which partner with SCF to make Arizona’s jobsites safer. The program does not carry any adverse risk for the policyholder. Policy holders maintain their individual policy and their rates and dividends are not affected by participation in this program, however, by participating, the policyholder does become eligible for bonus dividends that may be paid based on the AMA’s collective safety record. Participation in the program also helps strengthen the AMA by providing valuable resources and funds for AMA programs. The objectives of the program are to provide workplace safety education, to help reduce injuries and to keep workers’ compensation premiums as low as possible. How it works: AMA members that are qualified SCF policyholders from SCF Premier Insurance Co., SCF American Insurance Co., SCF Western Insurance Co., SCF Arizona, SCF General Insurance Co. and SCF Indemnity Insurance Co. may apply
to join our program. The association and SCF will review applicants to determine eligibility. Accepted businesses that are SCF General or SCF Indemnity policyholders can become eligible for a SCF Arizona policy, which entitles them to a 10 percent rate deviation of the standard premium rate at their policy anniversary following acceptance in an ASP. SCF Arizona policyholders that are eligible for the 10 percent (10%) deviation and who qualify for an individual dividend, also can share in any potential bonus safety dividend the association may earn. Dividends are never guaranteed, and when the respective SCF board does so, the payment may take up to 10 months. Each participating ASP member maintains an individual policy and remains responsible to SCF for payroll and premium reporting. The member may have an experience rating (e-mod), which may allow for an additional premium discount. Maintaining a low e-mod along with a proactive safety program helps policyholders keep their workers’ compensation costs in check. Joining the AMA ASP program will provide your business valuable safety information, networking and educational opportunities. Please feel free to call Todd Bradford at the AMA if you have any ques-
tions about your SCF policy or if you would like to become involved with the Association Safety Program. Helpful numbers for SCF AZ Sales Hotline (Get a Quote) 1.888.706.4070
Policy 602.631.2600 520.292.4000 (Tucson) 1.866.284.2694 Seminar Hotline 602.631.2379 To find out how your company can use SCF Arizona, call Todd Bradford at 602-296-6203, or e-mail him at tbradford@azama.org. q
Claims 602.631.2300 1.800.231.1363
Want to contribute an article to Apartment News? Contact the AMA at 602-296-6200 or 800-326-6403
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Apartment News • January 2013 68815_2_ca_ prop_mgnt_10_1p.indd 1
15 12/22/11 2:45 PM
EVEnts & trAinings
AMA EVENT INFORMATION & REGISTRATION COMMITTEE MEETINGS January 9 PROJECT S.A.F.E. Time: 2:00 p.m. Location: AMA Office
February 15 TRIBUTE AWARDS Time: 12:00 p.m. Location: AMA Office
GOVERNMENT AFFAIRS Time: 9:00 a.m. Location: AMA AMAPAC Time: 11:00 a.m. Location: AMA Office
January 10 AMC Time: 3:15 p.m. Location: TBD
February 18 BIG HEARTS FOR LITTLE HANDS Time: 3:00 p.m. Location: UMOM
January 25 TRIBUTES Time: 12:00 p.m. Location: AMA Office
January 14 TRADE SHOW COMMITTEE Time: 2:00 p.m. Location: AMA Office
February 20 MEMBERSHIP Time: 9:00 a.m. Location: AMA
TRADE SHOW Time: 1:30 p.m. Location: AMA Office
January 16 MEMBERSHIP Time: 9:00 a.m. Location: AMA Office
January 30 TRADE SHOW BOOTH LOTTERY Time: 3:00p.m. Location: AMA Office
January 17 COMMUNITY RELATIONS Time: 10:00 a.m. Location: AMA
February 6 COMMUNICATIONS Time: 4:00 p.m. Location: AMA Office
January 21 BIG HEARTS FOR LITTLE HANDS Time: 3:00 p.m. Location: UMOM
February 7 SAFETY & BENEFITS Time: 10:00 a.m. Location: AMA Office
January 24 AFFORDABLE HOUSING Time: 8:00 a.m. Location: AMA
February 13 PROJECT SAFE Time: 2:00 p.m. Location: AMA Office
February 28 AFFORDABLE HOUSING Time: 8:00 a.m. Location: AMA GOVERNMENT AFFAIRS Time: 9:00 a.m. Location: AMA AMAPAC Time: 11:00 a.m. Location: AMA Office
VALLEY EVENTS AMA Offices will be closed for New Year’s Day Tuesday, January 1, 2013
January 23 PHOENIX DINNER MEETING Time: 5:00 p.m. Location: El Zaribah, 552 N. 40th Street, Phoenix
For more information on
January 10 ASSOCIATE MEMBER COUNCIL (AMC) Time: 3:15 p.m. Location: TBD
Phoenix events, please contact Michelle Rill at
For more information please contact James Tunnell at 602-296-6212 or by email jtunnell@azama.org
602-296-6205 or by email at
TUCSON EVENTS
mrill@azama.org
January 18 TUCSON IROC Time: 11:00 a.m. Location: Tucson AMA Office
For more information on
January 24 TUCSON DINNER MEETING Time: 5:00 p.m. Location: TBD
Tucson events, please contact: Joanna Grassinger,
February 5 TUCSON ASSOCIATE MEMBER COUNCIL (AMC) Time: 3:00 p.m. Location: TBD
520-343-0643 or jgrassinger@azama.org.
AMA EVENT & SEMINAR LOCATIONS VALLEY
TUCSON
AMA OFFICE ** NEW ** 818 N. 1st Street Phoenix, AZ 85004
AMA OFFICE 1001 N. Alvernon Way, Suite 101 Tucson, AZ 85711
MOUNTAIN PRESERVE RECEPTION CENTER 1431 East Dunlap Ave. Phoenix, AZ 85020 RED MOUNTAIN VILLAS 815 N. 52nd St. Phoenix, AZ 85008
DOUBLETREE HOTEL TUCSON AT REID PARK 445 N. Alvernon Way Tucson, AZ 85711 RANDOLF GOLF COURSE CLUBHOUSE 600 S. Alvernon Way Tucson, AZ 85711
FLAGSTAFF LITTLE AMERICA HOTEL 2515 E. Butler Ave. Flagstaff, AZ 86004
Event Fee Update This year the AMA has instituted a new policy for late registration pricing. Our regular pricing for Dinner Meeting registration will be
$59.00 in Phoenix and $49.00 in Tucson.
If you wish to attend and cannot reserve space by
the Friday prior to the event, a late charge of $20.00
per ticket will apply. This price increase is due to the added charges the venues pass along to the AMA. Please register early for each event!
16
Apartment News • January 2013
EVEnts & trAinings
Training Opportunities AMA Phoenix Training Opportunities JUMP START February 11-12 Time: 10:0a.m. – 4:00p.m. Location: AMA Office FAIR HOUSING
AMA Tucson Education Opportunities ARIZONA LANDLORD TENANT ACT January 15 Time: 9:00 a.m. - 12:00 p.m. Cost: $49 Location: Tucson AMA Office 1001 N. Alvernon Way Ste. 101, Tucson
INTRODUCTION TO PROPERTY MANAGEMENT – LEASING JUMPSTART CLASS March 5 Time: 8:30 a.m. – 12:30 p.m. Cost: $49 Location: Tucson AMA Office 1001 N. Alvernon Way Ste. 101, Tucson
CONTINUING EDUCATION CLASS March 19 Time: 9:00 a.m. - 12:00 p.m. Cost: $49 Location: Tucson AMA Office 1001 N. Alvernon Way Ste. 101, Tucson
February 14 Time: 9:00 a.m. – 12:00 p.m. Location: AMA Office
The latest information about AMA activities, including on-line registration for events and classes, is available around-the-clock on the AMA Web site, www.azama.org. Or call the AMA office at 602-296-6200 or 800-326-6403. Apartment News • January 2013
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nEW MEMBErs REGULAR MEMBERS BellatoRia Real estate, llc Leasing Office 6263 N. Scottsdale Rd. #140 Scottsdale, AZ 85250 Phone: (480) 998-0676 Fax: (480) 483-9486 Contact: Joseph Davis key RenteR 1780 W. 9000, Suite 401 West Jordan, UT 84088 Phone: (602) 374-1400 Fax: (801) 316-1551 Contact: Aaron Marshall madison commeRcial pRopeRties 14852 Ventura Blvd., #111 Sherman Oaks, CA 91403 Phone: (213) 620-1010 Fax: (213) 620-1011
mission Hill management llc PO Box 32841` Tucson, AZ 85751 Phone: (520) 398-6171 Fax: (520) 398-5140 noRquist pRopeRties Leasing Office 4112 W. Saint Charles Ave. Phoenix, AZ 85041 Phone: (602) 535-9811 Fax: (602) 714-6242 Contact: Rick Norquist Units: 6 IROC paRcland cRossing Leasing Office 800 W. Willis Rd. Chandler, AZ 85286 Phone: (480) 773-7222 Fax: (480) 621-8607 Contact: Julie Krentz Units: 383 Management Co.: MarkTaylor Residential
paRamount RooFing 1815 West 1st Avenue, #139 Mesa, AZ 85202 Phone: (480) 292-7929 Fax: Contact: Suzanne White Business Code: Roofing Services
pincHot toweRs 3211 East Pinchot Avenue Phoenix, AZ 85018 Phone: (602) 952-2573 Contact: Anna Heglin Units: 104 Management Co.: Silver Mountain Real Estate Group
ASSOCIATE MEMBERS
RiveRFRont ResoRt Leasing Office 1715 Highway 95 Bullhead City, AZ 86442 Phone: (928) 763-8810 Contact: Laura Nargi Units: 29 Management Co.: Madison Commercial Properties
Roto RooteR plumBeRs (tucson) 811 S. Santa Rita Ave palm valley caRpet Tucson, AZ 85719 cleaning, llc Phone: (520) 741-0796 13645 W. Colter St. Fax: (520) 741-1726 Litchfield, AZ 85340 Contact: Ruben Cruz Phone: (323) 627-2582 Business Code: PlumbFax: (623) 327-9554 ing Contractors & Contact: David Arambula Services,Plumbing Fixtures & Business Code: Carpet Clean- Supplies ing/Restoration
veduRa Residential 6720 N. Scottsdale Rd. Suite 109 Scottsdale, AZ 85253 Phone: (480) 922-9200 Fax: (480) 922-9201 Contact: Paul Fannin
go gReen enviRonmental PO Box 2128 Tempe, AZ 85280 Phone: (480) 274-0043 Fax: (480) 522-1332 Contact: Tom O’Brien Business Code: Towing & Parking Enforcement
westcoat 770 Gateway Center Dr. San Diego, CA 92102 Phone: (800) 250-4519 Fax: (619) 262-8606 Contact: Kara Ferguson Business Code: Concrete Coatings
ProVisionAl MEMBErs Editor’s note: All applicants who are applying to be Regular or Associate members of the Arizona Multihousing Association must complete the application and pay applicable dues. The applicant shall agree to abide by the provisions of the Articles of Incorporation, the Bylaws of the association, and by the Code of Conduct prescribed by the association. The applicant will then be classified as a Provisional member. During this period, the Provisional member will have the rights and responsibilities of full membership. Within 60 days of applying for membership, the names of the Provisional members will be published in Apartment News, and existing members will be encouraged to provide comments on the suitability of the application. If no negative comments are received from existing members within 90 days of membership application, the Provisional member will be deemed automatically approved into membership. If any negative comments are received, the
Ethics Review Board must review the application within 120 days from the receipt of the negative comment and recommend to the Board of Directors the acceptance or rejection of the application. If the Ethics Review Board does not recommend acceptance of a Provisional member, the Provisional member must be notified and given the opportunity to request a hearing pursuant to the Bylaws. If the directors reject an applicant, the AMA refunds all membership fees paid except for a $35 application-processing charge. The following Provisional members applied for affiliation in November 2012. Any AMA member in good standing can e-mail or send a letter commenting on the acceptability of any or all applicants seeking AMA Regular or Associate member status to the AMA Ethics Review Board. The e-mail goes to info@azama.org. The mailing address is: Arizona Multihousing Association, Ethics Review Board, 5110 N. 44th St., Ste. L160, Phoenix, AZ 85018.
REGULAR MEMBERS cHuck cHRistensenwaveRtRee apaRtments Leasing Office 51 S. Maricopa Flagstaff, AZ 86001 Phone: (928) 774-4958 Fax: (928) 213-9537 Contact: Chuck Christensen Units: 13 IROC encantada at RiveRside cRossing Leasing Office 1925 W. River Rd. Tucson, AZ 85704 Phone: (520) 888-0744 Fax: (520) 888-0781 Contact: Art Rocha Units: 304 Management Company: HSL Asset Management-Tucson
tRias Residential/ maRk Bonillas 2637 W. Monte Ave. Mesa, AZ 85202 Phone: (602) 615-8672 Contact: Mark Bonillas Units: 1 IROC
ASSOCIATE MEMBERS aRizona pavement management 4025 E. Chandler Blvd. Phoenix, AZ 85048 Phone: (877) 384-2280 Fax: (913) 384-1017 Contact: Laura Harrell Business codes: Asphalt & Paving, Parking Lot & Driveway Svs/Sweep
tct pRopeRty management systems, llc 2440 N. Litchfield Rd. Suite 206 Goodyear, AZ 85395 Phone: (623) 536-6226 Fax: (623) 536-6553 Contact: Erin Cowley
Fine point FinisHes & ddR 20819 N. 25th Place Suite B 105 Phoenix, AZ 85050 Phone: (623) 465-1091 Fax: (623) 465-5430 Contact: Tom Hewitt Business codes: 24 HR Restoration (Fire, Flood Etc.),Bio Hazard Cleaning,BioHazardous Waste Decontamination,Bldg. Interior & Exterior Renovation & Design,Const. Remodeling & Repair-Restoration & Turnkey,Crime Scene Cleaning,Fire & Flood Restoration,General Contractor-Licensed/Bonded for Comm/Res.,Mold & Asbestos Remediation,Mold Removal & Clean Up,Odor Elimination,Water Damage/ Structural Drying & Mold Remediation plumBing supplieRs inc. 2555 E. Grant Rd. Tucson, AZ 85716 Phone: (520) 326-6433 Fax: (520) 881-3341 Contact: Ryan Ashton Business codes: Plumbing Fixtures & Supplies
www.facebook.com/AZMultihousing Twitter - @AZMultihousing
www.azama.org
e n l t y P C e l leanin k r a p S g SPECIALIZING IN APARTMENT CLEANING Phone: 602-405-5005 Fax: 602-955-2755 Common Area Cleaning Renewal Cleaning Bonded ~ Insured
Move In ~ Move Out 22 Years Experience References Available
nAA
A
Key Tax Increases From Health Care Law Take Effect in 2013
partment firms are reminded that a number of significant tax increases impacting the industry, which were enacted in 2010 as part of health care reform legislation, are scheduled to take effect beginning in 2013. Two of the most important changes, which affect both apartment firms and employees, concern the Medicare tax rate and applicability.
Under the new rules, an additional 0.9 percent Medicare payroll tax will be applied to wages for individuals earning more than $200,000 and married couples earning more than $250,000. Unlike current law, which imposes a 2.9 percent Medicare payroll tax on all wage income (shared equally between employee and employer), employees will be solely responsible for the additional tax increase.
In addition, while no Medicare payroll tax today applies to net investment income—including annuities, capital gains, interest, dividends, royalties and rents—the new health care reform legislation will impose a 3.8 percent tax on such income for high-income earners. However, certain caveats apply—one of the most important being that the new tax applies only to passive investment income.
For more detailed information, NAA/NMHC have prepared a summary of these and other tax increases related to the health care law available here. q
compete?” or “Do we want to invest in ‘talent farming’ now so that we can have the best talent in house to deal with whatever organizational challenges come next?” Don’t continue down the path of trying to figure out what accommodates your need to feel comfortable, but is in opposition to the desire to get a result. Because sometimes, you have to get uncomfortable to get the result you want. You have to go through a period where it’s going to be downright ugly as you shake things up, break things down and build them back up stronger. A sus-
tainable, proactive approach to talent management is the organization’s displayed willingness to make lasting cultural change. Talent management is about sourcing candidates for knowledge, skills, and abilities to accomplish the organization of today’s goals. It stresses the importance of hiring based on the right fit for the individual and the organization. Being stuck in the middle between having employees who are able to do the job, and in a place where they can do the job well is somewhere many organizations often find themselves.
However, many are learning to recognize the warning signs, and know now how important it is to get it right when hiring for the best fit. q
Hire ...continued from front page run to the company in recruiting and staffing agency costs. There are serious questions that companies and organizations must now ask themselves, “Do we want to continue to muddle along with this talent management thing and have things remain the same?” or “Do we want the Board of Directors to continue to kick us to get a plan in place?” or “Do we want to put the company into the position where the next time that there’s an economic downturn, which there will be, or the competition has a decided advantage and we’re losing market share we can
WANT TO BUSINESS WITH AMA MEMBERS? ADVERTISE IN
CALL ADVERTISING SALES (503) 221-1260
Dr. Curtis Odom, Ed.D. is a a talent strategy expert for Fortune 100 companies and author of Stuck in the Middle: A Generation X View of Talent Management.
nAA
Catch the Wave of Innovation With Sir Richard Branson at the 2013 NAA Education Conference & Exposition ognized and respected brands—is well known for his entrepreneurial spirit, unrivaled network and transformational leadership style. Expect to hear insights into how he’s identified new markets, engaged stakeholders and how he’s challenged legacy players to win market share.
Sir Richard Branson, business icon and leader in innovation and customer service will be the keynote speaker at the Opening General Session of the 2013 NAA Education Conference & Exposition in San Diego, June 19-22. Branson, international business magnate and founder of the Virgin Group—one of the world’s most rec-
The benefits of attendance don’t end there—awaiting you in San Diego are practical, take-home tactics from general and breakout sessions, as well as the opportunity to explore cuttingedge products and services from multifamily supplier partners during the trade show.
Don’t delay—registration for the 2013 NAA Education Conference & Exposition is open and the largest discounts go to those who register early. Visit http://educonf.naahq.org/ emailregister by Feb. 1 and save up to $400. q
Learn What Makes Millennials Tick at the 2013 NAA Student Housing Conference & Exposition critical to understand the needs and expectations of future students now so as to be prepared to engage them when they arrive on campus. Michael Wood, Senior Vice President at TRU, one of the world’s leading research firms specializing in teens and 20-somethings, will headline the
Plan to better understand what makes Millennials tick Feb. 25-27 as NAA convenes the 2013 Student Housing Conference & Exposition in Las Vegas at the ARIA Resort. Millennials’ attitudes toward higher education evolve faster than their smartphone models, making it
keynote session “Youth Truths: The Millennial State of Mind.” Wood’s presentation is but one of many learning opportunities during two days full of education and networking, from general and breakout sessions to receptions and time spent interacting with exhibitors on the trade show floor.
Visit www.naahq.org/shc for registration, schedule, housing and the latest announcements. And remember to use the official hashtag #NAAStudentConf to engage, discuss and follow the conference. q
2013 Green Conference Latest in World-Class Events Offered by NAA Don’t miss the chance to register today for the 2013 NAA Green Conference, April 15-17, in Baltimore. Join forward-thinking industry colleagues and learn ways to improve your community’s energy efficiency
and bottom-line performance through a cutting-edge lineup of education topics and panel presentations at the NAA Green Conference. Come learn from acclaimed greenindustry expert Andrew Winston, a
best-selling author of “Green to Gold” and “Green Recovery,” who will serve as the event’s keynote speaker. Find out how your business can profit from environmental thinking as Winston guides you about what works—and
what doesn’t—when companies go green. Save $200 off the onsite registration rate before Feb. 15 by registering at http://bit.ly/TSsgPZ. q
Register Now for the 2013 NAA Capitol Conference Michael E. Dunn, a popular speaker on grassroots advocacy and political action committees, will give the kickoff keynote address at the 2013 NAA Capitol Conference (March 10 – 13) at the Omni Shoreham in Washington,
D.C. Dunn’s topic, “Taking Political Involvement to the Next Level,” will set the stage for concentrated advocacy educational sessions, an industry issues briefing, networking and other events leading up to NAA’s Lobby
Day on Capitol Hill. Today the apartment industry’s involvement in the political process is not a choice—it’s a matter of survival. Join your peers at the Capitol Con-
ference and make your voice heard. Check NAA’s website at www.naahq. org/events/CapConf to view the schedule and register. q
NAA/NMHC Apartment Industry PR Campaign Forthcoming Be on the lookout for NAA and NMHC’s launch of a major public relations campaign this winter targeting policymakers at all levels of government. Backed by facts and strong messages, the public relations campaign
will emphasize the role of apartments in creating thriving communities and meeting Americans’ changing housing preferences. The campaign will focus on the broad vision of what apartments achieve in helping residents
live their American dream, making the case that apartments offer freedom, choice, flexibility and a diverse set of options to help people find the right housing to meet their specific needs.
Stay tuned for more about this exciting new campaign. Questions: Contact NAA’s Carole Roper at carole@naahq.org.q
ArizonA Multihousing AssociAtion
ROOMMATES…Don’t You Just Love Em? By Andy M. Hull, Esq., Hull, Holliday and Holliday, PLC
E
very landlord, from time to time, rents an apartment or home to roommates. The roommates may consist of all female or all male occupants, or may be a mix of females and males. This article will try to address some of the more problematic situations with roommates. If you as a landlord are going to rent to roommates, it is highly recommended you have each person sign the lease. This way you contractually bind each roommate to the lease and you also identify each individual who will be occupying the rental unit. One legal principle roommates often fail to understand is that by signing the lease they become jointly and severably liable on the lease. What this means is that should the tenants breach the lease and fail to pay or skip out on the lease, the landlord may hold each tenant fully liable for any monies owed. The tenants are not just responsible for “their” on half of the rent. For instance, if you obtain a Judgment in Court for $600.00 owed by three roommates and only one is employed and collectable, you as a landlord can collect the full amount from the one
tenant. That tenant would have to sue his or her roommates to recover their share of what was owed. The same theory applies to roommates who pay their part of the rent and one of their checks is returned “Insufficient Funds.” If this situation happens, a landlord can apply the “good” check or checks to the rent owed and deliver a 5-day Notice plus any late charges and “NSF” fees to all tenants for the balance due. It is not a legal defense in Court that some of the tenants “paid their share.” The same conclusion would be reached if one of the roommates gave their portion of the rent to their roommate, who in turn did not pay the rent due. Even though, at no fault of their own, the roommate’s portion of the rent is mis-used by the other roommate, that again is no defense to non-payment of rent. The final area of concern involves the situation where one roommate wants to exclude another roommate from the apartment or wants the other roommate taken off the lease. Unless there is a Court Order (i.e. Restraining Order) prohibiting one person from entering the apartment, the landlord should not allow the other roommate to change the locks. You should al-
ways ask to see the Court Order and keep a copy of it in the resident’s file in case the absent roommate returns and asks for a key to the apartment. Alternatively, if one roommate tells you that the other roommate has moved out and they want their name taken off the lease, you should not comply with the request unless the following occurs: If both or all of the roommates agree to releasing one or more persons from the lease and the landlord also consents, then the lease can be modified to remove one or more of the occupants. Also, the tenants should all personally appear in the manager’s office and sign off on the lease. As an example, consider the following: “Three roommates, Ginger Vitus, Art Heist and Nick O. Teen, rent an apartment at the Dead-Beats R Us Apartment Complex. Three months into the lease, Art Heist comes to the office and informs manager, Les Hassel, that Ginger Vitus has skipped out and he wants her name off of the
lease and that Nick O. Teen tried to assault him and he wants the locks changed. He also informs Les Hassel he will pay his one third of the rent until he can find new roommates. Les Hassel hands Art Heist a 5-Day Notice for non-payment of all of the rent and informs him that until he obtains a Court Order excluding Nick O. Teen from the apartment, no locks will be changed. q Andy M. Hull is the principal of Hull, Holliday & Holliday, PLC. He can be reached at 602.230.0088. The views expressed here are generalized advice or information. Fact-specific questions should always be referred to legal counsel. Statements and opinions expressed in these legal columns are solely those of the author or authors. This advice does not necessarily represent the views or opinions of the Arizona Multihousing Association.
www.azama.org AMA LEGAL ADVICE CENTER
Join AMA
on Facebook, Twitter & LinkedIn
• Facebook: “Arizona Multihousing Association” • Twitter: “AZMultihousing” • LinkedIn: “Arizona Multihousing Association” (Group search)
Members seeking legal advice on landlord-tenant issues can contact AMA member attorneys through the AMA Web site at www.azama.org. The attorneys will provide advice free of charge. To contact them, log-on to the AMA Web site and sign into the member area. Once inside, click on the member menu and select the Legal Advice link. The page will explain the process for contacting the attorneys. Members without Internet access can contact the AMA office for a list of participating attorneys. The phone number is 602296-6205 or 800-326-6403. Landlords and residents not in membership can contact the following organizations for information on landlord-tenant issues:
ValleY Community Information and Referral Service, 602-263-8856, Neighborhood Services Housing Hotline, 602-262-7210 (Phoenix residents only), Community Legal Services, 602-258-3434 (ability to pay basis)
Tucson Community Information and Referral, 520-881-1794, Lawyer’s Referral Service of the Pima County Bar Association, 520-623-4625, Southern Arizona Legal Aid, 520-623-9461
PRODUCTS & SERVICES GUIDE
The aMa suggests that members using services listed in the Products & services Guide request proof of workers’ compensation insurance and contractor’s license prior to contracting work.
Reader notice: Under Arizona law, all residential and commercial contractors are required to be licensed by the state unless they fall under the handyman exemption for projects which require no building permit and are less than $750 for the total contract price. For more information or to verify the license status of an Arizona contractor, call 602-542-1525 or 888-271-9286 (toll-free outside Maricopa County) or visit www.rc.state.az.us. 24 HR RestoRation (FiRe, Flood etc.) Adanac Enterprises Corp. Statewide* . . . . . . . . . . . . . . . . (623) 266-2761 Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 Belfor USA Group Statewide* . . . . . . . . . . . . . . . . (623) 434-3333 Belfor USA Group (Tucson) Statewide* . . . . . . . . . . . . . . . . (520) 408-6900 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Capstone Group LLC Metro Phoenix . . . . . . . . . . . . . (480) 970-5424 Checks Restoration Statewide* . . . . . . . . . . . . . . . . (480) 619-2868 Coit Cleaning & Restoration Services Statewide* . . . . . . . . . . . . . . . . (480) 967-1988 Concierge Contractors, Inc. Nationwide. . . . . . . . . . . . . . . . (623) 247-0000 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Disaster Restoration, LLC Metro Phoenix . . . . . . . . . . . . . (602) 251-2300 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Finocchiaro Construction LLC Metro Phoenix . . . . . . . . . . . . . (602) 971-0337 First Choice Restoration, Inc Metro PHX & Metro Tucson. . . (480) 981-1131 Interstate Restoration Nationwide* . . . . . . . . . . . . . . . (602) 714-7290 Kowalski Construction, Inc. Metro PHX* & Metro Tucson* . (602) 944-2645 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304 Pinnacle Restoration (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 293-2770 Service Master Fire & Water Recovery Tucson & Surrounding Area . . . (520) 885-5008 Servpro of Gilbert and Chandler South Metro Phoenix* . . . . . . . . . . . . (480) 558-7620 Titan Restoration Of Tucson, Inc Metro Tucson* . . . . . . . . . . . . . (520) 888-4826
access contRol Safeguard Statewide* . . . . . . . . . . . . . . . . (480) 609-6200 Integrated Protective Systems, Inc Metro Phoenix* . . . . . . . . . . . . (623) 587-1244 Schlage Statewide . . . . . . . . . . . . . . . . . (512) 563-1977 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
adveRtising Apartment Finder Tucson* . . . . . . . . . . . . . . . . . . (520) 887-8500 Apartment Guide-Phoenix Valleywide . . . . . . . . . . . . . . . . (602) 484-0894 Apartments.com/Republic Media Tucson . . . . . . . . . . . . . . . . . . . (602) 444-8916 Apartments.com/Tucson Newspapers Tucson* & Surrounding Area* . (520) 573-4581 Arizona Housing Solutions LLC Statewide . . . . . . . . . . . . . . . . . (520) 505-4462 For Rent Media Solutions (Phoenix) Metro Phoenix* . . . . . . . . . . . . (602) 277-8797 For Rent Media Solutions (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 577-9600 Move.com Nationwide* . . . . . . . . . . . . . . . (800) 978-7368 ParaRentar.com Metro Phoenix* . . . . . . . . . . . . (602) 277-8797 Rent.com, an eBay company Nationwide* . . . . . . . . . . . . . . . (310) 264-3670 Rentbits Metro Phoenix* . . . . . . . . . . . . (303) 640-3160 Tucson Apartment Guide Tucson . . . . . . . . . . . . . . . . . . . (520) 584-0088 WebListers LLC Nationwide* . . . . . . . . . . . . . . . (800) 784-2155
adveRtising analysis & tRaining LeaseHawk AZ*, CO* & UT* . . . . . . . . . . (800) 485-84304 Occupancy Solutions LLC Nationwide* . . . . . . . . . . . . . . . (800) 865-0948
adveRtising specialties & pRemiums 2incent Concept Promotions Nationwide* . . . . . . . . . . . . . . . (623) 249-7760 Brown and Bigelow - Snyder Promo Nationwide* . . . . . . . . . . . . . . . (602) 265-8818 Tortuga Promotions Nationwide* . . . . . . . . . . . . . . . (480) 966-9076
aiR conditioning/Heating systems, paRts & supplies RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
aiR conditioning/Heating-centRal seRvices R.T. Brown Mechanical Inc. Statewide* . . . . . . . . . . . . . . . . (480) 964-3807 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Tucson Appliance Company/Tucson Heating & Cooling/Tucson Furniture Tucson* & Surrounding Area* . (520) 881-1207
aiR conditioning/Heating-centRal system ACS Air Conditioning Services Tucson* & Surrounding Area* . (520) 696-1800 AirePros Air Conditioning & Heating Inc. Metro Phoenix*,Statewide* . . . (623) 547-5992 Badger Heating/Cooling Valleywide . . . . . . . . . . . . . . . . (480) 855-1671
aiR conditioning/Heating-geneRal seRvices Alliance Plumbing Service & Repair Phoenix. . . . . . . . . . . . . . . . . . . (480) 633-3020 Archie’s HVAC & Electric Valleywide* . . . . . . . . . . . . . . . (480) 921-8350 Arizona Comfort Solutions/West Coast Plumbing & Air Metro Phoenix* . . . . . . . . . . . . (623) 780-4550
Dal Air Conditioning & Heating, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 969-0259 DP Air Corporation Metro Tucson* . . . . . . . . . . . . . (520) 622-3241 F and I Heating & Air Conditioning Metro Phoenix* . . . . . . . . . . . . (602) 218-8813 R.T. Brown Mechanical Inc. Statewide* . . . . . . . . . . . . . . . . (480) 964-3807 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunstate Mechanical Services Statewide* . . . . . . . . . . . . . . . . (480) 998-9620 Tucson Appliance Company/Tucson Heating & Cooling/Tucson Furniture Tucson* & Surrounding Area* . (520) 881-1207 Two Seasons Heating and Cooling Valleywide* . . . . . . . . . . . . . . . (623) 935-0640
alaRm systems Lynx Alarm Metro Phoenix . . . . . . . . . . . . . (480) 840-6030 Safeguard Statewide* . . . . . . . . . . . . . . . . (480) 609-6200 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
answeRing seRvices CallMaX Nationwide* . . . . . . . . . . . . . . . (866) 301-6420 Indatus Nationwide. . . . . . . . . . . . . . . . (800) 727-4246
appliance paRts Allstate Appliance Metro Phoenix . . . . . . . . . . . . . (602) 252-6507
appliance sales Appliance Warehouse of America, Inc. Nationwide* . . . . . . . . . . . . . . . (602) 722-4017 Coinmach Service Corp. Nationwide* . . . . . . . . . . . . . . . (602) 722-6959 Lowe’s Inc. Nationwide* . . . . . . . . . . . . . . . (623) 414-0920 Macgray Intelligent Laundry Systems Nationwide* . . . . . . . . . . . . . . . (602) 279-3399 Macgray Intelligent Laundry Systems (Tucson) Nationwide* . . . . . . . . . . . . . . . (800) 622-4729 The Home Depot Appliance Sales Nationwide* . . . . . . . . . . . . . . . (480) 797-7041 The Home Depot (Tucson) Appliance Sales Metro Tucson* . . . . . . . . . . . . . (520) 309-9756 Tucson Appliance Company/Tucson Heating & Cooling/Tucson Furniture Tucson* & Surrounding Area* . (520) 881-1207 Two Seasons Heating and Cooling Valleywide* . . . . . . . . . . . . . . . (623) 935-0640 Westar Kitchen and Bath Statewide . . . . . . . . . . . . . . . . . (602) 271-0100
appliance sales, Rentals, seRvice & paRts Appliance Parts Company Statewide* . . . . . . . . . . . . . . . . (480) 755-0006 Appliance Warehouse of America, Inc. Nationwide* . . . . . . . . . . . . . . . (602) 722-4017 Azuma Leasing Nationwide* . . . . . . . . . . . . . . . (800) 707-1188 Coinmach Service Corp. Nationwide* . . . . . . . . . . . . . . . (602) 722-6959 General Electric Company International* . . . . . . . . . . . . . . (480) 367-2900 Macgray Intelligent Laundry Systems Nationwide* . . . . . . . . . . . . . . . (602) 279-3399 Macgray Intelligent Laundry Systems (Tucson) Nationwide* . . . . . . . . . . . . . . . (800) 622-4729 R & B Wholesale Distributors Statewide* . . . . . . . . . . . . . . . . (602) 272-1200 The Home Depot Nationwide* . . . . . . . . . . . . . . . (480) 797-7041 The Home Depot (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 309-9756 Tucson Appliance Company/Tucson Heating & Cooling/Tucson Furniture Tucson* & Surrounding Area* . (520) 881-1207 Two Seasons Heating and Cooling Valleywide* . . . . . . . . . . . . . . . (623) 935-0640
apt. & leasing oFFice Remodel & design Eagle Valley Construction, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 730-0594
apt. FiRe/wateR damage RestoRation & RepaiR Adanac Enterprises Corp. Statewide* . . . . . . . . . . . . . . . . (623) 266-2761 Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304 Spray Systems Environmental AZ*, CA* & NV*. . . . . . . . . . . . (480) 967-8300
aRcHitectuRal & constRuction Hardison/Downey Construction, Inc. Southwest U.S. . . . . . . . . . . . . . (602) 861-0044
aspHalt & paving, paRking lot & dRiveway svs/sweep Ace Asphalt of Arizona, Inc. (Phoenix) Southwest U.S.* . . . . . . . . . . . . (602) 243-4100 Ace Asphalt of Arizona, Inc. (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 747-7700 American Asphalt Paving and Sealcoating Statewide* . . . . . . . . . . . . . . . . (602) 256-7376 Arizona Pavement Management Metro Phoenix* . . . . . . . . . . . . (877) 384-2280 Asphalt Technologies / KFM Striping and Curb Company Valleywide* . . . . . . . . . . . . . . . (602) 462-9114 Bates Paving & Sealing, Inc. Statewide* . . . . . . . . . . . . . . . . (520) 741-2100 Cactus Asphalt Statewide* . . . . . . . . . . . . . . . . (602) 370-3363 Jeeper’s & Associates, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 996-1288 M.R. Tanner Construction Metro Phoenix . . . . . . . . . . . . . (480) 633-8500
Performance Paving & Sealing, LLC Metro Phoenix* . . . . . . . . . . . . (480) 816-5305 Regional Pavement Maintenance Tucson* & Surrounding Area* . (480) 963-3416 Statewide Asphalt LLC Statewide* . . . . . . . . . . . . . . . . (480) 659-1828 Sunland Asphalt - Phoenix Phoenix*. . . . . . . . . . . . . . . . . . (602) 288-5000
association Arizona Multihousing Association Statewide* . . . . . . . . . . . . . . . . (602) 296-6200
attoRneys Andrew Hull, Attorney Valleywide* . . . . . . . . . . . . . . . (602) 230-0088 Burton Lippman Law Group, P.C. Statewide* . . . . . . . . . . . . . . . . (520) 762-4036 Dwight W. Connely, Attorney at Law Tucson . . . . . . . . . . . . . . . . . . . (520) 325-5777 J. Mark Heldenbrand, P.C Valleywide* & Tucson* . . . . . . (602) 254-3400 King & Frisch, P.C. Tucson* & Surrounding Area* . (520) 790-4061 Koglmeier Law Group, PLC Statewide* . . . . . . . . . . . . . . . . (480) 962-5353 Law Offices of James H. Hays, PLC Metro Phoenix* . . . . . . . . . . . . (480) 655-1600 Law Offices of Scott M. Clark, P.C. Statewide . . . . . . . . . . . . . . . . . (602) 957-7877 Lotzar Law Firm, P.C. Nationwide. . . . . . . . . . . . . . . . (480) 905-0300 Wayne L. Gardner, Attorney PLC Statewide* . . . . . . . . . . . . . . . . (480) 655-7440 Williams, Zinman and Parham P.C. Maricopa County* . . . . . . . . . . (480) 994-4732
automatic gates & access contRol Automatic Gate Systems, Inc. Metro Phoenix . . . . . . . . . . . . . (602) 267-7778 Guardian Gate Services Statewide* . . . . . . . . . . . . . . . . (480) 629-4472
BackFlow pRevention-ceRtiFied testing Affordable Fire and Safety LLC Metro Phoenix* . . . . . . . . . . . . (480) 507-2850 Metro Fire Equipment Statewide* . . . . . . . . . . . . . . . . (480) 464-0509 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
Balcony & walking deck RepaiR & ResuRFacing Arizona Foam & Spray, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8176 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Eagle Valley Construction, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 730-0594
Balcony & walkway deck wateRpRooFing & RestoRation Arizona Foam & Spray, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8176 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Central Valley Specialties Statewide* . . . . . . . . . . . . . . . . (602) 437-2046
BatH tuBs Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739 Get a Grip (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 742-2228 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
BatHRoom Renovations & counteRtop RepaiR/ReFinisH Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739 Arizona Royal Granite & Remodeling, LLC Statewide . . . . . . . . . . . . . . . . . (602) 405-5558 Wilkinson Floor Covering, Inc. Metro Phoenix* . . . . . . . . . . . . (602) 438-2663
Bedding Bedmart Metro Tucson* . . . . . . . . . . . . . (520) 887-7039
Bee contRol City Wide Pest Control, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 944-0099 KY-KO Pest Prevention, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 964-8900
Bicycle Racks Exterior Systems Statewide* . . . . . . . . . . . . . . . . (480) 990-3909
Bio HazaRd cleaning BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Disaster Restoration, LLC Metro Phoenix . . . . . . . . . . . . . (602) 251-2300 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Servpro of Gilbert and Chandler South Metro Phoenix* . . . . . . . . . . . . (480) 558-7620
Bio-HazaRdous waste decontamination ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091
Bldg. inteRioR & exteRioR Renovation & design Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 In Design Interiors Valleywide* . . . . . . . . . . . . . . . (602) 330-2150
BoileR & pump seRvices Armor Plumbing & Boiler Metro PHX* & Metro Tucson* . (480) 782-9324 Benrich Service Co., Inc. Valleywide* . . . . . . . . . . . . . . . (480) 835-8220 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunstate Mechanical Services Statewide* . . . . . . . . . . . . . . . . (480) 998-9620
Building mateRials Dogwood Building Supply Nationwide. . . . . . . . . . . . . . . . (336) 650-9724
caBinet RepaiRs, dooRs & dRaweRs Contact at Once! Statewide . . . . . . . . . . . . . . . . . (678) 909-0135 Cutting Edge Foil Finishes Metro Phoenix* . . . . . . . . . . . . (602) 442-4400 Shepherd & Sons Cabinets Statewide . . . . . . . . . . . . . . . . . (602) 750-4499 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
caBinet sales & installation American Renolit, Corp Nationwide. . . . . . . . . . . . . . . . (856) 467-3800 Copperstate Cabinets LLC Metro Tucson . . . . . . . . . . . . . . (520) 777-3331 The Home Depot Nationwide* . . . . . . . . . . . . . . . (480) 797-7041 The Home Depot (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 309-9756
caBle tv Cox Communications (Phoenix) Valleywide* . . . . . . . . . . . . . . . (623) 328-3805 Cox Communications (Tucson) Tucson* & Surrounding Area* . (520) 629-8414
caRpet cleaning/RestoRation Americare Carpet Upholstery & Tile Cleaning Metro Tucson* . . . . . . . . . . . . . (520) 579-9072 Arizona Carpet Care Valleywide* . . . . . . . . . . . . . . . (602) 604-8331 Extreme Carpet Care LLC Metro Phoenix . . . . . . . . . . . . . (480) 633-7176 Fosters Carpet Care and Repair Metro PHX & Metro Tucson. . . (480) 497-8617 Gaylord Restoration Inc. Metro Phoenix* . . . . . . . . . . . . (480) 539-2696 Palm Valley Carpet Cleaning, LLC Metro Phoenix* . . . . . . . . . . . . (323) 627-2582 Pride Carpet and Upholstery Cleaning Valleywide* . . . . . . . . . . . . . . . (602) 843-3200 Rite-Way Carpet Valleywide* . . . . . . . . . . . . . . . (602) 685-0112 Signature West Carpet Cleaning Metro Phoenix . . . . . . . . . . . . . (480) 830-9617 Southern Shine Carpet Cleaning Metro Phoenix* . . . . . . . . . . . . (623) 696-7299 Venturi Restoration & Clean Valleywide* . . . . . . . . . . . . . . . (480) 820-5555
caRpet, FlooR coveRing & patio gRass Brown Sales Statewide . . . . . . . . . . . . . . . . . (602) 914-4579 Carpeturn.com Metro PHX* & Metro Tucson* . (855) 889-6200 Criterion Brock Valleywide* . . . . . . . . . . . . . . . (602) 469-9395 Criterion Brock (Tucson) Tucson* & Surrounding Area* . (520) 790-0740 Desert Floors, Inc. Tucson . . . . . . . . . . . . . . . . . . . (520) 918-1022 Distinctive Carpets, Inc. Statewide* . . . . . . . . . . . . . . . . (520) 745-2600 J.R McDade Flooring (Phoenix) Valleywide* . . . . . . . . . . . . . . . (602) 258-7219 J.R McDade Flooring (Tucson) Metro PHX & Metro Tucson. . . (520) 294-9911 One Source Interiors Valleywide* . . . . . . . . . . . . . . . (602) 903-2545 Puckett’s Flooring Statewide* . . . . . . . . . . . . . . . . (480) 990-8191 Redi Carpet - Arizona Metro PHX & Flagstaff* . . . . . . (480) 350-9615 Redi Carpet -Tucson Tucson* & Surrounding Area* . (520) 884-5556 Wilkinson Floor Covering, Inc. Metro Phoenix* . . . . . . . . . . . . (602) 438-2663
caRpoRt RepaiR seRvices Diamondback Carport Repair, Inc. PHX & Tucson Areas* . . . . . . . (602) 494-1556 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
cctv Integrated Protective Systems, Inc Metro Phoenix* . . . . . . . . . . . . (623) 587-1244 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
ceRamic tile & BatH Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
cHilleR seRvices DP Air Corporation Metro Tucson* . . . . . . . . . . . . . (520) 622-3241 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunstate Mechanical Services Statewide* . . . . . . . . . . . . . . . . (480) 998-9620
cleaning seRvices - BioHazaRd BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Spray Systems Environmental AZ*, CA* & NV*. . . . . . . . . . . . (480) 967-8300
cleaning, JanitoRial & maintenance seRvices Gaylord Restoration Inc. Metro Phoenix* . . . . . . . . . . . . (480) 539-2696 Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 Madeline’s Meticulous, The Cleaning Specialists Valleywide* . . . . . . . . . . . . . . . (480) 659-9141
coin opeRated laundRy Excalibur Laundries, Inc Statewide* . . . . . . . . . . . . . . . . (714) 437-9000 WASH Multifamily Laundry Systems Metro PHX* & Metro Tucson* . (800) 421-6897
collection agencies Better NOI Nationwide. . . . . . . . . . . . . . . . (888) 219-9105 National Credit Systems, Inc. Nationwide* . . . . . . . . . . . . . . . (800) 515-4375 Rent Recovery Solutions Metro PHX & Metro Tucson. . . (800) 335-0119 Residentcheck Nationwide. . . . . . . . . . . . . . . . (972) 404-0808 U.S. Collections West, Inc. Nationwide* . . . . . . . . . . . . . . . (602) 995-3494 Wakefield and Associates, Inc. Nationwide* . . . . . . . . . . . . . . . (303) 537-2900
collections J. Mark Heldenbrand, P.C. Valleywide* & Tucson* . . . . . . (602) 254-3400
commeRcial & Home Building RestoRation BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Cheuvront Construction Valleywide* . . . . . . . . . . . . . . . (602) 770-7733
commeRcial moRtgage BankeR Centennial Mortgage, Inc. Nationwide* . . . . . . . . . . . . . . . (480) 621-8132 Legacy Capital Advisors, LLC. Nationwide* . . . . . . . . . . . . . . . (602) 926-7426 Washington Federal Metro Phoenix* . . . . . . . . . . . . (602) 553-7434
commeRcial moRtgage lendeR Love Funding Nationwide. . . . . . . . . . . . . . . . (202) 887-0435
concRete & masonRy RepaiR RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
concRete coatings Central Valley Specialties Statewide* . . . . . . . . . . . . . . . . (602) 437-2046 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427 Westcoat Statewide . . . . . . . . . . . . . . . . . (800) 250-4519
concRete sidewalk gRinding Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
const. Remodeling & RepaiRRestoRation & tuRnkey Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 Diamondback Neighborhood Services, LLC Metro Phoenix* . . . . . . . . . . . . (480) 682-4205 Faith Restoration Metro Phoenix* . . . . . . . . . . . . (480) 813-5619 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 Hardison/Downey Construction, Inc. Southwest U.S. . . . . . . . . . . . . . (602) 861-0044 Kowalski Construction, Inc. Metro PHX* & Metro Tucson* . (602) 944-2645 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304 Praxis Construction Group Statewide* . . . . . . . . . . . . . . . . (800) 709-3347 S.M.D. Remodeling, LLC Metro Phoenix* . . . . . . . . . . . . (602) 348-7989 SOS Builders, LLC Statewide* . . . . . . . . . . . . . . . . (602) 266-5855 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427 Titan Restoration Of Tucson, Inc Metro Tucson* . . . . . . . . . . . . . (520) 888-4826
coRpoRate Housing Oakwood Corporate Housing (Tempe) Worldwide* . . . . . . . . . . . . . . . (480) 894-9575
counteRtop & caBinets-new Arizona Royal Granite & Remodeling, LLC Statewide . . . . . . . . . . . . . . . . . (602) 405-5558
counteRtop RepaiR and ReFinisHing Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739 Get A Grip Resurfacing of Arizona Valleywide* . . . . . . . . . . . . . . . (480) 784-4747 Wilkinson Floor Covering, Inc Metro Phoenix* . . . . . . . . . . . . (602) 438-2663
cRedit-Rental HistoRy data Experian Rent Bureau Nationwide* . . . . . . . . . . . . . . . (310) 347-8126
cRime scene cleaning Bio-One Statewide* . . . . . . . . . . . . . . . . (602) 770-4972 BioPro, LLC Statewide* . . . . . . . . . . . . . . . . (602) 234-6856 Capstone Group LLC Metro Phoenix . . . . . . . . . . . . . (480) 970-5424 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Spray Systems Environmental AZ*, CA* & NV*. . . . . . . . . . . . (480) 967-8300
deck ResuRFacing Arizona Foam & Spray, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8176 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
deck ResuRFacing, Replacement & RepaiR BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Hill Brothers Chemical Co. Statewide . . . . . . . . . . . . . . . . . (623) 879-9210
*Indicates company also provides goods and services to investors and owners of smaller rental properties (Regular members with fewer than 100 units). 18
Apartment News • January 2013
developeR Kitchell Development Company Phoenix. . . . . . . . . . . . . . . . . . . (602) 631-6177
dooRs Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
dRug laB Remediation & clean up Spray Systems Environmental AZ*, CA* & NV*. . . . . . . . . . . . (480) 967-8300
dRywall seRvices AW Drywall Services LLC Valleywide* . . . . . . . . . . . . . . . (602) 376-4456 Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
dRywell dRainage systems RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Storm Water Pros, LLC Statewide* . . . . . . . . . . . . . . . . (480) 620-2517 Torrent Resources Statewide* . . . . . . . . . . . . . . . . (602) 268-0785
electRical & ligHting contRactoRs & seRvices Archie’s HVAC & Electric Valleywide* . . . . . . . . . . . . . . . (480) 921-8350 Bert’s Electric & Plumbing Tucson* & Surrounding Area* . (520) 791-7800 Digital Logic Statewide* . . . . . . . . . . . . . . . . (602) 694-0500 Harmon Electric, Inc. Statewide* . . . . . . . . . . . . . . . . (623) 879-0010 Haskins Electric LLC Metro Phoenix . . . . . . . . . . . . . (623) 937-3999 Kowalski Electrical Statewide* . . . . . . . . . . . . . . . . (602) 944-2645 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427 Valley Wide Electric Valleywide* . . . . . . . . . . . . . . . (623) 587-0802
electRical, plumBing, ac contRactoRs Express Statewide* . . . . . . . . . . . . . . . . (480) 834-0822 Harmon Electric, Inc. Statewide* . . . . . . . . . . . . . . . . (623) 879-0010 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
electRic veHicle cHaRging stations VERDEK Nationwide. . . . . . . . . . . . . . . . (770) 401-2120
electRonic payment pRocessing RentPayment Nationwide. . . . . . . . . . . . . . . . (866) 289-5977
emBRoideRy & silkscReen International Corporate Apparel Nationwide* . . . . . . . . . . . . . . . (520) 293-6790 Koalaty Embroidery Inc. Nationwide* . . . . . . . . . . . . . . . (602) 926-1600 Tortuga Promotions Nationwide* . . . . . . . . . . . . . . . (480) 966-9076
emeRgency seRvices ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Rapid Response Services LLC Metro Phoenix . . . . . . . . . . . . . (480) 833-0224 Valley Protective Services, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 777-0003
employment & BackgRound scReening Crimshield, Inc Nationwide. . . . . . . . . . . . . . . . (888) 422-2547
employment seRvices AAA Apartment Staffing Valleywide* . . . . . . . . . . . . . . . (602) 840-0258 ALLSTAFF Services, Inc.™ (HQ) Statewide . . . . . . . . . . . . . . . . . (602) 277-3381 ALLSTAFF Services, Inc.™ (Tucson) Statewide . . . . . . . . . . . . . . . . . (520) 296-1666 ApartmentJobs.com Nationwide* . . . . . . . . . . . . . . . (877) 682-6200 BG Staffing Metro Phoenix . . . . . . . . . . . . . (602) 385-1092 Career Strategies, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 955-5811 DORADO Personnel Tucson* & Surrounding Area* . (520) 323-3350 Renoir Staffing, LLC Metro Phoenix . . . . . . . . . . . . . (800) 573-6647
eneRgy seRvices Promise Energy Nationwide. . . . . . . . . . . . . . . . (800) 282-2000
exeRcise equipment Above & Beyond Fitness Repair, LLC Valleywide* . . . . . . . . . . . . . . . (480) 272-9361 Advanced Exercise Equipment Nationwide* . . . . . . . . . . . . . . . (602) 708-3764 American Fitness Services Metro Phoenix* . . . . . . . . . . . . (480) 664-7115 Commercial Fitness Superstore Statewide* . . . . . . . . . . . . . . . . (480) 838-0555 Comm-Fit Arizona Metro Phoenix* . . . . . . . . . . . . (480) 580-0252 FitLogistix Nationwide. . . . . . . . . . . . . . . . (480) 273-4353 Gym Source Statewide . . . . . . . . . . . . . . . . . (480) 775-1496 Marathon Fitness Inc. Nationwide* . . . . . . . . . . . . . . . (800) 391-9496 Promaxima Fitness Nationwide* . . . . . . . . . . . . . . . (713) 667-9606
Fence RepaiR & installation Automatic Gate Systems, Inc. Metro Phoenix . . . . . . . . . . . . . (602) 267-7778 Diamondback Carport Repair, Inc. PHX & Tucson Areas* . . . . . . . (602) 494-1556 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
FiBeRglass RepaiR & tuBs Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739
Financial seRvices Edward Jones Nationwide. . . . . . . . . . . . . . . . (480) 895-3254 TruWest Credit Union Metro Phoenix* . . . . . . . . . . . . (602) 629-1899
FiRe & Flood RestoRation Adanac Enterprises Corp. Statewide* . . . . . . . . . . . . . . . . (623) 266-2761 Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Faith Restoration Metro Phoenix* . . . . . . . . . . . . (480) 813-5619 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 GXS Construction Valleywide* . . . . . . . . . . . . . . . (602) 224-1120 Har-Bro West, Inc. Metro PHX* & Metro Tucson* . (480) 449-3900 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304 Praxis Construction Group Statewide* . . . . . . . . . . . . . . . . (800) 709-3347 Servpro of Central Glendale/West Phoenix Metro Phoenix* . . . . . . . . . . . . (602) 252-0569 Servpro of Gilbert and Chandler South Metro Phoenix* . . . . . . . . . . . . (480) 558-7620 Specialty Water Damage Restoration LLC Metro Phoenix* . . . . . . . . . . . . (602) 291-9030 Titan Restoration Of Tucson, Inc Metro Tucson* . . . . . . . . . . . . . (520) 888-4826
FiRe alaRms Affordable Fire and Safety LLC Metro Phoenix* . . . . . . . . . . . . (480) 507-2850 Metro Fire Equipment Statewide* . . . . . . . . . . . . . . . . (480) 464-0509 Safeguard Statewide* . . . . . . . . . . . . . . . . (480) 609-6200 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
FiRe extinguisHeRs Affordable Fire and Safety LLC Metro Phoenix* . . . . . . . . . . . . (480) 507-2850 Desert State Fire Statewide* . . . . . . . . . . . . . . . . (480) 264-3763 Metro Fire Equipment Statewide* . . . . . . . . . . . . . . . . (480) 464-0509 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
FiRe HydRants Affordable Fire and Safety LLC Metro Phoenix* . . . . . . . . . . . . (480) 507-2850 Metro Fire Equipment Statewide* . . . . . . . . . . . . . . . . (480) 464-0509 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
FiRe spRinkleRs Affordable Fire and Safety LLC Metro Phoenix* . . . . . . . . . . . . (480) 507-2850 Metro Fire Equipment Statewide* . . . . . . . . . . . . . . . . (480) 464-0509 Sun Devil Fire and Security Statewide* . . . . . . . . . . . . . . . . (623) 245-0636
FlooR coveRings Arizona Flooring and Interiors Statewide* . . . . . . . . . . . . . . . . (602) 327-0284 Armstrong World Industries, Inc. Statewide . . . . . . . . . . . . . . . . . (800) 356-9321 Lowe’s Inc. Nationwide* . . . . . . . . . . . . . . . (623) 414-0920 Marathon Fitness Inc. Nationwide* . . . . . . . . . . . . . . . (800) 391-9496 Mohawk Industries Statewide* . . . . . . . . . . . . . . . . (330) 620-6151 Shaw Industries Nationwide* . . . . . . . . . . . . . . . (714) 317-9999 Wilkinson Floor Covering, Inc Metro Phoenix* . . . . . . . . . . . . (602) 438-2663
FuRnituRe & upHolsteRy seRvices Cort Furniture Rentals (Tucson) Statewide* . . . . . . . . . . . . . . . . (520) 881-0070 Tucson Appliance Company/Tucson Heating & Cooling/Tucson Furniture Tucson* & Surrounding Area* . (520) 881-1207
FuRnituRe Rentals AZ Furniture and Mattress Liquidators Metro Phoenix . . . . . . . . . . . . . (623) 582-1550 Cort. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Valleywide* & Some Tucson* . (480) 831-8851
geneRal contRactoR/constRuction management Hardison/Downey Construction, Inc. Southwest U.S. . . . . . . . . . . . . . (602) 861-0044 R & E Contracting, LLC Metro Phoenix* . . . . . . . . . . . . (623) 570-1605 Tofel Construction (Tucson) Statewide* . . . . . . . . . . . . . . . . (520) 571-0101
geneRal contRactoR-licensed Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Davis Companies Valleywide . . . . . . . . . . . . . . . . (909) 795-0077 Hardison/Downey Construction, Inc. Southwest U.S. . . . . . . . . . . . . . (602) 861-0044
geneRal contRactoR-licensed/Bonded FoR comm/Res. All Struct LLC Metro Tucson* . . . . . . . . . . . . . (520) 247-3793 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Eagle Valley Construction, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 730-0594 Finocchiaro Construction LLC Metro Phoenix . . . . . . . . . . . . . (602) 971-0337 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Fortress General Contracting, Inc. Maricopa County* . . . . . . . . . . (480) 736-3951 Gorman Roofing Services, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 262-2423 Hardison/Downey Construction, Inc.. . . . . . . . . Southwest U.S. . . . . . . . . . . . . . (602) 861-0044 Marbecc Custom Designs Statewide* . . . . . . . . . . . . . . . . (480) 836-8261 MT Builders Statewide . . . . . . . . . . . . . . . . . (480) 443-3376
Property Rock Resources Valleywide . . . . . . . . . . . . . . . . (602) 466-0093 Seamless Services, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 964-1052 Summit Builders Construction Company Statewide . . . . . . . . . . . . . . . . . (602) 840-7700 ZZone Construction, LLC Metro Phoenix . . . . . . . . . . . . . (623) 594-7663
glass & scReen Cheaper Window Glass Valleywide* . . . . . . . . . . . . . . . (602) 995-2102 Glassbusters, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 964-4664 Open Enclose LLC Metro Tucson* . . . . . . . . . . . . . (520) 358-4553
golF caRts/utility veHicles A-1 Golf Cart Leasing West of the Mississippi* . . . . . . (480) 855-7800
gRoup puRcHasing Professional Apartment Services Nationwide* . . . . . . . . . . . . . . . (800) 875-0250
Hvac Jasper Air Metro Phoenix* . . . . . . . . . . . . (602) 814-0504
Helium & Balloons Arizona Air Boutique, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 867-4606 Unique Aire Helium & Balloons Statewide* . . . . . . . . . . . . . . . . (480) 830-0770
insuRance Adams Business Dimensions, Inc. Southwest U.S.* . . . . . . . . . . . . (602) 885-9500 Beecher Carlson Insurance Agency, LLC Statewide* . . . . . . . . . . . . . . . . (602) 996-7600 Bowman & Associates Insurance Agency Phoenix*. . . . . . . . . . . . . . . . . . (800) 456-0241 Crest Insurance Group Nationwide* . . . . . . . . . . . . . . . (480) 839-2252 LeaseTerm Solutions Western U.S . . . . . . . . . . . . . . . (678) 206-2910 Nationwide Insurance Metro Phoenix,Nationwide . . . (602) 718-1220 Networked Insurance Agents Nationwide. . . . . . . . . . . . . . . . (480) 292-9642 Nexus Partners Insurance Solutions Metro Phoenix* . . . . . . . . . . . . (480) 422-1536 San Tan Insurance Services, LLC Statewide* . . . . . . . . . . . . . . . . (480) 391-3883 SCF Arizona Phoenix. . . . . . . . . . . . . . . . . . . (602) 631-2000 The Mahoney Group (Phoenix) Mesa. . . . . . . . . . . . . . . . . . . . . (480) 214-2712 The Mahoney Group (Tucson) Tucson* & Surrounding Area* . (520) 784-6673
insuRance-claims assistance On-Site Contents Cleaning & Restoration, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 723-2534 Bennett and Porter Insurance Services Metro Phoenix . . . . . . . . . . . . . (480) 212-1150 CIBA Insurance Services Nationwide. . . . . . . . . . . . . . . . (818) 638-8525 Cox Insurance Services Statewide* . . . . . . . . . . . . . . . . (480) 907-6000 CSE Insurance Group AZ*, CA* & TX*, Nationwide* . (800) 282-6848 Pfister Insurance Agency-Farmers Insurance Statewide* . . . . . . . . . . . . . . . . (623) 581-0700 Sterling Grant & Associates, LLC Statewide* . . . . . . . . . . . . . . . . (602) 954-7200
insuRance–commeRcial Farmers Insurance - Schaffroth Agency Statewide* . . . . . . . . . . . . . . . . (480) 688-2908
insuRance-puBlic adJusteR The Greenspan Company/Adjusters International Nationwide* . . . . . . . . . . . . . . . (480) 970-7869 Shull & Associates Statewide* . . . . . . . . . . . . . . . . (623) 687-8801 Skipton & Associates, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 992-7577
inteRioR design Designs For You Nationwide* . . . . . . . . . . . . . . . (480) 517-0080 Gia Venturi Interiors Metro Phoenix* . . . . . . . . . . . . (602) 914-9223 J Bella Interiors Nationwide. . . . . . . . . . . . . . . . (480) 967-2121
inteRnet seRvices & access pRovideR Cox Communications (Phoenix) Valleywide* . . . . . . . . . . . . . . . (623) 328-3805 Cox Communications (Tucson) Tucson* & Surrounding Area* . (520) 629-8414
key contRol & asset management HandyTrac Systems Key Control Systems. . . . . . Nationwide* . . . . . . . . . . . . . . . (800) 665-9994 KeyTrak, Inc. Nationwide* . . . . . . . . . . . . . . . (888) 539-8725
kitcHen & BatH ReFinisHing Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739
landscape and tRee seRvice Desert Appeal Landscape LLC Metro Phoenix* . . . . . . . . . . . . (480) 570-5754 Silver Lands, Inc. Metro Phoenix . . . . . . . . . . . . . (702) 459-3192
landscape maintenance Acacia Landscape Services, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 253-7354 The Commercial Ranger Metro Phoenix . . . . . . . . . . . . . (602) 910-4745 Empire Landscape & Maintenance, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 550-4154 Epic Landscape Construction, Inc. Metro Phoenix* . . . . . . . . . . . . (623) 516-9014 GPM Landscape Metro Phoenix . . . . . . . . . . . . . (602) 469-0652 The Groundskeeper (Gilbert) Metro Phoenix* . . . . . . . . . . . . (480) 545-0456 Landmark Land Management LLC Metro Phoenix* . . . . . . . . . . . . (602) 323-9696 ProQual Landscaping Metro Phoenix . . . . . . . . . . . . . (480) 456-0608 Quality Building Maintenance LLC Valleywide* . . . . . . . . . . . . . . . (602) 568-5944 Shamrock Landscaping, Inc. Valleywide . . . . . . . . . . . . . . . . (602) 606-7603
landscape maintenance & seRvices AME Southwest Landscape and Irrigation Metro PHX & Metro Tucson. . . (480) 558-3160 Asset Landscaping Metro Phoenix* . . . . . . . . . . . . (602) 353-8877
Gothic Grounds Management, Inc. (Phx) Metro Phoenix . . . . . . . . . . . . . (602) 540-6917 Greenway Landscape, Inc. Metro Tucson* . . . . . . . . . . . . . (520) 441-1297 Landscape Pros & Design LLC Metro Phoenix* . . . . . . . . . . . . (480) 228-9630 Rain Key LLC Metro Phoenix* . . . . . . . . . . . . (480) 239-4223 Safari Pools & Landscape Valleywide* . . . . . . . . . . . . . . . (480) 633-6494 Silver Lands, Inc. Metro Phoenix . . . . . . . . . . . . . (702) 459-3192 SiteWorks Metro Phoenix* . . . . . . . . . . . . (480) 820-1600 Tree Pros, LLC Valleywide* . . . . . . . . . . . . . . . (602) 216-0400 Waddell Landscape Metro Phoenix* . . . . . . . . . . . . (623) 536-2200
landscape mateRial All Rock Supply Metro Phoenix . . . . . . . . . . . . . (480) 760-5951
landscape spRinkleR seRvices Sexton Pest Control Valleywide* . . . . . . . . . . . . . . . (602) 942-3653
landscaping seRvices Carescape Valleywide . . . . . . . . . . . . . . . . (623) 583-8700 Catalina Landscape Maintenance Tucson . . . . . . . . . . . . . . . . . . . (520) 887-1204 Details Landscaping Valleywide . . . . . . . . . . . . . . . . (623) 435-7207 Fortis Landcare Metro Phoenix* . . . . . . . . . . . . (602) 254-4447 IDT Landscaping LLC Valleywide* . . . . . . . . . . . . . . . (480) 829-8530 Integrated Landscape Management, LLC Metro Phoenix . . . . . . . . . . . . . (480) 675-7709 ProQual Landscaping Metro Phoenix . . . . . . . . . . . . . (480) 456-0608 Sexton Pest Control Valleywide* . . . . . . . . . . . . . . . (602) 942-3653 The Groundskeeper (Tucson) Statewide* . . . . . . . . . . . . . . . . (520) 571-1575 Wild Briar Landscape Valleywide . . . . . . . . . . . . . . . . (480) 899-5192 Xeriscapes Unlimited, Inc. Phoenix*. . . . . . . . . . . . . . . . . . (602) 252-6434
leak locating RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
leasing incentives AIM Cruise Incentives Nationwide* . . . . . . . . . . . . . . . (818) 706-9822
legal seRvices Dodge & Vega PLC Statewide* . . . . . . . . . . . . . . . . (480) 656-8333 Fennemore Craig Metro Phoenix . . . . . . . . . . . . . (602) 916-5000 Gallagher & Kennedy Phoenix. . . . . . . . . . . . . . . . . . . (602) 530-8540 Snell & Wilmer L.L.P. Metro Phoenix* . . . . . . . . . . . . (602) 382-6000
low income Housing pRogRam administRation HOM, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 265-4640
mail Boxes Exterior Systems Statewide* . . . . . . . . . . . . . . . . (480) 990-3909
maintenance supplies AZ PARTSMASTER (Phoenix) Statewide* . . . . . . . . . . . . . . . . (602) 233-3580 AZ PARTSMASTER (Tucson) Tucson* & Surrounding Area* . (520) 573-5828 HD Supply Facilities Maintenance Valleywide* . . . . . . . . . . . . . . . (800) 431-3000 Maintenance Supply Headquarters Phoenix. . . . . . . . . . . . . . . . . . . (480) 760-4100 The Home Depot Nationwide* . . . . . . . . . . . . . . . (480) 797-7041 The Home Depot (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 309-9756
management consulting & tRaining Occupancy Solutions LLC Nationwide* . . . . . . . . . . . . . . . (800) 865-0948
maRketing, ReseaRcH & statistics Pierce-Eislen AZ, CO & Southern CA . . . . . . (480) 663-1149 RealData, Inc. Southwest U.S. . . . . . . . . . . . . . (602) 789-1223
masonRy Fence & wall RepaiR Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
mattResses AZ Furniture and Mattress Liquidators Metro Phoenix . . . . . . . . . . . . . (623) 582-1550
mold & asBestos Remediation Arizona Fire & Water Restoration, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 775-8000 ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304 Spray Systems Environmental AZ*, CA* & NV*. . . . . . . . . . . . (480) 967-8300
mold Removal & clean up BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 Kowalski Construction, Inc. Metro PHX* & Metro Tucson* . (602) 944-2645
moRtgage lendeR Johnson Capital Nationwide. . . . . . . . . . . . . . . . (602) 957-1112
moRtgage, Real estate & insuRance seRvices Amerifirst Financial, Inc. Metro Phoenix* . . . . . . . . . . . . (602) 743-4509 Keystone Commercial Capital Nationwide* . . . . . . . . . . . . . . . (602) 997-3810
moving & stoRage On The Move, Inc. Nationwide* . . . . . . . . . . . . . . . (800) 645-9949
neigHBoRHood Revitalization Phoenix Revitalization Corporation (non-profit) Phoenix*. . . . . . . . . . . . . . . . . . (602) 259-6895
odoR elimination Biosweep of Phoenix Statewide* . . . . . . . . . . . . . . . . (602) 639-1902 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091
online leasing VaultWare Nationwide* . . . . . . . . . . . . . . . (480) 905-3668
online Rent payments Property Solutions Nationwide* . . . . . . . . . . . . . . . (602) 324-9223 RentPayment Nationwide. . . . . . . . . . . . . . . . (866) 289-5977
paging systems Corporate Answer/Arizona Action Paging Nationwide* . . . . . . . . . . . . . . . (602) 244-1833
painting seRvices A Real Deal Painting Statewide* . . . . . . . . . . . . . . . . (623) 362-9561 Accent Painting & Construction Inc. Statewide . . . . . . . . . . . . . . . . . (480) 614-5839 C & M Homes & Commercial Services Metro Phoenix* . . . . . . . . . . . . (480) 836-7222 CertaPro Painters Statewide* . . . . . . . . . . . . . . . . (480) 962-8180 Empire Community Painting Statewide* . . . . . . . . . . . . . . . . (480) 560-8525 Gaylord Restoration Inc. Metro Phoenix* . . . . . . . . . . . . (480) 539-2696 Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 Ghaster Painting & Coatings, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 277-8541 Giant Painting and Construction, Inc. Metro Phoenix . . . . . . . . . . . . . (602) 993-4681 Imperial Contracting Valleywide* . . . . . . . . . . . . . . . (480) 892-9157 Indigo Painting Valleywide* . . . . . . . . . . . . . . . (602) 304-0800 Investment Painting Services, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 242-5737 JLS Companies Metro Phoenix* . . . . . . . . . . . . (480) 703-1967 LeBreck Painting, Inc. Metro Tucson* . . . . . . . . . . . . . (520) 628-3582 Metzger’s Painting Professionals, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 672-5069 One 80 Painting Metro Phoenix* . . . . . . . . . . . . (602) 997-1434 Papago Painting, Ent. Statewide* . . . . . . . . . . . . . . . . (602) 340-0886 Paramount Painting, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 369-5717 Synergy Painting, Inc. AZ*, CO* & UT* . . . . . . . . . . . (602) 469-8449
painting supplies Glidden Professional Metro Phoenix* . . . . . . . . . . . . (480) 948-0757 Frazee Paint Industries Phoenix*. . . . . . . . . . . . . . . . . . (303) 371-5600 PPG Pittsburgh Paints Nationwide* . . . . . . . . . . . . . . . (602) 956-1150 Sherwin-Williams Statewide* . . . . . . . . . . . . . . . . (602) 861-3171
pavement maintenance Asphalt Technologies / KFM Striping and Curb Company Valleywide* . . . . . . . . . . . . . . . (602) 462-9114 Bates Paving & Sealing, Inc. Statewide* . . . . . . . . . . . . . . . . (520) 741-2100 Cactus Asphalt Statewide* . . . . . . . . . . . . . . . . (602) 370-3363 Dunn-Edwards Paint Corporation (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 444-7240 Dynamite Paving and Sealcoat, Inc. Phoenix. . . . . . . . . . . . . . . . . . . (602) 258-9588 M.R. Tanner Construction Metro Phoenix . . . . . . . . . . . . . (480) 633-8500 Morgan Pavement AZ*, NM* & NV* . . . . . . . . . . . (480) 646-4781 Quality Emulsions, LLC Statewide . . . . . . . . . . . . . . . . . (480) 619-4100 SealMaster AZ Statewide* . . . . . . . . . . . . . . . . (602) 253-4660
payRoll, aso,peo Oasis Outsourcing Statewide* . . . . . . . . . . . . . . . . (602) 405-7033
pest contRol seRvices All Bed Bugs Begone, LLC Statewide* . . . . . . . . . . . . . . . . (480) 659-9011 Alpha Pest Control Metro PHX* & Metro Tucson* . (800) 256-8612 Amera Sun City Pest Control Metro Phoenix* . . . . . . . . . . . . (623) 979-6467 Arizona Pest Squad, LLC Metro Phoenix . . . . . . . . . . . . . (480) 544-1115 Burns Pest Elimination (Phoenix) Statewide* . . . . . . . . . . . . . . . . (602) 971-4782 Burns Pest Elimination (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 882-4776 City Wide Pest Control, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 944-0099 Eliminex Termite & Pest Control Metro Phoenix* . . . . . . . . . . . . (602) 942-2847 HomeTeam Pest Defense Metro Phoenix . . . . . . . . . . . . . (480) 929-7620 KY-KO Pest Prevention, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 964-8900 Mike’s Swat Team Pest and Termite Control Valleywide* . . . . . . . . . . . . . . . (602) 944-7700 Northwest Exterminating-Tucson Tucson . . . . . . . . . . . . . . . . . . . (520) 888-5779 Nose Knows LLC Metro Phoenix* . . . . . . . . . . . . (480) 370-4767 Sexton Pest Control Valleywide* . . . . . . . . . . . . . . . (602) 942-3653 Smart Pest Solutions Valleywide* . . . . . . . . . . . . . . . (480) 621-8438 Terminix Metro Phoenix . . . . . . . . . . . . . (602) 431-4980 Western Exterminator Company Metro PHX* & Metro Tucson* . (602) 273-1681
pigeon contRol KY-KO Pest Prevention, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 964-8900
pipe Renewal & RestoRation
*Indicates company also provides goods and services to investors and owners of smaller rental properties (Regular members with fewer than 100 units). Apartment News • January 2013
19
RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
playgRound maintenance & contRactoR Safe and Sound Playgrounds Statewide* . . . . . . . . . . . . . . . . (480) 888-8784
plumBeRs Alliance Plumbing Service & Repair Phoenix. . . . . . . . . . . . . . . . . . . (480) 633-3020 Marlin Services Maricopa County* . . . . . . . . . . (602) 470-1040
plumBing contRactoRs & seRvices Alliance Plumbing Service & Repair Phoenix. . . . . . . . . . . . . . . . . . . (480) 633-3020 Arizona Plumbing Services, Inc. Maricopa County* . . . . . . . . . . (602) 442-8757 Armor Plumbing & Boiler MetroPHX* & Metro Tucson*. . (480) 782-9324 Belsito Plumbing LLC Statewide* . . . . . . . . . . . . . . . . (480) 425-9900 Benrich Service Co., Inc. Valleywide* . . . . . . . . . . . . . . . (480) 835-8220 Brewer Commercial Services Valleywide* . . . . . . . . . . . . . . . (602) 789-8858 D.W. Plumbing and Maintenance Inc. Metro Phoenix* . . . . . . . . . . . . (602) 789-1920 Delta Mechanical, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 898-0007 Grace Plumbing Services, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 704-3785 Plumb Plumbing LLC Pima County* . . . . . . . . . . . . . . (520) 629-0504 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376 Rooter 2000 Plumbing and Drain Valleywide . . . . . . . . . . . . . . . . (480) 967-5943 Roto-Rooter Service & Plumbing Co. Maricopa County* . . . . . . . . . . (800) 381-4161 Roto Rooter Plumbers (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 741-0796 West Coast Plumbing & Air Metro Phoenix* . . . . . . . . . . . . (623) 582-1117
plumBing FixtuRes & supplies Ferguson Enterprises, Inc. Tucson* & Surrounding Area* . (520) 792-1700 Plumbing Suppliers Inc. Metro Tucson* . . . . . . . . . . . . . (520) 326-6433 Roto Rooter Plumbers (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 741-0796
plumBing pRoducts manuFactuReR Moen Incorporated Nationwide* . . . . . . . . . . . . . . . (440) 962-2000
political consulting Capitol Consulting, LLC Phoenix. . . . . . . . . . . . . . . . . . . (602) 712-1121
pool FuRnituRe manuFactuReR Leisure Creations Nationwide. . . . . . . . . . . . . . . . (866) 765-6726
pool seRvice & RepaiR Silver Lining Pool Service, LLC Metro Phoenix* . . . . . . . . . . . . (480) 359-6380
pool/patio FuRnituRe-ReFuRBisHing Sun Patio Furniture Nationwide* . . . . . . . . . . . . . . . (480) 227-2776
pRinting & maRketing Allegra-Integrated Marketing & Print Solutions Metro Phoenix*,Nationwide*. . (480) 941-4842 DP Solutions, Inc. Metro Tucson . . . . . . . . . . . . . . (520) 393-3551 SIGNWORX Nationwide* . . . . . . . . . . . . . . . (602) 268-1875
pRocess seRvice & evictions AAA Landlord Services, Inc./Investigative Screening Nationwide* . . . . . . . . . . . . . . . (480) 668-5953 Acquisition Process Serving Statewide* . . . . . . . . . . . . . . . . (602) 486-5894
pRopeRty management soFtwaRe AppFolio, Inc. Nationwide* . . . . . . . . . . . . . . . (805) 617-2163 NQUEUE BillBack, LLC Nationwide* . . . . . . . . . . . . . . . (602) 426-1550 Yardi Systems, Inc. Nationwide* . . . . . . . . . . . . . . . (805) 699-2040
pRopeRty tax consulting R.L. Cohen & Associates, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 640-9777 Thomson Reuters Nationwide. . . . . . . . . . . . . . . . (480) 270-6011
puBlic HealtH Maricopa County Tobacco Use Prevention Program Maricopa County . . . . . . . . . . . (602) 372-7272
Real estate BRokeRs/commeRcial CB Richard Ellis Worldwide . . . . . . . . . . . . . . . . (602) 735-5555 Marcus & Millichap (Cliff David) Valleywide* . . . . . . . . . . . . . . . (602) 952-9669 Marcus & Millichap (Pete TeKampe) Metro Phoenix* . . . . . . . . . . . . (602) 952-9669 Marcus & Millichap (Richard Butler) Metro PHX & Metro Tucson. . . (602) 952-9669 Transwestern Commercial Services Valleywide* . . . . . . . . . . . . . . . (602) 956-5000
Real estate BRokeRs/multi-Family Apartment Realty Advisors Statewide* . . . . . . . . . . . . . . . . (602) 252-4232 PTE Real Estate Group Metro Phoenix* . . . . . . . . . . . . (480) 344-1732
Real estate seRvices/consulting Michael A. Lieb, Ltd. Metro Phoenix . . . . . . . . . . . . . (602) 870-9741
ReFinisHing/ResuRFacing Alliance Refinishing, LLC Statewide* . . . . . . . . . . . . . . . . (623) 249-2573 Apartments Resurfacing Inc. Valleywide* . . . . . . . . . . . . . . . (602) 468-0739 NuSurface Phoenix Metro, LP Statewide* . . . . . . . . . . . . . . . . (602) 395-2007
ReFuse Removal & Recycling seRvices Republic Services Valleywide* . . . . . . . . . . . . . . . (602) 442-5997 Saguaro Environmental Services Pima County* . . . . . . . . . . . . . . (520) 745-8820
Renovation supplies Renovations Plus Nationwide. . . . . . . . . . . . . . . . (303) 465-9009
RenteRs insuRance
Assurant Specialty Property Nationwide. . . . . . . . . . . . . . . . (702) 824-1384 Bader Company Nationwide. . . . . . . . . . . . . . . . (888) 223-3726 Better NOI Nationwide. . . . . . . . . . . . . . . . (888) 219-9105 Renters Legal Liability, LLC Nationwide* . . . . . . . . . . . . . . . (801) 994-0237
Resident ReFeRRal seRvices Apartment Hunters . . . . . . . . . . . . . Valleywide* (602) 863-1500
Retention/Resident seRvices AIM Cruise Incentives Nationwide* . . . . . . . . . . . . . . . (818) 706-9822 Apartment Life Statewide . . . . . . . . . . . . . . . . . (623) 243-0120 Rainbow Housing Assistance Corporation Metro Phoenix . . . . . . . . . . . . . (623) 889-3391
Revenue management soFtwaRe Rainmaker Nationwide. . . . . . . . . . . . . . . . (678) 578-5700
RooF coatings Arizona Foam & Spray, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8176 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Red Mountain Roofing, LLC. Metro PHX* & Metro Tucson* . (480) 268-7379 RenCo, LLC Statewide* . . . . . . . . . . . . . . . . (602) 867-9386 Roofing Southwest AZ*, NV* & South CA*. . . . . . . (480) 752-8550
RooFing seRvices Arizona Foam & Spray, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8176 ATI Statewide* . . . . . . . . . . . . . . . . (623) 434-9445 ATI (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 807-9400 BluSky Restoration Nationwide*,Statewide*. . . . . . (602) 689-7801 Broken Arrow Construction Company Statewide* . . . . . . . . . . . . . . . . (480) 890-2322 Diversified Roofing Corporation Metro Phoenix,Metro Tucson. . (602) 850-8265 Diversified Roofing Corporation of Tucson Metro Tucson . . . . . . . . . . . . . . (520) 670-1004 Gryphon Companies, Inc. . . . . . . . . Statewide* (480) 994-5500 Inca Roofing, Inc. . . . . . . . . . . . . . . . Statewide* (602) 544-0998 Jim Brown & Sons Roofing Co. Inc Statewide* . . . . . . . . . . . . . . . . (623) 247-9252 KY-KO Roofing Systems . . . . . . . Metro Phoenix (602) 944-4600 Paramount Roofing Metro Phoenix* . . . . . . . . . . . . (480) 292-7929 Red Mountain Roofing, LLC. Metro PHX* & Metro Tucson* . (480) 268-7379 RenCo, LLC Statewide* . . . . . . . . . . . . . . . . (602) 867-9386 Roofing Southwest AZ*, NV* & South CA*. . . . . . . (480) 752-8550 Seamless Services, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 964-1052 Starkweather Roofing, Inc Statewide* . . . . . . . . . . . . . . . . (602) 997-0529 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427 Sunvek Metro Phoenix* . . . . . . . . . . . . (623) 349-7663 Titan Restoration Of Tucson, Inc Metro Tucson* . . . . . . . . . . . . . (520) 888-4826 United Asset Services Nationwide* . . . . . . . . . . . . . . . (602) 340-8274 Western Roofing Systems, Inc. AZ*, NV* & South CA*. . . . . . . (480) 967-8073
RooFing and wateR pRooFing consultants Arizona’s Roof Consultant, LLC Statewide* . . . . . . . . . . . . . . . . (480) 557-6255
RuB systems Conservice Utility Management & Billing Nationwide* . . . . . . . . . . . . . . . (866) 866-0333 Multifamily Utility Company Nationwide* . . . . . . . . . . . . . . . (800) 266-0968
scReen dooRs & Bug scReens Blind Co. Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8098
scReening seRvices AmRent Nationwide* . . . . . . . . . . . . . . . (855) 214-4743 Residentcheck Nationwide. . . . . . . . . . . . . . . . (972) 404-0808
scReening seRvices/cRedit RepoRts AAA Landlord Services, Inc./Investigative Screening Nationwide* . . . . . . . . . . . . . . . (480) 668-5953 Airfactz Nationwide* . . . . . . . . . . . . . . . (800) 729-7776 Better NOI Nationwide. . . . . . . . . . . . . . . . (888) 219-9105 Contemporary Information Corporation Nationwide* . . . . . . . . . . . . . . . (800) 754-0009 CoreLogic SafeRent Nationwide* . . . . . . . . . . . . . . . (623) 670-3273 Credit Plus, Inc. Nationwide. . . . . . . . . . . . . . . . (800) 258-3488 Investigative Screening Valleywide* . . . . . . . . . . . . . . . (480) 305-1350 LexisNexis Resident Screening Nationwide* . . . . . . . . . . . . . . . (480) 272-7862 National Tenant Network - Arizona (NTN-AZ) Statewide* . . . . . . . . . . . . . . . . (480) 607-5288 On-Site.com Nationwide* . . . . . . . . . . . . . . . (602) 616-3279 RealPage, Inc. Worldwide* . . . . . . . . . . . . . . . (877) 325-7243 Reliable Background Screening Nationwide* . . . . . . . . . . . . . . . (602) 870-7711 The Screening Pros Nationwide* . . . . . . . . . . . . . . . (602) 540-8786
secuRity deposit alteRnatives Better NOI Nationwide. . . . . . . . . . . . . . . . (888) 219-9105 SureDeposit Nationwide. . . . . . . . . . . . . . . . (800) 531-7873
secuRity guaRd seRvices A Urban Tactical Security Metro Phoenix* . . . . . . . . . . . . (602) 328-0005 Blue Steel Security Services Statewide* . . . . . . . . . . . . . . . . (602) 283-4827 Eagle Eye Security Services, LLC
Metro PHX* & Metro Tucson* . (623) 826-2067 Elite Protective Services Phoenix. . . . . . . . . . . . . . . . . . . (480) 792-1515 Emerald Security Group Metro PHX* & Metro Tucson* . (623) 251-6056 Hite Security, LLC. Metro Tucson . . . . . . . . . . . . . . (520) 298-8834 Layne Security LLC Metro Phoenix*,PHX* & Surrounding Area* . . . . . . . . . . . . . . . . . . . . . . . . . (623) 377-6847
secuRity seRvices A Urban Tactical Security Metro Phoenix* . . . . . . . . . . . . (602) 328-0005 Core Security Services Valleywide* . . . . . . . . . . . . . . . (602) 518-6597 Multicom, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 244-1100 Securitas Security Services USA Nationwide* . . . . . . . . . . . . . . . (602) 414-3659 Securitas Security Services USA (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 296-3833 Signal 88 Security Valleywide* . . . . . . . . . . . . . . . (623) 580-9416 Tatalovich & Associates, Inc. Phoenix. . . . . . . . . . . . . . . . . . . (602) 264-0007 Valley Protective Services, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 777-0003
seweR & dRain cleaning Brewer Commercial Services Valleywide* . . . . . . . . . . . . . . . (602) 789-8858 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
seweR line cameRaing RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
sHopping evaluations Ellis, Partners in Mystery Shopping (EPMS) Nationwide* . . . . . . . . . . . . . . . (972) 256-3767
signs Fusion Sign and Design Nationwide* . . . . . . . . . . . . . . . (602) 288-8903 SIGNWORX Nationwide* . . . . . . . . . . . . . . . (602) 268-1875 Tile Signs & Graphics Statewide . . . . . . . . . . . . . . . . . (480) 967-6029
social netwoRking The I Too Corp Nationwide* . . . . . . . . . . . . . . . (920) 254-9400
soFtwaRe FoR apaRtment/Residential pRopeRty mgmt AmSI Nationwide. . . . . . . . . . . . . . . . (404) 644-3203
solaR eneRgy Harmon Solar Statewide* . . . . . . . . . . . . . . . . (623) 879-0010
steps Diamondback Carport Repair, Inc. PHX & Tucson Areas* . . . . . . . (602) 494-1556 Neece Precast & Supply Phoenix. . . . . . . . . . . . . . . . . . . (602) 242-1869 STIMCO Precast Products Nationwide* . . . . . . . . . . . . . . . (480) 898-8132 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
stReet sweeping All City/Tri City Power Sweep Valleywide* . . . . . . . . . . . . . . . (602) 678-0059 Epic Sweeping Service Valleywide* . . . . . . . . . . . . . . . (623) 516-9014 Sunstate Sweeping, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 415-1506 Sunstate Sweeping, LLC. (Tucson) Tucson* & Surrounding Area* . (520) 293-0400
suB-FlooRing Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
suB-meteRing Comptrol Technologies Valleywide* & Tucson* . . . . . . (602) 392-2292 Conservice Utility Management & Billing . . . . . Nationwide* . . . . . . . . . . . . . . . (866) 866-0333 Minol USA Statewide . . . . . . . . . . . . . . . . . (888) 766-1253 National Exemption Service, Inc. Nationwide. . . . . . . . . . . . . . . . (800) 241-8651 NWP Services Corporation Nationwide* . . . . . . . . . . . . . . . (949) 735-2625 Spectrum Phoenix, LLC dba Edison Micro Utilities Statewide* . . . . . . . . . . . . . . . . (602) 274-1030 Utilities Management Concepts, Inc. Nationwide. . . . . . . . . . . . . . . . (626) 303-5553
supplies - electRical, HaRdwaRe & plumBing
Leslie’s Poolmart Inc. Valleywide* . . . . . . . . . . . . . . . (602) 366-3926 Specialty Cleaning Valleywide* & Metro Tucson* . (480) 241-7525
tecHnology consulting LeeShanok Network Solutions Statewide* . . . . . . . . . . . . . . . . (520) 888-9122 LeeShanok Network Solutions (Phoenix) Statewide* . . . . . . . . . . . . . . . . (602) 277-5757 Virtual Office Global, LLC Metro Phoenix,Nationwide . . . (602) 297-5255
telepHone answeRing & messaging systems Answer Phoenix Metro PHX* & Metro Tucson* . (602) 248-8080 Corporate Answer/Arizona Action Paging Nationwide* . . . . . . . . . . . . . . . (602) 244-1833
telepHone systems Century Link Statewide* . . . . . . . . . . . . . . . . (800) 366-8201 Cox Communications (Phoenix) Valleywide* . . . . . . . . . . . . . . . (623) 328-3805 Cox Communications (Tucson) Tucson* & Surrounding Area* . (520) 629-8414
teRmite elimination Arizona Exterminating Metro PHX* & Metro Tucson* . (602) 275-8555 Arizona Exterminating (Tucson) Metro Tucson* . . . . . . . . . . . . . (520) 327-7400 City Wide Pest Control, Inc. Statewide* . . . . . . . . . . . . . . . . (602) 944-0099 Dynamic Pest Solutions, LLC Metro Phoenix . . . . . . . . . . . . . (602) 721-9851 KY-KO Pest Prevention, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 964-8900
towing & paRking enFoRcement Arizona Parking Enforcement Metro Phoenix* . . . . . . . . . . . . (480) 232-6556 Arizona Parking Management by Bronco Metro Tucson* . . . . . . . . . . . . . (520) 885-1925 Charity Towing Metro Phoenix . . . . . . . . . . . . . (602) 249-2169 Go Green Environmental Metro Phoenix* . . . . . . . . . . . . (480) 274-0043
towing seRvice All City Towing Valleywide* . . . . . . . . . . . . . . . (480) 255-2489 All Valley Impound/United Road Towing Valleywide* . . . . . . . . . . . . . . . (602) 523-3322 Kwik Tow Valleywide* . . . . . . . . . . . . . . . (623) 444-1020 R & M Towing LLC Valleywide . . . . . . . . . . . . . . . . (602) 415-1565 SWAT Towing & Parking Enforcement Towing Service Valleywide* . . . . . . . . . . . . . . . (480) 644-8181
tRee seRvice All Year Round Expert Tree Care Metro PHX* & Metro Tucson* . (602) 647-4747 Arizona Treeworks Valleywide* . . . . . . . . . . . . . . . (602) 841-2900 Phoenix Tree Service, Inc. Valleywide* . . . . . . . . . . . . . . . (602) 866-2013 Premier Tree Service Inc Valleywide* . . . . . . . . . . . . . . . (602) 550-4154 ProQual Landscaping Metro Phoenix . . . . . . . . . . . . . (480) 456-0608 Silver Lands, Inc. Metro Phoenix . . . . . . . . . . . . . (702) 459-3192 Top Leaf Tree Service Metro Phoenix* . . . . . . . . . . . . (480) 833-6465 Tree Doctors, Inc. East Valley*. . . . . . . . . . . . . . . . (480) 844-4037 Tree Pros, LLC Valleywide* . . . . . . . . . . . . . . . (602) 216-0400 Treetek Statewide . . . . . . . . . . . . . . . . . (602) 705-1110
uniFoRms, appaRel & accessoRies Tortuga Promotions Nationwide* . . . . . . . . . . . . . . . (480) 966-9076
utilities APS Statewide* . . . . . . . . . . . . . . . . (602) 250-2966 Conservice Utility Management & Billing Nationwide* . . . . . . . . . . . . . . . (866) 866-0333 Salt River Project (SRP) Valleywide* . . . . . . . . . . . . . . . (602) 236-4480
utility allocation Billing Comptrol Technologies Valleywide* & Tucson* . . . . . . (602) 392-2292 Multifamily Utility Company Nationwide* . . . . . . . . . . . . . . . (800) 266-0968
vending seRvices Larsen Vending Metro Phoenix* . . . . . . . . . . . . (602) 257-8727 Vilar Vending, Inc. Metro Phoenix . . . . . . . . . . . . . (480) 502-0905
video liBRaRy DVD in Demand Statewide* . . . . . . . . . . . . . . . . (480) 234-9684 Resident Entertainment Services Nationwide* . . . . . . . . . . . . . . . (623) 399-8859
video mysteRy sHopping Business Observations West of the Mississippi* . . . . . . (623) 594-2113 The Buyer’s View, LLC Statewide . . . . . . . . . . . . . . . . . (623) 594-0544
wasHeRs & dRyeRs - coin meteRed Coin & Professional Equip. Company Phoenix*. . . . . . . . . . . . . . . . . . (602) 248-0808 Coin & Professional Equip. Company (Tucson) Tucson* . . . . . . . . . . . . . . . . . . (520) 790-7377 Coinmach Service Corp. Nationwide* . . . . . . . . . . . . . . . (602) 722-6959 Excalibur Laundries, Inc Statewide* . . . . . . . . . . . . . . . . (714) 437-9000 Macgray Intelligent Laundry Systems Nationwide* . . . . . . . . . . . . . . . (602) 279-3399 Macgray Intelligent Laundry Systems (Tucson) Nationwide* . . . . . . . . . . . . . . . (800) 622-4729
waste management Right Away Disposal Metro PHX & Metro Tucson. . . (480) 907-9298 Valet Waste Nationwide. . . . . . . . . . . . . . . . (813) 247-7524 Waste Consolidators, Inc. Valleywide* . . . . . . . . . . . . . . . (480) 897-3601 Waste Management Statewide* . . . . . . . . . . . . . . . . (888) 964-9760
wateR conditioning & puRiFication Benrich Service Co., Inc. Valleywide* . . . . . . . . . . . . . . . (480) 835-8220 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
wateR damage/stRuctuRal dRying & mold Remediation Ace Construction Services, LLC Valleywide* . . . . . . . . . . . . . . . (602) 840-4500 Adanac Enterprises Corp. Statewide* . . . . . . . . . . . . . . . . (623) 266-2761 Desert Dry Restoration Valleywide* . . . . . . . . . . . . . . . (602) 765-6162 Fine Point Finishes & DDR Statewide* . . . . . . . . . . . . . . . . (623) 465-1091 First Choice Restoration, Inc Metro PHX & Metro Tucson. . . (480) 981-1131 Har-Bro West, Inc. Metro PHX* & Metro Tucson* . (480) 449-3900 Pinnacle Restoration Statewide* . . . . . . . . . . . . . . . . (480) 988-5304
wateR HeateRs Benrich Service Co., Inc. Valleywide* . . . . . . . . . . . . . . . (480) 835-8220 RainForest Plumbing & Air Valleywide* . . . . . . . . . . . . . . . (602) 253-9376
wateR vending Arjencia Water Metro Tucson . . . . . . . . . . . . . . (520) 882-0200 RainMaker Technologies Tucson* . . . . . . . . . . . . . . . . . . (520) 745-9117
weBsite development G5 Nationwide. . . . . . . . . . . . . . . . (541) 633-7271
welding Diamondback Carport Repair, Inc. PHX & Tucson Areas* . . . . . . . (602) 494-1556 Genie Services Valleywide* . . . . . . . . . . . . . . . (623) 582-6111 Sunmaster Valleywide* & Tucson* . . . . . . (602) 268-1427
window cleaning Madeline’s Meticulous, The Cleaning Specialists Valleywide* . . . . . . . . . . . . . . . (480) 659-9141
window coveRing Apartment Interior Supply Valleywide . . . . . . . . . . . . . . . . (480) 964-7600 B&B Window Coverings, LLC Phoenix. . . . . . . . . . . . . . . . . . . (480) 991-1500 Blind Co. Inc. Statewide* . . . . . . . . . . . . . . . . (480) 834-8098
utility Bill auditing National Exemption Service, Inc. Nationwide. . . . . . . . . . . . . . . . (800) 241-8651
Wilmar Industries, Inc. Valleywide . . . . . . . . . . . . . . . . (800) 345-3002
swimming pool deck ResuRFacing Coral Pools, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 831-7932 Imagine Architectural Concrete, LLC. Statewide . . . . . . . . . . . . . . . . . (480) 557-5533 Superior Pool Construction Statewide . . . . . . . . . . . . . . . . . (602) 395-0700 The Sharper Edge, Inc. Metro Phoenix* . . . . . . . . . . . . (480) 539-6566
swimming pool design, const. & Remodel Coral Pools, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 831-7932 Desert Tropics Custom Pools, Inc. Metro Phoenix* . . . . . . . . . . . . (602) 787-1603
swimming pool Renovation commeRcial Coral Pools, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 831-7932 Desert Tropics Custom Pools, Inc Metro Phoenix* . . . . . . . . . . . . (602) 787-1603
swimming pool RepaiR & Remodel Coral Pools, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 831-7932 Safari Pools & Landscape Valleywide* . . . . . . . . . . . . . . . (480) 633-6494
swimming pool ResuRFacing Coral Pools, Inc. Statewide* . . . . . . . . . . . . . . . . (480) 831-7932 Desert Tropics Custom Pools, Inc. Metro Phoenix* . . . . . . . . . . . . (602) 787-1603
swimming pool supplies & cHemicals
*Indicates company also provides goods and services to investors and owners of smaller rental properties (Regular members with fewer than 100 units). 20
Apartment News • January 2013
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21
Professional Publishing, Inc
www.TheLandlordTimes.com
ON-SITE
Vol. 22 Issue 1
January 2013
Published 22 Years
SEATTLE • TACOMA • OLYMPIA • EVERETT 17,000 PAPERS MAILED MONTHLY
TO
PUGET SOUND APARTMENT OWNERS, PROPERTY MANAGERS & MAINTENANCE PERSONNEL
Published in association with: Washington Apartment Association, IREM & Washington Multifamily Housing Association
Overall Rents Flatten; SR 520 Tolls Impacting Eastside Submarkets
Seattle - Apartment Insights survey shows rents flattening after three quarters of impressive gains, and SR 520 tolls negatively impacting some Eastside submarkets, reports Tom Cain of Apartment Insights. The data are from his Seattle firm’s 4th quarter statistics and trends on 50+ unit properties in the King/Snohomish market. VACANCY: 4.75% The vacancy rate for conventional, stabilized 50u+ properties in the King/Snohomish market is 4.75%, down from 4.85% last quarter, and 5.25% a year ago. Snohomish County was responsible for the improvement this quarter. Its vacancy rate fell from 5.28% to 4.70%. King at 4.76% vacancy remains about the same as last quarter. Continued on page 7
Apartment Insurance Costs Increase for the Second Consecutive Year According to National Multi Housing Council Report The cost to insure apartments increased by 9.5 percent between 2011 and 2012, marking the second consecutive year of rising insurance expenditures according to the National Multi Housing Council’s (NMHC) Apartment Cost of Risk Survey (ACORS). The survey covers data from more than one million apartment units, the largest number of units covered by the survey to date, operated by 55 apartment firms, tracking three principal components of insurance premiums: property, Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
general liability and workers’ compensation. The 9.5 percent increase in 2012 came entirely from property risk costs, with general liability and workers’ compensation costs staying virtually unchanged from 2011. “Respondents noted that their greatest challenges in 2012 came from obtaining adequate and affordable coverage in traditional catastrophe risk zones. In fact, catastrophe exposed properties were the major drivers of the increase in premium costs and higher deductibles,” said
Current Resident or
PRSRT STD US Postage PAID Seattle, WA Permit #741
Rick Haughey, NMHC’s Vice President of Property Operations and Technology. “With U.S. catastrophe losses in 2012 expected to be moderately higher than average due to Hurricane Sandy, the outlook for insurance costs in 2013 remains uncertain. This uncertainty mitigates what would be downward pressure on 2013 catastrophe rates due to strong underwriting capacity for primary insurers and reinsurers.” Continued on page 11
Please note any problems below and notify us at: PO Box 30327 Portland, OR 97294-3327
❑ My name was misspelled ❑ Remove my name from the On-Site mail list ❑ Change of address:
TRENDS 2012 A Huge Success! Over 1,500 people attended the 28th Annual TRENDS Education conference and Trade show. TRENDS is “THE” largest and oldest Northwest rental housing management and ownership education conference and trade show. See the TRENDS website at www. trendsnw.com. The 28th Annual TRENDS was held December 11th at the Washington Convention Center, Seattle. TRENDS is the longest running a continuously produced event at the Washington State Convention Center. TRENDS is the premier annual education conference and trade show for Northwest rental housing ownership, management and maintenance. TRENDS is a national award-winning event. TRENDS 2012 included the largest regional industry trade show featuring over 215 exhibitors and offered 43 education workshops. View the 28th Annual TRENDS workshop schedule at www.trendsnw.com Continued on page 3 Page 18 Washington Apartment Association
INCREASING COMMUNITY REVIEWS ONLINE SHOULD ON THE TOP OF YOUR... Page 14
HOW TO CONVERT A PROPERTY TO SMOKE-FREE HOUSING Page 6
Chapter 27 Institute of Real Estate Management HOW TO GET STARTED IN REAL ESTATE INVESTING
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On-Site Northwest • January 2013
ON-SITE TRENDS ...continued from front page Rental housing property owners; property managers; leasing agents; maintenance personnel and portfolio managers attend TRENDS. The 29th Annual TRENDS show will be held
December 10, 2013. TRENDS is brought to you by: • Washington Apartment Association (WAA) • The Institute of Real Estate
Management (IREM) • Rental Housing Association of Puget Sound (RHA)
TRENDS is produced by Diamond Productions 206-779-5890
Please Visit us at www.TheLandlordTimes.com
On-Site Northwest • January 2013
3
ON-SITE
Dear Maintenance Men: By Jerry L'Ecuyer & Frank Alvarez inspection will eliminate non-issues and help point you in the right direction and may even solve the leak mystery. The amount and intensity of rain will contribute too many roof leak mysteries. Often a light rain will cause a leak in an area that would not leak in a heavy or prolonged rainstorm. The reason is material swell. A light rain is not “wet” enough to swell surrounding wood or roofing material and cut off the leak. Mind you, this is still a leak that needs fixing. The deep penetration of water in a heavy or wind driven rainstorm will cause a leak by sheer volume that would not have leaked in a light rainstorm. Roof flashings are a common
Dear Maintenance Men: I have a conundrum! My roof is in good shape, however I have a mystery leak or to be more precise I have a moving mystery leak. In other words, when it rains, the roof does not always leak in the same place. This is driving me crazy. Sam Dear Sam: A good roofing troubleshooter is worth their weight in gold. Here at Dear Maintenance Men, we love a good mystery! First things first; have your building inspected by a reputable roofing company or roofing inspector. The
TONY CONTI, CIC
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source of leaks that drip far from the source of the water intrusion. A roof flashing can be found were the roof material meets a transition area such as a chimney, a wall, a pipe or other structure. Shifted or lifted composite shingles or roof tiles will cause water to come into contact with the felt paper under the roofing material and a break in the felt or roofing paper will cause a leak. Debris on the roof, valley, top caps, gutters etc can form water dams and cause leaks. Watch overhanging trees as well as they can damage the roof and cause leaks. Dear Maintenance Men: I have a Carbon Monoxide Detector question. The building I manage is an “all-electric” building with attached garages. Do I need to install a CO detector in each unit? Dan Dear Dan: I don’t think your situation is all that uncommon. We have run into this install problem before. We consulted with the Orange County Fire Authority and Randy Lindenberg from National Gas Consulting in Orange County. Because every building is unique in its construction and design, a proper
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assessment will need to be made based on the location of any gas-operated appliance in an all-electric building. The general rule is; if an all-electric building has a gas-operated appliance and shares a common wall with the residential units, Carbon Monoxide or CO detectors will be required. For example: You will need to install CO detectors in your all-electric building if you have attached enclosed garages. CO detectors will also be required if the building has an attached laundry room with a gas water heater or gas dryer. We also recommend installing a CO detector in the laundry rooms that contain a gas appliance. Keep in mind; automobiles, wood fireplaces, barbecues and any other combustible material can cause carbon monoxide. Owning an “all-electric” building does not necessarily eliminate the need for CO detectors. Dear Maintenance Men: I hear a soft pisssst sound in the walls. My husband says it might be a gas leak, I think it is a water leak. Now to complicate things, we don’t smell gas and we don’t see any water. Could this sound be anything else? Julia Continued on page 5
ROOF 7 sales@axisroofandgutter.com www.axisroofandgutter.com
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Underground Drain Cleaning
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4
On-Site Northwest • January 2013
ON-SITE Dear Maintenance Men: ...continued from page 4 Dear Julia: You have our condolences, but it could be worse, at least it is not a slab leak! The chances of the sound being a gas leak are slim as the gas is under low pressure. The chance of smelling rotten eggs on the other hand would be high. Our guess would be your issue is a water leak. The possible reason you are not seeing any water evidence is that the leak is very small and the water is atom-
ON-SITE
APARTMENT OWNER & MANAGER NEWSPAPER
STAFF Publisher Will Johnson • will@propubinc.com
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izing as it is leaving the pipe. The atomizing action is aided by the fact that the pipe is most likely a hot water pipe and the water is turning to steam. Because the pipe is making noise, this should help in locating the leak. Once you locate the source of the leak, open the wall large enough to complete the repairs and leave the wall open for a few days or until all the moisture is gone.
Serving the Portland/Vancouver Multifamily Housing Industry More than 21,000 Distributed Monthly www. TheLandlordTimes.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. An Oregon Corporation.
PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2013. All rights reserved.
Q U E ST IO N S? Q UE S T I O N S ? 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 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. #: 01216720 Certified Renovation Company Websites: www.BuffaloMaintenance. com & www.ContactJLE.com
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INSTITUTE OF REAL ESTATE MANAGEMENT President • Barry Blanton VP Finance • Mark Grey
Past President • Faye Crow
VP Membership • Glen Bachman
VP Communications • Christy Mays
How To Get Started In Real Estate Investing There are many methods for acquiring wealth available across the globe today. One of the most easily accessible ways even for the new investor is real estate investing. Many people have made millions of dollars by investing in the real estate market in one form or another. Real estate is a profitable vehicle for the investor who is dedicated to learning about all of the different types of investments, option, risks
and potential rewards that come with real estate investing. There are many different ways to invest in real estate. Here are some of the more common ones people use to get started. Find investment deals in real estate in: New York City Los Angeles Chicago Houston Boston Seattle 1) Rental property. This is one of those rare real estate investments where you can make money even if you pay top dollar for
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the property. The reason is you are going to hold onto this property for the long term. You're only requirement is the property generate a positive cash flow. This means after you sum up all of your expenses on the property like financing cost, taxes, insurance and a vacancy rate, the amount you are collecting in rent surpasses this figure. This is one of the classic "get rich slow" methods of real estate investing. You are making a small amount of money each month from the property in rental income, and you are also slowly building up equity in the property over time as you pay down the mortgage. 2) Pre-construction investment. This is also known as buying property on "spec" or on the speculation that when the property is finished it will sell for a much higher price than you have invested in it. This is seen mostly in new condominium projects where investors fight to buy the units before they are built assuming the price will come up once construction is complete. I have known investors who have purchased several condo units in a facility being built and put $5,000 down on each unit as a down payment. Then
before the property was even constructed "flipped" their contract to an end buyer who was willing to pay them 4 to 5 times their down payment just to get in on the deal. The problem with this type of investing is it normally only works when a market is going up regularly. In a down market like we are experiencing these types of deals are much harder to find but they are still out there. There are still part of the country that are very desirable to live in and are experiencing market growth. 3) Flipping houses. This is a type of property investment that has made leaps and bounds in the last few years thanks to the popularity of many popular home improvement and house flipping shows on cable networks in the last few years. This has become a very dangerous thing as people who have no idea what it actually takes or costs to renovate and flip a property are buying homes because they think "I saw it on television and I can do that" Television doesn't show you the whole picture. You have to be aware of all of the hidden costs like marketing the property, closing costs, Continued on page 17
New Year - New Budgets Call Now For Spring & Summer Scheduling!!
6
On-Site Northwest • January 2013
ON-SITE Overall ...continued from front page The impact of all the new units hitting the market this quarter is reflected in the overall vacancy rate, which includes properties in leaseup and out-of-service. This rate edged up 40 basis points to 5.87% vacancy. The lowest vacancy rates are in the city of Seattle. The Seattle North submarket that lies between 85th and 145th is 3.02% vacant. Following are First Hill, Capitol Hill and the Seattle North Central submarket that extends from the ship canal north to 85th. These are all under 3.5%. The highest vacancy rates are in the Bothell, Federal Way and Eastside North submarkets. Vacancy rates in these areas are in the 6.5% range. RENTAL INCENTIVES: $22 (1.93%) Over the past year rental incentives declined from $36 to $18 per month ending in the third quarter. This quarter they bumped up to $22 (1.93%). Incentives are 2.04% in King and 1.81% in Snohomish. In both counties 31.6% of properties are offering incentives, virtually the same as last quarter. ABSORPTION: +1,228 There were 1,228 units absorbed this quarter, up from 1,015 in the third quarter.
RENTS: $ 1,140 per Unit $1.35 per Square Foot Rents dropped $2 to $1,140 per unit. In the year ending in the third quarter, rents had increased 6%. So, we are not surprised that rents have leveled off after such a strong run up. In downtown Bellevue, rents had increased a staggering $236 per month in the half year period ending last quarter. This quarter the average rent remains virtually unchanged at $1,757 per unit. This is $131 higher than the next priciest market, downtown Seattle. Rents in downtown Seattle remain basically unchanged over the past half year. It stands to reason that prospective tenants would consider more affordable submarkets with rents this high in these two downtown markets. South King County continues to offer the least expensive units. In Des Moines, Burien and SeaTac apartments are renting from $846 to $865.
Anne opened this quarter (see photo). Holland Partner Group is the developer and Holland Residential is the manager. There are 7,973 units currently under construction that are scheduled for completion in 2013. In the past 30 years, only in 1989 and 1990 were there more units completed, and then it wasn't by much. For 2014 our current projection is for 3,509 units to open. These projects are either under construction or scheduled to break ground early next year. In addition there are 6,720 units
that are in design review and later stages. Lastly, rezoning has been granted to developers on sites totaling 13,588 units, and another 394 units are waiting to be rezoned. The grand total for all the units under construction and planned for 2013 and beyond is 31,790 units. OBSERVATIONS The rental market flattened out after three consecutive quarters of impressive rent gains. On the plus side, the vacancy rate fell to 4.75%, Continued on page 16
NEW CONSTRUCTION There are currently 11,687 units under construction, up from 10,450 units last quarter and 6,457 units a year ago. Of the units currently under construction, 78% are in the city of Seattle. The total for 2012 is 3,599 units. The 284-unit Union on the east slope of Queen
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PSE is offering Direct Install Sample Kits that include ENERGY STAR® qualified CFL and LED light bulbs, a WaterSense® showerhead, and a section of pipewrap that will aid in your review process.
Incentives apply to existing multifamily properties with five or more attached units located in PSE service area and dependent on installed equipment efficiency and energy type. PSE’s programs are tariffed services, and are subject to change or termination without prior notice. Always refer to our website for the latest offerings.
PSE.COM/MULTIFAMILYRETROFIT On-Site Northwest • January 2013
7
ON-SITE
Investors Anticipate Opportunities in Commercial Real Estate across All Major Property Sectors in 2013, According to Latest PwC Real Estate Investor Survey™
As
Greater Investor Optimism in Retail, Especially for National Regional Malls; Technology Office Markets and Warehouse Sector Showed Steepest Cap Rate Declines in Q4
2012 drew to a close and the industry's recovery progresses, commercial real estate offered varied investment opportunities across each major sector and a diverse number of cities, even though macroeconomic uncertainties still exist, such as the fiscal cliff, according to the fourth quarter 2012 findings of the PwC Real Estate Investor Survey. According to the report, investors in the office sector are showing a greater acceptance for slower growth and less apprehension about moving further out on the risk spectrum. Although core trophy assets remain the preferred target of both domestic and international investors, aggressive pricing and improved fundamentals have resulted in certain investors looking to buy either core in strong secondary markets or lessthan-core in primary markets. "The commercial real estate industry continues to show its investment durability as assets command attractive spreads over fixed-income
investments and offer more stability than stocks, while most property sectors continue to post occupancy gains and rental rate growth," said Mitch Roschelle , partner, U.S. real estate advisory practice leader, PwC. "Foreign investors are particularly bullish on U.S. commercial real estate as they look for stable investments during uncertain times abroad. In 2013, Survey respondents expect to see an uptick in sales activity as property owners cull portfolios to take advantage of the low cap rate environment. And as investment capital continues its trend of matriculating beyond just apartments, cap rates are expected to compress across the entire asset class." Investors Becoming More Comfortable with Buying in the Retail Sector The above chart illustrates that the decline in overall capitalization (cap) rates has extended to the retail sector. According to the fourth quarter Survey findings, investors remain
optimistic about investing in the national regional mall market despite a slow-moving economic recovery and a challenging retail landscape. Buying opportunities remain few and far between, especially for Class-A+ and Class-A malls, with huge barriers to entry making highquality malls thrive, which also keeps owners from selling them. According to surveyed participants, yields have compressed too much for well-leased strip shopping centers that some are considering buying value-add in great locations due to a lack of new supply. For power centers, challenges mainly stem from rising Internet retail sales, merchant consolidations, and an inability to easily shrink into urban streetscapes. In the fourth quarter of 2012, the average overall cap rate, the initial return anticipated on an acquisition and a reflection of an investment's anticipated ownership risk, decreased in 24 of the surveyed markets, held steady in seven, and increased in just
one of them. The overall cap rate shifts remain irregular with tech office markets (i.e. San Francisco) and the warehouse sector both showing some of the steepest declines. The national warehouse market's cap rate compression, where the average overall cap rate declined 40 basis points, reflects the optimistic outlook held by most surveyed investors. The average overall cap rate declined again in the Survey's national Central Business District (CBD) office market, marking nearly ten instances of quarterly declines since the first quarter of 2010. Moreover, the current average of 6.70% is the lowest reported for this market since the second quarter of 2008. Due to this cap rate compression, some Survey participants are taking time to identify CBD assets to sell – while others remain in search of select buying opportunities. In the apartment sector, surveyed participants believe market conditions continue to favor sellers, but Continued on page 9
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Bringing you low fees, great rates and local market expertise. How did Chase become the nation’s leader in multifamily lending? With great rates, low fees and a deep understanding of the local market—in communities just like yours. If you have an apartment building to purchase or refinance, call us today to learn how we can put our resources to work for you. Lo W F e es | G r eaT raT es | s T r e a m L I n ed P ro Cess Call Todd Sechrist, Client Manager, (206) 500-4634 todd.sechrist@chase.com Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply. Products and services provided by JPMorgan Chase Bank, N.A. #1 claim based on 2011 FDIC data. ©2012 JPMorgan Chase & Co. Member FDIC. All rights reserved.
On-Site Northwest • January 2013
ON-SITE Investors ...continued from page 8 some investors sense that rents may have peaked for now and that certain markets have become overpriced. In addition, investors remain attentive to the near-term impact of new construction. Consequently, this market's average initial-year market rent change rate dipped for the second consecutive quarter, suggesting less upside in this market. Investor Outlook Through 2015 The PwC Real Estate Barometer included in the Survey tracks the anticipated performances of the four main property sectors (office, retail, industrial, and multifamily) from 2012 to 2015. For the office sector, even though the sector's recovery as a whole lags behind other commercial property sectors due to lower job creation among office-space using companies, as well as an evolving work environment, many metros are benefiting from a lack of new supply. As a result, the barometer places 35.2 percent of the U.S. office stock in expansion by year-end 2012. This percentage is expected to grow through 2015. Pockets of strength exist in the retail sector and are starting to outnumber the weaknesses in certain trade areas. The barometer places 45.6 percent of the U.S. retail stock in recovery by year-end 2012. As the industrial sector continues to recover, occupancy gains are being reported in most industrial markets across the country. As a result, the portion of U.S. industrial stock in recovery is expected to grow annually through year-end 2014. By year-end 2015, the expansion and recovery phases of the real estate cycle will dominate this sector. Underlying fundamentals for the U.S. multifamily sector remain extremely positive through 2015 due to pent-up demand and a growing preference for renting instead of buying. The expansion phase of the cycle will dominate this sector for the next four years. "While the recent slowdown in the country's economic recovery and job gains has reduced leasing activity across much of the nation's office sector, it has not had the same impact on the warehouse sector, with many surveyed investors calling the sector extremely healthy," stated Susan Smith , editor-in-chief of PwC's quarterly real estate investor survey. "While the U.S. multifamily sector remains a top investment choice, concerns about new supply and overpricing do exist, which has some investors looking to other sectors, like retail, which had been a bit taboo for many investors for quite a while, but is starting to regain attention even with the rising popularity of e-commerce." Information about subscribing to the PwC Real Estate Investor Survey can be found at www.pwc.com/us/ realestatesurvey. About the PwC Real Estate Investor Survey™ The PwC Real Estate Investor Survey, now in its 25th year of publiOn-Site Northwest • January 2013
cation, is one of the industry's longest continuously produced quarterly surveys. The report provides overviews of 33 separate markets, including ten national markets -- regional mall, power center, strip shopping center, CBD office, suburban office, flex/R&D, warehouse, apartment, net lease, and medical office buildings. The report also includes a review of 18 major U.S. office markets including Atlanta, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Manhattan, Northern Virginia, Pacific Northwest, Philadelphia, Phoenix, San Diego, San Francisco, Southeast Florida, Suburban Maryland, and Washington, DC. In addition, the report covers three regional apartment markets - Mid-Atlantic, Pacific, and Southeast, and two regional warehouse markets - - East North Central and Pacific. In addition, the National Development Land Market is included in the sec-
ond and fourth quarter issues while a comprehensive lodging report is included in the first and third quarters. The fourth quarter 2012 report also features up-to-date information relating to forecast periods, structural vacancy replacement reserves, forecast values, tenant improvement allowances, and vacancy assumptions. In addition, each issue of the survey contains over ten tables of market data focusing on value expectations, tenant improvement allowances, forecast periods, structural vacancy, and growth rates.
more by visiting us at www.pwc.com. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +. © 2012 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
About the PwC Network PwC firms help organizations and individuals create the value they're looking for. We're a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out
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N
ow that the holidays are behind us, anyone who was not able to move before they rang in the New Year will be resuming their search for a new home. Follow up is the key to closing the sale when no decision is made on the first visit. However, many leasing people still hesitate to keep in contact with their prospective renters or make call backs on the appointments that are no
10
shows. This question may shed some light as to why this occurs: Q: I know I should probably follow up more on my guest cards and also call people who make appointments and don’t show up, but calling people back makes me feel like I’m “bugging them.” If they’re really interested, won’t they just come back or call me?
It does seem “logical” that a person interested in your community will just naturally get back in touch with you. However, there are a multitude of options out there right now. Besides, renting an apartment is a lot of hard work, and it’s also a MAJOR buying decision. People who are looking for a new home NEED YOUR HELP! They will continue to need assistance until they reach a decision about where they want to live. If you think back to the last time you made a major purchase, it’s likely that the salesperson helped you with your buying decision. It was probably their knowledge of the product, combined with pointing out how it would meet your needs, which were some of the determining factors in your decision. This would require the salesperson to have excellent product knowledge, establish ALL your needs (i.e. size, style, color preference(s), budget constraints, etc.) and then close the sale. However, if you weren’t quite ready to decide and then looked at and considered other options, you may have forgotten about some of the benefits of the product you looked at initially. This is where the follow up
work comes in. The salespeople who keep in touch with their prospects can continue to sell the benefits of their product long after the prospect has left the sales floor. This will deepen the relationship that was established so there is a sense of commitment on both sides. Now imagine your most recent prospective renters and the circumstances causing them to relocate. Put yourself in their place and think about all the decisions they have to make as a result of their move. If you have an apartment at your community that will work for them and you are sincerely interested in meeting their needs, why wouldn’t you follow up with them? Of course if all you care about is just renting an apartment and not the person who will be living in it, then you’re right: You would “just be bugging them.” People can recognize a phony a mile away. On the other hand, people are also pretty good at detecting when someone sincerely cares about them and has their best interests at heart. The follow up work you do will come off as a true expression of your desire to meet the Continued on page 11
On-Site Northwest • January 2013
ON-SITE
Apartment ...continued from front page Additional key findings: The mean (nonweighted) average for the total cost of risk increased 9.5 percent in 2012, driven by an increase in property cost of risk, which accounts for 70 percent of the average apartment firm’s total cost of risk. The mean average property cost of risk increased by 10.4 percent and average per occurrence deductibles increased to $118,000 from the unusually low average deductible of $66,000 in 2011. The mean average general liability cost of risk remained virtually unchanged in 2012 after a 9 percent increase last year.
The mean average workers’ compensation cost of risk in 2012 also remained similar to 2011 at $1,038 per full-time employee. Property terrorism insurance takeup rates increased to 91 percent in 2012, compared to 85 percent in 2011. A slight decrease in property terrorism insurance rates was also reported. About the Survey The ACORS contains information about property, general liability, umbrella, workers compensation, D & O, professional liability, employment practices, environmental, and newly added insur-
ance lines including terrorism and cyber liability. Fifty-five firms representing over one million apartment units supplied data on rates, deductibles, retentions, key coverage terms, claims history and more for the key lines of coverage. Firms that completed the survey can receive exclusive access to the full data set, along with the report analysis by Conning Research and Consulting on behalf of NMHC. Non-participating NMHC members can download an executive summary and a PowerPoint summarizing the results at www.nmhc.org/ goto/61017.
Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. One third of Americans rent their housing, and more than 14 percent live in a rental apartment. For more information, contact NMHC at 202-974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.
Shoptalk ...continued from page 10 needs of your prospective renters, if you genuinely care about them. If you have a question or concern that you would like to see addressed next month, please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome!
ASK THE SECRET SHOPPER Provided by: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations
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ON-SITE
A Property Management Regroup How To Do It And Why It Works! © By Ernest F. Oriente, The Coach Regroup…is this a new management trend? Not a chance! Regroup is simply an opportunity to end one month’s business cycle, recap the performance at each property you manage and outline a plan of success for the new upcoming month. Why does it work? Because it allows each person on your team to assess their performance from the previous month, and to make any necessary adjustments for the new month. Here’s how it works.
Scheduling and preparing regroup: Regroup should be scheduled during the slowest time of each month and should start before your leasing office opens in the morning, if possible. A solid and productive regroup takes about two hours and will require about one hour of preparation by your resident manager. Be certain to have a blank chalkboard or a standing easel for taking notes and keep distractions to a minimum. Regroup is also a time to build on the creative juices from each person on your team, so make regroup a spe-
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cial part of each month and allow for everyone to have equal time to share their feedback. Simply stated, there are no wrong questions or topics discussed at regroup and your team will respect and respond positively to this freedom. Tip From The Coach: As the supervisor for your properties, it is critical for you to attend regroup and actively participate in them. Your preparation for each regroup should begin by reviewing the agenda from the previous month with your resident manager, to assess if the to-do list from last regroup was accomplished. Then, review together the new regroup agenda making certain your resident manager’s gameplan is consistent with your company goals and expectations. Running the meeting: Each month’s agenda for regroup should begin by reviewing the financial information important to your company and its investors. This might include “actual” revenue and income versus budget, resident retention percentages, collection is-
sues or expense performance versus the budget. Then, have your resident manager address any problems experienced during the past 30 days or any upcoming issues that will affect the property. Next, map a calendar of activities that will enhance the performance for this property. This might include a monthly event to thrill your residents, a new marketing plan, or a special focus on your resident referral program. This part of regroup is where the creativity of your team really starts to roll and if you listen closely, you will hear many “golden” ideas. Lastly, have your resident manager recap the team goals for the new month and be certain the meeting always closes on a positive note! Tip From The Coach: As the supervisor for this property, take detailed notes during regroup, then send a brief memo to your resident manager recapping the day. Include in this memo a to-do list for the upcoming month, so your resident manager will clearly know what is expected. Clear communication is Continued on page 13
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A Property ...continued from page 12 the cornerstone of management success. Meeting individually with your team: At the close of each regroup, plan to spend another thirty minutes more with your resident manager to recap the day, cheer their success, and discuss the specific performance of each individual at the property. During this meeting ask your resident manager if he/she needs any additional support or training to develop their skills or the skills of their team. This is the most important part of regroup as time spent developing your team for future opportunity, will make for pro-active management which means you always have a sharp person ready to be promoted to the next position. Tip from the Coach: In the same spirit of the individual meeting you have with your resident manager, ask him/her to have a similar meeting with each member of their leasing team. This will help to grow their skills as a leader and you will want to attend the first few meetings to be certain the agenda for the individual meetings are exactly as you expect. In fact, as a manager, always “inspect what you expect”. A good rule of thumb!
Wow! Such an important topic and so much to share! Incorporate regroup into your next 30 day business cycle and see for yourself how successful the time is spent! Need help planning your agenda? E-mail a quick note to ernest@powerhour. com and the Coach will send you a sample agenda in ten minutes. It’s easy! The Coach says so! Want to hear more about this important topic or ask some additional questions? Send an E-mail to ernest@powerhour.com and The Coach will E-mail back to you a free invitation to be a participant on a PowerHour conference call. Author’s note: Ernest F. Oriente, a business coach since 1995 [29,760 hours], a property management industry professional since 1988--the author of SmartMatch Alliances--and the founder of PowerHour...[ www.powerhour.com and www.powerhourseo.com and www. pirmg.com ], has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and their leaders. He provides private and group coaching for property management companies around North America, executive recruiting, investment banking, national utility bill auditing [ www.powerhour.
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com/propertymanagement/utilitybillaudit.html ] national real estate and apartment building insurance [ www. powerhour.com/propertymanagement/ insurance.html ], SEO/SEM web strategies, national WiFi solutions [ www. powerhour.com/propertymanagement/ nationalwifi.html ], powerful tools for hiring property management SuperStars and building dynamic teams, employee policy manuals [ http://www.powerhour.com/propertymanagement/employeepolicymanuals.html ] and social media strategic solutions [ http://www.powerhour.com/propertymanagement/socialmedialeadership.html ]. Ernest worked for Motorola, Primedia and is certified in the Xerox sales methodologies. Recent interviews and articles have appeared more than 7000 times in business and
trade publications and in a wide variety of leading magazines and newspapers, including Smart Money, Inc., Business 2.0, The New York Times, Fast Company, The LA Times, Fortune, Business Week, Self Employed America and The Financial Times. Since 1995, Ernest has written 200+ articles for the property management industry and created 350+ property management forms, business and marketing checklists, sales letters and presentation tools. To subscribe to his free property management newsletter go to: www.powerhour.com. PowerHour® is based in Olympic-town…Park City, Utah, at 435-615-8486, by E-mail ernest@powerhour.com or visit their website: www.powerhour.com
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WASHINGTON MULTI-FAMILY HOUSING ASSOCIATION President • Jay Olson Vice President • Joe Manca Past President • Cassandra Haavisto Treasurer • Mike Ashbrook Secretary • Gail Duke Vice President of Suppliers Council • Barry Savage Executive Director • Jim Wiard
18300 Cascade Ave. S., Suite 130 Tukwila, WA 98188 (425) 656-9077 (425) 656 9087 (fax) admin@wmfha.org
How to Convert a Property to Smoke-Free Housing
E
stablishing a Smoke-Free Policy in an apartment community is becoming a growing trend with landlords in Washington and across the country. Property owners find this kind of policy is good for business and a clear win-win, lowering costs and risks for an owner and providing a healthier, safer, greener environment for happier residents. Smoke-free policies can help landlords protect their residents from the dangers of second-hand smoke and provide benefits for their owners’ investments. The benefits to owners include reduced cleaning and maintenance costs to turn over apartments at move-out, fewer property fires caused by careless smoking, reduced insurance costs as a result of reduced claims, lowered risk of resident warranty of habitability liability claims over adverse health effects caused by smoke, and the increased marketability of a healthier, safer living environment for residents. The financial benefits to owners are clear: managers can realize up to $3,000 in cost savings from turning over one
heavily smoked in unit. Having a smoke-free building, with a clean, green, sustainable environment, will preserve and enhance property resale value. Surveys have shown that the vast majority of renters favor policies eliminating smoking in apartment homes, and they would pay higher rent to live in a healthier, greener community. 92% of all Washington renters surveyed stated they prefer smoke-free housing, including 75% who smoke. Simply put, residents place a premium on smoke-free housing policies in rentals, and your employees will have a healthier work environment. Providing a safer living and working environment is no small matter. Smoking related fires are often caused by cigarettes. Careless smoking is the #1 cause of devastating apartment fires, from the standpoint of huge property loss and loss of life. Second-hand smoke has been determined a Class A carcinogen and contains over 4,000 chemicals, of which, 11 are known cancer causing
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poisons and 250 are known toxins. Second-hand smoke has been linked to diseases such as cancer, asthma, heart disease, respiratory illness and low birth weight. Smoke-free housing allows residents to enjoy their home without being exposed to the deadly chemicals found in secondhand smoke. Eliminating smoking in an apartment building is the only way to protect residents from unpleasant odors and the health risks of second-hand smoke. One of the initial concerns regarding no-smoking policies was confusion about legality and fair housing laws. Smoking is not a protected class. It has been well documented that creating a policy banning smoking inside apartments and in common areas of apartment communities is legal, non-discriminatory and does not violate any fair housing laws. In fact, the U.S. Department of Housing and Urban Development (HUD) has issued a notice strongly encouraging the conversion of pubic housing to a 100% smoke-free environment. The majority of housing
authorities in Washington have required the creation of smoke-free policies in their communities and see the value of protecting the health of low-income families. Bottom line, property owners and managers have the right to set reasonable rules or policies that protect their investments as well as the health and welfare of their residents. Some municipalities have enacted new ordinances requiring residential housing to be smoke-free. In Oregon, new law requires landlords to disclose in writing to prospective renters whether they have a no-smoking policy or not. Landlords nationwide and locally have developed a reasonable stepby-step process for implementing a smoke-free policy in their communities. 1.) Determine when you want to start. Give a reasonable time frame for conversion. 2.) Develop a policy and decide what areas the policy will cover. Continued on page 15
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4.)
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ON-SITE ...continued from page 14
The policy would include residents, guests, employees and vendors. 100% smoke-free includes prohibiting smoking in the interior of all units, in any common areas, on patios or balconies, and within 25 feet of any building. If possible, you may create designated smoking areas, for example a nice outside gazebo on the property which may be far away from any buildings, play areas or other well traveled public spaces. Develop a No-Smoking Lease Addendum or new lease language (sample lease addendum language is available on the websites shown at the end of this article). Initiate all new leases with the new no-smoking language included. Train staff on the benefits of nosmoking policies and the reasons the property has chosen to implement this rule. Communicate the policy by notifying residents of the reasons for going smoke-free and the benefits to the community (a sample resident notification letter is available on the websites shown at the end of this article). Give existing residents a time period in which the new policy will become effective and an opportunity to sign the new
lease addendum. For existing residents who are on term leases which expire at a future date, it is advised to make the effective date for the new policy for those residents upon lease expiration and renewal. Keep in mind, residents who smoke do not need to move out. Smokers simply cannot smoke inside their apartments, in common areas or in proximity to buildings where smoke can drift into other apartments. 7.) Post signage alerting residents and guests that smoking is not allowed on the property. 8.) Market and promote the benefits of smoke-free living as an amenity that your community offers. It may set you apart from the competition. 9.) Enforce violations of the policy just like you would any other rule, such as loud music, parking infractions, clutter, etc. Use a system of progressive warning letters and document, document, document. In Washington state, residents can now smoke marijuana in the privacy of their homes. No doubt, this has added to the occurrence of complaints about smoke and odors drifting into other apartment units. A landlord’s best response to this is to convert a property to smoke-free by
enacting a no-smoking policy. Keep in mind that formal reasonable accommodation requests can be made with regard to medical marijuana. Note, however, that landlords are not necessarily required to make accommodations for a resident to smoke, especially when an alternate accommodation may be possible. Many properties have crime and drug free lease addendums as part of their lease language. Those properties should notify residents that the new law does not invalidate these addenda and that the property still prohibits controlled substances.
Implementing a no-smoking policy may be in the best interest of a property owner and is not as challenging as one might suspect. There is clear precedence and many resources for making this happen, and now may be the time to act. For more information, please feel free to go to these sources below or call us at the Washington Multi-Family Housing Association at 425-6569077: www.smokefreewashington.com www.smokefreeoregon.com www.smokefreehousinginfo.com
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ON-SITE Overall ...continued from page 7 an indication that the market is still very healthy. On the minus side rents and rental incentives reversed their positive trend. It is interesting to note that nearly 60% of the 3,599 units that opened this year did so in this fourth quarter. It is safe to speculate that this level of new inventory certainly impacted this quarter's performance. We can
expect the same level of new units, about 2,000 on average, for each of the next four quarters. The rebounding residential market is another factor to be considered. Inventory in King County is way down, 43% fewer homes on the market at the end of November than a year earlier, and the lowest inventory since 1999. Values are rising and
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interest rates are at record lows. Closed sales in November were up 19% annually. It appears that the SR520 bridge toll and shutdowns are negatively impacting some Eastside submarkets. Many drivers are avoiding this toll to cross Lake Washington on this bridge. Volume is down 30% after the toll was implemented at the end of 2011. There were three submarkets with major rent reductions, all on the Eastside. Average rents in Kirkland, Redmond and Bellevue East all declined 3% this quarter. The vacancy rate increased an average of 45 basis points in these areas when the overall market's vacancy rate decreased 10 basis points. SR520 is the primary route to Seattle for both Kirkland and Redmond. The Bellevue East submarket accesses both SR520 and I-90 across Lake Washington to points west. The downtown Bellevue and Eastside North submarkets have also been adversely affected. There were three submarkets in the King/Snohomish market that had significant vacancy increases. Of these, Bothell had the largest, increasing from 5.02% to 6.71% vacancy.
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ON-SITE How To ...continued from page 6 carrying costs if it doesn't sell right away, etc. You need to make sure you are buying the property at a significant discount to cover yourself completely. 4) Buy and hold. As mentioned above, real estate tends to gain value over time. Bad properties in bad neighborhoods will accrue equity if given enough time. History has shown us that even when a large market correction occurs like has happened now, properties eventually do recover and increase in value. The secret is to make sure the property is at least covering it's own costs while you wait for the equity to build up in it. 5) Lease options. Not everyone has perfect credit. For those who have credit issues finding a lender to purchase a home
can be an impossible task. They need time to get their credit repaired. These people are perfect candidates for lease options. They will pay above market value for the house and put a non-refundable down payment down. They are willing to pay for the privilege of rebuilding their credit while working towards a path of home ownership. For these people, a lease option presents a solution to their lending problem and buys them the time they need to get their credit and/or income ready to go to a traditional lender. Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, james@realtypin.com News distributed by PR Newswire iReach: https://ireach.prnewswire.com PR Newswire (http://s.tt/1ygg7)
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WASHINGTON APARTMENT ASSOCIATION President • Rob Trickler
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Secretary • Donna Lee Smitt
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by online reviews. Give this a minute of thought and you'll realize that you also read reviews make decisions based on what you have read. Also, the number of reviews the community has on Google Places, the rating, and frequency of those reviews is correlated with the visibility of your listing according to research and local search ranking factors. http:// www.davidmihm.com/local-searchranking-factors.shtml Increase review today by adding calls to action: The testimonials page on your website is not only a great place to add great reviews about your apartment community and company, but is also a great page to add a call to action for residents to leave reviews. We made it easy by adding links to read and write reviews for Google, ApartmentRatings.com and Yelp. Make certain you and your teams are actively asking for reviews: Have call outs in your email signatures, on the leasing desks, and on all social media channels asking residents to leave reviews on the channels
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Professional Publishing, Inc www.TheLandlordTimes.com
METRO
PORTLAND & VANCOUVER
Vol. 17 Issue 1
Published 17 Years
January 2013
MONTHLY CIRCULATION TO MORE THAN 20,000 IN PORTLAND/VANCOUVER APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL Published in association with: METRO Multifamily Housing Association; Rental Housing Association of Oregon; IREM & Clark County Rental Association
Portland, Oregon Multifamily Housing Update 3Q12 Payroll Trends and Forecast In spite of a weak September print, Portland payrolls increased at a 17,000-job, 1.7% annual rate during the third quarter, up from 2Q’s 15,100job, 1.5% performance. Slower hiring in the nonprofessional components of the business services sector and the education, health care and hospitality services sectors was primarily responsible for the soft September report. Employment in the foregoing sectors declined -700 jobs year-on year, down from a 6,000-job advance in June.
Seasonally-adjusted data were largely consistent. After creating 13,400 net jobs from April to August, Portland payrolls plummeted -6,100 jobs in September, the worst single month since 2009. The RCR payroll model forecasts job growth rates ranging from 1.2% to 2.0% over the next five years. By the numbers, the metro area should add about 14,000 payroll positions in 2012, followed by an 11,400-job advance next year. Conditions are favorable for faster expansion after 2015 with annual net job creation returning to levels last observed between 2005 and 2007.
3Q12 Absorption and Vacancy Rate Trends Preliminary Reis data show Portland apartment occupancy holding at a lofty 97.8% average in 3Q12 (ranking #2 among the RED 50 after New York), unchanged quarter-toquarter and up 100 basis points yearover-year. Axiometrics (AXM) surveys of larger, professionally managed properties uncovered a moderately lower metro occupancy rate. Same store occupancy averaged 95.3%, down 10 bps sequentially and unchanged y-o-y. The subset delivContinued on page 7
Investors Anticipate Opportunities in Commercial Real Estate across All Major Property Sectors in 2013, According to Latest PwC Real Estate Investor Survey™ Greater Investor Optimism in Retail, Especially for National Regional Malls; Technology Office Markets and Warehouse Sector Showed Steepest Cap Rate Declines in Q4 As 2012 drew to a close and the industry's recovery progresses, commercial real estate offered varied investment opportunities across each major sector and a diverse number of cities, even though macroeconomic uncertainties still exist, such as the fiscal cliff, according to the fourth quarter 2012 findings of the PwC Real Estate Investor Survey. Continued on page 5 Page 3
Apartment Insurance Costs Increase for the Second Consecutive Year According to National Multi Housing Council Report The cost to insure apartments increased by 9.5 percent between 2011 and 2012, marking the second consecutive year of rising insurance expenditures according to the National Multi Housing Council’s (NMHC) Apartment Cost of Risk Survey (ACORS). The survey covers data from more than one million apartment units, the largest number of units covered by the survey to date, operated by 55 apartment firms, Professional Publishing, Inc PO Box 30327 Portland, OR 972943327
tracking three principal components of insurance premiums: property, general liability and workers’ compensation. The 9.5 percent increase in 2012 came entirely from property risk costs, with general liability and workers’ compensation costs staying virtually unchanged from 2011. “Respondents noted that their greatest challenges in 2012 came from obtaining adequate and affordable coverage in traditional catastrophe
Current Resident or
PRSRT STD US Postage PAID Portland, OR Permit #5460
risk zones. In fact, catastrophe exposed properties were the major drivers of the increase in premium costs and higher deductibles,” said Rick Haughey, NMHC’s Vice President of Property Operations and Technology. “With U.S. catastrophe losses in 2012 expected to be moderately higher than average due to Hurricane Sandy, the outlook for insurance costs in 2013 remains uncertain. This uncertainty mitigates what would be downward pressure on 2013 catastrophe rates due to strong underwriting capacity for primary insurers and reinsurers.” Additional key findings: The mean (nonweighted) average for the total cost of risk increased 9.5 Continued on page 3
PRESIDENT'S MESSAGE Page 6
PRESIDENT'S MESSAGE Page 10 Chapter 29 Institute of Real Estate Management
HOW TO GET STARTED IN REAL ESTATE INVESTING Page 14
Clark County Rental Association
PRESIDENT'S MESSAGE
METRO MULTIFAMILY HOUSING ASSOCIATION President • Jeff Denson Past President • Chris Hermanski
JEFF DENSON MMHA
Vice President • Paul Hoevet
Secretary • Pam McKenna
President's Message
President
Happy New Year! It is with both honor and excitement that I will represent MMHA as President in 2013. I would like to thank our Immediate Past President, Jeff Denson, for his time and effort that he gave the association this past year. I would also like to acknowledge all of our Founders, Past Presidents, and Members of the Board, Committee Chairs, and Committee members. If it was not for all of your commitment, MMHA would not be the number one rental housing resource that it is today.
Thank you to our departing Board Members: Cindy Meek of Holland Residential, Cliff Hockley of Bluestone and Hockley Real Estate Services, and Korah Young of GSL Properties, Inc. It has been a pleasure working with all of you this past year. Your service to the Association is appreciated. Please join me in welcoming our new Board Members: Maureen McNabb of Capital Property Management Services, Inc, Dave Bachman of Cascade Management, Inc, and Jay Olson of Prometheus Real Estate Group. I look forward to sharing many accomplishments with you in 2013.
MMHA 2013 Events: MARK YOUR CALENDAR!
January 23, 2013 9:00 AM - 2:00 PM ELEVATE: Renewals & Expirations - Portland, OR January 30, 2013 8:00 AM - 12:00 PM ELEVATE: Maintenance and Customer Service - Portland, OR
2013 promises to be a very productive year for the Association. Our industry is doing extremely well and our rental housing market continues to remain one of the strongest in the Nation. As the rental housing market continues to grow, so will MMHA. Some of the growth initiatives the Association will be working on this year include continuing to increase all of our advocacy efforts to ensure our voice is heard in the 2013 Oregon Legislative Session, a focus on membership growth through continued expansion of our statewide Council Structure and to develop and implement a plan to encourage up and coming Industry Leaders to partici-
Treasurer • Gary Fisher 921 S.W. Washington Suite 772 Portland, OR 97205 (503) 226-4533 (503) 228-8303 fax
pate in the Association. As we enter 2013, MMHA must continue to capitalize on the strength and momentum of the Industry it serves. The Association has a well laid foundation and is poised for yet another successful year. I look forward to meeting many of you throughout the year. Your involvement with your Association will help MMHA to continue its growth and remain the number one rental housing resource.
January 31, 2013 8:00 AM - 12:00 PM ELEVATE: Basic Appliance Repair & Diagnosis - Portland, OR
visit www.metromultifamily.com for more dates
Make This a Green 2013 A healthy and sustainable multifamily community can save money, while attracting residents. The City of Portland can help: Reduce waste. Increase recycling. Conserve water and energy. Provide free resources and answer questions.
Contact us 503-823-7224 | multifamily@portlandoregon.gov www.portlandoregon.gov/bps/multifamily 2
The Landlord Times - Metro • January 2013
...continued from front page
percent in 2012, driven by an increase in property cost of risk, which accounts for 70 percent of the average apartment firm’s total cost of risk. The mean average property cost of risk increased by 10.4 percent and average per occurrence deductibles increased to $118,000 from the unusually low average deductible of $66,000 in 2011. The mean average general liability cost of risk remained virtually unchanged in 2012 after a 9 percent increase last year. The mean average workers’ compensation cost of risk in 2012 also remained similar to 2011 at $1,038 per full-time employee. Property terrorism insurance takeup rates increased to 91 percent in 2012, compared to 85 percent in 2011. A slight decrease in property terrorism insurance rates was also reported. About the Survey The ACORS contains information about property, general liability, umbrella, workers compensation, D & O, professional liability, employment practices,
environmental, and newly added insurance lines including terrorism and cyber liability. Fifty-five firms representing over one million apartment units supplied data on rates, deductibles, retentions, key coverage terms, claims history and more for the key lines of coverage. Firms that completed the survey can receive exclusive access to the full data set, along with the report analysis by Conning Research and Consulting on behalf of NMHC. Non-participating NMHC members can download an executive summary and a PowerPoint summarizing the results at www.nmhc.org/ goto/61017. Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. One third of Americans rent their housing, and more than 14 percent live in a rental apartment. For more information, contact NMHC at 202-974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.
About the Form: The Move-In Accounting Form provides a template for detailed financial documentation of the tenancy than what was previously part of the Rental Agreement. The form provides ample space to record all deposits, rents, specials and charges to customize and fit the unique needs of each property. The Rental Agreement still has basic tenancy accounting of rents and deposits, however the Move-In Accounting form is designed to easily display and record multiple deposit types, rent payments, concession strategies and payment plans. OREGON
MOVE-IN ACCOUNTING DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ RESIDENT NAME(S) ___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
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___________________________________________________________________________
UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________ CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________
RENT/CHARGES
DEPOSITS
PRO-RATE METHOD: c A c B c C (See #1 on page 2 of Rental Agreement)
c IF CHECKED, DEPOSITS WILL BE HELD BY OWNER
FIRST RENT PAYMENT
SECURITY DEPOSIT
SECOND RENT PAYMENT
$________________________
DUE ___________________________
FROM ___________________________ THRU ___________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL ADDITIONAL DEPOSITS
$___________
$___________
TOTAL RENT DUE AT MOVE-IN OTHER MONTHLY CHARGES
$___________
(REFUNDABLE)
ADDITIONAL DEPOSITS
SPECIALS/ADJUSTMENTS
(PRO-RATED IF PARTIAL MONTH)
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL SPECIALS/ADJUSTMENTS
$___________
____________________________________________________________________________________
$________________________
TOTAL DEPOSITS CHARGED
$___________
TOTAL OTHER MONTHLY CHARGES
$___________
____________________________________________________
– $________________________
PRIOR PAYMENT(S)
SPECIALS/ADJUSTMENTS
DEPOSITS PAID AT MOVE-IN – $________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL SPECIALS/ADJUSTMENTS
$___________
TOTAL RENT/CHARGES AMOUNT DUE
$___________
PRIOR PAYMENT(S)
____________________________________________________
BALANCE OF DEPOSITS DUE
TOTAL RENT/CHARGES + DEPOSITS CHARGED
$___________
TOTAL PAID
$___________
REMAINING BALANCE DUE
$___________
– $________________________
$___________
RENT/CHARGES BALANCE DUE
X
_____________________________________________________________________________________
X
RESIDENT
X
RESIDENT
_____________________________________________________________________________________
RESIDENT
$___________
TOTALS
TOTAL CHARGES PAID AT MOVE-IN – $________________________
_____________________________________________________________________________________
www.TheLandlordTimes.com
$________________________
DUE ___________________________
FROM ___________________________ THRU ___________________________
X
_____________________________
_____________________________________________________________________________________
_____________________________
_____________________________________________________________________________________
_____________________________
_____________________________________________________________________________________
DATE
DATE
DATE
X X X
RESIDENT
RESIDENT
RESIDENT
_____________________________________________________________________________________
ON SITE
RESIDENT
OWNER/AGENT
Form M004 OR Copyright © 2011 Metro Multifamily Housing Association.® NOT TO BE REPRODUCED WITHOUT WRITTEN PERMISSION. Revised 9/13/11.
Apartment
M004 OR Move-In Accounting Form
_____________________________
DATE
_____________________________
DATE
_____________________________
DATE
_____________________________
DATE
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Dear Maintenance Men: By Jerry L'Ecuyer & Frank Alvarez Dear Maintenance Men: I have a conundrum! My roof is in good shape, however I have a mystery leak or to be more precise I have a moving mystery leak. In other words, when it rains, the roof does not always leak in the same place. This is driving me crazy. Sam Dear Sam: A good roofing troubleshooter is worth their weight in gold. Here at Dear Maintenance Men, we love a good mystery! First things first; have your building inspected by a reputable roofing company or roofing inspector. The inspection will eliminate non-issues and help point you in the right direction and may even solve the leak mystery. The amount and intensity of rain will contribute too many roof leak mysteries. Often a light rain will cause a leak in an area that would not leak in a heavy or prolonged rainstorm. The reason is material swell. A light rain is not “wet” enough to swell surrounding wood or roofing material and cut off the leak. Mind you, this is still a leak that needs fixing. The deep penetration of water in a heavy or wind driven rainstorm will cause a leak by sheer volume that would not have leaked in a light rainstorm. Roof flashings are a common source of leaks that drip far from the
4
source of the water intrusion. A roof flashing can be found were the roof material meets a transition area such as a chimney, a wall, a pipe or other structure. Shifted or lifted composite shingles or roof tiles will cause water to come into contact with the felt paper under the roofing material and a break in the felt or roofing paper will cause a leak. Debris on the roof, valley, top caps, gutters etc can form water dams and cause leaks. Watch overhanging trees as well as they can damage the roof and cause leaks. Dear Maintenance Men: I have a Carbon Monoxide Detector question. The building I manage is an “all-electric” building with attached garages. Do I need to install a CO detector in each unit? Dan Dear Dan: I don’t think your situation is all that uncommon. We have run into this install problem before. We consulted with the Orange County Fire Authority and Randy Lindenberg from National Gas Consulting in Orange County. Because every building is unique in its construction and design, a proper assessment will need to be made based on the location of any gas-operated appliance in an all-electric building. The
general rule is; if an all-electric building has a gas-operated appliance and shares a common wall with the residential units, Carbon Monoxide or CO detectors will be required. For example: You will need to install CO detectors in your all-electric building if you have attached enclosed garages. CO detectors will also be required if the building has an attached laundry room with a gas water heater or gas dryer. We also recommend installing a CO detector in the laundry rooms that contain a gas appliance. Keep in mind; automobiles, wood fireplaces, barbecues and any other combustible material can cause carbon monoxide. Owning an “all-electric” building does not necessarily eliminate the need for CO detectors. Dear Maintenance Men: I hear a soft pisssst sound in the walls. My husband says it might be a gas leak, I think it is a water leak. Now to complicate things, we don’t smell gas and we don’t see any water. Could this sound be anything else? Julia Dear Julia: You have our condolences, but it could be worse, at least it is not a slab leak! The chances of the sound being a gas leak are slim as the gas is under low
pressure. The chance of smelling rotten eggs on the other hand would be high. Our guess would be your issue is a water leak. The possible reason you are not seeing any water evidence is that the leak is very small and the water is atomizing as it is leaving the pipe. The atomizing action is aided by the fact that the pipe is most likely a hot water pipe and the water is turning to steam. Because the pipe is making noise, this should help in locating the leak. Once you locate the source of the leak, open the wall large enough to complete the repairs and leave the wall open for a few days or until all the moisture is gone. 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 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. #: 01216720 Certified Renovation Company Websites: www.BuffaloMaintenance. com & www.ContactJLE.com
The Landlord Times - Metro • January 2013
Investors
...continued from front page
According to the report, investors in the office sector are showing a greater acceptance for slower growth and less apprehension about moving further out on the risk spectrum. Although core trophy assets remain the preferred target of both domestic and international investors, aggressive pricing and improved fundamentals have resulted in certain investors looking to buy either core in strong secondary markets or lessthan-core in primary markets. "The commercial real estate industry continues to show its investment durability as assets command attractive spreads over fixed-income investments and offer more stability than stocks, while most property sectors continue to post occupancy gains and rental rate growth," said Mitch Roschelle , partner, U.S. real estate advisory practice leader, PwC. "Foreign investors are particularly bullish on U.S. commercial real estate as they look for stable investments during uncertain times abroad. In 2013, Survey respondents expect to see an uptick in sales activity as property owners cull portfolios to take advantage of the low cap rate environment. And as investment capital continues its trend of matriculating beyond just apartments, cap rates are expected to compress across the entire asset class."
decline in overall capitalization (cap) rates has extended to the retail sector. According to the fourth quarter Survey findings, investors remain optimistic about investing in the national regional mall market despite a slow-moving economic recovery and a challenging retail landscape. Buying opportunities remain few and far between, especially for Class-A+ and Class-A malls, with huge barriers to entry making highquality malls thrive, which also keeps owners from selling them. According to surveyed participants, yields have compressed too much for well-leased strip shopping centers that some are considering buying value-add in great locations due to a lack of new supply. For power centers, challenges mainly stem from rising Internet retail sales, merchant consolidations, and an inability to easily shrink into urban streetscapes. In the fourth quarter of 2012, the average overall cap rate, the initial
return anticipated on an acquisition and a reflection of an investment's anticipated ownership risk, decreased in 24 of the surveyed markets, held steady in seven, and increased in just one of them. The overall cap rate shifts remain irregular with tech office markets (i.e. San Francisco) and the warehouse sector both showing some of the steepest declines. The national warehouse market's cap rate compression, where the average overall cap rate declined 40 basis points, reflects the optimistic outlook held by most surveyed investors. The average overall cap rate declined again in the Survey's national Central Business District (CBD) office market, marking nearly ten instances of quarterly declines since the first quarter of 2010. Moreover, the current average of 6.70% is the lowest reported for this market since the second quarter of 2008. Due to this cap rate compression, some Survey participants are taking time to identify CBD assets to sell – while
others remain in search of select buying opportunities. In the apartment sector, surveyed participants believe market conditions continue to favor sellers, but some investors sense that rents may have peaked for now and that certain markets have become overpriced. In addition, investors remain attentive to the near-term impact of new construction. Consequently, this market's average initial-year market rent change rate dipped for the second consecutive quarter, suggesting less upside in this market. Investor Outlook Through 2015 The PwC Real Estate Barometer included in the Survey tracks the anticipated performances of the four main property sectors (office, retail, industrial, and multifamily) from 2012 to 2015. For the office sector, even though the sector's recovery as a whole lags behind other commerContinued on page 15
Investors Becoming More Comfortable with Buying in the Retail Sector The above chart illustrates that the
OREGON RENTAL OWNERS JOIN US TODAY!
BENEFITS YOU RECEIVE AS A MEMBER OF RHAGP Your voice heard: State and local legislative representation. Education: We offer a wide variety of monthly training programs, members get a significant discount on classes. Receive a monthly subscription to the Update: The Update,our newsletter, contains up-to-date information on landlord/tenant issues and legislative information. Substantial discount on rental forms: 60% off all rental forms and books for members. Fully staffed office: Our friendly office staff are here 9am-5pm, Mon-Fri happy to help you with your property management needs. Savings on Tenant Screening: Report charges are automatically posted to your interest free account.
RHA
RENTAL HOUSING ASSOCIATION Of Greater Portland www.rhagp.org
10520 NE Weidler, Portland, OR 97220 P: 503-254-4723 F: 503-254-4821 The Landlord Times - Metro • January 2013
5
RENTAL HOUSING ASSOCIATION OF GREATER PORTLAND
President • Elizabeth Carpenter Past President • Phil Owen Vice President • Robin Lashbaugh Secretary • Lynne Whitney Treasurer • Jon Moon Office Manager • Alita Dougherty Member Services • Cari Pierce Bookkeeper • Pam Van Loon
10520 NE Weidler Portland, OR 97220 (503) 254-4723 • fax (503) 254-4821 info@rhagp.org http://www.rhagp.org
It is my pleasure, as the newly installed President of RHAGP, to extend my thanks to Phil Owen for his three years of service in the office of President. Phil goes above and beyond in his support of landlords and their concerns. I would like to thank him for his mentoring during my term of President Elect this past year. I look forward to providing information concerning the Rental Housing Community, to Landlords throughout the State of Oregon, as well as those within the Portland Metro area. RHAGP has continually grown and is progressively assisting landlords in our state. As your chair of the Membership Committee for the last 2 years, it has been my pleasure to see
President' s Message
our association grow to over 1700 members. We have the largest membership of any rental housing association in Oregon! We are continually improving, with newly added benefits for our members. From our up-todate attorney written forms, to our presence in the State legislation (thanks to our lobbyist Cindy Roberts), the RHAGP represents and protects landlords well. During this Legislation year, Cindy will be keeping us informed thru out the session. Look for future updates within the RHAGP Newsletter and on our website, www. rhagp.org. Some of the new changes for our members this year include reducing our membership dues for landlords with 1-4 units to $99.00. We are rolling
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out our Premium Membership that includes an online resource library with white papers, videos and special discounts from our vendor members, as well as access to basic accounting software and unlimited use of online forms. The Premium Membership is ever evolving, and will be, in time, a robust resource for landlords to find relevant answers to their questions. Our classes have expanded to include New Membership Orientation and Mentoring Meetings on the last Thursday of each month. Please join us by calling the office and reserving your spot! Additionally, our education committee is launching lunch time sessions for our working property managers and owners this year; keep your eye out for dates and times. We will release two (2) publications this year: The forms book and our new law book. Premium Members will receive free, ongoing updates to the law book. We at RHAGP are always looking for new and improved ideas to bring information to the Landlords of Oregon. As a nonprofit organization we welcome members to join our board meeting and committees. You can make a difference in keeping our organization strong.
PHIL OWEN RHAGP President
Committees currently seeking additional members: Dinner Program Education Electronic Media Government Affairs Marketing Membership Update Newsletter This past year was a one of planning and strategy for RHAGP. This year we look forward to implementing those ideas and new programs for your association. The Rental Housing Community is built upon relationship with landlords, tenants, associations and service providers. We are continually looking to expand the list of quality vendors/affiliate members. Please contact the office with any suggestions you may have for improvements to the Vendor/Affiliate Marketing Program, as well as referrals for future members. I’d like to make the RHAGP your first stop for information concerning your Rental, your tenants and all your landlord needs. Here’s to a happy and successful 2013! ~Elizabeth Carpenter, President
The Landlord Times - Metro • January 2013
Portland ...continued from front page ered since 2009 was 94.9% occupied in September, up 320 bps year-onyear. Occupancy averaged 95.3% or higher in every AXM submarket. Northeast recorded the highest occu-
pancy rate (97.6%), up 70 bps y-o-y and 80 bps sequentially, followed closely by Northwest (96.0%). Vancouver submarket chalked down the largest y-o-y advance, rising 150 bps to 95.3%, RCR models anticipate that metro occupancy will be nearly unchanged through 2013 and remain above 97% through 2015. The Rose City should maintain its #2 RED 50 ranking for average occupancy for the duration of the forecast period. 3Q12 Rent Trends Reis report that average effective rent increased $10 (1.2%) sequentially and $42 (5.4%) year-overyear to $841,
compared to 1.3% and 4.9% gains recorded during the second quarter. AXM same store data show concession costs plunged $3.05 (–34%), propelling effective rents 1.7% higher sequentially and 4.3% year-over-year. Infill submarkets posted the strongest sequential gains. Northwest and Northeast Portland enjoyed the fastest growth in the AXM series as effective rents surged 4.1% and 3.0%, respectively, quarterto- quarter. East Gresham submarket, where rents are lowest in the Portland area, also reported constructive growth trends. Gresham rents increased $16 ( 2.2%) quarter-to-quarter to $779.
RCR models project a slightly slower 5.0% y-o-y advance for 4Q12, as the year before comparisons become more challenging. Although further slowing is likely through the forecast period rent growth is expected to exceed the rate of inflation throughout. The model foresees annual gains of 3.3% to 3.5% in each year through 2016. 3Q12 Property Markets and Total Returns Sales of professionally managed apartment properties gained momentum over the summer after a quiet Continued on page 9
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renting an apartment is a lot of hard work, and it’s also a MAJOR buying decision. People who are looking for a new home NEED YOUR HELP! They will continue to need assistance until they reach a decision about where they want to live. If you think back to the last time you made a major purchase, it’s likely that the salesperson helped you with your buying decision. It was probably their knowledge of the product, combined with pointing out how it would meet your needs, which were some of the determining factors in your decision. This would require the salesperson to have excellent product knowledge, Parking Lot establish ALL your needs (i.e. size, style, Sweeping color preference(s), budget constraints, Hauling Pressure etc.) and then close the sale. However, if Sevices Washing you weren’t quite ready to decide and then looked at and considered other options, you may have forgotten about some of the benefits of the product you looked at initially. This is where the follow up work comes in. The salespeople who keep in touch with their prospects Striping Lot Accessory can continue to sell the benefits of their Installation product long after the prospect has left the sales floor. This will deepen the rela“You CAN TEL the difference” tionship that was established so there is “You CAN TEL the difference” a sense of commitment on both sides. “You CAN TEL the difference” Now imagine your most recent pro“You the difference” Free Estimates! www.cantelsweeping.com 503-661-4337 spective renters and the circumstances Free Estimates! www.cantelsweeping.com 503-661-4337 info@cantelsweeping.com CCB#152122 causing them to relocate. Put yourself info@cantelsweeping.com Free Estimates! www.cantelsweeping.com 503-661-4337 ow that the holidays are behind us, anyone who was not able to move before they rang in the New Year will be resuming their search for a new home. Follow up is the key to closing the sale when no decision is made on the first visit. However, many leasing people still hesitate to keep in contact with their prospective renters or make call backs on the appointments that are no shows. This question may shed some light as to why this occurs:
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Q: I know I should probably follow up more on my guest cards and also call people who make appointments and don’t show up, but calling people back makes me feel like I’m “bugging them.” If they’re really interested, won’t they just come back or call me? It does seem “logical” that a person interested in your community will just naturally get back in touch with you. However, there are a multitude of options out there right now. Besides,
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in their place and think about all the decisions they have to make as a result of their move. If you have an apartment at your community that will work for them and you are sincerely interested in meeting their needs, why wouldn’t you follow up with them? Of course if all you care about is just renting an apartment and not the person who will be living in it, then you’re right: You would “just be bugging them.” People can recognize a phony a mile away. On the other hand, people are also pretty good at detecting when someone sincerely cares about them and has their best interests at heart. The follow up work you do will come off as a true expression of your desire to meet the needs of your prospective renters, if you genuinely care about them. If you have a question or concern that you would like to see addressed next month, please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations
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Metro Apartment 2008 The Landlord TimesManager - Metro •• October January 2013
Portland ...continued from page 7 spring. A total of six properties valued at $5 million or more exchanged hands during the third quarter for total proceeds of $121mm. This compares to three sales for aggregate cost of $83.2mm during 2Q12. Traded units were valued at an average price of $156,298 during 3Q12, up from a $108,409 mean during the prior quarter. August sales of two trophy properties helped boost the price per door metric. A Downtown loft conversion transacted for $200,495 per unit, representing a 75% increase from the previous sale in 2008. Likewise, a stick-built Lloyd District 5-story
building exchanged hands at a $240,718 per unit price, representing 30% capital appreciation since the last trade was consummated in January 2010. Trophy cap rates were in the low4% – to low-5% range, representing a rough 50 bps discount to Seattle,. Using a 5.3% generic cap rate, RCR estimate investors should expect to achieve a 7.3% annual total return, ranking 23rd among the R46. 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 partici-
pate 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.
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1) Rental property. This is one of those rare real estate investments where you can make money even if you pay top dollar for the property. The reason is you are going to hold onto this property for the long term. You're only requirement is the property generate a positive cash flow. This means after you sum up all of your expenses on the property like financing cost, taxes, insurance and a vacancy rate, the amount you are collecting in rent surpasses this figure. This is one of the classic "get rich slow" methods of real estate investing. You are making a small amount of money each month from the property in rental income, and you are also slowly building up equity in the property over time as you pay down the mortgage.
the price will come up once construction is complete. I have known investors who have purchased several condo units in a facility being built and put $5,000 down on each unit as a down payment. Then before the property was even constructed "flipped" their contract to an end buyer who was willing to pay them 4 to 5 times their down payment just to get in on the deal. The problem with this type of investing is it normally only works when a market is going up regularly. In a down market like we are experiencing these types of deals are much harder to find but they are still out there. There are still part of the country that are very desirable to live in and are experiencing market growth.
2) Pre-construction investment. This is also known as buying property on "spec" or on the speculation that when the property is finished it will sell for a much higher price than you have invested in it. This is seen mostly in new condominium projects where investors fight to buy the units before they are built assuming
3) Flipping houses. This is a type of property investment that has made leaps and bounds in the last few years thanks to the popularity of many popular home improvement and house flipping shows on cable networks in the last few years. This has become a very dangerous thing as people who have Continued on page 11
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The Landlord Times - Metro • January 2013
How
...continued from page 10
no idea what it actually takes or costs to renovate and flip a property are buying homes because they think "I saw it on television and I can do that" Television doesn't show you the whole picture. You have to be aware of all of the hidden costs like marketing the property, closing costs, carrying costs if it doesn't sell right away, etc. You need to make sure you are buying the property at a significant discount to cover yourself completely. 4) Buy and hold. As mentioned above, real estate tends to gain value over time. Bad properties in bad neighborhoods will accrue equity if given enough time. History has shown us that even when a large market correction occurs like has happened now, properties eventually do recover and increase in value. The secret is to make sure the property is at least covering it's own costs while you wait for the equity to build up in it.
5) Lease options. Not everyone has perfect credit. For those who have credit issues finding a lender to purchase a home can be an impossible task. They need time to get their credit repaired. These people are perfect candidates for lease options. They will pay above market value for the house and put a non-refundable down payment down. They are willing to pay for the privilege of rebuilding their credit while working towards a path of home ownership. For these people, a lease option presents a solution to their lending problem and buys them the time they need to get their credit and/or income ready to go to a traditional lender. Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, james@realtypin.com News distributed by PR Newswire iReach: https://ireach.prnewswire.com PR Newswire (http://s.tt/1ygg7)
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STAFF Publisher Will Johnson • will@propubinc.com
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Serving the Portland/Vancouver Multifamily Housing Industry More than 21,000 Distributed Monthly www. TheLandlordTimes.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. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2012. All rights reserved.
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ASK THE ENERGY EXPERT CHRISTINA (TINA) JIMENEZ, Business Services
Q:
Weatherization Can Deliver an Excellent ROI
Does weatherization pencil out for me if my residents pay the energy bills? Are there rebates to help defray my cost? A. Property owners and managers invest in energy efficiency for a variety economic reasons. Adding insulation and replacement windows improves resident comfort, reduces noise and lowers tenant energy bills. This contributes to lower tenant turnover, which directly benefits your bottom line. The upgrade can make it easier for your units to compete with newer properties in the marketplace, allowing you to more successfully attract tenants. Weatherization also improves your property value. Cash incentives available from Energy Trust of Oregon help defray your cost. By raising the re-rent rate $10 to $20 per month, many property owners and managers find weatherization offers an excellent return on investment while still saving their residents money with reduced monthly energy bills.
Start with a free Energy Consultation from PGE Portland General Electric offers a free energy consultation of your property to help you decide which improvements make sense for your property. Request a free energy consultation at PortlandGeneral.com/EnergyExpert. Insulation makes units more comfortable PGE recommends that you insulate before you replace windows because insulation is more cost-effective and can reduce energy use by up to 20 percent. Insulation is rated according to R-value -- the higher the better. • Insulate attics to R-38. Attic and roof insulation usually is the least costly and offers the greatest energy savings. If attic insulation is R-18 or less, bring it up to R-38. Use an experienced contractor and install sufficient attic ventilation. • Insulate underfloor to R-25 unless your property has a basement. If crawlspace insulation is R-11 or less, bring it up to R-25. Water pipes in the crawlspace should be insulated for freeze protection. Crawlspace ventilation also is important. Install
a black plastic ground cover to control moisture. • Wall insulation should be R-11 to R-15. If your property’s walls have no insulation, consider insulating to R-11 by drilling a 2-½ inch hole at every stud cavity and blowing insulation into the wall cavities. This typically is done on the building’s exterior, making wall insulation less practical for brick and stucco buildings. Wall insulation is an excellent noise reducer. Replacement windows and doors offer multiple benefits New double-pane windows can improve comfort, curb appeal and marketability while reducing condensation, drafts and noise. Replace baseboard and electric wall heaters Although not considered to be “weatherization,” this investment can be highly cost-effective because these heaters are inefficient and expensive to operate. Consider replacing them with new ductless heating and cooling systems that can save up to 60 percent on heating costs. Some tenants report monthly savings of $50 to $60
per month compared to electric baseboards. These systems also provide summer cooling – a feature increasingly sought by residents. For information on ductless systems, go to PortlandGeneral.com/Ductless. Get cash incentives from Energy Trust An excellent way to help make your project pencil out is to take advantage of cash incentives from Energy Trust of Oregon. Cash incentives are available for many of the upgrades listed above. Learn more by calling the PGE Energy Experts at 503-228-6322 (Portland) or 503-399-7717 in Salem. Take advantage of low-interest financing If you need upfront financing, your project may qualify for low-interest, no-fee financing through Umpqua Bank (an Equal Housing Lender). Go to GreenStreetLoan. com or call 866-790-2121. If you have questions you’d like to have answered in future “Ask the Energy Expert” columns, please e-mail Sarah. Pagliasotti@pgn.com.
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CLARK COUNTY RENTAL ASSOCIATION President • Lyn Ayers Vice President • Blain Cowley Secretary • Patty Silver Contact • Lyn Ayers • Phone (360) 693-0025 • info@ccrawa.org
Treasurer • Janine Ayers
Membership Committee • Roger Silver
5620 Gher Rd., Suite H Vancouver, WA 98662-6166 (360) 693-CCRA www.clarkcountyrentalassociation.org
President's Message 2013 has arrived with rain, sleet, some snow, below average temperatures, and high winds. Not a very normal start. But like my Grandpa used to say: “I’ve lived in this country for 38 years and I’ve seen 38 years of unusual weather.” Well, let’s just hope that we do have a normal year as landlords. Every organization probably has growth high on its list of challenges. Growth is at the top of my list, but
what does “growth” look like to me? Growth in what way? More members? Maybe more revenue and a larger reserve at the end of the year? More knowledgeable landlords? Some other criteria? We need our members to know more about being a responsible landlord. I want growth in each member’s wisdom in running their business properly. I would like to see more aware-
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ness of our industry in city/county agencies. It would be beneficial if we better understood the rental forms. It would be worthwhile to increase community awareness of who we are and how we contribute to the betterment of local society. So growth as I describe it above is my key goal for 2013, the logical next question of course is how do we achieve it? Obviously we need to continue with worthwhile educational dinner meetings and make sure the mentor program remains vibrant and healthy and that our members take full advantage of it. We must continue to publish the monthly newsletter filled with relevant and informative articles. We need to get more involved with our local city/county officials. In my career, I learned that when goal-setting, a goal must meet certain criteria. The goal must be achievable, it must be time limited, and it must be measurable. Improving our members’ abilities and increasing influence and awareness are achievable. They are time-limited –calendar 2013- however this goal isn’t measurable. How can we measure success of this goal? Fewer complaints might mean better landlord management. Higher attendance at meetings means
more interest in learning. If existing members renew at a higher rate, this indicates more of our members believe the value is there. Additional advertising, flyers distributed throughout the community, involvement by members in community organizations, and an attractive website will drive increased awareness of the organization’s identity and purpose. This can be measured by more contacts via email, phone, and in person from community members and leaders outside our industry. By including these measurements in our goal, this time next year we will be able to measure our success in achieving “growth” in 2013. As you can see, there is a lot to write about and even more to work on. 2013 will undoubtedly be a year filled with challenges and a mixture of success and failure. Let’s keep in the forefront of our minds ways to make this a positive year for each of us. If we are successful, this time next year we can look back and realize that we made significant progress towards our goals. Lyn Ayers President CCRA
The Landlord Times - Metro • January 2013
Investors
...continued from page 5
cial property sectors due to lower job creation among office-space using companies, as well as an evolving work environment, many metros are benefiting from a lack of new supply. As a result, the barometer places 35.2 percent of the U.S. office stock in expansion by year-end 2012. This percentage is expected to grow through 2015. Pockets of strength exist in the retail sector and are starting to outnumber the weaknesses in certain trade areas. The barometer places 45.6 percent of the U.S. retail stock in recovery by year-end 2012. As the industrial sector continues to recover, occupancy gains are being reported in most industrial markets across the country. As a result, the portion of U.S. industrial stock in recovery is expected to grow annually through year-end 2014. By year-end 2015, the expansion and recovery phases of the real estate cycle will dominate this sector. Underlying fundamentals for the U.S. multifamily sector remain extremely positive through 2015 due to pent-up demand and a growing preference for renting instead of buying. The expansion phase of the cycle will dominate this sector for the next four years. "While the recent slowdown in the country's economic recovery and job gains has reduced leasing activity across much of the nation's office sector, it has not had the same impact on the warehouse sector, with many surveyed investors calling the sector extremely healthy," stated Susan Smith , editor-in-chief of PwC's quarterly real estate investor survey. "While the U.S. multifamily sector remains a top investment choice, concerns about new supply and overpricing do exist, which has some investors looking to other sectors, like retail, which had been a bit taboo for many investors for quite a while, but is starting to regain attention even with the rising popularity of e-commerce."
Information about subscribing to the PwC Real Estate Investor Survey can be found at www.pwc.com/us/ realestatesurvey. About the PwC Real Estate Investor Survey™ The PwC Real Estate Investor Survey, now in its 25th year of publication, is one of the industry's longest continuously produced quarterly surveys. The report provides overviews of 33 separate markets, including ten national markets -- regional mall, power center, strip shopping center, CBD office, suburban office, flex/R&D, warehouse, apartment, net lease, and medical office buildings. The report also includes a review of 18 major U.S. office markets including Atlanta, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Manhattan, Northern Virginia, Pacific Northwest, Philadelphia, Phoenix, San Diego, San Francisco, Southeast Florida, Suburban Maryland, and Washington, DC. In addition, the report covers three regional apartment markets - Mid-Atlantic, Pacific, and Southeast, and two regional warehouse markets - - East North Central and Pacific. In addition, the National Development Land Market is included in the second and fourth quarter issues while a comprehensive lodging report is included in the first and third quarters. The fourth quarter 2012 report also features up-to-date information relating to forecast periods, structural vacancy replacement reserves, forecast values, tenant improvement allowances, and vacancy assumptions. In addition, each issue of the survey contains over ten tables of market data focusing on value expectations, tenant improvement allowances, forecast periods, structural vacancy, and growth rates.
countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +. © 2012 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the
US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. www.prnewswire.com
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A Property Management Regroup How To Do It And Why It Works! © By Ernest F. Oriente, The Coach Regroup…is this a new management trend? Not a chance! Regroup is simply an opportunity to end one month’s business cycle, recap the performance at each property you manage and outline a plan of success for the new upcoming month. Why does it work? Because it allows each person on your team to assess their performance from the previous month, and to make any necessary adjustments for the new month. Here’s how it works. Scheduling and preparing regroup: Regroup should be scheduled during the slowest time of each month and should start before your leasing office opens in the morning, if possible. A solid and productive regroup takes about two hours and will require about one hour of preparation by your resident manager. Be certain to have a blank chalkboard or a standing easel for taking notes and keep distractions to a minimum. Regroup is also a time to build on the creative juices from each person on your team, so make regroup a special part of each month and allow for everyone to have equal time to share
their feedback. Simply stated, there are no wrong questions or topics discussed at regroup and your team will respect and respond positively to this freedom. Tip From The Coach: As the supervisor for your properties, it is critical for you to attend regroup and actively participate in them. Your preparation for each regroup should begin by reviewing the agenda from the previous month with your resident manager, to assess if the to-do list from last regroup was accomplished. Then, review together the new regroup agenda making certain your resident manager’s gameplan is consistent with your company goals and expectations. Running the meeting: Each month’s agenda for regroup should begin by reviewing the financial information important to your company and its investors. This might include “actual” revenue and income versus budget, resident retention percentages, collection issues or expense performance versus the budget. Then, have your resident manager address any problems ex-
perienced during the past 30 days or any upcoming issues that will affect the property. Next, map a calendar of activities that will enhance the performance for this property. This might include a monthly event to thrill your residents, a new marketing plan, or a special focus on your resident referral program. This part of regroup is where the creativity of your team really starts to roll and if you listen closely, you will hear many “golden” ideas. Lastly, have your resident manager recap the team goals for the new month and be certain the meeting always closes on a positive note! Tip From The Coach: As the supervisor for this property, take detailed notes during regroup, then send a brief memo to your resident manager recapping the day. Include in this memo a to-do list for the upcoming month, so your resident manager will clearly know what is expected. Clear communication is the cornerstone of management success.
Meeting individually with your team: At the close of each regroup, plan to spend another thirty minutes more with your resident manager to recap the day, cheer their success, and discuss the specific performance of each individual at the property. During this meeting ask your resident manager if he/she needs any additional support or training to develop their skills or the skills of their team. This is the most important part of regroup as time spent developing your team for future opportunity, will make for pro-active management which means you always have a sharp person ready to be promoted to the next position. Tip from the Coach: In the same spirit of the individual meeting you have with your resident manager, ask him/her to have a similar meeting with each member of their leasing team. This will help to grow their skills as a leader and you will want to attend the first few meetings to be certain the agenda for the individual meetings are exactly as you expect. In fact, as a manager, always “inContinued on page 17
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The Landlord Times - Metro • January 2013
A Property
...continued from page 16
spect what you expect”. A good rule of thumb! Wow! Such an important topic and so much to share! Incorporate regroup into your next 30 day business cycle and see for yourself how successful the time is spent! Need help planning your agenda? E-mail a quick note to ernest@powerhour. com and the Coach will send you a sample agenda in ten minutes. It’s easy! The Coach says so! Want to hear more about this important topic or ask some additional questions? Send an E-mail to ernest@powerhour.com and The Coach will E-mail back to you a free invitation to be a participant on a PowerHour conference call. Author’s note: Ernest F. Oriente, a business coach since 1995 [29,760 hours], a property management industry professional since 1988--the author of SmartMatch Alliances--and the founder of PowerHour...[ www.powerhour.com and www.powerhourseo.com and www. pirmg.com ], has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and their leaders. He provides private and group coaching for property management companies around North America, executive recruiting, investment banking, national utility bill auditing [ www.
powerhour.com/propertymanagement/ utilitybillaudit.html ] national real estate and apartment building insurance [ www.powerhour.com/propertymanagement/insurance.html ], SEO/SEM web strategies, national WiFi solutions [ www.powerhour.com/propertymanagement/nationalwifi.html ], powerful tools for hiring property management SuperStars and building dynamic teams, employee policy manuals [ http://www. powerhour.com/propertymanagement/ employeepolicymanuals.html ] and social media strategic solutions [ http:// www.powerhour.com/propertymanagement/socialmedialeadership.html ]. Ernest worked for Motorola, Primedia and is certified in the Xerox sales methodologies. Recent interviews and articles have appeared more than 7000 times in business and trade publications and in a wide variety of leading magazines and newspapers, including Smart Money, Inc., Business 2.0, The New York Times, Fast Company, The LA Times, Fortune, Business Week, Self Employed America and The Financial Times. Since 1995, Ernest has written 200+ articles for the property management industry and created 350+ property management forms, business and marketing checklists, sales letters and presentation tools. To subscribe to his free property management newsletter go to: www.powerhour.com. PowerHour® is based in Olympictown…Park City, Utah, at 435-6158486, by E-mail ernest@powerhour.com or visit their website: www.powerhour. com
www.TheLandlordTimes.com
OREGON RENTAL PROPERTY OWNERS JOIN US TODAY!
³ Your voice heard: State and local legislative representation. ³ Education: We offer a wide variety of monthly training programs, members get a significant discount on classes. ³ Receive a monthly subscription to the Update: The Update, our newsletter, contains up-to-date information on landlord/tenant issues and legislative information.
³ Substantial discount on rental forms: 60% off all rental forms and books for members. ³ Fully staffed office: Our friendly office staff are here 9am-5pm, Mon-Fri happy to help you with your property management needs. ³ Savings on Tenant Screening: Report charges are automatically posted to your interest free account.
RHA
Rental Housing Association of Greater Portland www.rhagp.org 10520 NE Weidler Portland, OR 97220
Effective January 1,2013 Regular Membership for up to 4 Units: Annual Dues $99, Set up fee $25 Regular Membership for 5 or more Units: Annual Dues $110, Set up fee $50, $1.50 per Unit (Annual Dues + # of Units not to exceed $250) Affiliate Membership (Advertise to our landlord members): Annual Dues $220, Set up fee $50 Dual Membership (Regular Membership+Affiliate Membership): Annual Dues $255, Set up fee $50, $1.50 per Unit (Annual Dues + # of Units not to exceed $285) RENTAL HOUSING ASSOCIATION OF GREATER PORTLAND Phone: 503-254-4723 Fax: 503-254-4821 The Landlord Times - Metro • January 2013
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Increasing Community Reviews Online Should On The Top of Your Marketing "To Do List" for 2013
H
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ere are few tips on how to increase the number of reviews you receive on Yelp and Google Places. These are very easy to use tips that can greatly improve the number of reviews. Why is this goal of increasing your online reviews so important? According to research by the Opinion Research Corporation (ORC), 84% of Americans say that their buying decisions are highly influenced
by online reviews. Give this a minute of thought and you'll realize that you also read reviews make decisions based on what you have read. Also, the number of reviews the community has on Google Places, the rating, and frequency of those reviews is correlated with the visibility of your listing according to research and local search ranking factors. http:// www.davidmihm.com/local-searchranking-factors.shtml Increase review today by adding calls to action: The testimonials page
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on your website is not only a great place to add great reviews about your apartment community and company, but is also a great page to add a call to action for residents to leave reviews. We made it easy by adding links to read and write reviews for Google, ApartmentRatings.com and Yelp. Make certain you and your teams are actively asking for reviews: Have call outs in your email signatures, on the leasing desks, and on all social media channels asking residents to leave reviews on the channels that are important to you. Link back to the resident reviews page on the website via social media posts so future residents can read great reviews and click to read or write reviews on the channel of their choice right from your website.
We've seen great results for clients of whom we've added a reviews page linking to their resident's reviews profiles on Google Places, and Yelp. It's critical to make certain that the entire community team is encouraging residents to leave reviews on these channels by providing them with the direct URL to the reviews landing page on the community's website. Leave a card in each apartment where a service request has been taken care of... watch how call backs suddenly decrease!
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VALLEY
Professional Publishing, Inc www.TheLandlordTimes.com
Vol. 17 Issue 1
January 2013
EUGENE • SALEM • ALBANY • CORVALLIS
MONTHLY CIRCULATION TO MORE THAN 5,000 APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL Published in association with: METRO Multifamily Housing Association & Rental Owners Association
Multifamily Markets Salem-Keizer 2012 Summary By Anita Risberg, CCIM Senior Broker, HFO Investment Real Estate, Apartment Specialist From the start of 2012 SalemKeizer has continued to experience a decrease in vacancy rates. The vacancy factor has adjusted from a low of 2.95% in 2007 to a high of 6.13% in 2010 back to 3.07% by fall of 2012. Average rent in Salem-Keizer for a 2 bedroom 1 bath unit with no amenities built 1990 or newer is $678.00. Likewise average rent in SalemKeizer for a 2 bedroom 1 bath unit with no amenities built after 1990 is $601.00. Landlord concessions have decreased. Some landlords are starting to bill back to tenants charges for water, Continued on page 7
Apartment Insurance Costs Increase for the Second Consecutive Year According to National Multi Housing Council Report The cost to insure apartments increased by 9.5 percent between 2011 and 2012, marking the second consecutive year of rising insurance expenditures according to the National Multi Housing Council’s (NMHC) Apartment Cost of Risk Survey (ACORS). The survey covers data from more than one million apartment units, the largest number of units covered by the survey to date, operated by 55 apartment firms, tracking three principal components of insurance premiums: property, general liability and workers’ compensation. The 9.5 percent increase in 2012 came entirely from property
Professional Publishing, Inc PO Box 30327 Portland, OR 972943327
risk costs, with general liability and workers’ compensation costs staying virtually unchanged from 2011. “Respondents noted that their greatest challenges in 2012 came from obtaining adequate and affordable coverage in traditional catastrophe risk zones. In fact, catastrophe exposed properties were the major drivers of the increase in premium costs and higher deductibles,” said Rick Haughey, NMHC’s Vice President of Property Operations and Technology. “With U.S. catastrophe losses in 2012 expected to be moderately higher than average due to Hurricane Sandy, the outlook for
Current Resident or
PRSRT STD US Postage PAID Portland, OR Permit #5460
insurance costs in 2013 remains uncertain. This uncertainty mitigates what would be downward pressure on 2013 catastrophe rates due to strong underwriting capacity for primary insurers and reinsurers.” Additional key findings: The mean (nonweighted) average for the total cost of risk increased 9.5 percent in 2012, driven by an increase in property cost of risk, which accounts for 70 percent of the average apartment firm’s total cost of risk. The mean average property cost of risk increased by 10.4 percent and average per occurrence deductibles increased to $118,000 from the unusually low average deductible of $66,000 in 2011. The mean average general liability cost of risk remained virtually unchanged in 2012 after a 9 percent increase last year. The mean average workers’ compensation cost of risk in 2012 also Continued on page 5
The Tax Man Cometh for Your Real Estate Income By Jeneé Hilliard As part of the financing of Obama Care, Congress created Internal Revenue Code Section 1411, which created a new 3.8 percent Medicare tax. The new Medicare tax will take effect on January 1, 2013, and will apply to net investment income of individuals with a modified adjusted gross income of at least $200,000 ($250,000 for couples filing jointly). The tax will apply to the lesser of (1) the taxpayer’s total “net investment income” for the year, or (2) the amount by which the individual’s total income exceeds $200,000 (or $250,000 for married couples filing jointly). This new tax will hit real estate investors hard. Investment Income Includes Rental Income Under the new code provision, “net investment income” is defined to include “gross” rents. Even though “gross” rents are subject to the new Medicare tax, the “gross” rents can be reduced by deductions properly allocable to the rents. We expect that this will allow an individual to deduct depreciation, interest expense, property taxes, insurance payments, and other rental property expenses before determining the amount of “gross” rents subject to the new Medicare tax (although it does cause concern that Congress used the term Continued on page 3 Page 2
PRESIDENT'S MESSAGE Page 4
A MESSAGE FROM YOUR PRESIDENT …
METRO MULTIFAMILY HOUSING ASSOCIATION President • Jeff Denson Past President • Chris Hermanski
JEFF DENSON MMHA
Vice President • Paul Hoevet
Secretary • Pam McKenna
921 S.W. Washington Suite 772 Portland, OR 97205 (503) 226-4533 (503) 228-8303 fax
President's Message
President
Happy New Year! It is with both honor and excitement that I will represent MMHA as President in 2013. I would like to thank our Immediate Past President, Jeff Denson, for his time and effort that he gave the association this past year. I would also like to acknowledge all of our Founders, Past Presidents, and Members of the Board, Committee Chairs, and Committee members. If it was not for all of your commitment, MMHA would not be the number one rental housing resource that it is today.
Thank you to our departing Board Members: Cindy Meek of Holland Residential, Cliff Hockley of Bluestone and Hockley Real Estate Services, and Korah Young of GSL Properties, Inc. It has been a pleasure working with all of you this past year. Your service to the Association is appreciated. Please join me in welcoming our new Board Members: Maureen McNabb of Capital Property Management Services, Inc, Dave Bachman of Cascade Management, Inc, and Jay Olson of Prometheus
MMHA 2013 Events: MARK YOUR CALENDAR!
January 23, 2013 9:00 AM - 2:00 PM ELEVATE: Renewals & Expirations - Portland, OR January 30, 2013 8:00 AM - 12:00 PM ELEVATE: Maintenance and Customer Service - Portland, OR
January 31, 2013 8:00 AM - 12:00 PM ELEVATE: Basic Appliance Repair & Diagnosis - Portland, OR
Treasurer • Gary Fisher
Real Estate Group. I look forward to sharing many accomplishments with you in 2013. 2013 promises to be a very productive year for the Association. Our industry is doing extremely well and our rental housing market continues to remain one of the strongest in the Nation. As the rental housing market continues to grow, so will MMHA. Some of the growth initiatives the Association will be working on this year include continuing to increase all of our advocacy efforts to ensure our voice is heard in the 2013 Oregon Legislative Session, a focus on membership growth through continued
expansion of our statewide Council Structure and to develop and implement a plan to encourage up and coming Industry Leaders to participate in the Association. As we enter 2013, MMHA must continue to capitalize on the strength and momentum of the Industry it serves. The Association has a well laid foundation and is poised for yet another successful year. I look forward to meeting many of you throughout the year. Your involvement with your Association will help MMHA to continue its growth and remain the number one rental housing resource.
Advertise in the Landlord Times - Valley Circulated to over 5,000 Apartment owners, On-site, and Maintenance personnel monthly. Call 503-221-1260 for more information.
visit www.metromultifamily.com for more dates
M004 OR Move-In Accounting Form
About the Form: The Move-In Accounting Form provides a template for detailed financial documentation of the tenancy than what was previously part of the Rental Agreement. The form provides ample space to record all deposits, rents, specials and charges to customize and fit the unique needs of each property. The Rental Agreement still has basic tenancy accounting of rents and deposits, however the Move-In Accounting form is designed to easily display and record multiple deposit types, rent payments, concession strategies and payment plans. OREGON
MOVE-IN ACCOUNTING DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ RESIDENT NAME(S) ___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________
RENT/CHARGES
DEPOSITS
PRO-RATE METHOD: c A c B c C (See #1 on page 2 of Rental Agreement)
c IF CHECKED, DEPOSITS WILL BE HELD BY OWNER
FIRST RENT PAYMENT
SECURITY DEPOSIT
$________________________
DUE ___________________________
SECOND RENT PAYMENT
$________________________
DUE ___________________________
FROM ___________________________ THRU ___________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL ADDITIONAL DEPOSITS
$___________
$___________
TOTAL RENT DUE AT MOVE-IN OTHER MONTHLY CHARGES
$___________
(REFUNDABLE)
ADDITIONAL DEPOSITS
FROM ___________________________ THRU ___________________________
SPECIALS/ADJUSTMENTS
(PRO-RATED IF PARTIAL MONTH)
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL SPECIALS/ADJUSTMENTS
$___________
____________________________________________________________________________________
$________________________
TOTAL DEPOSITS CHARGED
$___________
TOTAL OTHER MONTHLY CHARGES
$___________
____________________________________________________
– $________________________
PRIOR PAYMENT(S)
SPECIALS/ADJUSTMENTS
DEPOSITS PAID AT MOVE-IN – $________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
____________________________________________________________________________________
$________________________
TOTAL SPECIALS/ADJUSTMENTS
$___________
TOTAL RENT/CHARGES AMOUNT DUE
$___________
PRIOR PAYMENT(S)
____________________________________________________
BALANCE OF DEPOSITS DUE
TOTALS TOTAL RENT/CHARGES + DEPOSITS CHARGED
$___________
TOTAL PAID
$___________
REMAINING BALANCE DUE
$___________
– $________________________
TOTAL CHARGES PAID AT MOVE-IN – $________________________ $___________
RENT/CHARGES BALANCE DUE
X
_____________________________________________________________________________________
X
RESIDENT
_____________________________________________________________________________________
X
RESIDENT
_____________________________________________________________________________________
RESIDENT
X
_____________________________
_____________________________________________________________________________________
_____________________________
_____________________________________________________________________________________
_____________________________
_____________________________________________________________________________________
DATE
DATE
DATE
X X X
RESIDENT
RESIDENT
RESIDENT
_____________________________________________________________________________________
ON SITE
2
$___________
RESIDENT
OWNER/AGENT
Form M004 OR Copyright © 2011 Metro Multifamily Housing Association.® NOT TO BE REPRODUCED WITHOUT WRITTEN PERMISSION. Revised 9/13/11.
CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________
_____________________________
DATE
_____________________________
DATE
_____________________________
DATE
_____________________________
DATE
MAIN OFFICE (IF REQUIRED)
The LandlordTimes - Valley • January 2013
VALLEY The Tax Man ...continued from front page “gross rents,” if it is actually intended to mean “net” rents). Exception for Real Estate Professionals One way to avoid the tax is for a taxpayer to qualify as a real estate professional and for the taxpayer to materially participate in the real estate activities that generate the rental income. To be a real estate professional, a taxpayer must (1) spend more than half her time in real estate businesses and (2) perform more than 750 hours of service per tax year in a real estate business. Real estate businesses include businesses that participate in rental, leasing, real property development, construction, acquisition, conversion, operation, management, or brokerage activities. But any services performed by a taxpayer in a real estate business as an employee will not be counted toward meeting the “real estate professional” participation requirements unless the taxpayer is also at least a 5-percent owner of its employer. A taxpayer will be treated as materially participating in the real estate activities that generate the rental income if the taxpayer: (1) provides at least 501 hours of service to the business during the tax year, (2) provides substantially all the services for the business (after evaluating participation from nonowners), or (3) provides at least 101 hours of service to
the business during the tax year if no other person provides more service to the business (after evaluating participation from nonowners). For example, a real estate professional who also individually owns 35 rental properties but hires a property manager and performs very few services related to the rental, operation, or management of the properties will not have materially participated in the activities that generated the rental income and may therefore be subject to the new Medicare tax. The real estate professional exception is narrow, but many real property developers, property managers, and brokers who own their own companies and also materially participate in the management and operation of their own rental properties will not be subject to the new Medicare tax. This also means that the rental income for any taxpayer who is not properly classified as a real estate professional will be “net investment income” and may be subject to the new Medicare tax. Application to Entities Although the new tax applies to individuals, but not to partnerships, limited liability companies, or corporations, taxpayers that own real estate investments indirectly through an entity will not avoid the new Medicare tax. With respect to corporations (including S corporations), the divi-
dends received by a shareholder will automatically be “net investment income” unless the shareholder materially participates in the business (regardless of whether the corporation owns real estate or not) and may be subject to the new Medicare tax. Similarly, the partnership rental income allocated to a partner who does not materially participate in the rental business of the partnership will be “net investment income” and may be subject to the new Medicare tax. Investment Income Includes Gain on Sale of Real Estate In addition to applying to “gross” rents after deductions, the new Medicare tax also applies to the net gain on the disposition of any real property not held in a real estate business. This means that gain on the sale of a principal residence may be subject to the new Medicare tax to the extent the gain is not sheltered by the principal residence exclusion. This also means that the gain on the sale of appreciated rental property may also be subject to the new Medicare tax unless the gain on the sale is not
recognized, for example, as a result of a taxpayer’s completing a Section 1031 exchange. Tax-Saving Ideas The new Medicare tax casts a wide net to tax rental real estate income and capital gains on sale. Individuals who anticipate being subject to the new 3.8 percent Medicare tax may want to engage in advance tax planning before the tax becomes effective, for example, by selling appreciated real estate in 2012 to avoid the new Medicare tax or investing in tax-free income-producing assets instead of rental properties. The new Medicare tax may provide an additional incentive for taxpayers to complete a Section 1031 exchange after January 1, 2013. For further information about Medicare tax and real estate income, contact Jeneé Hilliard at (503) 205-2505 or at jenee. hilliard@millernash.com.
VALLE
EUGENE • SALEM • ALBANY • CORVALLIS
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Serving the Eugene, Salem, Albany, and Corvallis Multifamily Housing Industry More than 6,000 Distributed Monthly www. TheLandlordTimes.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, omport an endorsement of or support for the products or services offered. The LandlordTimes - Valley is produced monthly and is published by Professional Publishing Inc. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2013. All rights reserved.
The LandlordTimes - Valley • January 2013
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RENTAL OWNERS ASSOCIATION President • Jim Straub Vice President • Michael Steffen Secretary • Scott Smith Treasurer • Pat Costello
205 W. 10th Avenue, Eugene OR 97401 (541) 485-7368 (541) 284-4052 info@ laneroa.com
Board Members: Dennis Casady, Dennis Chappa, Robei Ellis, Devin Gates, Eric Hall, Tia Politi
A Message from Your President … Happy New Year! I hope you and your family had a safe and wonderful holiday season. As we begin this new year, your state organization, ORHA (Oregon Rental Housing Association) is focused on the upcoming Oregon Legislative Session which begins on January 14th. Landlord- Tenant Coalition meetings have continued with discussions on topics such as: renter’s insurance; screening and the use of past criminal arrest, conviction and eviction records; extension of the statute of limitations to pursue tenants owing money; and other issues vital to Oregon landlords’ interests such as our proposal for return of non-compliance fees for
many tenant violations. Our most recent Landlord-Tenant Coalition meeting was held on December 18. Please read my Legislative Update on page 15 in our newsletter. As your State Legislative Director, I plan to provide updates to you on legislative activity during the 2013 Oregon Legislative Session. Our comprehensive Fair Housing Workshop was held on Saturday, December 1st. This workshop, with instructor Diane Hess, Education Director, Fair Housing Council of Oregon (FHCO), provided members a fun and informative opportunity to learn, (from FHCO’s perspective, the agency that investigates tenant complaints) about landlord responsibili-
John Nuzzolese, Landlord Protection Agency 877-984-3572, www.TheLPA. com
Excuse of the Day "When you have a medical emergency, DON'T call 911. Call the volunteer Fire Department. The Police charged $1,000.00 for a ride to the hospital! Now I can't pay my rent." I know this is true in Nassau County. Claudia K., Levittown, NY
ties in fair housing issues. Please remember that a mistake made in a fair housing issue can cost a landlord thousands of dollars. If you have an issue in any way related to fair housing, you should call the Helpline at 541-242-2850. We took a break from our weekday workshops during December but you’ll see on page 5 in our newsletter that we are back to our schedule of two weekday workshops per month. Members attending these workshops find that the small-group setting provides them with a great opportunity to ask questions and share personal landlord experiences. With limited seating, pre-registration is required. Please see page 5 in our newsletter for registration information. We had a fantastic turnout at our November general meeting for our featured speaker, Attorney Allen Gardner. Allen walked us through those dumb mistakes that landlords make that will mean the difference between winning or losing in court. Please join me in thanking Allen for sharing his many experiences with us and for his willingness to answer so many members’ questions. Thanks also to our Affiliate Spotlight speaker, John Stoeker of Regional Dryer
Vent Cleaners, for his raffle items. If you own or manage rental units in the City of Eugene, please note that the Eugene City Council Agenda for January 28th includes a vote on the proposed Social Host Ordinance. You can read this proposed ordinance on the City of Eugene website at www.eugene-or.gov/. Please read the ordinance and share your opinions on this ordinance with your Eugene City Counselor. Please join us for our first meeting of 2013 on Thursday, January 24th. Our featured speaker will be Marcie Hale, CPA of McElhany, Shotola, Merwin & Hale, CPAs. Whether you are a member with specialized landlord accounting software or a landlord who has historically scrambled to fill out tax paperwork from receipts ‘filed’ in a pile on your desk, you’ll gain valuable tips and insight from Marcie’s presentation, “Tax Preparation and Planning for Landlords.” We’ll see you on January 24th! Jim Straub, President
VALL
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The LandlordTimes - Valley • January 2013
N
ow that the holidays are behind us, anyone who was not able to move before they rang in the New Year will be resuming their search for a new home. Follow up is the key to closing the sale when no decision is made on the first visit. However, many leasing people still hesitate to keep in contact with their prospective renters or make call backs on the appointments that are no shows. This question may shed some light as to why this occurs:
Q: I know I should probably follow up more on my guest cards and also call people who make appointments and don’t show up, but calling people back makes me feel like I’m “bugging them.” If they’re really interested, won’t they just come back or call me? It does seem “logical” that a person interested in your community will just naturally get back in touch with you. However, there are a multitude of options out there right now. Besides, renting an apartment is a lot of hard work, and it’s also a MAJOR buying decision. People who are looking for a new home NEED YOUR HELP! They
will continue to need assistance until they reach a decision about where they want to live. If you think back to the last time you made a major purchase, it’s likely that the salesperson helped you with your buying decision. It was probably their knowledge of the product, combined with pointing out how it would meet your needs, which were some of the determining factors in your decision. This would require the salesperson to have excellent product knowledge, establish ALL your needs (i.e. size, style, color preference(s), budget constraints, etc.) and then close the sale. However, if you weren’t quite ready to decide and then looked at and considered other options, you may have forgotten about some of the benefits of the product you looked at initially. This is where the follow up work comes in. The salespeople who keep in touch with their prospects can continue to sell the benefits of their product long after the prospect has left the sales floor. This will deepen the relationship that was established so there is a sense of commitment on both sides. Now imagine your most recent prospective renters and the circum-
stances causing them to relocate. Put yourself in their place and think about all the decisions they have to make as a result of their move. If you have an apartment at your community that will work for them and you are sincerely interested in meeting their needs, why wouldn’t you follow up with them? Of course if all you care about is just renting an apartment and not the person who will be living in it, then you’re right: You would “just be bugging them.” People can recognize a phony a mile away. On the other hand, people are also pretty good at detecting when someone sincerely cares about them and has their best interests at heart. The follow up work you do will come off as a true expression of your desire to meet the needs of your prospective renters, if you genuinely care about them.
If you have a question or concern that you would like to see addressed next month, please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations
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ALL SalsburyV Indu
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Apartment ...continued from front page remained similar to 2011 at $1,038 per full-time employee. Property terrorism insurance takeup rates increased to 91 percent in 2012, compared to 85 percent in 2011. A slight decrease in property terrorism insurance rates was also reported.
One third of Americans rent their housing, and more than 14 percent live in a rental apartment. For more information, contact NMHC at 202-974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.
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About the Survey The ACORS contains information about property, general liability, umbrella, workers compensation, D & O, professional liability, employment practices, environmental, and newly added insurance lines including terrorism and cyber liability. Fifty-five firms representing over one million apartment units supplied data on rates, deductibles, retentions, key coverage terms, claims history and more for the key lines of coverage. Firms that completed the survey can receive exclusive access to the full data set, along with the report analysis by Conning Research and Consulting on behalf of NMHC. Non-participating NMHC members can download an executive summary and a PowerPoint summarizing the results at www.nmhc.org/ goto/61017. Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. The LandlordTimes - Valley • January 2013
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A Property Management Regroup How To Do It And Why It Works! ©
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By Ernest F. Oriente, The Coach Regroup…is this a new management trend? Not a chance! Regroup is simply an opportunity to end one month’s business cycle, recap the performance at each property you manage and outline a plan of success for the new upcoming month. Why does it work? Because it allows each person on your team to assess their performance from the previous month, and to make any necessary adjustments for the new month. Here’s how it works. Scheduling and preparing regroup: Regroup should be scheduled during the slowest time of each month and should start before your leasing office opens in the morning, if possible. A solid and productive regroup takes about two hours and will require about one hour of preparation by your resident manager. Be certain to have a blank chalkboard or a standing easel for taking notes and keep distractions to a minimum. Regroup is also a time to build on the creative juices from each person on your team, so make regroup a special part of each month and allow for everyone to have equal time to share their feedback. Simply stated, there are no wrong questions or topics discussed at regroup and your team will respect and respond positively to this freedom.
6
Tip From The Coach: As the supervisor for your properties, it is critical for you to attend regroup and actively participate in them. Your preparation for each regroup should begin by reviewing the agenda from the previous month with your resident manager, to assess if the to-do list from last regroup was accomplished. Then, review together the new regroup agenda making certain your resident manager’s gameplan is consistent with your company goals and expectations. Running the meeting: Each month’s agenda for regroup should begin by reviewing the financial information important to your company and its investors. This might include “actual” revenue and income versus budget, resident retention percentages, collection issues or expense performance versus the budget. Then, have your resident manager address any problems experienced during the past 30 days or any upcoming issues that will affect the property. Next, map a calendar of activities that will enhance the performance for this property. This might include a monthly event to thrill your residents, a new marketing plan, or a special focus on your resident referral program. This part of regroup is where the creativity of your team really starts to roll and if you listen closely, you will
hear many “golden” ideas. Lastly, have your resident manager recap the team goals for the new month and be certain the meeting always closes on a positive note! Tip From The Coach: As the supervisor for this property, take detailed notes during regroup, then send a brief memo to your resident manager recapping the day. Include in this memo a to-do list for the upcoming month, so your resident manager will clearly know what is expected. Clear communication is the cornerstone of management success. Meeting individually with your team: At the close of each regroup, plan to spend another thirty minutes more with your resident manager to recap the day, cheer their success, and discuss the specific performance of each individual at the property. During this meeting ask your resident manager if he/she needs any additional support or training to develop their skills or the skills of their team. This is the most important part of regroup as time spent developing your team for future opportunity, will make for pro-active management which means you always have a sharp person ready to be promoted to the next position. Tip from the Coach: In the same spirit of the individual meeting you have with your resident manager, ask him/her to have a similar meeting with each member of their leasing team. This will help to grow their skills as a leader and you will want to attend the first few meetings to be certain the agenda for the individual meetings are exactly as you expect. In fact, as a manager, always “inspect what you expect”. A good rule of thumb! Wow! Such an important topic and so much to share! Incorporate regroup into your next 30 day business cycle and see for yourself how successful the time is spent! Need help planning your agenda? E-mail a quick note to ernest@ powerhour.com and the Coach will send you a sample agenda in ten minutes. It’s easy! The Coach says so! Want to hear more about this important topic or ask some additional questions? Send an E-mail to ernest@powerhour.com
and The Coach will E-mail back to you a free invitation to be a participant on a PowerHour conference call. Author’s note: Ernest F. Oriente, a business coach since 1995 [29,760 hours], a property management industry professional since 1988--the author of SmartMatch Alliances--and the founder of PowerHour... [ www.powerhour.com and www.powerhourseo.com and www.pirmg.com ], has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and their leaders. He provides private and group coaching for property management companies around North America, executive recruiting, investment banking, national utility bill auditing [ www.powerhour.com/ propertymanagement/utilitybillaudit.html ] national real estate and apartment building insurance [ www.powerhour.com/propertymanagement/insurance.html ], SEO/SEM web strategies, national WiFi solutions [ www.powerhour.com/propertymanagement/nationalwifi.html ], powerful tools for hiring property management SuperStars and building dynamic teams, employee policy manuals [ http://www.powerhour.com/ propertymanagement/employeepolicymanuals.html ] and social media strategic solutions [ http://www.powerhour.com/propertymanagement/socialmedialeadership.html ]. Ernest worked for Motorola, Primedia and is certified in the Xerox sales methodologies. Recent interviews and articles have appeared more than 7000 times in business and trade publications and in a wide variety of leading magazines and newspapers, including Smart Money, Inc., Business 2.0, The New York Times, Fast Company, The LA Times, Fortune, Business Week, Self Employed America and The Financial Times. Since 1995, Ernest has written 200+ articles for the property management industry and created 350+ property management forms, business and marketing checklists, sales letters and presentation tools. To subscribe to his free property management newsletter go to: www.powerhour.com. PowerHour® is based in Olympic-town… Park City, Utah, at 435-615-8486, by Email ernest@powerhour.com or visit their website: www.powerhour.com
VALL
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The LandlordTimes - Valley • January 2013
Multifamily
...continued from front page
sewer and garbage. In properties where landlords have been successful in billing utilities to tenants, the overall cost for these utilities has decreased. Tenants are more mindful of usage and report plumbing problems and leaks more frequently. Metro Multifamily Housing Association Fall Survey for 2012 provided the following information for Salem and vicinity: • 64 properties surveyed for a total of 3912 units. • Non-smoking apartments: 47.3% • The average number of days vacant for 2012: spring 28 days and fall 23 days. • The average rent per square foot: .78 • Tenant paid utilities: water, 14.6%, heat 92.7% and garbage 12.9%. • Landlord incentives: 8.8% Spring 2012, 4.9% Fall 2012. Tenant demand for apartments has continued to be strong. This has prompted developers to begin construction of new apartment properties in the Salem-Keizer markets. The following projects listed are just a sample of the new projects being built: Orchard Ridge 180 units, 100 units breaking ground on Wallace Rd, 30 units, townhouse style, in South Salem, 54 units on NE 45th, and proposed 100 plus units downtown Salem. Absorption of new units is expected to be strong.
Costar Multifamily Sales Comps for 2012: Salem-Keizer 27 recorded transactions. Eleven (11) of these transactions were refinances with owners taking advantage of lower interest rates and in some cases restructuring the ownership entities. Several of these transactions involved buying out existing partners. Sixteen (16) of these transactions were sales of multifamily properties ranging from brand new units to seasoned units. The following are a few examples of transactions for 2012: The Sandalwood Apartments, 82 units, $44,817.00 per unit, built in two phases 1980 and 1990, sold for $3,675,000.00. Alpine Village Apartments, 53 units, $40,566.00 per unit, built in 1968 sold for $2,150,000.00. The Arboretum, 23 units, built 2009, $91,304.00 per unit, sold for $2,100,000.00. Ten units on Flying Squirrel Way NW sold for $65,000.00 per unit, year built 2000, sold for $650,000.00, originally built as condominiums, and this property was a bank owned deal. Cap rates for 2012 recorded sales range from 6.67% to 9.0%. Favorable interest rates and financing packages are fueling investor demand for quality multifamily properties. As investors and institutions chase and acquire Class A assets in the major metropolitan areas, the availability of these types of assets is
decreasing. Competition for quality assets is high. Investors are beginning to look at secondary and tertiary markets to buy quality assets for their portfolios. This is a trend that is occurring nationwide. For the owners of large properties of 100 plus units, who have been considering a sale, this is an optimum time to offer your property for sale. For copies of articles or report and surveys please don’t hesitate to call or email Anita Risberg, CCIM, HFO Investment Real Estate. 971-717-6336 or anita@hfore.com Anita Risberg, CCIM Senior Broker, HFO Investment Real Estate, Apartment Specialist I have selected data from Powell Valuation 2012 Spring Apartment Survey, Metro Multifamily Housing Associations 2012 Fall Survey, CoStar for sales data and Commercial Investment Real Estate Magazine of the CCIM Institute for national trend information. I would be happy to share any or all of these sources with you if you will email me at anita@hfore.com or call my direct number in our Portland office, 971-7176336. It would be my pleasure to answer any questions you might have.
Advertise In The Landlord Times - Valley Circulated to over 5,000 Apartment owners, On-site, and Maintenance personnel monthly. Call 503 221-1260
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information.
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The LandlordTimes - Valley • January 2013
U TAH UTAH
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UTAH APARTMENT ASSOCIATION
Vol. 5 Issue 1
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MONTHLY CIRCULATION TO MORE THAN 6,000 UTAH APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL
Steve Randall Installed as 2013 UAA President Steve Randall, owner of Welch Randall Real Estate, has been installed as the 2013 UAA President. A seasoned businessman, Steve has bought and sold many businesses over the years. One of his most successful was the Muzak franchise, where Steve was instrumental in working with Congress to pass legislation concerning business and limited fees. Steve sold that business in the late 90’s. After returning from serving as a Mission President in Japan, Steve bought a real estate company that managed rental properties for independent owners. He found he loved the real estate and property management business. “I wish I had invested in this business first because it’s my favorite,” says Steve.
Steve is a people person who has volunteered extensively in his life, both for his church and in the community. In addition to two missions to Japan, Steve has served as President of a regional church organization twice. He has been on many boards, including serving as President of the Multiple Listing Service board and 16 years on the UTA (Utah Transit Authority) Board of Directors, serving twice as President of UTA where he was involved in getting federal funding to build Trax and Frontrunner. “I love serving on boards and giving back. For so long I learned so much and benefited so much from the UAA and I am honored to be able to give back by serving as President,” Steve says.
Dealing with Abandoned Premises Adapted from “Guidelines for Owners and Managers of Rental Properties in Utah” by James M. Deans “Premises Abandonment” is assumed when the rent is 15 days past due, the renter has not notified you that he or she will be gone, and there is no evidence they are there except that their possessions are still there. It is best to check with neighbors to see if anyone has seen the te¬nant before declaring the premises abandoned. Also, if the renter has given you a place of employment or any other places to contact him, landlords should follow up there. Your goal is to find out where your tenant is before declaring the place abandoned. If you have tried everything and have no hope of contacting the renter you can post an Abandonment Notice—stating that in 24 hours the apartment will be considered abanProfessional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
doned. You may also want to send copies of this notice to the last known address and any emergency contacts on the lease or application. If there is no response after the 24 hours, the owner may move and store the renter’s possessions, re-key the apartment, and attempt to re-rent the unit. When moving the renter’s possessions, be sure to document everything in the apartment. Renters may be charged the moving and storage costs. Items must be held for 30 days from the time Abandonment is Continued on page 3 Page 5
2013 TOP PRIORITIES
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Steve’s company currently manages almost 1,500 homes and apartments for rent. They also do real estate sales and help investors buy and sell properties, as well as manage HOA’s. His son Brad, who is involved in the business and is Steve’s broker and office manager, helps cover the business so Steve can spend an average of 8-10 hours a week attending meetings, visiting industry members, and helping fulfill the UAA’s mission and serve the rental housing industry.
UTAH
Increasing Community Reviews Online Should Be On The Top of Your Marketing "To Do List" for 2013
Here are few tips on how to increase the number of reviews you receive on Yelp and Google Places. These are very easy to use tips that can greatly improve the number of reviews. Why is this goal of increasing your online reviews so important? According to research by the Opinion Research Corporation (ORC), 84% of Americans say that their buying decisions are highly influenced by online reviews. Give this a minute of thought and you'll realize that you also read reviews make decisions based on what you have read. Also, the number of reviews the community has on Google Places, the rating, and frequency of those reviews is correlated with the visibility of your listing according to research and local search ranking factors. http:// www.davidmihm.com/local-searchranking-factors.shtml
Increase review today by adding calls to action: The testimonials page on your website is not only a great place to add great reviews about your apartment community and company, but is also a great page to add a call to action for residents to leave reviews. We made it easy by adding links to read and write reviews for Google, ApartmentRatings.com and Yelp. Make certain you and your teams are actively asking for reviews: Have call outs in your email signatures, on the leasing desks, and on all social media channels asking residents to leave reviews on the channels that are important to you. Link back to the resident reviews page on the website via social media posts so future residents can read great reviews and click to read or write reviews on the channel of their choice right from your website. We've seen great results for clients of whom we've added a reviews page linking to their resident's reContinued on page 3
UTAH
2
The Landlord Times - Utah • January 2013
UTAH ...continued from front page possessions back to the renter. The renter must make reasonable efforts to reclaim the possessions within 30 days from date of abandonment. The other time abandonment occurs is when the rent is past due and the renter has moved out all his possessions. In this situation there has been a surrender of the premises back to the owner and he may re¬key and re-rent the property. Since the renter has moved out all of his property there will seldom be any clash over this changing of the locks. Again, abandonment should be used only when all attempts to go through the normal channels have been exhausted. Especially in this area, it is good to counsel with your attorney, laying out to him all the facts before proceeding to change the locks without a court order.
Definition of Premises Abandonment 78-36-12.3. Definitions. (3) "Abandonment" is presumed in either of the following situations: (a) The tenant has not notified the owner that he or she will be absent from the premises, and the tenant fails to pay rent within 15 days after the due date, and there is no reasonable evidence other than the presence of the tenant's personal property that the tenant is occupying the premises; or
(b) The tenant has not notified the owner that he or she will be absent from the premises, and the tenant fails to pay rent when due and the tenant's personal property has been removed from the dwelling unit and there is no reasonable evidence that the tenant is occupying the premises.
UTAH
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Increasing ...continued from front page views profiles on Google Places, and Yelp. It's critical to make certain that the entire community team is encouraging residents to leave reviews on these channels by providing them with the direct URL to the reviews
This law should not be used to circumvent the normal legal pro¬cesses when the renter is around but making himself scarce. Always serve at least a 3-Day Notice to Pay Rent or Vacate by posting and mailing a copy to such a renter.
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declared before they can be discarded or sold. Items like personal papers and journals that have sentimental value and are not too bulky to store should be kept a longer period as usually these items were in¬advertently left by the renter and although the owner will be legally correct in disposing of these items, it will only cause ill will if the renter does return for those items. The owner is entitled to his rent until he re-rents the premises or un¬til the end of the rental term, whichever comes first after the abandon¬ment. However, the owner cannot hold the renter’s possessions as ran¬som for rent unless he has a court order permitting him to do so. The owner can however demand that renter pay him his moving and storage costs before releasing the
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UTAH
Legislative Session Begins By Paul L. Smith, Executive Director
The fourth Monday in January every year marks the beginning of the 45-day session of our Utah State Legislature. 75 Representatives and 29 Senators will consider issues and make decisions that affect your daily business lives. This year there are several large issues in front of legislature that affect
you. The way owners tow vehicles off rental properties, who should and shouldn’t be licensed to perform property management, how long owners are required to store abandoned property -these are just some of the many issues that will be considered. One of the primary reasons to have Utah Apartment Association is to represent your interests on Capitol Hill and make the arguments for fair
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ments 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. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2012. All rights reserved.
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888-244-0401) and we will get you all the information you need. Third, if you or someone you know is not a member of the UAA, encourage them to support our cause and become a part of those who support and advocate for the rental housing industry. Together we can continue to be one of the most effective advocates for our industry, protect our livelihood, and continue to play an invaluable role in providing housing for American families.
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UTAH APARTMENT ASSOCIATION President • Carol Nelson
Past President • Randy Rounds
President Elect • Steve Randall
Secretary • Amy Sexton
Treasurer • Matt Degraw
2013 Top Priorities At an NAA (National Apartment Association) meeting I attended several months ago, the speaker mentioned that the reason for political advocacy was so each of our elected officials would understand how the laws they introduce and impose on us impact our businesses. It is crucial for us to be at the table so we can influence how governmental policies impact our businesses and industry. In that meetings, they speaker also said that if we are not at the table, than we are on the menu. The Utah Apartment Association has done a great job for its members in continu-
ally being “at the table” in order to ensure that the multifamily housing industry is not “on the menu” during Utah’s legislative session. The advocacy provided by the UAA for all landlords and property managers in Utah is a great boon to our industry. We need to continue to be vigilant in this area. The UAA provides many valuable services to its members, but over my term as President of the Board I hope to expand the services for our membership—including providing training for our membership and their employees, expanding good landlord
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UTAH PRODUCTS & SERVICES GUIDE The following companies support the rental housing industry by funding education, government affairs and supporting activities. We encourage you to give them an opportunity to earn your business first. Listing in this guide does not constitute endorsement by the UAA. You are encouraged to check references and get bids in writing. 1031 EXCHANGE Cost Segregation Authority . . . . . . . . . . . . . . . . . . . . . . . . . . 801 764-9100 Zions Bank/Exchange Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-569-1031
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ADVANCE LOANS Check City . . . . . . . . . . . . . . . . . . . . . . . . . . 801-858-0331
ADVERTISING Apartments.com . . . . . . . . . . . . . . . . . . . . . . . . . .888-658-RENT Apartment Guide of Greater Salt Lake . . . . . . . . . . . . . . . . . . . . . . . . . . 801-262-8858 Apartments For Rent Magazine . . . . . . . . . . . . . . . . . . . . . . . . . . 801-352-4957 Apartment Radar . . . . . . . . . . . . . . . . . . . . . . . . . . 801-901-0237 Call Source . . . . . . . . . . . . . . . . . . . . . . . . . . 800-500-4433 Media One of Utah, A Newspaper Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 801-204-6274 Move.com . . . . . . . . . . . . . . . . . . . . . . . . . . 303-688-4542 Online Image Placement . . . . . . . . . . . . . . . . . . . . . . . . . . 801-858-3543 Rent.Com, an Ebay Company . . . . . . . . . . . . . . . . . . . . . . . . . . 310-586-9521 U of U Off Campus Housing Svc . . . . . . . . . . . . . . . . . . . . . . . . . . 434-817-0721 WebListers . . . . . . . . . . . . . . . . . . . . . . . . . . 800-784-2155
AFTER HOURS EMERGENCY 24 HR Flood Response Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 877-735-6637 Alpine Cleaning & Restoration Specialists, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 435-563-3707
ALL NATURAL FERTILIZER Oasis Industries . . . . . . . . . . . . . . . . . . . . . . . . . . 801-231-4997
APARTMENT RENTAL GUIDES Simply Apartments . . . . . . . . . . . . . . . . . . . . . . . . . . 801-201-9004
APPLIANCE/ELECTRONICS RC Willey . . . . . . . . . . . . . . . . . . . . . . . . . . 801-622-7400
APPLIANCES Appliance Parts Company . . . . . . . . . . . . . . . . . . . 480-755-0007 EXT 241 Appliance Warehouse of America, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 480-388-4004 Precision Appliances . . . . . . . . . . . . . . . . . . . . . . . . . . 801-972-7033 Reliable Parts . . . . . . . . . . . . . . . . . . . . 801-486-2357 x 2108
ASPHALT MAINTENANCE Precision Asphalt . . . . . . . . . . . . . . . . . . . . . . . . . . 801-991-0158
ASPHALT SERVICES Bonneville Asphalt . . . . . . . . . . . . . . . . . . . . . . . . . . 801-225-3544 Kilgore Paving And Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-382-6575 Preferred Paving . . . . . . . . . . . . . . . . . . . . . . . . . . 801-908-6622 T & N Asphalt Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-266-1626
ATTORNEY Arnold & Wadsworth . . . . . . . . . . . . . . . . . . . . . . . . . . . 8014750123 David W Steffensen . . . . . . . . . . . . . . . . . . . . . . . . . . 801-263-1122 Froerer, Hunter & Ahlstrom, PPLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-389-1533 Jeffs & Jeffs PC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-373-8848 Jeremy M Shorts Esq . . . . . . . . . . . . . . . . . . . . . . . . . . 801-610-9879 Law Offices of Kirk A Cullimore . . . . . . . . . . . . . . . . . . . . . . . . . . 801-571-6611 LeBaron & Jensen, P.C. /Fast-Track Evicti . . . . . . . . . . . . . . . . . . . . . . . . . . 801-773-9488 Merrill, Walter . . . . . . . . . . . . . . . . . . . . . . . . . . 801-682-8037 Rinehart Fetzer Simonsen & Booth, PC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-328-0266 Richards, Kimble, & Winn, PC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-274-6800 Scalley & Reading . . . . . . . . . . . . . . . . . . . . . . . . . . 801-531-7870 Smith Knowles, P.C., Kenyon D. Dove . . . . . . . . . . . . . . . . . . . . . . . . . . 801-476-0303 Utah Eviction Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-531-6600
AUTOMATED GATES Community Controls . . . . . . . . . . . . . . . . . . . . . . . . 972-4331 x2010
BANK SERVICES Key Bank Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . 801-297-5825 Washington Federal . . . . . . . . . . . . . . . . . . . . . . . . . . 801-366-2265
BANKING Wells Fargo Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 801-246-1237
BACKGROUND CHECKS CoreLogic SafeRent . . . . . . . . . . . . . . . . . . . . . . . . . . 702-839-1736 Global Background Checks . . . . . . . . . . . . . . . . . . . . . . . . . . 801-823-3307 LexisNexis . . . . . . . . . . . . . . . . . . . . . . . . . . 678-694-2798 On-Site.com . . . . . . . . . . . . . . . . . . . . . . . . . . 619-540-7828 RentGrow . . . . . . . . . . . . . . . . . . . . . . . . . . 800-736-8476 Renting Authority . . . . . . . . . . . . . . . . . . . . . . . . . . 888-674-9181 Right Renter LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-754-9900 Utah Apartment Association . . . . . . . . . . . . . . . . . . . . . . . . . . 801-487-5619 Western Reporting, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-308-0005
BATHROOM RENOVATION Bath Fitter . . . . . . . . . . . . . . . . . . . . . . . . . . 801-748-4200
BATHTUB & TILE REFINISHING
Miracle Method . . . . . . . . . . . . . . . . . . . . . . . . . . 801-295-1101 Surface Tech . . . . . . . . . . . . . . . . . . . . . . . . . . 801-676-5275
BLINDS Dun-Rite Blinds . . . . . . . . . . . . . . . . . . . . . . . . . . 801-265-2536
CABINETS Chris & Dick's Cabinets and Countertops . . . . . . . . . . . . . . . . . . . . . . . . . . 801-972-8815 Parr Cabinet Outlet . . . . . . . . . . . . . . . . . . . . . . . . . . 801-887-7277
CABLE TELEVISION Groove Satellite and Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . 801-839-3497 Orbit Communications . . . . . . . . . . . . . . . . . . . . . . . . . . 801-466-9040
CARPET AND FLOORING Contractors Warehouse LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-390-1751 Fibers, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-281-2300 Flooring Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 801-604-6123 Griffith Industries . . . . . . . . . . . . . . . . . . . . . . . . . . 877-395-0887 Popp Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . 801-747-0077 Redi-Carpet . . . . . . . . . . . . . . . . . . . . . . . . . . 801-685-7922 Shaw Industries Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 303-667-2504 Sherwin Williams . . . . . . . . . . . . . . . . . . . . . . . . . . 801-949-9981
CARPET CLEANING Cliffs Personal Touch . . . . . . . . . . . . . . . . . . . . . . . . . . 801-673-1777 Dirt Away . . . . . . . . . . . . . . . . . . . . . . . . . . 801-726-0308 Double Take Carpet Cleaning . . . . . . . . . . . . . . . . . . . . . . . . . . 801-377-1107 Venturi Clean . . . . . . . . . . . . . . . . . . . . . . . . . . 801-255-8100
CLEANING Super Duper Cleaning . . . . . . . . . . . . . . . . . . . . . . . . . . 801-347-3082
CLEANING COMPANY All Green Cleaning Company . . . . . . . . . . . . . . . . . . . . . . . . . . 801-949-4846
COLLECTION SERVICES National Credit Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 800-515-6858 NCS, Plus . . . . . . . . . . . . . . . . . . . . . . . . . . 801-598-1466 North American Recovery . . . . . . . . . . . . . . . . . . . . . . . . . . 801-741-8982 Outsource Recovery . . . . . . . . . . . . . . . . . . . . . . . . . . 801-355-4766
COLLECTIONS Rent Recovery Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 800-335-0119
COMMUNICATIONS A 3 Broadband . . . . . . . . . . . . . . . . . . . . . . . . . . 801-699-4199 Qwest Communications . . . . . . . . . . . . . . . . . . . . . . . . . . 801-575-1098
CONSTABLES Wasatch Constables . . . . . . . . . . . . . . . . . . . . . . . . . . 801-392-9400
CONSTRUCTION Capital Improvement Management Group . . . . . . . . . . . . . . . . . . . . . . . . . . 303-223-6100
CORPORATE & VACATION RENTALS Utah Living . . . . . . . . . . . . . . . . . . . . . . . . . . 801-347-0333
CUSTOMER SERVICE TRAINING CONTACTPOINT . . . . . . . . . . . . . . . . . . . . . . . . . . 435-674-6643
DEFAULT INSURANCE Leaseterm Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 378-206-2910
DRAIN CLEANING Precision Concrete Cutting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-224-0025 Professional Drain Service LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-963-0910
DRYER VENT CLEANING Beehive Duct (DBA) A-Alpha . . . . . . . . . . . . . . . . . . . . . . . . . . . 801-947-080
ELECTRICAL All Pro Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-874-7098 Charger Electric . . . . . . . . . . . . . . . . . . . . . . . . . . 801-280-2420 Electrowire & Com Maintenance LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-787-6027 Gipco Electric . . . . . . . . . . . . . . . . . . . . . . . . . . 801-231-3320
ENERGY CONSERVATION/SAVINGS Questar ThermWise . . . . . . . . . . . . . . . . . . . . . . . . . . 801-719-0753 Rocky Mountain Power Cool Keeper . . . . . . . . . . . . . . . . . . . . . . . . . . 801-298-2459
FENCING SimTek Fence . . . . . . . . . . . . . . . . . . . . . . . . . . 866-648-9336
FINANCIAL ADVISOR Clear Day Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-725-9044
FINANCING Marcus & Millichap . . . . . . . . . . . . . . . . . . . . . . . . . . 801-736-2600 Utah Community Reinvestment Corp (UCRC) . . . . . . . . . . . . . . . . . . . . . . . . . . 801-833-0011
FIRE & FLOOD RESTORATION Rainbow International Restoration & Cleaning . . . . . . . . . . . . . . . . . . . . . . . . . . 801-712-3646
FIRE EXTINGUISHER Sure Fire Suppression . . . . . . . . . . . . . . . . . . . . . . . . . . 801-252-6188
FIRE PROTECTION Statefire DC Specialties . . . . . . . . . . . . . . . . . . . . . . . . . . 801-288-2100
FITNESS EQUIPTMENT Fitco, Fitness Center Outfitters . . . . . . . . . . . . . . . . . . . . . . . . . . 801-933-4826 FitLogistix . . . . . . . . . . . . . . . . . . . . . . . . . . 801-347-7727
FLAGS, POLES, & BANNERS Colonial Flag . . . . . . . . . . . . . . . . . . . . . . . . . . 801-562-0123 Designs In Motion . . . . . . . . . . . . . . . . . . . . . . . . . . 801-280-2281 Flagworks International . . . . . . . . . . . . . . . . . . . . . . . . . . 801-288-2088
FOUNDATION REPAIR Davenport Foundation Repair . . . . . . . . . . . . . . . . . . . . . . . . . . 801-569-2302
FURNITURE RENTAL & SALES CORT Furniture Rental . . . . . . . . . . . . . . . . . . . . . . . . . . 801-984-2678
GENERAL CONSTRUCTION Davenport Foundation Repair . . . . . . . . . . . . . . . . . . . . . . . . . . 801-569-2302 IPS, LLC 'Your Handyman' . . . . . . . . . . . . . . . . . . . . . . . . . . 801-302-2555
GOLF CARS Intermountain Golf Cars . . . . . . . . . . . . . . . . . . . . . . . . . . 801-255-8828
GRAFFITI PROTECTION Superior Coatings . . . . . . . . . . . . . . . . . . . . . . . . . . 801-652-4378
HANDYMAN Casal's Handyman Service . . . . . . . . . . . . . . . . . . . . . . . . . . 801-707-6847 Quality Industrial Utah Remodeling, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-829-7210
HEATING & AIR Air Cold Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 801-956-3580 Air Design Heating & Air . . . . . . . . . . . . . . . . . . . . . . . . . . 801-264-8292 Alta Air Conditioning & Heating . . . . . . . . . . . . . . . . . . . . . . . . . . 801-397-2583 Johnstone Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 801-486-4401 Precision Heating & Cooling Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-281-8150 Robert Love Heating & Air Conditioning . . . . . . . . . . . . . . . . . . . . . . . . . . 801-771-5579
HVAC SERVICES Humphrey Heating & Air . . . . . . . . . . . . . . . . . . . . . . . . . . 801-294-2757
HVAC SUPPLIES Contractors HVAC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-487-8565
INSPECTIONS Albion Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-548-6347
INSULATION PeachTree Insulation . . . . . . . . . . . . . . . . . . . . . . . . . . 801-390-0873
INSURANCE American Family Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-966-4571 Anderson-Lym Insurance Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 801-262-1551 Cottonwood Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-943-5700 Craig Thomas Insurance Agency, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-576-1188 Day Clark Insurance Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 801-484-8704 Kandace Meyer . . . . . . . . . . . . . . . . . . . . . . . . . . 801-966-4571 Linda F Burns Insurance Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 801-518-3395 Poulton Insurance, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-484-4477 Sentry West Insurance Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-272-8468
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Wells Fargo Insurance Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-246-4416
INTERNET MyNewPlace.com . . . . . . . . . . . . . . . . . . . . . . . . . . 415-348-2066 Sky Satellite . . . . . . . . . . . . . . . . . . . . . . . . . . 801-978-0022
INTERNET MARKEING First Call under Internet Markeing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-393-1635
LANDSCAPE MAINTENANCE Ace Property Maintenance L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-446-4333 Aeroscape . . . . . . . . . . . . . . . . . . . . . . . . . . 801-569-2383 Affordable Care and Landscape, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-637-1557 Cascade Landscape . . . . . . . . . . . . . . . . . . . . . . . . . . 801-228-0647 Kimball Property Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-571-3351 Landscape Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 801-261-1733 Pro-Turf Landscape Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-692-3186 Suncrest Commercial Landscaping . . . . . . . . . . . . . . . . . . . . . . . . . . 801-633-2727 Total Landscape Management LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-512-1663 ValleyCrest Landscape Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-561-7541
LANDSCAPING SERVICES Affordable Lawn Care & Landscape, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-999-4347
LAUNDRY EQUIPMENT Appliance Warehouse of America, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 480-388-4004 Azuma Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . 800-707-1188 Evans, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-972-6580 Hainsworth Laundry Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-636-1622 Mac Gray . . . . . . . . . . . . . . . . . . . . . . . . . . 801-685-9176 Mendenhall Equipment . . . . . . . . . . . . . . . . . . . . 801-298-1133 xt 111
LEAD BASED PAINT REMEDIATION Salt Lake County Lead Safe Housing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-468-2077
MAINTENANCE SUPPLIES Ferguson Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . 801-956-3500 HD Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 801-824-2941
MANAGEMENT COMPANY Horizon Property Management, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-939-6033
MOVERS Kellogg Movers . . . . . . . . . . . . . . . . . . . . . . . . . . 801-300-1611
NEWSLETTERS Resident News . . . . . . . . . . . . . . . . . . . . . . . . . . 954-753-2793
ODOR REMOVAL BioSweep of Utah . . . . . . . . . . . . . . . . . . . . . . . . . . 801-550-9764
ON-SITE SECURITY Frontline Protective Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-250-9246
PAINT Kwal Paint, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-259-3074 Pittsburgh Paint . . . . . . . . . . . . . . . . . . . . . . . . . . 801-633-8465 Sherwin Williams . . . . . . . . . . . . . . . . . . . . . . . . . . 801-809-2569
PAINTING Alpine Painting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-721-5007 CertaPro Painters . . . . . . . . . . . . . . . . . . . . . . . . . . 801-747-1027 Delta Painting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-541-5535 Empire Painting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-680-4495 Executive Coatings & Contracting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 303-300-6786 Keeping It Green Maintenance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-347-8817 Unforgettable Coatings of Utah, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-753-8737
PAPERLESS OFFICE SOFTWARE Red Gear Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . 801-529-9000
PARKING Parking Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 801-671-1803
PARKING ENFORCEMENT Downtown Parking Enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . 801-473-8848
PEST CONTROL Advanced Pest Control Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-292-1950 Eradicare Pest Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 801-393-7378 JS Property Services . . . . . . . . . . . . . . . . . . . . . . . . . . 801-652-0171 Orkin . . . . . . . . . . . . . . . . . . . . . . . . . . 801-628-2735 Terminix . . . . . . . . . . . . . . . . . . . . . . . . . . 801-973-9511
PET WASTE Doggie Deposit . . . . . . . . . . . . . . . . . . . . . . . . . . 866-398-3992 Zero Waste USA . . . . . . . . . . . . . . . . . . . . . . . . . . 800-813-4869
PLAYGROUNDS Big T Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . 801-572-0782
PLUMBING Budget Plumbing & Rooter, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-763-5775 Moen Faucet . . . . . . . . . . . . . . . . . . . . . . . . . . 720-346-5138 Mountain Contractors Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 801-224-6050 Nelson Plumbing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-603-6382 Plumbing Experts . . . . . . . . . . . . . . . . . . . . . . . . . . 801-831-0045 Randall Fern Plumbing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-550-2525 Rescue Rooter, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-973-2097 Rick England Plumbing Supplies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-746-6122 Robert W Speirs Plumbing, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-546-0522 Roto-Rooter . . . . . . . . . . . . . . . . . . . . . . . . . . 801-330-5278
The Landlord Times - Utah • January 2013
Rush Plumbing . . . . . . . . . . . . . . . . . . . . . . . . . . 480-233-8342 Shamrock Plumbing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-295-1690
POOL & SPA EQUIPMENT & SERVICE Aquatech . . . . . . . . . . . . . . . . . . . . . . . . . . 801-569-0120 Precision Pools & Spas . . . . . . . . . . . . . . . . . . . . . . . . . . 801-685-2212 Swim Clean . . . . . . . . . . . . . . . . . . . . . . . . . . 801-265-1707
PRINTING Delta Painting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-541-5535 Nine Lives Media . . . . . . . . . . . . . . . . . . . . . . . . . . 801-487-9999
PROMOTIONAL PRODUCTS TLC Impressions, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-523-9474
PROPERTY MAINTENANCE ABC Property Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801.572.0827 Innovative Property Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . 801-260-1300 Mountain City Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . 801-394-2299 Mountain West Property Solution Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-968-4489 NeighborWorks Provo . . . . . . . . . . . . . . . . . . . . . . . . . . 801-375-5820 Peak Property Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 877-775-7325 Z3Properties . . . . . . . . . . . . . . . . . . . . . . . . . . 801-860-4400
PROPERTY MANAGEMENT Action Property Management & Sales . . . . . . . . . . . . . . . . . . . . . . . . . . 801-763-1801 Advanced Solutions Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-725-8226 Allison-Shelton Real Estate Services, AMO . . . . . . . . . . . . . . . . . . . . . . . . . . 602-474-3572 Alliance Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-391-3913 Bristlecone Management Group . . . . . . . . . . . . . . . . . . . . . . . . . . 801-349-2585 Century 21Gage Froerer & Associates . . . . . . . . . . . . . . . . . . . . . . . . . . 801-621-0521 Century 21 McAffee . . . . . . . . . . . . . . . . . . . . . . . . . . 801-943-9386 Coalition Management . . . . . . . . . . . . . . . . . . . . . . . . . . 435-649-4994 Colemere Realty Associates . . . . . . . . . . . . . . . . . . . . . . . . . . 801-272-8192 DBA Re/Max West Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 435-787-1111 Desert Sage Properties . . . . . . . . . . . . . . . . . . . . . . . . . . 801-272-0949 Fortress Property Management, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 877-788-7691 Guardian Property Management LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-968-6878 JEM Property Management & Sales LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 435-586-4415 Jensen Property Management & Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . 435-628-1678 Ledingham Properties . . . . . . . . . . . . . . . . . . . . . . . . . . 801-293-1830 Lone Peak Realty & Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-268-1087 Manor Service Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-322-3373 Miller & Company Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-566-7922 Professional Realty Services , L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-450-8432 Property Management Group . . . . . . . . . . . . . . . . . . . . . . . . . . 801-274-3065 Real Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-546-4200 Real Property Management - West LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-281-5508
Rentler . . . . . . . . . . . . . . . . . . . . . . . . . . 801-860-4661 Safeguard Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-566-9339 Tier One Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . 801-898-6909 UtahLiving.com . . . . . . . . . . . . . . . . . . . . . . . . . . 801-347-0333 Utah Investors Realty . . . . . . . . . . . . . . . . . . . . . . . . . . 801-266-0220 Utah's Prime Property Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-627-1132 Vision Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . 801-375-3875 Western National Group . . . . . . . . . . . . . . . . . . . . . . . . . . 949-862-6292 Welch Randall Realty . . . . . . . . . . . . . . . . . . . . . . . . . . 801-399-5883
PROPERTY MANAGEMENT SOFTWARE AppFolio . . . . . . . . . . . . . . . . . . . . . . . . . . 866-648-1536 Property Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . 877-826-9700 RealPage, Inc . . . . . . . . . . . . . . . . . . . . 972-820-3000 x3015 Tenant Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . 503-860-6475
REAL ESTATE SERVICES Apartment Realty Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . 801-531-1221 Coldwell Banker Gold Key Realty Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 435-753-8824 Equity Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . 801-608-8610 Home Basic Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . 801-830-1500 ManageCo . . . . . . . . . . . . . . . . . . . . . . . . . . 801-294-0800 NAI Utah/Mountain West . . . . . . . . . . . . . . . . . . . . . . . . . . 801-456-8806 WJ Bradley Mortgage Capital Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 801-613-3761
RENTAL WEBSITE Propertypond.com . . . . . . . . . . . . . . . . . . . . . . . . . . 801-676-5400
SECURITY Addtech Controls . . . . . . . . . . . . . . . . . . . . . . . . . . 801-414-9342 Kane Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-678-9384 Northern Utah Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 801-985-9462 Pacific National Security . . . . . . . . . . . . . . . . . . . . . . . . . . 801-596-1272 Securitas Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-262-5678
SECURITY DEPOSIT ALTERNATIVE SureDeposit . . . . . . . . . . . . . . . . . . . . . . . . . . 800-531-7873
SHOPPING SERVICE Shop24 Global LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 480-284-3693
SIDING James Hardie Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . 949-348-4565
SIGNS Hightech Signs . . . . . . . . . . . . . . . . . . . . . . . . . . 801-972-6464 Sign-a-rama . . . . . . . . . . . . . . . . . . . . . . . . . . 801-484-5576
SMOKE FREE MULTI-UNIT HOUSING Salt Lake Valley Health Department . . . . . . . . . . . . . . . . . . . . . . . . . . 385-468-3835 Utah Department Of Health . . . . . . . . . . . . . . . . . . . . . . . . . . 801-538-6754
SNOW PLOWING SUPPLIES Intermountain Farmers Assoc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-254-3501
SNOW REMOVAL Streamline Supply . . . . . . . . . . . . . . . . . . . . . . . . . . 801-390-1197
SOFTWARE Real Page, Inc. . . . . . . . . . . . . . . . . . . . . 972-820-3000 x3015
SALT The Salt Depot . . . . . . . . . . . . . . . . . . . . . . . . . . 801-282-1250
SCREENING The Screening Pros, LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8184445252
SIGNS Sign-A-Rama . . . . . . . . . . . . . . . . . . . . . . . . . . 801-484-5576
SUB-METERING NWP Services Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . 402-421-1668
TELEPHONE SERVICES Windstream Communications . . . . . . . . . . . . . . . . . . . . . . . . . . 801-993-5512
TELEVISION Comcast . . . . . . . . . . . . . . . . . . . . 801-485-0500 x2658 Direct TV . . . . . . . . . . . . . . . . . . . . . . . . . . 818-449-4475
TOWING Atomic Towing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-671-8295 Central Valley Towing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-685-8300 Snowy Mountain Research & Recovery . . . . . . . . . . . . . . . . . . . . . . . . . . 801-685-8300
TRASH VALET & RECYCLING WSI Of Utah LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-713-1306
TREE SERVICE Diamond Tree Experts . . . . . . . . . . . . . . . . . . . . . . . . . . 801-262-1749 Reliable Tree Care . . . . . . . . . . . . . . . . . . . . . . . . . . 801-262-7996
ASTE MANAGEMENT
Allied Waste/ BFI . . . . . . . . . . . . . . . . . . . . . . . . . . 801-330-6032 Innovative Waste Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-367-2703 Tiger Sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . 801-978-2287 Waste Away Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . 801-987-0750
WATER SYSTEMS Water Evolution Technologies, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-623-3127
WASTE SERVICES Waste Management . . . . . . . . . . . . . . . . . . . . . . . . . . 801-252-6188
WEBSITE DESIGN Black 5 Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-794-0020
WHOLESALE SUPPLIERS Wilmar Industries . . . . . . . . . . . . . . . . . . . . . . . . . . 856-533-3150
WINDOWS & DOORS Peachtree Windows & Doors . . . . . . . . . . . . . . . . . . . . . . . . . . 801-566-1255
OTHER ACSI . . . . . . . . . . . . . . . . . . . . . . . . . . 951-808-7254 Call Source . . . . . . . . . . . . . . . . . . . . . . . . . . 800-500-4433 Family Support Center . . . . . . . . . . . . . . . . . . . . . . . . . . 801-955-9110 Maintenance Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-725-7783 Rocky Mountain Power . . . . . . . . . . . . . . . . . . . . . . . . . . 801-722-9398 Salt Lake Real Estate Investors Assoc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-645-6405 ScentAir . . . . . . . . . . . . . . . . . . . . . . . . . . 801-897-5931
Ace Disposal . . . . . . . . . . . . . . . . . . . . . . . . . . 801.363.9995
RENTERS INSURANCE Assurant Specialty Property . . . . . . . . . . . . . . . . . . . . . . . . . . 770-763-1000 Evolutions Insurance Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . 877-585-2853 Renters Legal Liability LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 801-994-0237
RESTORATION COMPANIES Belfor Property Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . 801-936-1212 Elite Construction & Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . 801-225-3271 Servpro of Utah . . . . . . . . . . . . . . . . . . . . . . . . . . 801-785-5228 Utah Disaster Kleenup . . . . . . . . . . . . . . . . . . . . 888-utah-udk ext 363
RETAIL Shop 24 Global . . . . . . . . . . . . . . . . . . . . . . . . . . 316-755-5880
REWARD PROGRAMS BlackLedger Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-763-9064
ROOFING American Roofing Company . . . . . . . . . . . . . . . . . . . . . . . . . . 801-269-1276 Kimball Roofing . . . . . . . . . . . . . . . . . . . . . . . . . . 435-657-9991 Olympus Roofing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 801-975-7663 Summit Roofing & Waterproofing . . . . . . . . . . . . . . . . . . . . . . . . . . 801-573-4203 Whitaker Roofing Services, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . 801-576-1681
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The Landlord Times - Utah • January 2013
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9
KEEP YOUR PROPERTY PROFITABLE The benefits of smoke-free housing include a reduction in maintenance expenses, a decrease in fire hazard, and an increase in tenant satisfaction. To learn more about what you can do, call the Utah Department of Health at
801.538.6754 or visit tobaccofreeutah.org/aptcondoguide.html
GO SMOKE-FREE
8
The Landlord Times - Utah • January 2013
Professional Publishing, Inc
www.TheLandlordTimes.com
January 2013
COLORADO
DENVER METRO • COLORADO SPRINGS • BOULDER
Vol. 5 Issue 1
Monthly CirCulation to More than 7,000 apartMent owners, property Managers, on-site & MaintenanCe personnel
Apartment Insurance Costs Increase for the Second Consecutive Year According to National Multi Housing Council Report The cost to insure apartments increased by 9.5 percent between 2011 and 2012, marking the second consecutive year of rising insurance expenditures according to the National Multi Housing Council’s (NMHC) Apartment Cost of Risk Survey (ACORS). The survey covers data from more than one million apartment units, the largest number of units covered by the survey to date, operated by 55 apartment firms, tracking three principal components of insurance premiums: property, general liability and workers’ compensation. The 9.5 percent increase in 2012 came entirely from property risk costs, with general liability and workers’ compensation costs staying virtually unchanged from 2011. “Respondents noted that their Continued on page 3
Investors Anticipate Opportunities in Commercial Real Estate across All Major Property Sectors in 2013, According to Latest PwC Real Estate Investor Survey™ Greater Investor Optimism in Retail, Especially for National Regional Malls; Technology Office Markets and Warehouse Sector Showed Steepest Cap Rate Declines in Q4 As 2012 drew to a close and the industry's recovery progresses, commercial real estate offered varied investment opportunities across each major sector and a diverse number of cities, even though macroeconomic uncertainties still exist, such as the fiscal cliff, according to the fourth quarter 2012 findings of the PwC Real Estate Investor Survey. Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
According to the report, investors in the office sector are showing a greater acceptance for slower growth and less apprehension about moving further out on the risk spectrum. Although core trophy assets remain the preferred target of both domestic and international investors, aggressive pricing and improved fundamentals have resulted in certain investors looking to buy
Current Resident or
either core in strong secondary markets or less-than-core in primary markets. "The commercial real estate industry continues to show its investment durability as assets command attractive spreads over fixed-income investments and offer more stability than stocks, while most property sectors Continued on page 4
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How To Get Started In Real Estate Investing There are many methods for acquiring wealth available across the globe today. One of the most easily accessible ways even for the new investor is real estate investing. Many people have made millions of dollars by investing in the real estate market in one form or another. Real estate is a profitable vehicle for the investor who is dedicated to learning about all of the different types of investments, option, risks and potential rewards that come with real estate investing. There are many different ways to invest in real estate. Here are some of the more common ones people use to get started. Find investment deals in real estate in: New York City Los Angeles Chicago Houston Boston Seattle: 1) Rental property. This is one of those rare real estate investments where you can make money even if you pay top dollar for the property. The reason is you are going to hold onto this property for the long term. You're only requirement is the property generate a positive cash flow. This means after you sum up all of your expenses on the property like financing cost, taxes, insurance and a vacancy rate, the amount you are collecting in rent surpasses this figure. This is one of the classic "get rich slow" methods of real estate investing. You are making a small amount of money each month from the property in rental income, and you are also slowly building up equity in the property over time as you pay down the mortgage. 2) Pre-construction investment. This is also known as buying property on "spec" or on the speculation that when the property is finished it will sell for a much higher price than you have invested in it. This is seen mostly in new condominium projects where investors fight to buy the units before they are built assuming the price will come up once construction is complete. I have known investors who have purchased several condo units in a facility being built and put $5,000 down on each unit as a down payment. Then before the property was even constructed "flipped" their contract to an end buyer who was willing to pay them 4 to 5 times their down payment just to get in on the deal. The problem with this type of investing is it normally only works when a market is going up regularly. In a down market like we are experiencing these types of deals are much harder to find but they are still out there. There are still part of the
Continued on page 3
N
ow that the holidays are behind us, anyone who was not able to move before they rang in the New Year will be resuming their search for a new home. Follow up is the key to closing the sale when no decision is made on the first visit. However, many leasing people still hesitate to keep in contact with their prospective renters or make call backs on the appoint-
ments that are no shows. This question may shed some light as to why this occurs: Q: I know I should probably follow up more on my guest cards and also call people who make appointments and don’t show up, but calling people back makes me feel like I’m “bugging them.” If they’re really interested, won’t they just come back or call me? Serving the Portland/Vancouver Multifamily Housing Industry More than 21,000 Distributed Monthly www.
STAFF Publisher Will Johnson • will@propubinc.com
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TheLandlordTimes.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. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 398-6751 Copyright 2013. All rights reserved.
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It does seem “logical” that a person interested in your community will just naturally get back in touch with you. However, there are a multitude of options out there right now. Besides, renting an apartment is a lot of hard work, and it’s also a MAJOR buying decision. People who are looking for a new home NEED YOUR HELP! They will continue to need assistance until they reach a decision about where they want to live. If you think back to the last time you made a major purchase, it’s likely that the salesperson helped you with your buying decision. It was probably their knowledge of the product, combined with pointing out how it would meet your needs, which were some of the determining factors in your decision. This would require the salesperson to have excellent product knowledge, establish ALL your needs (i.e. size, style, color preference(s), budget constraints, etc.) and then close the sale. However, if you weren’t quite ready to decide and then looked at and considered other options, you may have forgotten about some of the benefits of the product you looked at initially. This is where the follow up work comes in. The salespeople who keep in
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touch with their prospects can continue to sell the benefits of their product long after the prospect has left the sales floor. This will deepen the relationship that was established so there is a sense of commitment on both sides. Now imagine your most recent prospective renters and the circumstances causing them to relocate. Put yourself in their place and think about all the decisions they have to make as a result of their move. If you have an apartment at your community that will work for them and you are sincerely interested in meeting their needs, why wouldn’t you follow up with them? Of course if all you care about is just renting an apartment and not the person who will be living in it, then you’re right: You would “just be bugging them.” People can recognize a phony a mile away. On the other hand, people are also pretty good at detecting when someone sincerely cares about them and has their best interests at heart. The follow up work you do will come off as a true expression of your desire to meet the needs of your prospective renters, if you genuinely care about them. If you have a question or concern that you would like to see addressed next month, please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Web site: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations
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The Landlord Times - Colorado • January 2013
COLORA
COLORADO Apartment ...continued from front page greatest challenges in 2012 came from obtaining adequate and affordable coverage in traditional catastrophe risk zones. In fact, catastrophe exposed properties were the major drivers of the increase in premium costs and higher deductibles,” said Rick Haughey, NMHC’s Vice President of Property Operations and Technology. “With U.S. catastrophe losses in 2012 expected to be moderately higher than average due to Hurricane Sandy, the outlook for insurance costs in 2013 remains uncertain. This uncertainty mitigates what would be downward pressure on 2013 catastrophe rates due to strong underwriting capacity for primary insurers and reinsurers.”
How ...continued from front page
country that are very desirable to live in and are experiencing market growth. 3) Flipping houses. This is a type of property investment that has made leaps and bounds in the last few years thanks to the popularity of many popular home improvement and house flipping shows on cable networks in the last few years. This has become a very dangerous thing as people who have no idea what it actually takes or costs to renovate and flip a property are buying homes because they think "I saw it on television and I can do that" Television doesn't show
The Landlord Times - Colorado • January 2013
Additional key findings: The mean (nonweighted) average for the total cost of risk increased 9.5 percent in 2012, driven by an increase in property cost of risk, which accounts for 70 percent of the average apartment firm’s total cost of risk. The mean average property cost of risk increased by 10.4 percent and average per occurrence deductibles increased to $118,000 from the unusually low average deductible of $66,000 in 2011. The mean average general liability cost of risk remained virtually unchanged in 2012 after a 9 percent increase last year. The mean average workers’ compensation cost of risk in 2012 also remained similar to 2011 at $1,038 per
you the whole picture. You have to be aware of all of the hidden costs like marketing the property, closing costs, carrying costs if it doesn't sell right away, etc. You need to make sure you are buying the property at a significant discount to cover yourself completely. 4) Buy and hold. As mentioned above, real estate tends to gain value over time. Bad properties in bad neighborhoods will accrue equity if given enough time. History has shown us that even when a large market correction occurs like has happened now, properties eventually
full-time employee. Property terrorism insurance takeup rates increased to 91 percent in 2012, compared to 85 percent in 2011. A slight decrease in property terrorism insurance rates was also reported. About the Survey The ACORS contains information about property, general liability, umbrella, workers compensation, D & O, professional liability, employment practices, environmental, and newly added insurance lines including terrorism and cyber liability. Fifty-five firms representing over one million apartment units supplied data on rates, deductibles, retentions, key coverage terms, claims history and more for the key lines of coverage.
do recover and increase in value. The secret is to make sure the property is at least covering it's own costs while you wait for the equity to build up in it. 5) Lease options. Not everyone has perfect credit. For those who have credit issues finding a lender to purchase a home can be an impossible task. They need time to get their credit repaired. These people are perfect candidates for lease options. They will pay above market value for the house and put a non-refundable down payment down. They are willing to pay for the privilege of rebuilding
Firms that completed the survey can receive exclusive access to the full data set, along with the report analysis by Conning Research and Consulting on behalf of NMHC. Non-participating NMHC members can download an executive summary and a PowerPoint summarizing the results at www.nmhc.org/goto/61017. Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. One third of Americans rent their housing, and more than 14 percent live in a rental apartment. For more information, contact NMHC at 202-974-2300, e-mail the Council at info@ nmhc.org, or visit NMHC’s web site at COLORA www.nmhc.org.
their credit while working towards a path of home ownership. For these people, a lease option presents a solution to their lending problem and buys them the time they need to get their credit and/or income ready to go to a traditional lender. Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, james@realtypin.com News distributed by PR Newswire iReach: https://ireach.prnewswire.com PR Newswire (http://s.tt/1ygg7)
COLORA
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Investors ...continued from front page continue to post occupancy gains and rental rate growth," said Mitch Roschelle , partner, U.S. real estate advisory practice leader, PwC. "Foreign investors are particularly bullish on U.S. commercial real estate as they look for stable investments during uncertain times abroad. In 2013, Survey respondents expect to see an uptick in sales activity as property owners cull portfolios to take advantage of the low cap rate environment. And as investment capital continues its trend of matriculating beyond just apartments, cap rates are expected to compress across the entire asset class."
6.70% is the lowest reported for this market since the second quarter of 2008. Due to this cap rate compression, some Survey participants are taking time to identify CBD assets to sell – while others remain in search of select buying opportunities. In the apartment sector, surveyed participants believe market conditions continue to favor sellers, but some investors sense that rents may have peaked for now and that certain markets have become overpriced. In addition, investors remain attentive to the near-term impact of new construction. Consequently, this market's average initial-year market rent change rate dipped for the second consecutive quarter, suggesting less upside in this market.
Investors Becoming More Comfortable with Buying in the Retail Sector The above chart illustrates that the decline in overall capitalization (cap) Investor Outlook Through 2015 The PwC Real Estate Barometer rates has extended to the retail sector. According to the fourth quarter Survey included in the Survey tracks the anticfindings, investors remain optimistic ipated performances of the four main about investing in the national regional property sectors (office, retail, indusmall market despite a slow-moving trial, and multifamily) from 2012 to economic recovery and a challenging 2015. For the office sector, even though retail landscape. Buying opportunities the sector's recovery as a whole lags remain few and far between, especially behind other commercial property secfor Class-A+ and Class-A malls, with tors due to lower job creation among huge barriers to entry making high- office-space using companies, as well quality malls thrive, which also keeps as an evolving work environment, many metros are benefiting from a lack owners from selling them. According to surveyed participants, of new supply. As a result, the baromyields have compressed too much for eter places 35.2 percent of the U.S. well-leased strip shopping centers that office stock in expansion by year-end some are considering buying value- 2012. This percentage is expected to add in great locations due to a lack of grow through 2015. Pockets of strength exist in the retail new supply. For power centers, challenges mainly stem from rising Internet sector and are starting to outnumber retail sales, merchant consolidations, the weaknesses in certain trade areas. and an inability to easily shrink into The barometer places 45.6 percent of the U.S. retail stock in recovery by yearurban streetscapes. In the fourth quarter of 2012, the end 2012. As the industrial sector conaverage overall cap rate, the initial tinues to recover, occupancy gains are return anticipated on an acquisition being reported in most industrial marand a reflection of an investment's kets across the country. As a result, the anticipated ownership risk, decreased portion of U.S. industrial stock in recovin 24 of the surveyed markets, held ery is expected to grow annually steady in seven, and increased in just through year-end 2014. By year-end one of them. The overall cap rate shifts 2015, the expansion and recovery phasremain irregular with tech office mar- es of the real estate cycle will dominate kets (i.e. San Francisco) and the ware- this sector. Underlying fundamentals for the house sector both showing some of the METRO, ARIZONA U.S. multifamily sector remain extremesteepest declines. The national ware- VALLEY, house market's cap rate compression, ly positive through 2015 due to pentwhere the average overall cap rate up demand and a growing preference declined 40 basis points, reflects the for renting instead of buying. The optimistic outlook held by most sur- expansion phase of the cycle will dominate this sector for the next four veyed investors. The average overall cap rate declined years. "While recent slowdown in the again in the Survey's CentralAug, Feb, national Apr, Jun, Oct,theDec Business District (CBD) office market, country's economic recovery and job marking nearly ten instances of quar- gains has reduced leasing activity terly declines since the first quarter of across much of the nation's office sec2010. Moreover, the current average of tor, it has not had the same impact on
the warehouse sector, with many surveyed investors calling the sector extremely healthy," stated Susan Smith , editor-in-chief of PwC's quarterly real estate investor survey. "While the U.S. multifamily sector remains a top investment choice, concerns about new supply and overpricing do exist, which has some investors looking to other sectors, like retail, which had been a bit taboo for many investors for quite a while, but is starting to regain attention even with the rising popularity of e-commerce." Information about subscribing to the PwC Real Estate Investor Survey can be found at www.pwc.com/us/ realestatesurvey. About the PwC Real Estate Investor Survey™ The PwC Real Estate Investor Survey, now in its 25th year of publication, is one of the industry's longest continuously produced quarterly surveys. The report provides overviews of 33 separate markets, including ten national markets -- regional mall, power center, strip shopping center, CBD office, suburban office, flex/R&D, warehouse, apartment, net lease, and medical office buildings. The report also includes a review of 18 major U.S. office markets including Atlanta, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Manhattan, Northern Virginia, Pacific Northwest, Philadelphia, Phoenix, San Diego, San Francisco, Southeast Florida, Suburban Maryland, and Washington, DC. In addition, the report covers three regional apartment markets - - MidAtlantic, Pacific, and Southeast, and two regional warehouse markets - East North Central and Pacific. In
addition, the National Development Land Market is included in the second and fourth quarter issues while a comprehensive lodging report is included in the first and third quarters. The fourth quarter 2012 report also features up-to-date information relating to forecast periods, structural vacancy replacement reserves, forecast values, tenant improvement allowances, and vacancy assumptions. In addition, each issue of the survey contains over ten tables of market data focusing on value expectations, tenant improvement allowances, forecast periods, structural vacancy, and growth rates. About the PwC Network PwC firms help organizations and individuals create the value they're looking for. We're a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +. © 2012 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc. com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. www.prnewswire.com
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