AGENT,REAL ESTATE ADVICE
RentSpree | December 21, 2022
RentSpree, the industry's premier end-to-end rental management software provider, is dedicated to changing the mindset around the profitability of rental properties. A 2022 RentSpree + RealTrends Rental Power Rankings study made clear that many agents do not view rentals as worthy of their time and resources. Approximately 50% of the surveyed agents claimed that the commission was "too low" for the time and effort required to lease a rental property, and 43% of surveyed agents claim that a lack of knowledge of the rental market keeps them from working in that space. In short, many real estate agents see working with rentals as a poor return on investment (ROI).
RentSpree challenges that perception and highlights how rentals can improve agent profitability year-round, especially in an economic downturn. With new insights into the misconceptions of the rental industry, here are some tips on how agents can stay ahead of the economic forecast:
Leverage the Right Resources:
With the right tools and industry knowledge, real estate agents can increase their cash flow by assisting tenants and working with landlords and property management companies. Depending on their goals, agents could work with buyers and sellers while the market is hot, and renters during a slower part of the year, highlighting how beneficial the malleability of rentals can be.
Consider Current Business Expansion:
Many agents forget or don't realize that their current business structure might already be set up to work with rental properties. If an agent already works with real estate investors to buy and sell property, they could also offer their services to fill the property with a tenant when it is move-in ready. This can be an excellent option for adding income to your business by establishing yourself as the go-to agent for buying, selling, and renting out properties in the area. As agents, time and resources are invaluable, regardless of the economic situation.
Tap Into the Value of PropTech:
Agents can lean into property technology (PropTech) tools to simplify working with rentals. PropTech gives power back to agents to work the field rather than handle time-consuming paperwork on a transaction's front or back end. The right solutions also enable real estate agents to:
Set up a listing cart to show properties to tenants through the MLS and lets them quickly help renters fill out online applications
Facilitate payment of the tenant screening fee
Pass on the paperwork to the landlord as soon as it's completed
Allow the tenants to be notified of a landlord's decision within 24 to 48 hours of applying (cutting two to five days out of the typical manual application cycle)
Boost agents' hourly earnings and return on investment exponentially.
With a fresh perspective on the fluid real estate market heading into 2023, and nearly 50 million rental properties across the United States according to numbers from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, there has never been a better time for agents to consider working with rentals.
Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022.
REAL ESTATE INVESTMENT
CIP Real Estate LLC | November 17, 2022
CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet.
The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied.
Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades.
“We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates, Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.”
-Eric Smyth, CEO of CIP
The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park.
CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller.
About CIP Real Estate LLC
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas.
REAL ESTATE TECHNOLOGY,INVESTMENTS
MRI Software | December 29, 2022
Marlette Holdings, Inc., one of the leading financial technology companies that operate the Best Egg platform, recently announced a partnership with MRI Software, a global leader in real estate solutions.
The Best Egg Flexible Rent platform allows tenants to customize their monthly rental payments by dividing the total amount into several smaller, more manageable installments that can be paid at any time during the month.
Due to the integration of this technology within MRI's RentPayment service, residents can now choose Flexible Rent as a payment option without leaving the MRI portal. In addition, millions of renters are managed nationwide by the open and linked software created by MRI, which is used by thousands of multifamily property managers.
Best Egg is committed to giving its clients the resources they need to manage their daily finances while fostering financial confidence. Therefore, the company is happy to collaborate with MRI to give payment flexibility to the renters who use its software. The company's new Flexible Rent platform is a natural extension of that aim. Flexible Rent gives tenants more control over how and when they pay bills and guarantees timely and full rent payments to property managers.
As part of the Partner Connect program, MRI Software is pleased to welcome the Best Egg Flexible Rent platform since it believes the combined technology will provide tenants greater freedom to manage their rent responsibilities while lessening the administrative burden on property managers. Flexible Rent will be offered to multifamily property managers and tenants via MRI RentPayment beginning in the first quarter of 2023 and will be rolled out to additional properties over time.
About MRI Software
MRI Software transforms how communities live, work, and play. Its flexible, open, and connected platform empowers commercial and residential property owners, operators, and occupiers to innovate in changing markets. MRI has been a PropTech pioneer for over 50 years, serving over 2 million consumers. MRI's leading technologies and partner ecosystem help real estate companies grow and compete.