American Savings Bank invests more than $4.3 million in Hawaiʻi Community Lending. PC: Hawaiʻi Community Lending
American Savings Bank, in collaboration with Hawaiʻi Community Lending, made a $4.3 million investment in homeownership opportunities for Native Hawaiians eligible to reside on Hawaiian home lands.
Hawaiʻi Community Lending, a nonprofit community development financial institution, will use $4 million of American Savings Bank’s investment to offer interim construction loans requiring no down payment to Native Hawaiians across the state.
American Savings Bank’s investment comes at a time when the Department of Hawaiian Home Lands, under the leadership of new director Kali Watson, plans to spend $600 million in state funds for housing.
American Savings Bank invests more than $4.3 million in Hawaiʻi Community Lending. PC: Hawaiʻi Community Lending
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“We mahalo American Savings Bank for their commitment to housing Hawaiians,” said Jeff Gilbreath, executive director at Hawaiʻi Community Lending. “This $4.3 million is just the beginning. It represents a down payment on what we believe will grow into the largest investment of private capital into housing Hawaiian home land beneficiaries since the creation of the trust lands more than 100 years ago.”
In addition to the investment, American Savings Bank will provide a $365,000 grant to Hawaiʻi Community Lending to support operations of the construction loan fund.
American Savings Bank leveraged a 2.6x match from the Federal Home Loan Bank of Des Moines under the Member Impact Fund, a $15 million initiative aimed to increase resources for affordable housing in Hawai‘i and other underserved states and territories.
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According to Gilbreath, nearly 800 Native Hawaiians with paper leases under Department of Hawaiian Home Lands’s Undivided Interest Lessee Program are unable to build homes due to lack of affordable construction financing and infrastructure.
“This type of partnership does not happen overnight,” Gilbreath said. “It requires us to be upfront and clear with one another about our intentions. As we move forward, American Savings Bank and Hawaiʻi Community Lending continue to have many conversations about how to best support the community.”
“I feel confident that we can provide interim construction loans to Hawaiian families who deserve them, and over time develop a larger, more extensive partnership that always puts community at the forefront,” Gilbreath added.
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With Department of Hawaiian Home Lands’ plan to use part of the $600 million allocation from the State for critical infrastructure needs, American Savings Bank’s investment in Hawaiʻi Community Lending will give native Hawaiians new capability to construct and own a home in Hawai‘i.
“We are committed to building on our efforts to expand access to affordable homeownership,” said Ann Teranishi, president and CEO at American Savings Bank. “It is our obligation and privilege to give back to the communities we serve. We are proud to partner with Hawai‘i Community Lending to create positive change for Hawai‘i.”
Native Hawaiian families in need of a construction loan on Hawaiian home lands are encouraged to sign up for Hawaiʻi Community Lendingʻs interest list so they can apply for a loan once funding becomes available.
To join the interest list, call Hawaiʻi Community Lending at 808-587-7656 or visit HawaiiCommunityLending.com/buy-a-home to complete the contact form.
Whether you’re renting your first apartment or just moving on up, you might ask yourself a question that many renters face: Furnished or unfurnished? Furnished apartments are less common but might possibly be the right choice for you. Furnished apartments usually come equipped with furniture, basic kitchen appliances and tableware, bathroom necessities such as a shower curtain, a washer/dryer set, and possibly a few other amenities. The exact items will vary depending on the landlord and what kind of place you’re renting.
Here are a few pros and cons to consider before you decide if furnished or unfurnished is right for you.
Furnished apartments: The pros
Moving will be a breeze. If you’re a frequent mover, you want to keep your stuff to a minimum. Renting a furnished place means you won’t own most of the big items in your place, and it’ll be easy for you to pick up and move on short notice. It’s also cheaper if you hire professionals, since they’ll have a lot less that needs to be moved. Plus, you could do without the joy of moving a couch up a flight of stairs, right?
You’ll save money buying furniture. This one has two sides – see the cons list later. A furnished apartment will save you a lot of money upfront if you don’t have furniture already. Do you really want to add a $1000 mattress to the things you have to pay for early on?
Read more: Short-Term Apartment Rentals: What You Need to Know
They’re good in a time crunch. Ideally, if you’re searching for a new apartment, you should measure your existing furniture and then pick a place that will fit your stuff. This can be a problem if you’re relocating on short notice, or if you’re moving across the country and can’t make the trip to see your new place in person before moving day. A furnished place takes the hassle out of moving in a time crunch – all you have to do is show up.
Sometimes you can get a shorter lease. Most furnished apartments won’t require a year-long lease, since they cater mostly to students and traveling professionals who don’t stay in one place for too long. If you’re not ready to commit to one place for too long, you’re probably better going after a furnished apartment. They’ll be willing to do a shorter lease, and you don’t have to do such a big move for a place you’re only staying in for a few months.
Read more: Month-to-Month Leases: What You Need to Know
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Furnished apartments: The cons
Your rent and security deposit might be higher. The money for the furniture has to come from somewhere. This isn’t a free gift for you, but money your landlord paid to make the apartment better. They’re going to build the price of the furniture into rent, and probably demand a larger security deposit to protect from damage to their valuable furniture. Speaking of which…
You face a higher liability. In an unfurnished place, you might not get your security deposit back if you accidentally bust a hole in the wall or your kid draws all over the walls with crayons. There’s a lot more to break in a furnished apartment. Did you tear the upholstery in the couch? Scratch the dining room table? That stuff doesn’t belong to you, so you’re going to have to fix it yourself or pay to get it fixed. Better be careful!
Tip: Take a video inventory of everything the landlord provides in a furnished apartment before you move in. Take note of anything that’s broken. That way, you’ll have indisputable evidence if your landlord tries to charge you for something you didn’t break.
Read more: Be Aware of Actions That Might Violate Your Lease Agreement
You’ll have no control over most of your décor. If you don’t like the couch in your furnished apartment, it’s a pain to get a different one. You could buy a new one, but you’ll have to figure out what to do with the old one, and if your landlord will let you in the first place. You can hang art on the walls and add other personal touches around the place, but you won’t have complete control over the look of your apartment. The look of the apartment is mostly determined by them, so if you care a lot about decoration, this probably isn’t the option for you.
You’ll have fewer apartments to choose from. There’s a reason rental income is listed as “passive” on tax returns: the preference is for less active work. Furnishing and maintaining the furniture in an apartment is a competitive advantage, but requires a lot of work by the landlord, so it’s not as common, leading to a lot fewer options than for unfurnished apartments.
The definition of “furnished” varies. You could be getting an apartment with everything you could think of to put in your apartment, or there might just be a bed frame and dresser. There’s no real standard of what “furnished” means, so you might still end up having to bring your own furniture to fill in some gaps anyway.
Not a lot of room for what you already have. You probably don’t have a lot of stuff if you’re looking at furnished apartments, but you already have something. Anything you bring with any bulk might be difficult to fit in the apartment, requiring some clever rearrangement to make everything fit and function.
Read more: Benefits of Renting vs. Staying in a Hotel
The most popular person in Los Feliz is Joan, the owner of a soon-to–be-vacant prewar apartment on Avocado Street. On a gloomy afternoon, Joan stands at the apartment’s doorstep, surrounded by five prospective tenants. We wait, hushed and breathless, as Joan takes the key from her purse.
“You’re the lucky ones who get to see it early,” she says.
Yes, we are the chosen, desperate few. Among nearly 50 interested callers in the three days the unit has been listed, we are the ones who called Joan multiple times. We left beseeching voicemails. We begged to submit applications without even seeing the apartment. We promised to be perfect tenants. We’ve witnessed its grandeur on Zillow — a $3,800 two-bedroom that’s a 15-minute walk from Griffith Park — and we know this one won’t last.
As Joan fits the key into the lock, I glance at the other prospective tenants, all of whom appear to be nice, respectable people. This is extremely unfortunate as they are now pitted against me in one of L.A.’s most cutthroat endeavors: finding an apartment.
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As Joan ushers us inside, I ask a woman in a pea coat how her housing search is going.
“Brutal,” she says. “I just lost a place to someone who paid an entire year’s rent up front.”
Inside, the apartment is gorgeous. We are collectively awed.
“Is this place staged?” a man with an Australian accent asks more than once, admiring the current tenant’s furniture. A short woman in a ball cap kneels on the floor, takes out a tape measure and begins aggressively assessing different walls. It is a power move. A laminated application is tucked beneath her arm. “My landlord is the new attorney general and she’s happy to provide a reference,” the ball cap woman tells Joan, loud enough for everyone to hear.
I catch the eyes of a blond woman in a trench coat. An understanding passes between us. We are no match for the ball cap woman. We did not laminate our applications. In fact, I didn’t even bring an application because I don’t own a printer. As the other tenants hand in their applications, Joan casts a hard, appraising glance my way. “I’m gonna email it,” I mumble. I immediately feel like a naughty child who hasn’t handed in her homework — the exact opposite of the sort of person who will get the place on Avocado Street.
In the backyard, an orange tree hangs heavy with overripe fruit. “Imagine, fresh orange juice for breakfast every day,” someone says. We sit silent for a moment, envisioning the future that will someday belong to only one of us: sitting at the cozy dining nook, sipping juice made from freshly picked oranges before heading out for a stroll to Griffith Park.
“It’s just nice to know this place exists,” the blond says, sadly.
In my hunt for an apartment, I saw more than 30 places: dumps and palaces and everything in between. Despite news of an L.A. exodus, the housing market shows no sign of cooling. At nearly every open house, I was pitted against New Yorkers who, like me, had decamped from Brooklyn in search of sunlight and a place to park their cars.
I found and lost my dream home twice. Aside from Joan, I met many landlords and found that, generally speaking, they are strange people.
Some, like a soft-spoken older woman leasing an $1,800 one-bedroom apartment at the foot of the Hollywood Hills, are delusional. The unit, which was advertised using Zillow’s two most-favored descriptors — “charming” and “sun-drenched” — turned out to be neither. It faced a hideous building that choked out even the smallest possibility of afternoon sun-drenching. When the landlord asked if I was interested in renting it, I said no, sorry. I was hoping for a place with more light. A place with a view.
“But this place has a view,” she insisted. “The building across is so lovely.”
Many landlords I met, like the owner of a $3,900 Spanish two-bedroom in Echo Park, have a frazzled, frantic demeanor. The Echo Park landlord hoped to sell the property or rent it, whichever happened first, he told me. He’d originally bought the place to market it as an Airbnb, but the city tightened its restrictions and he was forced to rent it out long-term. This was a relief in some ways, he said, because he’d found that managing an Airbnb was a nightmare.
“People are monsters,” he said. He once hosted guests who infested the unit with bedbugs. Another group stole all the lightbulbs. Worst of all was the man who defecated on the floor and said the cleaning fee should cover the cost of its removal.
“Are you sure it wasn’t a dog?” I asked.
“It was definitely human,” he said.
I asked where he found the feces. He pointed to the middle of the living room floor, the very place I’d envisioned my coffee table.
A more discreet landlord would have concealed this sordid history. Still, it’s sometimes difficult not to consider the sad circumstances that lead a property to be listed on the market in the first place.
This is especially true when you look at lease takeovers for one- or two-bedroom apartments. These leases, in my experience, often are broken due to heartbreak: Two people who once loved each other now hate each other and can no longer live together. One man I met who had advertised a lease takeover on Zillow greeted me in the driveway of a pretty, $4,000 Silver Lake two-bedroom condo. He looked as though he’d just been crying. He showed me inside, and when I told him the place was nice, he let out a low, resentful bleat of laughter.
“Yeah, isn’t it great?” he said. “I thought my partner and I would live here for years. But life is unpredictable, isn’t it?” And then he gazed ruefully out the window.
Walking through the condo, I wondered in which room he and his partner had argued most. Had they screamed at each other in the 250-square-foot bedroom with the attached bath? Had they bickered in the recently remodeled kitchen? Had they realized they no longer loved each other as they sat in the charming, sun-drenched living room?
Another consideration is who your new neighbors will be. One property manager leasing a snug one-bedroom apartment on Los Feliz Avenue for $2,200 vented for several minutes about the people who lived directly above the unit. More than anything, the property manager wanted to evict these tenants, who, he said, had not cleaned their toilet for several years. This had resulted in a grievous plumbing situation that affected not only their unit but also the one below it — the very unit I had come to see.
“The apartment is yours if you want it,” the property manager told me. I said I’d think about it, but I knew I’d never live there. It seems that I am always being offered the places I don’t want and never the places I do.
When I first came to L.A., I promised myself two things: I would never live on the West Side (I wrongly thought at the time that Silver Lake was superior), and I would never live in an apartment with vertical blinds. But the housing market humbled me. I signed a lease for an apartment in Santa Monica. I had the vertical blinds removed.
Two days after I saw Joan’s apartment, she sent me a text: “Thank you for your interest,” she wrote, “but the Avocado Street unit has been rented.”
I hope that the ball cap woman enjoys her place and that all her furniture fits.
As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.
You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?
First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.
The 7 Best Home Buying Apps
Zillow: Best for overall use
Trulia: Best for community insight
Homesnap: Best for convenience
Redfin: Best for multilevel support
Rocket Homes: Best for one-stop shop
Realtor.com: Best for reliability
Homes.com: Best for quicking listing updates
Best Home Buying Apps at a Glance
App
Best For
Details
Key Feature
Zillow
Overall usability
Virtual tours
Push notifications
SEE DETAILS
Realtor.com
Reliability
3D tours
Detailed descriptions
SEE DETAILS
Trulia
Community insight
34 map overlays
30M neighborhood reviews
SEE DETAILS
Rocket Homes
One-stop shop
Agents/lenders links
Area trend reports
SEE DETAILS
Homesnap
Convenience
High-definition photos
Optimized for mobile
SEE DETAILS
Redfin
Multilevel support
User-friendly interface
Calculates mortgage/fees
SEE DETAILS
Homes.com
Quick listing updates
Home showings via Zoom
Mortgage calculator
SEE DETAILS
Zillow
Pro
Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.
Con
The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.
The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.
The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.
Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.
Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.
Realtor.com
Pro
It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.
Con
Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.
Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.
The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.
Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.
Trulia
Pro
Shows names and contact information for listing agents, so users know who they would be working with for each listing.
Con
You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.
Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.
You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.
Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.
You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.
Rocket Homes
Pro
Lets you access your TransUnion credit report, which is updated every week.
Con
Does not provide a home value estimate.
Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.
This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.
Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.
This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.
Homesnap
Pro
Get extensive details on a home just by snapping a photo of it.
Con
Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.
The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.
If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.
You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.
Redfin
Pro
Updates every five minutes so you never miss a new listing.
Con
If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.
Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.
Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.
Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.
Homes.com
Pro
Most of 2020 was spent updating the speed and user-friendliness of the app.
Con
Limited information on neighborhood and demographic data.
The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.
The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.
The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.
Frequently Asked Questions (FAQs) About Home Buying Apps
There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.
Which App is Best for Buying a House?
The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.
What are Home Buying Apps?
Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.
Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.
How Accurate are Home Buying Apps?
Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies.
For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.
What is the Best House Hunting Site?
Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.
Which App is Better: Zillow or Redfin?
Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.
What is the Most Popular Real Estate Website?
Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise.
The Bottom Line About Home-Buying Apps
As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.
Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.
Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post.
In other words, independent mortgage banks (IMBs) acting as buyers in M&A deals are being asked to assume the future R&W liabilities for past loans sold to Fannie Mae by the seller should the seller, at some point, be unable to honor the terms of the contracts. An R&W contract is a legal assurance that “a mortgage loan sold to Fannie Mae or Freddie Mac (the enterprises) complies with the standards outlined in the enterprise’s selling and servicing guides, including underwriting and documentation,” according to theFederal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.
It is not clear how many other lenders received the request from Fannie Mae. The industry sources who spoke with HousingWire indicated that so far they had not been approached by Freddie Mac with a similar request.
Officials from Fannie Mae and Freddie Mac did not respond to a request for comment prior to the deadline for this story.
The industry sources, who asked not to be identified, also alleged that in the conversations with “mid-level” Fannie officials, it was not clear whether the agency would formalize the request into an official policy requirement in the future or whether there were any consequences to the lenders should they choose not to honor the request to take on that added R&W liability risk. Still, there is a fear, expressed by more than one industry source, that no one “wants to get sideways” with the agencies.
“The mere fact that the request is being made, and the uncertainty as to what Fannie will do if it’s not honored, does create a chilling effect on M&A at a time when those deals are good for the industry and the borrowers,” one industry source explained. “That chilling effect won’t be so much a factor in small deals where the risk of assuming liabilities is far less, but it could definitely scare off buyers in large deals, which are the most impactful to the industry and consumers alike.”
Asset-only deals
That chilling effect is compounded by the fact that Fannie Mae’s request was allegedly extended to IMBs involved in asset-only purchase deals, industry sources indicate. Unlike a stock-purchase acquisition, in which the buyer typically does assume R&W liability for the seller’s loans — unless expressly specified otherwise — asset-only deals are designed to avoid the assumption of most liability risk.
“I’d say 90% of deals [involving the acquisition of an IMB] are asset purchases, not stock purchases,” said Brett Ludden, managing director and co-head of the financial services team at Sterling Point Advisors, which specializes in IMB merger and acquisition transactions. “In an asset deal, the buyer is specifying the assets it is acquiring … and explicitly states that it’s not buying any other assets, and it’s not assuming any other liabilities.”
The assets acquired in an asset-only purchase deal, according to one industry source, typically include computers, furniture and fixtures, leases, company databases and potentially a company name. Plus, such deals often involve incentives extended to certain high-performing or key employees of the acquired firm that encourage them to sign new employment agreements with the buyer.
“The seller continues to have an obligation to manage their company that they still own after an asset deal,” one industry source explained. “Whether they choose to wind that company down or whatever it might be, they still have to fulfill their contractual obligations.”
Sean A. Stephens, a certified mortgage banker and an attorney with the business and financial-services law firm of Garris HornLLC, said a key reason that a buyer structures an acquisition as an asset sale, versus a stock sale, “is so that the assets are transferred without taking on the seller’s liabilities.”
“Risk mitigation is critical right now on all levels,” Stephens added. “In the M&A context, you have a lot of the small to midsized [IMBs] who are deciding whether they want to wind down or sell their business.
“… And, depending on their book of business, if this [alleged added R&W risk] is layered in, this could be an additional factor to consider in any M&A deal. Even if you are not buying those loans, because there could be recourse down the road, this could require additional due diligence on past loan production, which could result in more time, more cost and then possibly the renegotiation of purchase price depending on the results.”
Rising tide
Much of the problem with the rising tide of repurchase requests from the enterprises Fannie Mae and Freddie Mac stems from the huge volume of low-rate loans originated in 2020 and 2021 at a time when the industry was continuously working to build capacity to deal with the explosive origination growth. That capacity issue, industry experts contend, resulted in a higher rate of underwriting errors than in more normal times that the enterprises are still uncovering as part of their ongoing quality-control checks — sometimes months or even years after a loan was originated.
There is a concern among IMBs, however, that Fannie Mae and Freddie Mac are being too aggressive in pursuing the repurchase option on loans with minor underwriting defects that could be cured far short of a draconian buyback demand.
The Community Home Lenders of America (CHLA) said due to the rapid rise in interest rates over the past year, “our consensus member conclusion is that the average loss to the lender is now 30% on every loan repurchase.”
“This equates to a loss of over $100,000 on a $335,000 loan,” CHLA states in a recent press statement focused on the problem. “The loss is even greater for high-cost loans; 30% equates to a $218,000 loss for a loan at the conventional loan limit — and a $327,000 loss for a loan at the maximum nationwide loan amount. This is for one loan that is not even in default!”
In response to the problem, the CHLA recently sent a letter to the FHFA and the enterprises asking that the GSEs adopt a policy of offering some type of reasonable indemnification-payment remedy to lenders for all performing loans “in lieu of the practice of a repurchase demand.” The letter indicates that lenders would still be responsible for repurchasing defective loans that move to a nonperforming status.
“Given the complexity, we don’t want to get into details [of how the indemnification-payment program would work], but discussing the details would certainly be part of the discussion with the FHFA and the [enterprises],” said Rob Van Raaphorst, spokesperson for the CHLA.
Stephens, for his part, said, “We do see the indemnification in lieu of repurchase as a viable option when it’s available.”
Scott Olsen, executive director of the CHLA, said the industry group’s members are concerned about the potential impact of loan-repurchase demands from Fannie Mae and Freddie Mac, “and, you know, sort of anecdotally, they’re under the impression that the level of repurchase requests is increasing.”
Stephens echoes Olsen, adding that “generally speaking, as we get into 2023 [and starting at the end of 2022] we have seen more repurchase request activity occurring.”
“While we don’t know the exact percentage of loans leading to repurchase requests,” he added, “even if it’s the same percentage [of repurchase requests as in prior years], it’s going to result in more activity because of that sample size [2021 loan originations] being so large.”
Sterling’s Ludden stressed that if lenders are approached by Fannie Mae or Freddie Mac “with the expectation that they should be backstopping rep and warranty [liabilities] in an asset purchase, I would strongly recommend that they reach out to the Mortgage Bankers Association (MBA).”
“I’m sure they’re likely not the only lender [that is in that position],” Ludden added. “And I’m sure that the MBA can play a role in helping facilitate this conversation.”
MBA also did not respond to a request for comment prior to the deadline for this story.
“It is understandable that the GSEs want to take away all of their risk, but there should be proportion here,” one industry source added. “The GSEs are making profits in a difficult environment, and last I checked, they are supposed to take on some risk.”
Whether more IMBs acting as buyers in M&A asset-only deals will be approached by Fannie Mae, or possibly Freddie Mac, with a request to assume the future R&W liabilities of the seller is not known at this point. Potentially, the requests that have surfaced so far are little more than trial balloons that will disappear soon over the horizon.
Regardless, it seems tensions between mortgage lenders and the enterprises over the loan-repurchase issue are not going to disappear any time soon.
“… As to the timing, many of the originators out there were in a much better financial situation and could have absorbed a repurchase request two years ago, but since then finances have changed,” Stephens said. “Therefore, we have seen an uptick on requests to negotiate, appeal and to provide a comprehensive review of mitigation strategies that can be used to defend against repurchase-demand requests.”
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
As the old saying goes, “In real estate, location is everything.”
You may not know much about REITs, but you might want to consider one of them as a career. They’re great for people who like real estate, enjoy making money, and need consistent work hours.
Real estate investment trusts (REITs) are companies that were formed to make it easier for individuals to invest in real estate.
Want to know what the top paying jobs in Real Estate Investment Trusts are in 2022?
Well, take a look at this list of 25 best paying jobs for real estate investment trusts and see if you can find one that sounds perfect for you. In addition, each job features information about how much each job pays, what you can expect on the job, any job training needed, and other fun facts!
If you are looking for your next career, this article will give you plenty to think about as well as potential opportunities that may be available to you.
What are real estate investment trusts?
Real estate investment trusts, or REITs, have become an increasingly popular way for investors to get involved in the real estate market. REITs allow people to invest in large-scale real estate projects without having to purchase and manage the properties themselves.
In addition, REITs offer shareholders a wide range of benefits, making them a great choice for those looking to invest in this growing market.
How do real estate investment trusts work?
A REIT is a type of company that owns and operates various types of real estate, and because they are exempt from corporation tax on profits generated through rental income and the sale of rental properties; They are a very attractive option for high-earners.
They pile investors’ money together and invest in various commercial real estate, which increases returns over time. In addition, REITs are generally owned by the general public, and they invest in real estate assets.
Lastly, they make a profit through investments or leasing; a return on investment is typically received as a dividend. Real estate investment trusts are similar to mutual funds in that they hold investments, distribute dividends, and pay taxes.
Is a real estate investment career good?
Real estate investment companies are a great place to start a career in real estate.
Real estate investment trusts (REITs) are one of the most productive industries today. They provide steady and consistent growth, as well as good job opportunities with high salaries. Careers in real estate that can lead to better-paying jobs include appraisers and investment bankers.
Best paying jobs in real estate investment trusts
The market for REITs has grown rapidly in recent years, with the total value of REITs reaching almost $3.5 trillion by the end of 2021 (source).
There are many different jobs in the real estate investment trust industry that come with a variety of salaries. The best paying jobs are reserved for the C-level executives:
Chief Executive Officer: The CEO is the highest-ranking executive officer in a company and is responsible for making major decisions that affect the business. CEOs in the REIT industry earn an average salary of $468,000 per year.
Chief Financial Officer: The CFO is responsible for financial planning and reporting, as well as managing relationships with banks and other lenders. CFOs in the REIT industry earn an average salary of $341,000 per year.
Chief Operating Officer: The COO is responsible for overseeing all day-to-day operations of a company. COOs in the REIT industry earn an average salary of $325,000 per year.
Followed by the attorney, which is one of the highest-paying professionals in real estate investment trusts.
Now, we are going to list the most lucrative jobs in REITs. Then, you can decide… is real estate investment trusts a good career path for me.
The higher paid jobs will come with more education needed and years of experience.
1. Real Estate Attorney Jobs
Real estate attorneys are in high demand for their knowledge of transactional law and contractual issues. They work on a variety of deals involving the purchase, sale, or leasing of real estate. As such, they provide critical legal support to the real estate investment trust (REIT) industry.
Real estate attorneys license in their state to practice law. They can prepare contracts, advise clients on purchases and investments, review documents, represent mortgage lenders at closing, or simply provide legal counsel without the requirement of an attorney’s license.
Consequently, real estate attorney jobs are an excellent opportunity for those looking to work in the REIT industry.
Real Estate Attorney: well over 6 figures (average)
2. Real Estate Developer
Real estate developers are typically involved in the design, construction, and marketing of properties. They are also involved in land assembly and subdivision, zoning regulation, and the establishment of building codes.
Builders are involved in all aspects of the development process, from acquiring land to constructing buildings. Promoters are responsible for finding investors and marketing completed projects. In both cases, real estate developers may work either on their own or with a team of partners.
A developer obtains land and constructs assets for sale, while also selling them off when they become old enough to be sold again.
Real Estate Developer Salary: over 6 figures (average)
3. Director of Real Estate and Facilities
The Director of Real Estate and Facilities is responsible for a variety of tasks within the department. These tasks include, but are not limited to, the following:
Acquiring new properties
Negotiating leases
Overseeing property management
Maintaining the company’s physical infrastructure
Developing and implementing strategic plans
A director of real estate and facilities is a key role in any company that deals with real estate investment trusts (REITs). Therefore, this position often leads to advancement opportunities, making it an excellent career choice for those interested in this growing field.
Director of Real Estate and Facilities Salary: $130,000 a year (average)
4. Director of Acquisition
Directors of acquisitions in real estate investment trusts are responsible for finding new properties to invest in for the company.
Typically, they work with their analysts to conduct due diligence on potential investments and analyze the risks and rewards involved in order to provide a recommendation to their superiors.
The acquisition team is responsible for finding investment opportunities for the company, which can be traditional real estate assets or creative ideas that can become a business. They are constantly on the lookout for new and innovative opportunities that can help bolster the company’s growth.
Director of Acquisition Salary: $125,000 a year (average)
5. Real Estate Agent
As a licensed real estate agent, you would help clients buy, sell, and rent properties. In order to become a real estate agent, you must pass an exam that covers topics such as contracts, ethics, and state laws. You would be responsible for understanding the real estate market and helping your clients make informed decisions about their property transactions.
In the case of REITs, you must be a commercial real estate agent who are in charge of dealing with important financial data. They need to know about the internal rates of return, gross rent multipliers, and capitalization rates in order to do their job effectively. In order to become a commercial real estate agent, you will need some background in business and finance. This knowledge will help you understand your client’s needs and better serve them.
Unlike most professions, the more business deals you close as a real estate agent, the better your pay is. Furthermore, many agents work on commission-based pay, so it’s important to be knowledgeable about the market and have a strong sales skill set.
Agents who are successful can make much more than this amount; however, those who are just starting out may make less until they gain experience and build a client base.
Real Estate Agent Yearly Commission: $100,000 a year (average)
6. Investor Relations Manager
An Investor Relations Manager is responsible for managing the relationship between a company and its investors. They must be able to quickly understand complex financial information and communicate it in a clear and concise way. Additionally, they are responsible for communicating the company’s financial performance and strategy to investors.
They are also responsible for updating quarterly reports on the investor’s online dashboard. This can be a high-stress job because you must keep your investors happy especially during a market downtrend.
Investor Relations Manager Salary: $100,000 a year (average)
7. Project Manager
Project managers are responsible for ensuring that a project is completed on time and within budget.
They work in teams to make sure that all aspects of the project are completed. Thus, they must have strong organizational skills. They also typically have experience in leading and coordinating teams.
This is a highly lucrative job for those building new assets for a REIT. The highest-paid 10 percent earned more than $187,000, while the lowest-paid 10 percent earned less than $59,000.
Project Manager Salary: $90,000 a year (average)
8. Accounting Manager
They do this by preparing financial statements, maintaining accounting records, and overseeing the work of accountants and bookkeepers. In order to qualify for this position, you will need at least a bachelor’s degree in accounting or a related field, as well as several years of experience in accounting or bookkeeping.
However, with experience and expertise in the field, it is possible to earn much more than that. Those who work for real estate investment trusts (REITs) can expect to make even more money.
Accounting Manager Salary: $90,000 a year (average)
9. Asset Managers
Asset Management is a process that oversees the operational and financial work of a portfolio of assets. This includes tasks such as budgeting, forecasting, reporting, and analyzing data to make sure the asset is performing well.
As they are responsible for managing the portfolio assets in the real estate investment trust (REIT), they must expect a higher stress job. In addition, their job entails working with other departments in the company, such as accounting, acquisitions, development, and finance.
Asset Managers Salary: $89,000 a year (average)
10. Construction Supervisor
A construction supervisor oversees all aspects of a construction project, ensuring that it is completed on time, within budget, and to the required standard. This position requires a great deal of experience and knowledge in the field, as well as strong leadership skills.
They make sure that everything runs smoothly! Speficially, all the necessary equipment, materials, and supplies are ordered and on-site when they are needed. They also check the quality of the work as it is being done; making sure projects are constructed in accordance with contract documents, standards, codes, and policy.
In order to become a construction supervisor, you need only a high school diploma or GED. However, five years of experience in yard operations or equivalent education and experience is preferred.
Construction Supervisor Salary: $89,000 a year (average)
11. Investment Due Diligence Analyst
An investment due diligence analyst is responsible for conducting an extensive analysis of potential investments for a real estate investment trust. They work with the team to identify opportunities, underwrite deals, and make recommendations. The role is essential in helping the team make sound investment decisions that will benefit the company in the long run.
This job is a key player in the real estate investment trust (REIT) industry.
To be successful in this role, you’ll need experience with REITs or a national brokerage, as well as excellent quantitative skills including the ability to build real estate valuation models and distribution waterfalls.
Investment Due Diligence Analyst Salary: $80,000 a year (average)
12. Financial Analyst
The most common role of a financial analyst is assessing a company’s current and future financial health, which may include issuing stock recommendations, forecasting earnings, and providing risk analysis. Financial analysts may also work with investment bankers to identify new investment opportunities.
However, salaries can vary significantly depending on the size of the company, the city in which you work, and your level of experience.
Financial Analyst Salary: $80,000 a year (average)
13. Business Acquisition Analyst
An acquisitions analyst is responsible for reviewing potential investments and determining the risks and rewards associated with commercial property.
The analysis will include both macro-level information, such as the political and economic environment, as well as more fine-tuned data that is specific to the investment itself.
Many in this role have found a business degree to be well worth the cost.
Director of Acquisition Salary: $78,000 a year (average)
14. Commercial Property Manager
Property management is a growing field, as the demand for individuals who can manage both residential and commercial properties increases. The goal of property managers is to ensure assets are kept in good condition and are appealing to owners and tenants alike.
Real estate investment managers have a very important job, as they are responsible for meeting the needs of property owners, tenants, and investors.
Primarily, they oversee maintenance and repairs, collect rent, screen tenants and enforce lease agreements. They also may negotiate leases, recommend improvements to the property, and coordinate with contractors.
Commercial Property Manager Salary: $75,000 a year (average)
15. Real Estate Photography
Real Estate photography is a specialized field within the photography industry. As such, many photographers start their own businesses in this area.
In order to be successful, it’s important to have strong marketing and business skills. Your portfolio should showcase your best work and be tailored to the types of properties you will be photographing. Additionally, you may choose to offer additional services such as virtual tours or video production.
A real estate photographer would work closely with the marketing team.
Real Estate Photographer: $70,000 a year (average)
16. Marketing Coordinator
Marketing coordinators are responsible for developing and executing marketing campaigns.
They work with the advertising department to come up with ideas. Then, working with the rest of the company to make sure that those campaigns are executed properly. They create all marketing materials, track campaign results, liaise with outside vendors, and organize events.
Given the regulations around REITs, it is highly important that the marketing communications follow the investment directives from the SEC.
Marketing Coordinator Salary: $67,000 a year (average)
17. Maintenance Supervisor
A maintenance Supervisor is a position that requires managing and overseeing the work of others. Thus, ensuring work is completed in a timely, efficient and safe manner.
They are responsible for making sure all company policies and procedures are followed, as well as any legal requirements or safety regulations. Additionally, they manage budgets and expenses, as well as staff.
The ideal candidate will have experience in the property management or construction industries, as well as supervisory experience. A degree in engineering, architecture, or a related field may be beneficial.
Maintenance Supervisor Salary: $65,000 a year (average)
18. Property Appraiser
Appraisers are typically called in when there is a need to settle a dispute about the value of a piece of property, or when someone is buying or selling a home and needs to know how much it is worth.
Most states require that you be licensed in order to practice as an appraiser. The job outlook for appraisers is good; the Bureau of Labor Statistics predicts that employment will grow by 4% from 2020-2030 (source).
Property Appraiser Salary: $60,000 a year (average)
19. Leasing Consultants
Leasing consultants are responsible for meeting and greeting clients, touring potential tenants through a property, and helping them decide whether or not to lease it. They must be knowledgeable about the property they are showing, as well as about the local rental market.
Consequential, this is a good job for someone who is able to close deals, so being persuasive is important.
They should also be outgoing and comfortable working with people from all walks of life. A high level of professionalism is essential, as is attention to detail. Leasing consultants typically earn commissions based on the number of leases they sign, making this a commission-based job.
Leasing Consultant Salary: $50,000 a year (average)
20. Commerical Real Estate Intern
Commercial real estate internships are a great way to get started in the commercial real estate industry. Many internships will give you the opportunity to work with the CEO/COO and learn about all aspects of the business.
In most internships, you will gain vast knowledge while working with every department within the company.
Consequently, interns often have the chance to work with different teams and learn about all aspects of commercial real estate. This is a great way to gain experience in the field. Plus you will get a well-rounded working experience and the opportunity to build your network.
You must be a college student who is detail-oriented, self-starter, creative and strategic thinker in order to be considered for any real estate internship.
Commercial Real Estate Intern Salary: unpaid to $20 an hour
(Source for All Salary Information: Glassdoor.com)
Bonus = Real Estate Investors
Real estate investors use a variety of strategies to make money in the real estate market. Some invest a minimal amount of money, while others take on high-risk ventures.
In order to be successful, investors must be well-versed in real estate investment strategy and have extensive knowledge of the market.
This is why REITs are so popular with most investors. It allows a hands-off approach to real estate investing. Yet, still profit in the real estate appreciation and rental income.
Real Estate Investors Salary: varies on the amount of money invested but most want at least a 6-10% return
What real estate investment jobs are entry level?
Real estate investment is one of the best paying jobs in the world. The job offers a lot of opportunities for growth and allows you to work with different types of people.
It also has a relatively low barrier to entry, making it a great option for those who are starting their careers.
Most people in real estate started at the bottom and worked their way up the corporate ladder with hard work and persistence.
What are the minimum requirements for entry level real estate jobs?
The industry is growing rapidly and there are many different opportunities for those looking to enter the field. However, it’s important to note that entry-level jobs in this field come with specific skill sets and education requirements.
Most require at least a college degree if not at least 5 years of hands-on experience. One of the best places to start without any qualifications and education is as a leasing consultant
If you want to progress quickly in your career in real estate, consider taking a chance on one of the best paying jobs in REITs listed here. In fact, there are many jobs available in real estate investment trusts.
REITs – Which real estate investing job looks appealing to you?
The REIT industry is constantly growing, and with that comes new opportunities for a lucrative career path.
Many of the roles in a REIT are highly challenging, pay well, and are respected by investors. Many people work together as a team to build new projects, manage existing projects as well as work to finance them.
There are plenty of benefits of spending time researching this industry and finding the job for you.
In fact, it is an exciting and rewarding career!
Know someone else that needs this, too? Then, please share!!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Right now, many people are exploring different industries looking for the right career change.
As such, people are intrigued about the real estate market, but don’t want to start their own company. So, working for a REIT may be a good fit for you.
Real estate investment trusts, or REITs, are publicly traded investment vehicles that allow investors to pool their money and invest in a wide variety of real property assets. These assets can be diversified by investing in an ETF that holds a portfolio of different REITs.
First of all, careers in REIT tend to be highly lucrative and the industry is growing by leaps and bounds.
When viewed as an industry, REITs make significant contributions to the tax base and the job market. Plus the community is the benefactor of all real estate improvements.
in 2020, REITs contributed an estimated 2.9 million full-time jobs to the U.S. economy (source).
In this article, I will tell you how many positions are available in REITs and what these jobs entail.
What are real estate investment trusts?
Real estate investment trusts, or REITs, are a type of security that owns and operates income-producing real estate. REITs are a great way to invest in real estate without having to be a property owner.
When you buy into a REIT, you are not actually buying any real estate yourself–you are simply investing in a company that owns and operates real estate. The company will not resell the properties it acquires; instead, it will hold on to them and generate profits from rent or lease payments.
How many real estate investment trusts are there?
There are a great number of real estate investment trusts, or REITs, across the globe. These trusts have a combined equity market capitalization of $1 trillion and hold a vast array of properties- from apartments to hospitals to data centers.
In the United States, there are more than 225 real estate investment trusts (REITs) that are registered with the Securities and Exchange Commission (SEC) and trade on one of the major stock exchanges.
Over 1,100 REITs have had tax returns filed according to the IRS. Thus, most REITs are privately held.
What is the job outlook for people in real estate investment trusts?
The job outlook for people in real estate investment trusts is good because the real estate industry is growing and there is a lot of opportunity for people who are interested in this field.
The real estate industry is always changing, so it is a good field to be in if you want to have a lot of opportunities for growth.
The job market for people in real estate investment trusts is expected to grow at a rate of about 10% per year. This means that there will be more high-level positions available in the next few years. In addition, 30% of all REIT jobs require a business degree to start at a managerial level. However, you can find entry-level positions to begin your career.
How Many Jobs are Available in Real Estate Investment Trusts
Currently, there are over 1,500 jobs available in real estate investment trusts on Linkedin and 3000 more on Indeed.
There are many different career paths that one can take on within the industry of real estate investment trusts, with different salaries and opportunities.
Best paying jobs in Real Estate Investment Trusts
Asset managers, for example, can make upwards of $200,000 per year. Other high paying positions include those of developers, acquisitions professionals, and investor relations personnel.
It is important to remember that these roles often intersect and overlap, so it is important to be aware of what companies are hiring for what positions. There are many industries in which you can work for a REIT, including construction projects and residential leases.
Real estate investment trusts, or REITs, are becoming more popular as a way to invest in the real estate market. These trusts are responsible for every aspect of a real estate project, from finding and acquiring properties to managing them and leasing them out. This requires a variety of different professionals, including asset managers, accountants, lawyers, and engineers.
Types of Jobs Available
There are also many jobs available in the field of real estate investment trusts (REITs). A REIT is responsible for every aspect of a real estate project, from development to management.
The company also needs to ensure its success, which requires a lot of hard work and dedication. There are professionals managing the trust’s assets and overseeing its portfolio.
If you’re interested in working in this field, there are many opportunities available to you including:
Property Manager
Commercial Developer
Acquisition Team Member
Financial Analyst
Marketing Coordinator
Construction Supervisor
Check out the full list of available jobs in real estate investment trusts.
Each of these positions has different responsibilities and duties.
For example, a real estate agent is responsible for helping REIT buy or sell properties. A property manager is responsible for overseeing the maintenance and operations of a property, while a financial analyst decides whether or not the assets are living up to their financial obligations. Finally, a commercial developer is responsible for designing, constructing, and managing commercial developments.
How do I become a real estate investment trust professional?
You should be able to identify opportunities and analyze data to make sound investment decisions.
You should have experience in financial analysis, accounting, and investing. Excellent communication and interpersonal skills are also important, as you’ll need to work with clients, investors, and other professionals in the industry.
There are many things to consider when you’re thinking about becoming a real estate investment trust professional. The most important factor is making sure that this is the right career path for you. There are many benefits to working in REITs, but it’s important to make sure that you’re ready for the challenge.
Once you’ve decided that this is the right career for you, there are some basic steps that you need to take in order to get started.
The first step is getting educated on the topic. There are many courses and programs available that can teach you everything you need to know about real estate investing. After you’ve completed your education, it’s time to start building your network. Meeting other professionals in the industry and getting connected with potential mentors will help set you up for success.
The final step is finding a job in the industry. There are many opportunities available, so it’s important to do your research and find the company that’s right for you. Working in REITs can be a rewarding experience, and with the right preparation, you can be on your way to a successful career in real estate investment trusts!
What are the requirements to work in a real estate investment trust company?
The requirements to work in a real estate investment trust company vary depending on the company, but typically a degree in business, finance, or economics is required, along with experience in the real estate industry. Some companies may also require experience in accounting, investment banking, or the law.
In order to work in a REIT company, you must meet some requirements.
First and foremost, you must be passionate about real estate investment. Secondly, you must be able to devote the time and resources necessary to do your job well. Finally, you must be able to meet the company’s standards and uphold its values.
REITs are required by law to invest in real estate–so it’s important that you have a firm understanding of the market before working in this industry. In addition, REITs are limited in terms of the number of shareholders they can have (no more than 50% held by five or fewer people). Lastly, REITs are mandated to pay out 90% of their taxable income each year so that investors can benefit from regular dividend payments.
How Much Can You Earn Working for a REIT?
Smaller companies with lower profit margins usually offer the lowest-paid jobs. Larger companies with higher profits and more complex job tasks often pay more than smaller ones do.
According to Payscale, the average base salary for the REIT industry is $75,000 a year (source). This is above the median salary of $60000. Thus, jobs within the REIT industry are more lucrative than you can find in other industries.
Lead Analysts and Senior Analysts are the most popular jobs within the industry with annual salaries of $80,000 and $90,000. It’s important to note that these figures are national medians and may vary depending on location.
Executive-level jobs offer the highest earning potential with the average salary for a senior executive position reaching well over six figures ($105,000). However, it is also worth mentioning that these earners typically have an ownership stake in their company.
Therefore, if you’re looking to maximize your earnings as a REIT employee then working for a large company is your best bet.
How Many Are Real Estate Investment Trust Jobs Being Created Each Year?
The number of jobs in real estate investment trusts is growing rapidly, with more than 1000 positions becoming available each year.
REITs are a type of business that creates many jobs.
The number and percentage of these jobs will vary depending on the specific industry in which the REIT operates; however, there are always many opportunities for those interested in this field. It’s important to research the particulars of each position in order to decide which is best for one’s interests.
Individuals can be employed in a variety of positions in the REITs sector, including accountants, construction managers, leasing consultants, property managers, and financial analysts.
There are a variety of job opportunities in REITs, depending on the specific department or position you’re interested in.
Many even are early morning jobs too!
Other jobs in real estate investing
Plenty of different jobs are available in the real estate industry and can be broken down into three main categories:
People who invest in real estate
Those who manage or develop properties
Employees who provide support services.
There are a variety of job descriptions to fit your experience level.
In fact, if you keep using these good excuses to miss work, then a job change is probably needed.
REITs – Real Estate Industry a Possibility for You?
It is important to know how many jobs are available in a particular field so you can see if it’s worth pursuing as your career.
As this article showed, real estate investment trusts, or REITs, makeup one of the higher paying jobs. Surprisingly, it has one of the lower barriers to entry as a career field.
Plus, there are more than hundreds of thousands of people who are employed by REITs.
You can earn a lot of money working for a REIT, depending on the company you work for and the job you have.
Start your job search now.
Know someone else that needs this, too? Then, please share!!
The most frustrating part of an apartment search is missing out on an opportunity because you can’t connect with the property manager or owner. Abandoned calls, long wait times and other phone mishaps can all lead to the loss of your ideal place.
So, what’s the formula for getting in touch with these elusive people?
Apartment Guide wanted to help. After gathering and reviewing our data, we’ve discovered the best timeframe to call apartment communities. This is the sweet spot where your wait time is likely to be short enough that you’ll tough it out until an actual person gets on the phone.
When to call an apartment community
According to a six-month sample of Apartment Guide data from a few years ago, a total of 1,965,843 “good” calls came into apartment communities listed on the site. These “good” calls were answered and completed.
Within that same time, apartment communities received 952,879 “bad” calls, which were those that got missed, ended with a busy signal or were abandoned.
Calls came in throughout the day, but the highest ratio of good to bad calls was between 11 a.m. and 4 p.m. This is your sweet spot, to ensure you’ll get a real person on the phone with the least amount of wait time.
Once you do get a person on the phone, even if you end up waiting a bit too long, remember to keep it cool. “You want to remain as professional as possible. Remember that when looking for an apartment, first impressions are everything and starting with a call during business hours is a good start,” says Kristen Valera from My First Apartment.
When not to call
Interestingly enough, thousands of calls came into apartment communities overnight according to Apartment Guide’s data. A total of 17,537 good and bad calls came in between 1 a.m. and 2 a.m.
This is the one time when you’re guaranteed not to get a real person on the line. You’ll most definitely go straight to voicemail assuming the mailbox isn’t full, limiting the chance you’ll get a call back.
Queuing up with all the rest of the voice messages puts you at a distinct disadvantage when trying to secure that perfect apartment. If possible, try to call during regular business hours, even if you can’t hit the ideal timeframe exactly.
What to call about
Most incoming calls to apartment communities are about vacant units for rent, although some current tenants may also call about maintenance issues. Either way, it’s important to be direct and succinct when communicating your needs. Remain calm and professional and patient.
1. Inquiring about an available unit
More often than not, you’re going to end up in voicemail when you call an apartment community. Especially if you’re apartment hunting during a busy period, where many others are looking as well.
During this time, property managers may not answer their phone as often. Leaving the perfect voicemail message can require some finesse. “In an effort to avoid phone tag, be sure to slowly and clearly leave your name, address you are calling about, your area code and phone number, best time you can be reached and the phone number again,” says Helene Lesel from The Seattle Times.
When you do get a person on the phone to speak to directly, make sure to hit the key points:
Mention the specific unit you want to see
Verify it’s still available
Schedule a time to see it
Confirm rent amount and move-in date
Beyond that, any other specific questions you may have that can’t wait should get asked over the phone. If there are certain amenities you want to have like an elevator or on-site parking, ask to confirm they’re there. You want to make sure the apartment building doesn’t have any deal-breakers on your list before taking the time to go see the space.
2. Reporting a maintenance issue
If you go through the motions to report a maintenance issue over the phone but aren’t hearing back, it’s time to revisit your rental agreement. “Some leases also have provisions for how the landlord prefers to be contacted, so check yours before you reach out, and act accordingly,” says Virginia K. Smith and Donna M. Airoldi from Brick Underground.
Some property managers may prefer maintenance requests in writing or sent to a specific email address. That’s much easier than struggling with the phone and unreturned calls.
How to deal with wait times
Patience is a virtue, but waiting on hold requires a special kind of patience. Someone “who is on hold for 5 minutes feels as if they have waited for an hour,” according to Affiliated Communications. Luckily, wait times during the sweet spot of call-ins, 11 a.m. to 4 p.m., waited on average only 17 seconds for good calls and no more than 25 seconds for bad.
Outside of the optimal call period, average wait times for all callers varied. Some callers waited for almost 10 minutes, which is an incredibly long time for someone to get worked up in the wrong way. This can put the caller in a bad mood once they do finally get a person to talk to, so it’s important, no matter how long you wait, to be patient.
Rhett Power from Inc. suggests a few tips to maintaining patience when on hold, ensuring that you make the best impression possible when speaking with a property manager.
The first step is to practice patience. Make yourself wait for things you don’t have to wait for in order to practice being patient. That way, when the time comes to truly have to wait, you’re more conditioned to be successful.
You should also prepare in advance for things you know make you impatient, like waiting on hold. Managing your expectations can help decrease frustration.
In the moment, remember to take deep breaths to keep yourself calm. Deep breathing relaxes both the mind and body so you’ll hang in there until someone answers your call.
Don’t fear the phone
Regardless of the wait time or the number of messages you leave, don’t give up on getting in touch with a property manager if that apartment is your dream home. Stay calm and be vigilant.
Focus on making a good impression with the property manager when you go talk and gather enough information to feel confident this apartment is the right place for you. Stick to the sweet spot for calling as best as you can, and good luck.
Breaking down the data
Apartment Guide tracked the total number of calls made to apartment communities that list on the site from October 1, 2013, to March 31, 2014, broken down by the hour of the day in which they were made. Calls answered and completed receive a “good” classification, while missed calls (i.e. never answered) and those that got a busy signal or ended up abandoned (meaning the phone was answered but the caller never spoke) received a “bad” classification.
The data reflects the total number of calls, the ratio of total good calls to bad calls, the average wait time for good calls and bad calls and the maximum wait time for good calls and bad calls. Call times reflect the time zone in which they were made.
The surging pandemic-fueled rental market has almost — but not quite — turned a corner.
In an interview the day before the latest inflation data was released, Jeff Tucker, senior economist at the real estate website Zillow, said he was optimistic that annual rent growth might have peaked in March. But by the next day, the data showed that hadn’t happened yet.
The most recent Bureau of Labor Statistics’ consumer price index data, a proxy for inflation, shows shelter was the largest contributor to overall price increases in April. Over a 12-month period ending in April, the price index for shelter, which includes rent, was up 8.1%, according to the report released May 10. Rent increased 0.6% from March to April, compared with a 0.5% rise the previous month.
The data, while disappointing, doesn’t quite tell the whole story. That’s because CPI data reflects a lag in rent renewals and new leases. Most leases last a year, which means a renter’s costs stay the same all year long. It also means we won’t see 2022 rental housing reflected in the CPI for months to come.
There’s reason to be optimistic about future CPI data this year. Tucker says the growth in rent began decelerating in March 2022 and cooled significantly in late 2022. The give-or-take 12-month lag in the rental portion of the CPI could mean next month’s data might show a downturn.
Still, the most recent Zillow rental data, released May 5, paints what Tucker calls a fairly normal picture of the rental market at this time of year. The 0.6% rise in asking rents from March to April equals about $12 monthly. That’s a slightly smaller increase than the typical April increase of 0.7%, averaged from 2016 to 2019. Typical asking rents, nationally, are now $2,018, representing a 5.3% annual growth rate. The current annual rate is down about 12 percentage points from the peak growth rate of 16.9% in February 2022.
“It’s a welcome signal that the rental market’s not accelerating on some new runaway trajectory of rapidly rising rent,” Tucker says. “And instead, it’s just kind of settling into a fairly normal seasonal pattern for the year.” He adds that April tends to be a “hot” time for rentals.
But today’s “fairly normal” comes on top of rent spikes during the first phase of the pandemic. If rents had continued growing at the steady pre-pandemic annual rate seen from 2015 to 2019, Tucker says, then rents would be a lot lower now.
“It’s more expensive than it used to be and more expensive than someone would have reasonably expected it to be this spring if you’d asked them in February of 2020,” Tucker says. “The kind of good news that things are not on a new runaway growth trajectory is maybe more like a silver lining to a still fairly bleak picture for renters in terms of affordability.”
What makes rent unaffordable?
Recent rental data from Zillow may show a downward trend in prices, but rent is still unaffordable in most cities in America.
The meaning of unaffordable may vary by household, but the general guideline is you should spend no more than 30% of your gross income on rent. Among the most unaffordable cities, median income earners in six places would be considered “severely rent burdened” by federal standards.
A monthly NerdWallet rent-to-income ratio analysis of 227 cities in the U.S. finds that, based on the most recent data for April, nearly 67% of rents on the market are equal to or above the recommended 30% ratio in March. The previous month’s report shows the ratio in March was 65%. February was the same.
That means, if you live in one of the cities where the rent-to-income is 30% or higher and you earn the median income or less, the typical rent in your area is likely moderately to severely burdensome. Market rent comes from Zillow, based on April data, and median household income used for this analysis is from 2021 U.S. Census Bureau data. The data doesn’t differentiate between incomes for residents who own rather than rent in those cities.
By federal standards, spending 30% to 49% of income on rent means a household is “moderately rent burdened,” and spending 50% or more means a household is “severely rent burdened,” according to the NYU Furman Center, which conducts research about housing and urban policy.
Among the 227 cities analyzed, seven have rent-to-income ratios that put renters with median incomes in the “severely rent burdened” category for April 2023:
Bridgeport, Connecticut: 70.71%.
Trenton, New Jersey: 70.55%.
Miami: 68.98%.
Santa Maria, California: 60.68%.
New York City: 56.99%.
Madera, California: 53.39%.
Los Angeles: 50.14%.
Renters with the greatest financial burden for housing tend to be seniors, low-income households, immigrants and racial or ethnic minorities, according to a 2015 Zillow analysis of U.S. Census Bureau data.
Here are the cities with the least and most affordable rental housing markets, according to April 2023 rental market data by Zillow.
Methodology: Rent-to-income ratios by metro area
NerdWallet pulled the most recent available market rental data for 529 cities from the Zillow Observed Rent Index and matched it with the most recent available median household income data (2021) for cities by the U.S. Census Bureau. Certain cities identified in the Zillow Observed Rent Index weren’t included in the U.S. Census Bureau list of median household incomes by city and thus weren’t included in this analysis. A total of 227 cities were identified by both sets of data. Then, NerdWallet calculated the rent-to-income ratio using the following formula: Market rent/(median income/12 months).
Do you like to sing or practice music in an apartment setting with neighbors right on the other side of shared walls?
Depending on how much sound you make when you practice, you may find yourself on the receiving end of some neighborly, shall we say, feedback – and it’s probably not as much about your performance abilities as the noise level!
So, what can an apartment musician do to satisfy his talent and keep calm in the neighborhood?
This singer shares some tips that may work for you.
The noise you make…
Begin with a bit of awareness, both of yourself and your neighbors.
Use technology to your advantage. Remember that headphones are your friends. You can plug electric instruments directly into an amp and monitor the sound through headphones, disturbing no one! Depending on your instrument, use appropriate sound-dampening methods (mutes for horns, the “quiet” pedal on a piano) that make your playing environmentally-friendly.
At what time of day do you prefer to practice? If you keep your music-making to business hours (9 to 5 or 6 on weekdays, a little later on both ends come the weekend), then your playing likely falls within a reasonably acceptable time window. If you tend to play late in the night, you’ll need to take steps to shield others who perhaps don’t share your passion. Adapting to a less-preferable practice time may be a challenge for a musician, but it’s a necessity when you choose to play at home.
Be aware of where your neighbors might be in their adjacent apartments. With the apartment layout in mind, consider where you play, and try to practice in the right room for noise-making. Does your music room, for instance, share a wall with a neighbor’s bedroom? If so, you might relocate your drum set to a different playing space, especially if you jam in the evening. (Oh, and about drums: these are notoriously difficult to noise-dampen. Think rubber mallets and padding.)
For singers, choose a highly-upholstered room or even a large, yet comfortable, closet. Environments like these can muffle vocal projection, allowing you to sing out with less worry about being an un-neighborly nuisance.
If you play with a band, remember that one plus one plus another equals that much more sound to control!
Musician, know thyself! Consider the kind of music you play. If you play in the style of early, folky Joni Mitchell on acoustic guitar, there may be no issue at all with neighbor noise. But if you plug in a Gibson to play your brand of countrified Nirvana, you might need to make some neighborly concessions. Different musics produce varying sound pressure levels, when performed. Keep in mind that low, deep frequencies carry lots of vibration. Use your instincts and good, common sense to guide your behavior.
Keep conversation channels open and friendly with your neighbors about the noise level. If you remain respectful of neighborly concerns and attempt, within reason, to accommodate them, everyone should be able to get along.
Have a gig coming up? You might offer free tickets to neighbors so they can see what your noisy efforts are working toward!
THINKspot studio space includes soundproofing by Eileen Kane used under CC BY / Text added
What about Soundproofing?
Here’s another angle: why not try to block to the sound of your music-making from getting out to nearby apartment units?
Soundproofing involves placing an object of heavy, dense mass between the sound source and other listeners in order to separate and isolate the two.
While the most effective sound blockers appear to require permanent installation – not ideal for renters, whose leases likely prohibit these changes — products are available to help achieve the effect which are conveniently removable.
An acoustical door or window seal can reduce sound transfer between connected spaces, though changing out an entire door might prove challenging. Consider an acoustical door jamb seal which closes the gap at the bottom of a door.
A company called Audimute offers temporary soundproofing solutions with a clever name, Peacemaker. These are acoustical dampening rugs made of rubber, available in different thicknesses. The company also offers sound absorption sheets, which they describe as “soundproofing blankets,” which reduce volume levels when placed correctly, for example, in windows.
The interestingly-named SoundproofCow sells acoustic panels and other soundproofing materials which could work in an apartment unit. A variety of products can be used to create a space that’s sound-friendly on the inside, but sound-resistant to the outside world.
For a more DIY approach, the use of both egg carton-like foam and heavy camping mats were discussed in online forums on the topic of soundproofing.
If You Can’t Beat ‘Em . . .
There are certainly enjoyable ways to share your music socially.
Consider organizing a concert event. Consult with your landlord or apartment community manager about whether your music might be a good fit for an evening of entertainment at the community pool or in a shared space.
For an alternative away from your apartment, why not join a shared rehearsal space, perhaps at a music store? While this likely wouldn’t be free – and a little less convenient — you’d have the leeway to play without concern for being noisy.
Rock on, friends… just, perhaps, a little more quietly when you’re at home in your apartment!