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Back to School in 2020.

September 11, 2020
Back to School in 2020.

By the end of August 2020, we saw most US cities negatively impacted by the COVID-19 pandemic for approximately six months with no sign of an “end” in the near future. While more optimism has begun to flourish in recent weeks over effective treatment plans, case reduction, and even the potential for a new vaccine, many individuals around the world have simply chosen to accept the “new normal.”

Many Midwest states did not feel the full effects of the restrictions put in place due to the coronavirus until mid-late March, which meant that most (if not all) schools from Pre-K to Colleges and Universities were placed prematurely out of session. Now, as more “relaxed” restrictions are being implemented in certain areas, many students are returning to their regular coursework either online, in-person, or both.

According to CNN, as many as 34 states have elected to operate on a district-by-district basis to allow for a hybrid of online and in-person learning (Staff, 2020). CNN further suggests that back-to-school shopping may include a few items never before seen in most backpacks (Villano, 2020).

  1. Hand Sanitizer and Face Coverings – Part of the “new normal.” Students are advised to have as many as two or three face coverings available every day.
  2. Wi-Fi Connectivity – Many schools are doling out Wi-Fi hotspots to families in need or setting up makeshift access points to allow for remote learning.
  3. Mobile Devices – Other schools are focusing on the devices themselves (iPads, Kindles, etc.) to put students in the best position to succeed.
  4. Headphones – These tools will enable kids to log on to class sessions and tune out distractions.
  5. Desk or Workstation – The space should be reserved solely as their at-home “classroom.”
  6. Planner or Event Calendar – List of daily activities with times by which work must be completed.

According to the Centers for Disease Control and Prevention, while opening schools does pose a risk for the continued spread of COVID-19, there are many reasons why opening schools for in-person instruction is important. These reasons include the critical role that schools play in the well-being of communities, the added support that in-person instruction can provide, as well as the continuation of other special services which are pivotal for student success (CDC.gov, 2020).

For more information regarding the status of school openings in your community, AFI recommends consulting your local Board of Education or county official.

References:

“Preparing K-12 School Administrators for a Safe Return to School in Fall 2020.” www.CDC.gov, 26 Aug. 2020, www.cdc.gov/coronavirus/2019-ncov/community/schools-childcare/prepare-safe-  return.html

Staff, CNN. “Where schools are reopening in the US.” www.CNN.com, CNN, 31 Aug. 2020,                www.cnn.com/interactive/2020/health/coronavirus-schools-reopening/

Villano, Matt. “Our pandemic back-to-school supply list.” www.CNN.com, CNN, 13 Aug. 2020,     www.cnn.com/2020/08/13/health/school-year-essentials-coronavirus-wellness/index.html

Colin CosbyBack to School in 2020.
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AFI Curb Appeal Standards: Lawn Aeration & Over-Seeding

September 6, 2020
AFI Curb Appeal Standards: Lawn Aeration & Over-Seeding

What are a few things that come to mind when someone first thinks of “Winter?” Chilly weather, warm fireplaces, or possibly more forward-looking to the start of the holiday season? How about ensuring that your lawn receives proper aeration and over-seeding before the end of September?

While not necessarily the first thing on someone’s mind, this process may in fact be one of the most important things that any Homeowner (or Property Manager) has completed prior to the first frost of the year. Aeration and over-seeding can help ensure that a community’s landscaping survives the harshest of Winters and is adequately prepared to look better than ever in the Spring and Summer months.

So, if such a critical component to a robust landscaping schedule, then what exactly IS aeration and over-seeding?

Aeration is a process that mechanically removes plugs of soil and deposits them on the top of the surface. As these cores break down, the surrounding soil, now relieved of compaction, will allow oxygen to fill in the holes. At this time, it is most beneficial to over-seed your lawn with the most desirable blends of turf grass (Spring-Green.com). According to the Kansas State University Research and Extension Center, “The arrival of September with the milder conditions helps revive the summer stressed turf which naturally wants to grow and thrive. Therefore, it is important we give the grass what it needs to fully recover from the stress of summer (johnson.k-state.edu).

LawnCare.org provides five benefits Residential Property Owners and Managers alike should see immediately as a result of properly aerating and over-seeding (lawncare.org).

  1. Reduction in the compact nature of the soil underlay in the lawn
  2. Improved drainage along with a decreased amount of runoff
  3. Alleviation in damages caused by droughts
  4. Limits the development of thatch (loose and intermingled organic layer of dead shoots, stems, and roots)
  5. Allows for improved flow of air, water, and other nutrients directly into the roots’ system

Who does not love the feeling of soft grass between their toes or the sight of families enjoying a lush yard? AFI recommends consulting with your property’s preferred landscaper to discuss the best aeration and over-seeding schedule before outside temperatures drop too low!

References:

“Aeration & Overseeding.” Spring-Green.com, Spring-Green, www.spring-green.com/service/aeration-and-overseeding/#:~:text=Aeration%20is%20a%20process%20that,will%20fill%0in%20the%20holes

“September: Time to Core Aerate Cool Season Lawn.” Johnson.k-state.edu, Kansas State University Research and Extension, www.johnson.k-state.edu/lawn-garden/agent-articles/lawns/september-core-aerate.html#:~:text=September%20is%20a%20good%20time,of%20a%20healthy%20maintenance%20program.&text=Core%20aeration%20is

“Lawn Aerating.” LawnCare.org, www.lawncare.org, 24 Sept. 2011, www.lawncare.org/lawn-aerating/

Colin CosbyAFI Curb Appeal Standards: Lawn Aeration & Over-Seeding
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SPLASH! Pool Safety & Opening Guidelines.

June 5, 2020 ,
SPLASH! Pool Safety & Opening Guidelines.

The sun is starting to shine and many cities and states across the country are beginning to loosen restrictions put in place following the outbreak of COVID-19. A hot topic on many renters’ minds post Memorial Day weekend may be, “when will my community pool be open?” According to ApartmentGuide.com, a swimming pool is one of the top three community amenities prospective renters look for when considering a new apartment complex (Lloyd, 2019).

However, improper maintenance of a property’s pool on a consistent basis throughout the year can turn a community oasis, into an area of concern for Property Owners. Through years of experience and utilization of various resources, AFI is proud to maintain lively pool areas to the delight of our onsite teams and residents!

  • Preparing the Pool:
    • In the offseason, the pool should always be drained, scrubbed clean, and covered with a tight-fitting pool tarp.
    • Once ready to open, the tarp should be removed and stored in a dry location before draining any remaining water from the empty pool, cleaning again, and repainting if needed.
    • With the area clean and debris-free, we are now ready to fill the pool!
  • Checking Chemical Levels:
    • With the pool now filled, it is important to make sure the following chemicals are added and balanced appropriately.
      • pH Level
      • Alkalinity
      • Available Chlorine
      • Calcium Hardness
    • In most areas, a sample of the pool water can be brought to you local water department for a quick test and advisement on how to improve the quality of your pool water.
    • Once all chemical levels are within appropriate margins, city inspector will need to examine the pool area and sign off that it is ready for use.
  • Final Steps:
    • Before opening the pool, Property Manager should ensure that the pool rules are prominently displayed and that the pool phone is operational.
    • Manager/Maintenance Team should continue to inspect chemical levels at least once per week.
    • ENJOY!

Whether you enjoy lounging around at your local swimming hole, or prefer another form of relaxation, AFI hopes all our stakeholders enjoy these summer months and remain safe!

References:

How to Open Your Pool in Spring (2020). In www.lesliespool.com. Retrieved from https://www.lesliespool.com/blog/how-to-open-your-pool-in-the-spring/

Lloyd, K. (2019, August 27). Most Popular Apartment Amenities List. In www.apartmentguide.com. Retrieved from https://www.apartmentguide.com/blog/apartment-amenities-list-2017/

V, A. (2015, May 26). How to Open Your Swimming Pool. In www.inyopools.com. Retrieved from http://www.inyopools.com/HowToPage/how_to_open_your_swimming_pool_spring_start_up_in_ground_.aspx

Colin CosbySPLASH! Pool Safety & Opening Guidelines.
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Standing Together: COVID-19 Assistance Programs.

April 20, 2020
Standing Together: COVID-19 Assistance Programs.

As the Coronavirus Pandemic continues to spread throughout the United States, citizens and businesses alike are facing unforeseen economic challenges. In the last four weeks, the number of unemployment claims has reached 22 million — roughly the net number of jobs created in a nine-and-a-half-year stretch that began after the last recession and ended with the pandemic’s arrival (Schwartz, 2020). More than 50% of small business owners in the U.S. say they will only be able to keep operating for up to three months under the current conditions, according to a new Goldman Sachs survey of more than 1,500 small business owners. Almost all owners, 96%, say their businesses have already been impacted by COVID-19 (Adamczyk, 2020).

While we all hope for life in the US to return to “normal” sooner rather than later, AFI urges all citizens to be proactive and seek further information regarding any governmental assistance programs that may be available. Whether you are newly unemployed, a fearful business owner, or simply struggling to make ends meet during this trying time, we hope the resources below can serve as some benefit:

Additionally, AFI encourages everyone to please continue following CDC guidelines regarding limiting the continued spread of disease through extensive hand washing, social distancing, and self-isolation if necessary. We will all get through this together and need to remain safe until then!

References:

Adamczyk, A. (2020, March 20). ‘Are we going to be left behind?’ Where small business owners can go for help during the coronavirus shutdowns. In CNBC.com. Retrieved from https://www.cnbc.com/2020/03/20/where-small-businesses-affected-by-the-coronavirus-can-go-for-help.html

Schwartz, N. (2020, April 16). ‘Nowhere to Hide’ as Unemployment Permeates the Economy. The New York Times. Retrieved from https://www.nytimes.com/2020/04/16/business/economy/unemployment-numbers-coronavirus.html

Colin CosbyStanding Together: COVID-19 Assistance Programs.
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Staying Healthy in Apartment Communities… And Beyond!

March 13, 2020
Staying Healthy in Apartment Communities… And Beyond!

Surely by now, most people reading this article have been made aware of the apparent outbreak of COVID-19, more commonly known as the Coronavirus. Some questions that may first come to mind are:

  1. What is the Coronavirus?
  2. What are the associated symptoms?
  3. What can I do to reduce the risk of infection?

According to the Centers for Disease Control and Prevention (CDC), “The Coronavirus is a respiratory illness that can be spread from person to person” (COVID-19, 2020). The World Health Organization (WHO) cites associated symptoms such as fever, cough, difficulty breathing, and other respiratory issues (Coronavirus, 2020). Researchers at Harvard Medical School have made the following recommendations regarding how to prevent the spread of disease (Coronavirus Resource Center, 2020):

  1. Avoid close contact with people who are sick.
  2. Avoid touching your eyes, nose, and mouth.
  3. Stay home when you are sick.
  4. Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
  5. Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.
  6. Wash your hands often with soap and water.

According to an article recently posted in the New York Times, “the virus is spread primarily through droplets expelled when someone coughs or sneezes” (Kaysen, 2020). The article goes on to state that perhaps the most effective way to reduce your chances of contracting the disease, is to remain away from densely populated spaces such as common areas and lobbies. This reality may seem particularly shocking to residents living in an apartment complex who share many of the same facilities. However, Dr. Joseph G. Allen, Director of the Healthy Buildings Program at Harvard University later draws attention away from this notion:

“These common areas are in-fact low risk areas because you’re rarely in close contact for a prolonged period. There’s a better chance of contracting the virus from co-workers, family, or a roommate.” (Kaysen, 2020).

While evidence indicates that the most “at-risk” individuals are those that are in advanced age or have a pre-existing condition such as cancer or diabetes, news of a worldwide “outbreak” has unsurprisingly left many people in distress (McCandless, Starling, & Kashan, 2020). However, much like HIV pandemic, the influenza outbreak before that, and the bubonic plague before that, history would indicate that no matter how serious this virus proves to be, it too shall pass.

What we can be certain of, is that we will be left with lessons learned from this experience. This virus has resulted in increased attention to one of the most basic health and disease prevention methods that commonly goes ignored. “Washing our hands with regular soap under warm running water is one of the best ways to prevent illness and the spread of germs to others” (Tabori, 2020). Whether you live in an apartment, duplex, or single-family home, please remember to help your community by following instructions from medical professionals and continue to wash your hands regularly.

References:

“Coronavirus.” www.who.int, World Health Organization, 12 Feb. 2020, www.who.int/health-topics/coronavirus

Coronavirus Resource Center. (2020, March 12). In www.health.harvard.edu. Retrieved from https://www.health.harvard.edu/diseases-and-conditions/coronavirus-resourcecenter#Prevention

COVID-19. Factsheet. . , Centers for Disease Control and Prevention, 3 Mar. 2020, www.cdc.gov/coronavirus/2019-ncov/downloads/2019-ncov factsheet.pdf

Kaysen, R. (2020, March 7). What Should My Building Be Doing to Prevent Coronavirus?. In www.nytimes.com. Retrieved from https://www.nytimes.com/2020/03/07/realestate/what-should-my-building-be-doing-to-prevent-coronavirus.html

McCandless, D., Starling, S., & Kashan, O. (2020, March 11). COVID-19 #Coronavirus Data Pack. In www.informationisbeautiful.net. Retrieved from https://informationisbeautiful.net/visualizations/covid-19-coronavirus-infographic-datapack/

Tabori, K. (2019, December 2). 5 Ways Germs Spread and How to Stop Them. In www.conehealthmedicalgroup.com. Retrieved from https://www.conehealthmedicalgroup.com/chmg/medical-services/infectious-disease/5-ways-germs-spread-and-how-to-stop-them/

Colin CosbyStaying Healthy in Apartment Communities… And Beyond!
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Safety: Reality or Perception?

March 3, 2020
Safety: Reality or Perception?

The mission of Alexander Forrest is to Prosper All Stakeholders. “Prosperity” is defined as, “the condition of being successful or thriving.” While clearly defined, “prosperity” differs from person to person. Some may feel a sense of success from being promoted at work, receiving praise from a friend or loved one, or maybe even simply making it through a challenging day. The AFI team believes that in order to prosper, in order to feel successful, one must first feel safe.

AFI acknowledges that the tenants residing at complexes we manage are in fact our stakeholders; therefore, it is our mission to ensure both their prosperity and safety. Thankfully, we are currently living in one of the safest times in our country’s history. An individual’s chances of being involved in a random crime are as low as they can be for a large, diverse society (Grohol, 2019).

Despite statistics, safety is more abstract and can be heavily influenced by one’s background and previous life experiences. What feels unsafe for one, may feel perfectly safe for another. Dr. Anita Zuberi notes perceptions of a lack of safety have an adverse effect on adolescents. “Feeling unsafe can lead to limited personal freedom, social isolation, and a lack of trust, while feeling safe is linked with positive general well-being (Zuberi, 2018).

AFI believes that our trained/certified Property Managers living on site at the property they manage instantly provides comfort to our tenants, and ensures that the community is a safe place for all who want a quiet location to enjoy their lives.

By living on site, AFI Managers have a greater sense of ownership for the property which they are responsible for and can quickly respond to serious issues. In addition to the benefits listed below from Appfolio.com that Owners experience, our Managers themselves also realize several advantages that living off site would not otherwise allow them (Miller, 2012):

Property Owners:

  • Interest in the Investment – Like Owners, On-site Managers are heavily invested in the community as any improvements or deficiencies also effect where they live.
  • On-The-Spot Service – Owners and residents alike should recognize the benefit of extra security/service that comes with a 24-hour On-site Manager.
  • Selling to Prospective Residents –
    On-site Managers can best communicate the benefits of their property because they live there themselves!

Property Managers:

  • Increased Efficiency – AFI Managers save both time and money with full rent concession for living on site in addition to zero daily commute.
  • Increased Urgency – On site emergencies can be addressed quicker by AFI teams that are intimate with any issues.
  • Increased Trust – Have you ever had to try selling something you would not buy yourself? AFI Managers have not!

Owners, residents, and our Managers themselves all realize substantial benefits from living on site. Because trained, accountable staff are placed at the asset, AFI believes we are growing one step closer to realizing our mission of Prospering All Stakeholders.

  References:

Grohol, John M. “Feeling Unsafe in a Very Safe World.” www.psychcentral.com, Psych Central, 11 July, 2019, psychcentral.com/blog/feeling-unsafe-in-a-very-safe-world/.

Miller, Aimee. “Explaining the Advantages of On-Site Management To Owners.” www.appfolio.com, Appfolio Property Manager, www.appfolio.com/blog/2012/10/explaining-the-advantages-of-on-site-management-to-owners/.

Zuberi, Anita. “Feeling Safe in a Dangerous Place: Exploring the Neighborhood Safety Perceptions of Low-Income African American Youth.” Journal of Adolescnet Research, vol. 33, no. 1, 2018, pp. 90-116, doi:10.1177/0743558416684948.

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Forming Better Habits in 2020.

January 24, 2020 ,
Forming Better Habits in 2020.

With 2020 officially underway, this is the time of year where we see various posts and news articles about, “New Year’s Resolutions.” For many, the start of a New Year can mean a blank slate or an opportunity to start over. However, did you know that fewer than one in every 10 million “resolutioners” will actually stick to their goal by year end (Knapton, 2019)?

The Harvard Business Review suggests that this is because too many people focus on big goals without considering the small steps that need to be taken along the way in order to make that goal a reality (Beard, 2019). For AFI, our goal remains the same as it has always been, “To Prosper All Stakeholders.” Some small steps AFI and our managed assets can take to achieve this goal may be things like:

  1. Collect rent faster on average each month than last year
  2. Continue to raise rents by a minimum of 3% Year-Over-Year
  3. Continue to decrease crime across the entire portfolio

What are your goals for 2020? What milestones are you going to set to ensure that you are not amongst the crowd that losses sight of their goals? AFI Onsite Managers are the tip of the spear when it comes to achieving the new year goals we have set for ourselves. Our role, and why so many individuals enjoy working with us, is to provide a strong support system for our Managers.

Showing support for someone can mean many different things. Forbes identifies one way of showing support as giving feedback in an honest and constructive way. It can be tempting to dance around issues rather than confront them in order to avoid a potentially uncomfortable situation. As a leader or supervisor, this is a disservice to your employee as you are not allowing them the opportunity to learn and further develop themselves from the situation (Anderson, 2016).

Continuing to provide support for our onsite teams, no matter how many miles away from headquarters the asset may be, is how AFI will ensure we achieve our 2020 goals.

Anderson, Amy. “The Fastest Way to Achieve Success Is To First Help Others Succeed.”    www.Forbes.com, Forbes, 6 Jan. 2020, www.forbes.com/sites/amyanderson/2016/01/06/the-fastest-way-to-achieve-success-is-to-first-help-others-succeed/#288950ee79f9.

Beard, Alison. “The Right Way to Form New Habits.” www.harvardbusinessreview.org, Harvard Business Review, 31 Dec. 2019, hbr.org/ideacast/2019/12/the-right-way-to-form-new-habits.

Knapton, Sarah. “The science of how to stick to your New Year’s resolutions.” www.telegraph.co.uk, The Telegraph, 2 Jan. 2020, www.telegraph.co.uk/science/2019/12/31/science-stick-new-years-resolutions/.

Colin CosbyForming Better Habits in 2020.
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Hiring Practices in Multifamily Housing.

December 13, 2019
Hiring Practices in Multifamily Housing.

According to the Bureau of Labor Statistics, the unemployment rate in the US is currently 3.6%, the lowest it has been since 1969. Qualified job seekers will likely look at this news favorably, as it means many employers are having to increase wage offerings in order to attract top talent. However, to Property Owners, news of a thriving economy can be detrimental to an already struggling asset.

In terms of maximizing the profitability of an asset, the Property Manager plays one of the largest roles in implementing solutions to improve performance and effectuate change onsite. When a reliable and on-purpose individual is placed to oversee the property, Owners can feel more at ease with taking a step back and relying on their team to achieve the desired results. Unfortunately, when Owners find themselves working with an under-performing Manager, making a transition can be a difficult process.

Continuing to work with an underperforming Manager can appear to be a more appealing solution as various factors can make the search for a replacement quite difficult:

  1. Unqualified Candidates – Unemployment is at an all-time low meaning many employers are considering candidates that may not have the qualifications necessary to be successful in the position.
  2. High Competition – Again, unemployment is LOW; therefore, the candidates that are well-qualified are likely being sought after by many companies within the same industry.
  3. Hiring Budgets – As unemployment rates continue to drop, employers begin to face higher wage demands for qualified candidates that may simply not be able to be met.

Alexander Forrest Investments has designed and implemented a robust, transparent, and high yield hiring process that results in quick turn-around a placement of qualified Managers onto a property in our nationwide portfolio. This process consists of seven steps (sometimes more) that utilizes several filters ultimately resulting in a final decision matrix.

Should an applicant survive all filters, he or she will receive a full-time job offer to work for the owning entity of an AFI-Managed asset. This process is easily replicated across any role AFI could need to hire for and has given our team confidence in the ability to quickly identify high-quality candidates. 

Gipson, Jeff. “Hiring In 2019: The Struggles And The Solutions.” www.jamesallenco.com, JamesAllenCO.com, 3 May 2019, jamesallenco.com/hiring-in-2019-the-struggles-and-the-   solutions/.

Irwin, Neil. “The Good News: The Job Market Is Solid. The Bad News: The Job Market Is   Solid.” www.NYTimes.com, NY Times, 5 July 2019, www.nytimes.com/2019/07/05/upshot/jobs-report-analysis.html.

Le Phan, Linda. “The biggest hiring challenges we’re all facing today, according to 15 hiring experts.” www.TheLadders.com, The Ladders, 13 Sept. 2019, www.theladders.com/career-advice/the-biggest-hiring-challenges-were-all-facing-today-according-to-15-hiring-experts.

“News Release – November 2019.” Bureau of Labor Statistics, vol. 19, no. 1868, Nov. 2019.

Colin CosbyHiring Practices in Multifamily Housing.
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How to Retain Happy Tenants:

September 27, 2019
How to Retain Happy Tenants:

How to Retain Happy Tenants:

Renewing a happy tenant has a lot of potential to be a win-win situation for both the tenant themselves, and the property where he or she is living:

Tenant:

  1. Does not have to incur additional expenses involved with moving
  2. Does not need to restart the “apartment hunt”
  3. No interruptions to routine or unintended consequences

Property:

  1. Does not need to incur additional expenses to turn/renovate the unit
  2. No need to spend time searching for a new tenant to fill upcoming vacancy
  3. Retention of a rent-paying, happy tenant on the property!

According to Rent.com, tenants who decide NOT to renew their lease can spend up to 60 days searching for a new community (Rent Editorial Team, 2018). This means that if you are a tenant considering moving out and have also waited to make that decision until receiving your 60-Day Notice to Vacate, you have likely waited too long.

A recent Avail.com survey reported that finding a new tenant or, losing a renewal, could cost as much as $2,500 per vacancy (Manolas, 2019). Avail provides the following helpful tips to encourage happy tenants to sign their renewals:

  • Speak with the tenant sooner, rather than later – Avail recommends beginning renewal conversations with tenants as early as 90 days in advance.
  • Maintain a relationship with all tenants, current and past – Arguably the number one tool a Manager can use to encourage a renewal is their level of service. Treating everyone with courtesy and respect can go a long way when these conversations begin to take place.
  • Make the renewal process as easy as possible – Overcomplicating the process can lead to unintended frustration. Avail recommends an online process where terms can be changed if needed, adjusting lease dates, and sending to the tenant for signature.

“How Long Does it Take to Find an Apartment?” www.Rent.com, 6 Dec. 2018, www.rent.com/blog/how-long-find-an-apartment/

Manolas, Kasia. “Lease Renewals: Are You Going to Lose Your Best Tenants This Year?” www.avail.com/education, 27 Aug. 2019, www.avail.co/education/articles/lease-renewals-are-you-going-to-lose-your-best-tenants-this-year

Colin CosbyHow to Retain Happy Tenants:
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Property CAPEX: Friend or Foe?

September 10, 2019
Property CAPEX: Friend or Foe?

Property CAPEX: Friend or Foe?

The goal of capital expenditure (CAPEX) is to improve a property to both attract and retain tenants. Why then would any Owner not agree to completing CAPEX projects? The answer, high costs.

One item considered a necessity is general maintenance and upkeep of the roofs. Because flat roofs are associated with lower costs, it is easy to find an apartment complex where all of the buildings’ roofs are flat. However, according to BRAX Roofing, the flat roof that was installed during construction will likely end up costing new Owners in the long run due to:

Before:

After:

  1. Ponding Water – Standing water leads to serious problems such as leaks and algae growth.
  2. Debris – Remnants of leaves, branches, and other items result in blocked drains.
  3. “Alligatoring” – Roofs that have begun to crack and bubble leading to further damage to the building’s structure if not treated properly.
  4. Buckling – Because a flat roof’s membrane is one continuous sheet, shifting of the structure over time can cause the roof to buckle.
  5. Wind – Flat roofs offer less protection to the entirety of the structure from severe winds.
  6. Leaks – All of the issues above can cause flat roofs to begin leaking.
  7. Shorter Lifespan – In general, a flat roof should last at least 15 years; however, this time frame can diminish based on inclement weather or quality of materials used.

The average apartment is reportedly 861 square feet with the average price to repair the roof of that apartment varying from $1.50 – $10.00/sq. ft. Using $5 on average, it would cost $4,305 to repair or replace a single roof. If the roof in this example belongs to a community of 100 units, it is likely not the only roof requiring repair or replacement. Suddenly, a simple job has turned into a major expense.

Before:

After:

The example above paints a clear picture of why Owners approach property improvements with hesitation. Whether the work proposed is cosmetic, or an emergency, the following tips can help Owners and the operating team manage CAPEX projects effectively:

  1. Align yourself with the correct person to do the work – Collect multiple bids on the same scope of work, interview contractors, and compare/contrast the proposals.
  2. Assemble the team – All parties involved should have a clear understanding of their role and responsibility in the project.
  3. Overcommunicate – Establishing an updated schedule holds team members accountable to ensure work is progressing and gets completed on time.
  4. Establish a clear budget – All team members and contractors should understand that the budget is not a goal, butrather a necessity.
  5. Allocate time – Take time to assess work as it is completed, and what work remains.
  6. Analyze the process – If all goes well, this may be the first improvement project of many! Once the current project is completed, take time to reflect on the process and how certain aspects could have been better implemented.

References:

“Build Apartment Cost.” www.Fixr.com, www.fixr.com/costs/build-apartment

“How Much Does a Flat Roof Cost?” www.CostOwl.com, www.costowl.com/home-improvement/roof-flat-cost.html.

Matthews, Ben. “Watch Out for 7 Common Flat Roofing Problems.” www.BraxRoofing.com, 28 Dec. 2017, www.braxroofing.com/blog/watch-out-for-7-common-flat-roofing-problems.

Sullivan, Megan. “Six Keys to Effective CapEx Project Management.” www.LodgingMagazine.com, 22 July 2015, lodgingmagazine.com/six-keys-to-effective-capex-project-management/

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