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Boy Scouting and The Pandemic
Thomas R. Lawing, Jr. • Jan 07, 2021
What did we learn in 2020?
In 2020, my Boy Scout training was invaluable. Moving from Tenderfoot to Second Class to First Class, I learned to ‘Be Prepared’ and we were. If we had not installed a remote desktop server (RDS) and a unified messaging platform some 10 years ago and moved our entire database to the cloud three years ago, we could not have suddenly sent everyone home without notice. For the first few weeks of the pandemic, our offices were dark as everyone moved online but we did not miss a vacancy inquiry, maintenance request, rent receipt, owner’s question or disbursement. Yes, there were bandwidth and load-balancing issues but they were resolved in days instead of weeks or longer. Because we were prepared, we have remained ‘open’ every day.
Moving from First Class to Star to Life, I learned to work with others in my troop. In March, I started a daily e-blast to keep everyone informed on a variety of internal topics. Learning of a glitch in one area, folks in other areas immediately offered ideas & suggestions and, just like my little patrol had done, our staff came up with good solutions to new problems every day and no one took personal credit; it was a team effort. As a result of the pandemic, our approach remains more collaborative than ever before.
Earning merit badges as I moved from Life to Eagle, I learned to ask for help. During 2020, I asked for extra pandemic advice from our accountant, attorney, HR partner, IT vendor, marketing consultant, insurance agent, trade association, regulator agency, janitorial service and many more. The coronavirus has reinforced the value of collaboration.
As we begin 2021, we continue to upgrade our technologies, honestly share internal information with our staff and seek the advice of subject matter experts. We have been blessed with great team members and the opportunity to manage properties for others. We will continue to ‘manage the details’ and do our best in 2021.
Rental Real Talk
T. R. Lawing Realty, Inc. was founded in 1957 by Thomas R. Lawing, Sr and his wife, Catherine H. Lawing. The first apartment building the company managed was the 10 year old Laureldale Apts. on Laurel Avenue. Mr. & Mrs. Lawing retired in 1995 and control the company was passed to their sons. The company is still privately owned and today it is managed by 2nd and 3rd generation property managers, Thomas R. Lawing, Jr. and T. Joseph Rempson. For more than 60 years, we've managed the details for hundreds of individual investors and homeowner associations around the globe.
T. R. Lawing Realty is a proud sponsor for the Foothills Farmers' Market located in Shelby, NC. We are grateful to be a part of the Cleveland County community as a property management business but we also support the market's mission statement as they "value family farms, endorse sustainable food production practices and innovation, contribute to the health and wellbeing of the local community, and support the growth of a robust local food economy." Foothills Farmers’ Market provides community access to the freshest local foods available anywhere. The Farmers' Market is ending its 2020 season with great support despite the COVID-19 pandemic and will continue to serve the community over the next few months with 2nd Saturdays and a special Wednesday market the day before Thanksgiving, as well as a holiday market in December. For more information, please visit https://www.foothillsfarmersmarket.com/ for specific dates and times.
We purchase the same 5-page Tenant Screening Report and we use the same credit scoring model on every rental applicant but there is still skepticism. An applicant recently complained that her credit score was 100 points higher than what we said and, surprise!, both of us were correct! That’s right! The same credit bureau had reported different scores for the same person and only 10 days apart. Here is what we learned …. Everyone knows there are 3 national credit bureaus – Equifax, Experian and TranUnion – but did you know there are 11 FICO methods plus 2 VantageScore methods which they use to produce your score? It all depends on the risks being assessed? In short, there are large differences in the risk-assessment for a credit card application, a car, a mortgage or a lease and, thus, there are different credit scores for each. Each bureau strives to be the best but that, too, causes different scores. For instance, Experian uses FICO Auto Score 2, Equifax uses FICO Auto Score 5 and TransUnion uses Auto Score 4 for auto lending and equally varied methods for mortgage lending and apartment leasing. Each version treats late payments, high balances near the limit and recently opened credit accounts slightly different. Also, FICO weighs utilization of credit as 30% of its score while VantageScore places a heavier 45% on how much credit is being used. FICO gives a total of 25% to the age and type of credit history while VantageScore only gives these factors 13% of its score. In short, my credit score and your credit score can vary greatly simply depending on which credit bureau and what type of risk being assessed. .
I am a Native Charlottean (Cotswold Elem, McClintock Jr High, East Mecklenburg H.S.) so I may be prejudiced but I doubt it. Have you noticed how many national rankings are putting Charlotte at the top of their lists? This week, Livability.com ranked Charlotte as No. 13 among the “Top 100 Best Places to Live in America.” And, for 2020-21, U.S. News & World Reports ranked Charlotte at No. 6 among its 125 best metros in the U.S. to live in; #23 in Best Places to Retire and #1 in Best Places to Live in North Carolina. And why not? Nestled between the mountains and the beach, we have more than 60 city parks, 20 golf courses, 7 farmers’ market, 37 miles of greenway trails, more yoga classes and craft breweries than I can count plus the sixth-busiest international airport and all four seasons of the year. There is still old-fashioned southern charm with high-energy hustle, culinary sophistication and very manageable housing prices and living expenses. I’m proud to call Charlotte home!
