property design, development, maintenance, rehab and policies
property design, development, maintenance, rehab and policies FCPM 235
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This 10 page Class Notes was uploaded by Cassandra Miller on Tuesday February 9, 2016. The Class Notes belongs to FCPM 235 at Ball State University taught by in Winter 2016. Since its upload, it has received 11 views.
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Date Created: 02/09/16
Rental housing specifics Friday, February 5, 2016 3:48 PM Chapter 3 - Rental Housing The Fair Housing Accessibility Guidelines Buildings with four or more units Seven minimal requirements 1. Parking 2. Access into the building 3. Clearances for passage doors 4. Bathroom fixtures 5. Kitchen appliances 6. Blocking for grab bars 7. A reachable range for controls, outlet, and switches In elevator buildings all floors must meet these requirements In stairs buildings only the first floor must meet these requirements With these regulations in place may developers have been implementing design changes across the nation Light switches are lowered Door ways are wider Control buttons are located within reach All changes are to make so people can live comfortably and independently longer in their home Parking garages are being more and more popular and rent at large rates (8 to 10% of the rent of a 2-bedroom unit) A private laundry room in a rental unit will pay for itself because it is a large asset Providing a mixture of imaginative layouts is essential People visiting the website online will judge an apartment by the layout and price Unit mix - the diversification of units in a single building (20 1-bedrom and 16 2-bedroom) Both efficiency apartments and larger units are key Changes in the economy creates demand for either My diversified residents Unit mix charts show Unit types and amounts Square feet Rent Vacancy Non-yield space Hallways Lobby Utility rooms Efficiency factor is all of the rentable space For Example 85,000 square feet of rentable area = 85% Efficiency Factor 100,000 gross square feet of building Rental cycles are determined by the amount and residents Apartments wear out faster when multiple people move in out of them than when one person stays for a long period of time Rental properties can be broken into 3 sections 1. Architectural design These are created with the building Tray ceilings Sound deadening Full length windows Cooking odor control Open kitchen with cooking island Decorative brick/stone wall Rounded Drywall Corners 2. Retro fits These can be added throughout the life of the building Solid surface counter tops Built-in bookcases Singing patio door(s)/French doors Sun deck Relaxation garden Emergency calling centers Business center 3. Add-ons You should improve each unit when it becomes vacant Shutters Quality shower doors Better hardware/ fixtures These improvements will help the apartment stay competitive in today's market Chapter 4 Extra Features Features to set you above the rest Recreation rooms Club house Exercise room Lockers Library Business centers Pays defends as a rental attraction Wireless connection Bike rooms Indoor Secure May contain charging stations for e-bikes Storage compartments Vary in size Rented separately Rooftop sundecks Inexpensive and attractive to residents Tennis courts Lighting Storage Relaxation gardens Beautifully landscaped areas for residents to enjoy Pretty to look at than pools in the off season Increase rental pride and rent premiums Security Measures Surveillance cameras Just having them visible acts as a crime deterrent Emergency call stations Placed in parking and open areas Wireless and provide video Signal exact location Electronic locks Computer-monitored electronic lock using smart card technology Retrofitting doors for knew locks can be labor intensive Metal doors and buck assemblies speed up the process while only reducing the door width by one-quarter of an inch Chapter 6 Business Decisions and Requirements Office considerations Location Should be easy to find for prospects and residents Close to or in the property's recreation facility Ensures that prospects will see this area Supervision of the rec facility becomes an easy matter. Potentially without additional staff needed Maintenance of the facility is invariably better when under daily watch If there is no rec facility it should be placed near the main entrance One office versus two Function of rental office should be rental information center Function of management office is to serve the residents Combining helps the staff have better understanding of the property Allows individuals to step out Increases productivity Benefits of separating the offices include eliminating the chance of a residents complaining in front of a prospect Appearance matters Keep it organized Office hours Sundays and some holidays such as Easter, labor day and memorial day experience high traffic Prospects generally don't show up before 10 am so 10am to 6pm works for rental hours Business hours can be different than rental hours - may begin at 7 30 am to allow residents to stop in on their way to work and employees to get a head start on the days problems Automated Telephones - bad idea Website May include: leasing tools, emergency help, frequently asked questions, repair requests, email, announcements and event notices, account information Security and protection issues Every year 1 out of 20 people is a victim of burglary, vandalism, mugging, robbery or car theft You should not promote that you are highly secure Makes people think it is a dangerous place Locks and keys Master keys can end up in the wrong hand - do not do Electronic locks and key cards are the way to go More expensive but more durable and can be reprogramed Entry restriction Heavy duty slide bar instead of a chain lock Other Devices and Equipment Dead bolt locks Wide-angle viewers Apartment to lobby intercommunication and tv systems to view visitors All security equipment must be in perfect working order Property Patrols Follow an intermitten schedule that cannot be tracked Gatekeepers or community service personell should not be dressed like guards Not canine patrols Video surveillance Provide a degree of deterrence Do not install phony cameras Management involvement Immediate mediation is needed after an incident Police involvement Ask police for advice if there are repeated offenses Safety and health concerns First aid Apartment offices are required to have a complete first aid cabinet Safety equipment and related requirements Safety gear such as hard-soled shoes OSHA makes periodic inspections of rental properties Fines can amount to thousands EPA is interested in Asbestos, lead, radon, carbon monoxide and more Laws, rules and regulations Hiring a person to keep track of all of the law changes for residential properties is a great idea Some recent law changes include Lockout/tag out Mold Combustible insulation Satellite dishes Playground safety Accessibility Chapter 20 Maintenance An apartment is generally more successful if complete before renting begins When buying an existing building it important to get information from employees first Second you should tour the grounds along and become familiar Third go over all records: complaints, paid bills, residence's rent registers and accounts General maintenance It is important to keep records of all repairs Many occur on a regular basis Number, type, wattage of light bulbs in various locations Square footage of grass Group relamping- replacing all associated light bulbs at once This saves money, time and most likely will reduce the amount of complaints about lights being out Every time you can replace a reaction with a pro-action, productivity is increased Creating a binder of important information is important Flowerbeds Parking lots Maintenance equipment Underground utilities Water and sewer lines Snow and ice control Swimming pool opening and closing Lighting Roofing Conducting a maintenance inspection Landscaping Hire a landscape architect Mix mature and immature plants Allocate funds each year to further develop the landscape Don't overuse grass Plant flowers of similar color in masses Perimeter flowerbeds should be tilled and weeded regularly If there is not much money in the budget work slowly in one area then an adjacent area Don’t skip around Paved areas Maintaining the paved surfaces can majorly influence how a resident feels about the property Make sure it is paved correctly in the first place Fix pot holes An easy fix to cover the entire parking lot is a "lift" or a new layer of asphalt on top of the old Outdoor lighting Update the fixtures not just he lightbulbs Landscape light Timer and central photoelectric cell can control outdoor lighting Rubbish and Recycling Different companies must be hired to accommodate recycling and trash separately Trash bins should be hidden Opening on the bottom for animals to escape Directory, intercom and mailboxes Electronic directories are best because they can be alphabetized easily Intercom is a safety measure for entry Hand written letters can not be placed in mailboxes Keep a basket for them near the mailboxes Shelves for organizing mail and trashcan for junk mail will be appreciated Entryways, lobbies, corridors Entryways and lobbies need daily maintenance Non-movable furniture is the best to discourage rearrangement This is not where you want a group to regularly hang out You can have a club house or card room for this Lobbies are for people waiting for a bus or taxi Runners or floor mats should be put out during bad weather Market ready apartments The property manager should personally check each market ready apartment daily to make sure it is still in good shape prior to showing it Window coverings You may offer shades to protect the image of the apartment both inside and out Plantation shutters are a new fad Floor coverings Low priced carpet Same life expectancy as high priced Sound softening Room softening Tile is the fad in the south Hard wood is the fad in the north Generally only placed in more high end units Also mainly on the first floor Ongoing maintenance Purchasing Painting Warranties Mold and mildew Pest control Snow and ice control When things get out of control a slow measured approach is the way to turn things around An ongoing maintenance plan always cost less then a crisis response one Chapter 21 Upgrading and Renovations Apartment buildings begin to see major problems after 6 to 7 years Today many owners look to refinancing as a way to fund upgrades You need to put money away to update the apartments appliances and fixtures Categories of improvements Must-do - required replacements or repairs to structure Roof, heating and cooling, windows Should-do - bringing the property up to modern day standards Upgrading stairways, corridors, new carpeting Could-do - purely optional Enlarge a bathroom, convert a bedroom to an office or den, change wall colors Housing changes Apartments used to be built more efficiently - 8ft ceilings, small bathrooms and closets Not people are demanding better quality apartments High ceilings, great rooms, walk-in closets Variety is the best way to increase an apartment buildings appeal as well as rent levels Avoid have identical buildings Change color schemes, landscaping Extend balconies to connect between living areas and bedrooms Enlarge a bathroom by taking up a closet End units should have more windows Take down walls and shorten hallways Take a yearly visit to the parade of homes in your area Don’t add too many improvement that people can not afford it It is better to add one or two improvements to more apartments then four or five to less The day to day preparation of apartments can be repetitive so changing it up is morale boosting Four levels of rehab 1. One unit at a time - generally paid for with the operating funds instead of needing capital infusion 2. The face lift - exterior improvements, landscaping, exterior painting and fixtures, repaving 3. The overall upgrade - update of exterior with new paving, siding and paint and update common areas 4. The major renewal - rooflines are raised, exterior is completely changed, new apartment layouts PowerPoint 1 - exterior Appearance is the primary consideration in the decision to rent Rental properties are rated on an A, B or C scale The rating is determined by Age Appearance/amenities Comparison to others in the same market Landscaping is an important exterior element Its important to use apartment landscaping professionals Avoid using only grass Make sure to use plants with color When using boulders do not paint them Consider maintenance when deciding on species Water conspicuously Paved areas Smooth surface Parking strips and wheel stops Only use speed bumps in regions without much snow Garages/ carport are becoming more attractive Trash collection should be accessible by residents but hidden from prospects Outdoor lighting is important for security and appearance Use the most expensive light bulbs and fixtures you can to avoid constant replacements PowerPoint 2 - interior Amenities and units should reflect the resident profile Compare amenities in the surrounding area Specialized amenities Daycare center Bark park Property office location and attributes should be carefully considered One office or two Location Hours Appearance Common areas Make sure it has a working, heavy-duty door A vestibule (entrance area) will stop dirt and things from reaching the common area Try to give people a personal address for their apartment home Furnishings - built ins are not moveable helps with the organization of the room Floor coverings and maintenance Indoor lighting is essential Unit Mix - the distribution of various unit types on a property Unit amenities Fireplace Washer/dryer or hook up Ceiling fans Garden tub Extra storage Patio/balcony Market-ready checklist: Do not show an apartment if they do not meet this list Fresh coat of paint Clean carpet or flooring Sparkling windows/sills - inside and out Clean light fixtures Comfortable temperature Clean kitchen and bathroom No resident leftovers PowerPoint 3 Maintenance Production preparation and renovation priorities in order to Protect the physical asset Provide for your residents Keep up with the competition Divide this into Must-do Structural repairs Should-do Upgrade, replace Could-do Add new features Change layout Custom decorating Return on investment Must-do renovations - 0% Should-do renovations - 0-5% Could-do renovations - up to 30% Maintenance "preparing the property is only half the job: keeping it ready is the other half." Maintenance and equipment rooms Clean and organized Supplies and parts Inventory and tools Equipment inventory Warranties Maintenance issues Planned Maintenance - regular maintenance done in house Deferred Maintenance - out of house maintenance Entering a unit for inspection or repair Give 3 notices Before During After Cannibalization - using parts or materials from the vacant unit to repair an occupied unit Apartment Painting Who buys the paint? What type? Color? Additional supplies? What to paint? Other maintenance Pest control Seasonal maintenance Landscaping/grounds Snow removal In-house vs outside contractor considerations Expertise Cost Control Response time Personnel issues Outside personnel for Central AC Elevators Pool Pest control Sewers Window washing Landscaping PowerPoint 4 Policies Policies are important in an apartment community to Prevent problems Address problems when they occur Regulatory - set by law Fair housing law Fair credit act Wage and hour law Landlord-tenant law Company - set by apartment community Property policies Lease policies Rent payment Pet policies Monitoring It may be wise to have one person in charge of keeping track of all policy compliance Company policies should be In writing Shared with all involved Reviewed regularly Changed as needed
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