The
Volume 3 October 2023 Issue
In this issue
This issue is full of entertaining and informative content. You can easily navigate to a specific section by clicking on the links provided on the right.
Monthly
Highlight
Cybersecurity
Awareness
October is Cybersecurity Awareness Month – observed every October and started in 2004 – it was developed by the Department of Homeland Security for the public and private sectors to raise awareness about the importance of cybersecurity.
The digital revolution has provided us with countless benefits. It has revolutionized the way we access information, the way we communicate and socialize, and how we conduct business, but with those benefits comes increased risk from cyber criminals trying to exploit vulnerabilities in these structures for financial gain.
So, it’s a great time to remind everyone of the importance of safeguarding our digital lives with some tips to help strengthen and protect your digital assets.
Multi-Factor Authentication (MFA):
You should enable this service on all your online accounts, including banking, email, and social media platforms, to provide an extra layer of security beyond just a password.
Regular Update & Patch Devices:
Keep your smartphone, home computers, and other devices (digital thermostat, internet router, etc.) up to date with the latest security patches and updates. Cybercriminals often target these known vulnerabilities.
Phishing:
A method in which hackers masquerade as a reputable company or person via email to trick the individual into revealing sensitive information. Be skeptical of unsolicited emails. Avoid opening emails and attachments from unknown sources.
Back Up Your Data:
Regularly back up your important data (photos, tax documents, etc.) to a secure cloud service or an external drive. This will ensure your data is recoverable should you be a victim of a ransomware attack.
If you see something, say something! Please remain alert and report any suspicious or unusual cyber activity to IT immediately.
And since Halloween happens in October, too, I’d like to share some ‘spooky’ tricks that cybercriminals are using:
O.MG Cable
An unremarkable charging cable that contains basically a tiny computer that looks like any other charging cable. Once plugged in, it can capture your keystrokes and even take over your device. Advice: Always bring your own charging cable or buy a new one.
Flipper Zero
This is an RFID (radio frequency ID) device that can capture and copy a device’s signal and then replicate that signal. It’s essentially a digital pickpocketing tool. Many devices use RFID, like keyless car access (key fob), contactless credit cards, Top Golf’s golf balls that track location and scoring, pet tracking with an embedded chip, hotel room access, etc... Companies recognize this threat and are implementing methods to protect consumers. Advice: This is currently a minor threat, but you can protect yourself with an RFID-blocking wallet and be aware of your surroundings.
QR Codes
A barcode that takes you to a website or destination when scanned using your smartphone. You’ve seen these at restaurants for menus and sporting events for tickets. These have gained popularity for their simplicity, but it has also created another avenue for hackers to take advantage of an unsuspecting victim by redirecting them to a phishing or malware site. Advice: Always check for physical tampering of the QR code. When in doubt, don’t scan!
Employee
Spotlight
Michael
Babkowski
What is your role at StoneRiver, and how long have you been a part of the team?
I am a Leasing Consultant at Pecan Spring, and in this role, my primary responsibilities are leasing, marketing, and maintaining positive resident relations for my community. I have been in the industry for going on nine years, and I have worked in various positions such as leasing consultant, assistant property manager, and property manager. Since joining the team in February 2023, I have had the privilege to assist in the due diligence process for Concord Ridge as well as assist at other locations as needed.
How do you like to spend your time outside of work?
I am currently pursuing a master's degree in business, so I spend most of my free time studying. When I am not studying, I enjoy going on a hike, reading a book, or listening to podcasts.
When you were a kid, what did you want to be when you grew up?
From a young age, I had a strong desire to work in the medical field and initially pursued a career as a PA by enrolling in college. However, after tackling chemistry and biology simultaneously, I realized that perhaps this wasn't the right path for me. As a result, I decided to pursue property management as my next career choice. While I may not be saving lives, I still find fulfillment in helping people on a daily basis.
What advice would you give to your teenage self?
I have two things I would tell my teenage self. One would be “Don't let the ignorant and superficial opinions of others destroy your self-confidence,” and the second is “When unsure, remind yourself that "everything you want is often on the other side of fear."
What’s one of your favorite memories from the past year?
One of my fondest memories from the past year took place at a Dallas restaurant called XOXO. My best friend and I decided to play a prank and pretended to have a proposal, fooling the entire restaurant. It was such a fun experience that now I jokingly refer to her as my "fiancé" instead of just a friend.
What led you to this career?
When I was 17 and rented my first apartment, it was a complete nightmare. The unit was unfinished, appliances were on the patio, the carpet was torn up, doors were painted shut, and there were pest control issues. However, this experience sparked my interest in property management, and I've since had success in this field. My goal is to ensure that all prospects and move-ins have a positive and substantially better experience.
What’s the biggest misconception people have about your position?
In my opinion, one of the most common misunderstandings about being a leasing consultant is the belief that we are the lowest-ranked or least significant role. However, as the face of the company, we are crucial in shaping the community's first impression and ultimately impacting the success of the property. Our role as the initial point of contact with prospects is vital and should not be underestimated.
We need your help!
We are looking for our next employee spotlight candidates, and we would love your help! If you see or hear of someone on your team who is going the extra mile, let us know! You can submit your nominees by emailing us at newsletter@stonerivercompany.com. Be sure to include the nominee's name, property, and what they did to go above and beyond!
Operational Tips
Your Top Fall “must-do” checklist!
Excerpted from “Falls Multifamily Compliance Checklist” by Amy Lloyd in Units Magazine
As the seasons change, it is always a good time to take a look at your preventative maintenance and compliance lists. These tasks are critical for keeping the property in top shape, ensuring safety, and making sure residents stay cozy and comfortable.
No matter the season, multifamily housing property management is a risky business; however, autumn poses a unique set of challenges. Depending on where your properties are located, you could be dealing with a range of weather-related risks. The imminent arrival of cold weather and falling leaves demands preparation, while regions vulnerable to hurricanes could see additional threats to apartment communities. With insurance premiums rising (annual increases between 30%-50%), it’s essential for multifamily property managers to possess a comprehensive understanding of effective risk-mitigation strategies.
With that in mind, here’s a quick checklist to help you prepare for the season.
Inspect and Clean Gutters:
While the fall foliage is a beautiful reminder of autumn weather, those bright yellow, orange, and red leaves can wreak havoc on your gutters. Over time, leaves, debris, and other materials can accumulate, leading to clogged gutters and potential water damage. By removing these obstructions, you allow rainwater to flow freely, preventing overflowing gutters and water seepage into the property’s foundation. Regular gutter maintenance ensures proper drainage and protects the structural integrity of the building.
HVAC System Maintenance:
As the colder months approach, it’s crucial to have all HVAC systems professionally inspected and maintained. This preventive measure helps identify any issues with the system before winter, ensuring optimal performance and energy efficiency. Changing air filters and cleaning vents are additional tasks that should not be overlooked, as they contribute to maintaining indoor air quality and reducing allergens.
Test and Inspect Smoke Detectors and Carbon Monoxide Alarms:
Safety should always be a top priority for property managers and owners. Fall is an ideal time to test and inspect smoke detectors and carbon monoxide alarms throughout the community. These devices play a critical role in alerting residents to potential fire or carbon monoxide hazards. Regular testing, battery replacement, and professional inspection are necessary to ensure their proper functioning.
Exterior Building Inspection:
The exterior of the building is exposed to the elements and requires careful inspection to identify any vulnerabilities. Take the time to examine the walls, windows, and roofs for signs of damage or deterioration. Cracks, gaps, or missing shingles can lead to water leaks, energy loss, and even pest infestations. Prompt repairs, caulking, and sealing can prevent further damage and help maintain a comfortable living environment.
Landscape and Grounds Maintenance:
Preparing the landscape and grounds for the fall season is essential for maintaining the property’s curb appeal and safety. Start by trimming trees and shrubs away from the building to prevent damage during storms. Clear fallen leaves and debris from walkways and common areas to prevent slip and fall accidents. Additionally, consider winterizing irrigation systems to prevent freezing and pipe damage.
Pest Control and Exclusion:
Pest control is a year-round concern, but it becomes particularly important during colder months when pests seek shelter indoors. Conduct a thorough inspection of the property to identify and seal potential entry points for rodents, insects, and other pests. Collaborate with professional pest control services to implement effective prevention measures and promptly address any existing infestations.
Check and Maintain Fire Safety Equipment:
Properly functioning fire safety equipment is vital for the protection of residents and the property. Fall is an opportune time to check fire extinguishers, smoke alarms, fire alarms, and emergency exits. Inspect fire extinguishers for expiration dates and proper pressure levels. Test smoke alarms and fire alarms to ensure they are in working order. Also, ensure that emergency exits are clear and accessible. Consider professional servicing to guarantee compliance with safety regulations.
Winterize Vacant Apartments:
If you have any vacant units, it’s essential to winterize them to prevent damage and minimize energy costs. Start by draining water lines to avoid freezing and bursting pipes. Set thermostats to a suitable temperature to prevent extreme temperature fluctuations and maintain a controlled environment. Additionally, check the insulation to ensure it is sufficient to keep the apartment protected during colder months.
Review and Update Emergency Preparedness Plans:
Emergency preparedness is key for the safety and well-being of residents. Take the opportunity in the fall to review and update emergency preparedness plans. Verify contact information for emergency services, staff, and residents. Communicate emergency procedures to residents and ensure they are aware of evacuation routes and safety protocols. Conduct drills if necessary to reinforce preparedness.
Document and Maintain Compliance Records:
Effective record-keeping is essential for multifamily property management. Maintain detailed records of all fall maintenance and compliance activities. Document inspections, repairs, servicing, and any actions taken to address compliance requirements. Utilize property management software or systems to streamline record-keeping processes and ensure easy access to compliance records when needed.
Employee News
New Hires and Promotions
New Hire: Erich Moore (Magnolia Grove)
Erich Moore hails from Terrell, TX, and is a proud father to his daughter and a pet turtle named Turt Turt. He has extensive experience in plumbing and autobody repair, which has proven to be incredibly valuable in fixing door dents and dings. Erich has seamlessly integrated with the rest of the team, and we are grateful to have him on board.
Promotion: Donald Gambril (Birmingham)
Donald has been promoted to Vice President of Investments for StoneRiver Company. Donald recently led the successful acquisition of Concord Ridge and will continue to work diligently in fulfilling the acquisition strategy of StoneRiver. Donald joined StoneRiver in January of this year and has been a valuable team member since. He is responsible for maintaining our pipeline of acquisitions and underwriting the investment opportunities. We have great confidence in his ability to accurately and effectively identify opportunities to create value for our investors. He is a valued member of the Investments team, and we look forward to his continued success at StoneRiver.
Promotion: Stuart Mackintosh (Birmingham)
Stuart has been promoted to Vice President of Construction. Stuart joined StoneRiver in 2019 and has been instrumental in the successful execution of all construction activity associated with both development and value-add projects. He works closely with our general contractors and subcontractors to not only manage the construction on each project but also to build strong relationships. His role requires him to work closely with all of the business units within StoneRiver. We greatly value Stuart’s commitment to these projects and all that he coordinates on a daily basis.
HR
Corner
Refresher on the Section 125 Cafeteria Plan
To ensure that employees can make informed choices about benefit elections during our annual open enrollment, we wanted to share some additional information regarding our Section 125 Cafeteria Plan with a Flexible Spending Account (FSA) component.
Benefits of an FSA
An FSA offers tax savings and more effective management of your out-of-pocket medical costs.
- Employee Tax Savings- Your health insurance premiums are deducted from your paycheck on a pre-tax basis. This means you are paying for your premiums before any federal, state, and other taxes are deducted, so it reduces the amount of payroll taxes owed each pay period.
- Medical Savings- You can contribute money into the FSA plan from your paycheck before certain taxes are taken out to pay for qualified medical expenses and services. You can use your contributions to pay co-payments and other qualified out-of-pocket, non-covered medical expenses. Employees can contribute up to $3,050 in pre-tax dollars in 2023. This amount is subject to change in 2024 and will be deducted from your paycheck across 26 pay periods if you enroll.
- Dependent Care Component- This allows participants to contribute up to the IRS limit of $5,000 in 2023 or $2,500 if they are married but filing a separate tax return. These funds are deducted on a pre-tax basis and can be used for your dependent(s) under age 13 or a spouse or dependent incapable of self-care. This FSA pays for eligible child and adult care expenses, such as daycare, preschool and nursery school, in-home aid, and more. This amount is subject to change in 2024 and will be deducted from your paycheck across 26 pay periods if you enroll.
You will have the opportunity to sign up for the Section 125 Cafeteria Plan during open enrollment this fall for the 2024 plan year.
Monthly Celebrations
Halloween
Fact
Trick-or-treating skyrocketed in popularity by the 1950s, when Halloween became a true national event. Today, over 179 million Americans celebrate the holiday — and spend about $9.1 billion annually in the process, according to the National Retail Federation. That's a lot of miniature candy bars!
Pumpkin Decorating Contest
We love carved pumpkins, but sometimes you just want to avoid the mess of using a knife and scoop (though roasting those scooped-out pumpkin seeds is a fun and tasty Halloween tradition!).
For our second year in a row, StoneRiver is challenging each property to ditch the pumpkin carving kit entirely and try your hand at pumpkin painting / decorating instead—it might just become one of your new favorite fall activities.
Each property will submit a photo of their painted/decorated pumpkin to newsletter email by October 20th to be submitted to our pumpkin contest. One winning property will win a team lunch!
Wear it Pink Day - October 20
Wear it Pink Day is just around the corner, which means it’s time to dig out that pink outfit!
Why do we “Wear it Pink”?
You can help to create a future where all that changes. A future where people affected by breast cancer get to watch their children grow up. And create a lifetime of memories with the people they love. A future where there is more hope and less fear. With every bit of pink we wear, we’re helping remind those affected that the future is possible.
If you would like to show your support a little more this Breast Cancer Awareness Month, help make life-changing research and support happen by donating to the Susan G. Komen organization.
A Look Ahead
10/02
10/02
10/03
10/03-10/14
10/04
10/04
10/04
10/05
10/05
10/05
10/06
10/06
10/09
10/10
10/11
10/12
10/12
10/12
10/13
10/15
10/16
10/16-10/25
10/18
10/19
10/20
10/25
10/26
10/26
10/27
10/27
10/30
11/01
Every Friday by 5 PM
Every Friday by 5 PM
12 pm PA to submit Prelim P2P Report to PM’s
PMs send final reclass and accruals to RMs by EOD
RM Load final accruals and reclasses to PM drive by EOD
Budgets due to AM for review (2 due 10/3, 2 due 10/6, 2 due 10/9 and final set due 10/12)
PMs begin initial BV review
Market Survey Due
Renewal Rates due for January 2024
Weekly Checklists due EOD to Sharepoint
PAs send BV and BS reports to the controller
Leasing Commissions due for prior month by 5 pm
PAs send BV reports to PMs
RMs to review Weekly Checklists and upload theirs by noon
PMs send BV Reports w Notes to RMs for Review by 5 pm
RMs & PAs to review BV together to finalize changes.
PA sends internal reports for the controller by 5 pm
RM's load BV Reports with Notes to PAs, Controller, VP Accounting & VP PM to PM drive
RMs to upload Rent Growth Reports to PM drive for VP PM & AM
Weekly Checklists due EOD to Sharepoint
RMs to review Weekly Checklists and upload theirs by noon
RMs to review for any needed Market Rent Increases
Controller distributes financial packages to investors.
VPPM, RM & PM to make final adjustments and changes from Asset Review
Market Survey Due
Weekly Checklists due EOD to Sharepoint
RMs to review Weekly Checklists and upload theirs by noon
PMs send Write-Offs to RM for Review
RM sends approved write-offs to PA by 9 am
Weekly Checklists due EOD to Sharepoint
RMs to review Weekly Checklists and upload theirs by noon
PAs to complete Write-Offs by 5 pm
PMs Complete Month End pre-close checklist
Final Budgets due to COO
Clear out your P2P Queue
Be sure to code any credit card receipts.
Birthdays
10/05
10/12
10/18
10/30
Stephen Lewis (WildForest)
Connor Kelley (Highlands)
Zachary Pitchford (Concord)
Rabecca Lenhart (Vital)
Anniversaries
1 Year
1 Year
1 Year
1 Year
1 Year
2 Years
2 Years
6 Years
Jose Alcantara (Terraces)
Mariana Alvarez (Terraces)
Pablo Hernandez (Terraces)
Maria Dustman (Concord)
Michael Tilot (Inverness)
Rhianna Harper (Inverness)
Emily Jordan (Birmingham)
Katie Roncadori (Birmingham)
Have an Idea?
Do you have an idea, comment, or a story you would like featured in upcoming publications? If so, please send your request to: newsletter@stonerivercompany.com for consideration. A member of the newsletter committee will contact you if your request is chosen.
