Power Tools for Property Managers

Come join us!

2008-07-14T14:39:15Z

Come check out the new blog from NAR's Information Central! "Power Tools for Property Managers" is no longer being updated, but you'll find plenty of interest in the InfoCentral Blog. The InfoCentral Blog keeps you up-to-date on new and useful information resources for the real estate industry -- websites, research reports, eBooks, news articles, services and databases from NAR's Information Central, and more. Surf on over to http://narblog1.realtors.org/mvtype/infocentral/.

Space planning, safety, building code, and other property management eBooks

2007-10-22T17:05:54Z

Whether you're managing small rental properties or a multi-tenant office building, NAR's Virtual Library eBooks Collection has something for you. Space Planning for Commercial and Residential Interiors (Adobe format), Sustainable Energy Systems in Architectural Design (Adobe format), Office Building Safety and Health (Adobe format), Leases and Rental Agreements (Adobe format), and Illustrated 2000: Building Code Handbook (Adobe format) are just some of the titles available to NAR members and staff. All you need to take advantage of this digital library of books, audios, and videos is your active NRDS number and the free downloadable reader software available at eBooks.realtor.org.

Florida Condo Community Ousts Property Managment Company, Sage Residential

2007-05-21T15:57:05Z

Last week, Jacksonville, Florida condo community, Montreux at Deerwood Lake, voted to replace Sage Residential, a division of Tarragon Corporation. According to theStreet.com, "a resident and board member at thte community had threatened legal action against Tarragon over alleged self-dealing." Instead of facing a lawsuit, the corporation agreed to discontinue Sage's management contract at Montreux. In recent months, Tarragon's stock has been under pressure "from short-sellers who say the company is facing a liquidity crunch." In a recent SEC filing, the corporation disclosed that "it was not in compliance with a debt-service coverage ration covenant pertaining to its $125 million of outstanding unsecured bonds."

Tired of flushing money down the toilet? Use water-free urinals

2007-05-17T18:07:38Z

According to a recent article in the Journal of Property Management, "By 2026, world demand for water will surpass its supply by 56 percent, according to information from the United Nations." With the rising costs of sewer utilities and water, as well as the growing awareness of buildings' impacts on the environment, water-free urinals are an alternative plumbing solution. The tidy toilets, which were invented in 1989, "work without water, flush valves or other mechanical controls. Instead, most available units rely on disposable cartridges." These cartridges are filled with a liquid sealant that captures waste and eliminates odors.

Water-free urinals are now used at Disney World, the Florida Marlins' Pro Player Baseball Stadium, and the Miami Beach Convention Center. "The urinals save the center more than 3 million gallons of water each year, significantly reducing water and sewage costs." Another bonus of water-free urinals is the low costs for installation and maintenance because no water piping is connected to the urinals and "property managers don't have to wory about servicing flush controls or fixing leaks, floods, and water flow sensors.

Gen X and Y Property Managers Want Tech Tools

2007-05-09T18:47:31Z

According to a recent article in the Journal of Property Management, property managers carry 25 to 45 percent more managed square footage than they did just a decade ago. When the going gets hectic, Gen X and Y managers rely on email, cell phones, PDAs, voicemail, and text messaging to be successful in their careers. Many younger professionals seek out employers who provide a technology-based platform these days since speed and accuracy rules in a world where customer service of the 21st century is all about a "what-can-you-do-for-me-today" attitude. Technologies such as "extensive computer-based lease and accounting programs are a must."

Midwest not "leeding" the pack

2007-04-25T18:20:43Z

Although the Midwest region of the United States, is not the worst when it comes to green building efforts, it certainly isn't "leeding" the pack compared to the East and West coasts. California takes top honors "with the highest number of LEED-certified projects-- 79 as of last December, according to U.S. Green Building Council information. In comparison, Michigan, which leads the Midwest, has 35 LEED-certified projects, while the entire region has 111." The region, however, does have a few reasons to brag about green building efforts. The Chicago Center for Green Technology was the third LEED-certified platinum building in the country and the Chicago high-rise office building currently under construction is pre-certified gold.

Are you promoting your services as well as you could?

2007-04-23T18:29:56Z

Recently added to NAR's Virtual Library eBooks Collection: Creating Rainmakers, How to Become a Rainmaker, Web Marketing For Dummies®, Branding For Dummies®, Happy About Apartment Management. Check out eBooks.realtor.org for these and other titles. NAR members can borrow up to 3 eBooks, digital audios, and/or videos for FREE. New to NAR's digital library? Just follow the Quick Start Guide...and have your NRDS number ready!

Don't Do Windows? Think again...

2007-04-17T18:39:49Z

Not all window films are created equal. In the past, window film's primary function "was to block solar heat coming through windows," to save on the cost of air conditioning, and reduce glass temperature. Today's security window films, however, serve a variety of purposes-- most importantly, saving lives, reducing injuries, and protecting property from damage due to natural disasters, gas line explosions, and various impacts. Property managers sometimes overlook the dangers of glass posed to tenants, yet low cost security film can strengthen existing windows. The most energy efficient film can cost between $10-$13 per square foot installed.

Wine, cheese and a new house?

2007-04-13T18:21:08Z

Windermere's Living Room office in Kirkland, WA combines real estate sales with wine tasting and an art exhibition. "Those who come in will meet with manager Vito Parente, a Realtor and former restaurant worker who says he can recommend a good wine and, when customers are ready to get serious, the right Windermere agent." Plasma screens show pictures of homes for sale.

Go Green with a new Online Resource

2007-04-10T15:37:22Z

Since the commercial office sector "spends roughly $24 billion annually on energy and is the single-largest operating expense for office buildings," BOMA developed an online resource named GREEN, the Green Resource Energy and Environment Network. BOMA's mission of the site is to "help property managers wade through the sea of information by creating a one-stop, all-encompassing information portal." The plethora of information on GREEN includes pointers on reducing plug-load during lunch time by turring off PCs and peripherals, looking for the Energy Star logo when purchasing new office equipment, and communicating the importance of managing individual and collective energy use through informational emails and posters at the office.

You, too, can be a landlord

2007-03-22T19:57:54Z

More and more Americans are investing in real estate and becoming landlords due "in part because the subprime-lending crisis is making it harder for people with marginal credit records to secure mortgages." There are plenty of financing options available for real estate investors who have good credit, but there's also a great deal of hard work involved. Tenant complaints, maintenance issues and repairs, as well as insurance are just some of a landlord's concerns. Paul Howard of the Florida Landlord Network advises potential landlords to realize that "you're buying an income stream, not a pretty house."

Diversity in the Workplace

2007-02-27T17:31:44Z

Corporate America is becoming more diverse in terms of ethnicity and gender as the number of minorities increases in the U.S. Corporate leaders are beginning to follow this trend by employing a diverse workforce; however, the real estate sector is lagging behind. According to a recent article in the Journal of Property Management , "less than 1% of the more than 100,000 people employed in the real estate industry are black."

As a result, brokerages such as CB Richard Ellis and Cushman & Wakefield are implementing proactive recruiting efforts to attract minority candidates and keep them. Internal recruitment efforts, outreach to minority professional organizations, as well as mentor programs are just some of the approaches that are being used.

Condo craze ready to simmer down now

2007-02-07T18:38:40Z

The condo market boom of 2001 is slowing down . One telltale sign of this trend is the "mass exodus by investors and developers who initially bought rental apartments to convert to condos." From August 2005 to August 2006, condominium prices fell 2.4% nationwide. This oversupply could lead to business opportunities for real estate managers since rental apartments once destined for condo conversion are switching back to rental units.

According to NAR's Lawrence Yun, the condominium slump is more pronounced than other housing slumps due to investors fleeing the sector so quickly. "The investors- not owner occupiers- evidently artificially raised condo demand during the housing market boom," Yun says. "They were buying in hopes of cashing out at a higher appreciation. With appreciation not coming around now, that artificial demand has disappeared."

Renting until it's time to sell

2007-02-01T15:46:32Z

Home owners who have a difficult time selling their homes are seeking out property managers to rent them in the meantime. This can be a good financial move if equity to purchase another home is not immediately needed. Property managers are being hired for a fee of 6-12% of the rent to find and screen tenants, collect security deposits, negotiate leases, make sure that owners comply with landlord- tenant laws, and deal with those 3 a.m. fix-it calls.

Is Anyone Home?

2007-01-08T16:38:26Z

According to New York Research Firm, Reis Inc., there's a large increase in the number of empty apartments in the United States. "The average vacancy rate for the 79 largest U.S. markets rose to 5.9% in the fourth quarter, up from 5.5% in the third quarter and 5.7% a year earlier." The combination of rising rents, increased supply from failed condo projects, and seasonal factors have instigated this dramatic change. The markets with the most vacant units include Little Rock, Ark., Palm Beach, Fla., and Baltimore.