Posts Tagged ‘rent’
So, you’ve rented, and maybe you’ve already owned a home, but, you’re back on the renting side. Somewhere, deep down, you’re questioning the economics of this decision and trying to determine if you should make the plunge to become a homeowner. After all, isn’t that the American dream?
Not according to the census data, which has been continuing a trend towards renting since around 2004, and FannieMae’s recent research. Nearly all data points to the growing rental market and the declining home ownership market, which if you are a property manager is really nothing new. What I think IS new and not often seen here are some underlying factors that will keep this trend in a continual movement for quite some time, which is also represented in the FannieMae statistics.
In the wake of the 2008 Financial/Housing Crisis, the real estate industry was dealt a series of direct blows (as could be expected), and indirect effects continue to exacerbate the pummeling; at ground zero the dust has not settled, but what can be deciphered is a re-assignment of equity and the subsequent paradigm shift within the real estate industry. Over a million new or “converted” American renters have expanded the market since the housing meltdown, and demand for “property managers” to facilitate the rental process has provided a much needed outlet for struggling real estate agents, as “income-producing properties” now provide much needed cashflows for property vendors in this stagnant sales market.
This creates an alternative for many companies and individuals who are pressed for cash but wish to hold on to their undervalued properties until prices eventually rise. The cash accumulated from collecting rents can provide the money needed to pay bills and expenses that would otherwise render them bankrupt.
The folks at RentPost predicted this transition from the “era of the agent,” and surmised that the ultimate profitability of the emerging property management industry would be contingent upon technology. We have created a user-friendly yet highly sophisticated, automated “system’s” approach to facilitating the rental process in the 21st Century.
The speed and efficiency of the Internet Age is breathing new life into an industry overdue for a makeover. Our user-interface connects tenants and landlords on a mobile, digital platform where information is more easily collected, organized, stored, and communicated. Accounting functions take this further, providing effortless assimilation of such information so that you and your employees can maximize efficiency, allocating newfound time and energy to the expansion of your company and/or services, rather than tedious number crunching and record keeping. Furthermore, accounting features help property managers (and/or landlords) to reduce the time and money they spend on record keeping and costly accountants by automatically providing up to date balance sheets, cost analysis, and a variety of ledgers, providing managers a constant calculation of their bottom line.
As a member of the “Facebook/On-Demand” Generation, I know all too well of the ever-shortening attention spans and expectations of immediate gratification that are currently entering our job markets and economy.
I’ll concede the possibility that balancing a checkbook is an invaluable learning experience…but aren’t those just the little slips of paper you pay your rent with? You know, the little book that looks like I.O.U. stationary? Yeah, it seems like I see that little book everyday in some part of the house, but I swear it runs off and hides when the rent is due!” But alas! Online Rent Payment with RentPost.com.
Online rent payment is an invaluable service that our software provides, allowing tenants to initiate timely rental payment without the use of paper. The global economy is accelerating away from paper checks, and to many young adults, including students, rent payments (and sometimes bills) are just about the only use for a checkbook. Allow your tenants the ability to safely and effortlessly pay their rent online with RentPost…save yourself much of the hassle associated with collecting it!
ONE HUNDRED TWENTY MILLION DOLLARS!
The simple change keeps $120,000,000 in taxpayer pockets, saving “more than 1 billion [taxpayer dollars]” over the next ten years. The electronic payment solution implemented by the U.S. government commands the attention of all U.S. businesses still using valuable time, effort, and money processing checks. Now what about Property Management?
Stop worrying about whether your security deposit will be returned at lease end. No need to feel powerless, subject to the whim of king landlord. Here are some great tips and pieces of knowledge to help YOU take control, and take back what is rightfully yours.
If you are unsure of whether you are responsible for the slight damages -You’re Probably Not! Here’s one that might surprise you: you are not responsible for repairing worn, reasonably dirty or slightly spotted carpet. Also, not responsible for dents in wall from where the doorknob might bump into the wall. More on that too – this link will guide you on what you are responsible for as a tenant: www.nolo.com/legal-encyclopedia/chart-29017.html
For years, the Capitalization Rate of an income property has been the standard by which properties are analyzed and valued. However, the hypotheticals accompanying Cap Rates leave the door open for misguided investment; such misdirection may only enhance the bitter flavor of real estate succotash. Let’s be thorough because to do so will build a divide between the successful and the bellyachers. Now, how have Cap Rates served as masks of profitability? How can investing be more appropriately assessed? Let’s get started.