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Gay and lesbian real estate group urges NAR to support Equality Act

Inmannews - 5 hours 28 min ago
The National Association of Gay and Lesbian Real Estate Professionals (NAGLREP) is calling on the National Association of Realtors (NAR) to join the organization in supporting federal legislation that would amend existing civil rights laws — including the Fair Housing Act — to prohibit discrimination or segregation based on sex, sexual orientation and gender identity. […]
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How TorchX helps brokerages centralize and automate digital marketing for their agents

Inmannews - 7 hours 29 min ago
Brokerages know how hard it is to optimize their digital marketing efforts and to support those of their agents. TorchX’s powerful platform solves this pain point in one system.
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New home sales up 4 percent in March, reversing recent declines

Inmannews - 8 hours 14 min ago
New home sales are finally on an upward path, after three months of month-over-month declines. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD)...
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Real estate daily market update: April 24, 2018

Inmannews - 9 hours 16 min ago
All the latest real estate market news.
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Homeowners delay selling during prolonged winter: Redfin

Inmannews - 9 hours 24 min ago
Redfin’s Housing Demand Index, which is based on Redfin customers requesting home tours and writing offers across 15 major metro areas, fell 6.5 percentage points to 105 in March -- the second consecutive month of declines this year.
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How rental platform Stoop is adjusting to New York City one year later

Inmannews - 9 hours 53 min ago
The tech brokerage Mdrn. launched Stoop, a New York City rental platform, in 2017. The rental site's numbers almost a year later are tiny, but growing.
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Inman Announces the First Round of Sponsors for ICSF18

Inmannews - 11 hours 14 min ago
Inman Group® announced 34 companies that will be sponsoring Inman Connect in San Francisco, July 17 - 20, 2018.
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How to make your open house a highly productive event to remember

Inmannews - 11 hours 33 min ago
The signs are out, the lights are on, the door is open, and there’s the smell of fresh baked goods in the air. It’s showtime for your open house, the old-school marketing event that even with the dawn of virtual tours can still be a major lead generator for real estate agents while serving as an important step in the selling process.
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Credit Policy Changes Could Boost Scores

The three major credit reporting agencies are implementing policy changes for credit scoring that could lift the scores of some consumers. Equifax, Experian, and TransUnion will now exclude exclude all tax lien data from credit reports, which could raise some credit scores as much as 30 points, CNBC reports.

The agencies began this process last summer, removing nearly 100 percent of data on civil judgments and 50 percent of data on tax liens from credit reports. The firms now will strike the remainder of tax lien data, a policy that began taking effect Monday.

About 11 percent of the population likely will have a judgment or lien removed from their credit file, according to estimates from LexisNexis Solutions. “Analyses conducted by the credit reporting agencies and credit score developers FICO and VantageScore show only modest credit scoring impacts,” Eric Ellman, senior vice president of the Consumer Data Industry Association, said in a statement.

Credit scores are key for consumers who are applying for loans, such as a mortgage. FICO scores, for example, generally range from 300 to 850; anything above 700 is usually considered a good credit score.

Source: realtormag.realtor.org

The post Credit Policy Changes Could Boost Scores appeared first on AAOA.

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Single Family Home Rents in U.S. Increased 2.8 Percent in 2017

According to CoreLogic’s new Single-Family Rent Index, which analyzes single-family rent price changes nationally and among 20 metropolitan areas, a national rent increase of 2.8 percent in January 2018, compared to 2.6 percent in January 2017.

Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The Rent Index shows that single-family rent prices have climbed between 2010 and 2018; however, year-over-year rent price increases have slowed since February 2016, when they peaked at 4.1 percent.

Fast FAQs:

  • Low-end rentals show significantly higher rent increases.
  • Las Vegas had the highest year-over-year rent price increase, at 4.8 percent in January 2018.
  • Low-end rental prices were up 3.8 percent compared to high-end price gains of 2.4 percent.

National rent growth in January 2018 was pulled down by high-end rentals, which are defined as properties with rent prices 125 percent or more of a region’s median rent. High-end rent prices increased 2.4 percent year over year in January 2018, up from a gain of 1.5 percent in January 2017. Rent prices among low-end rentals (properties with rent prices less than 75 percent of the regional median) increased 3.8 percent in January 2018, down from a gain of 4.7 percent in January 2017.

Among the 20 analyzed areas, Las Vegas had the highest year-over-year increase in single-family rents in January 2018, at 4.8 percent (compared with January 2017), followed by Orlando and Phoenix. Urban Honolulu is the only metro among the 20 analyzed with decreasing rent prices, declining 1.1 percent year over year in January 2018.

Metro areas with limited new construction, low rental vacancies and strong local economies that attract new employees tend to have stronger rent growth. Orlando and Phoenix both experienced 4.5 percent year-over-year rent growth in January 2018, driven by employment growth of 3.6 percent and 2.7 percent, respectively, year over year. This is compared with the national employment growth average of 1.4 percent, according to data from the United States Bureau of Labor Statistics. Of the 20 metros analyzed, Chicago experienced the lowest employment growth, which could be a factor in its low rent growth. Rent prices continue to increase in disaster areas like the Houston metro area, which experienced growth of 2.8 percent year over year. This is up from a 1.2 percent increase in October 2017, which was the first rent increase for Houston since April 2016.

“Single-family rent price growth remained solid in January,” said Molly Boesel, principal economist for CoreLogic. “High demand and low supply for entry-level properties drove lower-priced rentals to have faster price growth than higher-priced rentals, revealing affordability pressures in this segment of the rental market.”

 

Source: worldpropertyjournal.com

The post Single Family Home Rents in U.S. Increased 2.8 Percent in 2017 appeared first on AAOA.

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Real estate juggernaut Zillow is going to start buying and flipping houses

The program seeks to help agents find motivated sellers who are looking to quickly offload their homes. Folks who allow their homes to be listed with an Instant Offer will receive “investor offers alongside a Premier Agent’s analysis of the home’s open market value within two business days of submitting basic information about their home,” Zillow explains. This process ought to ensure that the workings are transparent and convenient for sellers, and thus far, it appears to be working quite well.

Beginning this spring, Zillow will also begin making offers to home sellers. For folks in Phoenix and Las Vegas, sellers will be able to compare a real estate agent’s comparative market analysis to that of Zillow’s or other investors. And if Zillow ends up buying the home, it’ll “make necessary repairs and updates and list the home as quickly as possible.”

Zillow does lack the human touch needed to close a sale, which is why a local agent will be brought in to represent the company in the final purchase and sale.

Source: digitaltrends.com

The post Real estate juggernaut Zillow is going to start buying and flipping houses appeared first on AAOA.

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Landlords sue San Jose over rent registry policy

SAN JOSE – A group of San Jose landlords is pushing back against a new city registry for rent-controlled apartments, claiming in a lawsuit that requiring them to turn over a wealth of tenant information is illegal.

The property owners — about 20 individuals and a group known as the Small Property Owners Association – San Jose — sued the city late last week in U.S. District Court for Northern California to stop the new requirements that are part of a rent stabilization measure.

The suit widens the rift between landlords and the city over new regulations designed to curb rapid rent increases in an over-heated residential housing market.

Frank Weiser, an attorney for the landlords, said the San Jose rent registry is an overly broad request for personal information, including rent history and leases.

“This is all very, very private information,” he said. The owners are also seeking unspecified damages.

San Jose City Attorney Rick Doyle said the information will be kept private by the city and is shielded from public disclosure laws. Doyle said the city wants to establish a better way to track rent controlled units in the city.

“This is just a rent registry,” he said. “I don’t think it’s a privacy issue.”

The San Jose City Council passed the rent registry ordinance in November, requiring property owners to provide the city with addresses, tenants’ names, rent and lease history for all rent stabilized units. Landlords are also asked to provide a copy of a lease and state the reason the prior tenant left the apartment when a rent-controlled unit becomes vacant.

City leaders say its part of a larger goal to enhance stability for renters in a market that has become one of the most expensive in the country. The median rent for a two bedroom unit in San Jose in March was $2,570, an increase of 3.1 percent over the previous year, according to Apartment List. The national average for a two bedroom apartment is $1,170.

San Jose rent control generally limits increases to 5 percent annually. The ordinance applies to multi-unit apartments built before September 1979, and does not cover new units, duplexes or single family homes.

The city estimates about 45,000 units are under rent control in San Jose, about one-third of the total apartment supply. According to the U.S. Census, about 43 percent of the city’s population lives in rental units.

The council has become more aggressive in its pursuit to protect renters. In 2016, the board lowered the maximum amount of increases allowed in rent-controlled apartments from 8 percent to 5 percent annually.

San Jose landlord Dean Hotop, lead plaintiff in the suit, said the landlords want to protect the privacy rights of both property owners and tenants, although no tenants are plaintiffs in the case.

Hotop said the city does not need a registry to ensure owners are complying with rent control laws. He said his review of city data of tenant complaints showed San Jose averaged less than 100 complaints per year about illegal rent increases from 2010 to 2017.

“Personal privacy is a huge issue right now,” he said. “There are other ways to address this.”

 

Source: mercurynews.com

The post Landlords sue San Jose over rent registry policy appeared first on AAOA.

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5 Ways to Deal with Problem Tenants

As a landlord, you will always make an effort to determine whether your potential tenants will be good. However, you’re bound to encounter a bad tenant sooner or later. Even if you try numerous different screening techniques and firmly lay the house rules when they move in, certain tenants will start causing problems sooner or later. It’s hard to see which ones you will actually have issues with, since almost all tenants will appear perfectly fine when they move in.

There are a few different types of bad tenants. Of course, the most common type is the non-payer. Despite the fact that there could be many explanations as to why this tenant doesn’t have money for the rent, they are liable for the payments if they agreed to the conditions of the lease. Another common type is the tardy payer. This is a tenant who is always late with the rent payments. Nevertheless, they always pay what they owe, but could cause you a lot of stress when trying to find them and wondering whether or not you will get your money.

Then there are the rule-breakers. These tenants never seem to abide by the rules the get from the property manager. Finally, there are the destroyers – tenants who either intentionally or unintentionally damage or destroy your property. Even though you may currently face problems with bad tenants on a regular basis, there are some great ways to deal with them.

Keep Written Records

Although keeping written records will increase your workload, it’s important that you do this, especially if you’re dealing with bad tenants. By keeping written records of everything, you won’t have to worry about a tenant disputing a charge with you. Apart from writing everything down, it’s recommended that you also take images and videos with a timestamp whenever you get the chance. By doing this, your tenants won’t be able to dispute security deposit deductions.

Hire a Property Manager

Dealing with bad tenants can be extremely frustrating, which is why you should consider letting someone else handle them. If you don’t have the nerves to deal with tenants who are damaging your property or never pay their rent on time, then you may want to hire a property manager. By doing this, you will gain a lot of free time. Not to mention how your stress levels will reduce.

Before you hire a property manager, make sure to find out which specific services they offer. This way, you will know whether they can help you or not. You should also make sure to check if the property manager has any references or reviews.

Negotiate before Threatening

A lot of landlords immediately start threatening their tenants with lawsuits as soon as they begin seeing some problems. However, if you threaten them from the beginning, they will most likely call your bluff. After all, everybody knows that lawsuits are both very expensive and time-consuming. This is why you should always try negotiating with your tenants before you start threatening them.

Find an Attorney

If negotiation doesn’t do the trick, then you should start looking for a good attorney. Keep in mind that you should have a good reason for a lawsuit. “It’s important to have evidence that a tenant has done something wrong. You can’t simply sue someone just because you don’t get along with them,” advises real estate lawyer Adam Bailey. You should consider suing only if the tenant fails to pay their rent, if they violate the lease terms or if they don’t move out after the lease ends.

Remain Calm

It’s always a good idea to remain calm when tenants cause problems. Even though you’ll most likely get angry, it’s important to remember that being hot headed may cause you even more problems.

Source: semissourian.com

The post 5 Ways to Deal with Problem Tenants appeared first on AAOA.

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Why Now Is The Best Time To Become A Landlord

As one of the oldest professions around, landlording continues to be a lucrative occupation. With over 30% of Americansopting to rent their home rather than buy, there is no better time than now to become a landlord.

If you are looking for a new career, or perhaps just a side hustle, investing in rental properties could be the perfect way to go.

Consider the following reasons why now is a better time than ever to become a landlord.

The Market Demands It

One of the reasons why 2018 is an excellent time to become a landlord is due to the steady growth of the rental market. With millennials leaving college and becoming heads of households, the demand for rentals is increasing. According to Pew Research, of an estimated 45.9 million renting households, millennials headed up 18.4 million. Gen Xers and baby boomers each headed 12.9 million and 10.4 million, respectively. There are answers left to be found for why so many millennials rent, but the same study by Pew Research points to a few factors such as higher poverty rates among millennials and their delay in getting married.

While millennials might be fueling a large portion of the rental market, the growth is across the board. According to the 2017 America’s Rental Housing report (download required) by the Joint Center for Housing Studies (JCHS) of Harvard University, “The number of renter households will increase by nearly 500,000 annually over the ten years from 2015 to 2025.”

With the normalization of renting as a long-term housing solution, it is the perfect time for who are able to invest in real estate to do so. By purchasing a rental property in any of the strong markets across the nation, you can take advantage of this continuing trend.

Rental Properties Provide Longevity

When it comes to investing in a side hustle and potentially a full-time gig, one of the first questions you should ask is, “What is the longevity of this investment?”

Real estate has long been touted as one of the most sustainable investments around. Not only can you create a passive cash flow from rental properties, your investment will also have a great potential to increase in value over time.

Not only will a house and land both increase in value over the years, they will also provide you with a tangible asset. In addition, you can also use your property to take part in a variety of tax deductions.

For these reasons, rental properties are truly one of the best choices for sustainable investment.

Technology Equips You To Self-Manage

Not only are landlords entering a golden market in terms of demand, they are also entering a time when landlording has never been easier. With the advent of technologies related to landlording, managing a property can be done by almost anyone.

Before, renting out a property was a time-consuming and tedious process. From listing the property in local newspapers to gathering paper applications and manually screening tenants, being a landlord was no easy task. This is why, for many, opting to hand over their rental to a property manager was the best business decision. However, hiring a property manager also ate into profits.

The good news is that with the use of technology, managing properties is much simpler than before. From marketing through websites like Craigslist to accepting online rental applications, being a landlord is far less complex than it once was. Technology also allows for landlords to manage their properties much more easily while remaining mobile. This makes landlording more viable as a side hustle, as you are not tied to a desk or office in order to keep track of things.

If you are looking for an investment, now is the perfect time to become a landlord and take advantage of the booming market, technological advances and longevity of real estate investments.

 

Source: forbes.com

The post Why Now Is The Best Time To Become A Landlord appeared first on AAOA.

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Home prices rise again for 70th month in a row, no signs of stopping

Inmannews - 11 hours 54 min ago
Home prices across the country are continuing a rise akin to the 15 years leading up to the 2008 financial crisis, according to the latest S&P CoreLogic Case-Shiller National Home Price NSA Index.
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Amazon’s next big project involves smart robots for the home: report

Inmannews - 12 hours 38 min ago
Amazon is building a series of robots that will drive around the home with built-in cameras, according to a report Monday by Bloomberg, which said the robots will be named "Vesta," after the Roman goddess of hearth and home, and launch by 2019.
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Manufactured homes surge in demand in the face of low inventory

Inmannews - 12 hours 50 min ago
In Denver and Salt Lake City, where unemployment is low, occupancy of manufactured homes, including mobile homes, has soared by triple digits even as rent continues to rise.
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Keeping up in a hot market can be difficult, but this associate broker is doing it with Inman Select

Inmannews - 17 hours 14 min ago
Sherri Johnson is the CEO and founder of Sherri Johnson Coaching & Consulting, LLC. She’s worked in residential real estate for 21 years, and she was “directly responsible for leading more than $1.6 billion in annual sales” in addition to recruiting, training and coaching thousands of real estate agents. “Creating and building strong brand culture and turn-around change management are some of my strongest skills,” she explains.
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A new breed of leader is needed for MLSs and Realtor associations

Inmannews - 17 hours 14 min ago
There was a collective gnashing of teeth and wringing of hands by some Associations when MLS of Choice became the law of the land. We saw the same thing happen when the National Association of Realtors (NAR) adopted Core Standards for local and state associations. Yet these changes had little effect on most associations or MLSs. Why? Simple answer: good leadership.
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Connect the ICSF Speakers: Anthony Lamacchia on going from Team to Brokerage

Inmannews - 17 hours 36 min ago
“Agents who are on teams tend to stay on teams for two to three years,” Lamacchia explained, “and I knew a few years in that I’d never be able to build the monster I wanted to under that setup.” Lamacchia will share his story about how he identified and solved his biggest real estate growth problem only at Inman Connect San Francisco.
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