Article | February 19, 2020
Any buyer that’s been looking for a home can tell you how difficult it is right now to find a home in their price range. Several factors contribute to this trend. Baby boomers are staying in their homes longer, and we have tons of millenials looking for their first or second home. So we have lots of demand, but not enough supply. This is great for sellers, but buyers want to be prepared for it to take several months to find the right property for the right price. Another reason we are seeing such an influx of buyers is because interest rates are staying very low, making it incredibly affordable to obtain a mortgage. As of writing this, a 30 year fixed rate mortgage has an interest rate of 3.62%, and 15 year fixed rate mortgage has an interest rate 2.87%!
Article | September 15, 2021
Impactful service-enriched housing programs and onsite supportive services build a foundation for serving the unique needs of a rental community’s tenant base. Quality services that address the individual concerns of each resident help eliminate the challenges that force turnover and increased expenses for property managers. Service-enriched housing includes the incorporation of programs and services within a community that advances the social and economic skill set of tenants.
Meeting net operating income (NOI) and covering debt service obligations are key performance indicators for property managers. Tenants must be valued because they are crucial to improving the financial performance of a community or property. Without support in discovering a realistic path to self-sufficiency, these improvements made will not promote the stabilization of a tenant population.
The key outcome for a community through the implementation of service-enriched housing programs is internal revitalization. Tenants benefit socially and economically from services that support access to job readiness, education and financial growth. During this time of economic instability, our resident services coordinators help remove barriers that plague many living in rental housing communities. Through its partnership with Esusu, Rainbow has alleviated tenants’ significant economic hardship by bridging default payments with no-interest loans. Tenants can use the company’s rent reporting platform, which sends on-time rental payment data to the three major credit bureaus – allowing them to build and develop their credit scores.
Prioritizing tenant empowerment offers tangible and intangible changes in a property, leading to increased financial performance and improved tenant retention. It also reduces turnover costs for property management such as flooring, paint and reletting fees. Free programs and services also improve the marketability of a property to prospective tenants. Rainbow communities have seen a reduction in community vandalism since the implementation of youth enrichment programs that keep children engaged and supported in their education.
Quality service-enriched housing programs, such as those offered by Rainbow Housing Assistance Corporation, provide direct access to resources that support the needs of physically and mentally disabled individuals, veterans, chronically homeless, single-parent households, families and seniors. Additionally, this type of outreach attracts the interest of local city, state and federal agencies as it helps stabilize the most vulnerable communities, cutting city and government expenses on a number of levels. This type of approval can even lead to further funding and support for initiatives that will enrich the future of affordable housing services.
Key programs and resources address life skills, financial intelligence, education, employment, youth and senior programs, resources to eliminate emergency situations, and social development in a multifamily community. The implementation of a professional, service-enriched housing program with onsite staff ensures that these offerings are tailored to each community and primed for longevity. A stable tenant base will determine the solvency of a community and reposition the financial performance of an asset.
Article | February 25, 2020
There is a huge chance that you heard the word “scripts” thousands of times. It’s like a real estate urban legend that newbie real estate agents hear about all the time. Everyone has an opinion about it and no one can agree on it.
Some say scripts are just a shallow representation of a natural conversation between the real estate agent and the client. Others claim that it’s a very helpful tool—especially for a less experienced real estate agent—and scripts may help them overcome many unexpected situations. Well, we think there is a grain of truth in both of these statements and we should examine the scripts case more carefully. So, why are real estate agents so confused about scripts? Here is the thing. Many real estate agents go through the different conventions, purchase ready scripts and use them without changing even a word. So, in the end, you have tons of real estate agents starting their calls using the exact same words.
Article | February 26, 2020
A CRM is a Customer Relationship Management system, a software program that helps you run your business. A CRM is particularly helpful for sales professionals who are constantly chasing down leads. If you’re in real estate, your CRM will be involved in all aspects of your business. You can set it up to track and manage leads, schedule reminders, send out drip campaigns, book and manage showings and other appointments, upload contracts and so much more. Real estate professionals need to effectively manage each stage of the client lifecycle if they want to consistently close deals and grow their business. A great real estate CRM will help you manage it all.