Rental Housing Journal Valley February 2016 by Professional Publishing, Inc

Rental Housing Journal Valley

February 2016

2. 5 Extraordinary Ways to Market and Lease Apartments 4. Handling Application Deposit Desputes

5. 14 Points That Must Be in Your Apartment Building Leasing and Marketing Plan

EUGENE · SALEM ·ALBANY · CORVALLIS WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC

Five Facts Your Community Network – Every Parent Doorway to Delivering New Dollars from Digital Services Should Know About Their Housing Rights

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

s housing providers, you should know that federal, state, and local fair housing laws1 make it illegal for housing developers, landlords, Realtors®, homeowners associations, shelters, (etc.) to deny housing to families with children or to place unreasonable restrictions on them. Of all the alleged acts of discrimination each year, those made on the basis of familial status is among the most common of all the protected classes – this is true nationwide, as well as here in Oregon. Following is a reprint of a media release from HUD that aims to inform parents of their right to buy, rent, and live in the home of their choice regardless of whether or not there are children in the home. If children live in your home, obviously, you have these same rights as well. We encourage you to review these familial status rights from the lens of both the housing consumer (which is the tone of this media release), as well as your responsibilities under the law as housing providers.

By Eric Markow

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

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

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

Presto – You’ve Built a Network

Incremental Revenue from Your Community Network

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

continued on page 6

Are The Current Proposed Legislative Bills Really Helping Tenants?

1. You Cannot Be Denied Housing Because You Have a Child

Although it has been illegal for 20 years, many housing developments and apartment buildings still have rules prohibiting families with children or families expecting a child. With the exception of senior housing and small properties where the owner resides <NOTE: The small property exemption, known as ‘the continued on page 3 Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

The first thing you need to know about your community network is that it makes money for you. You become your renters’ Internet Service Provider (ISP),

s you may know by now there are a few bills being proposed during the current legislative session that will put some very large restrictions on Landlords across the state of Oregon. PRSRT STD US Postage PAID Portland, OR Permit #5460

These bills are calling for a range of things like doing away with no-cause notices, asking landlords to pay tenant relocation expenses when they serve a no-cause notice, and repealing the “no rent control”

law to allow cities to enact rent control guidelines, just to name the major ones. Unfortunately these particular bills are very one sided and ignore the detrimental effect they will have on the small landlords across our state. A large portion of landlords are middle class citizens that are not making much of a profit beyond just paying the mortgage on their rental property. Some are landlords only because renting their home was the only option other than letting it go into foreclosure when the housing market crashed. When I see bills like this I feel that those presenting them are continued on page 7

Advertise in Rental Housing Journal Valley Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly. Call 503-221-1260 for more information

Rental Housing Journal Valley

5 Extraordinary Ways to Market and Lease Apartments by Theresa Bradley-Banta

hen it comes to marketing and leasing apartments Craigslist might be your best source— but it’s not the only game in town. Zillow.com, HotPads.com, Rent.com, Apartments.com, your own website and social media can all generate good traffic. But have you explored new resources and strategies lately? Try these ideas for great results:

1. Market Where Your Target Renter Hangs Out

Take a minute and think about where your target market likes to spend their leisure time. You can find some unusual places to advertise. Often these are places that your competitors haven’t thought of like: • Movie theaters (place an ad during the “pre-show entertainment”). • Concert venues. • Ridesharing apps such as Uber and Lyft (enormous advertising potential). • Local schools and universities. • Coffee shops (put your property ad on cup sleeves). • Bike sharing stations. For example, Denver B-cycle, which was the first large-scale municipal bike sharing system in the United States,

is a hugely popular program especially among young urban residents. This wouldn’t happen to be your target market would it?

2. It’s Time to Update Your Curb Appeal

There’s nothing worse than seeing prospective renters keep driving right on by at 30 miles an hour after a quick glance at your property. Five seconds is all it takes to make a negative, and lasting, first impression. Curb appeal is one of the most important things in property marketing and leasing. Presenting an exterior that meets your target markets’ standards must be one of your biggest priorities. You can develop incredibly creative ads that draw potential renters in droves yet lose them before they reach your front door if your apartment community has no curb appeal. Here are some inexpensive ways to make your property more attractive and welcoming: • Touch up the paint. • Add outdoor planters that are stuffed full of colorful flowers. • Add a canopy. • Install inexpensive landscaping.

How much does the job pay?

How much

SHOULD it pay?

• Put up modern signage (yes, maybe it’s time to get rid of your old dated signage). • Offer mobile friendly ways to contact your leasing agent. And don’t forget the people who walk by your property every day. If they’re walking, chances are they live in the neighborhood. It’s a great idea to hold open houses at your property—especially if you have fantastic curb appeal. Put out a sandwich board with balloons and grab the auto and foot traffic on busy weekends.

3. Develop Mutually Beneficial Relationships With Local Merchants When a local merchant learns that you will promote their business to your community they will embrace the idea of cross promotion. Local employers are especially happy when their employees live in close proximity to work. Proximity to work contributes to less tardiness and fewer missed days due to bad weather. Offer to waive your application fees for employees of participating merchants. continued on page 7

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Rental Housing Journal Valley · February 2016

Rental Housing Journal Valley

Five Facts Every Parent ...continued from page 1 Mrs. Murphy’s Exemption,’ is not valid in Oregon. Oregon fair housing laws provide greater protection by effectively nullifying this exemption.>, such provisions are always illegal. HUD takes these matters seriously and will take action when it sees housing developments keep parents out. For example, last year a parent reported that an apartment building in Highwood, Illinois, refused to rent to her because of her child. The parent wished to remain anonymous, so a local fair housing organization sent testers to the property to see if they treated families with children different from applicants without children. The tests showed that the property owner discouraged families with children from renting apartments and informed parents that the units were for single people. The fair housing organization filed a complaint with HUD. After a thorough investigation, HUD charged the owners with discrimination against families with children.

2. You Cannot Be Evicted From Housing Because You Have Child

While the birth of a child is usually a time for celebration, some landlords feel it is also the time for new parents to find another place to live. Though such actions are illegal, many facilities evict parents because they are expecting or have given birth to, adopted, or obtained custody of a child. In one recent case, Shelia Brown was living in Summer Place Apartments in Las Vegas, Nevada when she obtained custody of her daughter. Less than a

month later, the apartment manager told her to find a new place to live, because children were not allowed on the property. Ms. Brown filed a complaint with HUD, whose investigation uncovered that the management had forced other tenants to leave when they were pregnant or obtained custody of their children. In January 2008, Summer Place agreed to pay $75,000 to Ms. Brown and other families who were mistreated.

3. Families Cannot Be Restricted to One Area of a Building or Complex

Some housing complexes allow families but restrict them to lower floors or to certain areas of the property. Both restrictions are illegal. Sherri McLathian wanted to find an affordable home in a good school district for her two children. She thought she located an ideal townhouse in a new development called Victorian Village in Gurnee, Illinois. When she inquired about buying the homes, the sales person informed her that her children were not wanted in the neighborhood and would be the only ones there. The saleswoman then informed Ms. McLathian that no town homes were available. Ms. McLathian filed a complaint with the State of Illinois, which handled the case under an agreement with HUD and negotiated a $12,000 settlement for Ms. McLathian.

4. Rules Cannot Unfairly Target Children

Many parents are unaware that it is illegal for landlords to make rules specifically against children. For example,

a landlord cannot forbid children from a common area that adults are allowed to use. Recently, six families in St. Louis settled complaints against Ridgecrest Apartments for overly restrictive rules against children. The landlord had required anyone under the age of 18 to be supervised anytime they were outside of their apartments. The rule was so strict that teenagers were not allowed to talk to their friends in the hallway without a parent present. In December 2007, the owners and mangers of Ridgecrest agreed to a $170,000 settlement to compensate the families and create an after-school program for children on the property.

5. Advertisements Cannot State That Children Are Not Wanted

Finally, no property, other than seniors-only housing, is allowed to advertise that it is restricted to adults or that it will not allow children. Lolita Lindo was searching for an apartment for herself and her 10-year old son because her landlord had recently raised the rent by a few hundred dollars a month. She saw a “For Rent” sign on a grey flagstone property in her neighborhood that she thought would be perfect. The sign read “For Rent for two persons, Apartment Two Bedroom, No kids...” Ms. Lindo filed a complaint with HUD and in December 2007, a judge ordered the owner to pay her $20,000. For more information about familial status protection, visit www.FHCO. org/discrimination-in-oregon/protect-

ed-classes/familial. Our housing provider page (www.FHCO.org/information-for-housing-providers) and the guidebooks page (www.FHCO.org/ learning-resources/guidebooks) will also be of interest. This article brought to you by the Fair Housing Council; a civil rights organization. All rights reserved © 2016. Write jbecker@FHCO.org to reprint articles or inquire about ongoing content for your own publication. To learn more… Learn more about fair housing and / or sign up for our free, periodic newsletter at www.FHCO.org. Qs about this article? ‘Interested in articles for your company or trade association? Contact Jo Becker at jbecker@ FHCO.org or 800/424-3247 Ext. 150 Want to schedule an in-office fair housing training program or speaker for corporate or association functions? Visit www.FHCO.org/learning-resources/ trainings to learn about the trainings we offer for companies and groups. Federally protected classes under the Fair Housing Act include: race, color, national origin, religion, sex, familial status (children), and disability. Oregon law also protects marital status, source of income, sexual orientation, and domestic violence survivors. Additional protected classes have been added in particular geographic areas; visit FHCO. org/mission.htm and read the section entitled “View Local Protected Classes” for more information.

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Rental Housing Journal Valley · February 2016

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Rental Housing Journal Valley

Handling Application Deposit Disputes

ost landlords require a prospective resident to pay a deposit to hold an apartment until completion of the application process. A problem arises, however, when the individual does not enter into a lease agreement and he or she demands the deposit back. The following article will address this issue. Management usually requires a prospective renter to pay an application fee to cover its expenses. This includes credit, rental history and criminal records checks. Additionally, a landlord may require a deposit to hold a particular rental unit. In other words, management takes a specific apartment off the rental market and reserves it.

Written Agreement

One of two things may occur which results in the resident’s demand for return of the deposit: the property approves the individual and he or she decides not to move in; or the property denies the person residency. In either scenario, management can protect itself by implementing a written agreement that specifically addresses the deposition of any monies paid. The “Deposit to Hold Agreement” section of the AMA Rental Application states in part: In consideration of management holding the apartment for me, I agree to pay a holding deposit of $_______ and a $________ non-refundable fee for administrative processing. The holding

deposit is refundable if my Application is not approved (14 day delay required for bank clearance of check). I may cancel this agreement and be refunded my holding deposit (14 day delay required for bank clearance of check) by notifying you of my decision to cancel by 5:00 p.m. on _____________, 20____. Cancellation after this time will result in forfeiture of my holding deposit. I must pay rent on or before my “rent start date” or my holding deposit will be forfeited and the apartment rented. (I understand that Management and Management’s employees are agents and represent the owner.) Without a written agreement, the resident could demand return of all

non-refundable monies and argue there is no agreement allowing management to keep any funds. The landlord would have to argue that the money covered potential lost rent for taking the rental unit off their list of available apartments. This could lead to small claims or other legal action with the outcome decided by a court of law. To fully protect yourself and to avoid confusion or misunderstanding by a prospective resident, always use a written hold deposit agreement. Another situation involves use of the holding deposit agreement but forfeits all the deposit if the property approves the resident but he or she decides not to move in. This is similar to a lease-break

or early termination fee in which the renter pays a penalty charge for not fulfilling the lease agreement. One final suggestion is for the landlord to label the deposit as a holding deposit, not a security deposit. The prospective resident could argue that if management calls it a security deposit, it must refund the money if he or she does not sign the lease. The theory, or argument, is that if management lists the money as a security deposit, it then becomes part of a lease. If this occurs, a landlord cannot forfeit or keep the deposit. A.R.S. § 33-1321(B) states that unless management lists a fee or deposit as nonrefundable, it shall be deemed refundable. If it is nonrefundable, management must state its purpose in writing. The definition of a security deposit under A.R.S. § 33-1310 is money given to assure payment or performance under a lease agreement. Perhaps the better way to handle these situations is to designate the money as a holding deposit and not a security deposit. However, this does not mean someone may file a lawsuit if he or she does not get a refund of the holding monies however stated in the application or holding agreement. Andrew M. Hull Hull, Holliday & Holliday, PLC www.doctorevictor.com 602.230.0088

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Rental Housing Journal Valley · February 2016

Rental Housing Journal Valley

14 Points That Must Be In Your Apartment Building Leasing and Marketing Plan by Theresa Bradley-Banta

recently received the following request from a multifamily investor:

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

This is a fantastic question! When you approach a bank to finance your apartment deal they most assuredly will want to see your apartment building leasing and marketing plan. Without a solid strategy you risk losing financing and you’re more than likely ready to walk into apartment building ownership with blinders on. Let’s make sure you’re ready with a great plan and strategy from day one of ownership. As an apartment building owner you have to be proactive. In order to succeed you must: • Know exactly how you will market and lease units. • Have a solid understanding of your market and your competition. • Put the best team in place. • Prepare an accurate budget forecast. All before you buy the building. This information will help you finance your deal and it will most likely help you negotiate a better deal with the seller. Here are 14 points to include in your planning:

1. Your team: It’s time to show that you have best around

If you are light on experience or you are a seasoned professional real estate investor this is your opportunity to let your lender know that you have the best multifamily real estate team in the business ready to step in the day you close on the deal. Your list should include: • Your third party apartment building property manager. Some lenders may make this a requirement of your first year of ownership—they will insist you bring in professional management while you get your feet wet. • Your leasing agents. If your property has vacant units you may decide to bring in a professional leasing team for the first few months of ownership. • Your renovation and trade contractors. These professionals should have experience at the apartment building level. Be sure to point it out. What experience does each team member bring to the table? Don’t hold back. Tout their talents and experience to the skies. Be sure to include the company name, contact person and telephone number for each member of your team.

2. Responsive apartment building maintenance

A top-notch maintenance team goes a long way in keeping happy residents. Promptly addressing maintenance requests equals less resident turnover. Describe your team and their experience. Put a plan in place for maintenance request response times and your method of communication with residents. Include the details in your marketing plan.

3. Apartment unit rent and concession comparables

Describe what your competing market is doing and how you stack up today. You must know the rents that your submarket competitors are receiving for comparable apartment units and also if they are offering concessions or discounts in order to rent units. Include your research in your report. If your units are currently leasing below market rent address this in your report. Describe how you plan to make changes—in both rents and concessions—in order to attract new residents to your apartment building. This may involve: • Bringing in a new professional and seasoned management team. • Updating apartment units. • Offering creative concessions and incentives to new and existing residents. • Creating greater curb appeal to improve marketing. • Establishing a new leasing and marketing plan and, • Hiring a temporary leasing agent in addition to the leasing services your management company provides.

4. Creative concessions

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

5. Current and prospective resident incentives

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

6. Current vacancy

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

7. Upside to current rents

A lender does not want to hear that you will be blazing new trails with the rents you plan to get. Do not be tempted to claim you can rent units for amounts that are far above what the apartment market receives—unless it’s true. And if you purchased a property that cannot command current market rents you’ll need to address how you plan to make

Rental Housing Journal Valley · February 2016

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

8. Annual income and expense budget forecast

Provide a 12-month spreadsheet budget for income and expenses. This spreadsheet will include all income and all expenses for the property from day one through the next 12 months. You should also include all planned capital expenses that exceed normal property operation requirements such as major building system repairs or replacement. Your commercial property management company can prepare an annual budget. Use it not only to project future cash needs if any, but also to monitor your property operations. If your income falls short of projections or your expenses exceed projections you have a baseline to work from when you address the issue with your property management company. Read Creating an Annual Operating Budget for Your Multifamily Property to understand the benefits of preparing an annual income and expense forecast.

9. Additional sources of income

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

10. Advertising strategy

How and where will you advertise units for rent? Make a list that includes: • Online rental sites. • Newspapers. • Local merchants.

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

11. Property curb appeal

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

12. Local “sizzle”

apartment

market

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

13. Current leases and lease expiration dates

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

14. Local police department premise history

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

Theresa Bradley-Banta Founder + CEO Theresa Bradley-Banta writes, speaks and mentors on investing in real estate while avoiding the pitfalls that plague many investors. Over the past ten years she has owned or had primary ownership roles in single-family rentals, multifamily properties and international single-family development projects from $50K to greater than $9M. Theresa has performed due diligence on hundreds of multifamily properties and is a consultant to clients with an aggregate portfolio value in excess of $150M.

Rental Housing Journal Valley

Your Community Network

and incorporate the added value of internet access and related services into their rent. Implemented with a full-service partner like Dual Path, your renters will discover move-in-ready, easily accessed Wi-Fi from day one, plus ongoing technical support that is readily available at all times. Wi-Fi based security systems are revolutionizing the personal security industry. Far from the “burglar alarms” of yesteryear, these new state-of-the-art systems require no unsightly wires or separate network, and can protect everything from doors to windows to motion in and around the living unit. Your renters will benefit from the ability to check video from cameras deployed strategically throughout their apartment or home via their smartphones. In an emergency, renters could even allow the police temporary access to these cameras. Digital Telephone is growing in popularity because it’s far less expensive than traditional landlines, and far more feature-rich with video-calling, voicemail that is transcribed and emailed to the recipient, detailed activity and billing reports and much more. Your premises Wi-Fi network by Dual Path eliminates any costs to adding 4G and LTE coverage to your property, thus providing your renters with worry-free calling that is often totally free. Alternative energy initiatives take full advantage of your community network infrastructure, providing you and your renters substantial savings on energy costs and enabling new technologies such as solar energy generation. Smart Home technologies automatically turns lights on when needed, off when they are not, and can even adjust thermostats to save energy when the premises is unoccupied. Additionally, leakage sensors, carbon monoxide, fire, and other detection devices can be built into your network giving your property and your renters multiple layers of safety. Maintenance Services and Property Administration also benefit from your community network. Property-wide coverage enables video chat tours of the property or a particular unit for potential residents who may not have the opportunity to visit in person. Work Orders can be opened and sent to devices used by your maintenance staff to improve operational efficiency.

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

A visit to your local do-it-yourself superstore will show you that home automation is becoming the “next new thing.” People, including your renters, want the ability to switch lights and appliances 6

...continued from page 1

on and off, adjust their thermostat, lock and unlock doors, and do much more remotely by using their personal mobile phone or tablet. Home automation protects too! Sensors are now available to provide early alert of moisture, leakage, fire, carbon monoxide, as well as possible intruders and unexpected motion on the premises. Home automation also saves money! By pre-setting times when lights, appliances, and other devices and services turn on and off, the cost of electric bills, gas bills, and other utility charges are dramatically decreased. Great for your renters if they’re paying for utilities. Great for you if they’re not! By installing Wi-Fi compatible equipment, you can offer your prospective renters more than a new home. You can offer them a new Smart Home! Convenience, control, and peace of mind will be available on their own mobile device of choice.

Opportunities Emerge

Continue

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

Finding Your Path

Dual Path specializes in implementing premises networks right on your properties. Our comprehensive services connect each of your properties to the Internet, allowing you to become the source of internet-based services for each of your renters, while ensuring them top quality Wi-Fi equipment installed by Dual Path’s experts in each of your units. Our services are truly comprehensive because they include the ongoing maintenance of your network and the all-important highly responsive customer support your renters expect from their Internet Service Provider. Your renters will be thrilled with how easily and completely they enjoy life on the internet from the first moment they step into one of your properties enhanced by Dual Path. Eric Markow is Chief Technology Officer of Dual Path, a provider of high speed property-wide WiFi services. Dual Path’s customers include MDU and senior living communities who enjoy fast, reliable connectivity, delivered with old-fashioned customer service. Dual Path’s unique revenue generating model allows property owners to leverage their “Internet real estate” to maximize profits, increase resident satisfaction and retention, and increase property value. Headquartered in Phoenix, Arizona, Dual Path offers property-wide WiFi, Gigabit Internet and WiFi calling solutions to properties and businesses coast to coast. For more information, visit www.dualpath.net or contact 1-800-468-6851.

Rental Housing Journal Valley · February 2016

Rental Housing Journal Valley

Other ways to support your local merchant in exchange for free advertising are to: • Include coupons or flyers of the local business in new resident welcome packages. • Put a “Welcome to the community! Enjoy dinner (or a discount etc.) on us!” note in all new resident packages. • Offer local merchant discounts or gift cards to new and renewing residents. • Offer a referral fee to merchants.

In exchange your local merchant can: • Post your apartment building ad on notice boards or shopping carts. • Include your ad in company flyers and mailings. • Provide word of mouth advertising. The extra effort spent in meeting your local merchants can be rewarding on both a personal and financial level.

4. Send a “Feel Good” Letter to Your Current Residents

Your current residents can be the most influential marketing group you have around. Sending occasional thank you letters to your residents will help establish a sense of community. But it goes beyond creating happy feelings. When your resident loves where they live they will tell their friends and family. Establish a referral incentive program at your property where each referring resident gets a gift, bonus, or rent discount. Some effective ways to get the word out are by: • Hosting a resident referral party. • Sponsoring a community yard sale.

...continued from page 2

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

5. Pick the “Right” Property Management Company

Some property management companies have amazing branding. Find out who they are and hire them—or watch them closely so that you can model their branding. These are the management companies that offer the “cool” factor to their residents. Sometimes the branding is as simple as offering a “green” element to living at their communities. For example, recycling programs are a very inexpensive and desirable service to offer at your property. You can create your own buzz and cool factor by offering something as simple as pre-leasing. Include text such as “Now Pre-Leasing for Large Two-Bedrooms” in your online advertising and on your property signage. It may not seem like a big deal but pre-leasing can tell prospective residents that they are with a proactive management company. It also implies that your property is a desirable building to live in because people want to sign leases months before they are able move-in. Theresa Bradley-Banta Founder + CEO Theresa Bradley-Banta writes, speaks and mentors on investing in real estate while avoiding the pitfalls that plague many investors. Over the past ten years she has owned or had primary ownership roles in single-family rentals, multifamily properties and international single-family development projects from $50K to greater than $9M. Theresa has performed due diligence on hundreds of multifamily properties and is a consultant to clients with an aggregate portfolio value in excess of $150M.

• Holding open houses with tours of the property.

FIND EVICTIONS

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Proposed Legislative Bills ...continued from page 1

ignoring these landlords and are mak- If a landlord can’t quickly replace a ing a very incorrect assumption that all tenant due to higher vacancy rates then landlords are rich and making a large they will do whatever they can to keep profit. Covering the cost of relocating a a tenant that is paying their rent even if tenant could easily force some of these they aren’t a perfect tenant. small landlords to miss payments on When it comes to no-cause notices their mortgage and ultimately cause ad- they are also ignoring the detrimental ditional foreclosures. The other major effects it will have on tenants. Most noproblem with this is that it ignores the cause notices are used when the landlord real cause to our current housing crisis. would prefer to avoid going through the The real problem right now is simply that time and expense of an eviction. This is demand heavily outweighs supply. Just actually a good thing for that tenant. The like every other free market this drives tenant ends up not having an eviction on rents up and gives landlords the incen- their record. Given the current low vative to be pickier within their screening cancy rates it would be extremely hard criteria, and to be stricter with those ten- for any tenant with an eviction on their ants that aren’t following the rules lined record to be approved for a unit. By doing VALLEY, METRO, out in their lease agreement. away with no-cause noticesARIZONA there will be APT The solution to the current problem a spike in evictions and any tenant with is not more regulation as this will cause a recent eviction will find it harder to be landlords to get out of the business of approved than it already is right now. being a landlord and it will cause people The only conclusion I can come to when thinking of becoming landlords to look I review the actual facts is that the tenant elsewhere to invest their money (decreas- advocates and the politicians pushing for Apr, for Jun, Oct, Dec ing supply). As Feb, a representative mul-Aug, these regulations on landlords are just tiple landlord support associations and trying to make a name for themselves by being a tenant myself, it is frustrating creating a villain (landlords) and conto see things like this. If the state real- vincing their constituents that they are ly wanted to solve the current problems their hero. When in reality all of these they would be focusing their energy on things will actually hurt those that they creating ways to encourage and speed up are supposed to be representing. the building of more rental units. This So please contact your state represencould be done by financial incentives or tatives right away to point out the real even simply speeding up the rezoning harm that these bills will have on tenants and permitting process whenever some- and the middle income landlords. one wants to build rental units. I feel like the current legislation being proposed is ignoring basic free market economics Christian Bryant President of Coldwell Banker Property Management and they don’t realize that they will actu- VALLEY, President of Portland Area Rental Owners Association METRO, ARIZONA APT ally be making things worse for tenants. As a tenant that knows the current rental market I also feel that the tenant advocate groups pushing for these types of legislation are ignoring what their constituents really need right now: more housing units (supply). This will level Jan,andMar, May, off the rent increases will also make Jul, Sep, Nov, 1010 East 62nd Street, Los Angeles, CA 90001-1598 landlords be willing Phone: to work 1-800-624-5269 with ten• Fax: 1-800-624-5299 ants rather than just ask them to move. Octoberp September

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Rental Housing Journal Valley · February 2016

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Rental Housing Journal Valley

Rental Housing Journal Valley 路 February 2016