Lesson learned: How to create an atmosphere of accountability

Inmannews - Mon, 06/25/2018 - 2:00am
Florida luxury Realtors Chad and Sandy Neumann bring high style and market expertise to their growing business, and the results speak for themselves. How did they develop the habits that help them flourish? With a little help from their friends — and mentors.
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Take control of your schedule and make more money

Inmannews - Mon, 06/25/2018 - 1:00am
My coach recently asked me a great question. “Tom, are you managing your time powerfully?” she asked. This question really got me thinking. You can’t get more than 24 hours every day. But you can get more from those 24 hours.
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Miami realtor found guilty of extorting high profile rivals

Inmannews - Fri, 06/22/2018 - 4:46pm
A jury found South Beach realtor Kevin Tomlinson guilty on extortion charges after he accused of illegally demanding $800,000 from from rivals The Jills.
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White House wants to privatize Fannie Mae and Freddie Mac

Inmannews - Fri, 06/22/2018 - 2:34pm
The Trump administration is proposing a sweeping reform of how the federal government supports housing finance by calling for the full privatization of mortgage-backed securities giants Fannie Mae and Freddie Mac.
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10 reasons for a brokerage to acquire another company

Inmannews - Fri, 06/22/2018 - 12:29pm
EXIT Realty's white paper shows that it's prime time for mergers — and consolidating is still a way for traditional brokerages to stay competitive.
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The sale of a Martha’s Vineyard mansion may have ruined the Obama family’s summer vacation

Inmannews - Fri, 06/22/2018 - 10:58am
'The Chilmark House,' which also became known as Barack Obama and family's 'Summer White House,' was sold in June for $18 million.
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How To Keep Your Top Tenants

American Apartment Owners Association - Fri, 06/22/2018 - 10:00am

If you have good tenants in your rental, it’s wise to keep them. Keeping tenants in place saves you the time and money of advertising — plus the expense of cleaning and maintenance, and the stress of a vacant unit.

Retain tenants with the five tips below for landlords on how to keep your best tenants.

1. Be Responsive

Tenants want to know they can rely on you when something goes wrong. Thus, if you are not responsive to their requests for maintenance, they won’t be inclined to stay. When tenants contact you, respond quickly and fix the problem as soon as you can. If it’s an issue outside your purview, offer suggestions. Keep them up to date as you make repairs, so they stay informed.

When you are helpful and proactive, tenants will appreciate your care and they’ll be more likely to renew the lease. Your responsive nature will help avoid misunderstandings that can cause resentment.

2. Offer the Right Amenities

The right amenities can sway a tenant who might be thinking of moving. Investing in your rentals also boosts property value, so you can charge more rent and earn more when you sell the property. Tenants want landscaped properties with outside seating areas, on-site laundry facilities, comfortable common areas and energy-efficient features. By spreading the cost of improvements over time, you can keep your apartment competitive within your market and retain top tenants.

3. Communicate Well

Good communication is important when it comes to keeping renters — whether you’re talking to tenants yourself or using a property manager. If you have staff working on site, train them in customer service. This benefits renters, who will enjoy being treated with courtesy, and helps you know what’s going on at your property, so you can be proactive when issues arise.

When you see your renters, be friendly. Go the extra mile by asking about their lives or by sending them a nice surprise on their birthday. Even something small, like a gift card for groceries, will be appreciated as it shows you took the time to remember.

4. Keep the Property Clean

While tenants are responsible for keeping the inside of their units clean, it’s your job to keep the common areas and exterior looking their best. Clean your property yourself or invest in landscaping and maid services so your common areas and yard look great year-round. This will help you quickly fill vacancies that arise while encouraging existing tenants to renew.

5. Incentivize Lease Renewals or Referrals

Last but not least, if you want tenants to renew their lease, give them an incentive. You might keep the rent flat if they renew or discount the rent if they sign a longer-term lease (e.g., two years). If tenants are happy, they’ll enjoy getting a bargain — and the peace of mind can be worth it for you, as well. Consider rewarding renters who refer new tenants your way, too, either with a small gift or cash incentive.

While some tenant loss is unavoidable — life circumstances change — these tips can help you reduce turnover, which lessens workload and helps you be a more profitable landlord.

Disclaimer: All content provided here-in is subject to AAOA’s Terms of Use.

The post How To Keep Your Top Tenants appeared first on AAOA.

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Tips For Identifying Problem Tenants As Quickly As Possible

American Apartment Owners Association - Fri, 06/22/2018 - 9:52am

Quality is key when it comes to finding tenants — and that means learning how to spot red flags before you extend a lease offer. Review the warning signs for problem tenants so you don’t rent to someone who won’t pay the rent, doesn’t care about your property, or may cause damage.

Lack of Rental History

Problem tenants may be kicked out or vacate an apartment when they can’t make rent. This makes for a checkered rental history with frequent moves — a red flag. Other problem tenants simply cannot show you where they’ve lived. A lack of rental history dating back at least two years begs questions about this person’s history. Was he or she homeless? Incarcerated? You deserve to know before offering this person a lease.

Bad Credit

The way potential tenants treat other people indicates how they will treat you. By checking their credit, you can understand much more than their credit score. You will see who they owe, how much they owe, and whether they pay debts on time. If tenants aren’t paying their credit card on time, why would they pay you the rent when it’s due?

The only time it’s advisable to rent to people with poor credit is if they have taken steps to address their credit and improve their financial literacy. For instance, those who are getting back on their feet after unemployment, who disclose their situation with you, and who pay their bills on time are taking steps to improve their credit. They represent less of a risk to you. Some landlords take pride in helping people get back on their feet and enjoy giving people a second chance. Weigh the credit score, then decide what feels right to you.

Noncompliance With the Application Process

As a landlord or property manager, you know it’s important to screen all applicants the same way to stay in compliance with the Fair Housing Act. If a renter doesn’t want to comply with your application process, there is no reason for you to accommodate him or her. When individuals push back if you ask for references, pay stubs or other documentation, it’s a sign they will push back throughout their tenancy — and they may be trying to hide something.

Something Doesn’t Add Up

Have you ever had a funny feeling in your gut about an applicant? If so, your intuition was probably trying to tell you that something about the applicant wasn’t right. When you screen renters for a living, you can often tell when someone is disreputable or trying to hide something. Listen to that inner voice when someone seems too pushy, too desperate or too good to be true. For instance, renters who offer you over market rate because they need a place ASAP are quite likely running from something.

Ideally, you will be able to spot problem tenants before offering them your open unit. In some cases, red flags only arise after the tenant is in the apartment. If you spot red flags after the lease signing, you can prepare for potential issues that may arise to mitigate the damage.

Disclaimer: All content provided here-in is subject to AAOA’s Terms of Use.

The post Tips For Identifying Problem Tenants As Quickly As Possible appeared first on AAOA.

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Higher lumber costs have boosted new home prices by $9,000

Inmannews - Fri, 06/22/2018 - 8:41am
While rising mortgage rates and historically low inventory levels are often to blame for rising single-family home prices, there's another culprit: lumber. 
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Connect the ICSF Sessions: Jason Pantana solves your marketing problems

Inmannews - Fri, 06/22/2018 - 7:51am
How do you identify the lead-generation system that is part and parcel of your marketing strategy? Coach Jason Pantana is going to have answers at ICSF.
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Hacker Connect at ICSF18

Inmannews - Fri, 06/22/2018 - 3:00am
We’ve all heard the complaints that real estate is slow to innovate and adapt when it comes to technology. Join us on Tuesday, July 17, at Hacker Connect, where we will look at problems through the lens of the customer, with content that gives real estate tech developers a look into how these issues can and are already being solved.
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6 ways to prepare yourself for selling luxury real estate

Inmannews - Fri, 06/22/2018 - 3:00am
If you are interested in learning how to make the jump into the luxury market when that beautiful listing comes around, follow these six steps for successfully marketing a luxury property.
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How to boost your value proposition internationally

Inmannews - Fri, 06/22/2018 - 3:00am
Agents who are immersed in the luxury space work hard to build a database of international agents. Unfortunately, very few of us share enough information about our market with this database — and without that information about our locale, the listings we share are essentially useless.
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16 inspirational quotes to get you through the day

Inmannews - Fri, 06/22/2018 - 2:00am
Fortunately, many words of wisdom imparted by our Founding Fathers and today's most inspiring speakers motivate us, guide us and encourage us through our career. Here are 16 inspirational quotes suited to any real estate agent's professional life.
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How to rope in more seller leads with Mega Agent Pro

Inmannews - Fri, 06/22/2018 - 1:00am
Every real estate agent knows listings are gold; they also know they can be hard to come by. Successful, busy agents don’t like to be bothered with tasks not directly related to grooming prospects and serving clients, in particular cold-calling.
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How to pivot like a champion: Gary Keller on stage at Inman Connect San Francisco

Inmannews - Thu, 06/21/2018 - 4:36pm
His session at Inman Connect San Francisco, dubbed "How to Pivot like a Champion," takes place on the main stage on Thursday, July 19, at 9:30 a.m.
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The Real Word: Opendoor’s $325M funding boost

Inmannews - Thu, 06/21/2018 - 1:49pm
Watch Byron Lazine and Nicole White give a real estate agent’s perspective on industry-related topics. This week, they’ll parse out Opendoor's $325 million Series E funding round and goal to expand to 50 markets by 2020.
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Facebook’s saying goodbye to ‘likely to move’ ad targeting

Inmannews - Thu, 06/21/2018 - 1:25pm
Facebook's Cambridge Analytica data scandal has another casualty: the "likely to move" ad targeting category. The popular ad targeting feature will stop working for new campaigns Aug. 15 as part of Facebook's re-evaluation of how it uses third-party data.
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Opendoor has more than 100 homes under contract in Las Vegas, 60 more active

Inmannews - Thu, 06/21/2018 - 12:54pm
Opendoor company spokeswoman Cristin Culver told "The Las Vegas Review Journal" this week that the company is under contract on more than 100 homes and currently has 60 active listings.
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Zillow puts its first home under contract as a seller — but reduces price by 1.6% on another

Inmannews - Thu, 06/21/2018 - 12:45pm
Zillow has put its first home under contract as a seller, with an expected closing in mid-July, listing agent George Laughton confirmed to Inman.
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