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Tue
22
Oct
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Apartment Markets Retreat in Third Quarter NMHC Survey

WASHINGTON, D.C.—All four indexes of the National Multi Housing Council’s (NMHC) October Survey of Apartment Market Conditions dipped below 50 for the first time since July 2009. Market Tightness (46), Sales Volume (46), Equity Financing (39) and Debt Financing (41) all indicated declining conditions from the previous quarter.

“After four years of almost continuous improvement across all indicators, apartment markets have taken a small step back,” said Mark Obrinsky, NMHC’s Vice President of Research and Chief Economist. “Conditions cannot continue to improve indefinitely and new development is at least somewhat constrained by available capital—though more on the equity than the debt side. Even so, both the Market Tightness and Sales Volume Index are within hailing distance of the breakeven level and the Debt Financing Index rose despite some rise in interest rates. This bodes well for the apartment industry going forward.”

Key findings include:

Wed
02
Oct
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D&Z Present What Were You Thinking? Moments: Work Orders

Suzy Manager – Dana, I have noticed lately that the maintenance department are taking too long on their work orders. This is causing residents to call and complain, what am I missing?

D: Suzy Manager, I have always wondered why the administrative department doesn’t take more ownership in the maintenance issues. A little more effort will only benefit the property and improve the service you provide. Imagine saving money and time on most work orders. Administrators that know maintenance basics can provide enough information for the maintenance team to allow them to only make one trip with all of the supplies they need to fix the work order. Furthermore, the questions the office team ask the resident in regards to their work order may lead to an easy answer to fix the problem and avoid a work order altogether. A little effort and knowledge by your leasing managers and on-sites can make the lives of your residents and maintenance team a lot easier.

Wed
02
Oct
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LandLady Katie: What Renters Want.

Putting yourself in the tenants shoes may not be something you’ve done often, if ever. As our clients, it’s very important to know what tenants want and what will make your best residents rent long-term. High tenant satisfaction can not only enhance retention and occupancy rates, but also lower expenses and improve your bottom line. With so much riding on the satisfaction of your tenants, it is critically important to stay close to their priorities, perceptions and concerns.

Wed
18
Sep
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RentalHousingJournal.com Launches!

Portland, Or September 19, 2013 -- Professional Publishing, Inc (PPI) , a leading publisher in the real estate industry announces the launch of RentalHousingJournal.com. This new website delivers, news, market trends, industry best practices, opinions and other information to the greater rental housing industry across America.

“RentalHousingJournal.com is the new flagship for rental housing portfolio, replacing TheLandlordTimes.com. We’re aiming for a broader audience within the industry, both geographically and in terms of the careers and positions of the individual reader,” says Publisher, Will Johnson.

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.

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