Service Star Realty has created an innovative, new program to help tenants, investors and everyone involved.
The innovative new program required extra focus to come to life, so we brought Richard Noeltner on to our team of realtors. He will be exclusively focused on making, running and implementing this program within our property management company.
The main idea behind the program is to help tenants buy properties. While it might help out tenants, the primary drive was to help our investors profit from their properties.
What Is the Plan?
Basically, we will work with tenants to buy a home. We will help them improve their credit scores and research grants that can help with a down payment.
There are obvious benefits for the tenants. Instead of renting, they can fulfill their dream of buying a home. While this might be a feel-good moment for the property manager, it does not just benefit the tenant. It is also a profitable opportunity for our investors.
How Will This Program Help Investors?
This program helps with exit strategies and recruiting better tenants. As a result, our investors can expect benefits including:
1. Easy Exit Strategies
For investors, this program is an easy exit strategy. In many cases, the tenants will choose to buy the property that they already live in.
2. More Trustworthy Tenants
When tenants are motivated to buy a home, they want to improve their credit. Because of this, they will work to make timely payments and avoid violating the lease. As a result, you get more responsible tenants.
3. Attracting Better Tenants
This program will be used in our advertising promotions. Because of this, we will be able to attract better tenants to your properties. Since tenants find this type of program extremely attractive, we also expect more applications from prospective renters. We will be able to rent homes faster, be even more selective about tenants and reduce vacancy rates.
4. Replacements Are Not a Problem
Some investors are concerned that they might lose tenants at a faster rate than normal. While tenants might leave slightly sooner, it takes time to fix a credit score. In addition, we have set up a major prerequisite for this program. To take part, tenants have to agree to show and help find a replacement tenant during the last 60 days of their lease. By doing this, we can create a smoother transition to a new tenant.
Each property manager is working to recruit better, more responsible tenants. Whether you want an exit strategy or need trustworthy tenants, the home buying program will help your property reach its full potential.
