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Market Leader Business Suite

Inmannews - Mon, 07/16/2018 - 9:42pm
Market Leader Business Suite is real estate’s scalable end-to-end solution for teams and brokerages
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Streak CRM for Gmail

Inmannews - Mon, 07/16/2018 - 9:35pm
Streak is the only CRM integrated entirely within Gmail/G Suite inbox
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Agentology Lead Qualification

Inmannews - Mon, 07/16/2018 - 7:27pm
Agentology's 100% U.S. based team responds to and qualifies your leads within minutes, 24/7
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WolfNet Modern IDX Property Search with Lead Generation

Inmannews - Mon, 07/16/2018 - 6:12pm
WolfNet empowers real estate’s most trusted brands with IDX modern property search, beautiful lead-gen websites, & MLS data.
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Redfin announces $240M stock offering for potential acquisitions

Inmannews - Mon, 07/16/2018 - 3:18pm
It may choose to use a portion of the proceeds to invest in or acquire third-party businesses, products, services, technologies or other assets.
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Firepoint All-In-One Real Estate Software Solution

Inmannews - Mon, 07/16/2018 - 3:15pm
Firepoint is a real estate software solution providing CRM, an IDX website, & lead gen all-in-one
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JetClosing User-Friendly Mobile Title & Escrow

Inmannews - Mon, 07/16/2018 - 2:14pm
JetClosing, a full-service title & escrow company taking the closing process into the 21st Century.
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You’ve got your real estate license — 4 tips on what’s next

Inmannews - Mon, 07/16/2018 - 1:42pm
“Plan your work and work your plan,” they say. But when you are a new agent, thinking ahead isn't always that simple. Here are a few important things you need to know in order to plan for success.
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Zillow brings ‘My Agent’ feature to StreetEasy

Inmannews - Mon, 07/16/2018 - 1:14pm
It lets Premier Agent customers send invitations directly to buyers to become their go-to agent and guide throughout the home search process.
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Global Insights: Analyzing Purplebricks’ FY18 results

Inmannews - Mon, 07/16/2018 - 12:56pm
Earlier this month, Purplebricks announced its full-year financial results for 2018 with revenues doubling to £93.7 million.
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Zillow’s new director of industry outreach is a real estate Jedi

Inmannews - Mon, 07/16/2018 - 12:45pm
Bret Calltharp, a 15-year real estate veteran and most recently with BHGRE, has been chosen as Zillow's next director of industry outreach.
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Veteran broker joins eXp to oversee Arizona operations

Inmannews - Mon, 07/16/2018 - 10:48am
Holly Mabery, a 20-year veteran of the real estate industry, is joining eXp Realty as Arizona Broker and will oversee the company's operations in the state.
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Seven ways to attract high-quality residents to your apartment community

American Apartment Owners Association - Mon, 07/16/2018 - 10:07am

One of the main factors that will make or break your apartment budget is the quality of resident you attract. A high-quality resident is someone who pays rent on time, treats the unit and apartment community as if it were their own home and is courteous to the neighbors. High-quality residents not only make your life easier, they make you and your passive investors more money in the long run.

Sure, low-quality residents can help you increase your occupancy rate in the short-term. But they will negatively impact other important financial factors longer term. Low-quality residents lead to higher turnover costs, both due to more frequent turnovers and more expensive, lengthier turns. They also lead to more expenses associated with evictions, higher bad debt (i.e., uncollected debt after a resident moves out) and a higher amount of delinquent rent.

Therefore, the successful apartment syndicator or property manager will proactively implement procedures with the purpose of attracting the best-qualified residents in the area. This approach minimizes the number of low-quality leads and maximizes the higher-quality ones, which has a positive feedback effect: Attract high-quality residents to your apartment and they refer your apartment to others, which brings in more of the same caliber.

As a result of building a portfolio of over $300,000,000 in apartment communities, I have identified seven market strategies that attract these high-quality residents.

1. Maximize Internet Advertising

According to Zillow’s 2017 Consumer Housing Group Trends Report, online tools are the No. 1 way that renters are searching for their home (87%), followed by referrals from a friend, relative or neighbor (57%). Therefore, an online presence for your apartment community is a must. This starts with having a URL and website for the apartment community.

Next, all of your “for rent” units should be listed on a variety of online real estate and apartment listing services, with the most effective ones being Apartments.com, Craigslist, Realtor.com, Trulia and Apartmentfinder.com. You should also market your listings on social media, including Facebook, Twitter and Pinterest.

To optimize your rental listing, make sure it includes a clear and accurate description of the unit and the community, highlighting the major selling points. Invest the few hundred dollars into having professional pictures taken.

2. Hire Locators

A locator is an apartment rental agency that helps prospective residents find their ideal apartment community based on their specific needs. Therefore, locators can be great resources for finding high-quality residents.

To find apartment locators in your market, Google “apartment locators in (city name).” Then, reach out and offer them a commission of the first month’s rent for providing you with a converted lead. (Fifty percent commission is standard).

Once you’ve hired a locator, provide them with weekly email and phone call updates on your current unit availability.

3. Target Local Businesses And Employers

Use the current resident demographic data, which you should have collected on initial rental applications, and the surrounding job hubs to create a list of target businesses, employers and schools in the area. You can also add local tax preparation offices, bus stops and train stations to your list.

Print out and drop off flyers, business cards, price sheets, floorplans and site maps to your targets, always asking for permission first.

Additionally, you can send a small gift (e.g., a gift card, gift basket, wine, toolkit, etc.) to your current residents who are employed at the business on your target list. Thank them for their residency and ask if they are willing to refer the apartment community to their colleagues at work.

4. Build A Referral Program

As established, 57% of renters find a home through referrals. To capitalize on this, you should create a referral program and offer a fee to any current resident who refers someone to the apartment community. A fee of $300 paid 30 days after the execution of the new lease is standard.

To advertise the referral program, deliver notes to your residents’ doors and send out friendly emails with the details of the referral program on a monthly basis.

5. Financially Incentivize Your Leasing Staff

Most apartment owners or property management companies offer their leasing staff a small bonus for each new move-in, with $50 being the standard. In addition, you can set monthly move-in or occupancy goals and offer a larger bonus, like a $100 to $250 gift card, if they hit the specified target.

6. Hold Resident Appreciation Parties

To promote resident satisfaction and retention, host monthly resident appreciation parties. These can be as small as providing a small breakfast or wine night in a common area on a monthly basis. Another idea is to host timely or holiday-themed events, like a Valentine’s Day card-making event, holiday gift-wrapping party, back-to-school barbecue or a Halloween costume contest.

7. Encourage And Monitor Online Reviews

The online rating of your apartment community will probably be the first thing that a prospective resident will look at during their apartment search. Organic reviews are great, but you should also implement strategies to increase the number of reviews.

One strategy is to ask a resident for a review after fulfilling a maintenance request. Only use this strategy for minor maintenance requests that were addressed in a timely fashion. Another strategy is to have a laptop station set up during the monthly resident appreciation parties, which the residents can use to write a review before they leave.

All seven of these strategies have been proven to attract the highest quality residents to an apartment community and are beneficial to your bottom-line. Do not wait to come up with a marketing plan until after you close on an apartment deal. This is something that should be created prior to close so that you can account for the expenses in your underwriting.

 

Source: forbes.com

The post Seven ways to attract high-quality residents to your apartment community appeared first on AAOA.

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The housing shortage may be turning, warning of a price bubble

American Apartment Owners Association - Mon, 07/16/2018 - 9:58am
  • The supply of homes for sale in the second quarter of this year, the all-important spring market, rose at three times the rate of last year, according to Trulia
  • The supply of homes for sale is still down 5.3 percent compared to a year ago.
  • Historically, prices lag sales by a few months, and sales have been slowing this year in most major markets.

The most competitive, tightest housing market in decades may finally be loosening its grip, and that could put pressure on overheated home prices. The supply of homes for sale in the second quarter of 2018, the all-important spring market, rose at three times the rate of the same period in 2017, according to Trulia, a real estate listing and research company.

The inventory jump was the largest quarterly improvement in three years and could be signaling a slight thaw in today’s housing market. But it is just a start.

“This seasonal inventory jump wasn’t enough to offset the historical year-over-year downward trend that has continued over 14 consecutive quarters,” according to Alexandra Lee, a housing data analyst for Trulia’s economics research team.

The supply of homes for sale is still down 5.3 percent compared with a year ago. Still, all real estate is local, and some markets are seeing greater relief. Thirty of the nation’s 100 largest cities, including New York City, Miami and Los Angeles, now have more supply than a year ago.

Vicious circle

Of course, the increase is a double-edged sword. Supplies are increasing because sales are slowing, and sales are slowing because prices are so high. In New York City, the median household must spend 65 percent of its income to buy a home, according to Trulia. In Los Angeles, it takes 59 percent.

“Among these unaffordable metros, San Diego posted the largest inventory growth—22 percent year-over-year,” wrote Lee. “Compare that with the same quarter last year, when that Southern California metro registered a 28 percent inventory decrease.”

Historically, prices lag sales by a few months, and sales have been slowing this year in most major markets. This housing cycle, however, has so far been unique. The drop in sales is due to the tight supply, and that just pushes prices higher. The tight supply is due to very high demand and still below-normal construction, as the market continues to recover from the worst housing crash in history almost a decade ago.

Home sales in Southern California fell in May by 3.4 percent annually, according to CoreLogic, but the median price of a home sold in May was up more than 8 percent to a record $530,000. This even with the slightly increased inventory.

“With inventory tight and affordability worsening, the number of Southern California homes sold has fallen on a year-over-year basis during three of the last five months,” said Andrew LePage, a CoreLogic analyst. “Total sales during the first five months of this year fell about 2 percent from the same period last year, reflecting limited inventory particularly in more affordable price ranges.”

Charlotte buyers’ challenge

The disparity is even more striking in Charlotte, North Carolina, a very hot market fueled by big job growth and an influx of retiring baby boomers. Home sales fell nearly 12 percent in June annually but the median price of a home sold was still nearly 3 percent higher, according to the Charlotte Regional Realtor Association. Homes were also selling, on average, eight days faster than a year ago.

“Even though the Charlotte region is wedged into a solid seller’s market, incredibly low supply coupled with higher prices and rising mortgage rates are presenting challenges to buyers,” wrote 2018 Charlotte Regional Realtor Association/CarolinaMLS President Jason Gentry in a release. “However, home sales are still occurring across the region, as buyers continue to seek homes outside Charlotte’s city limits.”

Inventory in Charlotte did rise 1 percent compared with a year ago, but supplies are still quite low.

While homebuilders are slowly ramping up production, they are doing so largely in the move-up and luxury market. Sales of newly built homes have been rising in Southern California, easing the inventory shortage somewhat, but not enough.

“New-home sales continue to run well below historically normal levels, with the sales through May of this year 37 percent below the average number sold during that five-month period over the past three decades,” noted LePage. “Also, most of the new homes sold this year were aimed at mid-market to high-end buyers, with almost two-thirds selling for $500,000 or more and 15 percent selling for less than $400,000.”

Mortgage applications to purchase a newly built home plummeted nearly 9 percent in June compared with June 2017, according to the Mortgage Bankers Association. This suggests lower new home sales going forward, despite higher prices.

Source: cnbc.com

 

The post The housing shortage may be turning, warning of a price bubble appeared first on AAOA.

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Is a dumpster an indication of a home about to come to market?

Inmannews - Mon, 07/16/2018 - 9:56am
Denver-based, flat-free brokerage Trelora is conducting a small-scale study right now to find out.
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15 surprising real estate trends impacting 2018

American Apartment Owners Association - Mon, 07/16/2018 - 9:53am

This year has been one of twists and turns for the real estate market. As with every real estate year, the market can shift in an instant. For this reason, real estate professionals need to keep their eyes open for the next up-and-coming trend to hit the market and cause a stir.

Knowing in advance what to expect in terms of market trends for the real estate industry will not only give you an edge over your competition, but can help you serve your customers better. You’ll be ready and able to implement, react to or inform about the ways the market shifting for the rest of the year — both good or bad.

Fifteen members of Forbes Real Estate Council share what real estate trends or market shifts they have been most surprised to see so far in 2018, from blockchain advancements to the return of co-ops, rising home prices and more.

1. Technology Advancements

The advancement of technological innovation in the real estate industry has been changing rapidly and all agents should adapt to this to maximize exposure for their listings. Companies like Redfin, Zillow, Trulia and Homesnap have been changing the way sellers and buyers perceive the market and it is crucial for agents to quickly adapt to this new reality. – Alex Chieng, A & L Real Estate Team

2. Blockchain

Not to belabor the already highly-trending topic of blockchain changing the world, but this is the reality of our industry. Blockchain-based applications are changing the way buyers, sellers and investors interact with each other and the properties they have interests in. Welcome to an new world of unleashed liquidity, transparency and disintermediation. The real estate world is rapidly changing and we must do so too, or we will fall by the wayside. – Garratt Hasenstab, The Mountain Life Companies

3. Return Of The Co-Ops

For the past several years in Manhattan, we’ve seen the downtown new development condo market take a big bite out of the co-op resale market. Now that there are so many new (and more expensive) projects, we’re seeing buyers actually return uptown to purchase co-ops because the prices are more moderate in comparison. What hasn’t changed is that some of the boards remain difficult to pass. – Elizabeth Ann Stribling-Kivlan, stribling.com

4. Home Prices Still Rising

The NYC real estate market indicates that home prices might rise more slowly in the months ahead. During the years 2012-2015, we saw 12%-15% growth. We didn’t have any surprises this year. Average home price growth over the last few decades is somewhere between 5% and 10% per year. So, perhaps what we are seeing here is a normalization within the Manhattan real estate market. – Elliot Bogod, Broadway Realty

 5. Softening Cap Rates

Fully stabilized, non-value-add properties have softening cap rates — as much as 25 basis points. This is due to flatter rent projections, volatile interest rates, and, in Cook County, IL, rising property taxes. – Lee Kiser, Kiser Group

6. Continued Dive In Retail Assets

We all know online sales are killing malls, but we’ve seen few attempts at adaptive reuse. Many of these struggling retail locations have excellent economics for multifamily redevelopment. I’m shocked we haven’t seen more mall-to-multifamily conversions. – Marc Rutzen, Enodo Inc

7. Millennials Buying Homes

I’ve seen article after article saying millennials do not want to buy a home or cannot afford it, yet homeownership for this age group is on the rise. Fortunately, this age group is still a significant portion of the luxury rental market, and the baby boomers who just sold their houses are an increasing renter base. – Susan Tjarksen, KIG CRE LLC

8. Steady Stream Of New Construction

The top trend I’ve seen so far has been a steady stream of new construction, which is keeping rent prices mostly in check for 2018. A stable pipeline of new buildings means we’ll see the impact of lower rent growth but still above long-term averages when it comes to rent across the U.S. – Nathaniel Kunes,AppFolio Inc.

9. Low Available Inventory

The drought of available inventory has been the most surprising trend, by far. Whether the underlying reasons are demographic, economic, regulatory (i.e., zoning) or a combination thereof, we just aren’t seeing as many homes hit the market as we should. Agents have to do a better job in prompting inventory and explaining the current seller’s market to homeowners. – Ari Afshar, Compass

10. Social Community Management

A clear trend that has emerged is the importance of online presence and branding. Real-time management of your online presence has become even more important than predicted and can impact your business if it isn’t diligently managed. So, too, is the influence of Gen Z in the marketplace. We have already seen their influence in how real estate is designed and marketed, and this will only grow. – Diane Batayeh, Village Green

11. Lack Of Transparency

What surprises me is the overwhelming lack of transparency and hidden agendas of the industry. We have an abundance of technology that could serve consumers in extraordinary ways, but the old guard remains steadfast in their fight to protect themselves. – Joshua Hunt, TRELORA

12. Texas Exploding With Investment Opportunities

I might be biased, being born and raised in Texas, but as a licensed agent/broker since 1996, I can confidently say that the growth all over the state is unbelievable. Regardless of the other markets in the U.S., Texas is in this bubble of growth with many large corporate headquarters relocating here, the oil/gas industry growth, etc. It’s a great time to be in real estate here. As they say, ”Everything is bigger in Texas,” and I have to agree. – Angela Yaun, Day Realty Group

13. Profit Taking In Affluent Markets

One of the trends that we have seen is profit taking by investors and homeowners in several of the key markets we follow. These listings have usually started 15-20% above market and slowly work themselves back, seeking an elevated pricing floor. What we have yet to learn is whether this profit taking is working to establish a new pricing floor for the overall market. – Blake Plumley, Capital Pursuits LLC

14. Visual Marketing Trends Soaring

We are seeing a huge uptick in agents recognizing the value in using professionals for all their visual marketing needs — virtual staging, drone video and photography, virtual tours, interactive floor plans and more. Hiring the pros to help will continue to be less of a “nice to have” and more of a “must have” for agents, homeowners and home seekers alike. – Brian Balduf, VHT Studios

15. Rise Of The Single-Family Rental Asset Class

A total of 3.6 million single-family rental homes (SFR) have been added from 2006-2016. The SFR industry has risen to the challenge to escape a “mom-and-pop” dominated market. As the demand from more sophisticated renters who choose not to rent increases, so does the demand from the sophisticated investor requiring a higher level of service. The institutionalization of the asset class is real. – Noel Christopher,Renters Warehouse

Source: forbes.com

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Single-family homes and the American dream

American Apartment Owners Association - Mon, 07/16/2018 - 9:41am

Living in a detached single-family home in the suburbs remains a top homeownership dream for American homebuyers across all age groups, according to Zillow’s latest Housing Aspirations Report. The report, which surveyed aspiring homeowners across 20 metros found that around 64 percent of the respondents agreed that owning a home was a “key to a higher social status and necessary to live the American Dream.”

The report revealed that 70 percent of respondents felt that homeownership increased one’s standing in the community. If there were no money or budget constraints, 94 percent of the respondents said they would own a home. the current rate of homeownership is at 64 percent in the U.S. today, Zillow said, making money “clearly an object for many would-be homeowners who are currently renting.”

Looking at the type of homes they wished to live in, the report found that 82 percent of the respondents preferred living in a single-family home. However, 9 percent of young adults said that they would choose an attached single-family home. Ten percent of those surveyed said that they preferred living in a condo or a co-op and only 7 percent of Americans preferred living in a townhome.

Despite single-family homes topping the list of ideal abodes across the country, cities like New York, Miami, Chicago, and Tampa had a higher share of respondents who were willing to “embrace denser living arrangements,” the report said. In these cities, 12 percent or more respondents identified condos, co-ops, or apartments as their ideal housing type.

Suburbs topped the list of locations where these aspiring homeowners would like to settle down, the report revealed, with 56 percent of the respondents across race and ethnicity saying they preferred living in a suburban area, followed by 26 percent who preferred the urban areas. The report also indicated that the desire to live in an urban area was higher among Hispanics and Asians.

While respondents in Philadelphia, Detroit, and Boston were most likely to prefer the suburbs, those hailing from Miami, San Jose, and San Francisco were more likely to choose an urban living area to call home.

The American Dream though is evolving, the report said, with young adults having slightly different preferences such as renting, living in a townhome, urban communities, and good access to public transit.

 

Source: themreport.com

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Important tips for investing in student accommodation

American Apartment Owners Association - Mon, 07/16/2018 - 9:36am

Property investors need to consider student apartments because they can bring in a really good return over a long period of time. Right now, off-campus accommodations for students are a part of a fast growing sector as the number of tenants interested is growing. However, this does not mean that you can buy anything and expect success. If you are interested in student accommodation investments, the following tips will help you make good choices.

Area Safety The number one concern that students and parents have is security. It is really important that you check area safety when you want to make a purchase. Also, analyze security provisions for the specific building or complex. Preferably, this should include CCTV and even advanced features like biometric access control.

Areas that are safe are preferred by guardians and students. More students will be interested in staying there so interaction options will be higher than with alternatives. Many investors are interested in features like clubhouses, gyms, games rooms, swimming pool and basically recreational facilities. However, the main features that should be in place are safety related.

Internet Connectivity
Modern students want to be connected. If you want to rent a property and it does not have reliable, fast internet connection, there is a good possibility many student renters will be put off. Besides WiFi access, the considered property also needs to provide very good cell phone signal and should be DSTV-ready.

Statistics show that 90% of all students these days have smartphones and often use them to communicate. This includes making calls and accessing the internet. If the apartment/house you buy is in an area with a poor signal, you can be sure you will have problems renting.

Apartment Layout One thing many investors do not realize is that flat layout is of high importance for students. The two areas that are of particular interest are the bedroom and the kitchen. The stereotype states that students live on take-away food. This is incorrect. Most students actually want to have a kitchen that is clean and reasonably sized, featuring plenty of storage space and preparation space.

Another thing that should be mentioned is that students do prefer the open plan living areas but they do want bedrooms to be private spaces. That is especially the case when sharing with others.

Property Management Dealing directly with landlords is not something that is desired by students when thinking about all the things that happen on a day-to-day basis. Calling the landlord if a replacement is needed for an appliance is definitely not convenient. Because of this, property management needs to be taken into account. You want to be sure that you can use the services of highly respectable management companies.

Conclusions The bottom line is you need to be careful with student accommodations. It is really hard to find something that is perfect if research is not properly done. You need to consider all the things mentioned above and actually talk to students in order to understand what they really want.

 

Source: realtybiznews.com

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Think carefully before taking on an investment rental property

American Apartment Owners Association - Mon, 07/16/2018 - 9:29am

In this house-flipping, fixer-upper housing market, it seems to be more and more common to hear of people buying a second property and renting it out as a source of secondary or passive income.

Even if the rental-to-be is listed low, how can you know if the payoff will be worth the investment? Start by asking yourself these questions.

What is the timeline from renovation to renters?

Rental properties are rarely turnkey. Once you figure the time and expenses you invest into the renovation, you may be waiting a while before you break even and even longer to turn a profit — assuming, of course, your tenants are ideal, and you don’t have to put that money back into repairs or maintenance.

How much time can I commit to caring for a second home?

Being a landlord is a 24/7 gig. From midnight calls to midday delays for big unexpected repairs, you assume responsibility for the majority of issues that arise in your rental property.

Can you accept the risk?

The potential reward of leasing is high, but the risk is arguably just as high. From permanent damage to negligence to late- or non-payment, tenants are always a wild card.

While it’s highly possible you can have a thorough vetting process and find yourself landlord to perfect tenants, you need to account for worst-case scenario when it comes to calculating this risk.

Do you understand tenants’ rights?

Tenant rights differ from state to state, but by-and-large, the laws that are in favor of tenants over property owner could mean big risk to you if you don’t fully understand them before putting ink to paper. For instance, in Kansas a tenant can violate the lease twice before being given 30 days notice to move out— and only after that 30 days can a landlord file for eviction.

In the end, is the rental payment you’re receiving worth the time and energy you’re about to invest? If you are a people person who thrives in changing environments, loves projects, and is handy around the house then this may be just the task for you.

But if you’re more interested in low-maintenance ways to stretch your income, there are many other opportunities to do so. Next week, I’ll explore some of your options and opportunities for finding a “side hustle” that’s perfect for you.

Source: kansascity.com

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Inman Connect San Francisco 2018 preview

Inmannews - Mon, 07/16/2018 - 9:25am
There's no better place to learn about the people, trends and ideas shaping the future of residential real estate than at Inman Connect.
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