Planning for Small Rental Property Management
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1 Planning for Small Rental Property Management Division of Housing & Community Renewal Housing Trust Fund Corporation Monte Franke Franke Consulting Group Funded in part by HUD-NY CDTA
2 Workshop Objectives Describe options for management of small rental projects Discuss the components of rental property management Introduce portfolio management concepts 7/04 Franke Consulting for DHCR/HTFC 2
3 What makes a project successful in the long run?
4 The Goals of Property Management Safeguard the physical asset Maximize cash flow Manage cash flow & expenses Comply with laws & regulations Physical facility management Occupancy management Financial management Compliance 7/04 Franke Consulting for DHCR/HTFC 4
5 Management Options 1. Hire professional mgt firm Minimum size, cost relative to rents 2. Hire management staff Portfolio/revenue to support position Training Retaining competent mgt staff 3. Self management Are you ready/able (skills, time, inclination)? 7/04 Franke Consulting for DHCR/HTFC 5
6 If You Are Hiring Mgt Firm? List of mgt services provided Staff assigned Background checks? Financial mgt systems Separate client accounts Budgeting & reporting Property maintenance systems 24-hr call Volume purchasing Avoid self-dealing 7/04 Franke Consulting for DHCR/HTFC 6
7 Hiring a Mgt Firm, cont. Insurance: gen liab, auto, workers comp, prof liab, fidelity bond (if rent collections) Professional accreditations: staff & firm Experience with public program compliance References Fee structure: % collections or fixed $; direct staff costs; additional services 7/04 Franke Consulting for DHCR/HTFC 7
8 If You Are Hiring Mgt Staff? Experienced mgr v. basic skills Questions: Are/can you: A people person? Adept at multi-tasking/tracking details? Familiar with bldg structure/ systems? Develop & read a budget? Willing to evict a tenant? Experienced supervising contractors? Career ladder/growth 7/04 Franke Consulting for DHCR/HTFC 8
9 Self-Management: Are You Ready? Do/can you have: Available/dedicated staff time On-site presence Accounting capacity Internal controls to handle cash Readiness to enforce rules & evict tenants 24-7 response What is the opportunity cost? Will it conflict with your other roles? 7/04 Franke Consulting for DHCR/HTFC 9
10 Non-Profit Roles & Property Management Developer/Owner Provider/Advocate Manager 7/04 Franke Consulting for DHCR/HTFC 10
11 Occupancy Management Compliance Management Occupancy Management Financial Management Physical Management
12 Occupancy Management Marketing Intake/selection Lease Execution Rents Documentation 7/04 Franke Consulting for DHCR/HTFC 12
13 Marketing Ongoing marketing: Budget Fair housing Affirmative marketing - later 7/04 Franke Consulting for DHCR/HTFC 13
14 What s A Good Tenant? Financially responsible Respects property Complies with rules Good neighbor Stable, long-term occupant Leaves unit in good condition 7/04 Franke Consulting for DHCR/HTFC 14
15 How do you keep a good tenant? Timely & effective communication Respect for privacy Responsiveness to repair needs & maintenance of property Maintain safety & security Fair/consistent enforcement of house rules (dealing with problems) Fair rents & increases (explain) 7/04 Franke Consulting for DHCR/HTFC 15
16 Intake Objectives: equal access; fairness Intake/selection Application: form & assistance Priorities/preferences, waiting lists Income eligibility verification Other screening Financial: min income, cash, credit Rental history: would you rent to this person again? Verify identity; all occupants; residency 7/04 Franke Consulting for DHCR/HTFC 16
17 Occupancy Reasonable accommodations & modifications Lease execution Lease, rules, unit walkthrough (inspection) Disclosures (LBP, etc.) Tenant communications House rules enforcement Lease renewals/re-certification Tickler system Service coordination 7/04 Franke Consulting for DHCR/HTFC 17
18 Setting/Increasing Rents Setting rents: What is necessary? What is competitive? What is affordable? What is permissible? What will permit future increases? Regular rent increases? Late fees, returned checks, etc. 7/04 Franke Consulting for DHCR/HTFC 18
19 Tenant Relations Welcome Do timely repairs Communicate: Take time to talk Make contact with nothing is wrong Forewarn them re: repairs, other activities Work out problems Encourage tenant participation? Address security issues 7/04 Franke Consulting for DHCR/HTFC 19
20 Occupancy Recordkeeping Rent roll Lease renewal tickler system Tenant files: Application & verifications/certifications Move-in/move-out inspection checklist Leases Legal notices (LBP, etc.) Work orders Correspondence 7/04 Franke Consulting for DHCR/HTFC 20
21 Final Thoughts: Occupancy Mgt Ensure fair and equal access Seek good tenants (beyond eligibility) Focus on tenant communications Be ready to fill vacancies Create procedures manual 7/04 Franke Consulting for DHCR/HTFC 21
22 Physical Management Compliance Management Occupancy Management Financial Management Physical Management
23 Property Maintenance Goals: Protect the physical asset Maximize occupant safety Minimize emergency repairs Control maintenance effort & cost Planned maintenance focus Scheduled inspections, preventive maintenance & seasonal activities Service contracts 7/04 Franke Consulting for DHCR/HTFC 23
24 Maintenance Activities Custodial maintenance Preventive maintenance Inspection program Seasonal bldg/system activities Work order system Response goals & tracking Emergency repairs 24-7 response Cosmetic maintenance: upgrades 7/04 Franke Consulting for DHCR/HTFC 24
25 Maintenance: Financial Issues Rehab scope: replacement decisions Impact on capital budget v. operating budget Useful life v. compliance period Operating budget Staff v. contract services Service contracts Replacement reserves Capitalized v. op budget contributions Estimating capital needs 7/04 Franke Consulting for DHCR/HTFC 25
26 Physical Maintenance Preventive maintenance Annual inspections Work order system Emergency call Unit turnaround Repair or replace Capital projects 7/04 Franke Consulting for DHCR/HTFC 26
27 Unit Turnaround Goal: < 2 weeks Activities: Cleaning Systems/applicances testing/service/repair Painting Carpet/flooring cleaning Staff/contractors Coordination for re-occupancy 7/04 Franke Consulting for DHCR/HTFC 27
28 Repair or Replace? Identify alternatives: Repair, upgrade, replace Time period: outside term for replacement Estimate: direct costs: maint repair costs Indirect costs: energy & other operating Mo financing cost: loan or reserve contribution Consider non-economic issues: comfort, health hazards, mgt time 7/04 Franke Consulting for DHCR/HTFC 28
29 Preventive Maintenance Activity List the items that should be on your preventive maintenance list (note task and frequency): 7/04 Franke Consulting for DHCR/HTFC 29
30 Final Thoughts: Physical Mgt. Think planned (preventive) maintenance Do annual unit inspections Develop emergency response Focus on unit turnarounds Create maintenance procedures manual 7/04 Franke Consulting for DHCR/HTFC 30
31 Financial Management Compliance Management Occupancy Management Financial Management Physical Management
32 Financial Management Goals: Safeguard cash Manage revenues & expenses Assess profitability & project future Pay the full cost of management 7/04 Franke Consulting for DHCR/HTFC 32
33 Financial Management Activities Budgeting Cash receipts & disbursements Accounting/recordkeeping/reporting Analysis, projections & planning 7/04 Franke Consulting for DHCR/HTFC 33
34 Budgets Cash basis or accrual Uses To set rents To set benchmark for monitoring actuals 7/04 Franke Consulting for DHCR/HTFC 34
35 Collections & Disbursements Rent collection procedures Payment & enforcement Cash handling Internal controls: separation of receipt & deposit Expense controls Procurement policy Invoice payment Internal controls: separation of requisition & disbursement 7/04 Franke Consulting for DHCR/HTFC 35
36 Insurance Casualty Check endorsements & exclusions Liability: basic & umbrella Loss of rents Vehicle Fidelity bonding for employees handling cash Renters insurance: inform tenants 7/04 Franke Consulting for DHCR/HTFC 36
37 Management Fees Avoid these habits: Not tracking all time devoted to mgt Paying yourself last & Never collecting Structuring mgt fees Cost model v. fee structure What s a reasonable fee? 7/04 Franke Consulting for DHCR/HTFC 37
38 Financial Reports Income & expense MI&E; Monthly budget v. actual Balance Sheet Capital expenditure or current expense Depreciation Board/executive use of reports 7/04 Franke Consulting for DHCR/HTFC 38
39 Records Software or paper records Bank account statements Deposits Tenant Ledger ea tenant/apt Income & expense journal Receipts Tenant files 7/04 Franke Consulting for DHCR/HTFC 39
40 Assessing Profitability Profitability: requires project-based: Budgeting Accounting Reporting (MI&E, annual audit/review) Full management cost: Time accounting (staff allocated across properties/between prop mgt & other) Overhead cost allocation 7/04 Franke Consulting for DHCR/HTFC 40
41 Long-Term Operating Projection Trends: 1 2% rents; 3 4% expenses Update for current budget & actuals Uses: Plan/implement rent increases Small ann. increases v. single big change Anticipate changes (e.g., debt service) Crossover point < 5 yrs Income Expenses 7/04 Franke Consulting for DHCR/HTFC 41
42 Final Thoughts: Financial Mgt Establish internal controls; separate duties Monitor I&E monthly: budget v. actual Pay reserves and mgt fees like 3 rd party expenses Maintain financial projections Plan reasonable regular rent increases Document financial mgt procedures 7/04 Franke Consulting for DHCR/HTFC 42
43 Compliance Management Compliance Management Occupancy Management Financial Management Physical Management
44 Compliance Compliance issues: Occupancy mix Occupant eligibility Property standards Financial (reserves, net income) Documenting compliance Files Reports Maintain relations with compliance agency 7/04 Franke Consulting for DHCR/HTFC 44
45 Multi-Program Compliance Comply with most stringent requirement Resolving conflicts between rules HOME & Tax Credits 7/04 Franke Consulting for DHCR/HTFC 45
46 Comply With What? Legal documents: Other Written agreement Note/mortgage Deed covenant/restriction State and local codes Zoning ordinances 7/04 Franke Consulting for DHCR/HTFC 46
47 Typical Compliance Requirements Cornerstone compliance issues: Right people, units & rents Records to support compliance Occupancy Prop Stds Rents Records 7/04 Franke Consulting for DHCR/HTFC 47
48 Cornerstone 1: Occupancy Required mix: income levels Designating assisted units Income eligibility & certification Turnover/recertification Fair housing Legal residency 7/04 Franke Consulting for DHCR/HTFC 48
49 Unit Mix Assisted (VLI/LI) & unassisted Mix in your regulatory agreement Assisted units must comply But unassisted not subject to compliance Fixed v. floating units Annual report during compliance period 7/04 Franke Consulting for DHCR/HTFC 49
50 Income Eligibility/Certification Timing of eligibility determination Within 6 months of assistance or occ. Annually during compliance period Calculation of Income: Section 8, IRS 1040, Census Long Form Source documentation Reference: Technical Guide for Determining Income & Allowances for the HOME Program (HUD-1780-CPD, June 1999*) 7/04 Franke Consulting for DHCR/HTFC 50
51 Recertification Annual recertification of income Annual documentation? If over income(oi), changes to tenant, rent, assisted unit designation? HOME: tenant loses rent protection, pays 30% adj income or street rent LIHTC or LIHTC/HOME unit, rent limit still applies 7/04 Franke Consulting for DHCR/HTFC 51
52 Fair Housing Fair housing Advertising Intake: written tenant selection policy Maintenance of waiting lists Accessible units: marketing & occupancy Affirmative marketing (HOME 5+ units): Analysis of least likely to apply Special outreach to those populations Documentation Legal residency 7/04 Franke Consulting for DHCR/HTFC 52
53 Occupancy Changes LI OI VLI LI LI VLI >LI LI LI V LI LI VLI LI LI >VLI 7/04 Franke Consulting for DHCR/HTFC 53
54 Cornerstone 2: Rents Maximum rents or affordable rents Limits/standards published by program Usually adjusted for tenant-paid utilities May or may not be affordable to tenant Adjustments: Limit changes published annually by Program Adjust only at recertification/lease renewal 7/04 Franke Consulting for DHCR/HTFC 54
55 Cornerstone 3: Property Stds Codes: HOME: local codes or Sect 8 HQS (state) LIHTC: HUD UPCS Inspections: prior to occupancy during the compliance period Lead-based paint: pre-78 HUD assisted If LBP present, annual visual assessment, paint stabilization & clearance Disclosure to all new tenants 7/04 Franke Consulting for DHCR/HTFC 55
56 Cornerstone 4: Documentation If you can t document it, it didn t happen Requirements are in your agreement Use: Incorporate in prop mgt agreement Standard documents & forms Maintain file checklists Seek training Train new staff 7/04 Franke Consulting for DHCR/HTFC 56
57 Record Retention Development records 5 yrs after project completion Occupancy & inspection records Most recent 5 years until 5 years after affordability period ends 7/04 Franke Consulting for DHCR/HTFC 57
58 Portfolio Management
59 Restating the Question What makes a portfolio successful? 7/04 Franke Consulting for DHCR/HTFC 59
60 Why Portfolio Management? Objective review of prop management performance Consistent application of policies/standards Risk-based allocation of staff/resources Identify economies of scale Plan for intensive bursts of activity rehab; refinance; buyouts, etc Identify/address vulnerable properties early Diversify and leverage the asset base for agency survival/growth 7/04 Franke Consulting for DHCR/HTFC 60
61 Keys Issues Economies of scale Diversification Portfolio supervision methods Distressed properties New project selection 7/04 Franke Consulting for DHCR/HTFC 61
62 Economies of Scale Marginal impact on profitability Bulk purchasing Mgt staff capacity to absorb add properties Admin economies: comp acctg; space; equip. Economies of scale are not linear: Incremental costs: thresholds & plateaus Test: add property without add staff/systems? Other issues: Growth may support software May help professionalize prop mgt model May create growth opportunities for staff 7/04 Franke Consulting for DHCR/HTFC 62
63 Diversification Benefits: The continuum concept: serving diverse needs Buffering economic/political/demographic shifts Promoting community diversity Diversify by: Geography? Housing types: tran/perm, family/eld/spec needs Mixed-income Housing/non-housing 7/04 Franke Consulting for DHCR/HTFC 63
64 Supervising a Portfolio Supervision methods: Performance monitoring: Indicators Limits of objective measures Risk-based allocation Cross-project meetings Who should do it? 7/04 Franke Consulting for DHCR/HTFC 64
65 Distressed Properties Options: Restructure management Capital investment (e.g., rehab) Financial workout Disposition 7/04 Franke Consulting for DHCR/HTFC 65
66 To Do List What can you do to enhance property management? What can you do to enhance your portfolio management? 7/04 Franke Consulting for DHCR/HTFC 66
67 Wrap Up Evaluations Next Seminars 7/04 Franke Consulting for DHCR/HTFC 67
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