LIHTC/Tax Credit 3-Step Application Process

If you are struggling with, or would like a better way of explaining the application process to a potential prospect, try using this 3-step process.

First inform the prospect that your community has income guidelines.  Those guidelines are based on the number of individuals in the household.  Ask how many persons are in the household and tell them the maximum allowable annual income for a household of that size.  Then choose one of these phrases to ask if:

a) They think, they would qualify

b) They are under or over this income limit

Use whichever method of questioning you are most comfortable with.

After the prospect has completed the application, let them know there will not be an immediate response on acceptance. Income verification is needed to verify the information provided on the application is accurate, and that there are no hidden bank accounts, home ownerships, or other assets of this type.
Explain to the applicant that there are three-steps in the application approval process.  
First, credit and criminal reports are run to be certain that the prospect meets the resident selection criteria as defined for that apartment community.

Secondly, if step one passes, the income verification process will begin. Let the prospect know that we are at the mercy of their employer, bank, and anyone else they listed, to verify the information on the application is true and accurate. In some cases, the need for the applicant’s assistance in obtaining the required documentation may be necessary.

The third and final step is the approval process. At Yarco Companies, we have a “second pair of eyes” review the file.  This confirms that all items have been properly verified, and nothing has been missed. When the applicant’s file has been successfully approved, the applicant can move in. This whole process could take a couple days or could easily take more than a week, depending on the speed with which all verifications and approvals can be completed.

Explanation of this process from the first initial contact with a prospective resident may help prevent some phone calls asking if the application has been approved. When a call is received asking about approval, notify the applicant which step of the process their application is in. With the information that has been given the applicant regarding the three steps required for approval, they should know what stage the verification is in and how much longer they may have to wait for a final decision and move-in date, hopefully reducing daily phone calls from the anxious applicant.

What ways have you found to help explain the procedure to prospects?

Linda Hansen ARM, HCCP
Director of Property Marketing
Yarco Company

IT'S HOT!!! & You need a Cool Pool

Join Apartment Communities in the Kansas City area, Chilling Down Hot Pools and Rebuilding Lives

Jump in For Joplin

Beat the Heat, Jump Into an Iced Pool

Help Rebuild Joplin, Missouri

The Community Response/Public Relations Committee is asking for your help with a great night at your property. Ask your residents to bring a bag of ice and $2.00 donation and together we'll take the jump to help our Neighbors in Need! All donations will be used to help Tornado Victims in Joplin, Missouri

Visit www.aakc.us for the flier so you can host this event.

Who Knows? Maybe You Could Be The Next TV Super-Star

At a recent AAKC lunch meeting, we were informed the hit TV Show, “Extreme Home Make-over” has selected a family in need in the KC Metro and they have asked for the help of our caring members. The local company building the new home (in only 5 days), only recently found out about this new project, so they are in need of literally everything. This project begins on July 30th when the family is “surprised” and they will work 24/7 building their dream home through that Saturday.

This sounds like a great opportunity for AAKC Members to come together and donate our time, efforts, trade-skills and supplies too. You may visit the link below to for a complete list of needed materials and opportunities. Who knows maybe you will even be on national TV?

Let’s step up and show this deserving family how amazing our association is! Visit www.joinextreme.com/kansas to sign up, make a donation and see a complete list of needs!

Join AAKC and help us say, "Move that bus!"

Learn Online with AAKC and NAA

Invest In Yourself. Learn Online!

AAKC & NAA have partnered with Callsource to offer more learning opportunities than ever before.

Through the AAKC “NAA Online Learning” center, NAAEI Webinars and Online Designation courses you have even more ways to super charge your career.

Now designates can earn CEC’s anytime with online learning.

Other Online Learning Options Through the National Apartment Association Education Institute

NAAEI Online Programming
The following NAAEI programs are offered online:

• National Apartment Leasing Professional (NALP)
  
• Certified Apartment Manager (CAM)
  
• CAM Community Analysis (capstone project for CAM Candidates)
  
• Fair Housing and Beyond! (co-sponsored with the Institute for Real Estate Management)
  
• Certificate for Apartment Maintenance Technicians (CAMT) (non-technical courses only)

Click here to learn more about online Designation programs.

In addition, NAAEI offers webinars to its members all year long!
For the most up to date information please click here;

All NAAEI Webinars will provide:

• Copies of PowerPoint presentations
• Handouts with key information
• The ability to ask questions to experts and receive answers

On this page, you will find more information about NAAEI's special topic and Webinar series as well as NAAEI's online programs.

NAA is going Mobile!

If we can hold the world wide web in our hands, shouldn't we have a say in how we see it? Take our survey and help us determine what we should display on your handheld screen.

Take the survey now! Even if you don't use a mobile device for web access, we would appreciate your feedback!

Troubled home market creates generation of renters

Troubled home market creates generation of renters

http://www.fox19.com/story/14703232/2011/05/24/troubled-home-market-creates-generation-of-renters

Find more items like this at http://www.fox19.com

Blog Share!

I have recently written and read some great blogs that I wanted to share with you. Here is the first blog that was posted on APTly Spoken (the NAA blog). It is about resident events and why they don't equat resident retention. http://tinyurl.com/AAKCNAABLOG

Next, is a blog I wrote about Social Media. It was posted on the NAA Online Communtiy, so you will need your (free) NAA login to read. It is called "5 Things You Should Know About Social Media." I hope you enjoy it. http://tinyurl.com/myblogNAA

Lastly, I wanted to share a recently posted story from MHN online about the NAAEI online designation programs. This show you it is possible to take your career to new levels, even online. http://www.multihousingnews.com/in-focus/landlord-or-multifamily-housing-professional/

What is your favorite blog?

AAKC Social Hour

When Linda and I put our heads together and started the social media committee at AAKC, we had no idea how successful it would become. It has gone from some words on paper to an amazing group of people brainstorming ways we can make our association stronger.

We meet once per month like our other committees at AAKC. But, instead of planning a trade show or awards banquet, we plan ways to promote our association and other events. We create new ways for our members to get involved.

One of our most successful ideas is to host a monthly "Social Hour". Our committee chooses an establishment in a different part of the Kansas City Metro each month to host the event. A different committee member each month takes the lead and works out the details and even gets the location to donate a gift card or two for us to give away at the event. To promote this, we mainly use Facebook by creating an "event". The first Social Hour in December had about 40 people in attendance. A huge success! Each month after that we average about 50 members. We now even have a vendor sponsor the event. For a small fee, we put their name on the event page and use their name when promoting the Social Hour.

Some people still think social media is a fad and it is going to fade away into the sunset. I respectfully see things a little differently. I feel it is here to stay and I am so happy it is. After all it is so much fun!

It is great having a large committee of great people that are on the same page and can help come up with so many fun ideas. I can't wait to see where social media will take our association this year.


http://www.aakc.us/

Tweet to you soon,

Jeremy Lawson, NALP
Social Media Committee

National Apartment Careers Month

What is National Apartment Careers Month?

In 2010, the NAA Education Institute announced the first-ever National Apartment Careers Month. National Apartment Careers Month was created to bring awareness and promote the attractive and recession-resistant careers in the apartment industry.

Apartment Careers Month also encourages hiring personnel, whether they are onsite managers or corporate human resources managers, to evaluate this talent more effectively, exploring core competencies and not just looking for previous apartment industry experience.

New this year, NAAEI is calling for submissions for its “Get Reel” Career Video Challenge posted on YouTube, where winners can be eligible to win a trip to the 2011 NAA Conference and Exposition in Las Vegas. Click here to view contest rules.

In preparation for this event, NAAEI has developed the Workforce Development Packet, for hiring managers, apartment management companies and NAA affiliates and associations. Scroll down on this page to view these items.

Also available, NAAEI’s award-winning career materials, including the maintenance, leasing and management brochures and the DVD Careers in Apartment Management.

For information, contact NAAEI directly at 703/518-6141 or education@naahq.org.

Who can participate in National Apartment Careers Month?

Anyone can participate in National Apartment Careers Month. Apartment community staff, apartment management companies, hiring personnel and NAA affiliates are all encouraged to participate in creating awareness about careers in the apartment industry.

2011 The Year To Invest In Yourself With AAKC

AAKC has such an amazing educational calendar lined up for 2011. With all of these great opportunities for our members, I took a little time and had a chat with the Education Committee Chair, Robynn Haydock, with @Home Apartments. Here is our conversation;

Jeremy-First of all, thank you for taking the time to answer a few questions for us. Do you mind telling us a little about yourself?

Robynn-I actually started as a leasing consultant in 1990 after graduating high school. I learned so much in my first year about the many facets of property management, maintenance and leasing - and fell in love with it! Since then, I have enjoyed providing homes for people and seeing others grow personally and professionally in this industry. No 2 days are ever the same and I learn something new every day - even after 20 years! My involvement with the AAKC enables me to keep learning (and teaching), which is why I focus on education for members.

So you started in the business when you were five years old? Each year AAKC offers many designate courses options to its members.
What would you say to someone that is thinking about signing up to take one of theses designation courses in 2011?

I would say that the courses for designations give everyone a better picture of why we do what we do - and how to do it better. If you want to sell more product, make more sound judgement calls, control your budget better, and do your job with less stress in less time, then the designate program is for sure the way to go. I've never talked to anyone who didn't say they were glad they went through the program - and learned a lot! The relationships you make with classmates can last a lifetime. Besides, who doesn't like to have a few initials after their name as a sign of professionalism and hard work!
We also reintroduced the Education Scholarship Fund this year, which allows industry professionals who don't have funding for the courses the opportunity to earn a designation. I look forward to seeing the applications for the scholarships. I think it will be another way to really see the passion people have for their careers in property management.

That is funny. A few years ago when I got my NALP designation I came out thinking the same thing. I learned so much more than I ever thought I would. And, I am so excited to hear more about the Education Scholarship Fund. Does AAKC offer any designate courses for its vendors?

Absolutely! CAS stands for Certified Apartment Supplier and is a designation just for suppliers and vendors to the apartment industry. Vendors get to sit side-by-side with managers and hear about what on-site people need and want. They can take this back to their job and provide better products and services to maintenance and management personnel. Suppliers take financial management and risk management classes with managers, so if a vendor comes to me with a CAS designation, I know they understand my concerns before we ever start working together. One of the first questions I ask vendors is if they are an AAKC member. The next question is if they have their CAS. If so, I know I have a true professional ready to partner with us!

Wow, that sounds like a great opportunity for our vendors for many reasons. That would really make a vendor stand out in our industry.
So, what course or seminar do you think will be your most favorite next year?

Oh, there are so many for 2011! We have 3 National Speakers coming in, and I definitely hope to make all of those. I can never get enough out of seminars like Team Building, Life Management and Leadership, which are all coming to KC! People I talk to outside of our industry are always impressed with the caliber of seminars and speakers we offer, especially for the low cost to our members. I'm excited for the Brainstorming Sessions coming up too since that's a great time to hear how other companies handle pressing issues (like collections, bed bugs, cap ex projects and HR).

I agree it sounds like AAKC has a great year for education coming. If you had to pick one class not to miss, what would it be?

In addition to the 3 big ones I just mentioned? Well, anyone who knows me, knows I'm always pushing Fair Housing. To me, it's not an option to miss this one no matter what role you play in the apartment industry!

How did I know you were going to say that? But, I would say that is a very important seminar to attended as well. Well thanks again for taking the time to chat with me.

December 21, 2010-
Jeremy Lawson, NALP
AAKC Social Media Co-Chair

Raise Rents, But Offer An Early Lease Discount

None of us want to pay more money for the apartment or house we are renting. Most of us have trouble increasing our customers’ prices when we ask for a new renewal commitment. One of the things I’ve learned is that perception is reality. So the key to raising the rents while keeping resident retention high is to help your residents perceive that they are getting a bargain.

The Programs: Three months before their lease renewal date, send them a Rent
increase/ Lease notice. Include an early bird incentive to get them agree to the rent increase and sign immediately, thereby preempting a search for a new place to live. For example, let’s say you are trying to increase your rate by 5 percent on an $800-per-month rental unit, which comes out to $40 per month. Send them a rent increase for 8 percent, but offer them a 3 percent discount if they come and renew the lease within the next two weeks, a 2 percent discount if they come in within four weeks, and a 1 percent discount if they come in within five weeks.

Design the letter to outline the savings for each percentage offer. For example:
· The 3 percent discount would equal $24 per month or $288 per year.
· The 2 percent discount would equal $16 per month or $192 per year.
· The 1 percent discount would equal $8 per month or $96 per year.

The residents perceive that they are saving $288, while you’re increasing revenue by $480 per year. The resident may ask for the full percentage of savings during the course of the three months, but that’s okay. You still get the same perception and same revenue.

The keys to success are to design and test different initial rent increase notices, incentive pieces, and reminder cards announcing the end of another discount.

Projected Results: You will be able to test this program on a monthly basis and determine its net effect. The risks are small, but the rewards are large. One community that implemented the idea received a 65 percent early bird signing response rate!

Contributed by Rick Brown
http://www.smmonline.com/

NAA Intervenes in Missouri Apartments’ ....

...“Potentially, what happens in Missouri could become a test case for other states,” said Greg Brown, NAA’s vice president of government affairs. “We want to protect our members from being denied the right to individually bill residents for utilities, which has been shown to conserve resources.”...

AAKC Members please login to http://www.aakc.us/ and read an important article that coud affect your daily operations.

Or click here to login and read the article.

We're Social!

The AAKC Social Media Committee was created to enhance the presence of AAKC both locally and nationally.

Through social media, we will bring awareness to upcoming events, seminars, educational opportunities and other ways that current and new members are able to get involved. We are confident through this new committee we will help to strengthen our other committees and encourage new members to join.

Find, Follow, Like and Connect with us!

Facebook

Twitter

Linkedin

YouTube

Please Join us for the AAKC Holiday Party & Dinner Meeting

Please join us for this special event in the Rooftop Ballroom, at the Intercontinental Hotel for our December Dinner Meeting & President's Awards Banquet. the AAKC President, Lenora Carpenter will be giving out Awards for:

* Local Vendor Company of the Year
* National Vendor Company of the Year
* Management Company of the Year
* Vendor Volunteer of the Year
* Management Volunteer of the Year
* Vendor of the Year
* Manager of the Year
* Management Executive of the Year
* Vendor Committee Member of the Year
* Management Committee Member of the Year

It will be held on December 7th, 2010 at the Intercontinental Hotel

401 Ward Parkway
Cocktails from 5:00pm-6:30pm
Dinner and President's Award Banquet begin at 6:30pm

Tickets are $38.00 Dinner & Awards Banquet in advance $43.00 at the door

*This event is for AAKC members only.

Members Click Here To Register For This Event Online!

Mission Statement

The Mission of The Apartment Association of Kansas City is to protect owners of multifamily housing from harmful legislation through effective political representation; to offer educational opportunities for professional leadership in the industry; to communicate with our members regarding local, state and national issues; and prudent administration of our resources.