As a property manager, showcasing how your rental communities have grown financially under your care is an important part of the job. Whether you struggle with increasing your gross revenue each month or not, understanding how you can improve your property’s net operating income (or NOI) is vital.
Whether you’ve noticed the pumpkin spice flavor takeover or the premature Christmas decoration displays, it’s easy to see that the holiday season is fast approaching. Being only a few months away from the mad Christmas rush, businesses are starting to feel the pressure to prep for the holidays. As you make the moves to hire additional holiday staff, or expand later next spring, take the time to review your pre-employment screening practices and determine which service will best help you screen the influx of entry-level staff.
With the deadline close, Gov. Brown has finally signed the bulk of the proposed California multifamily housing legislation. While none of the newly passed legislation will affect your tenant screening, you might want to review your rental application and leasing documents. Take a look at the multifamily housing legislation we’ve had our eye on below!
U.S. District Court Judge Richard Matsch ruled that Colorado’s sex offender registry law was unconstitutional early this September, citing the Eighth Amendment’s “cruel and unusual punishment”, as it impeded on offender’s ability to find work or housing after completing probation and parole. While this ruling has no immediate effect, even on the three sex offenders who wanted to remove their information from the registry, if the case is appealed and upheld by the federal 10th Circuit (which includes courts in Colorado, Kansas, Utah, New Mexico, Wyoming and Oklahoma), then it would be binding.
All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
Knowing your credit risk score (or “credit score”) and consistently trying to improve on that score is an important aspect of adult-life. Consumers with higher credit scores have an easier time getting approved for loans, mortgages, and rental housing, so achieving a score as close to 850 as possible is the ultimate goal in order to make life easier. While you certainly know where your credit risk score stands, do you know how your score is being calculated? Take a look at the most commonly used versions of FICO® and VantageScore®, and the benefits your credit score might see from understanding key elements to improve it.
A California housing immigration bill, AB 291, passed the senate on September 6, 2017 and is currently awaiting Governor Brown’s signature. This bill would prohibit landlords and property managers from inquiring into the immigration or citizenship status of a rental applicant or tenant, and from providing that information to law enforcement. While it is uncertain whether or not the Governor will sign this California housing immigration bill, it is extremely likely that he will. Moving forward, you should reevaluate your policies if this bill is enacted.