Pitfalls of Poor Tenant Screening Part 1

One thing to keep in mind while screening applicants is the federal Fair Housing Act, which:

“prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and disability.”

1Does this mean you can turn a prospect down because they don’t dress well? Absolutely. How about if they show up reeking of smoke? Sure. What if they just give you a bad feeling? Yes. None of these reasons are provided for in the FHA. But here’s the rub. What will stop a prospect from suing you for discrimination because you did not rent to them because they were minorities, and not due to the fact that they showed up to view in a car with trash falling out of it. You felt that represented how they may keep up your property. The problem is convincing the court this was your reason for not qualifying them. Whether it’s true or not, you can run in to a lot of liability issues if you deny applicants who otherwise meet your screening criteria.

You should also be familiar with your state and local laws to make sure you are not violating any laws or statutes. Please consult an attorney if you have any concerns. I am an advocate of one of the prepaid legal programs. I pay $25 per month and can ask them for legal advice when anything comes up. They will also review legal documents you have, such as leases, addenda, etc. to ensure it is legal. Or have a professional Residential property management in Charlotte handle things for you.

Just to reinforce the need to properly qualify prospects, here is another video showing the result of a Landlord who did not property qualify their tenant who moved in to a brand new town home:

One valuable trick is, while processing the application, if an applicant lives locally, visit them unannounced. Tell them you were in the area and wanted to stop by for them to sign their application in person, or for some other reason. This will give you a chance to see how they maintain their current unit.

Investing some additional time and effort into the qualification process can pay big dividends in the future. What you save now could cost you more down the road. Best of luck.

Starting a Real Estate Business

The real estate industry is very influential on economic changes such as interest rates and material costs in building houses. Interest rates in particular can easily swing the number of sales completed during each quarter of this year. Increasing interest rates will slow sales and lower interest rates will help real estate sales. This is an important fact in the real estate business because this can really cause rapid changes in sales revenue that can be made.

The time to buy an agent that appears to be sold may be when the real estate business is sluggish. A hot real estate market will make existing companies more valuable, because their income will be higher during this time period. Of course if you follow this action, you have to wait for the slowdown on the market. Another factor in buying or starting a real estate company is the state’s licensing requirements.

Brokers have requirements that are much more stringent in most countries than agents. Most countries have serious requirements for real estate agents and brokers. The requirements include passing the exam and the number of permanent education hours for agents and brokers. There are also requirements for continuing education. The steps that the state mandates for careers in real estate business must be fulfilled before the agent can be bought or started. Because this industry is regulated and has strong legal steps to comply with, the license experience and this will be the first step to becoming an owner in this field. This is not a business that can be stepped on by paying only a sum of money.

An agent needs planning to fulfill state regulations to make it happen. After the potential owner has these steps, finding a business that is already there to buy will be OK. A quick check on the list of real estate businesses reveals that they are usually found in big cities and the asking price is very significant. There is also a resale of the franchise company. A buyer can also check with business brokers and real estate brokers in their city. Another source worth trying is franchise connections. Where real estate business is an advantage because the name is already known and you will easily get a buyer.

Facebook For Real Estate Business

Almost all real estate agents use Social Media to market their offers and get more clients. According to the results of the study, nearly 80% of real estate agents use Facebook to buy and sell property faster and their market practices. It is very important that you understand how to use this social platform for your greatest benefit. The primary reason for the increased use of Facebook is that real estate agents can promote their brand and their listings freely, easily, and efficiently. Real Estate agents are using Facebook primarily for: Marketing open houses, Notifying other agents and the public about price drops, and Advertising additional incentives.

Facebook always offers cost-effective property promotion methods, besides, Facebook also offers a variety of new opportunities that you can use to grow and develop a strong community of potential buyers and sellers. Social media makes it easier to make a fast and personal connection with people you meet. With Facebook, you have access to thousands of house buyers in your targeted area – and millions in your state. The platform gives you a softer way of connecting to people instead of sending them an email from your business address. Connect to them on a more personal level and in the process invite them to your business page.

Real estate agents can collect the same results from using only their Facebook profiles. In the long run, this can be boring for you and frustrating for your clients because your private posts and business posts may be messy. Keep the entire process efficient and manageable by creating and maintaining separate pages.

With Facebook, real estate agents constantly think about their prospective clients on an ongoing basis. After you have a business page, you can easily create content that says and posts twice a week eg. once with relevant articles or recent events, and secondly with a list. Furthermore, you can update your banner page regularly with recent fast home sales. Facebook can change your business to become bigger and more famous. However, there are several other social media that can be used, such as Instagram, Twitter, Path, etc..

Review Facebook more deeply! Take advantage of all the features provided to build your real estate business. You can easily integrate Facebook with your other real estate marketing practices. If you are blogging, arrange for new blog posts to be automatically posted to your Facebook page. You can use the Facebook application (for example Constant Contact) to send a monthly newsletter to your fans. Given the number of emails received regularly and that bulletins are vulnerable to being trapped with spam filters, FB updates are a much better option. Good management will bring you to the top of a sustainable business.