The changes in the housing market have affected different areas of the economy in significant ways. Employers and employees that work with and around the housing market have felt the greatest impact, specifically realtors.
Recent news articles have highlighted the dramatic decline in income for realtors. Faced with difficult choices many realtors leave the profession. Some changes are radical and some are relative. Realtors become teachers, sales representatives and property managers.
Real estate agents used to consider property management “the ugly part of the business.” No more. While a realtor may have had the ability to earn $10,000 or more commission on a home sold, with an economy where home values have dropped substantially and the numbers of buyers shrinking, those paydays are fading. Enter property management.
Rental properties are continuing an upward trend in terms of desirability as well as affordability.
Renter household formation surpassed new owner-occupied homes in 2007 for the first time since 1985 and has held the lead since, according to U.S. Census Bureau data. An average of 718,500 renter households a year were formed from 2007 to 2010, while owner-occupied households decreased at an average annual rate of 147,250 during the same period.
Of course as former realtors increasingly turn to property management the “average fee” has dropped. Yet as fees appear to decrease the opportunity to raise the monthly lease rate is available. The demand for rental properties far outweighs the supply. Still competition remains fierce with property managers and the search for well-qualified, highly desirable tenants continues to be the number one goal.
As property managers seek that perfect tenant there is a critical component to their search: Tenant screening. Many experts recommend an outside or third-party screener to handle background checks that generally include criminal and financial credit history. “Screening renters properly, being aware of the laws and getting everything in writing are three simple, basic rules…” and a third party provider can fulfill each requirement.
TenantScreeningUSA.com can make the life of a property manager simple. By providing a full range of critical background screening reports, property managers can get the information they need to help make a critical decision on applicants. Additionally, TenantScreeningUSA.com has a comprehensive understanding of the current and pending legalities that regulate tenant screening. Utilizing a third-party screening company will protect property managers. TenantScreeningUSA.com operates on a secure platform that allows 24-hour access to reports and documents.
Tenant screening through TenantScreeningUSA.com simplifies the life of a property manager. They provide the information demanded in a timely manner and at a cost that will not break the bank. Contact TenantScreeningUSA.com today to set up an account and get started. Make things simple; TenantScreeningUSA.com.
* http://www.utahbusines.com/issues/articles/11708/2011/11/when_opportunity_knocks
* http://sfgate.com (page D-2 San Francisco Chronicle)
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