Category : News

News Risk Management

New Airbnb disclosure law in California

New Airbnb disclosure law in California

In a matter of a few years, Airbnb has developed a global presence that has attracted many enthusiastic supporters as well as numerous vocal critics, especially those living in the neighborhood. Interestingly, during Airbnb initial attempts to gain venture capital funding, it seems that Brian Chesky, co-founder, took his idea to seven venture capital firms – five threw him out the door after 15 minutes and the other two didn’t even return his phone call. After all, why would anyone give the keys to their house to a stranger who might be a serial killer? And today, that goofball idea has a valuation of $10 Billion.

Airbnb has also attracted the attention of government regulators who have attempted to assert some controls over what is called “hosting platforms.” One law recently enacted in California is of special interest to landlords and property managers. The law — Business and Professions Code Sec. 22590, 22592, and 22594, effective January 1, 2016 — requires a “hosting platform” to warn a tenant that subletting the tenant’s residence may violate his/her lease and could result in eviction.

A “hosting platform” is a marketplace that is created to facilitate the rental of a residential unit offered for tourist or transient use for compensation to the offeror of that unit, and the operator of the hosting platform derives revenues, including booking fees or advertising revenues, from providing or maintaining that marketplace. Airbnb is an example of such a platform.

This law requires a “hosting platform” to provide notice to an occupant listing a residence for short-term rental that states:

“if you are a tenant who is listing a room, home, condominium, or apartment, please refer to your rental contract or lease, or contact your landlord, prior to listing the property to determine whether your lease or contract contains restrictions that would limit your ability to list your room, home, condominium, or apartment. Listing your room, home, condominium, or apartment may be a violation of your lease or contract, and could result in legal action against you by your landlord, including possible eviction.”

The notice must be in a particular font size and be provided immediately before the occupant lists each real property on the hosting platform’s Internet Web site in a manner that requires the occupant to interact with the hosting platform’s Internet Web site to affirmatively acknowledge he or she has read the notice.

Well, that’s the latest from California. It’s a disclosure law, one that probably doesn’t have compliance or enforcement teeth.

So, what’s the status of these Airbnb type short-term rentals in your neighborhood? Are they drawing the attention of local regulators?

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Thinking about buying real estate?

The National Association of REALTORS looks at 2016:

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National vacancy rates in the first quarter 2015 were 7.1 percent for rental housing and 1.9 percent for homeowner housing, the Department of Commerce’s Census Bureau announced today. The rental vacancy rate of 7.1 percent was 1.2 percentage points (+/-0.4) lower than the rate in the first quarter 2014 and 0.1 percentage point (+/-0.3)* higher than the rate last quarter. The homeowner vacancy rate of 1.9 percent was 0.1percentage point(+/-0.2)* lower than the rate in the first quarter 2014and approximately the same as the rate last quarter (+/-0.1)*


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Domain Names Dot REALTOR NAR News

ICANN and New TLDs

Dot Bank – ICANN (International Corporation for Assigned Names and Numbers) is laying out the future, and it includes many new top level domains. Dot Com only has so many possibilities at the 63 character limit. ICANN could expand the character limit, but another way to expand address capability is to create new top level domains, especially new Restricted Domains. The restricted domains we have been most familiar with are Dot EDU and Dot GOV.…/aba-dot-bank-website…/

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Home Ownership Rate Falls to Lowest Level Since 1994

At the end of December, 2014 the rate of Home Ownership declined to a level not seen since 1994. After adjustments for seasonal factors, 63.9% owned their own homes at the end of 2014.

The Rate gas not fallen below the 63.9% level since 1988 according to the Commerce Department, and it was 65.1% at the end of 2013.

The Home Ownership Rate has declined steadily since 2005, when it peaked at 69.2%.
Source – WSJ

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Listing Syndication News Uncategorized

Big News – Syndication – What's Next?

To all of our friends…

You will be reading some pretty big news about real estate syndication, first thing Thursday morning.

John and I want to let you know that we are no longer involved with Point2 and that we are leaving Yardi. We completed our last responsibilities on September 1. It is a long story which we will share with you over time.

As you know, Point2 and syndication have been at the center of our lives for seven years, and that chapter has now come to a close. We are proud of what we accomplished while at Point2.

But, as we all know, the one constant is change. John and I are actively searching for our next opportunity and adventure, and we have a few ideas, so stay tuned.

And don’t forget to watch for the news. As always, we are available for any questions as the next phase of syndication begins to play out.

Thanks for your continued support.

Saul and John
“Old Brokers never die, they just get listless.”

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e Commerce News Online Sales Publishing

Jeff Bezos and The Washington Post – What will this do to online sales?

Information is the currency of the Twenty First Century, and Jeff Bezos has taken another step forward in online publishing and three-dimensional marketing with his purchase of The Washington Post. What we may now begin to see will be traditional newspaper content used in the sales process, if Mr. Bezos is successful.

The devil will be in the detail and execution…But that is nothing new and the results could be revolutionary. Especially as entities continue to collect information on what we like, what we do, what we read and what we think.

Think about every noun (person, place, or thing) in any/all articles in The Washington Post potentially linked to more information and sales for products and services mentioned directly or indirectly in the articles. The four key elements of successful marketing are that the marketing be frequent, anticipated, relevant, and personal. The marriage of these two entities, Amazon and The Washington Post  (granted, under separate ownership) will allow for amplification of these four key elements in a way never seen before. It is exciting to think about the possibilities.

The Newspaper Industry has been on a downward spiral over the last 15 years. The Newspaper Industry failed to identify and utilize use the power it possessed at the dawn of the Web to carve out its place in the future. This is a critical lesson for the real estate and MLS industry. Determine and utilize your strengths today, to secure your place in the future.

Three dimensional marketing and linking to additional information has been around since the creation of the Web. What is different here is the degree to which it can be done, in a timely and relevant way. When the CEO of a leading, innovating, technology giant personally purchases a major brand newspaper in the DC market, the possibilities stretch one’s imagination.

For example, consider each Section of the newspaper as a product or service category (Sports, Business, Homes) which can lead a reader/consumer through a series of clicks to a purchase.

Maybe The Washington Post will be looking for a syndication data feed to go along with its online “Home” Section.

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