Apartments can do the same thing. During an NAA “Problem Solving” conference call, the following ideas were shared as additional revenue sources that are simple to implement and have a measurable impact on your NOI.

1. Lease Buy Out Fee. Whether you require a 30 day or 60 day notice to vacate, if they need to terminate their lease early, add one month’s rent. And don’t forget those concessions or incentives they received at move in, these should be charged back for terminating early as well. Of course these charges would not apply to military residents.

2. Late Rent Fee. If the rent is due on the 1st of the month and they don’t pay until the 5th or 20th, are you charging them a fee. I mean, you’re charged a fee if you pay your mortgage late, why should a resident be able to pay whenever they want! A per day fee works best, as they need to realize that paying on the 10th of the month and the 20 th isn’t the same.

3. Non-Sufficient Funds Fee. Most banks charge a minimum of $35. You need to recoup that cost, so charge the resident $35 to $50. And, for the next 6 months, they have to pay with money orders. Sometimes a resident needs to learn that you are not their bank. If they have a 2nd incident, no longer accept checks. If you do, you are asking for more trouble.

4. Smoke Detector Fee. If a staff member notices a disengaged smoke detector, what do they do? Besides putting it back in service. They are putting your entire building at risk. And sometimes the only way to get residents to pay attention is to charge them. A fee of $10 to $25 would certainly be in line.

5. Pet Waste Fee. Nothing worse than picking up poo piles, especially when it is NOT YOUR animal. And no matter if it is a pet, service animal or companion animal, if you have proof that a resident did not pick up after their animal, you should and can charge them a fee. Some properties are even using pet DNA successfully, which provides indisputable proof that a pile of poo belongs to a specific animal.

6. Trash Fee. While a relatively new concept, there are residents that would pay for this convenience. You could start at $5 per month and charge more for valet service. ($7 per month at a 7 percent cap is $1,200 per unit increase in value.)

As always, practice “Fair Housing”. What you do for one, you do for all.

What fees do you charge for extra services or nuisance behavior? Comment below on other ways to bring in revenue.

Read all 35 uses for WD-40 and think of how it would benefit your life?

WD-40 Uses:
1. Protects silver from tarnishing.
2. Removes road tar and grime from cars.
3. Cleans and lubricates guitar strings.
4. Gives floor that ‘just-waxed’ sheen without making them slippery.
5. Keeps’ the flies off of Cows, Horses, and other Farm Critters, as well.
6. Restores and cleans chalkboards.
7. Removes lipstick stains.
8. Loosens’ stubborn zippers.
9. Untangles jewelry chains.
10. Removes stains from stainless steel sinks.
11. Removes dirt and grime from the barbecue grill.
12. Keeps ceramic / terracotta garden pots from oxidizing.
13. Removes tomato stains from clothing.
14. Keeps glass shower doors free of water spots.
15. Camouflages scratches in ceramic and marble floors.
16. Keeps scissors working smoothly.
17. Lubricates noisy door hinges on both home and vehicles doors.
18. It removes that nasty tar and scuff marks from the kitchen flooring.
(It doesn’t seem to harm the finish and you won’t have to scrub nearly as hard to get them off,
just remember to open some windows if you have a lot of marks).
19. Remove those nasty Bug guts that will eat away the finish on your car if not removed quickly!
20. Lubricates gearshift and mower deck lever for ease of handling on riding mowers…
21. Rids kids’ rocking chairs and swings of squeaky noises.
22. Lubricates tracks in sticking home windows and makes them easier to open.
23. Restores and cleans padded leather dashboards in vehicles, as well as vinyl bumpers.
24. Restores and cleans roof racks on vehicles.
25. Lubricates and stops squeaks in electric fans.
26. Lubricates wheel sprockets on tricycles, wagons, and bicycles for easy handling.
27. Lubricates fan belts on washers and dryers and keeps them running smoothly.
28. Keeps rust from forming on saws and saw blades, and other tools.
29. Removes grease splatters from stovetops.
30. Keeps bathroom mirror from fogging.
31. Keeps pigeons off the balcony (they hate the smell).
32. Removes all traces of duct tape.
33. Use it for fire ant bites. It takes the sting away immediately and stops the itch.
34. It is great for removing crayon from walls. Spray it on the marks and wipe with a clean rag.
35. If you spray it inside a wet distributor cap, it will displace the moisture, allowing the engine to start.

Also WD-40 is a fish attractant when used on fish bait; however it is illegal to use in some areas, so check with your local Game Fish and Parks laws and regulations.

There are a lot of uses for such a great product, what other uses have you found for WD40? Comment Below!

Keep the Kids Safe

What to do with the kids while the movers are in and out of the apartment? You might find yourself preoccupied as one of them slips out the front door or gets into household chemicals that are usually locked in the cabinet. There are many dangers around the apartment that could prove hazardous to children. It’s up to you to be especially vigilant on moving day.

• Keep them busy by having them help out labeling boxes (use color-coordinated crayons for the younger kids). Also, have them dust, vacuum and wipe the glass, so they feel as they are part of this move. If you make it seem as it’s fun, it just might be.
• Watch out for hanging cords from window coverings. While it sounds morbid, they can cause strangulation. Also, watch open doors to the back patio (especially if you have a pool), with so much going on that’s the last place wandering kids should be.
• Some solid advice. Try to get a babysitter ahead of time.
• Don’t leave climbable-stacked boxes and furniture to long. Kids will see it as an opportunity to play.

Rain, Rain Go Away

A rained-out moving day isn’t an option, no matter if you’re doing it yourself or have chosen a transporter through uShip.com. Especially if, you live in rainy portions of the country, a preparation plan is essential. Check the weather report for the week leading to the big day. If there’s the slightest chance of terrible weather, protect your belongings.

• Mattress: Your moving company may have mattress bags so check with them first. If not, or you’re moving yourself, get an earth-friendly variety from EcoBox. A couple of plastic tarps taped tightly together will work, as well.
• Furniture: Wrap plastic slip or tarps around untreated furniture.
• Path from the front door to truck: Consider getting a cheap carpet runner from a thrift store for your move in the rain. Plastic sheets are too slippery. You’ll need something that offers traction and protection.
• Indoor flooring: Again, avoid plastic floor protection on a rainy day. Instead, use resin paper with blue painters tape, cardboard or fabric, all of which you might have to replace throughout the day.

Also in rain, cardboard boxes can lose their structure when wet so keep your eye on them. Be sure you and/or your movers are holding them from the bottom and as little as possible. They can break or tear at the worst times. If there are kids around and the floors are slippery, it could be a moving disaster.

Avoid Personal Injury

Personal injuries fall in the same category as a sick kid considering you’ll need your insurance information up-to-date and accessible. You never know when you’re going to get injured when lifting that ceramic elephant you purchased in Thailand … Oh wait it’s marble actually, no wonder you threw your back out.

• Don’t lift anything beyond your realm. Hire movers or keep strong friends handy.
• Stretch before, during and after moving.
• Bend with your knees.
• If you feel as you pulled something, stop! It’s not worth the future pain.

Nothing will stop you from getting to your new place if you’re prepared.

This blog brought to you by Jamie Berger.  Jaime sells boats and watercraft by day and is a freelance writer by night.

There is another way.  Here are some alternatives to the alarm clock that can make your mornings more pleasant.

Light therapy wake-up – lights are designed to wake you up gradually by increasing light over a period of time.  As the light slowly increases your body adjusts and pretty soon you are awake, without the blaring of an alarm.  Some do have an option of an additional alarm built in, to emphasize when you actually need to get up but by the time it goes off you will most likely be ready for it.  These are especially nice in the winter when it is dark in the morning hours.  It is like waking to the sunrise instead of being jolted from your sweet dreams.

Vibrating alarm clocks – These have a couple variations.  One option is a device that you wear like a watch.  You can set your alarm and when it goes off the wristband starts vibrating to wake you up.  Another option is a vibrating pillow.  The vibrations are virtually silent but the motion will alert your body to changes that need it to wake up.  The gentle vibration will be more gradual than the abrasive blaring of a mechanical bell.

Appliance alarm clocks have outlets built into them so that whatever you plug in turns on at the time of your alarm.  You could plug in any appliance that fits on your night stand that will be successful and getting you out of bed.  Something simple to plug in would be a lamp but maybe you are more creative than that.  Perhaps you leave the alarm clock in the kitchen and wake up to the coffee grinding in the pot.  Whatever makes the most sense to you that is not a ear numbing buzzer.

Finally, if you are a bacon-lover this alarm may be for you. Called the Wake ‘n’ Bacon alarm clock it is designed to heat up bacon so you can wake up to an appetizing smell.  There are a few downsides to this clock though. It does require you to build it yourself, it does involve leaving cooked bacon out overnight to be reheated by the light triggered by the alarm and it is most likely a fire hazard.  But then again, it is warm bacon…

Waking up is a huge part of your day, it starts things out and gets you moving.  Waking up abruptly to an abrasive  alarm clock can get you started in the wrong way.  Try one of these alternatives or find one of your own that may help you start the day right.

How do you like to wake up in the morning?  Comment below!

In the long run your maintenance team has more contact with your tenant than anyone else. Here are a few tips to make sure the experience is positive for everyone.

1. Issue your maintenance team photo ID badges. This adds credibility to your staff and makes the resident more comfortable with the person entering their home. If they can ask for an ID and double check the photo they at least know that this is official maintenance. This is especially nice if someone lives alone or is home alone at the time of the maintenance call.

2. Send a picture of the tech who will be performing the repair before hand. When you inform the resident about the time of their call send a head shot of the tech to be preforming it. Like the ID badge it allows them to recognize who is coming to their door and gives that a bit of extra credibility that you as a manager or owner have approved them.

3. Have your techs leave behind a copy of the service call with notes on what they did. Simply saying ‘done’ or ‘fixed’ is not enough. Leave a few notes about the part they changed or the repair they did so the resident has more information. This way whether the resident was there or not they know that something was done.

4. FOLLOW UP. Have the maintenance tech call within the next few days to check in and make sure everything is now in working condition. This way if the resident has questions or concerns they can ask and they get a personal connection to whoever was in their home.

5. Be sure the techs clean up after themselves. Maintenance can be a dirty job but leaving muddy footprints across the floor or grease in the sink is not acceptable. They are not expected to clean the apartment, some people are slobs, but they need to wipe down their own mess so as not to add to the trouble.

6. Go beyond the service call. Your techs are busy enough as it is, they cannot afford to be in the same unit two or three times a week. So when they are in a unit fixing something have them do a quick walk through and check other possible issues. If they notice something, a dripping faucet or broken ceiling fan, fix it, take care of it all in one visit so it doesn’t require extra time. Add it to the service slip left behind and the tenant knows you went above and beyond.

The big thing to remember is that you are entering someone’s home, their place to be safe and relax, don’t compromise that. Be sure your maintenance techs are easily identifiable with ID badges or photos ahead of time and make sure they understand that as the front line of the team customer service is key. The national average for a maintenance tech is 46 service calls and 2 turns in a week. That is a lot to get done but customer service still needs to be at the top of the list.

What do you do with your maintenance team to make service calls easier on everyone, what sort of systems do you have in place? Comment Below

Here are a few tips to change up your colors and bring a little of your own voice to your home.

1) Change the wall colors.  This can be something like painting the walls.  But make sure you ask first many landlords will not allow you to paint.  An alternative option though is to find colorful things to hang on the wall.  Maybe you already have art or pictures that can be hung with little damage to the wall.  Or find a patterned sheet or shower curtain and hang it behind your couch or as a headboard for your bed.  This can add great color and design on a small budget.

2) Rugs.  Most apartments are efficient in their carpet choice rather than stylish. Replacing the carpet is not reasonable but putting down rugs in high-traffic or visible areas can also contribute to the character of your home.

3) Lighting.  A dimly-lit room can look dreary no matter how bright the colors are.  Open shades to get natural light and don’t be afraid to change light bulbs to get your apartment comfortably lit.  Additionally a few strategically placed lamps can add color as well as light to help brighten the place up and make it more inviting.

It doesn’t take much to make a sterile white apartment a cozy inviting home and it doesn’t have to be any major project like painting.  Strategically placed items can bring color and function to an otherwise drab place.  Take the time to settle in and you will enjoy your new home even more.

Are there any things you like to do to change up your apartment to make it feel more “homey?”  Let us know in the comments below.

Moving into your first apartment can be scary.

• Determine your cash on hand (S1a):

• Determine your monthly income (S1b): 

• Determine all those ONE-TIME expenses ( S2) – which may include:

• Rental Deposits:  may include pet deposits!
• Insurance: Renters Insurance Rates can be as low as $10-$15 dollars a month.

• Utility hook-ups (water, sewer, heat, electric, cable & internet)
• Moving expenses (truck/trailer rentals, boxes, tape, packing foam, etc)
• Furniture for new place
• Students considerations: Tuition, books, organization fees, etc

• Determine your MONTHLY expenses ( S3):
• It is important to separate the items that you “need” from the items you “want”. Example:  I “want” a cell phone but do you “need” a cell phone?  I “want” a car but do you “need” a car (are there alternative transportation methods available?). Things like cell phones and cars require significant cash flow injections on a daily, weekly and monthly basis.  
• Below are some items that we put in the mandatory expenses:

• Rent:  Know your specific costs.  Should be no more than 20% to 30% of your budgeted MONTHLY INCOME!!
• Food:  Figure out what you will need to sustain a healthy lifestyle.   Don’t forget to feed the pet!!
• Utilities:  Water, sewer, heat, electric, garbage, phone – what are YOU responsible for.
• Transportation:  How do you plan to get around?  Gas money, insurance, bus fares, bicycle maintenance, etc
• Clothing:  Keep in mind the changing weather patterns in your area.  What does your job require?  Estimate monthly laundry expenses
• Insurance:  Home/renters, auto, life and health all need to be considered here.

• Determine all the other lifestyle MONTHLY expenses ( S4):
• Here are some items that could fit more into the “want” vs “need” expense categories:

• Cell Phone: Smart phones (iPhones, blackberrys, Droids, etc) require a data package on top of the monthly service and can run you around $75+, whereas TracFones are affordable pre-paid options (keeping you connected on a budget).
• Television:  Depending on the cable package – a minimum cost of $50+.  
• Internet: Ask if your provider has any bundles (TV/Internet/Phone).  This could save you some money.
• Entertainment:  Dining out, movies, Red Box, concerts, video games, Starbucks, vacations and even sporting events are an important part of living but can really add up quickly if not budgeted for.  

• So now you have figured out how much is coming in and going out.  Hopefully the remaining total is a positive number (and the further away from zero, the better).

• Take amount from S1a (your cash on hand at the beginning)
• Subtract your total from S2 (your MANDATORY ONE-TIME expenses)
• Total is your T1 (total remaining cash on hand).

• Take amount from S1b (monthly income)
• Subtract your total from S3 (your MANDATORY MONTLY expenses)
• Total is your T2 (total remaining cash each month after mandatory expenses).

• Take your total from T2
• Subtract your total of S4 (your monthly lifestyle expenses)
• Total is your T3 (total remaining monthly cash after all expenses have been removed).

Your best bet… the local apartment association.  All over the country are apartment associations that are there to help you succeed in the rental industry.

Here are the 5 main advantages to being a part of the association

1. Information: Apartment Associations work with local, state, and national governments as well as other associations and the National Apartment Association so they have all the information about regulation and the industry.  They will also have the updated information or contact information for Fair Housing and HUD, agencies that will become important to you as you purchase more properties. They may even offer forms and rental agreements that have already been approved by lawyers so you don’t have to pay the extra fees.
2. Advocacy: Apartment Associations work with the local and state governments to ensure the health of the rental industry.  They may even propose or defend legislation that goes before a body to be sure the property owner side is heard and understood.  Many associations have a good relationship with the city that allows them to stave off new code or adjust regulations in your favor.  Being a part of the larger industry gives them a stronger voice and helps you in the long run.
3. Education: Apartment Associations run meetings and classes that help you stay on top of the newest information and technology out there.  They may bring in people from the local area or national speakers to help keep everyone on top of their game.  The National Apartment Association runs designations that help you get a full view of the industry and how to be successful, and many of the local associations help bring those extended classes to you.
4. Networking:  The Apartment Association will put you in contact with local suppliers and vendors who can help you run a better business.  Everything from advertising to landscaping, you will be able to work with people who have been vetted by other property owners.  In addition to vendors you can network with other property owners and managers.  Bouncing your ideas and experiences off of others who have been there and learning from their mistakes can make your business stronger.  The people you meet at association events can become allies and friends.

Whether you are new to the industry or a long time veteran the local apartment association can help strengthen your business.  Through the information, education and networking alone you receive valuable aid, but the advocacy done by the associations both locally and nationally help to keep the industry running smoothly and by extension your property.

Check out the National Apartment Association for more information about what they do and who they are, and find a local association near you that can connect you to resources nearby.

How has your local association helped you?  Comment Below!

Preplanning

1. Get FREE cardboard boxes from your local grocery store, Menards, or the Home Depot. You can return them when you’re done and they will later be recycled.
2. Get FREE old newspapers from your local library or recycling center and help protect breakables while moving.
3. Start boxing all small stuff as soon as possible prior to the move in day (leave cleaning supplies out as they will be the last thing to go).
4. For large items, determine if you have a pickup truck to use or if you’re renting.

Move In Day

1. On move in day, first focus on the large items that will take more than 1 person to move i.e. couch, entertainment center, dining table, mattresses and bed frames, etc.
2. Get all the large items in your new home FIRST and leave them according to what room they will be in.
3. After all the large stuff has been dropped off to your new home, start packing all vehicles you have with boxes and everything else you are bringing.
4. Unload the remaining stuff in your new home, if you have 2 people, leave one person to start unpacking the boxes and another to go back to your previous home and clean (this helps greatly in getting your FULL deposit back).
5. Once finished, go back to your new home, order food, and finish unpacking your belongings.

Moving is a lot of work, whether it is across town or across the country but keeping these few simple tips in mind can help it run much easier.

What moving tips have you developed? Any horror stories that we can learn from? Comment Below

On one hand it seems that non smoking apartments take away a large portion of perspective renters.  Many people still smoke and your non-smoking policy will leave them out in the cold.  On the other hand the non smokers are growing in numbers and generally prefer to stay completely out of any contact with smoke.  A policy all one way or the other may turn away half your possible tenants but it can also be tricky to have it both ways.  If your community has multiple buildings you can designate one or two to be non smoking, but only one building poses other problems.

Check out the current situation in New York in this article from Naked Apartments.

Smoking/non Smoking is a topic of much debate at the moment and there does not seem to be any right or good answer but it is one that will continue to appear.  As an industry we will have to stay flexible and see where our renters take us.

What are your thoughts on Non-Smoking policies?  What have you implemented and how did it go?  Comment Below!