In the United States more than half of the country’s non-buying population is made up of real estate rentals. Some owners choose to hire a property management company to take care of the complete rental process, but oftentimes real estate agents and individual landlords are the ones tasked with filling vacancies. No matter who is renting a property the fact remains that applicants have rights that are protected by law. The same criteria must be used for all applicants so no arguments can be made alleging discrimination took place. Important questions still need to be answered though about whether the applicant will pay their bills on time, or if they have a past that would make them a risk to the property.
Anyone who has been to a multifamily educational conference in the last few years will have noticed a common session. Such classes go under different titles, varying in focuses on social media, viral campaigns, or even the latest and greatest apps to be familiar with, however, all promote the necessity technology is if managers wish to be successful with the renter nation of today. The demographic of tech savvy applicants is expanding exponentially by the year, forcing a shift in what works when trying keep occupancy rates high. This is why successful property managers are utilizing online technology to simplify the approval process. They have found the benefits in:
A recent study of Experian RentBureau data found that more than 50,000 renters who initiated their leases over a six year period ended their leases owing money.
Governor Brown’s 2013-2014 budget could prove catastrophic to California’s property management companies, real estate agents, landlords and employers if passed as currently proposed. The budget includes a “per case” search fee for criminal and civil court records which will create an undue burden on California businesses and increase the threat to public safety in the rental housing community.
This week, the FTC published their annual “highlights”. These highlights showcase what the FTC has been doing for the past year to protect American consumers. Here is some of what constitutes a government regulatory agency’s “highlight”:
Recent tragedies, such as the Boston Marathon bombing and the Texas power plant explosion, bring out the best in Americans. People want to help, unfortunately, these sort of devastating incidents tend to bring out malicious opportunists as well.
In this advancing technological age, developers across the country are innovating greater, faster methods of providing information. For the property management industry this translates into the creation of a vast network of information on potential applicants, equipped with the delivery of increasing speeds and accuracy. However, the difficulty with this specific type of data is that it largely includes regulated content that is scrutinized by governing entities (to ensure the protection of the consumer’s identities and rights).
The second amendment is stated in the Bill of Rights as: “A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed”. However, in the wake of recent, horrific events like the Cinemark shooting in Colorado and the elementary school shooting in Connecticut, the 2nd Amendment has been debated as either necessary or outdated. With more than 6 million people in the United States estimated to have “right to carry” permits, this issue is on the minds of the entire nation.
This past weekend I received an email from my bank stating that I had “irregular activity” on my debit card and that I should contact the fraud prevention team at my bank. Immediately, those little bubbles of stress started forming in my belly. As it is toward the end of the month and bills are due on the first, the few worries that circled my head were: how much did they get? Will this affect my credit? Today is Sunday so the bank is closed. I have little gas in my tank and usually don’t carry much cash. Ultimately it soured my whole day.
Since 1968, the Fair Housing Act has both protected the rights of individuals seeking a home and simultaneously given landlords and property managers a code of ethics with which to conduct business. This policy has been modified to cite specific groups of people who should not be discriminated against, as well as provide guidance as to what may constitute taking improper adverse action against an applicant for reasons beyond your requirements to gain housing. Now taking a new step in this guidance, HUD is formalizing rules that follow a national standard for determining whether a housing practice violates the Fair Housing law based on an unjustified discriminatory effect.