Dr. Michael C. Threatt graces the cover of Beyond Exclamation Magazine as The Prototype of the Real Estate Industry
Feature Story Beyond Exclamation Magazine
Dr. Michael C. Threatt was featured in The Journalist Magazine as one of the 10 Most Prominent Business Leaders of 2023 as The Section 8 Landlord Coach®
DOTHAN, AL, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- When you think of a prototype athlete, Hall of Famer Primetime Deion Sanders, who played professional football and baseball, comes to mind. When you think about a prototype entertainer, Drake, a hip-hop rapper and R&B singer, comes to mind. When you think about a prototype pastor, Pastor Mike Jr. (PMJ), a pastor and gospel singer, comes to mind. These individuals have transcended their industry and gone further to be extraordinary.
The Prototype of the Real Estate Industry describes the subject matter expert, Dr. Michael C. Threatt, who stated, I am grateful to God for the cover feature recognition by The Beyond Exclamation Magazine as The Prototype of the Real Estate Industry and by the Journalist Magazine as The Section 8 Landlord Coach®.
Dr. Threatt, a multifaceted professional in the real estate industry, holds a unique role as The Section 8 Landlord Coach®. This title immediately piques interest, showcasing his expertise and credibility. His diverse portfolio includes being a podcaster, author, developer, real estate investor, landlord, and licensed REALTOR®. His successful and innovative administration of affordable housing programs has earned him widespread recognition and respect across industries and academia.
As a scholar-practitioner, Dr. Threatt conducts research and imparts his knowledge as an Adjunct Professor in the School of Social Work and Human Services at Troy University. In this role, he is dedicated to ensuring that students are equipped to change the narrative for Section 8 voucher holders by intentionally debunking the Section 8 Program's myths, stigmas, and stereotypes.
As a landlord himself, Dr. Threatt possesses a deep empathy for the challenges and opportunities that landlords face. This personal insight fuels his passion for teaching and coaching landlords on maximizing their ROI, making them feel understood and valued.
Dr. Threatt's unique contribution to the affordable housing industry is his unwavering commitment to bridge the gap between theory and practice. His academic efforts ensure that the Section 8 Program has plenty of landlords as he changes the narrative, providing a practical and effective approach to the affordable housing sector and inspiring others with his dedication.
Public Housing Authority (PHA) Red Tape Organizational Culture
One of the biggest challenges of changing the narrative is dealing with the red tape of public housing authorities (PHAs) and HUD. Renting to Section 8 voucher holders still comes with the price of dealing with the numerous layers of red tape and 'peeling back the onion' of the daunting institutional bureaucracy of the PHA for a guaranteed Housing Assistance Payment (HAP).
The confusing and bureaucratic administrative policies and practices of PHAs pose a significant impediment for landlords in the Section 8 Program. Many PHAs have a negative reputation for slow, late, or incorrect payments and delayed rent increases. The reputation of incompetent staff,laissez-faire leadership, and slow processes enhance the terrible reputations of PHA and are some of the reasons for landlords withdrawing their participation in the Section 8 Program.
Additionally, the social worker, housing specialist, or case manager often does not have the time to deal with the landlord and does not understand their perspectives. Usually, based on the institutional bureaucracy, the staff at the PHA hardly, if any at all, know that the landlord has made an investment, is running a business, wants to increase their cash flow and passive income, and is in it for profit.
Private landlords are the final step in the lease-up process for Section 8 voucher holders and applicants. However, the decision by landlords to withdraw from leasing their units through the Section 8 Program is directly related to the red tape of the PHA. That ultimately reduces the number of units for Section 8 voucher holders. Landlords who participate in the Section 8 Program come down to this essential cost-benefit analysis question regarding the guaranteed rent of the program itself. This real-time business decision based on the competitive rental housing market only complicates matters for Section 8 voucher holders.
Landlord Engagement and Satisfaction
Communication problems are the root causes of the PHA-landlord relationship breakdown. Some landlords feel like they do not have a voice, their opinions are ignored, and their feelings of dissatisfaction are not validated. This problem is further escalated when landlords evaluate "The Price of Bureaucracy" based on their experience dealing with the slow-processing bureaucratic PHA while covering associated expenses (such as maintaining a mortgage, paying for property taxes, and fees related to maintaining a rental property in the Section 8 Program) compared to leasing in the private market where there is no red tape. The landlord withdrawal phenomenon leads to the question:' Is leasing through the Section 8 Program worth it, even if financial incentives and guaranteed rent are involved?
Without effective communication, this public-private partnership between the PHA and landlords will continue to deteriorate. Unfortunately, many landlords do not feel supported and engaged and are dissatisfied with the Section 8 Program and the PHA.
A crucial solution to the PHA-landlord relationship breakdown is the introduction of a landlord liaison. This role involves actively listening to landlords' issues, opinions, and concerns regarding the bureaucratic red tape. Engaging them through surveys and questionnaires will help identify what discourages their participation in the Section 8 Program. The landlord liaison then addresses these concerns with real, cost-effective solutions. This approach can help develop a better public-private partnership relationship between PHAs and landlords, reassuring landlords that their opinions and feelings matter as they evaluate the cost-benefit analysis of continuing to participate in the Section 8 Program.
Implementing effective landlord engagement strategies, such as newsletters, educational workshops, appreciation events, and advisory committees, can increase landlord satisfaction and retain their participation in the Section 8 Program. Creating a landlord advisory committee that would dramatically shape the policies and practices of the Section 8 Program is a promising step toward attracting, recruiting, and retaining Section 8 landlords.
Dr. Threatt's audiobook, The Price of Bureaucracy, is available on Audible. He can be reached by email at mthreatt@elevatehousing.com or by phone at (205) 552-9491 if you would like to schedule an interview for your magazine's cover story feature.
Dr. Michael C. Threatt
Elevate Housing Solutions, LLC
+1 205-552-9491
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Debunking the myths of the Housing Choice Voucher Program
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