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Fri
26
Dec
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MULTIFAMILY GREEN LIGHT

U.S. Development Pace is Sustainable for Years to Come

Forecasters have begun to warn of potential overbuilding in the multifamily sector, but concerns from pundits are premature. Multifamily development in the U.S. has yet to meet pent-up demand, and annualized effective rent growth was 4.1 percent in August 2014, the highest since October 2011. At the current rate of development, we anticipate production capacity and demand will reach equilibrium by mid-2015. Subsequently, the industry could enjoy up to six additional years of sustainable production, if developers and lenders carefully monitor demand and modify deliveries accordingly. It has been said that multifamily is in the middle innings of an extra inning game.

Tue
16
Dec
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Fair Housing: US VS THEM

Unfortunately, some in the housing industry assume an “us vs. them” position to fair housing. As a former Realtor® now working at the Fair Housing Council (FHCO), I regret that. Civil rights are fundamental principles of this country and civil rights in housing—the heart of our shared livelihood—is fundamental to fair and equitable treatment for all regardless of protected class status.

The defensive nature some assume troubles me on four counts:

Tue
16
Dec
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Vacancy is a Good Thing?

I’ve written about the risk of trying to increase the rent and the need to continue to increase rents over time especially as your costs increase. But, when is having a vacancy a good thing? Is it ever a good thing?
The answer is yes! Vacancy can be a good thing. Let me explain. A vacancy is always better than putting the wrong tenant in the property. Let me repeat – always! You know this if you ever rented to the wrong tenant, but if you haven’t, let’s review some of the possible outcomes.

1) You don’t collect the rent. This is the most obvious outcome. Depending on where your rental is located, it could take you from three weeks to six months or more to get the resident out of the property costing you thousands in uncollected rents. Sure you could get a judgment, but what are you chances of collecting on it?

Tue
16
Dec
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Dear Maintenance Men: Dishwashers, Heating Costs and Cabinets! Oh My!

Dear Maintenance Men:
By Jerry L'Ecuyer & Frank Alvarez

Dear Maintenance Men:
We are contemplating a kitchen remodel of our rental units and want to add a dishwasher. It is understood that we will have to remove one cabinet to accommodate the dishwasher. The problem is that none of the kitchen cabinets if removed will produce the correct size hole to fit a 24” dishwasher. The hole will either be too big or too small. What can we do?
Peter

Tue
16
Dec
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3 Important Steps For Conducting Property Management Exit Interviews

Research has shown that a person who resigns from your property management company is leaving for one of three possible reasons: a new career opportunity, an unsolicited job offer or for a grievance that has not been handled correctly. Whenever a person resigns from your property management company for voluntary reasons it’s normally a surprise and it can be expensive to replace a valuable team member. This article will outline three important steps for conducting exit interviews, a process which will reduce employee turnover and improve profitability at the same time.

Mon
08
Dec
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Is Print Advertising Dead? The Evidence Says No!

Rumor has it in the marketing and advertising world that print advertisements are outdated and inefficient. The numbers, however, say otherwise. It’s time to squash this misinformation and get to the truth about the power of the print.

The younger generation doesn’t read print anymore...

False. Many like to claim that print advertising is incapable of reaching the younger generation, but research proves differently. While social media is an effective way to target the 18-30 year old demographic, it is not the only way.

Mon
08
Dec
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Screen with Care: What Residential Property Managers Need to Keep in Mind When Vetting Renters

After several years of being forced to play a bad hand, U.S. property managers are back in business – and likely choosing their table partners with special care. In today’s rental environment, that means not only vetting renters carefully, but also being cautious in the way they enlist background screening companies that help in that effort.

Indeed, apartment vacancy rates have been hovering around four percent, the lowest level in more than a decade, according to real estate market data company Reis, Inc. Whether it’s due to the aging population, or post-economic downturn reluctance to take on mortgage commitments or other factors altogether, more Americans are now opting for multi-family housing.

Mon
24
Nov
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3 Tips for Retiring Out of State

Financial Consultant Says a Little Planning Can Save Money

Retirees flock to Florida and Arizona for year-round sunshine and golf, but all things considered, they’re not the best states for happy golden years, according to a new survey.

Along with average number of sunny days, factor in cost of living, residents’ sense of well-being, quality of health-care, crime and, yes, humidity, and the best destination is (surprise!) South Dakota, according to a 2014 Bankrate report.

“As this report correctly suggests, pre-retirees need to consider a lot more than snow days and tradition,” says Rodger Friedman, founding partner and wealth manager at Steward Partners Global Advisory and author of “Forging Bonds of Steel,” (www.forgingbondsofsteel.com/), a guide to developing an excellent working relationship with your financial advisor.

Thu
13
Nov
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Increasing Rent: Best Practices

As owners of investment property we continuously look for ways to cover our expenses. As the cost of maintenance, utilities and taxes rise, we need to find ways to offset those increases.

The answer is always to raise the rent, but by how much?

Most importantly, you have to understand your marketplace. Are the rents in your marketplace going up or going down?

There are a few ways to investigate this question, but I recommend researching competitive properties and listing the results on a market survey chart. If possible, it is always better to compare apples to apples rather than apples to oranges so be sure to select properties that most resemble yours.

Thu
13
Nov
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5 Ways to Ensure Your Marketing Video Will Suck

Tips from an Online Video Marketing Specialist

Online video marketing has become a staple, with 81 percent of companies producing video content for their websites and 69 percent producing it for social media, according to the 2014 Online Video Production Trends Report.

“There are loads of marketing videos on the web now, and some extremely effective,” says Jennifer Santoro, integrative marketing specialist and Chief Happiness Officer for InVidz Smart Video Technology, (http://InVidz.com). “But there are plenty that just don’t work.”

Santoro says she’s noticed common themes among the latter group. Based on those, here are her five ways to ensure your marketing video will suck.

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