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18 October 2024 | 2 replies
Record lease data using software or spreadsheets, correcting any errors or discrepancies. Â
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22 October 2024 | 15 replies
These contracts and discussions within the community are augmented by the real world applications of the same, as well as the corporate structure necessary to provide all the protections and benefits.
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18 October 2024 | 11 replies
What I do is use my property management software (MagicDoor) to just write one listing and they automatically post it across all the main platforms.Â
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18 October 2024 | 6 replies
It’s been 2-3 months using the software and I think it’s accurate but would love to know what others are using. Â
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19 October 2024 | 4 replies
Timing your permits and applications might be tricky.
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16 October 2024 | 5 replies
Quote from @Ryan Rocchi: We are trying to decide on a property management software for our company.
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18 October 2024 | 7 replies
All an agent should do for you is list the property to generate showings => to generate applications, that YOU then screen.Now, they may actually be asking you want screening criteria you want them to advertise, which is fine.Can't answer your question though, without knowing if this is a Class A, B, C or D property - as they will all have different criteria.Here's a sample of some of what we use in our Metro Detroit market:Class A Properties:Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.
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19 October 2024 | 6 replies
And if I feel the flooring is in good condition, even if not new, when I’ve had applicants that didn’t like flooring color (usually use a darker taupe), I tell them that’s what area rugs are for.
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13 October 2024 | 4 replies
I have two applications from the same household.
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19 October 2024 | 30 replies
Make sure you have a great location analytics software to understand the type of neighborhood you are investing in.