Rental Housing Journal Colorado February 2016

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Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Www.rentalhousingjournal.com • Professional Publishing, Inc

Advertise in Rental Housing Journal ColoradoCirculated to over 7,000 apartment owners, on-site and

maintenance personnel monthly.

Call 503-221-1260 for more information

3. 14 Points That Must be in Your Apartment Building Leasing and Marketing Plan

continued on page 5

continued on page 2

continued on page 7

Rental Housing Journal Colorado February 2016 - Vol. 8 Issue 2

4. How Are You Helping Your Prospective Residents Who Are Searching For Trustworthy, Honest Content About Your Property Management Business

Your Community Network – Doorway to Delivering New Dollars from Digital Services

By Eric Markow

Your 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) inter-net access in each of your units would

bring to your properties. Wi-Fi services would make your properties more effi -cient, and more in tune with the needs of today’s renters – whatever their age.

Presto – You’ve Built a NetworkWhat 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!

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

MOLDWhat Colorado Property Managers Need to Know

There is mold everywhere. You are breathing mold spores into your lungs as you read this article. To

most of us, this is not a problem. Nature has given us an immune system which allows us to resist any negative conse-quences of these mold spores. Th ere are many diff erent kinds of mold. Several of them are more likely to carry health con-sequences than others. Stachybotrys, or “black mold” has been known to cause breathing and other health problems for some people. Other molds seem to cause little if any health issues. Children appear to be particularly susceptible to inhaled mold spores. Persons with asth-ma or other breathing ailments such as COPD (chronic obstructive pulmonary disease) are also more likely to be aff ect-ed by mold.

While mold spores have been known in rare cases to get into the blood-stream, in which case the health impact can be severe, the most common way that mold spores can cause diffi culty is through inhaling the spores. So, while mold appearing on exposed surfaces is an indication of the likely presence of mold spores in the air, mold growing on fully enclosed surfaces such as within walls and under baseboard is oft en not a signifi cant threat to health.

Mold typically grows in moist, dark environments, such as under leaky sinks or in damp drywall. Mold can appear as a black stain or as dark fuzz on surfaces. When mold is discovered, adequate remediation will depend upon how deeply it has penetrated the area on which it is found.

If the mold appears only on the sur-face, it can be sprayed with a diluted bleach solution, cleaned off , and sealed

5Extraordinary

Ways toMarket and

Lease

by Th eresa Bradley-Banta

When it comes to market-ing and leasing apart-ments 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 traffi c. But have you explored new re-sources and strategies lately?

Try these ideas for great results:

1. Market Where Your Target Rent-er Hangs Out

Take a minute and think about where your target market likes to spend their leisure time. You can fi nd some unusu-al places to advertise. Oft en 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 advertis-ing potential).

• Local schools and universities.

• Coff ee shops (put your property ad on cup sleeves).

6. Ask the Secret Shopper – Curb Appeal

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Rental Housing Journal Colorado

Rental Housing Journal Colorado · February 2016

Your Community Network ...continued from page 1

Incremental Revenue from Your Community Network

Th e fi rst thing you need to know about your community network is that it makes money for you. You become your renters’ Internet Service Provider (ISP), 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 rev-olutionizing the personal security in-dustry. Far from the “burglar alarms” of yesteryear, these new state-of-the-art systems require no unsightly wires or separate network, and can protect ev-erything from doors to windows to mo-

tion in and around the living unit. Your renters will benefi t from the ability to check video from cameras deployed strategically throughout their apart-ment or home via their smartphones. In an emergency, renters could even allow the police temporary access to these cameras.

Digital Telephone is growing in pop-ularity because it’s far less expensive than traditional landlines, and far more feature-rich with video-calling, voice-mail 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 oft en 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 technol-ogies such as solar energy generation. Smart Home technologies automati-cally turns lights on when needed, off when they are not, and can even adjust thermostats to save energy when the premises is unoccupied. Additional-ly, leakage sensors, carbon monoxide, fi re, and other detection devices can be built into your network giving your property and your renters multiple lay-ers of safety.

Maintenance Services and Property Administration also benefi t from your community network. Property-wide coverage enables video chat tours of the property or a particular unit for po-

tential residents who may not have the opportunity to visit in person. Work Orders can be opened and sent to de-vices used by your maintenance staff to improve operational effi ciency.

Home Automation – Off er More Than a Home, Off er 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 on and off , adjust their ther-mostat, lock and unlock doors, and do much more remotely by using their per-sonal mobile phone or tablet.

Home automation protects too! Sensors are now available to provide early alert of moisture, leakage, fi re, carbon monoxide, as well as possible intruders and unexpected motion on the premises.

Home automation also saves money! By pre-setting times when lights, appli-ances, 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 equip-ment, you can off er your prospective renters more than a new home. You can off er them a new Smart Home! Conve-nience, control, and peace of mind will be available on their own mobile device of choice.

Opportunities Continue to EmergeWe’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 off er and deliver an ever-wid-ening array of services and products.

Finding Your PathDual Path specializes in implement-

ing 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 in-stalled by Dual Path’s experts in each of your units.

Our services are truly comprehen-sive because they include the ongoing maintenance of your network and the all-important highly responsive cus-tomer support your renters expect from their Internet Service Provider. Your renters will be thrilled with how easily and completely they enjoy life on the in-ternet from the fi rst moment they step into one of your properties enhanced by Dual Path.

Eric Markow is Chief Technology Offi cer of Dual Path, a provider of high speed proper-ty-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 profi ts, increase resident satisfaction and retention, and increase proper-ty value. Headquartered in Phoenix, Arizona, Dual Path off ers property-wide WiFi, Gigabit Internet and WiFi calling solutions to prop-erties and businesses coast to coast. For more information, visit www.dualpath.net or contact 1-800-468-6851.

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

by Theresa Bradley-Banta

I recently received the following re-quest 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 build-ing leasing and marketing plan. With-out a solid strategy you risk losing fi-nancing 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 suc-ceed 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 busi-ness ready to step in the day you close on the deal. Your list should include:

• Your third party apartment build-ing property manager. Some lend-

ers may make this a requirement of your first year of ownership—they will insist you bring in profession-al management while you get your feet wet.

• Your leasing agents. If your prop-erty has vacant units you may decide to bring in a profession-al leasing team for the first few months of ownership.

• Your renovation and trade contrac-tors. 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 experi-ence 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 re-quests equals less resident turnover. Describe your team and their experi-ence. Put a plan in place for mainte-

continued on page 8

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How Are You Helping Your Prospective Residents Who Are Searching For

Trustworthy, Honest Content About Your Property Management Business?

How are prospective tenants fi nding out about your rent-al properties online, and what

you off er and how you diff er from the competition? What are you off ering to retain your current residents?

While many talk about Google and the importance of search engine opti-mization, there is something just as im-portant that is frequently overlooked.

If your potential, or current apart-ment residents fi nd your website and stop by for a visit, are you providing helpful, useful rental information for them to help make an informed deci-sion on where to live or what your com-munity has to off er? Or, are you just pushing at them what you want to sell?

Th e world has changed and the key is the quality of the rental content you are proving on your website for your visi-tors. Th is is key for two reasons.

First, attention spans are short and you only have a few seconds to grab their attention. Th e message they see should be about them, and what they need or are looking for. It is about them and what problems they are facing. It is not

about you and touting your business. Second, many websites are still using

the old broadcast-style message that fo-cuses on one message to all. However the web has fragmented audiences and you need to focus on how each individ-ual is diff erent and has diff erent needs. Th e one size fi ts all message pushed in traditional sales language is no longer as eff ective.

People are tired of these broadcast type messages that interrupt them with a sales pitch. Th ey are tuning these messages out. Th ey want to learn and investigate the options for themselves , and they have, at their fi ngertips, the ability to search and compare on their own. Your goal is to be a part of their search. You may not win every time, but you want to be on the playing fi eld when they are searching. And, more than ever, it is not what you are saying about yourself, it is what others are say-ing about you.

Research from CEB shows at cus-tomers are 57% through the buying decision before they want to talk to a sales person.

Help Not Sell To Engage CustomersTh e goal of your website, and the con-

tent you have there, should be to attract, engage and delight customers online. Th e stronger the content for your tar-get audience, the more visitors you will attract. More visitors mean more show-ings and more showings mean more rental applications and lower vacancies.

Th is is the core of what you have probably heard called content market-ing. Th e key is having great content, at the right time for the right audience.

You should know your audience and what their “pain points” are around when it comes to fi nding an apart-ment or rental home. You are the ex-pert and talk to renters all the time. Listen to what they are telling you and asking you.

Th en, you can design a core of great content about your rental properties and begin engaging your customers.

How Will I Know If This Works?Once you have the key content in

place, you want some way to measure engagement with your online audience to see if this is working.

One of the best ways to measure this is by adding an inbound marketing program to your content.

Sometimes people confuse content marketing and inbound marketing. Th e important thing is to do both. Inbound marketing is a great way to measure the ROI of your content marketing.

For instance, if you create a great piece of content that helps your po-tential or current residents solve their problem with content you create, they will be more than willing to give you their email address in exchange for that great piece of content.

You create a form for them to fi ll out which they will gladly do if the content you are providing is so valuable they might even pay for it as author Jay Baer says at convinceandconvert.com.

Th en, using this core piece of content, you can create additional marketing spokes around this hub which include email newsletters, social media and more for your apartment communities.

Understanding ExpectationsIf you decide that inbound market-

ing and content marketing are right for your property management business – or maybe you are already using some form of it – understanding expectations is a critical factor.

How are you going to measure suc-cess? What metrics are you going to track and how are you going to opti-mize for those metrics? Th e wonderful thing about digital marketing is that you can track many, many things and easily get lost in the trees and not see the forest.

What are the metrics that matter to your rental business? Defi ne the key ones and then track and watch and see what is working. Frequently it does not work right in the beginning and you will have to tweak the message to get the right fi t with your audience.

Th ese are just a few key points to consider in your inbound marketing program.

By John TriplettSpecial Editorial ContributorRental Housing Journal off ers inbound and content marketing services to property manage-ment companies and industry service provid-ers. For more information, email [email protected]

Color

PublisherWill Johnson – [email protected]

Designer/EditorKristin Flores – [email protected]

Advertising SalesWill Johnson – [email protected]

Terry Hokenson – [email protected] Surratt – [email protected]

Rental Housing Journal Colorado is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in

Investing & Real Estate Investor Quarterly

w w w . r e n t a l h o u s i n g j o u r n a l . c o m

The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

5



using a coat of sealing paint. In such treatment, it is, of course, important to prevent the mold from becoming airborne. Th e maintenance technician should wear a mask to avoid breathing in the disturbed spores and the areas should be aired out aft erwards. If the mold has penetrated drywall or oth-er building surfaces, then it should be carefully taken out and replaced.

If there is a danger that the tenant will make a claim for personal injury based upon the presence of the mold, then a professional mold inspection re-port should be obtained. Note that the mere presence of mold in a contained space does not mean that the occupants will have been exposed to the mold spores. Th e question is whether there are unhealthy levels of mold spores in the air of the rental unit. Th e inspection and report should not only look for and identify mold on surfaces, but should also take readings showing the number of mold spores per cubic meter inside the room where the mold was found. Th ere should also be a similar reading taken outside the building so that the two measures of mold spores can be compared. If the spore counts are sim-ilar, then there was no unusually high exposure to mold spores in the rental unit and there should be no liability for any claimed personal injury.

In 2008 the Colorado legislature passed into law a “warranty of habit-ability” statute. Th is law gave a tenant a right to terminate an existing residen-tial lease or gave the tenant a justifi ca-tion for the tenant’s failure to pay rent in cases where the warranty of habit-ability was breached by the landlord. In order to breach the warranty, however, the landlord’s failure to repair had to render the premises hazardous to the health of the tenant or had to render the premises uninhabitable.

Th e law contains a statute which lists those things that a landlord must do or provide in order for the rental prem-ises to be considered “habitable.” Th e list contains a variety of items such a heat and hot water and treatment of pests. However, there is nothing in the list about mold or its absence in the rental premises.

However, the clear intent of the war-ranty of habitability law is to protect tenants from conditions in the rental which are or could be hazardous. Most judges will want to protect renters from hazards. So, if mold is discovered, it should be treated as a habitability prob-lem and a potential health hazard. Th e warranty of habitability law places re-quirements on the tenant to notify the

landlord of a maintenance issue such as mold and that such notice be given to the landlord in writing. Before the tenant can take advantage of the rem-edy allowing her to terminate the lease and vacate the rental premises with-out further legal liability, the landlord must have failed to address the problem within a reasonable time aft er the fi rst written notice and must also have failed to address the problem within fi ve (5) days aft er a second written notice.

Even where the tenant fails to meet her requirements under the warranty of habitability law, mold can still render a rental unit hazardous. If the premises can no longer be used for the purpose for which they were rented, the tenant can argue that she has been construc-tively evicted. Constructive eviction is a recognized legal theory and Colora-do has ample legal precedent to allow a tenant to escape liability for rent, to terminate a lease prior to its expiration, and to obtain an award of damages caused by the constructive eviction.

If the landlord receives a report of the presence of mold, action should be taken right away to remediate the mold. Have your maintenance staff inspect the aff ected area. If mold of any type is found, remediate as described above and determine whether there are any ongoing water leakage problems. Th ose should be addressed as well. Document the actions taken. Th is will accomplish two things. First, it will neutralize the mold, protect the occupants, and pre-serve the property. Second, it will posi-tively impact any mold spore count that the tenant may request as a precursor to a personal injury claim.

Th ere have been cases in which a tenant refuses to allow remediation so that the tenant can investigate wheth-er they have a personal injury claim. Th is should be documented as well. If the tenant prevents remediation, it of-fers the defense to the landlord that any personal injury was caused or exacer-bated by the failure to treat the mold. Th e tenant’s obstruction of the eff ort to remediate also is likely to be a lease vio-lation and grounds for eviction.

- Phil Klass, AttorneyPhil has been a practicing attor-ney in the Denver Metro area for twenty-eight years, fourteen of those years practicing with the law � rm of Coldiron & Hamrick

specializing in landlord/tenant law. Phil’s prac-tice has focused on landlord-tenant law, busi-ness litigation, collection law, debtor-creditor disputes in the state district and county courts.

KlassLawGroup

Mold ...continued from page 1

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It’s that time of year when drive by traffi c can slow down, as one gray, rainy day blends into another. Oc-

casional sun breaks do little to brighten up your community, but rather expose areas with built up dirt and left over dead leaves. In some neighborhoods dense with apartment buildings, there is nothing to separate one group of gray or brown buildings from the next; they just blend into the dreariness of the day. Several smaller apartment communities on a block could actually be mistaken for one larger community to people who are driving by. Th e question is:

QWhat can I do to make my commu-

nity stand out from all the others in the area?

ATh e fi rst thing to take a close look at

is the signage you are using. Th is may seem very basic, but are the signs you are using clearly visible? Can they be seen from a distance, in ALL direc-tions, and are your signs CLEAN? Are your signs placed in such a way that it’s clear they are identifying YOUR build-ing, and not the one next door? Is your signage creative and colorful? If adver-tising a promotion, are you using clev-

SK THE SECRET SHOPPERCurb Appeal

er, eye-catching signs, banners, and/or balloons? Once a visitor drives into your community will they be able to fi nd the rental offi ce? What about man-agers and assistants who work out of their apartment homes? If this is you, are there well placed directional arrows and appropriate signs so prospective renters can easily fi nd your apartment?

Th e second thing to carefully assess is the cleanliness of your community. Th is time of year is especially chal-lenging because of the unpredictable

weather. One day it’s pouring down rain giving you water and mud issues to contend with, followed by a sunbreak so you have just enough time to clean up the mess before the next downpour! Th is is also the time of year when weeds begin making their appearance in the shrubs and fl owerbeds. Th ey are look-ing for the sun too, even though it’s not exactly gardening season yet! However, with “all hands on deck,” this seem-ingly impossible goal of a clean prop-erty is completely realistic. It can be accomplished if all staff members are willing to take on responsibility for the outward appearance of the community. For maintenance staff , that would be washing down gutters, downspouts and siding, and power washing to keep side-walks and other areas from taking on the dreaded “green hue” that is so unat-tractive this time of year. For offi ce staff and visiting property managers, that would mean picking up litter when you see it, as well as pulling an occasional weed, and keeping fl owers cleaned up.

Speaking of fl owers . . . Do you have any? If you don’t have colorful plants or fl owers, how are you brightening up your community to enhance its curb appeal? Is there a freshly painted fence or curbing that diff ers from your neighbors? What about the use of fl ags

or balloons to highlight the entrance to your community? If you use balloons, do you keep them properly infl ated? Nothing communicates apathy and a lack of attention to detail like defl ated (dead) balloons!

No matter what you have going for you on the “inside” of your communi-ty, no one will ever fi nd out if you can’t draw them in from the “outside.” If the basics aren’t handled at the curb, your prospective renters won’t make it to the front door.

Clear, clever signage + clean, colorful curb appeal = countless cars carrying customers!

If you are interested in leasing train-ing or have a question or concern you would like to see addressed, please reach out to me via e-mail. Otherwise, please contact Jancyn for your employ-ee evaluation needs: www.jancyn.com

ASK THE SECRET SHOPPER

Provided by: Joyce (Kirby) Bica

Former owner of Shoptalk Service Evaluations

Consultant to Jancyn Evaluation Shops

E-mail: [email protected]

Copyright Joyce (Kirby) Bica

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7



5 Extraordinary Ways to Market and ...continued from page 1

• Bike sharing stations.

For example, Denver B-cycle, which was the fi rst large-scale municipal bike sharing system in the United States, is a hugely popular program especial-ly among young urban residents. Th is wouldn’t happen to be your target mar-ket would it?

2. It’s Time to Update Your Curb Appeal

Th ere’s nothing worse than seeing prospective renters keep driving right on by at 30 miles an hour aft er a quick glance at your property. Five seconds is all it takes to make a negative, and last-ing, fi rst impression.

Curb appeal is one of the most im-portant 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 cre-ative ads that draw potential renters in droves yet lose them before they reach your front door if your apartment com-munity 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 stuff ed full of colorful fl owers.

• Add a canopy.

• Install inexpensive landscaping.

• Put up modern signage (yes, maybe it’s time to get rid of your old dated signage).

• Off er mobile friendly ways to con-tact 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 sand-wich board with balloons and grab the auto and foot traffi c on busy weekends.

3. Develop Mutually Benefi cial Re-lationships 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 em-ployees live in close proximity to work. Proximity to work contributes to less tardiness and fewer missed days due to bad weather.

Off er to waive your application fees for employees of participating merchants.

Other ways to support your local merchant in exchange for free advertis-ing are to:

• Include coupons or fl yers of the local business in new resident wel-come packages.

• Put a “Welcome to the commu-nity! Enjoy dinner (or a discount etc.) on us!” note in all new resi-dent packages.

• Off er local merchant dis-counts or gift cards to new and renewing residents.

• Off er 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 fl yers and mailings.

• Provide word of mouth advertising.

Th e extra eff ort spent in meeting your local merchants can be rewarding on both a personal and fi nancial level.

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

Your current residents can be the most infl uential 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 hap-py 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 eff ective ways to get the word out are by:

• Hosting a resident referral party.

• Sponsoring a community yard sale.

• Holding open houses with tours of the property.

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 Man-agement Company

Some property management compa-nies have amazing branding. Find out who they are and hire them—or watch them closely so that you can model

their branding. Th ese are the manage-ment companies that off er the “cool” factor to their residents.

Sometimes the branding is as simple as off ering a “green” element to living at their communities. For example, re-cycling programs are a very inexpen-sive and desirable service to off er at your property.

You can create your own buzz and cool factor by off ering something as simple as pre-leasing. Include text such as “Now Pre-Leasing for Large Two-Bedrooms” in your online adver-tising and on your property signage.

It may not seem like a big deal but pre-leasing can tell prospective res-idents that they are with a proactive management company. It also implies that your property is a desirable build-ing to live in because people want to sign leases months before they are able move-in.

Th eresa Bradley-Banta

Founder + CEOTh eresa Bradley-Banta writes, speaks and men-tors 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 rent-als, multifamily properties and international single-family development projects from $50K to greater than $9M. Th eresa has performed due diligence on hundreds of multifamily properties and is a consultant to clients with an aggregate portfolio value in excess of $150M.

Color

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CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________

ADDRESS: ________________________________________________UNIT: ______________

CITY: ___________________________________ STATE: ________ ZIP: _________________ellent (VG) Very Good (G)Good (F)Fair (P)Poor

Rating Scale = (G)Good (F)Fair (P)Poor

Rating Scale = (E)Exc (G)Good (F)Fair (P)Poor

Rating Scale = (E)Exc (G)Good (F)Fair (P)Poor

Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor




Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor In Out

In OutBEDROOM 3

Walls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/Woodwork

Locks

Ceilings

Electric Outlets

Smoke Detectors

BATH ROOMFireplace

Towel BarsCleanliness

Sink & Vanity

ToiletBEDROOM 1

BEDROOM 2Tub/Shower

Walls

Walls

Fan (Exhaust)Windows

WindowsFloor

Blinds/DrapesBlinds/Drapes

Electric OutletsRods

Rods

Light FixturesFloor

FloorLight Fixtures

Light FixturesEssential ServicesEssential Services

Doors/WoodworkDoors/Woodwork

PlumbingLocks

Locks

HeatingCeilings

CeilingsElectricity

Electrical OutletsElectric Outlets

Hot WaterSmoke Detectors

Smoke DetectorsSmoke Detectors

WA-RTG-20 Washington

©2009 NO PORTION of this form may be reproduced without written permission.

TENANT(S): __________________________________________________________________

ADDRESS: ________________________________________________UNIT: ______________

CITY: ___________________________________ STATE: ________ ZIP: _________________ (G)Good (F)Fair ( (G)Good (F)Fair (P)Poor

Out

BEDROOM 3

Walls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/Woodwork

Locks

Ceilings

Electric Outlets

Smoke Detectors

(G)Good (F)Fair (

48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DATE:________

ADDRESS: ____________________________________________________ UNIT: _________

CITY: _________________________________________ STATE: __________ ZIP: _________48-HOUR NOTICE OF ENTRY

Pursuant to RCW 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)______________________________________________________________________________on between the hours of and . (Date) (Time) (Time)The entry will occur for the following purpose:______________________________________________________________________________

______________________________________________________________________________

Landlord Phone

Method of Service: Personal Service: *

* Add one additional day for compliance if served by post and mail.

WA-RTG-40 Washington


48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UCITY: _________________________________________ STATE: __________

48-HOUR NOTICE OF ENTRYPursuant to RCW 59.18.150, this is your 48 hour notice that your laentering the dwelling unit and premises located at (Address)______________________________________________________________________________ between the hours of (Date) (Time)

The entry will occur for the following purpose:______________________________________________________________________________

______________________________________________________________________________ Landlord Phone

Method of Service: Personal Service:

* Add one additional day for compliance if served by post and m

48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UCITY: _________________________________________ STATE: __________

48-HOUR NOTICE OF ENTRYPursuant to RCW 59.18.150, this is your 48 hour notice that your laentering the dwelling unit and premises located at (Address)______________________________________________________________________________ between the hours of (Date) (Time)

The entry will occur for the following purpose:______________________________________________________________________________

______________________________________________________________________________ Landlord Phone

Method of Service: Personal Service:

* Add one additional day for compliance if served by post and m

CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS KITCHEN BEDROOM 3

Walls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/Woodwork

Locks

Ceilings

Electric Outlets

BATH ROOMTowel BarsCleanlinessSink & Vanity

ToiletBEDROOM 1 BEDROOM 2 Tub/ShowerWalls Walls Fan (Exhaust)Windows Windows FloorBlinds/Drapes Blinds/Drapes Electric OutletsRods Rods Light FixturesFloor FloorLight Fixtures Light Fixtures Essential ServicesEssential ServicesDoors/Woodwork Doors/Woodwork PlumbingLocks Locks HeatingCeilings Ceilings ElectricityElectrical Outlets Electric Outlets Hot Water

Smoke Detectors

OR-RTG-20 Oregon


CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _____________Rating Scale = (E)Excellent (V(E)Excellent (V(E)Excellent (V(E)Excellent (V(E)Excellent (VG) Very Good (G)Good (F)FG) Very Good (G)Good (F)FG) Very Good (G)Good (F)FG) Very Good (G)Good (F)F

IN OutLIVING AREAS KITCHEN

Cleanliness

PET AGREEMENTTENANT INFORMATION

TENANT(S): ____________________________________________________ DATE:________ADDRESS: ____________________________________________________ UNIT: _________CITY: _________________________________________ STATE: __________ ZIP: _________

DESCRIPTION OF PET(S)

1) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________



Additional Security Deposit Required:$

AGREEMENTTenant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) understands that the additional pet(s) are not permitted unless the landlord gives tenant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises subject to the following terms and conditions:

1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the tenant’s dwelling unit. 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall not allow their pets to cause any sort of disturbance or injury to the other tenants, guests, landlord or any other persons lawfully on the premises. 7) Tenant(s) shall immediately report to landlord any type of damage or injury caused by their pet. 8) This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.

_____________________________ ______________________________Landlord Tenant ______________________________ Tenant

OR-RTG-24 Oregon


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Apartment Building Leasing and Marketing ...continued from page 3

nance request response times and your method of communication with resi-dents. Include the details in your mar-keting plan.

3. Apartment unit rent and con-cession comparables

Describe what your competing mar-ket is doing and how you stack up to-day. You must know the rents that your submarket competitors are receiving for comparable apartment units and also if they are off ering 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 conces-sions—in order to attract new resi-dents to your apartment building. Th is may involve:

• Bringing in a new professional and seasoned management team.

• Updating apartment units.

• Off ering creative concessions and incentives to new and ex-isting residents.

• Creating greater curb appeal to im-prove marketing.

• Establishing a new leasing and mar-keting plan and,

• Hiring a temporary leasing agent in addition to the leasing services your management company provides.

4. Creative concessionsIf 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 exam-ple, 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 resi-dent 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 off ering them other concessions such as discounted rent. For each new lease signed give the referring resident a $25 gift certifi cate or other attractive bo-nuses and incentives.

6. Current vacancyProviding a current rent roll and his-

torical fi nancials will be a requirement of getting fi nancing. Your lender will ask for these documents and they will be fully apprised of any vacancies at your property. Don’t shy away from de-scribing 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 rentsA 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 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 sol-id 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. Th is 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 manage-ment 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 in-come falls short of projections or your expenses exceed projections you have a baseline to work from when you ad-dress the issue with your property management company.

Read Creating an Annual Operating Budget for Your Multifamily Property to understand the benefi ts of preparing an annual income and expense forecast.

9. Additional sources of incomeIf you have untapped sources of in-

come describe them. For example you might be able to rent out unused storage

space, lease unused parking spaces, in-crease 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 sourc-es of income. Let your lender know you have the expertise to increase revenue.

10. Advertising strategyHow and where will you advertise

units for rent? Make a list that includes:• Online rental sites.

• Newspapers.

• Local merchants.

Clearly defi ne your marketing bud-get, 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 con-tact information.

11. Property curb appealAn apartment building with great

curb appeal is easier to rent. By in-vesting a small amount of your time and renovation budget you can change the entire look of your property. New shrubbery, signage, blinds and land-scaping can have a major impact on your ability to attract new residents.

12. Local apartment market “sizzle”

Market sizzle comes in all shapes and sizes. Your submarket renters might want free WiFi, wood fl oors or in unit washers and dyers. Study your

local apartment market and let your lender know that you can give pro-spective renters what they’re looking for. Plan for these expenses in your renovation budget.

13. Current leases and lease expi-ration dates

Review all current leases and demon-strate a solid understanding of your current resident status and lease re-newal dates. Have a plan for staggering lease renewals for all new leases.

14. Local police department prem-ise history

Most police departments keep a log of all visits to a property. Th is is typical-ly called a premise history. If it’s clean use it in your marketing. For example you might advertise a “Safe, secure, qui-et building.” A good report speaks vol-umes about the neighborhood in which your property is located.

Th eresa Bradley-BantaFounder + CEOTh eresa Bradley-Banta writes, speaks and men-tors 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 rent-als, multifamily properties and international single-family development projects from $50K to greater than $9M. Th eresa 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 Colorado February 2016

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Transcript of Rental Housing Journal Colorado February 2016