New Industry Products

This month we are featuring three new industry products that will help you save money, protect your tenants, and go green.

One2Flush revolutionizes the way you save money on your water bill. A couple of months ago we ran an article promoting One2Flush. Since then Apartment News has gone to fully backing the product. We have installed One2Flush in our own homes, and already started noticing the money being saved. Cutting the water used while flushing, apartment owners can save thousands on their water bills by installing this product in all their units. The more units you have = more $ saved. To get more information call (800) 931-6666.

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Hello from everybody here at Apartment News. We hope that the New Year has been wonderful so far, and that it only keeps getting better for you. Apartment News wishes its readers success and prosperity; and hope that we can help you achieve your professional goals this year.

Apartment News is pleased to announce that we have launched a new website. We are very excited about our new project, and hope that it becomes a major and useful tool in helping you complete your projects and manage your properties more efficiently. Apartment News is striving to create the definitive contractor and income-property specialist database. With as few clicks as possible, residential, apartment and commercial property owners and managers will find countless contractors and property specialists to call upon if needed,  for their services

If you wish to check it out, go to www.aptcontractors.com. There you can find information on hundreds of contractors, and how to get in touch with them. In the future, we hope to add Customer Reviews, so that way you can see what other owners/managers have to say about them and whether  they will be appropriate for your project. We know how hard it is to find the right company for the job, and we want to make the process as easy as possible. Included in the website will be great resources and “How-Tos” to help you manage your properties.

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By Tony Freeman

For most people, apartment ownership means a big investment with special risks. Buying an apartment is a big undertaking and as an owner you need to make sure that you are adequately protecting your investment.

You’ll want to make sure you have coverage for your property, your liability and loss of rents. The main components of an apartment policy include: the building, business property, business liability and loss of rents.

Building
The building provides coverage for accidental loss to the building and other structures attached to it like a garage or wall. If there are detached structures on the property, make sure to clearly define their use. If the structures are used for commercial, manufacturing, farming, or if your tenant decides to use them for any of these purposes or other business purposes, a standard apartment policy may not cover losses arising from these activities.

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Software Advice, a web site that advises software buyers about which property management software to buy, just released the results of their 2009 Property Management Technology survey.

The survey garnered responses from 70 property managers from around the country and came up with some very interesting conclusions.

Among them:

• What technology a growing property management company uses;
• How prevalent social media use is;
• How property management specific software allows companies to manage more units per employee; and
• How companies are struggling to track leads that come from the Internet

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Dear Maintenance Men:

I’m exited about all the electric cars coming into the market starting at end of 2010. I plan on owning one myself!  My question is:  How do I make my apartment building electric car friendly?  I believe this will be the future and I want to have a leg up on the competition.  If I can rent my vacancy faster and for more money, I’m in!   What do I have to think about to convert my existing garages or parking areas to accommodate the electric cars of the future?  George
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By Chris Miller

The importance of creating a business plan for investment real estate doesn’t get much press.  I have seen that some people who deal with real estate for a living do not even use them.  Whether you are a sophisticated real estate investor or only own one rental property, spending a little time on a business plan can save a lot of headaches in the future.
I have had this exact conversation with at least two real estate brokers over the past decade:

Chris: “While reviewing this property, I noticed that the lease runs for 75 years, and has no rent increases.  How do you expect to sell this property for a profit?”

Broker: “Real estate always goes up in value, right?”

Wrong!  I have always reminded my investors that real estate’s value is tied to the income it produces.  Rising income is needed to realize rising property values.  At the same time, flat income does not lead to stable value.  In fact, due to the influence of inflation, it leads to declining value over the years.  Why buy real estate that will slowly decline in value over the next 50 years?  People do every day.  These investors don’t mean to do that but, because they lack a business plan; that is exactly what happens.
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Upon the wings of Mother Nature’s tropical climate, rides the swarming invaders, “Termites!”

In huge gatherings, they escape the confines of their underground nests (as in the case of the subterranean termites). The queen termite initiates this activity, when the colony can no longer maintain itself, with the large numbers it supports. Thus, new infestations must be created, and the ominous spread of these destructive villains commences.

No over the counter elixir or concoctions will eliminate the onslaught. Professional help is needed to identify the species, and make the proper diagnosis. In some cases, your attempt to treat activity can worsen the situation by driving the termites deeper into their channels or concealing the necessary evidence that a trained professional looks for.

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by Michael Hodge

Safety and security of employees, residents, and guests should always be a concern for Apartment Managers.

It’s actually the law! As most Courts find where there is a foreseeable risk of harm, those who control such properties have a duty to place “reasonable” measures to prevent such an occurrence.

Risk Analysis
Risk or threat analysis is the first step in the security process.  This process entails an examination of many factors, and subsequently determines appropriate measures to implement.  Some of these factors include:

• Level of crime in and around an area
• Apartment Industry education and awareness
• Proximity of property to major thoroughfares
• Existing security features
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There is a movement in the roofing industry toward what is referred to as “single ply” roofing for flat roofs.

This energy efficient roofing is like a big (usually white) rubber roof. It lasts longer than hot tar roofing and is much superior across the board. This product has been around since the sixties or so and has been upgraded and changed and re-invented. It now is a standard in the industry and becoming more popular as people get introduced to it.

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by John Nuzzolese

I always say that “95% of your tenant problems can be eliminated in the screening process.” If you’re like me, you probably find it difficult to relax when you have vacancies. So getting it rented is the main idea, right? Well, from now on, lets say “getting it rented to a properly qualified tenant is the main idea.”

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