Category Archives: Real Estate

rental application check

Why You Need To Use Tenancy Screening Services

 

rental application checkRenting out property can be a lucrative business. It gives the owner a means to earn recurring income from an investment that is certain to appreciate in value over a period of time. If purchased on loan, leasing the property makes it self- liquidating while still generating a fair amount of income. But like all ventures, there are risks to property leasing because you are entrusting the care of your asset to a 2nd party whom you are not familiar with. This is why you need to use tenancy screening services.

Why did you select this particular property to invest in? Given the size of the investment, you surely had bases for deciding on the property you eventually bought. You must have done research, visited other prospective properties until you were able to come up with a short list of choices.

Finding a tenant for your property should follow a similar process. You should do all you can to make sure you find a tenant to whom you can entrust your property to. By selecting the right tenant, you effectively reduce the risks that come with leasing property:

  • Late payments
  • Foregone payments
  • Damages to the property
  • Frequent repairs
  • Complaints from neighbors
  • Lower assessed value to the property due to poor reputation or unfavorable public perception
  • Frequent violations of contractual provisions
  • Poor landlord- tenant relationship
  • Constant stress
  • Dealing with legal issues during tenant evictions

Ideally, you would want to lease out your property to a party you trust will pay the rent on time, take care of the premises and generally not give you problems. It all becomes a question of “Who do you trust?” But trust is a quality that can only be validated by time.

In business, time is money. In the same way that a tenant needs to find a place to rest his or her weary head, it would be to your best interest to have your property leased out right away and generate income.

The most expedient and effective way is to use tenancy screening services. There are many proprietors of tenant screening services you can find online. Availing of these services can give you the following benefits:

1. Easy to Use

Many of these online based services are easy to use. All you have to do is upload the tenancy application form that was filled out by a prospective tenant. The agency will proceed to do a tenant application check and conduct professional due diligence work on the references and information that were provided.

2. Reliable Services

These agencies are owned and operated by highly- experienced realtors and/ or property managers who know the challenges of renting out homes and apartments. They are well- versed with the process and know the importance of having strict and accurate screening procedures done on tenants.

3. Fast Results

Efficiency is the name of the game. These online tenant screening agencies outsource services to professionals who have done these types of jobs before. They are highly- organized, have a proven system in place and are experts in what they do. Typically you can get results within 4 hours after submitting the tenant application form.

4. Greater Value- Added

What services are included in tenant screening? The process includes the following:

  • Identity verification
  • Tenant TICA and Veda screening
  • Bankruptcy and court record checks
  • ASIC company directorship check
  • A cross check done across 22 data bases

5. Thorough Screening Procedures

You can find out if your prospective tenant has a criminal past or pending criminal case lodged against him or her. You will know if the person has a poor reputation or a history of bad behavior.

6. Get More Done in Less Time

Your property may secure more than one interested party. At a time when demand is high but availability of vacant properties is scarce, you may attract multiple interests from people of diverse backgrounds.

Once the parties have fully filled out their tenant application forms, just upload these at the tenancy screening website portal and wait for the results. In 4 hours, you will have clear bases for selecting which party you will award exclusive rights to.

Remember that when you lease out your property, in effect, you are giving exclusive possession of your asset to the tenant. You cannot just enter the premises without permission or due notice. That can be a bitter pill to swallow for those who have issues relinquishing control over an asset that may have cost them an arm or a leg to acquire.

And looks can be deceiving. A fraudulent or untrustworthy personality does not always reflect on the outside. Similar to a home that looks beautiful from the outside, you should always have its interiors inspected by a professional such as an architect, engineer or general contractor.

When you use tenancy screening services, you will be able to see how a future arrangement with a prospective tenant would turn out. These services are very affordable, will ensure the upkeep and condition of your property and most of all give you peace of mind.

real estate va tasks

4 Tips On Delegating Your Tasks To A Real Estate Virtual Assistant

If you’re doing well handling all the responsibilities of a real estate agent, can you imagine how much better your business would be if you learned to delegate? Let’s face it. With everything you need to do as an agent, you will not be able to maximize productivity if you have to attend to every single item in the agenda. Instead of the business running you, you should be running the business by delegating tasks to a real estate VA.

A VA or Virtual Assistant is a person who works online from a remote location and is contracted to handle specific tasks of a business. You can find a Virtual Assistant with the requisite skill set for every industry. In real estate, you need to find a VA who can help you in 5 key areas of responsibility:

  • Administrative – E-mail filtering, calendar management, appointment setting, preparation of presentation materials, contracts and reports.
  • Marketing – Social media, blogging and e-mail marketing.
  • Sales – Trial closing, generating referrals or repeat business.
  • Customer Support – Inbound calling, e-mail and chat support.
  • Back Office – Accounting, IT and Human Resources

Of course, it will not be realistic to expect one VA to be able to manage all of these key areas of responsibilities. If you overwhelm your VA with too many tasks, the business will run her to the ground and you will not be productive.

Here are tips on how to delegate your tasks to a real estate virtual assistant:

1. Study Your Current Business Model

Before you hire a Virtual Assistant, you have to find out what your business needs. You should study your current business model and identify the following:

  • Which tasks directly relate to the main core enterprise of my business?
  • Which tasks are more supportive or administrative in nature?
  • Are there tasks that require specialized skills?

The first question refers to the functions that you should focus your time and energy on because these directly contribute to your bottom- line. The second and third questions identify the functions that you should outsource to a Virtual Assistant.

Administrative or supportive tasks are oftentimes referred to as “non- essential” or “non- core”. But accomplishing them on a consistent basis will keep your business running more efficiently.

Specialized skills may be required for work that is more technical in nature. These include website management, social media management and SEO. Even if you have the expertise, it would always be better to delegate them to a VA so you can allocate more time to the core functions of the business.

Again, you should not overload the VA with too much work. As talented as virtual assistants are, they are only human. Piling one activity on top of another will result in diminishing returns.

Prioritize the tasks in order of importance or volume or work. You may also want to consider hiring 2 virtual assistants; one for administrative work and another one for specialized tasks.

2. Create a Summary of All Tasks

When you have identified the tasks to be delegated, summarize them as a formal document and discuss its contents in detail with the Virtual Assistant.

Even if you hire a VA with 5 years of experience in the real estate industry, you should not expect them to know what to do right away. You could be targeting a market that is vastly different from the VA’s previous client. Your business goals, objectives, standards, expectations, systems and processes will certainly be different.

Take the time to make sure you and the real estate VA are on the same page. She should work according to the guidelines you have set.

3. Start Out the VA Slowly

It is a good idea to start out your real estate VA slowly by delegating simple administrative tasks first.

For example, if a typical day for you means going through hundreds of e-mails every morning, delegate this task to your VA so you can get a head start on the more important activities.

You can also delegate phone handling to your VA. This way all calls that you receive will be forwarded to the VA for preliminary screening.

If you are in a meeting, you will not be distracted by incoming calls. The VA can always inform you via text message or e-mail of all the important calls that require an immediate call- back.

4. Request Feedback

Never assume that your real estate VA understood your instructions. She could nod “Yes” but it is highly possible that there are parts of her job that remain unclear.

Instead of asking your VA, “Did you understand my instructions?”, request feedback. After running through the set of instructions, tell her, “Okay, can you please take me through the process I just discussed with you?”

Feedback will force the VA to articulate her thoughts and feed back the instructions as she understood it. Your job would be to guide her and make corrections as necessary.

Do not wait for the time that you think you need help before you hire a real estate VA. By then it might be too late.

The reality of running a business is that you cannot and should not do everything yourself. The more non-essential tasks you delegate to your VA, the greater the productivity you generate for your business.

5 Effective Home Selling Tips for FSBO

5 Effective Home Selling Tips For The For Sale By Owner Contept

5 Effective Home Selling Tips for FSBO

FSBO or For Sale By Owner is a fast growing approach to selling property. It means you forego the services of a real estate agent to sell your home. By doing so, you increase the net return on the sale of your home because you no longer have to pay commissions and have more control over sales- related expenses. All told, going FSBO can help you save up to 6% to 8% in costs.

The key component in FSBO is marketing and promoting your home. You should generate as much interest in the first 2 months of putting your property in the market. Your goal is to sell you own home within 4 months. Otherwise, interest and the perceived market value may start to decline.

Here are 5 effective home selling tips if you decide to go For Sale By Owner:

Hire a Virtual Assistant

In order to yield productive results, you must be efficient with your time. Selling real estate involves different tasks outside marketing. You will need to prepare and review contracts, take in calls and organize home visits.

When it comes to organizing your tasks, your best option would be to hire a Virtual Assistant. A VA is highly skilled in providing administrative and support services. Best of all, hiring one will not cost much as you pay them only for hours rendered.

Fix Up Your Home

Although it is understood by buyers that purchasing property means acquiring it in its present condition, you should still make an effort to fix up your home by instituting minor repairs and improvements.

You don’t have to spend a lot of money. You just have to make sure the house is tenable. With the cost savings, you have a budget to cover the repairs. If your house is valued at $500,000, initially allocate 1% or $5,000 for improvements.

Get Professional Help

You will need great quality, high- resolution photos for your marketing collateral. Even if you have an iPhone 7 Plus with its dual camera function, do not take chances with the images.

Hire a professional photographer with experience in taking home shots. He or she knows the best lighting and angles that can present your home in its most flattering positions.

Create an FSBO Account

Ask your Virtual Assistant to create an account for you in a reputable FSBO site. These are websites that assist property owners who want to sell their own homes find prospective buyers.

If you choose the free option, you will have to update the images and content of your FSBO account. The Virtual Assistant can do this for you as well as engage with potential buyers.

Utilize Social Media

Social media is a powerful tool to help distribute content. Your Virtual Assistant can find out if your neighbourhood has a community page online and try to get you in.

Once you’re part of the community, a fellow member may be able to help you sell your home. The VA can also post content in your other social media accounts to push your property further in the market.

It is very important that your social media accounts are linked to the FSBO account. That is where interested buyers can view the property in greater detail and get more information about your home.

Keep in mind that marketing is a process. It will take some time to see results. The most important thing is to keep pushing your property via online and traditional channels.

You should consider having flyers made or ads published in local media. Studies have shown that if you combine online marketing with traditional marketing, you could improve the probability of a sale by 15%.