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I’m in Miami for vacation this week, so thought I’d use the chance to get together with a few proptech innovators for happy hour tomorrow (June 24th).

Logistics:

What: A gathering to talk proptech shop, and enjoy a beverage or two.

Where: Balan’s in Brickell (901 South Miami Ave, Suite 108, Miami, FL) — Website

When: June 24th from 4-6 PM

I know it’s short notice. But better late than never. Interested? Please shoot me an email (drew at geekestatelabs dot com) and I’ll send you the calendar invite.

Source: geekestateblog.com

Apache is functioning normally

The mortgage and real estate industry is no stranger to disruptors, especially over the past few years as scores of companies have tried to change the way we buy, sell, and obtain a home loan.

One of the latest examples is “Tomo,” a venture-backed fintech with some big-name founders and investors, including former Zillow employees Greg Schwartz, Carey Armstrong, and Spencer Rascoff.

What’s unique about this mortgage lender is they only originate home purchase loans. No refis. That means they’re completely committed to home buyers.

Like other lenders, they’re attempting to level the playing field between cash buyers and those who need a mortgage, an especially relevant concern in today’s ultra-competitive housing market.

Tomo Mortgage Fast Facts

  • Direct-to-consumer, purchase loan-only mortgage lender
  • Founded in 2020, headquartered in Stamford, CT
  • Started by former Zillow executives Greg Schwartz and Carey Armstrong
  • Do not charge lender fees and offer both a low rate and closing guarantee
  • Will also pair you with a real estate agent for an additional mortgage rate discount

Tomo Exists Because Buying a Home Can Be Terrible

Tomo was created because purchasing a property can be a real pain in the neck, and instead of relying on old technologies, they’re going the digital route.

This means you can get started right from their website in minutes, whether by desktop computer or smartphone.

They’re also streamlining the process, simplifying how you can complete tasks, and throwing in a bunch of guarantees along the way.

It all starts with a mortgage pre-approval, which they break down into two options: verified and an underwritten pre-approval.

The verified pre-approval assesses your credit score, income, and debt, and turns around the paperwork in no more than three hours after they receive your information, without a hard pull.

The more robust underwritten pre-approval does all that with a hard credit check and a complete assessment by an underwriter, backed by their Closing Guarantee.

The second option takes about 24 hours to complete, once you’ve uploaded all your necessary documents.

Tomo commits to closing on time, and are confident they can do so by moving critical steps earlier in the process.

But if there is a delay on their end, they guarantee your closing date will not change.

It’s unclear what happens if they aren’t able to meet their obligations, but they appear to not let that be an issue.

The Tomo Price Match

While all that sounds good, there’s even more to like about Tomo when it comes to their pricing.

For one, they do not charge lender fees, similar to companies like Better Mortgage, Filo Mortgage, and PenFed Mortgage.

On top of that, they offer the Tomo Price Match if you happen to find a better mortgage rate elsewhere.

Just provide a valid, comparable Loan Estimate (LE) dated within one business day of submission to Tomo and they’ll lower their rate if need be to match it.

But they’re confident they can offer some of the lowest rates around because they’ve simplified the home loan process and made it more cost-efficient.

Speaking of mortgage rates, they’ve got them on full display on their website, so they’re not hiding anything.

Simply navigate to “Find your rate” and you’ll see a list of rates and corresponding costs (discount points) or rebates (lender credits).

You can also fine-tune the rates by entering in your borrower and property information for a more accurate gauge of pricing.

Tomo Brokerage Partner Agent

Speaking of pricing, to sweeten the deal even more, they’ll throw in a .125% (eighth) discount in mortgage rate if you use a Tomo Brokerage Partner Agent.

This is essentially their real estate referral network that pairs you with a local real estate agent, which makes a lot of sense because both Schwartz and Armstrong worked on Zillow’s Premier Agent product previously.

In truth, Tomo might be even more similar to Redfin Mortgage, which doesn’t charge fees and has an obvious real estate agent affiliation.

It also plays into the trend of controlling more of the home buying process instead of just the lending piece, or merely the agent portion.

Assuming you don’t already have a real estate agent, you could save some money by going with one of their recommendations.

This is known as “Tomo Perks,” and on a $300,000 loan amount could save you more than $7,000 over the life of the loan.

To get paired up, you simply provide your info to Tomo and they’ll send video profiles for three local real estate experts they love. Then it’s up to you who to pick, if any of them.

For the record, it is possible to take advantage of both the Tomo Price Match and Tomo Perks.

Where Is Tomo Mortgage Available? And What Loan Types Are Offered?

  • Currently serve just five states: CO, CT, FL, TX, WA
  • Offer home purchase loans only
  • Fixed-rate mortgages: 15- and 30-year loan terms available
  • Minimum loan amount of $150,000 and min. credit score of 660 required
  • Jumbo loans available with loan amounts up to $3 million
  • Single family homes, townhomes, condos, and 2-4 unit properties acceptable
  • Do not offer FHA/VA loans

At the moment, the company is licensed in just five states, including Colorado, Connecticut, Florida, Texas, and Washington.

And currently only operates in three markets, Dallas-Fort Worth, Houston, and Seattle. My assumption is they’ll expand fairly quickly with their big venture cap backing.

They also only offer home purchase loans, as stated above, though it’s possible they may expand into mortgage refinances in the future.

In terms of loan choice, you can get a conventional mortgage starting with loan amounts of $150,000, or a jumbo loan up to $3 million.

You can’t yet get your hands on an FHA or VA loan, though that could change in the future.

A minimum 660 credit score is required, and they only offer 15- and 30-year fixed mortgages. No ARMs just yet.

While it seems like a limited product menu, something like 90% of home buyers go with the 30-year fixed, and most home loans are conforming.

In summary, Tomo is yet another mortgage/real estate startup looking to shake up the status quo.

While it’s a crowded place, their low rate guarantee and on-time closing guarantee, combined with their fresh modern look, might be enough to help them stand out.

Source: thetruthaboutmortgage.com

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In 2019, one out of every 100 homes were purchased by an iBuyer, short for instant buyer, per a new report from real estate brokerage Redfin.

While it doesn’t sound like iBuying is catching on, consider the fact that the number is up nearly double from 0.6% in 2018.

And about 10 times higher than it was back in 2016, when virtually nobody sold their home via an iBuyer service.

Also recognize that iBuying at scale is a very novel concept, and a business that big household names have just recently got involved in.

Some of the larger names in the space include Offerpad, Opendoor, RedfinNow, and Zillow Offers.

Simply put, an iBuyer will purchase your home for a fee somewhat similar to what a real estate agent would charge, only to rehab it and list it weeks or months later to a new buyer.

The advantage is you don’t need to find an agent, list it, stage it, hold open houses, and deal with uncertainty from prospective buyers.

In essence, you can consider these iBuyers institutional home flippers.

If they streamline their operations enough to lower costs, they might grow even more popular and eventually displace thousands of real estate agents.

iBuying Most Common in Raleigh

While iBuyers still account for a tiny piece of the overall pie, they snagged a whopping 7.3% share of home sales in Raleigh, North Carolina last year.

That was nearly double the 3.9% share reported in 2018, a testament to both the viability of iBuying and the good fit cities like Raleigh present to such companies.

Per Redfin chief economist Daryl Fairweather, places like Raleigh are “iBuyer sweet spots” because they are affordable, have newer housing stock, and are easy to price because many of the homes reside in homogeneous tract neighborhoods.

Raleigh is also a city poised to see home price growth, another important detail iBuyers have to consider when looking to turn a profit.

Lastly, it has been a pilot city for many iBuyers, who aren’t live in all cities across the United States just yet.

Similarly hot was Phoenix, AZ, where iBuyers scooped up 5.9% of homes for sale, followed by Charlotte and Atlanta (tied at 5.2%), and Las Vegas (4.1%).

iBuyers had a market share of 3% or more in 11 markets nationally, and at least 1% share in 21 total markets.

Again, because iBuyers haven’t rolled out to all cities nationwide, the numbers are still a bit scattered and lopsided.

In terms of volume, iBuyers purchased the largest number of properties in Phoenix (5,200+), followed by Atlanta (4,300+) and Houston (2,100+).

iBuying Surged in Tucson During the Fourth Quarter

iBuyer market share saw its biggest year-over-year increase in Tucson, AZ, where the number rose from 3.1% of homes in the fourth quarter of 2019 from zero a year earlier.

Again, this may reflect companies moving into new markets, but it also shows how quickly they are gaining traction and beating out traditional agents.

The second biggest increase was in Denver, CO, where the iBuyer share rose to 2.7% from 0.4% the year before.

Despite growing popularity, iBuyer market share did fall year-over-year in select markets, including Las Vegas (-3.4%), Phoenix (-1.2%) and Orlando (-1.0%), compared to Q4 2018.

However, Orlando was the only metro area to see its share fall on an annual basis from 2018 to 2019, declining from 2.6% to 2.2%.

iBuyers Like to Buy Homes on the Cheap

As noted, iBuyers tend to be interested in mid-market homes that are easily bought and sold, but there’s still quite a range nationwide.

The most expensive markets in 2019 were Riverside, CA, Denver, CO, and Portland, OR, where these companies purchased homes at a median $391,000, $386,000, and $377,000, respectively.

The cheapest markets included Tucson, AZ, Jacksonville, FL, and Atlanta, GA, where the median was $201,000, $202,000, and $212,000, respectively.

Overall, iBuyers paid a median $269,000 for the homes they purchased, up three percent from 2018, but well below the national median of $306,000 in January.

In every housing market other than Riverside, CA and Orlando, FL, iBuyers paid below the metro-area median.

In terms of unloading the homes once purchased, iBuyers were able to sell homes 15 days faster in 2019 than they did a year earlier, this despite the typical home sale taking two days longer.

iBuyer-owned properties were listed on the market for a median 38 days in 2019, compared to 53 days in 2018.

Meanwhile, a non-iBuyer home spent a median 37 days on the market last year, compared to 35 in 2018.

If iBuyers get better at what they do, it might become a more practical solution for home sellers, assuming these companies pass the savings onto consumers.

Source: thetruthaboutmortgage.com

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Nestled on the picturesque Gulf Coast of Florida, Naples has long been regarded as a captivating destination renowned for its pristine beaches, vibrant cultural scene, and luxurious lifestyle. As you contemplate the idea of moving to Naples, it is crucial to weigh the pros and cons of living in this sun-drenched city. From its flourishing economy and abundant recreational opportunities to its high cost of living and occasional natural hazards, there is a lot to consider. In this Redfin article, we will delve into the 10 most significant pros and cons of living in Naples. So whether you’re looking at apartments for rent in Naples, FL, browsing homes for sale, or you’re just curious about the area – keep reading to learn if Naples is right for you.

1. Breathtaking beaches

Naples, the gem of Florida’s Paradise Coast, offers a beach lover’s paradise with miles of pristine, soft, white sands lapped by turquoise waters. Not only are these beaches stunning, but they are also well-maintained and offer a serene place to relax, sunbathe, or engage in water sports. Naples’ shoreline delivers a visual feast and the quintessential coastal Florida lifestyle, from the picturesque Barefoot Beach Preserve to Lowdermilk Beach Park.

2.  Vibrant arts and culture scene

For the culturally inclined, Naples won’t disappoint. The city brims with a rich and lively arts scene that echoes in its many galleries, performance venues, and arts festivals. Institutions such as the Naples Philharmonic and the Baker Museum host a variety of world-class performances and exhibitions. Art shows, craft fairs, and cultural festivals are staples in the local calendar, offering regular opportunities for residents to immerse themselves in a diverse tapestry of artistic expression.

3. A unique resort lifestyle

Living in Naples feels like an endless vacation with dozens of unique things to do, courtesy of its resort-like ambiance. From high-end shopping districts and gourmet dining venues to luxury spas, the city rolls out a sophisticated lifestyle that mirrors the world’s most popular resort destinations. The array of well-manicured golf courses, lavish residential communities, and top-notch services create a distinct sense of living in a luxurious retreat, offering residents the perks of a holiday year-round.

4. Endless outdoor adventures

Naples is an outdoor enthusiast’s dream, with a smorgasbord of activities. The city’s adjacency to the Everglades presents fantastic kayaking, hiking, bird watching, and wildlife spotting opportunities. Fishing and boating enthusiasts will love the accessibility to the Gulf of Mexico’s bountiful waters. Whether it’s a serene bike ride along the city’s picturesque paths or an exhilarating jet ski adventure, Naples caters to all shades of outdoor passions.

5. Golf capital of the world

For golf lovers, Naples is nothing short of paradise. Fondly known as the “Golf Capital of the World,” the city offers a stunning array of meticulously designed courses that cater to beginners and experts alike. With over 90 golf courses and glorious golfing weather that lasts almost all year, the city delivers an unmatched golfing experience–a compelling reason to consider Naples your new home.

Cons

1. High housing costs 

One significant downside of living in Naples, Florida is the high cost of housing. The allure of the city’s stunning natural beauty and upscale amenities comes at a price, and that price often translates into steep housing costs. When it comes to Naples, Florida real estate, you’ll find that housing prices are considerably higher compared to other cities in Florida. As of April 2023, the median sales price in Naples reached $725,000 In comparison, the median sale price in Orlando stood at a more affordable $360,000, while in Tampa, it amounted to $420,000.

The demand for housing in this desirable location, coupled with limited available land for development, has resulted in a tight housing market and elevated prices. Additionally, the cost of living, in general, tends to be higher in Naples, which can further strain budgets and impact overall affordability.

2. Crowds of tourists

Being a popular tourist destination, Naples can get quite crowded, especially during the winter when ‘snowbirds’ from colder states flock to enjoy the balmy Florida weather. The influx of tourists can lead to overcrowded beaches, long wait times at restaurants, and a general increase in the hustle and bustle around the city, potentially hampering the tranquil lifestyle some residents seek.

3. Danger of hurricanes

Naples’ tropical paradise charm is somewhat tarnished by its vulnerability to hurricanes. Like much of Florida, the city faces an annual threat of these severe storms. This year alone, on average, floods have caused $1,399 in property damage for homeowners. While modern infrastructure and advanced warning systems mitigate the risks, residents must be prepared for potential evacuations, property damage, and the stress associated with hurricane season.

4. Low walkability

Despite its many charms, Naples falls short of walkability. The city has a below-average Walk Score of 35, indicating a strong dependence on cars. This can be a downside for those who prefer a lifestyle where amenities are within walking distance. 

5. Scorching summer heat

Summers in Naples can be intensely hot and humid. The city’s tropical monsoon climate means that summer temperatures frequently rise into the 90s (Fahrenheit), with high humidity levels adding to the discomfort. Those not used to such weather might find the summer months challenging and need to consider this aspect before moving.

Is Naples, Florida a good place to live? The bottom line

With its breathtaking natural beauty, lively cultural scene, and endless opportunities for outdoor adventure, Naples certainly has its merits. However, there are downsides to be mindful of. The high cost of housing can pose a challenge for those on a budget, and the risk of hurricanes and occasional tourist crowds can be drawbacks. Ultimately, the decision to make Naples your home depends on your priorities, financial situation, and tolerance for the mentioned considerations. By carefully evaluating these factors, you can determine if Naples is the right fit for your desired lifestyle and aspirations.

Source: redfin.com

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February 10, 2022
by Carmen Roman

Tina Terenzio is a Mortgage Banker at our Fairfield branch and has her license in CT, FL, MA, NJ, and TX. She is a native of Fairfield, CT, and received her Bachelor’s degree from UCONN. Tina enjoys spending time with her husband, a USMC Veteran, and their two dogs, Charlie and Moose.

What motivates you to wake up and go to work?
As a Loan Officer, I love being able to help people achieve their dream of homeownership. I know that if I’m able to help people achieve their goals, that makes me successful too! It’s a win-win!

What do you enjoy doing in your free time?
I enjoy spending time with my husband Chuck and our two dogs, Charlie and Moose. We are a very active family. We run daily with and without the dogs. I am also an Aunt to three girls, and I love spending time with them.

If you could have any superpower what would it be and why?
I would go back in time.

What’s your favorite food?
Mac & Cheese

What are 2-3 fun facts about you?
I was an athlete in college and I have a family house in Italy!

If you won the lottery, what’s the first thing you would do?
I would purchase more real estate in different areas.

If someone was going to visit your hometown, what is one local spot you’d suggest they visit and why?
If visiting my hometown of Fairfield CT I would suggest stopping at Sasco Beach. It’s beautiful and serene. I have spent a lot of time.

What’s your favorite thing about working at Total Mortgage?
The people I work with. I am so grateful for my team.

Filed Under: Uncategorized

Source: totalmortgage.com

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Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks.

We’ve seen signs of this disruption for years now, and while it has improved the customer experience somewhat and shortened turn times, things aren’t much different.

You still have to fill out a loan application, often with the assistance of a human, submit financial documents, and wait for weeks (or over a month) to get your loan funded.

The difference now is you can do some of these tasks remotely, or better yet, authorize your financial accounts to be plugged into the application so you don’t need to track down documents yourself.

But there’s still the usual frustration and timelines that have long plagued the mortgage industry.

While most disruptors have focused on speed and convenience, an emerging company called “LoanSnap” is focused on originating “smart loans” as opposed to “dumb loans” that cost consumers billions annually.

What Is LoanSnap?

  • A direct mortgage lender and tech company based in Costa Mesa, CA
  • It was formed after acquiring Irvine, CA-based DLJ Financial
  • Currently licensed to do business in 19 states including AZ, CA, CO, FL, IL, and TN
  • Relies on artificial intelligence (AI) to offer a so-called smart home loan to consumers

LoanSnap was formed after acquiring DLJ Financial, a mortgage lender that had been based in Irvine, California for some 21 years.

The company’s current location is in nearby Costa Mesa, CA, with corporate headquarters in tech-rich San Francisco.

It makes sense that they have locations in both cities, as the Bay Area is where startups are born and Orange County has long been mortgage-central.

They offer a so-called “smart loan” that factors in all your monthly bills, such as credit cards and student loans, to ensure you get the best home loan.

In LoanSnap’s own words, it’s a mortgage that relies upon artificial intelligence (AI) “to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs — all while addressing common financial issues like too much debt.”

Put another way, it goes beyond just the lowest mortgage rate or the fastest turn times and considers a customer’s entire financial situation.

After all, the borrower’s home and accompanying mortgage can often serve as their nest egg, dictating other investments and financial decisions.

It can also be leveraged to pay off other high-interest debt, which is where LoanSnap figures in.

At the start of the loan application on their website, they say, “Welcome! Let’s start by identifying where you’re losing money so we can help you own your financial future.”

What they mean by that is you’re probably paying more interest on your credit cards, student loans, and car loans than you are/would be with a low-rate mortgage.

After all, mortgage rates are close to 3%, while credit cards are often 20%+ and auto loans and student loans are maybe 5%+.

They add that most folks “don’t realize they can move their credit cards or loans to their mortgage and save thousands in interest payments.”

So instead of pitching the lowest interest rates, they give you a full view of all your accounts to help their customers avoid losing money.

What Types of Mortgages Does LoanSnap Offer?

  • Home purchase loans, mortgage refinances, and HELOCs
  • The cash out refinance appears to be their chief offering
  • You can get a conventional loan, non-conforming loan, FHA loan, or a VA loan
  • Available on single-family homes and condos/townhomes

At the moment, they offer home purchase loans, mortgage refinances, and HELOCs.

That includes both rate and term refinances and cash out refinances, the latter of which is utilized to pay off other high-interest bills you may have.

The cash out refinance seems to be their weapon of choice to eliminate other debt, and explains the how and why of analyzing a consumer’s complete financial situation.

Once they know about your other debts, they can instantly recommend the best loan options that consider interest rates on all your outstanding debt, thereby saving you money.

In a sense, it’s marketing the cash out refinance as something unique to the company, while just about every mortgage lenders offers them.

Of course, things are a little less liquid in that department at the moment due to COVID-19, but that will likely change over time as the situation normalize.

It also means larger loan amounts for LoanSnap, which equates to more money for them.

In terms of loan type, they offer FHA loans, VA loans, and non-conforming loans. I assume they offer conforming loans backed by Fannie Mae and Freddie Mac as well.

They also offer second mortgages in the form of a home equity line of credit (HELOC), which can be used to pay off other bills like student loans, auto loans, and credit cards.

You can get a home loan on a single-family residence or a condo/townhouse. It’s unclear if they lend on second homes and investment properties.

In terms of where they’re available, they lend in 19 states with plans to expand to more soon.

At the moment, they’re licensed in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Michigan, Nebraska, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington, and Wisconsin.

LoanSnap Mortgage Rates

While LoanSnap says it looks beyond mortgage rates to help its customers save money, essentially by saving them on other, higher-cost loans, it doesn’t reveal its rates.

Obviously it’d be nice to get an idea of where they stand pricing-wise, but there’s no daily rate section on their website as of now.

So if you want to pricing, you’ll need to either apply or give them a call. My recommendation is to get pricing first before spending time on an application.

Note that cash out refinance rates are often higher than purchase rates, so if you’re comparing rates among lenders, be sure it’s apples-to-apples.

Also take a look at their customer reviews to see what other customers thought about their interest rates and fees for more clues.

With regard to lender fees, they also leave us in the dark, so be sure to inquire about fees and rates when you call and speak with a loan officer.

LoanSnap Reviews

Despite being a relatively young company, they’ve already amassed a decent number of customer reviews.

On LendingTree, they’ve got a 4.6-star rating out of 5 from nearly 300 reviews, with a 92% recommended score.

At Trustpilot, they have a 3.8-star rating, which the site considers “great,” but not quite excellent.

Over at Google, it’s a similar 4.1-star rating, which is certainly good but not the highest customer satisfaction tier.

On Zillow, they have just a dozen or so reviews and a 4.27-star rating.

While they’ve been accredited with the Better Business Bureau since 2009, they aren’t currently rated.

LoanSnap Received an Investment from The Chainsmokers

  • Company has raised millions of dollars via several funding rounds
  • Latest investment comes from fund backed by pop group The Chainsmokers
  • Also supported by True Ventures, group behind Peloton and Fitbit
  • Expect them to become a household name in the mortgage world with that backing

In a bid to perhaps become the coolest mortgage lender out there, aside from maybe Rocket Mortgage, they announced a new investment round that included pop duo The Chainsmokers.

The popular group that makes electronic music is apparently also interested in making money, as evidenced by their early stage technology investment firm known as MANTIS.

In mid-May, LoanSnap raised an additional $10 million, co-led by True Ventures and MANTIS.

To show just how serious they are, True Ventures is the Silicon Valley-based venture capital firm behind Peloton, Blue Bottle coffee, and Fitbit.

Their backers also include Richard Branson and Joe Montana’s Liquid 2 Ventures, so it appears they came to play.

Expect to hear the name LoanSnap if and when searching for a mortgage in the near future.

(photo: Jason White)

Source: thetruthaboutmortgage.com

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For some fans, collecting memorabilia simply isn’t enough.

That’s the case of financier and entrepreneur Mark Bell, a die-hard Star Trek fan willing to spend over $1.5 million to turn fiction into reality — and the home theater of his Boca Raton, FL home into the USS Enterprise.

For those less versed in the world of space travel, the Enterprise is the spaceship featured on Star Trek: The Next Generation, a popular TV series that ran from 1987 to 1994, and a recurring feature in J.J. Abrams’ reboot of the popular classic.

According to the Wall Street Journal, Mr. Bell’s collection of Star Trek memorabilia—which he estimates to be valued at $1 million—includes original costumes, starship models used for special effects and the ears worn by Leonard Nimoy’s Spock character.

And while we applaud Mr. Bell’s passion — and taste when it comes to pop culture — it’s worth noting that a spread in the Wall Street Journal, well after the home has undergone the changes (photos show the home looking like this in March 2014) is a clear sign that the owner is simply creating buzz right before he re-lists the home.

Listed at the beginning of 2014, the home failed to sell despite having a stellar agent team — agent Senada Adzem of Douglas Elliman Florida was assisted by the New York-based power broker brothers Oren and Tal Alexander, also of Douglas Elliman.

The asking price may have had something to do with it: the home was listed for $35 million! — at the time making it the most expensive ever to hit the market in Boca Raton.

Just in case we’re right and the home is soon to hit the marker, here’s the brokerbabble before the broker gets to babble it: Bell’s Boca Raton home features eight bedrooms and 16 full and two half baths, as well as a ballroom.

Now, to make things interesting: the ballroom is equipped with 60-plus arcade games, including some that date back to the late 1970s.

And if that doesn’t hit the mark for nerds and gamers everywhere, know that there’s another playroom designed to look like you’re inside “Call of Duty”. Additional selling points: three full bars, a 1,500-bottle wine cellar, a library, gym and full outdoor basketball court.

Oh. And it’s absolutely fabulous:

Source: fancypantshomes.com

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As the housing market improves, apartment communities are looking for new ways to attract renters – which means improvements to apartments around the country could be coming soon.

According to a survey of 6,800 property managers conducted by Apartment Guide, 76 percent of those polled believe they need to give their properties a facelift if they want to keep renters. And to know where best to invest their dollars, landlords are turning to residents for advice – meaning online ratings and reviews provide important feedback not just for prospective tenants, but for property managers as well.

Several of the apartment communities featured on Apartment Guide include a forum where residents can provide feedback. The site has topped 67,000 ratings and reviews and is growing all the time.

Want to learn more about the ratings and reviews service on Apartment Guide? Check out feedback from certified residents of apartments all over the country. Properties are rated on a five-point scale, and reviews are certified to make sure the writer is an actual resident of the community and the content is appropriate.

Among the most important features renters look for when searching for a new apartment, according to the survey: Square footage, storage space, ideal floor plans, pools and fitness centers, updated kitchen appliances, and the ability to pay rent online.

Among the other findings in the Apartment Guide survey:

  • Communities are increasingly turning to Facebook, Twitter and other social media channels to keep the lines of communication open with residents.
  • More and more communities are making their listings available for mobile, so prospective renters can search for the perfect apartment from their smartphones or tablets.

What else can renters expect to see from apartments in the future? We’ve got some ideas:

What sorts of improvements would you like to see in apartments?

Photo credit: Opera Tower, Miami, FL