Bernard Gehret Webinar for Metro Family NW
I recently delivered a webinar for Metrofamily NW titled: “The Top 10 Ways To Maximize Your Apartment NOI in 2021”, and in this changing market, the “tricks of the trade” are definitely changing from recent years as well.
Here is a brief summary of tips numbered 6-10, surveyed from “Super Successful” investors, owners and property managers. This group of tips have specific, tangible items you can do right away (i.e. #’s 6,7,8), but the most important items on this list are probably in planning how you can best operate in the “new normal”.
Here is a one sentence summary for each tip:
#6: CONDUCT AN UTILITIES AUDIT: This is related to #8 (Check for leaking toilets), so review all the utilities monthly and annually to ensure you do not have wasted water, the incorrect garbage service, or any electrical wastes.
#7: STREAMLINE THE TURNOVER PROCESS: Review with your manager how to conduct the most cost and time (and the proper level of quality) turnovers to potentially save thousands of dollars on each turn.
#8: CHECK FOR LEAKING TOILETS: According to the Portland Water Bureau, toilets can have a small leak (10-15 gallons/day) without hearing or noticing a leak, which could result in about $40/month in wasted water with just a few of these.
#9: PLAN FOR COVID NON-PAYERS: How are you going to deal with past due collections once the pandemic is over?
#10 PLAN FOR INCREASED APARTMENT LEGISLATION: How are you going to operate your properties safely with more and more legislation governing landlord/tenant law?
The last two tips are becoming increasingly difficult, as the rules are becoming more onerous for violations (even if the violations were unintentional). At this point, I am not hearing any clear answers on either of these items, so I recommend having conversations with your counsel and property management team now in order to prepare.
