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Report defends multiple listings services from government intervention

Inmannews - Fri, 06/01/2018 - 2:01pm
A new white paper released today from The Council of Multiple Listing Services ahead of the June 5 government workshop on competition in real estate, argues that the real estate industry does not need any government intervention to help get listing data distributed widely and that the nature of multiple listing services (MLS) inherently breeds competition.
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Decrease delinquency to 3% or less by reporting rental payment history

American Apartment Owners Association - Fri, 06/01/2018 - 11:59am

Let’s face it, as a property manager you have a couple of primary goals: Keep vacancies low and make sure you’re renting to great tenants. Unfortunately, no matter what you do, not all of the people who want to rent from you will end up being great tenants. You can screen them, interview them, even check their credit—but there’s a problem. Their rental payment history, which would be a great predictor of potential problems, is rarely if ever, included in their credit history.

You can change that.

In recent years, the credit bureaus have opened up the option to report rental payments as an additional way to measure creditworthiness. As a landlord or property manager, wouldn’t it be great to be able to see that the last few years of rental payments were on time? Wouldn’t it be great to see any delinquencies and at the very least be able to ask about them during an interview? Wouldn’t it be great to know if they still owed money to a previous landlord? At least you’d know something about their history of actually paying the rent. Granted, seeing that they pay other bills on time—or don’t, might help you as you’re deciding who to rent to…or who not to…But the one thing that matters to you, probably more than anything else, is being able to count on that rent being paid on time, month in and month out.

And it’s easy to do.

In order for rental payment data to be available to you in a credit screening, somebody has to report it. The good news is: you can, and it’s easier than you think.

Manage your properties.

Rental Payment Reporting (RPR) provides owners, landlords and property managers with a program that motivates residents who might otherwise pay late to prioritize their rent payment.

At the same time this program will increase your net operating income by decreasing delinquencies and collection costs. In some instances, we have been able to decrease delinquency from 8.7 to 2.7%. The RPR program can also help you reduce current costs of collections because the individual’s record is already being reported to the bureau.

Reporting rental payments helps improve the way property managers reduce the risk of leasing to a risky tenant by making it easier to identify high-quality residents. Not only are payments reported, on-time or late, but also if someone moved out with money owing. As someone who may have already rented to a less than great tenant, wouldn’t you have liked to have some visibility into their last few years of rental history?

This is all fine and good. Anytime you can reduce costs and increase revenue makes great business sense. Now, what if you could frame it up in such a way that your residents looked at it as a positive thing? Well you can…

Your residents will love the program too because it helps them build credit.

Typically, within less than a month of reporting rent payments, your residents see a 20-80 point increase in their score. For them, that could translate into a lower interest rate on a credit card or an auto loan. All for reporting a payment they’re already making—their rent. I’m not sure how familiar you are with the credit bureaus or how credit scores work, but here’s the thing…There aren’t very many things a consumer can do to bump up their credit scores by 20-80 points in a month. Typically, a credit repair program or specialist is going to take 3-6 months or longer—and could cost hundreds or even thousands of dollars.

Over 100 million Americans struggle with their credit. Some have no credit and most often are denied access to traditional financial products. Rental Payment Reporting was founded to address this huge problem and provide a sustainable and simple way for renters to establish and build credit history through their largest monthly payment—their rent. We work with owners, landlords and property managers to report these payments on a monthly basis. For those who are paying their rent on time, they will see a positive impact on their credit scores.

As a property manager offering this service to your residents you will look like a hero. You’ll be helping them build credit (and save money) for pennies on the dollar when compared to other alternatives—and you’ll be making your job easier when it comes to managing delinquencies and collections.

Find out more at www.rentalpaymentreporting.com or contact Dave Haldi at 888-657-2484 and mention that you’re an AAOA member!

Dave Haldi is CEO of Trade Line Credit Solutions. The company’s Rental Payment Reporting service gives property owners and managers a new tool to incentive timely rent payments, while helping residents build credit.

The post Decrease delinquency to 3% or less by reporting rental payment history appeared first on AAOA.

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What you need to know about Google Neighbourly, a new local recommendations app

Inmannews - Fri, 06/01/2018 - 11:23am
The platform, which has some similar features to the U.S.-based social network Nextdoor, is only available in Mumbai for now.
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What’s it like to be the first agent to sell a home owned by Zillow?

Inmannews - Fri, 06/01/2018 - 10:58am
A listing in Chandler, Arizona, looks a lot like others in the area. There’s high-resolution photos, two open houses scheduled and a description of a gas fireplace and back patio. The only difference? It’s being sold by multi-billion-dollar real estate technology giant Zillow.
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Harness automated, targeted real estate digital marketing with Homesnap Pro

Inmannews - Fri, 06/01/2018 - 10:43am
Digital marketing has reshaped how real estate agents generate leads and brand themselves. It’s an incredibly powerful tool that provides valuable ways to reach prospects and measure marketing performance. But digital marketing is also complicated.
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California Realtors raise $650,000 disaster fund for victims of wildfires and mudslides

Inmannews - Fri, 06/01/2018 - 9:53am
Victims of wildfires and subsequent mudslides that wreaked havoc on California late last year could be getting an assist from big-hearted Realtors, who earlier this week combined forces in Ventura and Santa Barbara counties to raise a $650,000 disaster fund.
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Connect the ICSF Speakers: Crystal Florida on agent investing strategies

Inmannews - Fri, 06/01/2018 - 7:27am
Crystal Florida has her eye on the long game and wants to build a legacy, so she’s taken her real estate career even further by investing in real estate. She’ll be discussing how she’s building her nest egg at a special panel about investing strategies for agents, happening only at Inman Connect San Francisco.
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Connect the ICSF Speakers: Meet Travis Robertson, team coach to the best

Inmannews - Fri, 06/01/2018 - 7:26am
Wouldn’t it be wonderful to walk into a room where an expert is waiting to answer all of your questions about building and managing a real estate team? That’s exactly what could happen if you attend the teams coaching session with expert team coach Travis Robertson at Inman Connect San Francisco.
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Ban on banks becoming brokerages may be subject of real estate competition workshop

Inmannews - Fri, 06/01/2018 - 7:03am
One of the National Association of Realtors' main political victories may be up for some scrutiny at the Department of Justice (DOJ) and Federal Trade Commission (FTC)  workshop on real estate competition this Tuesday.
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Austin Board of Realtors launches photo copyright program

Inmannews - Fri, 06/01/2018 - 5:57am
ABoR debuted its Verified MLS Photography Partner Program in January. Through the program, photographers agree to license their photos to the Board of Realtors' multiple listing service in perpetuity, making members who use their services a third-party beneficiary.
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Unemployment falls to 3.8 percent, lowest level in 18 years

Inmannews - Fri, 06/01/2018 - 5:50am
An excellent monthly jobs report this morning from the U.S. Department of Labor: the economy added 223,000 jobs in May, and unemployment fell to 3.8 percent. That's the lowest rate of unemployment in the United States since 2000. 
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What I’ve learned from being part of a Realtor’s association

Inmannews - Fri, 06/01/2018 - 3:00am
"Realtor" is a term and a title that involves a great deal more than merely selling homes. I’ve been a very active, dues-paying member of the real estate industry for many years, but it wasn’t until I attended a recent C.A.R. event that I became even more enamored with my field.
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How horses changed the way I market unique properties

Inmannews - Fri, 06/01/2018 - 3:00am
For many, balancing work and life is about limiting the time spent on work to do more of what you love. That’s far from the case for equestrian real estate pro Jessica Thiele.
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What my old-fashioned dad taught me about the ‘typical’ iBuyer

Inmannews - Fri, 06/01/2018 - 3:00am
You can imagine my surprise, when as I was telling my conservative, Luddite dad about Opendoor’s model and how the company makes an offer on a property before it's listed, he stopped me cold and said, “So, I wouldn’t have to do showings? I’d be interested in that.”
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5 housewarming gift ideas for all types of clients

Inmannews - Fri, 06/01/2018 - 2:00am
If you want your housewarming presents to have a strong marketing impact that causes your clients to remember you and recommend you to their friends and family -- and you should want that -- then you need to give them something they’ll use for a long time.
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Seattle startup FlyHomes raises $17M to make cash offers on behalf of buyers

Inmannews - Thu, 05/31/2018 - 3:02pm
Seattle brokerage FlyHomes raised $17 million to expand its Cash Offers program for homebuyers who need to compete with all-cash payments.
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What you need to know about NAR’s new MLS policy changes

Inmannews - Thu, 05/31/2018 - 2:07pm
The goal of the policy changes is to reinforce MLSs' role in managing the use and distribution of listing content and to protect MLSs and Realtors from copyright infringement lawsuits, Cindy Ariosa, chair of NAR's MLS Forum, said at the conference.
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NAR warns members of scammer posing as trade organization

Inmannews - Thu, 05/31/2018 - 1:14pm
The National Association of Realtors (NAR) is warning its member agents to be on the lookout for a suspicious email phishing scam.
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Largest single-family rental company Invitation Homes sued for excessive late fees

Inmannews - Thu, 05/31/2018 - 12:48pm
Invitation Homes, the nation’s largest single-family rental company, is being sued for charging late fees that a plaintiff is arguing violates state law in all 12 states where the company rents homes.
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Buyers with Chinese surnames upped their buying activity by more than 20% in 2017

Inmannews - Thu, 05/31/2018 - 12:29pm
Although home sales dipped 4 percent year-over-year in 2017, Attom Data Solutions's latest analysis of buyer last names on more than 2.3 million single-family home sales deeds nationwide revealed that buyers with Chinese, Korean and Vietnamese surnames were out in full force.
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