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Understanding Future Homebuyers and Connecting with Technology
In just a short period of time, the way we search for homes has rapidly advanced thanks to property technology, or PropTech. It's become more important than ever for real estate brokerages, brands and professionals to differentiate themselves in an increasingly tech-savvy market. David Chervenic, broker at Keller Williams Chervenic Realty, is always looking to better serve his clients and believes using the latest technology is paramount to delivering an outstanding customer experience.
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'Your Listing, Your Lead' is Guiding Principle for Top Rentals Network
"Your Listing, Your Lead" has become something of a rallying cry when it comes to property search portals. We know who the good guys and the bad guys (Zillow, we're looking at you) are when talking about residential homes for sale--but what about rental listings? Today, we're going to introduce you to one of the good guy heroes of the rental world and show you how you can syndicate your rental listings to their network of over 50 million renters. Introducing the Nation's Largest Rental Network Apartments.com is the largest network for single and multi-family rentals, with over 50 million consumers visiting their sites every month to search for houses, townhomes and condos. Those 50 million renters will never be routed to another agent as all leads on your listings are exclusively yours. Here are a few more perks of sending a feed of your rental listings to Apartments.com: It's easy to keep your listings up to date and accurate, with one point of entry and automated take-down via an MLS or direct data feed. Apartments.com will never share or sell your leads and will not syndicate your listings to any external third parties. In addition to Apartments.com, your listing is displayed across their network of nine leading websites: ForRent.com, ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com, ForRentUniversity.com, After55.com, CorportateHousing.com, WestsideRentals.com. Why Rentals? Before we go any further, let's address a question that brokerages who focus on residential sales may have: Why should I bother with rentals? After all, the commissions on rentals are smaller than those of home sales, so are rentals really worth the effort? Yes, for two main reasons. First, brokerages should consider renters as potential future home buyers—and a future source of profits. Consumers who rent through your brokerage will already be familiar with your brand, making it likely that your firm, and your agent, will be the one they reach out to when ready to buy a home. Brokerages can increase this likelihood by adding renters to a targeted lead-nurture campaign. For example, many renters may be surprised to find out that they can already afford a home, and that they can purchase property with down payments as low as 3 percent. Brokerages can also share content with them that reflects this messaging—whether by social media, email newsletters, targeted ads, and more. Second, rentals are a great way for new agents to get their feet underneath them. They can learn the business, grow their pipeline, and sustain themselves on rentals until they begin earning sales commissions. Sounds good, right? Here's how you can start syndicating your listings to the nation's largest rental site: How to Send Your Rental Listings to Apartments.com Depending on your MLS, your brokerage may have to opt-in your office to the Apartments.com listing feed. The easiest way to do this is to simply contact Apartments.com. You can do that by filling out the application form here. This page also offers a FAQ to answer any questions you may have. It's free to participate in this program, and Apartments.com can accept your feed via RETS, IDX, and XML. Get started today!
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What Do You Really Know about Apartments.com?
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3 Steps to Convert Rental Leads into Buyers
There are a lot of misconceptions about renters, foremost among them is the idea that all renters have bad credit and aren't worth the time to work with. But that's far from true. Most homebuyers started off as renters while they grew their savings and credit scores. Most years, roughly 34 percent of all home buyers are first-time home buyers. Furthermore, a lot of renters are already more prepared to buy a home than they realize. All it takes is a little education and they may be ready to sign a mortgage instead of a rental agreement. Find out more about converting rental leads into buyers below:
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Rental Property Tax Deduction: IRS Schedule E and More
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Real Estate Professional Exception to Passive Loss Rules
Life isn't exactly easy for most real estate brokers and agents these days. But real estate pros who own rental property have one thing going for them that others don't: special tax advantages. Let's say that you are a rental property owner and you spend more on the property than you earn during the year–a depressingly common occurrence. Naturally, you'd like to be able to deduct your loss from any non-rental income you have, thereby reducing your taxable income and lowering your taxes for the year. Unfortunately, losses from real property rentals are classified as "passive activity losses." Special passive activity loss rules greatly limit the amount of losses that a rental property owner can deduct from his other non-passive income, such as salary or other business income. A maximum of $25,000 can be deducted from non-passive income each year, and even this is phased out if the owner's adjust gross income exceeds $100,000. Unused losses must be saved for future years. Luckily for real estate professionals, they can qualify for a special exemption from the passive loss rules–an exemption nobody else can get. If you qualify, you may deduct any amount of rental activity losses you have for the year from your other income–such as real estate commission income–regardless of how high your income for the year may be. (IRC Sec. 469(c)(7).) For example, a real estate broker who loses $100,000 from his rentals could deduct the entire amount from his commission income. But it gets even better. Real estate professionals are also not subject to the 3.8 percent net investment income tax on their real estate income. The NII tax was enacted to help fund Obamacare and took effect with the 2013 tax year. (However, real estate pros do have to pay the 3.8 percent tax on investment income, like interest and dividends.) So being a real estate professional can now save you on taxes whether your real estate ventures make or lose money.
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Student Housing: the Hottest Real Estate Investment
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Can’t Sell the Home, Seller Wants to Rent It Out? What to Make Sure They Know First
Client with a home that's not moving looking for tips to turn their home into a vacation rental? Sites such as Airbnb, VRBO and HomeAway provide easy access into the business, but there's more to vacation rentals than listing. Make sure clients understand vacation rental is no trip to the beach. It's not that simple. Renting out your home is running a small hotel. It's essential to understand: Properly licensing and registering your business. City/state lodging taxes required for short-term rentals. The need for professional licensing and tax assistance. Who's the boss? Does your client want to handle all the personal involvement of the rental process? "I can handle it!" - Remind them as the boss, issues that may interrupt their day will include interacting with the guests, keeping track of scheduling, collecting funds, following-up on issues, cleaning, and more. "No thanks..." - Have them consider hiring a property manager for a commission of 20-35 percent. They should be excellent (not cheap) for a drama-free experience, understand what is expected out of the rental process, and the estimated rental income. Not getting many bookings? Consider a new manager or renting through an online platform.
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Greetings from a Millennial: This is What I Care About in Real Estate Search
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This is Why Rentals Will Put More Cash in Your Pocket
Your goal as a real estate professional is to help your clients through the buying or selling process and to make money of course. But what if there was a way to get cash in your pocket now AND set yourself up for even more in the future? Getting involved rental properties may not yield the same return as the commission from a sale, but getting your "foot in the door" with these future buyers can set you up for serious success in the future and here's why. According to Freddie Mac, the single-family rental market has expanded 16 percent (about 3 million units) since 2007. Now, around 11 million single-family homes across the country are now occupied by renters. What does this mean for you? The single family rental market tends to have an information gap, so as a smart agent you can facilitate a connection between renters and landlords. Not only will you position yourself as a valuable resource to both the landlord and tenant, but you're also creating a relationship that can later convert to your core business of buying and selling. One of the reasons why the rental market is booming is that Millennials are finally leaving the comfort of their parents' home, but not all of them have intentions to buy a home right away. This is why the multi-family industry is booming. However, a lot of these soon-to-be buyers are interested in residential rentals because they want to get a sneak peak at what it's like to have their own home. While it makes sense to focus your efforts on the more short-term and lucrative returns from working with buyers or sellers, it's important to keep in mind that renters offer a large target market, most of whom will likely eventually turn into buyers. In fact, a study by ORC International found that more than half of all renters plan to buy in the next five years!
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3 Tips for a Rockin’ Rental Portfolio
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Mining the Margins
Guest contributor Michelle Hofmann of REALTOR®Mag says: Three years. That’s how long it took Teresa Scott-Tibbs, a salesperson with Keller Williams Realty in Austin, Texas, to turn one renter into a home buyer. Still, she says there’s value in marketing to potential buyers waiting in the wings. “I came into this business understanding that everybody deserves to own a home, no matter if they’re renters or not,” says Scott-Tibbs, who started selling real estate in 2003. As she’s grown in her career and expanded her sphere, Scott-Tibbs has helped more and more renters enter the buyer market. She just had three begin looking for their first home in March alone. “Our market is saturated with renters, but it’s important for those people to know that for the amount of money that they’re paying for rent, they could own their own house,” she says. Whether their credit is bad, they’re living with the folks, renting, doing the “wait-and-see” jive, or just too damn scared to move, consumers have a variety of reasons for sitting on the sidelines. But studies show that Americans refuse to give up the dream of home ownership, and real estate practitioners are encouraging consumers to take a leap of faith. Austin resident Tracy Burkhalter, 49, was a lifelong renter before turning to Scott-Tibbs. “I met her through my beautician. I always had a dream to own a home and finally decided not to procrastinate anymore and to make my dream come true,” Burkhalter says.
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5 Strategies to Get Your Rental Listing Off the Market Faster
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What Portals Teach Us About Rentals
I think that it is fair to say that real estate agents, brokers, and MLSs have not done a particularly good job at developing a strategy to help investors rent property, or renters find property. It is about time that we figure it out. If you step back and look at real estate from the perspective of the consumer, rent or buy is always a consideration. Portals understand this and are providing support to the full range of the housing lifestyle. It would be a great opportunity for the industry to embrace. Sometimes, the right financial choice is renting. As real estate goes through pricing cycles, the value equation between buying and renting changes. Buying inventory and rental inventory are co-dependent. Macroeconomic impacts of new home starts, lending, and the job market also play a contributory role. There are many brokerages who operate property management companies today. In many cases, property management is a boon to their business when the volume in residential real estate sales is slow. However, these businesses run as separate companies that are not well integrated into the residential side of the brokerage. Out of the nest, into a rental. It is extremely rare for young adults to move out of their parent's house and buy a home. More likely, young adults seek their first living away from home independence in a rental unit. Whether they are going to college or getting comfortable in their new job or career, renting is almost always the first step. Today, many brokers and agents miss out on the opportunity to build a relationship with this future home buyer.
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Real Estate Connect brings attention to rental market and big data
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Zumper Pro: Create Rental Ads in Minutes
Zumper Pro is a new, free, mobile tool for real estate professionals that will create digital advertisements that can be used on the Zumper site, Craigslist, or anywhere that accepts HTML. The basic premise is simple – snap some pics, move some sliders, add a little detail and the iPhone app takes care of the rest. Taylor Glass Moore, COO of Zumper, gave me a demo of the product, and here is what he said: "A lot of innovation in mobile software for rentals has focused on the renter, leaving the leasing professional behind. Coming from a family of real estate brokers and having worked six plus years at Coldwell Banker, I've learned a lot about what tools are missing in the real estate industry. Landlords and brokers are already taking pictures of listings and jotting down notes with their iPhones so it makes sense that an app should capture all this at once to skip the time consuming steps of publishing the listing. With the release of our iPhone app there is now a productivity tool to use to save time marketing and generate leads faster."
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Marketing to Renters — Know What They Want!
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E-Mail and the Importance of the Follow-Up
Guest contributor ShowMojo says: Woody Allen once said, "80 percent of success is showing up." In today's world that quote could be split up to say, "40 percent of success is showing up, and 40 percent is following up." Far too many leasing agents think of the showing as the be-all-end-all of the leasing process. It isn't. After working to make an appealing listing and arranging for and then giving a showing, your work is not over. The follow up is sometimes the most important part of the real estate business. Why? Your potential renter is likely looking at many locations with different agents. A follow up is your way of standing out, of keeping you and your showing in the prospect's mind. If the prospective renter has any questions about the property, you want to be ready to answer those questions. If you haven't established a post-showing channel of communication BEFORE the prospect even thinks to ask, he may just move on to another property and agent who feels more accessible.
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Real Estate News: Tightening SFR Rental Market Presents Broker Opportunities
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5 Steps to Starting a Successful Rental Division
In Part 1 of this article, we shared the top 4 reasons that you should consider starting a rental division. The RentJuice whitepaper we used as a reference was pretty compelling, so we’re sure you’re ready to start a rental division of your own. In this article, we’ll cover 5 of the steps you can take to do just that. This is all courtesy of the same terrific RentJuice whitepaper, which you can download here. Step 1: Build an inventory. If you want to start working with rentals, you need rentals. There are a variety of resources to help you with this. Check your MLS Connect with local property managers Look at online ads For a closer look at each of these, read the whitepaper. Step 2: Get credentialed. Accessing credit reports is an important part of assessing potential renters. In order to be able to pull these reports, you need to be properly credentialed. Use a screening solutions company such as NTN Online to get started with obtaining your credentials. Step 3: Put together a team of rock stars. Natural talent will only take you so far. One of the ways to prevent turnover and retain top rental professionals is to implement a training program. Also provide access to the technology tools they need to be successful. It is a great strategy to train all residential real estate agents on rentals to refine their prospecting habits of calling rentals along with expired listings.
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4 Reasons to Start a Rental Division
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5 Best Practices for Online Rental Marketing
Do you want to know how to increase leads from online rental listings? Download this free whitepaper from RentJuice . In this paper, they look at different rental ad components and share 5 tips for ensuring your ads get more visibility online: Post your rentals on the weekend. Post your ads in the evening. Use proper capitalization. Keep it intriguing. Test your templates.
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