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5 Ways Property Managers Can Contribute to College Student Self-Care

American Apartment Owners Association - Mon, 10/09/2017 - 1:37pm

Unfortunately, renting to college students is no easy task. Property managers are confronted with the reality that while all college students may not be horrible residents, there are some that tarnish the reputation for all of them.

When renting to students, landlords have to consider certain risks, such as lack of responsibility, increased chance of damages, and sudden lease breaks. As a student, living on your own for the first time is hard as well because of all of the added responsibility and the extra freedom that comes with leaving your parents home and being by yourself.

Though many think that having a positive relationship with your property manager is impossible, there are things that can be done on both the end of the landlord and the student resident that can make the duration of time of the lease more pleasurable. Are you a property manager looking for ways to help your student residents for not only their benefit but for you as well?

Check out my five tips below on how to contribute to student self-care and decrease stress on not only your end but their end as well!

1. Combine amenities

Most students have a hard time maintaining their bills and being financially responsible. Between managing the costs of items needed for school, such as supplies and textbooks, food and groceries, and other expenses such as cable and internet, forgetting to balance bills and being behind on payments becomes easy to do.

To help students balance their bills for rent, electricity, and A/C and heat, combine the amenities into the rent to reduce the number of physical bills for students to keep track of and ensure that you receive your payments on time!

2. Automatic withdrawal

To further secure that you get your rent and additional payments on time, have an option for students to have their payments automatically taken out of their (or the payer’s) bank account at the beginning of the month. Students would then have E-bills that could be paid automatically instead of worrying about sending out payments on time.

In addition to the added benefits for you, students can easily maintain their payment plan on their phones/tablets/and laptops, which can help them keep track of when they need to pay and how much they will need.

3. Rewards

As a property manager, you know that there are some careless student residents that will wreck their apartment and ignore the rules of their signed lease. This can not only cost more for you to fix the damages but also affect the chances of you renting the unit to another resident in the future.

To give your student residents the incentive to treat their unit with respect and according to their lease rules, reward them with gift cards to places that could be beneficial to them, such as a school supply store or Amazon.

4. Security and safety meetings

Campus safety and security around an apartment complex is an important aspect of students and parents deciding whether or not to rent a unit. As a means to make students and parents confident of the security and safety around your unit, hold mandatory meetings with residents and security guards/security team to discuss campus safety around the apartment building.

This can further assure residents that you, as well as the management of your property group, is dedicated to making sure proper measures are taken so everyone is protected.

5. Establish a common area

When it comes to studying, college students appreciate having public spaces to study like the library or a café. In order to further ensure student safety, create a common area with tables and chairs as well as open Wi-Fi for students to work and study. This will inspire other student residents to move into your complex and help keep your current student residents safe as it gives them the incentive to stay inside instead of studying late at night in the library or elsewhere.

Though some student residents can be difficult to deal with, most just want to be able to have a place of their own and learn adult responsibilities. By establishing payment plans, safety meetings, good behavior incentives and open areas, you will be able to facilitate a better relationship with student residents (as well as their parents) and make your job a little easier.

After all, these few options and changes can make your property attractive in the future and help you gain even more residents! As always, good luck!

 

Source: rent.uloop.com

The post 5 Ways Property Managers Can Contribute to College Student Self-Care appeared first on AAOA.

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These are the fastest-growing cities in America

American Apartment Owners Association - Mon, 10/09/2017 - 1:33pm

Frisco is the fastest-growing city in America. No, not THAT Frisco with the incessant fog and Golden Gate Bridge (not to mention, locals will scoff if you call it Frisco).

We’re talking Frisco, Texas. The Dallas suburb scored No. 1 on WalletHub’s list of fastest-growing cities in America due to its rapid job and population growth. The city is home to the National Videogame Museum, Dr Pepper Arena (home of the Frisco RoughRiders), and the Dallas Cowboys headquarters. It has a number of other accolades to its name, including Men’s Journal’s No. 1 Best Place to Raise an Athlete in 2011 and Movoto’s best midsize city to move to in 2013.

Here are WalletHub’s 10 fastest-growing cities in America:

Rank City 1 Frisco, TX 2 Kent, WA 3 Lehigh Acres, FL 4 Meridian, ID 5 Midland, TX 6 McKinney, TX 7 Fort Myers, FL 8 Bend, OR 9 Austin, TX 10 Pleasanton, CA

And here are WalletHub’s 10 slowest-growing cities in America:

Rank City 1 Shreveport, LA 2 Jacksonville, NC 3 Fayetteville, NC 4 Decatur, IL 5 Montgomery, AL 6 Baton Rouge, LA 7 Davenport, IA 8 Fort Smith, AK 9 Racine, WI 10 Waterbury, CT

To compile the ranking, WalletHub analysts compared 515 cities of varying population sizes based on 15 key measures of both growth and decline, such as population, unemployment rate and regional GDP per capita over a period of seven years.

 

Here are WalletHub’s fastest and slowest-growing cities, broken out by large, mid and small-sized cities:

Source: marketwatch.com

The post These are the fastest-growing cities in America appeared first on AAOA.

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Detroit council delays action on landlord crackdown

American Apartment Owners Association - Mon, 10/09/2017 - 1:30pm

The Detroit City Council on Tuesday delayed a vote to toughen its rental regulations, including a controversial measure that would stop landlords from collecting rent if they don’t pass city inspections.

Under current law, units are supposed to be registered and have passed city inspections, including obtaining a certificate of compliance, before they can be rented out. But city officials admit they have let most landlords ignore the rules for more than a decade.

Councilman Andre Spivey, who introduced the changes in May, said his proposal adds “teeth” to the current law and streamlines regulations for landlords who follow the rules.

But during Tuesday’s session, council President Brenda Jones said she was concerned about the property rights of landlords who wouldn’t be able to evict tenants.

“You are telling me someone can stay in my property,” Jones said. “Even if it’s not up to code, I can’t say anything about you occupying my property. I have a concern with that.

“It’s still my property. You are telling someone to stay in my property rent free because I chose not to fix it up.”

After Jones and two other members voiced concerns, Spivey agreed to send the proposal back to a committee for more discussion.

Several speakers, including members of the Detroit Association of Realtors and Richard Clay of the group People for Utilities Reform, told the council the crackdown would hurt small landlords. Clay predicted rents would rise and other owners would lose their properties to foreclosure.

“Detroit’s small landlords desperately need more financial resources to help them comply with city ordinances and keep them in business instead of more fees and fines to drive them out. A spike in inspection-related fees and fines will cause a further, disastrous decline in black home ownership,” People for Utilities Reform said in a statement.

But supporters said the measures were crucial to making sure all landlords comply with safety regulations, including lead poisoning prevention efforts. Lead inspections are a part of obtaining a certificate of compliance.

“We know of landlords who own 300, 400, 500 properties and never registered their properties,” said Mary Sue Schottenfels, executive director of the nonprofit CLEAR/Corps Detroit, which works to prevent lead poisoning.

In 2015, more than 10 percent of children younger than 6 tested in eight Detroit ZIP codes had elevated blood lead levels.

According to city records, about 4,700 addresses were registered as rentals, as of last month,.

It’s unclear how many rentals aren’t registered, though the U.S. Census Bureau estimates the city has 140,000 rental units. City officials estimate that 50,000 rental properties have not been inspected.

“We aren’t trying to send owners into foreclosure or take rent,” Spivey said. “But we do need safe habitable (homes) for people to stay in.”

After a phase-in period, tenants who live in rentals that haven’t passed city inspections could put their rent in an escrow account for 90 days. The measure aims to stop evictions for non-payment of rent, if the owners haven’t complied with city rules, officials said. Landlords have said the regulation likely would be challenged in court.

 

Source: detroitnews.com

The post Detroit council delays action on landlord crackdown appeared first on AAOA.

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Investors Look for Bargains in Undervalued Markets

American Apartment Owners Association - Mon, 10/09/2017 - 1:28pm

Property values have surged steadily higher in the prolonged recovery. But that high tide isn’t raising all boats as some metros are still falling short of 2007 pricing.

The broader commercial real estate market has regained and surpassed values that existed at the prior peak. The major metros have seen the biggest bounce with values that are 52.5 percent higher than a decade ago, while the rebound has been more modest in non-major metros at 10.8 percent, according to the CPPI produced by Real Capital Analytics (RCA), a New York City-based research firm.

“There are certain markets that are still nowhere near that previous peak,” says Jim Costello, senior vice president at RCA. The firm’s researchers estimate there are still more than a dozen markets where property values are below 2007 levels. Las Vegas tops the list of laggards with average values across property types that, as of July, are 34.3 percent lower than they were 10 years prior. Other metros still battling a steep decline include Orlando, Fla. at 24.9 percent; Sacramento, Calif. at 24.4 percent; Fort Myers/Sarasota/Naples, Fla. at 21.8 percent and Phoenix at 18.4 percent.

Metros where values were driven by the housing boom, such as Las Vegas, Phoenix and parts of Florida, are still feeling the negative impact of the housing bust. The local economies don’t have the same “juice” as they did before, which has a ripple effect on the economy and the demand for space, adds Costello.

Those metros that were hit hard when the housing bubble burst lost more value than other markets and were slower to start their recovery. “So not only have they been digging out of a deeper hole, they have been recovering for much less time than some of the other major metros,” says John Chang, first vice president, research services, at brokerage firm Marcus & Millichap.

In addition, there are a number of metros that have been experiencing a slower recovery due to local economic factors. Midwestern cities including Chicago, Indianapolis and Cleveland have been climbing out of the recession for the past several years, notes Chang. “But they have never had a big pop in their employment growth, and they are also struggling to keep their population in a lot of areas,” he says. The slower improvement in fundamentals has weighed on property values.

Those lagging markets represent both risk and reward for investors. Certainly, investors are treading carefully. Metros in recovery mode do offer a higher level of risk because of volatility and potential softness, especially if the broader economy weakens, says Chang. However, these markets also represent an opportunity to buy assets at more favorable pricing relative to some other areas where prices are now more than fully recovered. In addition, growth in some of these markets is starting to accelerate at this stage of the cycle, he adds. Florida, including markets such as Orlando and Tampa, currently has some of the highest employment growth in the country.

“Some locations in these markets will not regain the values that they had before,” says Eric Enloe, managing director of valuation and advisory services with real estate services firm JLL. Outlying areas in metros that were severely impacted by the housing crisis and don’t have employment drivers, for example, may not regain their prior pricing levels, at least in this cycle. Those markets that have been slower to rebound are creating selective opportunities for investors to buy properties with higher returns, but with slightly riskier profiles. “With pressure and stress in markets comes opportunity,” says Enloe.

Investors really need to “peel back the layers” to find opportunities, adds Enloe. They need to look at the economic drivers that have slowed recovery and growth in some markets, and also drill down into the specific dynamics within submarkets and property sectors, he says. Downtown Chicago’s office sector, for example, has a ton of activity and very aggressive pricing that is higher than it was in 2007. It is a different story in some of Chicago’s suburban office markets, where demand and pricing are lower, but this creates opportunities for value-add investors that are patient, says Enloe.

Even though prices aren’t at previous peak levels, investors are still active in those markets, because there is growth occurring, adds Costello. “Prices might not be where they were at that previous peak, but they are seeing price growth,” he says.

 

Source: nreionline.com

The post Investors Look for Bargains in Undervalued Markets appeared first on AAOA.

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5 Types of Luxury Residences You Can Own

American Apartment Owners Association - Mon, 10/09/2017 - 1:25pm

Having a home to live in is one of our basic needs, but if you have the capacity and can afford to get more than the standard home, then you definitely have a lot of options. While most people settle on what their budget dictates, you can opt for any of the luxury residences in your city.

What makes a residence a luxurious one? Houses or other types of residences can be labeled as luxurious, based on certain qualities and features. Some of the common features of upscale properties are the prime location and superb quality interior finishes.

Usually, luxury residences are located in a gated community, whether in major cities or in rural settings. They also give the owners access to exclusive amenities such as an exclusive country club for luxury homeowners. Other qualities are the high-end interior design and finishes such as professional grade or superior quality appliances, marble countertops, customized furniture and closets, and top of the line amenities and facilities, like spa and fitness centers.

If you are in search of a luxury residence, either as a reward for all your hard work or for your whole family to live in, it would help you to know your options. There are different types of luxury residences that you can consider, each with their own advantages and disadvantages. By knowing each type, you can understand better the qualities that you want your future home to have.

1. Condominiums

A condominium, often shortened to condo, is a complex with multiple units, with each unit owned by individuals. The units are surrounded by facilities and amenities that can be used by all the residents of the entire complex. Condos can be considered as luxury residences with their extravagant features such as fitness centers, swimming pools, and security system.

2. Penthouses

A penthouse is a type of luxury apartment that is on the topmost floor of a building. This type is popularly preferred because penthouses offer a scenic view of the skyline and the city’s landscape. They also have other great features such as rooftop decks and balconies, which give them an edge among other types of residences.

3. High Rise Apartments 

These types of apartments are usually found in metropolitan cities where there is a need to construct these types of residences due to the location’s large population. They consist of several stories, with most of the floors built for residential units and the others for commercial or for facilities intended to be used by the residents. High rise apartments may consist of several bedrooms, depending on the unit’s floor area. They are equipped with elevators because of their high structure.

4. Low Rise Apartments

Low rise apartments are smaller compared to high rise apartments, but they can also be luxurious in the sense that they offer more privacy and solitude. They are usually below 115 feet or 35 meters, and consist of fewer floors, though they are still equipped with elevators for convenience.

5. Garden Apartments

In an urban setting, this type of residence can be defined as an apartment on the ground floor where there is an access to an outdoor space such as a patio, a backyard, or a garden as the name implies. It can be considered as a luxury residence as it can offer a sort of calmness and beauty in a concrete jungle. Gardens add beauty to houses with giant pots or boxes planted with beautiful and exotic plants and flowers.

These are just five of the most common types of luxury residences that you may want to consider in your search for a new home. Your choice may depend on the size of the residence, the unique features, or the convenience that they can offer to you and your family.

 

Source: realtytimes.com

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Ten-X acquisition deal closes

Inmannews - Mon, 10/09/2017 - 11:18am
In case you missed it last week, private equity firm Thomas H. Lee Partners announced the closing of its more than $1 billion majority acquisition of Ten-X. The online platform operates Auction.com as well as other brands, including the Ten-X Wallet app and Card, which let customers pay for goods with leading cryptocurrencies (Bitcoin, Ethereum among them) ...
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The recovery timelines for Hurricanes Harvey and Irma

Inmannews - Mon, 10/09/2017 - 10:01am
For those hard-working agents in Texas and Florida who are still cleaning up and waiting for their markets to return to normal, some hurricane recovery timeline estimates have emerged ...
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How to make money off these 6 housing trends from Zillow

Inmannews - Mon, 10/09/2017 - 3:00am
Zillow’s Consumer Housing Trends Report for 2017 reveals some surprising first-time buyer trends, the impact of rent increases on home sales, how sellers are finding their agents and data supporting face-to-face marketing ...
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Software generates binding home insurance quotes in seconds

Inmannews - Mon, 10/09/2017 - 3:00am
Swyfft provides home insurance policy quotes in seconds using only a home's address ...
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What is a lease option to buy?

Inmannews - Mon, 10/09/2017 - 2:45am
A lease option to buy is complicated, and I’ve only seen a few in my career. But real estate agents should be familiar with it in case clients ask ...
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Become a Zillow power-user with these 5 tips

Inmannews - Mon, 10/09/2017 - 2:30am
Odds are, if you're a real estate agent, you already have a Zillow account. You probably even have a couple reviews and a few sold listings ...
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Thank-you notes don’t write themselves: 5 tips to get ’em done

Inmannews - Mon, 10/09/2017 - 1:30am
Growing up, the best thing about birthdays was undoubtedly getting presents. And the worst thing was definitely having to write thank-you notes.  ...
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Uber for renters: App brings on-demand apartment showings to NYC

Inmannews - Sat, 10/07/2017 - 3:00am
Starting with the Big Apple, founder of Cribitt Stephen Steiner is trying to do for renters what apps like Hobizbo, Curb Call, AgentPair, and HouseCall are already doing for homebuyers: connect them with agents for on-demand showings ...
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Wanderlust meets adventure in Sherwin-Williams’ color of the year

Inmannews - Fri, 10/06/2017 - 2:57pm
The paint company's choice isn't a neutral, or the ever-popular periwinkle blue, or one of the trendy shades of grey we've seen all over Pinterest. It is a complex, deep color that offers a sense of the familiar with a hint of the unknown, as Sherwin Williams put it ...
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Surprise, surprise: California is the most expensive place to buy a home

Inmannews - Fri, 10/06/2017 - 2:33pm
Homes along the United States' most popular coasts are known for their beautiful waterfront views, salty breezes and -- you guessed it -- sky-high prices. So it comes as no surprise that the five most expensive states for homeowners happen to be right along the ocean ...
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Hurricanes take their toll on new construction, inventory

Inmannews - Fri, 10/06/2017 - 12:07pm
The Bureau of Labor Statistics (BLS) report for September has revealed that the real estate industry will have to wait a while longer for inventory relief. Summaries from July and August showed impressive growth in the residential construction sector, giving economists a glimmer of hope that inventory relief was on the way, but Hurricanes Harvey and Irma stifled that growth ...
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Real estate daily market update: October 6, 2017

Inmannews - Fri, 10/06/2017 - 11:21am
All the latest real estate market news ...
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Alaska agent recovering from Vegas shooting

Inmannews - Fri, 10/06/2017 - 8:08am
Robert (Rob) McIntosh, an agent with Century 21 Gold Rush in North Pole, Alaska, had a date next weekend with his broker-owner, Mike VanSickle in the Bahamas for the Century 21 top agent retreat. Instead he will be in Las Vegas continuing his strong recovery from approximately four bullet wounds ...
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Tips For Selling A Tenant-Occupied Property

American Apartment Owners Association - Fri, 10/06/2017 - 8:02am

Posted on Oct 06, 2017

When you want to sell a unit while it’s occupied by a tenant, relations can turn rocky. Below, learn how to approach a situation when a landlord wants to sell so you get the outcome you want while respecting your tenants’ rights.

What You Need to Know When Putting Up a Tenant-Occupied Property for Sale

While you have the right as a landlord to put up your investment property for sale, you’ll need to respect the tenant’s rights during the lease term.

Tenants have right to quiet enjoyment of the unit. Typically, this means that you, as a landlord, cannot enter their apartment without giving sufficient notice, usually 24 hours’ notice. The same consideration applies to rental showings.

Disturbance of the tenants’ quiet enjoyment cannot be “excessive” by law. While courts have argued over what excessive means, it’s generally safe to show the apartment keeping in mind the normal amount of showings in your area. This might mean four to five individual showings a month, or an open house every weekend. Your real estate agent can walk you through what’s typical for your area.

Note that “excessive” use varies by the renter’s life circumstances. Someone with a baby, who does not work business hours, may be disturbed by frequent showings during the week; whereas someone who is working from 9-5 might not be bothered by daily showings.

Tips for Selling Investment Property With Renters

Tenants can cite a landlord selling their house/apartment without giving them consideration as a reason to break their property lease. If you are relying on rental income to cover your expenses while you show the property, it’s in your best interest to respect the renter’s right of occupancy. If the tenant leaves, you have to cover the mortgage on an unoccupied unit you’re trying to sell without the safety net of rental income. It’s highly unlikely that a renter would want to move into a unit knowing the landlord wants to sell.

In some cases, your existing tenants may be interested in purchasing the property from you. This could be a win-win, provided the tenants are willing and able to pay fair market value for the property.

Since you’ll need to disclose to tenants that you’re selling the unit, you might want to offer them first right of refusal. If they agree to buy it, you’ll keep more money since you won’t have a real estate agent taking commission. The worst-case scenario is, they will turn down your offer and you’ll put the unit on the market.

For more help with selling an investment property, such as calculating a gain on the sale of rental property, join American Apartment Owners Association. As a member of American Apartment Owners Association, you’ll enjoy updated advice for landlords, discounts on products and services, and other benefits.

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

The post Tips For Selling A Tenant-Occupied Property appeared first on AAOA.

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Ex-Realtor targeted first-time buyers in wire fraud scheme

Inmannews - Fri, 10/06/2017 - 7:58am
Hazelton, Pennsylvania-based real estate agent Ignacio Beato has begun his four-year sentence for conning buyers out of more than $750,000 in a wire fraud scheme conducted from December 2013 to March 2015 in which he claimed to be a listing agent who had access to conventional and Federal Housing Administration-insured mortgaged properties ...
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