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3 Steps to Convert Rental Leads into Buyers
There are a lot of misconceptions about renters, foremost among them is the idea that all renters have bad credit and aren't worth the time to work with. But that's far from true. Most homebuyers started off as renters while they grew their savings and credit scores. Most years, roughly 34 percent of all home buyers are first-time home buyers. Furthermore, a lot of renters are already more prepared to buy a home than they realize. All it takes is a little education and they may be ready to sign a mortgage instead of a rental agreement. Find out more about converting rental leads into buyers below:
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Rental Property Tax Deduction: IRS Schedule E and More
Many real estate agents and brokers own rental properties or think about acquiring them. Sometimes, it works out amazingly but other times, it leads to losses. These losses can lead to a rental property tax deduction on IRS Schedule E form—but you need to understand the IRS restrictions on rental losses. What Is the Rental Property Tax Deduction? Investing in real estate can lead to great returns, but it doesn't always lead to a profit. When that happens, you can take a rental property tax deduction. Like many investments, real estate may not always pay off during the first few years. The government wants to encourage investment, so it allows for write-offs with some strict limitations. If you have rental property losses, you have plenty of company. IRS stats show that more than half of the 8.7 million taxpayers with rental income showed a loss. Some of this is due to the depreciation deduction allowed on the cost of the property. What Is a Rental Loss Limitation? You have a rental loss limitation if all the deductions from a rental property you own exceed the annual rent and other money you receive from the property. If you own multiple properties, combine the netted annual income or losses from each property to determine if you have income or loss from all your rental activities for the year. You report your rental income and deductible expenses on IRS Schedule E. You can find a sample of this form on the IRS website.
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Real Estate Professional Exception to Passive Loss Rules
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Student Housing: the Hottest Real Estate Investment
Multi-tenant rental properties are big, according to a Business Wire press release announcing this latest in real estate trends. What makes student housing in the U.S. so lucrative? It is not simply the ease of renting out student spaces to a captive student audience in need of four walls and a roof each school year. The changing nature of student demographics and preferences is now skewing toward a wealthier market, courtesy of state funding cuts and ever-inflating college costs that are driving up student-housing on the “want list” of successful investors. Forget drab dormitories Luxury apartments are where it’s at, with students in search of buildings close to campus with added security, as well as on-site management and an array of amenities like fitness centers and swimming pools. Supporting the trend? Parents who don’t seem to mind throwing their kids a little extra green to maintain their usual lifestyle. Ditching declining enrollment concerns Despite declining college enrollment, the right type of properties offer success, specifically buildings close to campus at top-tier schools that aren’t suffering the same enrollment pressures of smaller community colleges and four year schools.
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Can’t Sell the Home, Seller Wants to Rent It Out? What to Make Sure They Know First
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Greetings from a Millennial: This is What I Care About in Real Estate Search
All I want is to live next to a bagel store. I want to walk out my apartment door in the morning, smell bagels in the air, and know I'm smelling New York City--or at least breakfast. While I'm pretty sure you've never had this exact thought, if you've ever cursed the six blocks to the nearest grocery store or the six miles to the nearest pharmacy, it boils down to one regret. You really wish you had done more research before moving. You want to be informed, but with the staggering amount of options for where to live, how do you know where to start? Where can you find about neighborhood demographics and the closest bars and restaurants if you don't have 12 hours to spend browsing the census database or perusing different queries on Google maps? The tools are there. If you are interested in neighborhoods (more and more people are finding that neighborhoods are almost as important as the actual home), you'll find the most compelling information on PlaceILive, PadMapper, and StreetAdvisor. PlaceILive PlaceILive takes a wealth of information and formats it into a familiar Google-esque map. It gathers information from public sources and makes it easily accessible. You can search distinct addresses, or whole zip codes and learn the lay of the land. Its signature tool, the Life Quality Index (LQI) is interesting because it meshes the factual information, Census data, business information and safety information with user reviews to create a well-rounded view of an area. The map tool is fun to explore and you can end up learning things you didn't set out to (there is a bagel shop search, if you are interested). PlaceILive launches this week globally in Chicago, San Francisco, New York, Berlin, and London.
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This is Why Rentals Will Put More Cash in Your Pocket
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3 Tips for a Rockin’ Rental Portfolio
Whether it's low maintenance costs, access to amenities, or the uncertainty of committing to a mortgage, more and more people are starting to realize the benefits of renting. In fact, the National Association of Realtors found that five to six million new rental properties will be created within the next ten years. Working with these renters can offer real estate professionals a unique opportunity to grow your referral network, establish relationships with future buyers and ensure long term wealth. Here are three helpful tips that will help you build your rental portfolio by better marketing your rental properties, so that you can start taking advantage of this growing market! 1. Renters Now, Buyers Later Millennials are the new wave of home buyers, but with most of them up to their eyeballs in student loans, the majority of them are renting. The good news is that half of all renters are optimistic about buying a house in the near future (Fannie Mae). With this in mind, it would be a good idea to get your foot in the door with these clients by helping them find a rental, because it can lead to big business further down the road. Two out of three of these renters would prefer to work with someone that they have worked with in the past (Harvard Joint Study). Start building relationships with these future homeowners by providing them with all the resources they need during their rental search. Try sharing the Homes.com Rentals app with them so that they can search for properties on-the-go or keep them updated on new properties in the area. These simple tips will make their search much easier and will help them establish trust in your services!
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Mining the Margins
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5 Strategies to Get Your Rental Listing Off the Market Faster
How are you marketing your rental listings? If you're like most real estate professionals, you've probably invested most of your time and money into properties for sale and wait for someone to contact you about a rental. While this strategy may have worked for you in the past, times are changing and more homeowners are deciding to rent their home rather than put it on the market. Whether it was the need for additional income or it was time to move and they couldn't get their home sold fast enough, a homeowner would only consider renting their house as a last resort. Nowadays, due to economic and lifestyle trends, we are starting to see an increase in the single-family rental market, and real estate professionals need to realize that it presents a great opportunity to grow your business. As the economy continues down the road to recovery, home prices are beginning to rise and credit restrictions are loosening for more entry-level home buyers. That being said, an increasing number of homeowners are recognizing the value of renting their homes rather than selling. This is why we've deemed it necessary to share the top 5 ways real estate professionals can better promote their rental listings. 1. Internet Marketing: Ninety-six percent of millennial home buyers report using the Internet during the home search process, many of whom are seeking rental properties. As with any listing, using visuals is the key to successfully marketing your listings online! Prospective renters scroll through countless properties before they contact you, so it's imperative that you draw them in with compelling photos of every room and the exterior of the home. In addition to listing photos, be sure to share pictures and videos of the community and anything else that might make the property more appealing.
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What Portals Teach Us About Rentals
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Real Estate Connect brings attention to rental market and big data
This post comes to us from the Down Payment Resource blog: We always come back energized after attending Real Estate Connect alongside thousands of real estate leaders. In this dynamic market, we're continuously looking for the "blue ocean"...the untapped market opportunity. According to Homes.com, rental searches and even rental leads outpace that of purchases--and it has for a while. It struck us that there's a tremendous opportunity to reach millions of income-qualified renters who don't know they could buy a home. Many are waiting it out to save for the down payment. Savvy agents see the long term opportunity in working with renters. In fact, Chicago REALTOR® Lauren Mitrick (recently named to Forbes Magazine's and the National Association of REALTORS® "30 Under 30" lists) said she still handles volumes of rental deals to build relationships and referrals with future buyers, despite making little or no commission.
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Zumper Pro: Create Rental Ads in Minutes
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Marketing to Renters — Know What They Want!
For those who aren't in the market to purchase a home just yet, finding the perfect place to rent is just as monumental as a home search. If you haven't already, you will undoubtedly work with renters and rental properties in your real estate tenure, so it's important to know exactly what renters want. An extensive survey conducted across thousands of renters from all walks of life answers that question in depth. We've created an infographic displaying the results so you can know exactly how to interact with any renters who may come to you in their home search. For instance, this survey found that: 75% of renters base their rental decisions on online ratings and reviews. 73% of renters want to pay rent online. 80% of renters watch videos through Facebook. Check out the rest of the stats in the infographic on the next page.
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E-Mail and the Importance of the Follow-Up
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Real Estate News: Tightening SFR Rental Market Presents Broker Opportunities
A number of factors are contributing to heat up the Single-Family Rental Market. A perception that in many markets pricing has bottomed out and is beginning to increase has brought more investors into the market. At the same time, the aggregate number of ex-homeowners forced to rent after a foreclosure event is at an all time high. Nationwide, rental leasing volumes have been up every month during the last two years. Year-to-date, leasing volume is up 12 percent year-over-year. Listing time is steady at six weeks. Smart brokers will find a way to insert themselves into a market where demand is up and supply is down. Read the latest MarketPulse Report for more detail and city/state specific statistics.
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5 Steps to Starting a Successful Rental Division
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4 Reasons to Start a Rental Division
We’ve been wowed by whitepapers from RentJuice before. Well, they’re back at again with an exceptional whitepaper entitled “Everything You Need to Start a Successful Rental Division.” You can download the whitepaper at RentJuice.com. Without further ado, let’s look at the reasons to start a rental division. 1) The economy calls for it. The disastrous state of the housing market has changed the real estate profession. One of the changes is that rentals are in demand. The RentJuice whitepaper points out that: Rental vacancies are at an all-time low. A Barron’s report predicts an additional 10 million people to move into rentals in the next five years. The increase of renters deferring home purchases and the increase of homeowners switching back to renting is also influencing this shift.
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5 Best Practices for Online Rental Marketing
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