Eastern Idaho Apartment Association - Self Directed IRAs

Self Directed IRAs
You do not want to miss this one!  James Magee from Equity Trust will be providing a live webinar to teach us about Self Directed IRAs.  This creative investment strategy gives investors the opportunity to use tax sheltered funds to invest in real estate and other investments.  James Magee will inform us on some of the rules and laws regarding these investments.  He will be addressing traditional IRAs and Roth IRAs along with different structures in which to fund these investments.  Networking will begin at 6pm on November 14th with dinner.  The presentation will begin at 7pm.  Please forward this message to anyone you think may be interested.

Special Thanks
Special thanks to Barbara Dahlin-Solinsky for the standup job she did on the presentation regarding the Navigations Program and their role in prevention homelessness in Idaho Falls.

More information and benefits at http://eiaa.info

BMG Attends National Property Management Convention in D.C.

4 year lease required, utilities included.

New property might be available soon. The current tenant is trying to keep his job. If he succeeds he will sign another 4 year lease. If he loses his job this winter, there is a family waiting to sign another 4 year lease . . . If only we managed the White House!

We just returned from the 24th Annual Convention of the National Association of Residential Property Managers (NARPM) held in Washington D.C. The association celebrated their 24th convention anniversary during the event while the various general sessions emphasized professionalism and leadership by example. Workshops offered current attendees information to help residential property managers keep abreast of the latest developments in the industry. Suppliers and vendors were also present with samples of goods and services for improving the management of property.

Fall colors were worth the walk.

"The NARPM Annual Convention is a great way to keep up with current trends and changes in our industry and to locate products helpful for efficient property management and professional development" said Clint Collins. "We have been using video more in our marketing efforts. After learning some new techniques in D.C. our tenants and owners are going to see even more reliance on video for inspections and marketing vacancies." Workshop topics ranged from the latest trends in social networking to ethics to managing effective and profitable teams. As always there was a strong emphasis on the NARPM designation program in residential property management. Members of our staff in St. George and Salt Lake, UT and also in our Idaho Falls office are working on their designations and education in the property management industry.

Over 600 individuals were in attendance at the annual event. There are over 3,700 members of NARPM, the nation's only professional organization dedicated exclusively to enhancing the professionalism and ethics of the residential property management industry.

More Apartment Companies Requiring Renters Insurance

According to a survey of apartment companies conducted by the National Multi Housing Council (NMHC), 66 percent of lessor respondents required renters insurance, which is up from 44 percent in 2009, and in 2008 only 24 percent required the insurance.


There are a variety of reasons why apartment companies are beginning to implement renters insurance more, the most important benefit being the owner’s ability to recover damages. If a resident happens to damage the property the apartment company’s master insurance may cover the cost, but there’s the possibility of a deductible and raised rates.  With renters insurance the landlord would simply recover the costs from the resident’s insurance company. Landlords are also protected in the event that there is a theft or loss that a tenant blames on the property owner.

Coverage under a renters insurance policy usually covers damage caused by smoke, fire, explosions, and water. The typical policy has three fundamental components of coverage: Liability coverage, personal possession coverage and external living expenses coverage.

Although landlords are increasingly electing to require tenants to carry renters insurance, there are often state statutory limits on the amount of control a lessor can exercise over the resulting insurance purchase transaction.  Under most states’ laws, apartment companies are not allowed to require residents to use a particular insurance company. However, the landlords are allowed to provide a list of insurance companies as an option to residents. Indeed, landlords may identify favored insurance companies with which they have agreements for lower rates and pre-approval. Such arrangements offer incentives for both the landlord and tenant.

As the requirement of renters insurance becomes more common in the apartment marketplace, there appears to be little push back by renters. In fact, it is reported now that residents have begun to not only accept, but almost expect the requirement.

Winner - 3 Night Stay in Island Park

Rett Smith was the winner at the Utah Association of Realtors Convention in St. George, UT.  He beat out all other throws with seven in a row.

Utah Association of Realtors Anuual Convention 2012 in St. George, UT

Thanks to everyone who stopped by our booth at the Utah Association of Realtors Annual Convention in St. George, UT. Our property management team had a great time at his event. Check out our quick video and good luck to everyone who entered. At this time the record for the bean bag toss is a 7!!!!!! We will announce the winner through our website, facebook, and twitter on Monday.

Our St. George BMG Rentals Property Management office is growing and owners and tenants are happy with our great service. We appreciate all our customers in the St. George area and look forward to serving you.

Local owner wonders why her home won't rent

Is your rental home sitting vacant? See what we recommended to this home owner to get it rented.

Clint Collins response: To Julie,

I would review the price, presentation, and exposure. If she emails me the stats on that home I will send her a comparable report for the homes we have in that area and similar. (clint@ifrentals.com) See below:

If a property is not rented within 30 days it is typically due to price, presentation, and/or exposure. All 3 of these should be reviewed weekly while listing a vacant property:

Price: Develop a rental price based on comparable properties in the current market with a goal of having it rented within 30 days or sooner. Track the number of calls, showings, and applications for each vacant property. Lots of calls but no showings is a great indicator that the price is high if the price is not listed in your marketing. With this data we are able to adjust the price as needed.
Presentation: We will make recommendations based on our experience, and feedback from showings. If the property needs more cleaning the do it. Cleaning is more effective than most other move-in incentives. If there are other improvements that would help with presentation then weigh out the cost and determine what could be done. If the property is getting a lot of showings and no apps then it is most likely a presentation issue.
Exposure: Give your vacant properties maximum exposure through a full marketing program. This includes websites, local media, tenant referral program, yard signs, and local top ranking websites. More exposure gives you more options for screening for good tenants, less time vacant, and increased rental income. Use lots of pictures and even video tours so the showings you get are more interested and you waste less time. If you are not getting traffic on the property it is most likely an exposure issue.

If you visit the property weekly and review these 3 factors and make regular adjustments, your property won't be vacant for long.

More feedback from Jake:
I would re-iterate Clint's approach.

1. Ask yourself: how many phone calls have you received? How many showings? Applications? (Indicates Exposure)
2. What are 5 things you can do to improve Presentation? Examples can include changing burnt out bulbs, cleaning windows, trimming some bushes, addressing any odor, etc.
3. Price: Keep checking those comparables. Objectively compare property benefits/drawbacks with comparables. Sometimes drawbacks are difficult to notice such as cleanliness of neighborhood. It sounds like your exposure is good. If the place is looking good it may be time for another price reduction.

Original email:
Jake, could you forward to members?

This has been advertised for about 3 months. Did 1 month in post register, photo ad. plus craigslist the whole time trying to remember to renew every 2 days. Competition looked really stiff this summer, lots of homes for rent. It looked like rents had come down, just looking at the ads. Started at $1100 which was what I was getting for years. 3 bed 2 bath newer home in Cortland Ridge by Crowley and 45th S. 1200 sf, living room is really small, so limits possible tenants. Lowered to $1070. I had 2 other homes turn over during this time. One in a few days, the other in about a week. Do you guys have any suggestions? I know it has to come down to rent. What do you guys think? Is it overpriced or something else?

craigslist ad: http://eastidaho.craigslist.org/apa/3249588768.html. In case that link changes, title is $1070 / 3br - Newer East Side Home with AC (Cortland Ridge, Ammon)

With all the news floating around on the housing market and everyone trying to predict a recovery, here are some solid numbers, especially when considering the rental market.