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Wed
18
Sep
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New Third Quarter Data Predicts Home Prices and Rents to Increase Rapidly as Local Economies Improve

- Top Ten list favors the South and Southwest, includes two Midwest markets and offers up no markets from New England. - Markets in the Top Ten listing had strong job growth and home appreciation price, yet still undervalued by at least 15 percent. DALLAS, September 18, 2013 /PRNewswire/ -- HomeVestors, also known as the "We Buy Ugly Houses®"company, and Local Market Monitor , the national real estate forecaster, today released a ranking of U.S. markets for the third quarter of 2013 that projects that investing in single family homes as rental properties remains a good bet, even as home prices continue to rise. Since 2011, HomeVestors and Local Market Monitor (LMM) have been providing quarterly rankings for 300 U.S. markets based on the level of risk each market presents to real estate investors. The ratings concentrate on factors that affect the demand for housing and therefore affect home prices.

Fri
06
Sep
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Smoke-Free Units = Safer, Healthier, Cheaper, Less Stress

Ask a colleague in the building management profession about the worse case scenario and you will likely hear some scenario of staggering loss to property.

According to the National Fire Protection Association, home and apartment fires started by smoking caused an estimated $535 million in direct property damage in 2010 and killed more people than any other type of fire.

Rental apartment owners and managers must accept that general wear-and-tear on the unit will occur but if you could lower costs, protect your investment and eliminate potential fire risk by implementing a smoke-free environment, would you?

Why go smoke-free?

1) Attract new residents with this marketing advantage

According to a 2011 study by the Oregon Health Authority, nearly 91 percent of Oregonians, including 69 percent of smokers, say no one is allowed to smoke inside their home.

Fri
06
Sep
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Business Income Insurance: Protecting Assets and People

Natural disasters and freak accidents happen. If your units or business are rendered inoperable by direct loss to property, your income may halt but the expenses don’t.

Are your clients prepared?
If they are anything like the majority (55 percent) of the small-business owners recently surveyed by the IIABA, they do not have business income insurance and even more (63 percent) say they are unfamiliar with the coverage.

Similar to an individual with disability insurance who is made whole if injured and unable to work, businesses can take advantage of this principle. Business income insurance is designed to replace a businesses’ income equal to what would otherwise have been earned had no loss taken place.

Fri
06
Sep
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D&Z Present What Were You Thinking? Moments: Electrical Maintnance Can Be Shocking

How much do we really know about electrical issues that occur in our apartment homes? This topic is not a subject you want someone to refer to as one of those “What Were You Thinking Moments”! Understand the correct procedures and laws that pertain to the work required on your property before what could have been a simple phone call turns into a nightmare.

Suzy Manager – Dana, I recently had a resident call to request a work order. Their outlets in the bathroom were not working and a burnt wire smell was present. The resident sounded concerned, so I told them we would get our maintenance person there shortly.

D – Suzy Manager, the resident should be concerned and so should you. I really hope this was NOT a “What Were You Thinking Moments”. How did you proceed?

Fri
06
Sep
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Improving Markets List Includes 247 Metros in August

A total of 247 metropolitan areas across 49 states and the District of Columbia qualified for inclusion on the National Association of Home Builders/First American Improving Markets Index (IMI) for August, released today. While this is eight metros shy of the number listed on the IMI in July, it is approximately three times the number of metros that qualified for the list in August of 2012.

The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Three new markets were added to the list and 11 dropped from it in August. Newly added metros this month include Kankakee, Ill., along with Atlantic City and Ocean City, N.J.

Tue
27
Aug
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Four Things To Consider When Hiring A Property Management Company

Owning and managing an apartment or other type of income property can be a fulltime job. Some independent rental owners choose to make managing their properties their careers while others choose to keep the day to day operation of their investments at an arms length and elect to hire a property a management company. Below are four things any apartment owner or real estate investor should consider when hiring a manager. MARKET KNOWLEDGE -- Any property management company worthy of trusting your apartment or rental home investment with will have a strong knowledge of your local rental housing market. Do not mistake market knowledge with longevity of doing business in a given market, as they are not necessarily the same thing. A few things to look for are: Does the property manager regularly shop and price rents and amenities of competitor properties in the area? A quality property management company will know what sells and at what price in your area.

Tue
27
Aug
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LandLady Katie: Sweat The Small Stuff

You’ve entered into the rental agreement, the residents signed all fifty-seven addendums, and it appears that everyone understands the expectations. Yet, as time goes on, your tenants aren’t quite meeting their obligations. Month after month you turn a blind eye to what’s eating away at you and their behaviors, or lack thereof, have begun to cause you an eye twitch, tightening of the jaw, and possibly a pain in your side. I’m not talking about any of the obvious major breaches, but mainly the “micro” breaches that we question if they’re worth making a stink about or not. I believe you owe it to yourself and your business to question: “Why am I not addressing what’s bothering me with my tenants?” Is the answer laziness, fear, or simply because you don’t have the information needed to feel confident in order to do so? I am personally guilty of all charges.

Tue
27
Aug
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21st Century Ratings and Reviews: How to Win Friends and Influence People in the Digital Age

In the age of digital marketing, it’s sometimes challenging to embrace some of the biggest and time-tested tenets of customer satisfaction. “After all of these years, the primary thing that people have the most problems with are interactions with other people,” explained Patrick Morin at AIM 2013 in the conference kick-off presentation 21st Century Reviews: How to Win Friends and Influence People. Morin--one of the country’s top rated Dale Carnegie certified speakers and a partner at the Cross Partnership--joined multifamily industry consultant Margette Hepfner for an exclusive application of Carnegie’s customer service mantra to the world of online apartment ratings and reviews, an arena where Hepfner noted the following trends: • A lack of a review can be as harmful or more harmful than negative reviews. • Consumers will recommend or purchase from a product or service with a four out of five star rating 80 to 84 percent of the time.

Fri
09
Aug
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Top Seven Reasons to Use Rental Payment History Data

Experian® RentBureau®, the leading provider of rental payment history data to the multifamily industry, recently released the findings of an analysis examining the financial risk posed by residents and the most effective screening metrics to employ to avoid lost revenue from risky residents. The analysis, Risk versus reward: identifying the highest-quality resident using rental payment history, provides unique, industry-specific insights regarding the use of rental payment data in conjunction with credit scores in screening to produce a superior prediction of a resident’s propensity to default. The analysis also includes first-of-its-kind data regarding late payments, nonsufficient funds (NSF), write-offs and rental collections. Here’s a look at the top seven takeaways from the analysis that offer multifamily owners and property managers a look into the best applications of resident payment history data:

Thu
01
Aug
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Dear Maintenance Men: July 2013

I keep hearing about PEX tubing as an alternative to copper tubing when it comes to re-piping my rental units. What is the difference between PEX and copper tubing and why use one over the other? What are the pros and cons? Mark Dear Mark: First let’s define what PEX tubing is. PEX is a cross-linked polyethylene pipe. (It looks and feels like plastic pipe.) The PEX pipe is resistant to extreme temperatures, stress, pressure and chemicals attacks such as acids & alkalies. This makes PEX pipe suitable for both hot and cold water systems and can be used in below freezing condition and is suitable up to 200 degrees Fahrenheit. The pipe is extremely flexible and easy to install. Pros and cons of using PEX: Pros: 1: Versatile and user friendly, can be bent around corners & snaked through walls. 2: Minimum of connections needed to complete a pipe run. (Less chance of a leak) 3: Cold weather burst resistant.

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