There goes the neighborhood. The intersection of Market & Van Ness is quickly becoming the NBT – The ‘Next Big Thing’ in San Francisco real estate development. This is a direct result of the rise of nearby technology/social networking giants like Twitter, the northward migration of Silicon Valley to San Francisco, and the recent rezoning that permits for greater density and height.
Similar to what is happening in the downtown areas of LA, Brooklyn and Austin, the area where Mid Market, Hayes Valley, and Western SOMA converge is going from blight to bright with globally renowned real estate developers acquiring sites and developing mixed-use office, retail and residential projects like never before. continue reading
When the largest group in the U.S. population is about to trump almost 50% of the rental market, there’s bound to be some changes that might make even the seasoned real estate or veteran property manager nervous. In our webinar with Appfolio and Inman News, Trulia VP of New Ventures, Nikesh Parekh, discussed the major groups of influence in multifamily and how economic, demographic, and technology shifts have rocked the apartment world.
Misconceptions about landlords are very common. Whether you’re a real estate agent, seasoned property manager, or even a renter, many people assume being a landlord is easy. On the other end of the spectrum, some people think “landlording” is very difficult and you need specialized skills in order to do it. The truth is somewhere in the middle.
Let’s look at some of the stereotypes about landlords, and why they’re wrong.
The term passive income refers to money you earn while you sit back and think about other things. It’s true that owning property can provide passive income–but only if you’re paying someone else to manage it. A landlord who manages the property is far from passive. They might enjoy quiet spells when they have renters in place, nothing is broken, and they can just collect rent checks. But much of the time being a landlord is a job like any other, with many different tasks that need to be done.
As a professional there is nothing more frustrating than your hard work being abused by someone else. It is even worse when that hard work is used to steal from consumers. At Trulia, we completely understand your frustrations. So when scammers use your great listing photos, descriptions and property addresses, you are rightfully upset – and we are too.
How Does Fraud Get Through?
We take rental fraud very seriously. We use the most sophisticated tools possible to prevent scams, we have a dedicated team monitoring for fraudulent listings, and we’re constantly improving our systems and processes to ensure your property information is safe. But even if 1% of fraud makes it through, it’s still too much for us here at Trulia. We are committed to providing consumers and real estate pros a great environment with trust worthy information.
Preventing Rental Fraud
By working together, we can help eliminate fraud. Here are four recommended tips to keep fraud out of you and your customers’ life. By taking these steps, combined with our fraud prevention efforts, we can continue to push back fraud. continue reading
I don’t know about you, but when I’m apartment hunting, the last thing on my mind is to remember to bring a tape measure when visiting a prospective rental, even though the primary purpose of my first visit is to size up the space and imagine living there with all of my stuff. But what if you could pull out your smart phone or tablet and accurately record the layout and dimensions of a room – and even share that information with your significant other or roommate who couldn’t make it? continue reading
You’ve carefully screened your new tenants, and your tenants have probably screened you, too. Now it’s move-in day, and it’s your job to get the landlord-tenant relationship off to a positive start. A good relationship will encourage your tenants to take good care of the property and will reduce their desire to move out. With marketing fees and vacancy costs eating up $3,000 or more when someone moves out, a longer-term tenant saves you money and protects your profits.
Here are easy things you can do to get things off on the right foot.
1. Make some immediate improvements to the property. There’s nothing like the smell of fresh paint to make a home feel clean and new. Cleanliness is also extremely important. If you don’t have time to scour the bathtub or wash the windows, it might be worth hiring someone else to do it. Your new tenants are more likely to keep the place clean if it’s in pristine condition when they move in.
In the latest member profile survey administered by the National Association of Realtors, six percent of real estate agents declared property management to be their primary specialization. Additionally, agents onboard this trend, which has been rising significantly in recent years, managed an average of 49 properties.
If you’ve been considering property management, you’re now probably wondering if it’s right for your business. Do you really want to deal with all the nuances of property management, from fair housing to customer service and lease management? Can you change your mindset from sales to service?
Ask a fellow real estate agent, and they might deter you from entering the market due to lost income potential or the crazy side of tenant management. If that doesn’t scare you, then it’s time to consider the upside.
Millennials – the generation labeled as lazy, entitled, and whiny by most media outlets. And I’m one of them. The number of 18-34 year-olds living with their parents rose from around 27% before the crash to over 31%, where it remained in 2013.
So is it true? Why has this generation received so much flak in mainstream media? The parents of this generation fulfilled their idea of the “American Dream” [home ownership] at a much younger age than this current crop of potential homeowners. Without diving too deep into the psychology of this generation or beginning a warfare-class discussion, here are 3 of the reasons millennials rent instead of own.
Our friends over at Appfolio took the liberty of dissecting the results of the multifamily industry’s largest and most comprehensive national survey on apartment resident technologies. For your reading pleasure, we moved the slinky further down the escalator, consolidating these results into a Top 3. continue reading
In this series, we’re providing professional advice for getting the best price and top quality tenants for your rental properties.
In Part I, we outlined how research and analysis provides context for best pricing for your property and market and in Part II we talked about the fundamentals for a successful renting experience. In our final installment in this series, we dig through our experience to help you navigate property management like the pros, avoid the pitfalls and get the best price for your rental.
Even though we’re told not to judge a book by its cover, as much as a renter is looking at each property for it’s appearance, size and features, a renter is also sizing up the person doing the showing. When we manage properties make sure to look and act professionally.
Renters are more likely to take a buttoned-up professional more serious than an independent landlord because they know they are dealing with an expert — someone who knows the rules, regulations and ins and outs of property management. Make sure you convey this knowledge by doing your homework and setting the standard for interactions from the start. They’ll be more willing to pay a higher price knowing a reliable and thorough landlord will be available to them if they choose to rent from you. continue reading