Recently I applied for rental housing for the first time in several years. I just sold my home and planned to live in an area I’m much less familiar with, and using a realtor to help me learn about neighborhoods to trust or avoid was extremely useful. The property I applied for was owner managed, and the vacancy being filled using another agent. The initial application seemed pretty straight-forward, but while waiting for the approval I received an unsecured email that contained my credit report in PDF. This instantly set off a red flag to me as a renter, consumer and a professional that has spent nearly a decade working in credit reporting.
Uncertainty dominated the commentary written by key real estate analysts trying to forecast how the apartment industry and economy overall will be affected by the election of Donald Trump as the next U.S. President.
Most industry groups, admittedly, said they were caught off guard by the result, and they, no doubt, will continue to analyze the situation between now and Inauguration Day.
While it is too soon to speculate what impacts the Trump Administration could have on the industry and the broader economy, following is a summary of thoughts and projections expressed during the week following the Nov. 8 election.
UPDATE SEPTEMBER 22, 2016: Governor Brown has signed AB 2819, and the new bill will go into effect January 1, 2017.
UPDATE AUGUST 18, 2016: This bill has made it to the governor’s desk, and is likely to be passed.
Under California’s unlawful detainer (UD) “masking” law,” UD court filings are masked, or hidden from public view for 60 days following the initial eviction court filing, and then are automatically unmasked. AB 2819 will permanently mask all UD actions, unless the rental property owner prevails in court, or seeks a default judgment in court. AB 2819 unfairly places the cost, burden, and responsibility for ensuring tenant defaults are made public on the backs of rental property owners.
The multifamily housing industry is tiny! Sure, there are tens of thousands of people working in this industry to serve around 35 million renters, but there’s a ‘small town’ vibe you get when multifamily becomes your career focus. If multifamily housing is a business you enjoy and plan to remain a part of, then understanding how close-knit this industry can be will work to your benefit in the long run.
Regardless of where you move around in the country, there is bound to be some kind of apartment association and nearby competing properties you will work with. Quite often these groups will be part of something bigger, and herein lays the potential and necessity for you to make yourself known. Networking is a fundamental tool for many businesses, but multifamily housing is especially a people-first industry. For extroverted professionals this can be a natural part of the job, but for so many introverted people it can be a daunting notion on where to even begin. Fortunately for you this article was written to offer fundamental advice on how to get yourself known across the industry in the best ways possible!
CIC, a nationwide resident and employment screening firm, will be exhibiting during NAA in the North hall of the Moscone Convention Center at booth #3229 in San Francisco.
Contemporary Information Corporation (CIC™), a trusted provider of resident screening solutions for the multifamily housing industry, is pleased to announce participation in this year’s National Apartment Association (NAA) Education Conference & Exposition. CIC™ welcomes all NAA members and guests to visit North Hall Booth #3229 on June 16 and 17 at the Moscone Convention Center in San Francisco, California to discuss how CIC™ can help you lease with confidence.
The Department of Housing and Urban Development (HUD) issued new guidance on April 4th, 2016 that is going to require all single-family and multifamily rental professionals to revisit their policies.
In a decision that is aimed at protecting the rights of “returning citizens”, HUD is limiting the use of arrest records in tenant screening nationwide for both public and private housing. While they are not discouraging the use of criminal records in the background screening process, they are requiring a conviction be reported for the record to be considered in the decision. Using an arrest record without a conviction is being viewed as discriminating against a consumer who has not been found guilty of having done anything illegal.
Benjamin Franklin said “an investment in knowledge pays the best interest”, and for property managers who have a wealth of opportunity to grow with the multifamily housing industry, this quote has quite a bit of substance. While there are plenty of driven students who can’t find enough opportunities for learning, many people need some guidance and motivation to get back into the classroom after they have finished their primary education. There are plenty of different driving factors that make a person want to learn more about their craft, but it can sometimes to be difficult to find accessible options.
Depending on your level of interest, here are 3 fantastic opportunities to increase your multifamily credentials:
- Re-Introduce Yourself to Learning
Sometimes we can all use a ‘jump start’ to get back in the classroom, and what better way than by choosing what you want to learn, when you want to study it and being able to do so inexpensively.