As a property manager or real estate agent, you likely recognize the significance of credit scores when evaluating prospective tenants or purchasers. A person's credit score can be an excellent indicator of their financial responsibility and capacity to make payments on time. With so many credit scoring models available, it can be difficult to determine which one to employ. This article will provide a concise overview of the two most popular credit scoring models currently in use: VantageScore and FICO. We will explain how these models function, their disparities, and which one may be more suitable for your specific requirements. You will have a greater understanding of credit scores and how they affect the real estate industry by the end of this post.
We're here to assist landlords in conducting thorough, legal, and instructive tenant background checks that are successful. Finding trustworthy tenants who will pay rent on time, take care of your property, and abide by the terms of your lease agreement is crucial if you're a landlord or property manager wanting to screen tenants. Knowing what to include in a tenant background check is crucial because it is a tool that will be used throughout the process.
It's natural for a property manager or landlord to want to get the most out of their investment. But even landlords with a lot of experience can make mistakes. Some of these mistakes include not doing enough to find good tenants and not taking care of maintenance and repairs. In this article, we'll talk about the top 5 things landlords regret and why they should know about them. You can avoid these common mistakes and make sure your property does well if you learn from the mistakes of others. In this article, we'll talk about things like not properly screening tenants, not making sure they know what to expect, not keeping up with repairs and maintenance, and not keeping good records. By the end of this article, you'll know what to avoid as a landlord to make sure things go smoothly and you make money.
Why is it important to run a background and credit check for your new tenants in 2023?
As a landlord, choosing reliable tenants for your rental property is crucial. With the potential of fraud and other criminal activities, running a thorough background and credit check on potential tenants is essential to protecting yourself and your property.
In this blog post, we'll discuss why it's become increasingly important to run a background and credit check for new tenants in 2023. From understanding more about their past financial obligations to seeing if they have a criminal record, there are many benefits to running these checks before signing any lease agreements.
We were all there--we all saw how COVID-19 has caused multiple economic sectors to decline and subsequently shatter in 2020. Surprisingly, despite the worrying fallout caused by the volatility of the stock market and global trade, the real estate market has somehow managed to thrive. In fact, over 5 million houses were sold in 2020; an impressive 5.6% leap from the previous year.
Whether you marketed your property for sale or for rent during 2020, the pandemic, shelter in place rules, and quarantines sure proved to be a challenge. As we enter 2021, some of the challenges we faced might actually serve as lessons and help us bring creativity into our real estate marketing efforts.
Take video for example. Video has long been an effective marketing tool, with real estate listings utilizing video receiving 403% more inquiries than those that don’t, however, up until now, video had not been used widely, but rather for luxury or top tier properties, and rarely used as a substitute for in-person showings. 2020 and people’s inability to see properties in person, made buyers and renters more willing to buy and rent sight unseen, relying on video alone. This was a huge step in embracing technology in an industry as traditional as real estate, however, we have a long way to go from landlords and sellers walking around a home with their video conferencing apps on.
To provide your property with a strong and attractive presence in the market, you need good quality video that affords your prospective tenants or buyers with an experience as similar to an in-person visit as possible.
We understand video can be quite intimidating, but we are here to help. Whether you decide to give your audience a live tour or pre-record a video, video can be a fun way to make your property the talk of the town.
Here are some tips for making your videos pop:
Tip #1: Strategize Video should be part of your marketing strategy, and as such, should be properly planned and implemented. Some of the things you should keep in mind in the planning phase are:
The real estate industry is all about aesthetics. If a home is not visually pleasing, it will be difficult to get off the market. Whether you are pre-recording a video as part of your marketing campaign, or giving a live tour to a potential tenant or buyer, make sure the property is ready to be shown. If the property is empty, make sure it is clean and well lit. If it is occupied or furnished, make sure all areas are decluttered, particularly the kitchen (kitchen counters should have as little as possible on them), beds are made, shower doors and toilet lids closed, curtains drawn/open, etc.
Tip #3: Make your videos human
Buying and renting a home is a personal experience. While it is true that this may be one of the most significant financial decisions an individual makes, it is also an emotional one. Your videos, whether pre-recorded or live, should tell a story that touches people’s emotions, so get in the habit of storytelling.
Tip #4: Use 360 views
Showing a tangible, three dimensional space in a two-dimensional surface is not easy, especially a property in which you need to showcase several large, multi-functional spaces. Combining standard video with 360 views can immerse buyers and renters into the space so they can truly experience it.
Tip #5: Sell the lifestyle
When you sell a home, you sell its location and amenities as much as you sell the features of the property, so make sure you include the building’s common areas and the neighborhood’s city life (closeby gym, restaurants, etc) in your story.
So, what are you waiting for? Go ahead and film!
Guess what happened while we’ve been cooped up at home for over a month… Spring arrived! Being at home this month trying to balance remote work and the kids’ online schooling, cooking what feels like 24/7, and trying to keep the house from chaos, totally made me miss the fact that winter is over and spring has arrived. I went to the store yesterday wearing a long sleeve shirt because that is where I left off the weather, and that’s how I realized the seasons changed. And now that I’ve realized it, I want to take advantage of my time at home to make my yard beautiful, since that is where I’ll be spending most of my days until this situation is over. Here are some tips for you to get your garden green and beautiful by the time spring reaches its peak:
Keeping an impeccable credit score during the current health crisis might seem trivial in the grand scheme of things. A record-setting 6,648,000 unemployment claims were filed before the week ending on March 28th according to the Department of Labor, and with most Americans under lockdown, which translates into people not shopping, traveling, dining out, flying, staying at hotels, etc, many more will lose their jobs, making the current situation only the beginning
Christmas is slowly creeping up on all of us. And we are pretty sure you have noticed especially since stores all over the world have begun playing Christmas carols since early October! The yuletide season also gives a lot of people the opportunity to dress up their homes with all kinds of whimsical decorations. From dazzling Christmas lights to cool ornaments, homeowners really put their best foot forward and give it their all to show everyone that ‘tees the season to be jolly!
As a landlord, part of the job description involves clearing out the property after your tenants move out. If you’re lucky, you should just be handling trash such as old newspapers, takeout boxes, and other items that belong nowhere but the trash bin.
Some tenants, however, may leave things of value such as appliances, furniture, and even clothes. While the temptation to throw this out might be hard to ignore, there are certain steps that you need to undergo first to avoid facing serious liability.