Category: Multifamily

11 Questions to Ask When Hiring a Property Manager or Company

If you are looking considering hiring a property manager or property management company to handle your rentals here are 11 questions to ask when hiring a property manager from veteran Justin Becker.

If you’re the owner of residential real estate, one of your main aims is probably to earn the highest possible profits with the least possible hassle. After all, no landlord or owner can be there to supervise all their real estate all the time.

That’s where a reliable property-management company comes in. Of course, the most important word here is “reliable.” This is the company or property manager that will potentially be in charge of your investments and incomes. So, it’s important to have a vetting system in place.

Whether you have some mobile homes for sale or are part of a land-lease community, real estate investment isn’t cheap or easy to oversee. With an experienced company or manager by your side, the daily running of your property should become much easier.

When you hire an employee for any task, he or she must go through at least one interview. The same goes for a property management company; of course, the questions might be more detailed, since there’s so much at stake.

Not sure about what to ask your potential property managers? Let’s have a look at some of the top questions to keep in mind.

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    Is Incomplete Data Driving Eviction Policies?

    The data driving eviction policies may not be complete, and in some cases may not be available, due to the way court records and eviction reporting are broken down differently in multiple states and jurisdictions, according to the National Multifamily Housing Council (NMHC).

    The council says they have done research and “complete data on evictions is severely lacking,” they said in a release.

    The release comes on the heels of a decision by the D.C. Circuit Court of Appeals in early June turning down a request by landlords to resume evictions, arguing that the Centers for Disease Control and Prevention (CDC) overstepped its authority in issuing an eviction ban. The ban is set to expire June 30. The landlords have asked the U.S. Supreme Court to look at the case and block enforcement of the CDC order.

    The appeals court decision follows U.S. District Judge Dabney Friedrich’s decision last month striking down the CDC eviction moratorium after finding the agency had overstepped its authority. But Friedrich, a Trump appointee, agreed to block the ruling from taking immediate effect to allow time for the Biden administration to appeal.

    The NMHC said inadequate data “speaks to the hazard of one-size-fits-all federal-policy solutions.”

    “The highly individualized nature of eviction proceedings and laws, along with locality-specific conditions that exacerbate housing instability like affordability and housing supply, calls for state and local solutions.”

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      More than 14% of renters are still behind as national eviction ban comes to an end

      Even as the Covid pandemic fades, more than 14% of renters are behind on their housing payments, according to an analysis by The Center on Budget and Policy Priorities.

      More than 10 million Americans, or 14% of U.S. renters, say they aren’t caught up with their housing payments, meaning many could be at risk when the national moratorium on evictions expires in under a month.

      That finding comes from data collected by the Census Bureau between May 12 and 24 and analyzed by The Center on Budget and Policy Priorities. The CBPP also found that more than 26% of Americans continue to have trouble meeting their usual expenses, and around 9% couldn’t afford enough food.

      With so many renters still behind, the number of evictions could rise steeply when the Centers for Disease Control and Prevention’s eviction moratorium lifts on June 30. That protection will have been in place for 10 months.

      Although the policy hasn’t reached all renters, it’s reduced the normal number of eviction filings over the same time period by at least a half, according to Peter Hepburn, an assistant professor of sociology at Rutgers University-Newark and a research fellow at The Eviction Lab.

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        Reviving the Past Through Adaptive Reuse

        Abandoned buildings have a deeply negative impact on their surrounding areas, so why aren’t more of them restored? Here’s what some specialists think.

        The pandemic has challenged the construction industry to find the middle ground in making a comeback in a green way. This means combining fiscal growth with energy efficiency and reduced emissions. One of the go-to solutions to this green economic recovery is adaptive reuse—the process of retrofitting an existing building with advanced environmental technologies, while preserving its historic value.

        Although it is not a new solution, the advantages of adaptive reuse are more apparent today than ever before. Reusing and retrofitting—rather than building from the ground up—has a significant impact in reducing embodied carbon emissions, while accommodating a growing population.

        ONE MAN’S TRASH IS ANOTHER MAN’S TREASURE?

        Abandoned buildings have a deeply negative impact on their surrounding areas, with the value of nearby properties affected and crime stats going up in these parts of the cities. So, why aren’t more of these properties restored?

        “Renovating these projects can be very expensive and complicated, it takes experience and know-how to do so,” Emily Bouton, development coordinator at Beacon Communities, told Multi-Housing News. Historic buildings need to be restored to certain design standards, which is something not all developers are able to do due to their lack of experience in historic preservation.

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          Millions of Americans could face eviction as housing protection expires in June

          More than 11 million Americans are behind on their rent and many could face eviction when the national housing protection expires in June.

          More than 11 million Americans are behind on their rent and many could be pushed from their homes when the national eviction ban expires in June.

          The Centers for Disease Control and Prevention’s eviction moratorium, which has been in effect since September, will lift on June 30. Although the policy has been far from perfect at keeping renters housed, it’s reduced the normal number of eviction filings over the same time period by at least a half, according to Peter Hepburn, an assistant professor of Sociology at Rutgers University-Newark and research fellow at The Eviction Lab.

          Experts say the number of evictions could skyrocket when the ban lifts. Around 15% of adult renters are not current on their housing payments, according to an analysis by The Center on Budget and Policy Priorities

          “We’re going to see what we’ve been managing to stave off: this wave of evictions that is just going to crush some of these areas,” said John Pollock, coordinator of the National Coalition for a Civil Right to Counsel.

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            Apartments Drive Growth in Self Storage

            Self storage facilities have become as American as Motherhood and Apple Pie, says columnist Lew Sichelman.

            Self storage facilities have become as American as Motherhood and Apple Pie. And ubiquitous, too.

            There are now more self storage locations than every Best Buy, Lowe’s, Home Depot, Walmart, McDonald’s and Subway stores put together, according to a new report from RentCafe.

            Self storage in the United States has grown to an impressive 1.5 billion square feet. And 20 percent of that—more than 295 million square feet—was added in the last decade. Indeed, the 10-year, 2011-‘20 period was the third-most active decade ever, the report says.

            But that last statistic is somewhat misleading, for after starting off slowly during the early years of the past decade, self storage construction took off during the final years. The biggest year was in 2018, when more than 57 million square feet came online.

            APARTMENT BOOM

            The reasons are varied. But in large part, RentCafe says it was driven by the recent boom in apartments. For example, Dallas and New York not only gained the most apartments during the period, the two metro areas also saw the delivery of the most self storage space.

            Add to the surge in multifamily housing the fact that the business is “closely related” to such life events as moving, home improvement, downsizing and changes in household composition and “you have the perfect context for a flourishing industry that’s poised for even more development,” RentCafe predicts.

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              6 Factors Involved in Lease Renewals Post-Pandemic

              By Justin Becker

              There is no doubt that COVID-19 has changed the way people occupy space and interact, which, as a result, has caused a decline in demand for space and property. The unprecedented crisis is expected to have lasting effects, depending on how long the virus persists.

              In order to respond to the crisis, it is important that property managers and owners take action now rather than later. In the post-pandemic era, landlords should review some strategies regarding property leases.

              COVID-19 has seen the closure of many retail locations, not just in the United States but across the globe. Since the duration of the pandemic is uncertain, landlords, tenants and lenders are all trying to figure out their next steps involving real estate inter-parties.

              While the relationship between property owners and tenants depends on individual lease agreements , regarding leases to private and commercial properties, the post-pandemic era will require some changes that property owners can make to address the unique challenges brought about by COVID-19.

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                Top 50 Opportunity Zones Ripe for Investors

                According to ATTOM Data Solutions’ newly released Q1 2021 Opportunity Zones Report, median home prices increased from Q1 2020 to Q1 2021 in 75 percent of Opportunity Zones with sufficient data to analyze.

                ATTOM’s quarterly opportunity zones report analyzes qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs Act of 2017. For the Q1 2021 opportunity zones analysis, ATTOM looked at 4,579 zones around the U.S. with at least five home sales in Q1 2021.

                The Q1 2021 report also found that median home prices rose by at least 10 percent in close to two-thirds of the zones analyzed. The reported noted those percentages roughly tracked trends in areas of the U.S. outside of Opportunity Zones, continuing patterns from Q4 2020.

                Also according to the latest Opportunity Zones analysis, states with the largest percentage of zones where median prices rose annually during Q1 2021 included Arizona (median prices up, year over year, in 84 percent of zones), Idaho (83 percent), Oregon (83 percent), Nevada (82 percent) and Michigan (82 percent).

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                  Sense of Community Key to Lease Renewals

                  The pandemic has had little impact on the main reason residents renew their leases, explains columnist Lew Sichelman.

                  The pandemic has had little impact on the main reason residents renew their leases. Or, to paraphrase the lyrics in “Once in a Lifetime,” the popular rock ballad most recently covered by David Byrne and Talking Heads, it’s the same as it ever was.

                  As it has for eight of the last nine years, sense of community leads the latest list of the top five renewal value factors tracked by SatisFacts.

                  The other four main factors have varied widely since SatisFacts started taking the pulse of renters on a yearly basis with Ball State University in 2013. But currently, they are, in descending order, apartment appearance and condition, social media, community events and neighbors.

                  Notice that none of the five have anything to do with dollars and cents. Indeed, as far back as the annual survey’s first year, sense of community has led the list. If a resident wants to talk about even a small rent hike, the report said its likely more about an experience-related issues than it is about money.

                  For comparison, apartment appearance and condition was number three in 2020, social media was fourth, and neighbors were fifth. Community events was sixth last year.

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                    National eviction ban remains in effect as government appeals ruling. Here’s what renters need to know

                    The Department of Justice quickly moved to appeal a ruling this week that overturned the nationwide ban on evictions.

                    Renters who are financially struggling because of the coronavirus pandemic got some scary news when a federal judge overturned the national eviction moratorium two months earlier than when it was scheduled to expire.

                    In a 20-page ruling Wednesday, U.S. District Court Judge Dabney Friedrich, who was appointed in 2017 by former President Donald Trump, said the Centers for Disease Control and Prevention didn’t have the authority to stop landlords from evicting their tenants.

                    But within hours, the Department of Justice said it would appeal and sought a stay of the decision, meaning the ban would remain in effect throughout the court battle.

                    For now, the judge has granted a temporary stay, meaning renters can breathe a small sigh of relief.

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