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REI INK Celebrates its 50th Issue

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A Remarkable Journey During Remarkable Times By Robert Rakowski Welcome to the 50th issue of REI INK. These last four and a half years have been quite the journey; a journey through the struggles of being the “new kid in town”, the COVID pandemic, inflation, an out-of-control and uncertain economy, but mostly a terrific journey of forming professional and personal relationships with absolutely wonderful people and companies. It took an absolute DREAM team to reach this milestone. For anybody who thinks that publishing a top-shelf magazine for 50 consecutive months is an easy task or simply a minor accomplishment, I would love to chat with you over an adult beverage. During this timeframe, we also sent out over 600 newsletters, created the REI-Referral Network, and launched the Highest-and-Best platform. Look at our 50 covers. That is one heck of an impressive collage, basically a “who’s who” of the real estate industry. You do not get that quality of cover stories month after month by accident. You get them by delivering results and earning the respect of the industry leaders. And interestingly, our 50th cover story is on REI Nation. I was initially introduced to the Clothier family in 2010 when I first began cutting my teeth in the publishing industry. Here we are 13 years later, and they are on the cover of REI INK. REI Nation has a great story and a great history. Thank you to everybody who has supported us along this journey. Happy investing!

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NPLA Announces 2023 Strategic Initiatives

New Partnerships, Mentoring Programs & Events in 2023 and Beyond By Carole VanSickle Ellis The National Private Lenders Association (NPLA) hosted its seventh official membership meeting in Key Biscayne, Florida. The event, which was the best-attended in the association’s history, was also the site of a major change for the private-lending industry. NPLA founding member, executive director, and general counsel Jon Hornik announced during the association’s member meeting that Monday, March 27, 2023, would be the first National Private Lenders Conference, thereby repurposing the previous 21-year-old Pitbull Conference. “We are essential for this space,” Hornik said proudly. “The private lending industry is still in the fledgling period. We must define ourselves and our imaging. If we fail, we will become just another asset class that makes no sense and creates risk. If we succeed, we will all thrive.” Hornik said the NPLA has high hopes for the new venture, including attracting more institutional participants into the space, improving networking opportunities at the conference, and creating events and spaces that will foster the interactions and mindsets that will enable conference participants to collaborate and do deals together. Evolving for 2023 & Beyond Hornik said one of the most exciting things about the new Conference is its three pillars. “We are growing based on the foundation of the previous 20 years,” he explained. Now, our three pillars of networking, education, and entertainment will help us evolve even further.” Attendees at the event will see all three pillars in action already. Hornik noted that networking is of primary importance in the private lending industry despite a history of concerns that discussion and shared data could result in competitors gaining a competitive edge. The NPLA believes collaboration in the industry is the key to lasting growth and permanence. “Meaningful discussions between competitors create collaborations that create friendships,” he said. The education angle, already prioritized at Pitbull events, will remain a central part of theconference. “It is important to always educate each other,” Hornik observed. “Bring the best and the brightest together, as we have here, and you will leave smarter than you came.” When it comes to the third pillar, entertainment, Hornik noted that the best industry-related entertainment “crosses over” both educational and networking elements. He looked back fondly on his years attending the Pitbull Conference, noting, “Almost every meaningful relationship I have [in this space] came from the Pitbull Conference.” Hornik added, “Now, we are looking forward to the next 20 years.” If you are interested in becoming a member of NPLA, visit NPLAOnline.com. Learn more about the National Private Lenders Conference at NPLAConference.com Side Bar New Partnerships, New Opportunities The NPLA leadership spoke about their hopes for the future of the National Private Lenders Conference and NPLA membership. Amy Kame, NPLA’s managing director, noted that NPLA membership retention remains at nearly 100%, and 2023 has brought four new strategic partnerships forward to benefit NPLA members. John Burns Real Estate Consulting The firm will provide access to content, data, and reports in exchange for NPLA members’ participation in anonymous industry-specific surveys. This will include access to quarterly reports on the fix-and-flip space and single-family rental trends. REI INK magazine REI INK is a nationally published, monthly digital and print magazine serving full-time individual and institutional real estate investors and industry professionals. St. Jude Children’s Research Hospital  This long-term partnership plays an integral role in NPLA’s dedication to charitable giving and community outreach. The association will host a charity poker tournament to benefit St. Jude at its June meeting in Atlantic City, New Jersey.  NPLA Mentorship Program In 2023, NPLA will debut a mentorship program focused on connecting mentors and mentees for 12-month mentorships. .

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National Private Lenders Conference Makes Waves

The Rebranded Conference Made a Splash in Key Biscayne, Florida By Carole VanSickle Ellis Last month, a private-lending industry tradition went through an exciting evolution, making waves at one of the biggest conferences for private lenders in the country. On March 27, 2023, the first Pitbull Conference of 2023 started out with the announcement that new ownership would be renaming and repurposing the 21-year-old event. The Pitbull conference will move forward as the National Private Lenders Conference, and will continue to have three events yearly, with the second two of 2023 being hosted in Atlantic City, New Jersey; and Austin, Texas, respectively.  Jon Hornik, CEO of the National Private Lenders Conference and a founding member of the National Private Lenders Association (NPLA) as well as its executive director and general counsel, said of the change, “We are moving [the Pitbull Conference] forward with a new name, The National Private Lenders Conference, as of Monday, March 27, 2023. With this change, we hope to attract more institutional participants into this space as well as increasing collaboration and growth among our members and within the industry.” Amy Kame, who serves as managing director for the National Private Lenders Association (NPLA), said the association is excited to bring its mission of supporting, protecting, and growing the private lending industry to bear in the National Private Lenders Conference. “What we’re trying to do is bring the foundation from NPLA to the conference.” “This organization is about how to go to the next level,” said NPLA founding member and Advisory Council member, Chip Cummings, CEO at Northwind Financial and the author of nine best-selling books. “I learn every day from this organization. The mindpower here can solve any problem in this industry.” Cory Nemoto, a principal at KÉCŌ Capital, LLC and NPLA founding member attending the event, added that his company gives much of the credit for its pandemic survival to NPLA education, networking, and communications. KÉCŌ Capital was founded shortly before the advent of the global COVID-19 pandemic. “We would not have made it through without the NPLA,” Nemoto said. “We faced many trials as an industry, and one thing that is consistent is our friends and colleagues in NPLA have been there through it all.” New Educational Elements and Networking Opportunities Jeff Tennyson, an NPLA founding member and president and CEO of Lima One, said, “Private lenders have an important, noble purpose of ultimately helping build communities, and we look forward to continuing to work with the National Private Lenders Conference to grow and build our industry, provide new ideas, and bring in the NPLA’s insights, best practices, and legislative ‘heft’ to help put a spotlight on laws that affect private lenders, real estate investors, and the end users of housing.” The conference featured presentations from John Burns Real Estate Consulting chief demographer Chris Porter and a keynote from Harry Markopolos, the forensic accounting and financial fraud investigator who uncovered evidence of the Bernie Madoff Ponzi Scheme as nearly a decade before Madoff was revealed as a fraud. The agenda also featured panel discussions on advancing your lending platform, key indicators to watch in a changing real estate market, and how inflation, interest rates, and global volatility impact the private lending industry. The event also featured multiple exhibit halls and breakout networking opportunities. The National Private Lenders Conference this March featured a number of new elements, including more than four hours of designated networking time spread across two days. “That way, no one has to feel pressure to skip the education in order to get in the networking,” Hornik explained. “We are so proud to be here, in this space, providing this education and these opportunities for private lenders around the country,” he concluded. “We are meeting in strong markets where we will attract local talent as well as national attendance, and we are excited to bring this mission to the conference and the industry.” Learn more about the National Private Lenders Conference at NPLAConference.com. If you are interested in joining NPLA, visit NPLAOnline.com.

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The Five Features Renters Crave

The Changing Landscape of Single-Family Rentals By Kori Covrigaru Zillow recently released its 2022 Housing Trends Report, and, boy, have renters evolved. Renters are going on fewer in-person tours, are more likely to have pets, care more about floor plans, and put a higher value on amenities than in previous years.  As the rental market continues to change, property managers and single-family rental investors need to know what renters are looking for in 2023. There are five key elements at play in today’s changing landscape of single-family rentals. Use these in your rental marketing strategy to ensure you’re ahead of the curve with your properties. Pet-Friendly Homes Renting to pet owners can be a great way to attract more renters and fill vacancies faster. When advertising your single-family rental, mention that pets are welcome along with any pet-friendly features in the house. This will increase your pool of potential tenants. Consider adding features such as pet doors or fenced yards, which will make it appealing for pet owners to rent your property. You should also have a policy regarding the pets allowed and any additional fees associated with renting to pet owners. Be sure to communicate this clearly, so there is no confusion when it comes time to sign the lease agreement. Finally, remember that your insurance provider may not cover some breeds, so do your research before accepting certain animals into your rental property. Pet-friendly homes are an excellent option for rental investors and offer an attractive amenity that can help increase occupancy and attract quality tenants. Smart Home Technology Smart home technology is increasing in popularity in single-family rental properties. It offers convenience and peace of mind for tenants and property managers. Tenants can use smart thermostats to adjust the temperature from their phones while also providing property managers with data on energy usage. The ability to control smart appliances remotely allows tenants to check if they left something running or shut off after use. Smart locks provide an extra layer of security for both parties and a way to grant access without having to meet up in person. Property managers can even monitor when someone enters or exits the premises through notifications sent directly to their phone. Smart home technology makes it easier for everyone involved in a rental property transaction. Tenants have more control over their environment and greater security; property managers have better insight into the unit’s usage and maintenance; and investors benefit from increased efficiency throughout the process. Safety Safety is always top of mind for families. Smart locks are an easy way to ensure that only the right people can access your property. You can program them with unique codes for each tenant and easily change them when tenants move out. Good lighting around the home’s exterior will also help deter unwanted visitors from entering your property after dark. Security systems provide peace of mind by monitoring activity 24/7 and alerting you if something suspicious occurs. Key Takeaway: Property managers and single-family rental investors should install smart locks, security systems, pet-friendly fencing, and smart home technology to keep their properties safe. Floor Plans Floor plans are an important tool for marketing single-family rental properties. They provide potential renters with a visual representation of the space they will live in and help them decide if it is right for them. Floor plans should include accurate measurements and any special features, such as fireplaces or balconies. Consider how tenants can make the most of the space when creating floor plans. For example, if they could easily convert an extra bedroom into a home office or playroom, highlight this feature on your floor plan to show its versatility. Don’t forget to include outdoor spaces like patios and decks so that tenants can get an idea of what their outdoor living experience would look like at your property. Floor plans also give tenants a better understanding of room size and layout before they commit to renting a property—which helps prevent misunderstandings down the line when move-in day arrives. Be sure to calculate each room’s size so that prospective tenants know exactly what they’re getting when signing up for your rental unit. Including detailed floor plans in your listing materials gives potential renters more confidence in their decision-making process by making it easier to envision themselves living in your property, ultimately helping you find great tenants faster. Floor plans are an essential part of rental marketing, providing a detailed overview of the property’s layout and features. With 3D virtual walkthroughs, you can now give potential tenants a better view of your single-family rental before they even step foot inside. Virtual 3D Walkthroughs Virtual 3D walkthroughs are an innovative way to showcase single-family rental properties. They allow potential renters to explore the property from the comfort of their own homes, without having to physically visit the property. This can be a great time-saver for renters and property managers. 3D virtual walkthroughs are becoming increasingly popular among single-family rentals because of their convenience and cost-effectiveness compared with traditional in-person viewings. Property managers now have access to powerful online tools that make showcasing their properties effortless. At the same time, tenants gain peace of mind knowing exactly what they’re getting into before signing on the dotted line. With the right combination of the features renters crave, you can create an attractive listing that will stand out from the competition and attract more qualified tenants. Are you a single-family rental property owner looking for an effective way to market your listings? PlanOmatic provides comprehensive photography, floor plans, and 3D walkthroughs that help showcase the beauty of your home. Our solutions will give potential tenants a detailed understanding of what they can expect from their future living space while making sure you maximize interest in your listing.  Contact us today to get started by visiting https://www.planomatic.com/.

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5 Ways to Reduce Days on Market for SFRs

Rental Property Marketing is a Critical Part of the Rental Process By Kori Covrigaru When it comes to single-family rentals (SFRs), the number of days they sit on the market is often the most crucial factor in determining how successful your property will be. Reducing the days on market can be beneficial in many ways, such as keeping your bottom line healthy. The SFR market keeps booming. Compared to the multifamily industry, which Walker & Dunlop projects to be worth $3.5 trillion, the SFR market is worth about $3.4 trillion. With this market growing, SFR investors must prioritize marketing to remain ahead of the curve. How will you make your SFRs rent faster and spend fewer days on market? Start Marketing Before the Property is Listed If you’re a property manager or an SFR investor, one of the things you can do to reduce the days on market of your available properties is to start marketing before they’re listed. It is common for potential residents to make their decision about whether or not to rent a home very quickly. If you get the word out about your rental early enough, it will be considered before it’s even vacant. Early rental property marketing means that when the property goes up for rent, it will not need to compete with as many other properties (and therefore will not require as much work to show). What does this mean for you? It means that if you want your rental to be leased fast, starting marketing well before it is listed is imperative. Price Accurately for the Area Price your single-family rental property accurately for the area. Research what similar properties are selling for in the area and how much rent you will be able to charge. More importantly, it would help to consider how much time and money it will take to get the property ready for sale or rent. By doing this, you can determine if your rental price will appeal to potential tenants. Hire a Professional Photographer Using a professional photographer can help shorten the time your single-family rentals are on the market. Having a clear understanding of your goals is the first step. Do you hope to draw in a specific type of resident? Do you want to highlight all the improvements and good maintenance the house has received, or would you prefer to emphasize the outside space or amenities? Once you have determined the types of images that will best serve your purposes, look for the best photographers that focus on producing such images. You’ll need a real estate photographer with experience, preferably one specializing in single-family homes, to help you with the process and ensure your pictures are web-friendly. Include a Digital Floor Plan A digital floor plan is a virtual picture of your property’s interior layout. You can use this to demonstrate to potential residents how much space they’ll have to work with for their expected arrangement. NAR Home Buyers & Sellers Generational Trends Report found that 80% of buyers view floor plans as beneficial. And it will effectively reduce days on market. Include Smart Home Technology in Listing Smart home technology has been gaining popularity in rental property marketing. According to the most recent statistics on smart homes from a poll published by Oberlo, as many as 57.4 million US households have actively used them in 2022 (defined as using them at least once a month). The bar chart represents the adoption of smart home technology in US households from 2018 and its projected increase to 2025. Providing smart home technology can make it easier to rent out your property quickly. When you are marketing your listing, make sure to highlight features like smart locks and security systems. These features will appeal to renters who want to feel safe in their homes and know they can control every aspect of their living situation. Smart home tech has been shown to help improve the rental experience for tenants, and it can also increase the value of your property. Rent Your SFR Faster From having the best professional photography, which you can optimize with API Integration, to including smart home technology in the listing, there are various ways to reduce days on market for single-family rentals. Ultimately, rental property marketing is a critical part of the rental process. If you don’t market your rental property and make it easily visible to potential renters, you will miss out on potential tenants and make it harder to rent your property quickly.

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5 Things to Know About Marketing in 2023

Boost Your ROI in 2023 By Kori Covrigaru In today’s world, marketing is no longer just about getting people to your property for viewing. It is about creating an experience that engages them at every point on their journey. According to the New York Times, single-family rental homes accounted for 35% of the 44 million rental units in the United States in 2021. This means the world of property management keeps growing. Marketing has undergone a more radical transformation in the past decade than in the previous century. By 2023, marketing will be even more data-driven and personalized than today—and only continue to evolve from there. Here are the 5 things to know about marketing in 2023. Community-Based Marketing Community-based marketing is the most effective way to reach your target audience and influence their buying decisions. It is a strategy that can be implemented at every stage of the sales funnel, and it works by establishing a relationship between you and your target customers. For this kind of marketing, you give your customers a voice and a degree of agency. Above all, community-based marketing focuses on building relationships with customers and stakeholders in your community by providing them with exact value rather than just selling them things. Symbiotic relationships make customers share satisfactory experiences with others—according to Duel, 72% of customers share good experiences with others. The newly rolled out Whatsapp community feature, where communities can be created, and in-chat polls added, is an excellent medium to leverage for marketing departments of property management companies. Conversational Marketing Conversational marketing is a crucial part of the future of marketing that focuses on building relationships with customers rather than pushing products. It can be used to build awareness for your brand and drive conversions. The idea of conversational marketing borders on providing a personalized experience for customers or potential customers. According to Drift, the demand for immediate communication has grown yearly by an average of 64%. When it comes to property management, conversational marketing has a lot of potential benefits. You can use it to connect with customers before renting from you and then keep them connected after the move-in process. This relationship building can make you more competitive in an already competitive market, allowing you to charge higher rents and attract top tenants. Marketing to Gen Z vs. Millennials Gen Zers and Millennials are two of the most important groups to consider when marketing your products. They are both very different from each other, but they also have some things in common. Both groups have grown up with technology and have been shaped by it differently, so it’s important to know how to market to them as separate groups. The best way to market to Gen Zers is through social media platforms where they can see how involved your brand is with current events and causes. If you can show them your brand has a purpose beyond itself, they’ll be more likely to want what you offer. Millennials are likelier to choose products based on brand reputation than price or quality. This means that if you want to market towards them effectively, it is important that your brand has a good reputation and communicates its values clearly through its messaging and visuals. As a property management company, you must understand how to market to Millennials and Gen Zers. This allows your company to offer better customer service and ensure that your customers always feel heard. User-Generated Content User-generated content—UGC for short—is precisely what it sounds like: content created by your users. It can be a review of your product or service, a photo of them using your product or service in their home, or even a video testimonial explaining why they love your brand. When you produce UGC, you do not only get free exposure. You also provide consumers a chance to share their stories with others and encourage them to think about your company when they need a comparable service. Cohesive Customer Experiences Cohesive customer experiences are the holy grail of marketing. It means that you are creating a consistent customer experience across all your marketing channels—from your website to your email campaigns to your social media presence. Property management companies must give prominence to how the customer reacts or feels through their customer journey map. Below is a visual representation of the customer journey map: Cohesive experiences help create brand loyalty. When people have an excellent first impression of your brand, they are more likely to return for future interactions. A cohesive experience provides consistency across all touchpoints, so there is no doubt about where to go next time you need something from your property management company. Marketing is integral to running a successful property management company. It is not something you can ignore and hope for the best. So, for property management companies, knowing the top marketing trends in 2023 will boost your ROI. For more information on how to increase ROI, please visit www.planomatic.com/roi-study/.

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