👋 Join us for a special webinar Thursday, January 11th
Learn More

Property Manager Daily Update: Getting to 4000+ Doors, “Build-to-Rent” at All Time High

ethan-lieber-latchel-ceo
Ethan Lieber
May 14, 2018
Property Manager Daily Update: Getting to 4000+ Doors, "Build-to-Rent" at All Time High,

Property Manager Daily Update

SFR Investors Are Building

In order to meet skyrocketing rental demand, investors are building single-family residences. Development increased by more than 6% since last year, totaling more than 36,000 houses for rent in 2017. This is the largest number of “build-to-rent” houses completed in any year for at least the last 14 years.

As investors that come from “fix and flip” backgrounds begin entering this hot SFR development space, there will be a learning curve and a competitive disadvantage to large REITs that have perfected investing in the space. However, REITs will be slow to move on trending markets versus individual investors taking fast action. See the full scoop here.


Real Estate Investments for Passive Income

Let’s talk about passive income and financial freedom. What are passive income and financial freedom? Since I started in real estate, I have bought and held on to a lot of properties that I have not sold to investors. At one time, I had about 25 single family homes in my portfolio that my in-house property management company was managing. Was that passive income or financial freedom?

That portfolio was bringing in way more than the averageU.S. salary, but I’m happy to tell you now that wasn’t true passive income. In my opinion, it also wasn’t true financial freedom. Let me tell you why—because I still got the call. What call? “Umm, your roof just caved in because a tree branch fell off and it broke everything!” Or, “Hey, your tenant’s toilet is clogged and we can’t seem to figure out what’s wrong with it and we’re going to have to get Roto-Rooter out here. It’s going to cost $300.” And so on.

So what is true passive income then? Engelo Rumora believes that real passive income means you never get that phone call. He suggests finding the 4-6% property manager so that you’re not the one at the front line. I suggest looking at Latchel as well. Pass the call off for $26/month instead of a large percentage of your monthly income. See his full article here.


The Epiphany that Gets You 4000+ Doors

Andrew Propst began seeing huge returns in 2010 when homeowners chose to become landlords because the price of home sales was too low to sell. He knew though that the influx of new single family residences into his portfolio wouldn’t last. So he changed his mental model:

We needed to stop looking at where the market was currently and focus on where it was going next. While we still brought on the short-term reluctant landlords, we looked to the future. Knowing the demand would come back with the market and that very little new supply was being added, we saw our opportunity. We went vertical.

He looked to Multifamily as he knew demand would rise and supply of rentable units would be low.

Property Manager Daily Update: Getting to 4000+ Doors, "Build-to-Rent" at All Time High,
Growth of MFE.

See how he made the full transition into multifamily building and how he corralled savvy investors to his cause here.


CAA Protects Landlords in 3rd Party Payment Bill

CAA added landlord protections to a recent bill allowing tenants to pay rent through a third party. Many landlords previously denied third party payment because of fears that the third party payer would have claims to the property lease.

AB 2219 now provides that a landlord who accepts a rent payment from a third party can require that the third party sign a document acknowledging that the transaction does not make him or her a tenant.

Are you already accepting third party payments? Let us know if you’re in favor of the new bill.

Share this
Related Posts

See why property managers love using Latchel

Unlock the Potential of Digital Insurance
Launch a tailored renter's insurance program

Sure provides tailored renter’s insurance that enables property managers, owners, and residents to protect their property, minimize risk, and experience the peace of mind that comes with the protection of your assets and business.

Most leases require renters insurance. So, we’ve partnered with Sure to provide that option for your residents. While residents aren’t required to use Sure to meet the renter’s insurance requirement, this is still a convenient option you can offer to your tenants. 

All services and products are provided by Sure, not Latchel subject to Sure’s terms and conditions.

Property Inspection Platform
Automate and Organize Inspections with RentCheck
check-mark-icon

Make Inspections Easier
RentCheck saves time by enabling residents to complete inspections on their own. Customization and automation ensure the job gets done.

check-mark-icon

Stop Wasting Time
Schedule inspections for all stages of the lease cycle at any cadence you choose. RentCheck handles the reminders.

check-mark-icon

Instantly Submit Work Orders
Take advantage of Latchel's integration with RentCheck to instantly submit a work order for any maintenance issues that pop up on an inspection.

check-mark-icon

Modernize Your Process
Easily compare new and existing inspection reports, side-by-side, and avoid security deposit disputes.

check-mark-icon

Prompt Routine Filter Changes and Resident Tasks
Schedule resident reminders to replace filters and other upkeep tasks over the course of the lease lifecycle.

To learn more about RentCheck, talk with a Latchel benefits expert today. All services and products are provided by RentCheck, not Latchel, and subject to RentCheck’s terms and conditions.

Affordable Pest Control

Access world class pest control for a fraction of the normal price. No need for new software or a complicated setup.

check-mark-icon

Easy Pest Control
Residents simply reach out to Cover Pest if there is a pest issue, and Cover Pest takes it from there.

check-mark-icon

Clarity on Who Pays the Bill
No more awkward conversations about who is responsible for the bill! With Cover Pest as a resident benefit, residents get pest control for covered pests without an additional cost.

check-mark-icon

Vendor Sourcing
No more sourcing for vendors! Cover Pest will source and coordinate with vendors for each pest control request

To learn more about Cover Pest, talk to a Latchel benefits specialist today.  All services and products are provided by Cover Pest, not Latchel, and subject to Cover Pest’s terms and conditions.

Air Filter Delivery Subscription

FilterTime is an air filter delivery service that makes it easy and convenient for residents to replace their air filters. FilterTime customers can protect their HVAC system, reduce dust and pollen, save money on energy costs, and more by leveraging this delivery service.

check-mark-icon

Reduce Labor for HVAC Issues
Filter delivery service results in a 38% reduction of total HVAC ticket requests.

check-mark-icon

Cost Savings on HVAC Repairs
Average HVAC repair costs have increased by 48.7% year over year. an air filter delivery subscription can cut costs up to $250-300 per property per year.

check-mark-icon

Energy Reduction
Filter delivery is saving residents $14.82 per month in energy costs.

How it works:

Choose from almost every size and type of air filter including custom-made sizes

Choose how often you want your filters delivered

smile-icon

 A box of brand new air filters delivered to your resident’s front door

To learn more about FilterTime, talk with a Latchel benefits specialist today. All services and products are provided by FilterTime, not Latchel subject to FilterTime’s terms and conditions.

Boost resident satisfaction and drive good resident behavior through a rewards, incentives, and credit building program
check-mark-icon

Drive On-Time Rent Payments
Piñata rewards renters for on-time rent payments through Piñata cash, and boosts renter's credit scores for online payments.

check-mark-icon

Boost Resident Satisfaction
$30 gift card to use at select brands and businesses, $25 restaurant card, 720 annual Piñata Cash to use on rewards, Early lease renewal gift.

check-mark-icon

Attract and Retain Renters
2 out of 3 renters prefer properties with rent reporting. Plus, residents get incentives for early lease renewals.

check-mark-icon

Rewards Residents Love
Residents can use Piñata Cash on brands they know and love, such as: Starbucks, Amazon, Sephora, Lego, Target, Walmart, Home Depot, Lowes, Doordash, Best Buy, and many more!

Piñata Cash

Residents easily earn Piñata Cash any day of the month by doing things like taking surveys, referring friends, or trying out new products.

Residents also get access to big-ticket giveaways, limited drops and super surges!

And, with exclusive access to our marketplace with over 300,000 deals, residents can squirrel away up to $4,500 annually.

To learn more about Piñata, talk with a member of our benefits team today. All services and products are provided by Piñata, not Latchel subject to Piñata’s terms and conditions.

Master Liability Insurance

Now you have one less thing to worry about with a Master Liability Policy through Obie.

check-mark-icon

Affordable Coverage
Affordable policies available with liability coverage starting at $100,000 and up to $300,000 to meet any property manager insurance requirements.

check-mark-icon

Stay 100% Compliant
Master policy provides $100,000 for management companies and owners by ensuring 100% of occupied homes and units are covered for property damage liability issues relating to resident negligence.

check-mark-icon

Peace of Mind
Liability coverages include perils such as fire, smoke, water, explosion, overflow of sewer, and many others that provide coverage for damages you (the resident) may cause to your unit or home

check-mark-icon

Personal Liability
Personal liability coverage is automatically include to protect you against claims where you may be considered legally liable. (Bodily injury claims, dog bite claims, and more)

check-mark-icon

Additional Coverages
Additional/expanded coverages are also available. (Pet damage, identity fraud, theft/vandalism, and more are available!)

All services and products are provided through Obie and are subject to Obie’s terms and conditions.

👋 Join us for a special webinar Thursday, January 11th