Still Growing Strong: 3 Reasons Occupancy Rates Are Higher Than Expected

Written by Landlord Property Management Magazine on . Posted in Blog

treeExperienced property managers and multifamily investors keep a close eye on national inventory. The laws of supply and demand suggest that when thousands of units come on line in a few months, occupancy rates and rent potential fall. But, 2014 hasn’t followed traditional patterns. Knowing there’ve been about 180,000 units added over the past twelve months – and the third and fourth quarters should add thousands more – it seems implausible that occupancy rates are the best they’ve been in a decade and a half.

Why? There are a number of factors driving this phenomenon. Let’s look at three.

Number One: Balancing the additions and the subtractions.

With abysmal conditions of the economic downturn behind us, inventory growth has improved, but not fully recovered – staying below the long-term average. Plus, while thousands of new properties are slated to come online in 2014, thousands more are being retired. Senior housing, low-rent high-rise buildings and other aging properties are being demolished to make room for more modern, compliant condominiums and apartment structures.

Jay Denton, VP of Research for Axiometrics, told Multifamily Executive effective rent growth from March to May (2014) was one of the strongest periods they’ve seen since they started tracking apartments almost twenty years ago. New York and Minneapolis markets reported occupancy rates in January nearing 97%, and Lancing, Michigan and Naples, Florida achieved that milestone – 97.0% and 97.5%, respectively.

Number Two: Millennials are making changes.

The financial outlook is improving for young adults. After years of camping out in mom and dad’s basement to save money, young adults are finally able to afford to move out of their parents’ homes and start supporting themselves. But homeownership isn’t as important to the 25-34 year old group as it was to their parents.

Today’s recent grad is more likely to choose an apartment in a trendy downtown neighborhood that is within walking distance to work or public transit than he is to seek a suburban single-family home. The result is that more people are staying put when they find an apartment home rather than looking for a place to buy.

Financing is still challenging for some Millennials who want to become home owners. These financial challenges often mean they’re willing to pay more for an apartment that meets their needs while they save the money for a large down payment. All of these factors are contributing to the gap between single-family and multifamily starts moving closer together.

Number Three: Renters are shaping the market.

A large percentage of new units coming online are high-end apartments. Renters who can afford top-of-the-line apartment homes are absorbing most of the new-to-market units, while those on the lower end of the economic scale may be upgrading from Class C to Class B, or B to A. In essence, the times are creating a new group of renters, who are shaping the rental market to fit their dreams and visions.

The remainder of 2014 looks promising for property managers and investors. Expect residents to continue to upgrade to the next level – searching for better amenities, more convenient locations and long-term addresses. It’s not the norm, but that’s probably a good thing.


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Housing Discrimination: What Every Landlord Needs to Know

Written by Landlord Property Management Magazine on . Posted in Blog

people-520As a landlord or property manager, you already know how important the tenant screening process is when choosing the right tenants. The goal is to find responsible tenants who won’t cause problems or fail to pay their rent, right? In order to protect both yourself and your rental property, it’s important to gain a clear understanding of what information you can and cannot legally use as a basis for tenant selection.

Fair Housing Act

  1. Race
  2. Color
  3. Religion
  4. National Origin or Ethnic Background
  5. Gender
  6. Familial Status (i.e. tenants with children)
  7. Mental or Physical Disability

In addition, if you receive HUD funding or financing insured by the FHA, you may be subject to HUD program regulations prohibiting the use of a tenant’s marital status, sexual orientation or gender identity as a basis for tenant selection.

Housing Discrimination Examples

To prevent a rental applicant from filing a housing discrimination complaint against you, it’s important to avoid taking actions or making statements that could be interpreted as a civil rights violation. Even if you don’t intend to discriminate against any protected class of people, actions like these could be interpreted as discriminatory:

  • Falsely telling a prospective tenant that a rental property is not available
  • Holding some applicants to stricter standards than others (e.g. higher credit score or income requirements)
  • Inconsistent enforcement of rules from one tenant to another (e.g. responding to noise complaints or late rental payments differently among tenants in the same building)
  • Failing to accommodate a disabled applicant with a service animal in a pet-free rental
  • Asking questions that allude to an applicant’s marital status or familial status, even if you only intend to make small talk

While you obviously know it’s illegal to advertise a rental property in a way that excludes a protected class or set guidelines that are overtly discriminatory, you also need to think about how your actions could be misinterpreted by prospective tenants. For example, while building a rapport with an applicant, you might innocently ask him how often he visits with his kids. Even though this question seems benign in certain situations, in a rental scenario, it could be seen as you “fishing” for information if the applicant believes you don’t want to rent to tenants with children.

Acceptable Information Used for Tenant Screening

In order to weed out high-risk applicants, there is plenty of information you can legally use as your basis for tenant selection. Information about an applicant’s income, credit history and employment status is used every day by landlords during the screening process. These factors directly relate to the tenant’s ability to pay rent.

References and rental history are also perfectly acceptable factors for tenant screening because they help determine whether or not the applicant is a high risk for property damage or other tenancy problems based on past behavior.

It’s always wise to choose tenants based solely on their ability to fulfill their end of the rental lease. However, in some states it is still legal for landlords to refuse to rent to applicants based on other non-business related criteria, as long as it doesn’t violate anti-discrimination laws for protected classes listed in the Fair Housing Act (as noted above). If you’re in a state that doesn’t protect applicants from arbitrary discrimination, you may have the right to turn them down for reasons such as smoking, too many tattoos or body piercings. That is, unless the tattoos or body piercings are associated with the applicant’s religious beliefs or national origin.

Selecting the right tenants is often the biggest challenge that landlords and property managers face. As long as you keep personal feelings out of the decision-making process, you won’t risk violating housing discrimination laws.

– See more at: http://www.american-apartment-owners-association.org/property-management/tenant-screening/housing-discrimination-every-landlord-needs-know/#sthash.J5AaXDXJ.dpuf


logo_aaoa American Apartment Owners Association | Company Website |

At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally. Visit www.AAOA.com for more information about membership details!

Could Your Property Management Company Pass the Screening Process?

Written by Landlord Property Management Magazine on . Posted in Blog

3d327-people_search_800Property management articles frequently extoll the benefits of effective resident screening for preserving property value and managing cash flow. Identifying best-fit residents is definitely important. But, have you ever wondered what owners consider when vetting property managers?

Here’s what savvy property owners expect.

Property Manager: Reliable Partner

First and foremost, owners want confidence their property management team has their best interest at heart. That means the team is willing to do “whatever-it-takes” to ensure owners know that any resident issues are resolved quickly.

Just being willing to enforce rent policies isn’t enough. Property managers must have the tools and skills to follow through. A willing and able management team:

  • Understands local, state and federal laws surrounding leasing and occupancy.
  • Trains all staff members to respond properly to resident inquiries.
  • Has the skill to negotiate with contractors for volume discounts.
  • Values owner input, but is capable of making informed decisions quickly to mitigate property damage and limit risk exposure,
  • Participates in trade associations to stay abreast of industry trends and ahead of the competition.

Property Manager: Customer First or Competition

Keeping the owners’ interest in the forefront should be obvious, but what if you own rental property, too? While some small property management firms tout experience managing their own rental holdings as an asset for owners, not all owners think this is a good thing.

Does your leasing policy put you in direct competition with owners? If you have a vacant property that is similar to a managed property – similar floor plan, square footage, amenities – how do you determine which one to offer a prospect?  Explaining how you “guide” residents to an individual property is imperative to building client confidence.

Property Manager: The Eyes and Ears On-the-Ground

One of the benefits of engaging a property management team is confidence your property is well maintained. How often does a member of your team inspect rental units? Do you schedule quarterly or annual inspections? Does your lease include acceptable notice-to-resident policies that allow access in an emergency?

Even more important than frequency is whether or not you include these routine inspections as part of the standard management fee. If you charge extra for these services, some homeowners may opt for another agency.

Property Management Style: Technology Rich or Stuck in the 20th Century

Today there is an abundance of technology to streamline operations and facilitate property management. From online owner and resident portals to maintenance check lists and inventory management tools, property managers have access to a plethora of tools.

If you’re not using state-of-the-art technology to share information, collect rents and communicate with owners, you run the risks of losing some clients. There are many positive operational benefits to using property management technology. When meeting with prospective clients, you can make a great first impression by demonstrating how easy it is to share revenue reports and follow maintenance request progress.

Property Manager: Efficient, Effective, Engaged

Demonstrating technology with samples won’t keep clients happy.  Put those tools to good use. Does your team consistently forward rents on the same date each month? Are you emailing statements and offering printed alternatives?  Are you providing detailed income/expense reports to support your payments?

Consistency is imperative. Clients hire property management firms to ensure they have a steady, predictable cash-flow. Transparency solidifies the client/business relationship.

Demonstrate your dedication to running an efficient operation with paperless work orders that reduce errors and save both time and money. Explaining how you vet contractors is another transparency strategy to boost client confidence.

How does your operation measure up? Before you start looking for new clients, take a look at your company through an owner’s lens. You’ll be glad you did.


appfolio Appfolio | Company Website | LinkedIn Connect |

AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

4 Times to Intervene if Your Tenants are Fighting

Written by Landlord Property Management Magazine on . Posted in Blog

Furious manager man and employeesIn a perfect world, all of your tenants would live harmoniously, without fighting or calling you with a constant barrage of complaints. In the real world, though, not every set of tenants you put in place will automatically get along with one another. How you react to complaints, what actions if any you take and how you cope with tenant squabbles can have a big impact on your stress levels and the time you spend managing (or micro-managing) your rental properties.

Your tenants have a right to enjoy the property they are using, and a responsibility not to interfere with others. A lot of tenant complaints tend to fall into subjective areas, making it difficult for you to know when to intercede. While owners of multi-family units will encounter this type of issue more frequently, it is something every landlord should learn how to deal with. How can you tell what issues you should worry about, and which ones don’t matter? There are only a few instances where you should intervene, and in many cases, intervention involves contacting the police.

How and When to Intervene in Tenant Disputes

Are strong or conflicting personalities involved? If your tenants simply don’t like one another, the best course for you as a landlord is to simply stay out of it. If you are receiving constant complaints that aren’t of a criminal or dangerous nature, your best course is to stay uninvolved. You’ll cut your stress levels considerably if you don’t try to parent your tenants, and if you deflect them in a firm but nice way the behavior should taper off. While it can be difficult to stay out of a dispute, simple squabbling and minor, subjective complaints don’t require your attention; your tenants are adults and need to behave responsibly.

What are the tenants complaining about? If your upstairs tenant is complaining about your downstairs tenant and noise levels, are they having a real problem or simply having trouble adjusting to apartment or condo living? Some people don’t realize that noise carries in a multi-family dwelling and there may not be anything that you can do to fix the problem. Noise is subjective, and unless the tenant making the complaint can provide a third party with a reason to intervene there is not much you can do. If noise levels are truly reaching the “disturbing the peace” levels, the local police are better equipped to deal with the problem than you are.

Is there a danger to your tenants? If one tenant is breaking the law or breaking the lease, you can intervene by either calling the authorities or contacting the problem tenant. Reports of fire hazards, firearms or dangerous dogs should be taken seriously and reported to the proper authorities to protect your tenants and yourself. You may be held liable for injuries that occur on your property if you do not take action when you are informed of a danger to one or more tenants.

If you have no choice: If you seem to have one true problem tenant that is disrupting everyone’s right to enjoy the property, you may have no choice but to begin eviction proceedings. Most states allow you to give a three day quit or cure notice to a problem tenant; this legal notice advises them that they must correct the troublesome behavior or be evicted. Check both your lease and your state laws before taking this step, and save this for the most extreme cases. True criminal acts should be reported to the authorities, but the actual eviction process will need to be initiated by you as the landlord.

Proper screening of tenants and a good lease will help you prevent most tenant relationship problems. Once a problem arises, the way you address it will largely depend on the type and severity of the complaint and what if any legal obligation you have to your tenants and property.


logo_aaoa American Apartment Owners Association | Company Website |

At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally.  Visit www.AAOA.com for more information about membership details!

Ten Things You Might Not Know About Today’s Renter

Written by Landlord Property Management Magazine on . Posted in Blog

ae1f2e_764068900619a9e572e12e29e04571feMillions of dollars are spent each year studying the housing market. Buried in the tomes of research, are clues about resident “wish lists” and expectations. If you didn’t get a chance to attend the 2014 Multifamily Executive Conference, here are a few things you might not know about today’s renter.

#1 Long-term renters

Young adults are eager to own their own home someday, many don’t expect it to be a possibility until they hit their late thirties or early forties. More than 50% of respondents surveyed see themselves as homeowners in the future, but Millennials are most interested in homeownership.  Only 28% of Gen-Xers, compared to 61% of Millennials, see themselves as homeowners five years from now.

#2 Renters by choice

Interestingly, although Millennials see themselves as homeowners in the future, they also are the group most likely to be a “renter by choice.”

#3 Upgrading or staying put

Properties with the following characteristics and amenities are more likely to get a second look from residents looking to upgrade:

  1. Designated sections for families with children and adults only apartments.
  2. Mixed-use properties with a mini-grocery or coffee shop on the property.
  3. A well-equipped fitness area and/or access to walking/jogging/hiking trails.
  4. More privacy, i.e. exceptional soundproofing
  5. Extra parking

#4 Expanded parking options

Speaking of parking, only 5% for apartment residents don’t own or have access to at least one private automobile.

#5 Pets or no pets

More than two-thirds of more than 27,000 renters surveyed don’t own a pet; there is even a segment of renters that prefer a no-pets-allowed community.

#6 Home office or commute time

A tiny fraction (4%) of renters work primarily from home; the average commute time for residents that work in an office is less than a half hour – 23.81 minutes.

#7 Storage space

More than a quarter of older residents need and expect extra storage space, but survey results indicate that more than 80% of renters don’t rent extra storage.

#8 Going green

Some surveys suggest prospective residents are willing to pay more to live in an apartment with “green features.” The J Turner Research report titled Resident Lifestyle Preferences: An Insight prepared in partnership with Multifamily Executive reveals that renters are willing to pay more if it improves or enhances daily life – but not necessarily just because the property is considered eco-friendly.

The report reveals:

  1. Although low-flow toilets made the      list of  eco-friendly fixtures residents look for, some respondents      said they are counter-productive because you end up flushing more times to      get the job done.
  2. Almost 20% of respondents      expect to buy an electric car in the future – installing charging stations      now could be an investment in the future.
  3. Walkability scores and energy      efficient appliances ranked high on the list of “must-haves,” scoring 8.10      and 8.33 respectively on a scale of 1-10 – with ten being the best      possible score.

#9 Staying fit and healthy

Residents are looking for more than just a work-out room with a treadmill and a bench. To capture the attention of residents who want access to health and fitness amenities, properties will need to offer a full-gym, private or group classes, a pool and walking/running paths. Twenty-four hour access is essential, too.

#10 Socializing

On a scale of 1-10, a community’s “quietness” scored very high – 8.73. Residents prefer peace and quiet; however, they want options to entertain, cook out and socialize occasionally. There was no single social marker that resonated with a plurality. While some residents want a huge kitchen with all the bells and whistles, 34% of apartment residents said they never entertain.

The survey results reveal subtle differences and similarities across diverse cohorts. One thing is certain, property managers will need to stay engaged in order to attract prospects and keep them renewing the lease.


appfolio Appfolio | Company Website | LinkedIn Connect |
AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

 

5 Things to Check Before your Return a Security Deposit

Written by Landlord Property Management Magazine on . Posted in Blog

dreamstime_xl_13460221The last box has been packed, the moving truck has pulled away and your now former tenant is on his way to his new home, so you are ready to return his security deposit, right? Not so fast – some damage can’t be spotted during a simple walkthrough, and may end up costing you money down when you get your home ready for new residents. Some wear and tear is normal, but here are some of the things you should check before returning the deposit.

Hidden Signs of Damage to a Rental Unit

Vermin: Mice, bugs and even rats won’t be visible during a 5 minute walkthrough, but their droppings and signs may be. Learn what to look for, including mouse and rat droppings and where you’re likely to see it. Since you have some time before you are required to return the deposit, wait a few days to see if there are any droppings or bugs before refunding. Setting a trap or two may also let you know if your tenant has left any unwanted guests behind.

Hidden damage: Open every cabinet door and closet and make sure any build in features are still intact .A tenant that has broken the main shelf in a coat closet may have simply inserted the supports back into the wall; the first time you try to use the shelf it will come crashing down. Check for cabinets and drawers that no longer close properly, damage to build in features and shelves and other problems that may not be immediately apparent. While renters of either gender can over stack shelves, male tenants can damage cabinets and doors by opening and closing with too much force, so make sure everything closes correctly before refunding a full deposit.

Look underfoot: Some rug and floor damage is immediately apparent, but move any throw rugs or area rugs to make sure the floor or carpeting underneath is intact. Find out about any carpet or floor damage now, while you still have the ability to charge your former tenant for repairs.

Normal wear and tear is expected, but damage that destroys the carpeting needs to be noted and charged to the former tenant. Typical carpet damage includes cigarette or other burns, pet stains (even if no odors are present), food or paint stains that can’t be removed by cleaning and other permanent damage. If you see visible carpet damage, look underneath and make sure the subfloor hasn’t been damaged as well; water and urine can both soak into the floor and cause structural damage that may look minor on the surface.

Odors: Air cleaning products or room fragrances may mask pet or smoke odors; wait a few days for any fragrance to dissipate, and then take a good sniff. If you spell cat dander, urine or feces or cigarette smoke after a few days, you’ll likely need to have the unit professionally cleaned. This damage can be deducted from your tenant’s security deposit, but only if you wait until any fragrances designed to mask unpleasant odors have dissipated.

Missing items: If you haven’t been inside your unit in a year, you may not realize that some items have gone missing. Review an inventory or video walkthrough of the unit before you evaluate it for the security deposit return. Blinds and fine draperies go missing most often, but make sure the appliances are still intact, and that they are the appliances the unit was outfitted with. In some cases, tenants have moved with high quality laundry or kitchen appliances and left inferior items in the original place. Make sure that your original appliances are intact and still work before returning a deposit.

Depending on where you live, you have anywhere from 2 weeks to 30 days to return the deposit; review your state laws and follow them. Don’t feel rushed, even if your tenant is anxious about getting a refund. Some signs of damage won’t be readily apparent or show up until a few days have passed. If you neglect to do a thorough check of your home before offering a refund you could make an expensive mistake.


logo_aaoa American Apartment Owners Association | Company Website |

At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally.  Visit www.AAOA.com for more information about membership details!

How Apartment Owners and Rental Managers get Increased Accountability from Pet Owners

Written by Landlord Property Management Magazine on . Posted in Blog

pets-in-apartments-on-northern-beachesIf there is seasonal pressure on rental agents to get units rented, it is often tempting to compromise on things like dog fee waivers, which is a guaranteed invitation for later problems. Landlords and apartment managers must always keep in mind, there’s a long-range goal, of protecting the property from expensive damages. Waiving a portion of a lease or rental agreement may entice a potential renter to sign, but the clauses of rental agreements are present to protect the Landlord.

There’s one exception to the “no pets” policy rules, which also requires a pet fee waiver in “pet-friendly” rental properties, these are service animals. Local, city and county laws fall under codes and ordinances that apply to rentals in each state. Local ordinances cover topics like:

  • civil rights
  • rent control
  • building and construction standards
  • public health and safety
  • parking
  • discrimination

Sub-headings can directly link to specifics included in a rental agreement or lease. For example, under the heading of Civil Rights, laws address the Fair Housing Act, as it applies to service animals and their owners with disabilities.

Even in multifamily housing and rental properties with “no-pet” policies, the Fair Housing Act allows for service animals to live with disabled persons, under the Civil Rights Act Amendments since 1989.

Essentially, service animals are considered a healthcare option, and it is the law that Landlords allow these animals to live with their owners in any apartment if they meet three standards:

  1. The person must have some kind of disability.
  2. Service animals must serve a function beneficially related to that person’s disability, such as companionship for depression.
  3. Requests for the service animal’s accommodation must be considered reasonable to a civil court.

Refusal to permit the exception to the “no pets” policy, or not waiving the pet security fee charges, may constitute a discriminatory practice against the disabled rental applicant. In most cases a rental agent is not allowed to consider tenant screening for a disability or even asking what type of disability, for consideration of their application. Service animals are not considered to be pets. Only in the case of a rental property where specific accommodations are provided for disabled people, are rental managers or Landlords allowed to ask questions specifically about disabilities.

Outside of this provision, in terms of typical pets such as dogs, cats, birds or reptiles, etc., landlord forms are allowed to have questions about animal training, behaviors like barking, biting and property destruction. Typically, an applicants’ responses will be very positive and assuring, so it is critical that the apartment association, and Landlord, have already included the appropriate language and fees into the rental agreement and/or lease.

Pets fees are lump sum or monthly charges, and cover replacement of carpeting, wall moldings and wood doors, or floors that can be clawed, scratched and damaged. It is strongly recommended that pet fees are high enough to concern pet owners to watch their pet’s behaviors, to qualify for a reimbursement. If apartment management imposes non-refundable pet fees, a resident is likely to be more lax about controlling their pet’s behaviors, as they feel they have already paid for any damage that may occur.

Under the section about pet owner liability in the rental agreement, include a clause allowing rental agents to inspect the property on a regular basis. It has often happened that when cat owners, for example, vacate a property, and even after carpets and flooring are removed and replaced, the odor of cat urine is still present in the rental. The fore-knowledge that the residence will be checked for this sort of damage prepares pet owners to keep a close eye on what their animals do.

There is a reliable deterrent for keeping renters discouraged from sneaking a pet into their “no pet” policy rental unit, or trying to avoid established fees for keeping a pet. Include a clause in the lease or rental agreement that states that a charge of $250.00 per pet, per month, will be backdated upon discovery of an undocumented pet in a rental unit. Savvy managers are alerted by constant loud music and pet videos when residents are not home.

– See more at: http://www.american-apartment-owners-association.org/property-management/latest-news/apartment-owners-rental-managers-get-increased-accountability-pet-owners/#sthash.1PzK7Qmd.dpu


logo_aaoa American Apartment Owners Association | Company Website |

At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally.  Visit www.AAOA.com for more information about membership details!

You Can’t Buy Experience, The Value of Long Term Teams

Written by Landlord Property Management Magazine on . Posted in Blog

experiencePossibly the most valuable asset in property management is experience.

Properties with tenured, long time staffs benefit from:

  • development of annual systems.
  • they have noticed, realized and anticipate occupancy trends.
  • they create and build relationships with residents, which improves resident communication, rent collection and resident retention.
  • Preventive maintenance is incorporated into the monthly schedule without fail.

A staff with experience is an unspoken endorsement for a future resident. “I like working here, you’ll like living here.” This information should be included in the introduction of team members to new residents.

These individuals, three, five, nine, ten, fifteen and even twenty bring immeasurable experience, wisdom and common sense to the workplace with them every day.

Internally, we acknowledge:

Rebecca has developed a fantastic system for this process. The organization would be lost without her.

A question develops regarding a capital improvement or a unique repair, ask Bob, he’ll know the answer, find it for you or point you in the right direction.

A new initiative to roll out, Abby will be the team leader for that. She’s overseen all of our transitions.

That property has been stuck in an occupancy rut for a couple of weeks, have Carl take a look at the operations, he’ll be able to identify what’s missing.

Management teams are surrounded by this wealth of experience. It’s often a questioon asked by potential employees during an interview, “How long have you worked here?” Looking for a vote of confidence that the interviewer is happy and satisfied with their employer.

The total impact of this experience is sometimes overlooked. Team members are recognized on their anniversary dates. Buat the long term employees add value every day.

Consider an advertisement for a property

32 years of property management experience makes the difference at Happy Acres Apartments.

Listed below are team members names with years of experience:
Pam 12 Years
Billy 8 Years
Beth 7 Years
Kim 5 Years
A Total Of 32 Years Experience!

Recognition of this commitment and loyalty to an organizatin has huge value to the individuals that are recognized as well as prospective residents.

It will provide additional information for residents who are recommending the property to friends and family. Reinforcing and supporting a residents postive opinion of the property. Its creating a brand awareness in the community. Its a tremendous marketing tool, while acknowledging the team members that contribute to making the operations at a property successful.


Lori_Hammond Lori Hammond | Company Website | LinkedIn Connect |

Lori has 30+ years’ experience in the Property Management Industry, working with both market rate and affordable housing.  Lori has been privileged to work with some tremendous industry leaders during employment tenures with Oxford Management, NHP Management, AIMCO, Alliance Residential, Boston Capital, The Sterling Group, P.K. Housing and currently Management Resources Development.

 

What are the Benefits of Managing a Property Yourself?

Written by Landlord Property Management Magazine on . Posted in Blog

slide-2Some property owners decide to hire a management company to handle their residence rental, which can provide several benefits, but may wonder if the outcome is worth the cost.

Most property management companies charge between 5 to 10 percent of the rental fee.

To avoid paying the fee, a property owner can handle the same services and improve the return on investment.

Marketing

You can use advertising locally and online to find an appropriate tenant. Placing a “For Rent” sign outside of the property that includes basic details may be effective. An ad in a local weekly publication or flyers distributed in the area can also generate interest. Placing an ad on Craigslist or another online website or publication may also be a good option. Finding a responsible tenant can be one of the most key steps in making your rental experience profitable.

Screening a tenant

Screening a potential tenant to your comfort level may involve a credit or background check, and a tenant application. When meeting the prospective renter in person, engage in a discussion with them to establish rapport and use your best judgment with the following goals in mind that can increase your return on investment give you fewer headaches:

  • The property will be well-kept and therefore require fewer repairs and maintenance.
  • Rent will be received on time.
  • The lease could extend beyond the first year.

Legal issues

Taking a class that reviews real estate and rental property legal issues will help you avoid complications, such as observing discrimination laws during tenant application and screening, drafting a secure lease agreement and minimizing risk in the property and on its grounds.

Timely maintenance and repairs

Handling repair and maintenance requests quickly can maintain a positive owner-tenant relationship and can prevent smaller repairs from growing and becoming costly expenses. You may need to find a maintenance and repair and HVAC company to retain for standard and emergency repairs. Read about preventive maintenance requirements

Local Service

It can be an advantage to being in the local area of the property as the owner to respond to any issues that develop, or to hire someone to handle any problems as necessary.

Renting property involves many nuances that may not always be clear to someone untrained in the field, but a property owner can learn the steps to manage the rental process independently. A rental management company charges 5 to 10 percent of the monthly rental fee, which can be costly.

Attending classes, asking questions, reading article online and networking with other property owners can give a property owner the tools to manage in lieu of hiring a professional.

Areas to gain expertise in include marketing, rental applicant screening, property management legal issues, routine maintenance and repair and emergency issues as they come up.

It is important to develop experience and skills in key areas to ensure that you are mitigating risk, maximizing profit and feel assured that your property is in the best possible hands, your own.

– See more at: http://www.american-apartment-owners-association.org/property-management/latest-news/benefits-managing-property/#sthash.befphWaD.dpuf

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At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally.  Visit www.AAOA.com for more information about membership details!

8 Ways to Predict a Property Boom

Written by Landlord Property Management Magazine on . Posted in Blog

property-boom-positive-real-estateIf you are interested in making money in real estate, you need foresight, tenacity, analytical thinking and great negotiating skills. By combining those qualities you can also predict which property markets are about to boom. To help you find those boom markets, here are the leading 8 indicators you should be paying attention to.

1. Demographics are Shifting

If an area experiences a sudden shift in demographics, it can trigger a quick growth in property prices.  One demographic you are looking for is young employed people (20-45 years of age).  These are people who are in the middle of their working years and have the financial capacity to buy a property.

Another demographic shift can involve retirees entering the area.  If it is a particularly nice place to retire, large numbers of baby boomers might seek to buy property there in the coming decades.  Looking for a sudden growth in population, which is always a positive sign.

2. There is Growing Demand for Property

You can look at metrics like the “average days for a sale” to determine how strong demand is for property within a market.  If newly listed properties sell within 14 days on average, demand is already very high.  Some websites offer this type of data for free.

3. Lack of Available Rentals

One of the earliest signs of an underlying demand for property is a lack of available rentals.  It indicates there is a potential housing shortage driven by people moving into the area.  Many of these people may be looking to buy a property in the next few years.

4. Houses are Currently Affordable

Look at various measures of affordability to determine if a property boom is about to start.  The house price to median income ratio is one useful affordability indicator.  Can people living in the area afford to buy houses that are 25% more expensive in a year’s time?  You will need to gather some data showing the wages growth and changing demographics to determine how long a boom can be sustained.

5. New Infrastructure is Planned

If a new piece of infrastructure is planned, property prices will usually go up around it.  Some pieces of valuable infrastructure include: a train line, a major highway, port facilities, a new college, bus transit lanes and bridges.  You can contact government officials to discover where new infrastructure projects are going to be developed.

You could also look for areas that have just started offering tax increment financing (TIF).  TIF is government financing made available for redevelopment and infrastructure projects in specific communities.

6. Industry is Moving in

When a large company has decided to set up shop in a new area, demand for housing will increase.  Follow the news to see where large companies are establishing new operations and headquarters.   Quickly adding a few thousand permanent residents to a town’s population can increase property prices very quickly.

7. Debt is Cheap and Easy to Obtain

When the interest rate is low and mortgages are easy to obtain, property booms are more likely to occur.  If banks are not being stringent with their lending requirements that means many more potential buyers can get into the market.

8. Do Economic Indicators and Government Policy Support a Property Boom

The general condition of the economy at federal, state and municipal level also come into play.  Some of the data to look at includes:

.   Local, state and federal tax laws that affect property investment

.   The local and state wide unemployment rate

.   Loan delinquencies in the area (this helps ascertain the number of potential buyers)

.   Available incentives for investors and home buyers

.   The cost of building homes versus established homes

.   The amount of local housing stock about to enter the market.

In conjunction with other statistical data, these figures can help predict upcoming boom areas.  By understanding the various forms of economic and statistical data available to you, predicting a property boom becomes easy.  Once you can determine which towns and cities are entering a boom, get in quick and secure your capital gains.


logo_aaoa American Apartment Owners Association | Company Website |

At the American Apartment Owners Association (AAOA), our mission is to serve the interests of landlords, real estate brokers, property managers, real estate owners and apartment building owners nationally.  Visit www.AAOA.com for more information about membership details!