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March 2011

E D U C AT I O N M AT T E R S 22nd Annual Conference & Expo - Education Line-up A Sunny Forecast for the Multifamily Market Indemnity Provisions for Managed Properties New Building Lease-up in Today’s Luxury Market


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1434 Chestnut Ave., Hillside, NJ 07205 Phone: 800.834.WELD 908.687.4494 • Fax: 908.688.6684 www.manhattanwelding.com

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H OB OKE N RE NT CO NTROL R EFORM

PASSED Congratulations to Mile Square Taxpayers Association, which recently obtained essential relief through amendments to Hoboken’s rent control ordinance.

Ron Simoncini, president

Charles Gormally, director of litigation

201-348-8998 rons@axiominc.net

973-403-3111 cgormally@bracheichler.com


Table of Contents March 2011 n Issue 2 THE OFFICIAL PUBLICATION OF THE NEW JERSEY APARTMENT ASSOCIATION

F E A T U R E S

10

Higher Learning

Save Energy and Increase Comfort in Large Apartment Buildings

14

Maintenance Mania

Photo Highlight

16 18

Market Trends

A Sunny Forecast for the Multifamily Market

22nd Annual Conference & Expo

Conference Schedule Exhibitor Information Education Sponsorship Opportunities Registration Form

28

Tools of the Trade

Indemnity Provisions for Managed Properties: Is Insurance the Answer?

32

Education Matters

Unpaid Internships - Are They Legal?

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5 7 8 9 35 37

Road to Success

New Building Lease-Up in Today’s Luxury Market

E V E R Y

I S S U E Fast Facts President’s Message New Members Members in the News PAC Contributors Education & Event Calendar

EXECUTIVE DIRECTOR Jean Maddalon jean@njaa.com VP OF GOVERNMENT AFFAIRS Legislative Editor Conor G. Fennessy conor@njaa.com DIRECTOR OF COMMUNICATIONS Editor Christine Haber christine@njaa.com DIRECTOR OF REGULATORY AFFAIRS & RESEARCH Fast Facts Editor Nicholas Kikis nicholas@njaa.com ACCOUNTING & OFFICE MANAGER Eileen Corbett eileen@njaa.com EDUCATION & EVENTS MANAGER Niambi Ivery niambi@njaa.com MEMBER SERVICES COORDINATOR Casey O’Brien casey@njaa.com EDUCATION & EVENTS ASSISTANT Melissa Vaccariello melissa@njaa.com New Jersey Apartment Association - HQ 104 Interchange Plaza, Suite 201 Monroe Township, NJ 08831 Tel: (732) 992-0600 Fax: (609) 860-0060 Legislative Office 172 West State Street, Suite 304 Trenton, NJ 08608 Tel: (609) 393-5200 Fax: (609) 393-5222 www.njaa.com Cover photo: March 2011 NALP series held at NJAA HQ (courtesy of Christine Haber, NJAA) Trademarks, name brands and other copyrighted items used in this publication are the property of the respective owners. AIM Advertising Contact Christine Haber at christine@njaa.com or 732-992-0603 for rates and deadlines.


Fast Facts

Multifamily Market Update

March 2010

Was 2010 the year of recovery in the multifamily industry? Multifamily market conditions continue to be tight in New Jersey as vacancy rates are almost twice historical norms and effective rents, in nominal terms, continue to be below levels seen at the beginning of the recent recession (officially December 2007 through June 2009). Expressed in terms of real, inflation adjusted, operational income, the multifamily industry has suffered significant declines from the peak, and has a ways to go before returning to pre-recession levels. Nonetheless, 2010 showed positive signs of improvement. Each quarter in 2010 showed quarter over quarter improvement in every key indicator (effective rents, vacancies, and concessions) and rent growth in every market. We will look to 2011 to see if this growth continues and if the pace of growth accelerates..

New Jersey Effective Rent Growth $1,330 $1,320 $1,318

$1,310 $1,290

$1,315

$1,308

$1,300

$1,302

$1,296

$1,296

$1,295 $1,287

$1,280

$1,286

$1,270

$1,286 $1,276

$1,278

Q4 2009

Q1 2010

$1,260 $1,250

Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q2 2010

Q3 2010

Q4 2010

Multifamily Rents and Vacancy Rates Fourth Quarter 2009 to Fourth Quarter 2010 Asking Rent $

% Chg % Chg Effective Vacancy Q4 '09 to Q4 '09 to Rent $ % Q4 '10 Q4 '10

Bergen County

$ 1,566

0.8%

$ 1,511

1.3%

4.4%

Essex County (Eastern)

$

889

0.3%

$

858

1.2%

7.1%

Essex County (Western)

$ 1,506

0.3%

$ 1,448

0.1%

3.3%

Hudson County

$ 2,558

2.3%

$ 2,466

2.4%

5.6%

Mercer County

$ 1,093

1.5%

$ 1,051

1.9%

4.0%

Middlesex County

$ 1,198

1.2%

$ 1,161

1.8%

3.7%

Monmouth County

$ 1,113

1.2%

$ 1,086

2.1%

3.8%

Morris County

$ 1,256

0.6%

$ 1,196

1.0%

3.2%

Ocean County

$

998

1.0%

$

953

2.8%

3.8%

Passaic County

$ 1,251

1.9%

$ 1,192

0.6%

3.9%

Somerset County

$ 1,259

0.7%

$ 1,218

1.8%

4.9%

Union County

$ 1,189

1.3%

$ 1,116

1.2%

4.2%

Average

$ 1,352

1.2%

$ 1,302

1.6%

4.4%

Source: NJAA Tabulations of Data Provided by Reis, Inc. All rents are gross rents. Asking rents reflect advertised rental rates before any concessions are offered. Effective rents reflect the actual rent charged over the lease term (asking rents minus any concessions).


Officers 2011 Board of Directors Matt Adler, Adler Development Michael Barry, Applied Development Company Michael Beirne, The Kamson Corporation Andrew Cohen, Rock Properties Brian Collins, Equity Residential Joseph Collins, CALECO Vincent Comperatore, Comperatore Associates, Inc. George Cowden, Multi-Housing Depot by ARI John D. Cranmer, Archer & Greiner, PC Dawn Curto, Roseland Property Company Sue D’Angiolillo Apartment Finder William Diggs, Renaissance Equity, LLC Larry Falkow, The APTS Jonathan S. Gershen, The Gershen Group Michael Goldberg, Goldberg Realty Associates Dan Gordon, AVCO Supply, Inc. Alan R. Hammer, Esq., Brach Eichler LLC George Jacobs, JK Management, LLC Paul Kaliades, Renters Legal Liability Insurance Jason Kaplan, Kaplan Properties Tom Kretsch Segal & Segal Ronald S. Ladell, AvalonBay Communities, Inc. Anthony E. Lauro, Affiliated Management, Inc. David Legow, Legow Management Company Jack Linefsky, Value Companies Jerome J. Lombardo, C.J. Lombardo Company Jim McGrath, PRD Management Michael O’Dea, Hekemian & Company, Inc. Eileen Patterson, Apartments.com Diana Penn, JMG Realty, Inc. Marshall Rosen, Solomon Organization David Siegel, Coinmach Corporation John Zoetjes, American Architectural Window & Door



NJAA Board Officers

President

President-Elect and Regional Vice President North Jersey

Jeffrey Smith

Brent Kohere

Kriegman & Smith

Home Properties

Vice President Legislation

Regional Vice President South Jersey

Michael Haydinger First Montgomery Group

Regional Vice President Central Jersey William Dailey

Joseph Spadaccini The Kamson Corporation

Vice President Associate Affairs Ray Fiorica

CIS Management Inc.

AFR Furniture Rental

Secretary

Treasurer

Steve Waters

Lynne Aber

Morgan Propeties

Bertram Associates

Past Presidents Tom Kretsch, Segal & Segal Jonathan S. Gershen, Esq., The Gershen Group David Legow, Esq., Legow Management Company Peter J. Weidhorn Michael Goldberg, Goldberg Realty Associates Paul Kaliades, Renters Legal Liability Insurance Mark S. Rosen, Esq., Solomon Organization Norman A. Feinstein, Esq., The Hampshire Companies Herbert Brien, Lismarc Management Corp. Donald M. Legow, Esq., Legow Management Company Robert Goldberg, Goldberg Realty Associates Andrew B. Abramson, The Value Group, Inc. Richard Segal, Segal & Segal Sam Herzog, S.A.M. Holding Company Alfred Sanzari, Alfred Sanzari Enterprises (1932-2005)

Executive Director Jean Maddalon NJAA

March 2011 | AIM


President’s Message

Education and Training: A Necessity for the Multifamily Industry by Jeff Smith Kriegman & Smith, Inc.

F

ull disclosure: I have always loved the concept of training employees but have never really fully committed our company to the process until last year. The results have been dramatic even in the midst of one of the most challenging economic periods our industry has ever faced. Employee training, development and education are important for a number of reasons, including retaining talent, improving skills, increasing job satisfaction and providing a high level of customer service. There is no time like the present for everyone in our organizations to be better trained and better informed. The educational programs that NJAA provides throughout the year, and especially at our Annual Conference in May, play an important role in preparing our staffs to excel in their careers and ensure the satisfaction of our residents. Employee training and education helps identify employees with the aptitude for more responsible roles within our organizations. And like it or not, training and educating employees figures prominently into our organization’s future goals, regardless if employees who participate in professional development opportunities stay with the company. The fact that you’ve invested in training and developing talent within your organization speaks volumes about your business and its AIM | March 2011

philosophy to your employees and your customers.

Communities Stronger on Tuesday, May 24th at the Convention Center.

The NJAA is pleased to present the full lineup of educational sessions that will be available at this year’s Conference & Expo. By now you are aware that the Conference is scheduled for May 23-25 at our new location, the Atlantic City Convention Center. We are very excited about this new venue and I truly feel that this move reflects our enhanced stature and the current needs and wants of the association: more focused education, better exhibit space for associate members, and a facility that is more conducive to a professional, safe and fun conference.

In addition to the educational programs provided at the convention, throughout the year we offer a number of standalone sessions that will motivate and educate your staff. As you may already know, most education sessions held at NJAA HQ are free of charge for members. The NJAA Education Calendar is published in each issue of AIM (see page 37). Feel free to circulate a copy to your team so that you can stay up-to-date on the education opportunities available to you. We need to ensure that staff understands your commitment to training and education. Upcoming seminars include: Property Recovery, Fair Housing, CAMT, Socializing Your Community and more!

As always, we have a full slate of events scheduled, and the seminars have been chosen to maximize your educational needs. The content for the conference was guided by both the Programs & Education and Convention Committees who met to review proposals from professional speakers and members alike. We will be able to choose from sessions such as Going Green in the Garden State, Fair Housing, Dealing with Difficult People, What is Curb Appeal and How Do I Get It?, 50 Ways to Increase Occupancy and more. Take a look at pages 22 through 25 for the complete schedule. Don’t miss our keynote, Tiki Barber as he presents: Play is Fundamental; How Recreation Makes Individuals, Families, and

As you can see from the above, we are constantly adding and tweaking our educational programs to help our members by providing classes tailored to all aspects of property management. NJAA has scheduled quite a diverse group of classes for our industry. Some of the best programs provided were based on the requests of members. Let us know if you have heard a good speaker, or have a topic in mind for a seminar, we are always on the lookout for new and interesting educational sessions to add to our calendar. n 


New Members

Welcome New Members Owners LaFerrara Shapiro Management, LLC Mr. Peter Shapiro 802 Dudley Lane Point Pleasant, NJ 08742 Phone: (732) 261-7780 Fax: (732) 746-3168 Meridia Ms. Kimberly Capodagli 142 Route 23 North Pompton Plains, NJ 07444 Phone: (973) 694-3000 Fax: (973) 694-4770

Associates Affordable Quality Companies Mr. Bill Byster 436 West Commodore Blvd., Suite 5 Jackson, NJ 08527 Phone: (732) 905-9661 Fax: (732) 905-9646 Carpet Services Cleaning Services/Maintenance Construction & Renovation

Champion Utility Sub Metering Solutions Ms. Sandra Benavides 10 SE Central Parkway, Suite 111 Stuart, FL 34994 Phone: (800) 336-6033 Fax: (866) 336-6033 Utility Submetering Energy Systems Service, Inc. Mr. Dan Karbach 50 Egg Harbor Road, Building 4 Berlin, NJ 08009 Phone: (856) 767-7114 Fax: (856) 767-7116 Heating/HVAC Plumbing, Energy Mgmt, Purchasing & Consulting Fox Rothschild LLP Mr. Daniel S. Ojserkis 1301 Atlantic Avenue, Suite 400 Atlantic City, NJ 08401 Phone: (609) 348-4515 Fax: (609) 348-6834 Attorneys

All Risk Property Damage Experts Ms. Christine Messina 501 Kennedy Boulevard Somerdale, NJ 08083 Phone: (877) 247-5252 Fax: (609) 634-0023 Water/Fire/Mold Cleanup & Restoration

Frankford Umbrellas Mr. Bill Kenney 824 East Gate Drive Mt. Laurel, NJ 08054 Phone: (856) 222-4134 Fax: (856) 222-4712 Outdoor Furniture

Arrow Steel, Inc. Mr. Mario Ferraro 629 East 19th Street Paterson, NJ 07514 Phone: (973) 523-1122 Fax: (973) 977-9490 Waste & Refuse Removal

Genesis Creative Promotions, LLC Mr. Kevin Burns P.O. Box 248 Hatfield, PA 19440 Phone: (215) 393-1899 Fax: (215) 412-9580 Promotional Advertising

Building Security Systems Ms. Amanda Ferdinando 15 Freeman Street West Orange, NJ 07052 Phone: (973) 414-1111 Fax: (973) 677-4204 Security Services and Systems

The Gutter Kings, Inc. Mr. Kevin Marron P.O. Box 81 Liberty Corner, NJ 07938 Phone: (908) 482-7125 Fax: (908) 271-6120 Gutter Cleaning & Installation



Jenkintown Building Services Mr. Kevin Barber 101 Greenwood Avenue, Suite 305 Jenkintown, PA 19046 Phone: (215) 887-6777 Fax: (215) 887-3660 Cleaning Services JLA Floor Contractors Corp. Ms. Annie Lopez 406 North Midland Avenue Saddle Brook, NJ 07663 Phone: (201) 797-7800 Fax: (201) 797-7809 Flooring JR Custom Landscaping Mr. Jim Picon 34 Bennetts Mills Road Jackson, NJ 08527 Phone: (732) 928-4443 Fax: (732) 928-9352 Landscape Services Macadam Company, Inc. Mr. Mark Bevevino 26 Bacton Hill Road Malvern, PA 19355 Phone: (610) 993-9000 Fax: (610) 993-9552 Asphalt/Paving MaGrann Associates Mr. Patrick Bunn 240 W. Route 38 Moorestown, NJ 08057 Phone: (856) 722-9799 x.8603 Fax: (856) 722-9227 Energy Management, Purchasing & Consulting Miracle Method Mr. David Romano 1358 Hooper Avenue, #264 Toms River, NJ 08753 Phone: (732) 255-5558 Tub & Tile Refinishing

continued on page 12

March 2011 | AIM


Member News

Members in the News

MAYTAG® COMMERCIAL LAUNDRY HONORS HERCULES CORP WITH THE MULTIHOUSING EXCELLENCE AWARD Hercules Corporation recently received the Multi-Housing Excellence Award during Maytag® Commercial Laundry’s 53rd Annual Meeting in Palm Springs, California. The award is based on outstanding service to the multihousing market, including colleges and universities, condominiums, and apartment buildings. “Hercules’ dedication to the multi-housing industry is unmatched,” said Craig Kirchner, Global Director of Maytag® Commercial Laundry. “This market covers a wide variety of audiences, and Hercules continues to represent the Maytag® Commercial Laundry brand with loyalty and respect. We commend them on their efforts and look forward to many years of continued success.” Including the most recent win, Hercules is a two-time recipient of the Maytag® Commercial Laundry Multi-Housing Excellence Award. The company is also a previous winner of the Maytag® Commercial Laundry Red Carpet Service® Excellence Award. PLANNED COMPANIES WINS 2010 OPTIMAS AWARD FOR VISION Planned Companies is pleased to announce that it was awarded the 2010 Optimas Award for Vision from Workforce Management AIM | March 2011

magazine, and was also recognized as a finalist in NJBIZ’s Business of the Year Awards. “We are thrilled to receive these recognitions,” commented Robert A. Francis, LEED AP, President & CEO, Planned Companies. “Winning the Vision award is a testament to our ongoing commitment to innovation, and both associate and client satisfaction. We wholeheartedly believe in motivating and inspiring our staff so they in-turn provide that same approach to our clients. We have built the company’s reputation on our ability to provide first-class customer service and are proud to receive recognition for something that distinguishes us from other companies.” The 2010 Optimas Award was bestowed upon Planned Companies for its commitment to career training in a high-turnover industry. The NJBIZ Business of the Year Award program recognizes the state’s most dynamic businesses and business leaders who share a commitment to professional excellence, business growth and the community. BOGOTA SAVINGS BANK NAMES BRIAN MCCOURT CHIEF FINANCIAL OFFICER Bogota Savings Bank names Brian McCourt as Senior Vice President (SVP) and Chief Financial Officer (CFO). McCourt formerly held the position of Vice President/Controller for Spencer Savings Bank. “We are proud to welcome Brian McCourt to Bogota Savings Bank,” states Joseph Coccaro, President and CEO. “Brian

brings nearly 30 years of banking experience and will be a key player in the bank’s future growth and continued success.” McCourt will direct auditing, recordkeeping and the accounting activities of the financial institution including: recommendations relating to budget preparation, profit forecasts and operations. DEVELOPERS LEASE 82% OF LUXURY RENTAL RESIDENCES IN FIRST SEVEN MONTHS AT 225 GRAND The developers of 225 Grand announced that an impressive 82% of the building’s 348 luxury residences have been leased in the first seven months of availability. The new 15-story architectural landmark is being developed by Ironstate Development Company of Hoboken and KRE Group of Bridgewater. “The demand at 225 Grand has been steady since we first introduced the property to the public,” said Ironstate Development President David Barry. “Achieving this level of rental velocity speaks volumes about the building’s well-conceived residences, upscale amenities and a convenient location which all come together in an exceptional lifestyle experience.” Designed by renowned architectural firm HLW, the landmark residential tower features 348 residences with net-effective monthly rents currently ranging from $1,950 for studios, from $1,845 for one- bedroom homes and from $2,845 for two-bedroom residences. n




Higher Learning

Save Energy and Increase Comfort in Large Apartment Buildings by Patrick Bunn MaGrann Associates

I

f you own or manage a large apartment building, it is likely that you think about new windows or solar panels when the topic of saving energy comes up. At MaGrann Associates we know that there may be plenty of good reasons for doing both, but our last 60 energy audits of large apartment buildings prove that, in terms of cost effectiveness, these are two improvements that should not be put at the top of your list. When considering which energy efficiency improvements to make to your building, it is best to first perform a wholebuilding analysis so that you can consider the relative cost effectiveness of all of the possible improvements. That analysis should include an estimated cost for each improvement; the amount of energy it will save each year and over the expected life of the improvement; and, just as importantly, the value to the residents’ comfort, health and safety. Once you have a comprehensive list of potential improvements and fully understand the costs and cost savings, you can plan your strategy for budgeting and implementing. Energy improvements for large apartment buildings tend to fall into three basic categories – lowhanging fruit, necessary replacement of existing equipment, and modifications to building systems. Low-hanging fruit Look first for improvements with short payback periods such as lighting changes, installation of water-saving devices, and better control devices for existing equipment. First on everyone’s list of low-hanging fruit is lighting upgrades. Residents will soon be replacing incandescent bulbs in their apartments with CFLs as new federal standards for bulb efficiency will make the common incandescent bulb a thing of the past. Building-wide lighting upgrades should focus on those areas where lights are used most often – hallways, stairwells, certain common areas and exterior lighting. Fluorescent lighting technology has improved a great deal, both in terms of energy efficiency and quality of light. LED

lighting, while more expensive initially, uses even less energy than fluorescent bulbs and may be a viable option in halls and stairs where lights are left on most of the time. Timers and sensors in laundries, restrooms and stairwells are also a consideration. No matter which technology works best for your building, consideration should be given to whether areas are currently under-lit or over-lit. Saving water with low-flow devices will, not only, reduce the water bill, but will save energy by heating less water. Traditional complaints about the quality of low-flow showerheads or low-flow toilets have been largely overcome by manufacturers. Many suitable options are now available and their cost-saving impact can be dramatic. Often, an energy audit will determine that there is no need to replace existing boilers or chillers. Rather, modifications to the control devices, thermostats and valves will reduce energy significantly. Retro-commissioning (getting the most out of existing equipment) is often the most cost-effective solution and should always be considered before making a commitment to replacing equipment. Necessary replacement of existing equipment with high efficiency technology While the replacement of equipment like boilers and chillers will usually have a longer payback period, it also protects the value of the building. Analysis of the cost effectiveness for equipment replacement must take into account the age and condition of the current equipment as well as its energy inefficiency. When existing equipment does need to be replaced, it is essential that it be considered in the context of other building improvements. In past years, many mechanical systems were oversized to compensate for other inefficiencies that were assumed to exist in the building, like poor air sealing, lack of insulation and poor ventilation systems. By addressing the building as a system with several integral parts, equipment can be sized properly to work more economically and efficiently. continued on page 12

10

March 2011 | AIM


2011

Higher Learning

NJAA DIAMOND SPONSORS

ELIAS B. COHEN & ASSOCIATES INSURANCE AGENTS n BROKERS n CONSULTANTS

Thank You AIM | March 2011

11


Higher Learning Save Energy and Increase Comfort in Large Apartment Buildings continued from page 10

Welcome New Members continued from page 8

Modifications to building systems that increase comfort and address potential health and safety issues Many large apartment buildings suffer from poorly designed or maintained ventilation systems. Apartments can be underventilated or over-ventilated, resulting in unhealthy living environments or wasted energy. New technologies in dampers for exhaust systems and energy recovery devices can be implemented to assure that residents are breathing fresh air without wasting conditioned air. Poor ventilation, along with water infiltration, can result in humidity and mold issues, while improved ventilation can sometimes result in an energy penalty to the building. While the need to attend to these issues may affect the planning and budgeting of other improvements, the health and safety of the residents must prevail.

Multifamily Media Management Mr. John Price 3000 Northwoods Parkway, Suite 195 Norcross, GA 30071 Phone: (770) 242-7609 Fax: (770) 242-7517 Cable, Internet & Phone Services

Rely on Building Science Each building has its own set of solutions to its energy issues. Each improvement that is considered should be measured in context with the other improvements on the list. For instance, replacement of a boiler may have greater energy savings if considered in isolation, but may have a much more modest payback if several other, less costly improvements are implemented first. The critical judgment for property owners and managers is to start with a whole-building approach based on sound building science. He or she must develop a long range plan that will allow for an accurate prediction of costs and savings and measures the impact that decisions have on the comfort and safety of the residents. Energy professionals have specific equipment and computer software that is employed to assure that a whole-building energy analysis will result in the predicted performance. It is no longer necessary to rely on your gut feeling or your best educated guess when making energy improvement decisions. To get the best bang for your buck, put the window and solar panel projects on hold until a wholebuilding energy analysis is conducted. n Patrick Bunn is the Multifamily Operations Manager at MaGrann Associates. He coordinates MaGrann’s growing multifamily/light commercial services division. He has over 30 years of experience as a construction manager in New Jersey. MaGrann Associates is an energy efficiency/green building consulting and engineering firm. For more information, visit www.MaGrann.com.

12

Nationwide MRO Ms. Michelle Johnson 1605 Research Circle Rockwall, TX 75040 Phone: (855) 722-9053 Fax: (855) 722-8153 Maintenance and Plumbing Supplies NJ Carpenter Contractor Trust Ms. Kate Hubschmitt 91 Fieldcrest Avenue Edison, NJ 08837 Phone: (732) 225-1300 Fax: (732) 225-0303 General Construction Old City Renovators Inc. Mr. Adam Wojnar 1321 Highland Avenue Fort Washington, PA 19034 Phone: (215) 669-5602 Interior Upgrades/Carpentry Regina’s Maids Mr. Ronny Garcia 88 State Highway Rt. 139 Jersey City, NJ 07306 Phone: (201) 420-1111 Fax: (201) 420-6771 Cleaning Services Ronald Diskin Associates Mr. Ronald Diskin 11 Melanie Lane, Suite 22A East Hanover, NJ 07936 Phone: (973) 599-9600 Fax: (973) 599-9606 Insurance

March 2011 | AIM


Higher Learning

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www.mitchellsupreme.com


NJAA’s 3rd Annual Maintenance Mania A Success!

On March 16, 69 of the states best Maintenance Technicians came out to compete for the title of 2011 NJAA Maintenance Maniac and the chance to compete at the National Maintenance Mania competition in Las Vegas in June. Congratulations to First Place Overall winner and three-time Mania Champion David Berryman from The Kamson Corporation. David completed all 7 games plus the race car competition in an impressive 2 minutes, 11.340 seconds. Second prize went to David’s nephew, Kevin Berryman of The Kamson Corporation (2 minutes, 23.409 seconds) with Tony Cintron of Morgan Properties finishing Third (2 minutes, 25.320 seconds). We would like to thank Jonathan Cohen, Goldberg Realty Associates for being our Master of Ceremonies, Larry Falkow, The Apts for photographing the event, all of our judges, our local sponsors: Central Wholesalers, City Fire Equipment Company, Direct Supplies Warehouse, Roto-Rooter Services Company, Wilmar, Appliance Brokers LTD., L.I.S. Custom Designs, Inc., AVCO Supply and Rent Our Boxes, and our national sponsors: National Apartment Association (NAA) and HD Supply.

THIS JUST IN: NJAA’s Maintenance Mania Champion is Going to Nationals!

NJAA’s 2011 Maintenance Mania Champion, David Berryman of The Kamson Corporation has officially been declared as our region’s representative at the National Competition in Las Vegas in June. This will be David’s second appearance at Nationals! Please join us as we congratulate David on his accomplishment and come cheer him on in Las Vegas.

National Sponsors:

photos courtesy of Larry Falkow, The Apts


Maintenance Mania

Congratulations

Serving The Real Estate Community We would like to congratulate Thomas Zieba of Dorchester Manor, Value Companies (pictured center with Darren Donohue (right) and Jack Linefsky (left) also of Value Companies) on his victory at Maintenance Mania. Due to a scoring error we did not present him with 1st place in the Appliance Repair category and 3rd place in the Fire & CO Safety Installation category during the Awards Reception.

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Corporate Office: 370 Pascack Road Township of Washington, NJ 07676 (201) 664-5400 Oritani Bank and its agency are not responsible for typographical errors. ©2011 Oritani Bank. Member FDIC.

AIM | March 2011

15


Market Trends

A Sunny Forecast for the Multifamily Market By Gregory Haines The Provident Bank

T

hough the multifamily real estate market in New Jersey has seen a challenging past few years, it’s beginning to show signs of life. As our nation begins to climb out of the recession, lenders are working to meet the unique needs of those in this attractive market segment. In the past year, the shift from single-family homes to apartment rentals made headlines. In 2011, that shift will continue to gain momentum. We can expect to see vacancy rates return to the four-to-six percent level or less, while rent concessions become a distant memory. The apartment market is improving as we become more like the European real estate market, where more people cannot afford or are unwilling to own a home. Many people are choosing to rent in the wake of the foreclosure flood and due to uncertainty in property values. Although new construction plans have significantly diminished, the supply of available apartments continues to grow. Many condominiums previously scheduled to be sold are instead being leased, which draws potential tenants. The multifamily real estate market was the only sector to see expansion during last year – 81 percent of markets are in the recovery or expansion mode versus only nine percent in 2009.

percent, moving further below the national rate. As the unand underemployment rates in our region stabilize, the job market strengthens, and workers gain more confidence, we can expect an increase in rental demand and rental rates. Another reason the multifamily rental market is rebounding and seeing faster growth than other types of real estate is the duration of the leases. Apartment leases, for example, tend to be 12 months or less, and therefore, can be adjusted more quickly to the expansions and contractions of the economy. In contrast, the long term nature of retail real estate leases and rental streams are often five years or more. There will continue to be changes in the world of real estate acquisition and financing to respond to shifting market trends and requirements. In this type of market, community banks that offer local decision making and customized lending solutions are an added advantage. They are familiar with the local economic climate, maintain relationships with their clients and are sensitive to and flexible with individual needs and challenges.

There are several factors contributing to the ongoing improvements in the multifamily market, leading to decreased vacancy rates and an overall re-stabilization in rental properties. One of the most intangible, but important factors are public perception and the belief that the economic freefall is over and a slow recovery has begun.

In response to re-stabilizing market conditions, financing parameters for multifamily real estate have changed once again. There are slightly less stringent underwriting requirements and capitalization rates have started to decline. Though people are starting to feel more confident in the economy, we don’t expect a sudden return to the gogo housing years prior to the economic meltdown. Instead we are seeing the “new normal,” which is slower, more cautious growth.

Aside from waning homeownership, unemployment plays a major role. In New Jersey, unemployment is at 9.1

The good news for qualified borrowers is that financing is still available. In 2011, borrowers should demonstrate

16

March 2011 | AIM


Market Trends to lenders how they are responding to the changing marketplace. Banks have become more sensitive to the financial condition of a borrower’s entire portfolio, and not just the economics of the subject property. Borrowers need to be realistic about their projections for the next few years. For example, an increasing number of lenders are looking at borrowers’ tax return – not just reviewing a management prepared income and expense statement. Multifamily real estate has shown itself to be one of the most stable when compared to some of the more “glamorous” real estate assets. Multifamily owners tend to be more conservative and do not overleverage their properties to the same degree as some owners in other real estate asset categories. This sector has also been reported as leading the real estate recovery, spurring more confidence. While this market’s short-term fate is still largely driven by unemployment trends, over the long-term, multifamily is the most desirable real estate investment. n Gregory Haines is vice president of commercial real estate at The Provident Bank. He can be reached at (732) 726-5511 or Gregory. Haines@ProvidentNJ.com.

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www.bargold.com AIM | March 2011

(212)BARGOLD / (212)227-4653 17


22nd ANNUAL NJAA CONFERENCE & EXPO MAY 23 – 25, 2011 ATLANTIC CITY

Charting the Path to Success: Tools to Empower Today’s Apartment Professionals The NJAA Annual Conference & Expo is the ultimate industry showcase for New Jersey’s multifamily housing professionals to connect and learn how to navigate today’s rapidly changing marketplace for success. This year’s show will give you access to: - More than 1,300 New Jersey apartment industry professionals ready to learn, network, and build partnerships - A packed show floor loaded with the latest products and services - A conference program filled with the latest information on the topics concerning you and your team such as, going green, curb appeal, fair housing and increasing occupancy - More networking than ever—from the golf outing to show floor to the Anniversary Reception Don’t miss out on your opportunity to stock your business toolkit with the invaluable opportunities the NJAA Conference & Expo offers—visit www.njaaconference.com today to view the latest show information and register!

Signature Sponsors


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY KEYNOTE SPEAKER / CONVENTION SCHEDULE

NJAA is pleased to announce our 2011 Keynote Speaker: TIKI BARBER Athlete, Correspondent, Community Advocate, Philanthropist

Play is Fundamental; How Recreation Makes Individuals, Families, and Communities Stronger Tuesday, May 24 from 9:15am – 10:30am Atlantic City Convention Center

Want to be the exclusive sponsor of this keynote session? See page 21 for more information on how to sign up!

CONVENTION SCHEDULE

President’s Reception Sponsors

(All events to take place at Atlantic City Convention Center unless otherwise noted) Monday, May 23 9:00am-3:00pm 11:00am-4:00pm 5:00pm-9:00pm 5:30pm-7:00pm 7:00pm-9:00pm Tuesday, May 24 7:00am-3:00pm 7:30am-9:00am 9:15am-10:30am 10:45am 10:45am-2:30pm 12:00pm-1:15pm 2:45pm-3:45pm 4:00pm-5:00pm 9:00pm-1:00am Wednesday, May 25 8:30am-1:00pm 8:30am-9:30am 9:30am-10:30am 10:00am-1:30pm 11:45am-1:00pm 1:30pm-2:30pm

Golf Outing - Ballamor Golf Course (separate registration required) Registration Open Satellite Registration (Sheraton AC Hotel) Diamond Reception (Sheraton AC Hotel) (by invitation only) President’s Reception (Sheraton AC Hotel – Crowne Ballroom) (ticketed event) Registration Open Networking Breakfast Keynote Address featuring Tiki Barber Ceremonial Ribbon Cutting for Expo Floor Expo Floor Open Networking Lunch (On the Expo Floor) Educational Sessions Educational Sessions Anniversary Reception (One Atlantic) (ticketed event)

Registration Open Networking Breakfast Educational Sessions Expo Floor Open Networking Lunch (On the Expo Floor) Educational Sessions

To register, see the registration form on page 27 or visit njaaconference.com.

Breakfast Sponsor

Lunch Sponsor - Tuesday

Lunch Sponsor - Wednesday

Coffee Break Sponsors

Planned Companies


22nd ANNUAL NJAA CONFERENCE & EXPO / May 23-25 / ATLANTIC CITY EXHIBITOR INFORMATION

More Than 1,300 Prospects Await You at the NJAA Expo

From owners to maintenance technicians, New Jersey’s apartment professionals know that the NJAA Expo floor will bring them the latest solutions and products they need for their business. The show floor is filling up fast—don’t miss out on the opportunity to meet a range of more than 1,300 apartment industry decision makers under one roof! NJAA Expo Floor as of March 24, 2011

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   













   

 

 







    













 





   







   

   

 









 





   



 

 







   



   

 



 



    











 







���



  

 









 



 







  

 





 









 





  



  











     







  

 



   







  





 





  









 

1986 - 2011

 



 

 





  

 

 









 







   

 







 



  



  















    











 





 

  





  

 









  





   







 





 

 

















  



  

  

 





 

 

 





 







      





Show Floor Hours Set-Up: Monday, May 23: 11:00am to 7:00pm Tuesday, May 24 from 10:45am to 2:30pm Wednesday, May 25 from 10:00am to 1:30pm Dismantle: Wednesday, May 25 from 1:30pm to 5:30pm

Recharge Station Sponsor

Visit njaaconference.com to download an exhibitor contract and secure your spot today.




22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY SPONSORSHIPS & HOTEL INFORMATION

Put Your Best Brand Forward At the NJAA Expo! The NJAA Conference & Expo offers a range of invaluable opportunities—to fit all budgets—that will get your company on the business radars of more than 1,300 apartment industry professionals, including (following sponsorships available as of March 21, 2011): Keynote Speaker Sponsor Signature Sponsorships Anniversary Reception Sponsor NEW Recharge Station Sponsor

Educational Program Sponsorships Networking Breakfast and Lunch Sponsorships Networking Coffee Break Sponsorships Charitable Fund Golf Outing Hole Sponsorships

Opportunities are selling out! To learn more, visit njaaconference.com, or contact Niambi Ivery at (732) 992-0606 or niambi@njaa.com.

Thank You to Our Signature Sponsors

How to Reserve Your Room at the Official Hotels of the 2011 NJAA Conference & Expo The NJAA Expo is offering discounted hotel room reservations at the following approved hotels: Sheraton Atlantic City Hotel - Located just across the street from the NJAA Expo! Discounted rooms are available through May 9, 2011 for $99.00. To book online, visit njaaconference.com/registration.html and click on the link provided under “Hotel Accommodations.” To book your room over the phone, contact the Reservations Department at (800) 627-7212 and reference group code New Jersey Apartment Association.

Hotel Room Key Sponsor

Badge Lanyard Sponsor

Borgata Hotel and Casino - Located one mile from the Expo, shuttle buses will be provided to and from this hotel at scheduled times. Discounted rooms are available through May 13, 2011 for $115.00. To book your room, contact the Reservations Department at (866) 692-6742 and reference group code NJAA11. Please note that the Sheraton Atlantic City Hotel and Borgata Hotel and Casino are the official hotels of the 2011 NJAA Conference and Expo. All other hotel properties and third-party reservation agencies are not endorsed by the NJAA and the NJAA Conference and Expo.


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY EDUCATION Thank You to Our Education Sponsors

T U E S D AY , M AY 2 4

2:45 pm to 3:45 pm Going Green in the Garden State: Water Conservation for the New Jersey Marketplace Conor G. Fennessy, NJAA; Steve Waters and Andrew Gravina, Morgan Properties This presentation will address one of the most overlooked areas of energy conservation and provide a road map for reducing your expenses and protecting yourself from future utility cost increases. It will provide an in-depth look at the benefits of water efficient upgrades from project evaluation, product selection and testing through job management, resident education and savings and will also cover realistic benchmarking from an owner’s perspective, cost effective project management for NJ properties and how to determine when water conservation is not cost effective. Understand the limits of Sub-metering in New Jersey and learn the secrets of a successful water conversation program with: realistic benchmarking, value engineering, proven project management and Real savings with quick paybacks. Dealing with Difficult People Joy Baldridge, CPC, CSP, Baldridge Seminars International Do some people just drive you crazy?! In this interactive session you will learn how to cope with the four core different personality types. The key is to understand that people are different more than they are difficult. You will take a unique personality profile that will help you see your world from different points of view. You will not only discover your personality type, but you will learn three other types and the hot buttons that help you build and maintain positive relationships with them. Stop the Concession Madness Amy Kosnikowski, Quintessential – The Q Standard For far too long many have relied on specials to motivate renters. Now is the time to throw away the concession crutch, sharpen your skills and gain more leases at higher rent. Learn how to wean off specials by gaining a competitive edge, focusing on the needs of the customer and confidently ask for their business. Don’t miss this session to discover the keys to building confidence and improving closing ratios along with your community’s bottom line -- FAST! Shop Safety Mark Davies, Home Properties (Invited) General shop safety rules keep everyone safe and provide the most productive work environment. In this session, maintenance professions and managers will not only learn general shop safety rules but will leave with information about available personal safety equipment. Fair Housing – What’s Your Disability IQ? Doug Chasick, CallSource Disability related complaints are on the rise – 44% of all fair housing complaints filed in FY 2009 alleged unequal treatment based on disability – and you are on the front line! Since fair housing is not static and compliance is based on impact, not intent, even experienced leasing professionals need to make certain they keep current with fair housing best practices. We’ll review compliance requirements and learn best practices about what to say and do – and what not to say and do! Whether you’ve got 10 days or 10 years of multifamily experience, this session will benefit you.


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY EDUCATION

4:00 pm to 5:00 pm Navigating the Housing Choice (Section 8) Voucher Program Christopher J. Hanlon, Esq., Hanlon Niemann, P.C.; Deborah Heinz, Department of Community Affairs (Invited) The NJ Law against Discrimination (LAD) requires that all owners of market-rate properties accept rental assistance vouchers, provided that the resident seeking to use those vouchers meets reasonable resident criteria. Vouchers include Housing Choice [Section 8] Vouchers, State-Rental Assistance Program (S-RAP) vouchers, as well as rental assistance vouchers from a variety of federal housing assistance programs. In this seminar you will learn how the how to manage the process from when an applicant first presents a voucher through the end of his lease. The seminar will explore programmatic elements of the Housing Choice Voucher Program, including: Housing Quality Standards (HQS) inspections, the Housing Assistance Payments (HAP) Contract, the HUD lease addendum, payment standards and the fair market rent. Additionally the seminar will discuss management practices to ensure compliance under the LAD, including creditworthiness and income eligibility guidelines for prospective residents. This seminar is intended for owners and property managers with oversight over leasing policies and operations, as well as leasing staff who must be knowledgeable of their obligations under the LAD. Management Leadership Joy Baldridge, CPC, CSP, Baldridge Seminars International What does it take to be a great manager and leader? In this insightful session you will learn the 10 most vital traits of exceptional managers and leaders. You will also learn how to build a productive team that gets things done effectively. Leasing: Build and Better the Basics Amy Kosnikowski, Quintessential – The Q Standard Whether you are just new to the exciting apartment industry or you want to re-ignite the passion for leasing that once was – this class is for YOU! Come ready for a jam-packed session covering the essential tools to build and better leasing skills. Attend this session to improve telephone techniques, product knowledge and vital customer follow up. You will discover the essential steps in leasing, how to enhance closing and learn the factors to leasing success! You will never look at leasing the same again! What Is Curb Appeal and How Do I Get It? How to See What’s Right in Front of You! Renee Kinel, Value Companies Giving a great first impression to potential renters can be a critical component in marketing and renting your units. Maintenance, Leasing and other onsite staff will learn tricks and valuable tips from a 2010 Garden State Award-Winner for Curb Appeal, Value Companies. Enhancing a residential community can be as simple as landscaping improvements, visually-attractive lighting and strategically-placed signage. Adding elements to a property is just as effective as eliminating them by removing leaves from gutters, paving potholes, and power washing walkways. And remember, a fresh coat of paint breathes new life and can do wonders! Fair Housing Affordable: Section 504 and the Fair Housing Amendments Doug Chasick, CallSource According to HUD, complaints alleging unequal treatment based on disability have accounted for at least 40% of all complaints filed – and this is expected to increase! While Section 504 and the Fair Housing Amendments Act of 1988 are not an easy read, they are not overly complex, so what’s the problem? We are the problem, of course – and this session will help you move from problem to solution! We’ll take a look at the requirements of both laws, the most common pitfalls and mistakes, and how to avoid them. At the end of the hour, you’ll have the knowledge you need to be more effective in your compliance practices.


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY CONFERENCE PROGRAM & EDUCATION

W E D N E S D AY , M AY 2 5

9:30 am to 10:30 am Safe Buildings: OSHA, Workman’s Comp, Disaster Preparedness Moderator – Jack Linefsky, Value Companies; Neil Owens, Elias B. Cohen Associates; Andy Goldberg, RestoreCore Every owner wants a Safe building. Protect your investment by understanding the basics of OSHA and types of training most favorable to you. Understanding the importance of safety can earn you a reduced experience modification. Workers’ Compensation has available discounts in New Jersey. Learn what they are and what your policy should look like from a rating standpoint. And finally no one wants a disaster to strike but you need to be ready. Are you prepared? Learn the basics what you need to know and how to communicate to your staff the event of an emergency of any size. Evictions -Regaining Possession – Your Rights and Responsibilities Tracey Goldstein, Esq., Feinstein, Raiss, Kelin & Booker LLC & TBD The eviction process can be especially difficult in New Jersey and must be handled correctly from the beginning to the end in order for you to successfully regain possession of your apartment. This session will help you navigate the complex eviction process from the steps you must take well before you enter the courtroom to properly handling and removing abandoned property once you have successfully regained possession. Additionally, the session will discuss leases of deceased residents, properly handling the property of the estate, and the procedures for the termination of a lease upon death. Learn both your rights and responsibilities throughout this process and have your questions about the eviction process answered by experts in landlord tenant law in this informative session 50 Ways to Increase Occupancy and Retain Residents Jackie Ramstedt, CAPS, CAM, CAS, Ramstedt Enterprises, Inc. FREE doesn’t mean cheap. Sometimes it just means simple, everyday ways to show people you really care and that living at your property means living with people who want to make your home special! We will list, with brief explanations, 50 great low to no cost ideas such as, accepting packages in the office and putting them inside the resident’s apartment for them or creating “Exit Interviews” with outgoing residents to find out where your strengths and areas of improvement have been during their lease term or getting your upper management to write a monthly blog. Finally, creating a personalized marketing plan for your property utilizing a template provided in the handout, attendees will fill in the marketing concepts that match their particular profile needs, wants, and interests in order to find and retain those valuable residents. Apartment Turns: Understanding the Finances and A Round Table Session to Share Tricks and Best Practices of a Quick and Successful Apartment Home Turn Moderator – Brent Kohere, Home Properties In this session maintenance professionals will learn the basic finances of a quick turnover and have the opportunity to share best practices and tricks of a successful apartment turn. How to Prepare for a MOR – Management and Occupancy Review Dodi Gershen Gennello, The Gershen Group; Francis Thomas, Department of Community Affairs A Management and Occupancy Review (MOR) verifies compliance of a property with the terms of the Housing Assistance Payments (HAP) Contract, Regulatory Agreement, Management Agreement and Management Plan which is conducted on an annual basis. Owner compliance is verified regarding civil rights regulations, including Title VI, Title VII, the Americans with Disabilities Act, and Section 504 of the Rehabilitation Act of 1973.Your MOR is scheduled at least two weeks in advance and .the owner/agent is responsible for providing proper notice to residents advising them that their unit may be chosen for inspection. Learn how to prepare for this vital inspection.


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY CONFERENCE PROGRAM & EDUCATION

1:30 pm to 2:30 pm Healthy Apartment Homes: Indoor Air Quality, Lead, Asbestos and Tobacco Smoke Derrick Fulcher and Greg Krueger, Lew Corp.; Bruce Gudin, Esq., Levy, Ehrlich & Petriello Apartment owners and managers are constantly seeking new ways to maintain a healthy indoor environment, comply with indoor environmental regulations, and to integrate best practices for environmental safety into ongoing building maintenance operations. As people are becoming increasingly aware of the potential hazards in the indoor environment, it is important to be taking steps toward maintaining a healthy environment at your communities. This session will touch on state and federal regulatory requirements governing maintenance activities that disturb lead-based paint or asbestos-containing materials. Learn the relevant laws, litigation, and insurance issues addressing Indoor Air Quality (IAQ) pollutants such as environmental tobacco smoke (ETS). Further, experts in IAQ will discuss best practices to improve air quality that can be incorporated into existing management practices, ongoing maintenance operations, without driving up costs. Explore strategies for working with residents to guard against resident-introduced pollutants such as tobacco smoke, unsafe cleaning products, unvented heaters, and ozone producing air filters. This session is an overview of steps that you can begin to take to attain regulatory compliance with environmental rules, improve the air quality at your communities, and reduce your potential liability. Understanding the New Customer – Managing the Pace of Information Today Jackie Ramstedt, CAPS, CAM, CAS, Ramstedt Enterprises, Inc. Improving how we engage with our customers or motivate them to join in a conversation with us via social media avenues is a fragile and somewhat confusing process at times. Putting only our property sign or pool photos on our Facebook Fan Pages, Twitter posts, or Blog pages, can be as outdated as with any other advertising medium. Today’s savvy customers download apps for their Smart Phones every day. Mobile Action Codes, which include 2D barcodes, matrix codes, QR codes, and Microsoft Tags, are becoming the 21st Century “Call To Action” for advertisers to find their customers and make the process easier for them to reach us. Knowledge of these websites, mobile apps, tags, and other social networking sites are critical in order to stay ahead of the competition and ultimately ahead of the massive techno curve of new and better technology streaming out daily. Utilizing social media is a very inexpensive way to engage our onsite teams, communicate with prospects and residents, and work together as an industry. The benefits are not only necessary to stay in competition with today’s consumer expectations, but more importantly in running our businesses in this economy, it is all about being “bottom line” worthy! Hands on Water Conservation and Green Lighting George Cowden, Multi-Housing Depot by ARI; Phil Germinario, Niagara Conservation Corporation; David Malamet, Medallion Lighting Whether you’re keeping up with the competition or meeting new safety regulations, retrofit strategies play an important role in the multi-housing industry. Throughout the seminar, we will discuss point-of-use conservation, utility sponsored conservation programs and sub metering retrofits. Presentations focusing on retrofit strategies for toilets, aerators and showerheads will also be covered. How to Prepare for a REAC Inspection Scott Precourt, US Housing Consulting Any multi-family housing property with a HUD insured loan and/or subsidy is subject to a periodic REAC inspection. HUD requires these physical inspections to ensure families have housing that is decent, safe, sanitary and in good repair. The breadth of these inspections, the complexities of the scoring criteria and some inconsistencies with inspectors can make it difficult for managers and owners to stay in compliance. Learn how to “Understand” your REAC Inspection, including the REAC Scoring Model, REAC Appeals and the best ways to prepare for your REAC Inspection.


22nd ANNUAL NJAA CONFERENCE & EXPO / MAY 23-25 / ATLANTIC CITY GOLF OUTING & ANNIVERSARY RECEPTION

Kick Off Your Expo Experience by Hitting the Links and Networking with Fellow NJAA Members at the NJAA Charitable Fund Golf Outing* Monday, May 23 - Shotgun at 9am Ballamor Golf Club – 6171 English Creek Avenue – Egg Harbor Township, NJ Registration fees: $700 per foursome / $175 per golfer To register, visit njaaconference.com or contact Niambi Ivery at niambi@njaa.com or (732) 992-0606. Sponsored by

16 Charitable Fund Hole Sponsorships remain at $150 per hole; contact Niambi Ivery to sign up.

Thank You to Hole Sponsors: HD Supply, HESS Corporation, Renters Legal Liability LLC, AFR Furniture Rental, Griffin, Griffin & Alexander, PC, Segal & Segal and Planned Companies * Your registration and/or sponsorship less the cost of goods and services received is considered tax- deductible to the fullest extent of the law, please consult a tax expert. NJAA Charitable Fund tax id: 22-3593491. You will receive a letter for your taxes prior to the event.

Celebrate NJAA’s 25th Anniversary in Style at One Atlantic Tuesday, May 24 from 9pm to 1am

Join hundreds of fellow attendees and unwind in an evening of fun, music, and networking at the Anniversary Reception, to be held at the stunning One Atlantic overlooking the Atlantic ocean.

Sponsored by


NJAA’s 22nd Annual Conference & Expo, May 23 - 25, 2011 Atlantic City Convention Center, Atlantic City Please fax completed form to 609-860-0060 or mail to 104 Interchange Plaza, Suite 201, Monroe Township, NJ 08831. Contact Niambi Ivery at 732-992-0606 or by e-mail to niambi@njaa.com for more information. Full Registration (May 23-25) President’s Reception (May 23) Keynote (May 24) Education Sessions (May 24-25) Expo Floor (May 24-25) Anniversary Party (May 24)

Tuesday Registration (May 24)

Wednesday Registration (May 25)

Keynote (May 24) Education Sessions (May 24) Expo Floor (May 24) Anniversary Party (May 24)

Below pricing is offered to 2011 NJAA Members Only

Education Sessions (May 25) Expo Floor (May 25) Anniversary Party (May 24)

President’s Reception (May 23) President’s Reception evening reception ticket only

Please circle F (Full), T (Tuesday), W (Wednesday) or P (President’s) for each registrant

Management - Property Owners, Executive Staff and Regional Managers Full Registration: $350.00 x ________ (# of people) = $ ________ Tuesday Registration: $200.00 x ________ (# of people) = $ ________ Wednesday Registration: $200.00 x ________ (# of people) = $ ________ President’s Reception Only: $200.00 x ________ (# of people) = $ ________

Name: _____________________________________ F T W P Name: _____________________________________ F T W P Name: _____________________________________ F T W P Name: _____________________________________ F T W P

Property Staff - Property Managers, Leasing Agents, Maintenance Staff, Office Staff Name: _____________________________________ Full Registration: $150.00 x ________ (# of people) = $ ________ Full Registration does not include President’s Reception ticket Name: _____________________________________ Tuesday Registration: $75.00 x ________ (# of people) = $ ________ Name: _____________________________________ Wednesday Registration: $75.00 x ________ (# of people) = $ ________ Name: _____________________________________

F T W F T W F T W F T W

Exhibiting Associates (Associate company must be an exhibitor) Full Registration: $400.00 x ________ (# of people) = $ ________ Name: _____________________________________ F T W P Name: _____________________________________ F T W P Tuesday Registration: $225.00 x ________ (# of people) = $ ________ Wednesday Registration: $225.00 x ________ (# of people) = $ ________ Name: _____________________________________ F T W P President’s Reception Only: $225.00 x ________ (# of people) = $ ________

Name: _____________________________________ F T W P

Non-Exhibiting Associates (Not permitted to distribute any materials on the Expo floor or any NJAA sponsored meal) Full Registration: $550.00 x ________ (# of people) = $ ________ Name: _____________________________________ Name: _____________________________________ Tuesday Registration: $300.00 x ________ (# of people) = $ ________ Wednesday Registration: $300.00 x ________ (# of people) = $ ________ Name: _____________________________________ President’s Reception Only: $300.00 x ________ (# of people) = $ ________ Name: _____________________________________

Early Registration Deadline - April 30, 2011 Registration Contact: o Remove all e-mail addresses from attendee list Name _________________________________________________ E-mail _________________________________________________ Company _______________________________________________ Phone ________________________ Fax ______________________ All name badges will be distributed on-site. Please visit NJAA registration desk upon arrival. Registrations must be paid by April 29 to avoid surcharge. Registrations received after April 29 will be subject to a $25.00 surcharge. All registrations received after May 1 must be paid in full by May 20. On-Site Registrations will be subject to a $50.00 surcharge. Cancellations: All cancellation must be in writing. Registration fees will be refunded less a $25.00 service charge if the cancellation is received before April 29. No refunds will be issued for cancellations received after May 1.

F T W P F T W P F T W P F T W P

Payment Information o Visa o MasterCard o American Express o Check Enclosed Cardholder Name ________________________________________ Card # _______________________________________________ Security Code (3 or 4 digits) __________________________________ Expiration Date __________________________________________ Billing Address __________________________________________ Total ________________________________________________ Signature ______________________________________________


Tools of the Trade

Indemnity Provisions For Managed Properties: Is Insurance the Answer? by Dan Ojserkis Fox Rothschild LLP

W

hen entering into a fee-based property management arrangement, it’s easy to focus your attention on basic business issues like the manager’s compensation and the length of the agreement. Once the owner and the manager hammer out the length of the contract and the amount of management fee, there is a natural tendency to sit back and “let the lawyers handle the boilerplate.” That’s totally understandable, but it’s not a good idea. Focusing only on the basic business issues puts you at risk of overlooking another important issue: liability for thirdparty claims. No one starts a management relationship with plans to be sued. However, owner and manager should expect that any claim made or threatened by a third party will name them both. Most management agreements allocate such liability between owner and manager by means of two related provisions: indemnity and insurance. Since your liability to a third party can easily exceed the income you hope to earn from the property, you ignore these provisions at your peril. Resist the temptation to simply rely on age-old boilerplate indemnity and insurance provisions. A little focus on them at the start can help you avoid — or at least minimize — your liability in the future. THE PROVISIONS Under an indemnity provision, one party (the “indemnifying” party) agrees to be responsible for a certain type of claim and to protect the other (the “indemnified” party) from liability for that type of claim. Under an insurance provision, the parties agree on who must obtain specific types and amounts of insurance against particular 28

claims, and who will pay the cost for that insurance. The connection between the two provisions is best illustrated by what happens in practice. If you learn that a claim against you may not be fully covered by insurance, your next step (or your attorney’s) will likely be to turn to the indemnity provisions of your management agreement, to see which party is assigned liability for the claim (and the expense of defending it). Better to deal with the potential liability, as much as possible, at the beginning. Indemnity provisions can be difficult to negotiate. Owners often question why they should bear liability if the manager is being paid to operate the property. In response, Managers argue that they are operating only on behalf of the owner, and that such claims should be the owner’s responsibility because they are an expected cost of the multifamily rental business, regardless of who operates the property. In the end, getting to a resolution may require smart insurance planning as much as tough negotiating. Certainly a party will be less concerned about taking on the indemnity obligation if the third-party claim is covered by an insurance policy. That’s the easy part. However, insurance coverage is seldom perfect. Time and again we find in our practice that not every claim is fully covered, and not every insurance policy or rider is cost-effective. Coverage can be insufficient because of unrealistic coverage limits, substantial “self-insurance” or high deductibles, and can be disputed or denied altogether because of (sometimes unexpected) policy exclusions for lead-based paint, mold or other “pollutants;” certain weather events; employment law claims; and willful or criminal acts. continued on page 30 March 2011 | AIM


Join us for NJAA’s Expo Golf Outing Monday, May 23, 2011 at the

Ballamor Golf Club 6071 English Creek Avenue, Egg Harbor Township, NJ

Visit the NJAA Expo website at www.njaaconference.com or contact Niambi Ivery at (732) 992-0606 or niambi@njaa.com Event Day Timeline Breakfast 8:00am Registration 8:30am Shotgun Start 9:00am BBQ Lunch 1:30pm

GOLFER REGISTRATION Player 1: Name ______________________________________ Player 2: Name ______________________________________ Player 3: Name ______________________________________ Player 4: Name ______________________________________

sponsored by

Registration Fees $700 per foursome $175 per golfer

Company ___________________________________ Company ___________________________________ Company ___________________________________ Company ___________________________________

GROUP CONTACT PERSON Information regarding the outing will be emailed to the contact person below. Name ______________________________________ Email Address_______________________________________ Cell Phone (day of event) ______________________________________ PAYMENT INFORMATION

Payment must be received by May 2

Please make checks payable to NJAA Charitable Fund or authorize Credit Card payment as:

Visa

MasterCard

American Express

Card Number ________________________________________ Security Code ________________ Exp ___________ Cardholder Name _____________________________________ Company __________________________________ Address ________________________________ City ______________________ State _________ Zip ____________ Phone ______________________________________________ E-mail _____________________________________ Signature ___________________________________________ Date ____________ TOTAL AMOUNT $_________ Please note: As this is a charitable event, all registration fees are non-refundable but changes to players can be made at any time. Would you like to sponsor the NJAA Expo Charitable Fund Golf Outing? Sponsorship Opportunities are available, please contact Niambi Ivery at 732-992-0606 for more information. Fax your completed registration form to (609) 860-0060. A limited number of singles are available. You will receive a confirmation via e-mail within 24 hours.


Tools of the Trade Indemnity Provisions for Managed Properties: Is Insurance the Answer? continued from page 28 If such unprotected liability is not shifted away by an indemnity provision, it can saddle you with substantial out-of-pocket expenses, not just for the claim itself but also for the legal costs of defending yourself and any party you have indemnified. GUIDANCE What to do? Plan ahead, using the help of your insurance professional and your attorney. As a general matter you should pay careful attention to your own insurance coverages, to any insurance policies obtained by others pursuant to a specific management agreement, and to the indemnity provisions of the management agreement. Here are some suggestions: TALK TO YOUR INSURANCE PROFESSIONAL • Whether owner or manager, you should periodically consult with your insurance professional about existing coverages. Many insurance professionals offer “insurance audits”. Take advantage of these opportunities, and request them if they are not offered to you. Identify and discuss exclusions and other gaps in coverage.

coverage gaps you have identified, and of what type or level of risk you are willing to undertake. • If you use your own form management agreement, have your attorney review the insurance provisions to make sure they are clear and specific regarding required coverages, and the indemnity provisions to ensure that liability is allocated as you would want. • Armed with your new appreciation of any gaps in the insurance coverage provided, have your attorney revise your form management agreement and negotiate any other management agreements to obtain indemnities where possible against any claims that fall within coverage gaps. • Consider negotiating for the right to replace insurance obtained by the other party with insurance that you obtain, if at any time you determine that there are deficiencies in the coverage provided. • Consider using a single purpose entity, such as a limited liability company.

• Develop a sense of the best coverage available to you. What kind of coverage could you obtain for your next managed property? What coverage gaps would it still have? Are there “fixes” available on cost-effective terms?

No management agreement is likely to remove every possible liability, just as no insurance policy is likely to cover every possible claim. However, if you are sensitive to the issues described above, and work cooperatively with your insurance professional and your attorney to address them, you can lessen the risk of an unexpected and unprotected claim in future operations. n

• In any management arrangement in which the other party obtains insurance, insist on seeing the policy (not just a certificate) as early as possible, and review that in detail with your insurance professional. If possible do this before signing the management agreement, since the policy provisions can impact your own insurance needs, and your negotiation of the indemnity provisions.

Daniel Ojserkis is a partner in the Real Estate and Corporate Departments of Fox Rothschild LLP. Based in Atlantic City, Dan concentrates his practice in the affordable housing and casino gaming industries, navigating profit-driven businesses through regulations based on public policy. He represents developers, owners, property managers, investors and lenders in the affordable housing market.

• Explore having a “backup” liability insurance policy in addition to the property-level liability policy. If you already have one, review it as suggested above. TALK TO YOUR ATTORNEY • Discuss the issue of indemnities and liability under your management agreements with your attorney. Your lawyer should develop a clear understanding of any insurance 30

March 2011 | AIM


Education Matters

Attorneys Making a Difference Let Us Show You How Contact Robert C. Griffin, Esq. or Jennifer L. Alexander, Esq.

Make yourself comfortable with attorneys who know Landlord / Tenant Law.

Experience is the Difference Professional Services Include: s s s s s s s s

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Are you looking to fill a position within your company? Take Advantage of NJAA’s Online Job Bank E-mail christine@njaa.com with the job title, a brief

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Education Matters

Unpaid Internships -- Are they Legal? by Dena B. Calo, Esq. Genova, Burns & Giantomasi

I

t’s coming up on that time of year again – summer. And as we move into the summer months, there is always an influx of cheap (and sometimes free) labor coming out of colleges, universities and trade schools. These “interns” use the summer to work for an organization, making connections and learning a business where they believe they can get a job once they graduate. In turn, businesses pay nearly nothing to the interns, thinking instead that it is pay enough to instill in these individuals the opportunity to learn the industry and meet people along the way. While this may be true, the federal Department of Labor (“DOL”) issued a fact sheet last year providing information to help businesses determine whether interns are truly gaining an education and are appropriately unpaid, or whether they are “employees” and thus must be paid minimum wage and overtime under the Fair Labor Standards Act (“FLSA”) for the services they provide. The FLSA defines the term “employ” broadly to include any individuals who are required to suffer, or permitted to, work. With such a broad definition of employment, internships in the “for-profit” sector are generally considered employment under the FLSA. As a result, interns typically must be paid at least the minimum wage and overtime compensation for hours worked over forty in a week. However, businesses that structure their internship programs like educational training programs, rather than employment, may do so without paying minimum wage and overtime to the interns. The DOL has developed six criteria that must be applied when making the determination of whether this educational exemption applies: 1. The internship is similar to training which would be given in an educational environment, even though it

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includes actual operation of the facilities of the employer; 2. The internship experience benefits the intern; 3. The intern does not displace regular employees, but works under close supervision of existing staff; 4. The employer that provides the training derives no immediate advantage from the activities of the intern; and on occasion its operations may actually be impeded; 5. The intern is not necessarily entitled to a job at the conclusion of the internship; and 6. The employer and the intern understand that the intern is not entitled to wages for the time spent in the internship. So long as all of the above factors are met, no employment situation is created under the FLSA, and the intern is exempt from the minimum wage and overtime requirements. Most often, businesses with internship programs are violating the FLSA without even realizing that their practices violate the law. For example, if an intern is engaged in the operations of the employer or is performing productive work that results in the employer benefiting from the intern’s work, then the intern is really an employee. Other factors that make your intern an employee are: • Using interns as substitutes for regular employees or augmenting a workforce during specific time periods; • Using interns to perform work that would otherwise have been done by regular employees working extra hours or would have required the hiring of additional employees; • Supervising interns in the same manner and level as, and with the same personnel as, the employer’s regular workforce; • Using the intern for a “trial period” with the expectation that he or she will be hired on a permanent basis.

March 2011 | AIM


Education Matters There are, however, methods to minimize the risk, and make your company’s unpaid internship structure more defensible, if challenged. The business should structure the internship so that it resembles and revolves around an academic experience. The intern should not be taking job opportunities away from current or potential employees. If the internship provides the individual with skills that can be applied to multiple jobs, the more likely it is to be viewed as training rather than employment. The employer should provide job shadowing opportunities that allow the intern to learn certain functions under the close and constant supervision of regular employees, but require the intern to perform minimal actual work. The internship also should be set for a fixed period determined prior to the outset of the internship rather than a “trial period” for individuals beginning employment. Clearly, education is the key. Under the above guidelines, “for-profit” sector employers who wish to offer unpaid internships must be sure that their interns are being educated, and that the business is not gaining a benefit from free, productive interngenerated work. n Ms. Calo, Counsel in the firm’s Newark and Camden offices, is director of Human Resource Practices Group. She provides employment law counseling, including preparing and reviewing employee handbooks, establishing and auditing human resources policies and procedures and conducting on-site investigations. Ms. Calo also trains organizations on best human resource practices. This article is for informational purposes only

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Have You Registered for the NJAA Expo Golf Outing? Monday, May 23 Ballamor Golf Course Egg Harbor Township Foursomes are still available! See page 29 for a Registration Form Contact Niambi Ivery for more information niambi@njaa.com or 732-992-0606

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AIM | March 2011

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Road to Success

New Building Lease-up in Today’s Luxury Market by Debra Tantleff Roseland Property Company

B

ook publishers and luxury developers have something important in common. When a new book is ready to launch, the publishers strategically showcase the book in advertisements until product demand peaks. Then they set an original print count that will be released to the public. The number is large enough to get the reviews and chatter going, but low enough to increase demand. Likewise, the construction, marketing, and phasing of a new building need to create a profitable equilibrium between supply and demand. Well before developers break ground, their business plans have contemplated the relationship between the construction and marketing processes. Furthermore, the proper execution of phasing is essential to the lease-up as it maximizes revenue by providing the market with a set of things to absorb in proportion to the building’s unit matrix. To determine the proper phasing equation, developers must consider its total number of units, the types of units, the time in which sections of a building can be completed and released, and the local demand for such product. If done properly, the building will populate expediently, and developers can become more aggressive with pricing in following phases.

need and satisfy it long before individuals who shop closer to their respective move-in dates. A corporate bulk lease also provides potential residents the sense that the building is selling quickly and will encourage a call to action. The phasing can only succeed, however, if each and every prospective resident fully absorbs the entire experience that a new building is selling on the first visit. Each step of the process - pulling up to the building, the pathway to the leasing office, the nature of the greeting, the condition of the product, the ability to see an actual unit, full availability of the building’s amenity spaces – is equally important in translating the package to a prospective resident. A successful operation will ensure a smooth transformation of a construction site into a livable building. From the moment a building receives its first Temporary Certificate of Occupancy, it is the responsibility of the management company to enact a prepared strategic move-in plan that will foster a sense of project completion for each new resident. Many a time there is still construction activity – sometimes significant - taking place, but it should never affect the residents.

The breakdown of unit types in each phase will always be critical. Unit availability should encourage rather than discourage inquiry from prospective tenants, while sustaining flexibility and expediting lease-up for the developer.

A management company needs to put its best - and most precise - foot forward when unveiling its new building to the market. Timing needs to be coordinated among construction, marketing and phasing in order to maximize developer revenue and to maintain a level of comfort and confidence for the potential renter. If one piece of this puzzle goes missing, the project can never be complete. n

The corporate marketplace provides an excellent opportunity to create a base of revenue with units in locations in the building that may be inferior, but satisfy the needs of corporations who are making domicile decisions on behalf of their constituents - i.e. if selecting for themselves, these same residents might upgrade location, leaving lesser units as the last to lease. Furthermore, corporations recognize their

Debra Tantleff is Vice President of Development at Roseland Property Company. In her role, she is responsible for the management, coordination and implementation of mixed use developments including acquisition, approvals, design, construction management, financial budgeting, forecasting and sales & marketing. Debra has her Masters in Real Estate Finance from New York University.

34

March 2011 | AIM


THANK YOU TO OUR 2011 PAC CONTRIBUTORS Deposited as of March 17, 2011 Lynne Aber

Jonathan Gershen, Esq.

David Legow, Esq.

Bertram Associates

The Gershen Group, LLC

Legow Management Company

$1,000

$1,000 First PAC Contributor of 2011

$2,000

The Barry Family

Jack Linefsky

Applied Development Company

Michael Goldberg

Value Companies

$10,000

Goldberg Realty Associates

$1,000

$1,000 Michael Beirne

James McGrath

The Kamson Corporation

Alan Hammer, Esq.

PRD Management, Inc.

$1,000

Brach Eichler LLC

$1,000

$1,000 Andrew Cohen

Michael O’Dea

Rock Properties

Michael Haydinger

Hekemian & Company, Inc.

$1,000

First Montgomery Group, AMOÂŽ

$1,000

$1,000 Vincent Comperatore

Marshall Rosen

Comperatore Associates, Inc.

George Jacobs

Solomon Organization

$1,000

JK Management, LLC

$1,000

$1,000 John D. Cranmer, Esq.

David Siegel

Archer & Greiner, P.C.

Jason Kaplan

Coinmach Corporation

$1,000

Kaplan Properties

$1,000

$1,000 Dawn Curto

Jeffrey Smith

Roseland Property Company

Brent Kohere

Kriegman & Smith, Inc

$1,000

Home Properties

$1,000

$1,000 William Dailey

Stephen Waters

CIS Management Inc.

Tom Kretsch

Morgan Properties

$3,500

Segal & Segal

$1,000

$1,000 William Diggs

John Zoetjes

Renaissance Equity, LLC

Ronald Ladell

American Architectural

$1,000

AvalonBay Communities, Inc.

Window & Door

$1,000

$1,000

Larry Falkow The Apts

Anthony Lauro

$1,000

Affiliated Management, Inc. $1,000


Ad Directory

Advertisers Please take a look at the following members who support NJAA with their advertisement in this issue of AIM. 3

Axiom Communications

17

Bargold Storage Systems

31

The Falcon Group

15

Feinstein, Raiss, Kelin & Booker

31

Griffin, Griffin & Alexander, PC

13

Jacobson, Goldfarb & Scott

33

Kipcon, Inc.

11

Kohl Asset Management

2 13 15

Manhattan Welding Company, Inc.

REGISTER TODAY for NAA’s Nationally Accredited Certificate for Apartment Maintenance Technician (CAMT) In June 2010, NAAEI’s CAMT program achieved accreditation by the American National Standards Institute (ANSI), a private nonprofit organization that administers and coordinates the U.S. voluntary standardization and conformity assessment system. The CAMT program is the only apartment industry program to be accredited by ANSI. All modules for NJAA’s 2011 CAMT will be held at NJAA Headquarters in Monroe Township, unless otherwise noted. Fees: CAMT Discounted series fee: $800 Member, $1000 Non-member; CAMT Module fee: $100 Member, $150 Non-Member. Plumbing I & II – April 27 & 28 at RestoreCore in Edison. Presented by Mike Goldberg, RestoreCore.

Mitchell Supreme

Heating, Ventilation and Air Conditioning (HVAC) I & II– May 4 & 5. Presented by Stan Szanfranski and John Phillips, Morgan Properties.

Oritani Savings Bank

Electric I & II– June 8 & 9 Presented by Mike Goldberg, RestoreCore.

Back Cover

P.C. Richard & Son

17

The Provident Bank

36

Become a Certified Success with an NAA Designation Program!

Interior & Exterior Maintenance I & II – July TBD . Presented by Stan Szanfranski and John Phillips, Morgan Properties. For more information contact Melissa Vaccariello at melissa@njaa.com.

March 2011 | AIM


Ad Directory

2011 NJAA Education and Event Calendar A P RIL

SEPTEMBER

6 FREE

Property Recovery: How to Bounce Back from a Destructive Winter PLUS Tips for Managing Your Maturing Landscape By Jeff Molizon and Bruce Hellerick, Brickman Group

20 FREE

Fair Housing Basics Forsgate Country Club, Monroe Township by Chris Hanlon Esq., Hanlon Niemann, P.C.

27-28 CAMT Plumbing I&II $800/series by Mike Goldberg, RestoreCore

M AY CAMT HVAC I&II 4-5 $800/series by Stan Szafranski and John Phillips Morgan Properties Annual Convention Golf Outing Ballamor Golf Course, Egg Harbor Township See page 29 for a registration form.

23

NEW LOCATION! 22nd Annual Conference & Expo Atlantic City Convention Center See page 27 for a registration form.

23-25

J U NE

15 FREE

Marketing to Generation X & Y by Eileen Patterson, Apartments.com

Certified Apartment Manager (CAM Slam) 20-22 $995/series by Jackie Ramstedt, Ramstedt Enterprises

OCTOBER 4

8th Annual NJAA PAC Reception Crestmont Country Club, West Orange

Certified Apartment Manager (CAM Slam) 18-20 $995/series by Jackie Ramstedt, Ramstedt Enterprises

20

18th Annual Garden State Awards Hyatt Regency, New Brunswick

NOVEMBER 10 FREE

Interactive Multifamily Marketing by Eileen Patterson, Apartments.com

16 FREE

Fair Housing Basics by Chris Hanlon Esq., Hanlon Niemann, P.C.

8-9 CAMT Electric I&II $800/series by Mike Goldberg, RestoreCore 21 FREE

Socializing Your Community - Social Media by Eileen Patterson, Apartments.com

J U LY

A detailed list of 2011 Conference education sessions can be found on pages 22-25 or visit the conference website at www.njaaconference.com for

CAMT Interior and Exterior Maintenance I&II 13 $800/series by Stan Szafranski and John Phillips Morgan Properties

more information. Unless otherwise noted, all sessions are held at NJAA Headquarters.

A U GUST 16 $79

Fair Housing and Beyond by Doug Chasick, CallSource

17 $79

Fair Housing and Beyond by Doug Chasick, CallSource

AIM | March 2011

For more information and non-member rates contact us at 732-992-0600 or visit the Events Calendar at njaa.com.

37


Planning a Meeting Can be a Difficult Task Selecting a Convenient Site Should Be Easy When you are planning an educational session for your staff or a meeting of professionals, why not use NJAA’s centrally located and technologically outfitted education and conference rooms?

NJAA is conveniently located right off the Turnpike at exit 8A making it easily accessible to all areas of the state. Our rooms are well equipped to meet your technology needs and our staff will help make your meeting run smoothly. We also offer breakfast and lunch options, at significant discounts from hotel or conference center rates.

Our education room holds up to 40 attendees classroom style and up to 50 lecture style. Our Board Conference room will supply you with privacy and can hold 10 participants in a comfortable setting. As a member of NJAA, rental fees are $250 for the education room and $150 for the Conference room. Rental fees for non-members are $400 and $300 respectively.

Please contact us at 732-992-0600 to reserve your meeting room today.


Designated Striver? Enhance your professional growth in the apartment industry by becoming a Certified Apartment Maintenance Technician (CAMT) and take your career to the next level. CAMT training helps you to preserve the value of your apartment community and increase resident retention. The National Apartment Association Education Institute (NAAEI) offers “blended learning”, integrating online coursework with in-classroom study and is a combination of Non-Technical and Technical courses, specifically designed for apartment maintenance professionals to meet the needs of today’s apartment residents. Non-Technical Online Courses: • Inside the Apartment Business • People, Projects and Profits Technical Courses: • Interior and Exterior Maintenance • Electrical Maintenance and Repair • Plumbing Maintenance and Repair • HVAC Maintenance and Repair • Appliance Maintenance and Repair

You’re already a Success. Become a Certified Success. Learn more about how you can earn your designation. Visit www.naahq.org or www.ApartmentCareerHQ.org

A designation for apartment maintenance professionals. Register Today for Our 2011 Certified Apartment Maintenance Technician (CAMT) Classes

NAA Education Institute │ 4300 Wilson Suiteof400, Arlington, VA training 22203 and online practice CAMT Training is comprised of 12 modules. 10 technical modulesBlvd., consisting hands-on classroom scenarios as well as two non-technical modules consisting of online training and practice scenarios. Our remaning 2011 CAMT 703/248-9570 │ 703/248-8370 FAX │ education@naahq.org modules are as follows: April 27 & 28 – Plumbing I & II, May 4 & 5 – HVAC I & II, June 8 & 9 – Electric I & II, July 13 – Interior/Exterior Maintenance I & II. Sessions are held at NJAA Headquarters in Monroe, NJ. Series Cost: $800 for members/ $1,000 for non-members. Module Cost: $100 per module for member/ $150 per module for non-members (continental breakfast and lunch included). Completion of all modules is required for NAA certification. For registration information contact Melissa Vaccariello at Melissa@njaa.com or (732)-992-0604.


104 Interchange Plaza, Suite 201 Monroe Township, NJ 08831

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2/7/2011

3:57 PM

Page 1

the MAJOR APPLIANCE ‘GIANT’

AMERICA’S LARGEST WHOLESALE APPLIANCE DISTRIBUTOR For 101 years P.C. Richard & Son has been providing the building industry with unbeatable service, integrity and reliability.

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1.800.368.6869 Builders@PCRichard.com Fax# 1.800.479.0336 150 PRICE PARKWAY FARMINGDALE, NY 11735


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