Why Follow-Up With Real Estate Clients

The real estate industry relies heavily on non-stop networking. Each new connection brings unlimited potential prospects. The best way to nurture new and old relationships is by following up. It is one of the critical resources in a realtor’s toolkit.

Why is follow-up so necessary? From a business standpoint, this gives people confidence in working with you. The National Association of Realtors (NAR) declared over 60 percent of buyers and sellers re-use a prior agent they either had a good experience with or who came to them recommended from a trusted source. Word of mouth and a strong reputation means everything to a realtor.

As a general rule, you should never rely on anyone to contact you. It is your responsibility to contact them. This doesn’t mean it’s an effortless exercise. It’s not always pleasant to follow up. Make it a non-negotiable event on your schedule to make it simpler to complete. Be sure to follow up after an interaction, whether with a new or existing connection. Do it as quickly as you can to maximize its effectiveness.

Following through is just as important as following up, if not more. If you say you will do something, by all means, do it. Own all mistakes and take responsibility for any issues that arise. Bad reviews will always travel faster than positive ones.  

Remember that relationships don’t end with a transaction. You stay at the forefront of people’s minds by checking in periodically. Keeping doors open for upcoming possibilities demonstrates to prospective customers that you are available for further work. Send them a newsletter or happy birthday cards.

There are several methods for keeping in touch with prospective customers and real estate leads. Find the approach that feels authentic and follow it scrupulously. Most people don’t want to be sold to, and they can usually tell when you’re trying to sell them anything. Create a connection with the prospective customer before concentrating on the sale. Discuss your family or theirs. 

Planning in-person gatherings take more time and effort, but in-person follow-ups can be hugely successful. When you speak face-to-face with a customer, you can gauge their needs, and you might get more information that can be useful down the line.

The most practical approach to staying in touch with your potential customers is generally via text or email follow-up. It’s a simple way to ask inquiries or arrange a suitable meeting time. Seven out of ten individuals say they prefer this kind of communication. Make sure they agree before adding someone to your list to send them messages.

This article was originally published at peterbubelpropertymanagement.com.

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Managing Short-Term vs. Long-Term Rentals

Aside from being a great way to invest in real estate, owning and operating rental properties is also a great way to make money. There are essentially two types of rental properties: short-term and long-term. Short-term rentals are typically rented monthly, weekly, or daily. Some examples of these include vacation rentals and houses for hackers. A long-term rental generally is a residential property rented to a tenant for a fixed annual rent. Usually, this type of lease is for 12 months.

About Long-Term Rentals

One of the most critical factors that a property owner should consider when investing in long-term rentals is the predictability of their income. Having a consistent income stream helps keep the costs of running the property low and allows the owner to plan for the future.

Read the full blog here.

What Landlords Want in a Property Manager

Some people are reluctant to hire a property manager because they might not be able to provide the same level of care for their property as the owner. This can be a massive disruption to a business. Unfortunately, it is not always possible to know for sure that a property manager will be a good fit for your company. However, several characteristics can be used to evaluate a potential property manager.

1. Proven Track Record

Before hiring a property manager, ask them a series of questions to understand their experience and track record. They should also be able to answer basic questions such as how many properties they have managed previously, their knowledge of local laws, and their ability to turn around troubled properties. This will help ensure they at least know the basics.

Read more here.

Best Books for Rental Property Investors

It’s never been easier to be a successful rental property investor. If you want some great reading material that will give you insight on purchasing, managing, selling rental properties, help you learn how to invest in real estate, and how to read the market, here are the best books for rental property investors.

1. Financial Freedom with Real Estate Investing: Unlock the Secrets to Wealth Building through Real Estate Investing

It is a great book for anyone who wants to start investing in real estate. Even though it’s designed for beginners, it also has a lot of great information that can help even more experienced investors. The book is not only a wealth of information on how to be successful; it also tells you the nitty-gritty of the industry and what it’s like to invest in real estate.

2. The Book on Rental Properties: 5 Steps to Success in the Real Estate Rental Market

This book is by no means a simple read. It is, however, full of valuable information. If you’re starting in real estate investment or you want to learn something new about how to buy and sell rental properties, this is the book for you.

3. How to Buy and Manage Rental Properties: A Real Estate Investing Guide for Beginners

Just about anybody can read this book and glean a lot of valuable information from it. The author explains things in a simple way that’s easy to understand, making it good for someone fairly new to investing in real estate.

4. Real Estate Investing QuickStart Guide

This book takes a simple step-by-step approach to learning how to invest in real estate. It’s easy to read and explains everything clearly. This is a great book for investors who are just starting out or those new to the field of investing in real estate.

5. The Book on Tax Strategies for the Savvy Real Estate Investor: Take Your Home Income to the Next Level

Although this book doesn’t necessarily deal with investing in real estate, it is a great read for investors who want to be more aggressive in their business. The book explains the tax strategies that allow investors to take more of their income into investments. It’s a very profitable way to invest.

Conclusion

These five books are by no means the only ones out there. They are, however, a great start for anyone interested in becoming a successful rental property investor. Each of these books has great information and will be a valuable addition to anyone’s library. If you are interested in making money from real estate, investing in rental properties is one of the best ways to do it.

Future of Multi-Family Housing

The Future of Multi-Family Housing: What the Experts Say.

One of the major debates in recent years has been over the future of multi-family housing. Some argue that such facilities will become the new model for urban living, while others believe that single-family homes are still the best option for most people. What does the future hold for these types of housing? Read on to find out what experts have to say about this topic.

The Future of Multi-Family Housing

The debate over the future of multi-family housing has been going on for a while, and it doesn’t seem to be coming to an end any time soon. But what does the future of this type of housing hold?

In this post, we’ll explore some of the pros and cons of living in a multi-family building and delve into the question: will this type of living become more common in the future?

First, let’s talk about some reasons why single-family homes are still preferable for many people. The benefits include a greater sense of homeownership, less upkeep maintenance worries, and more space. In contrast, there are many potential downsides to multi-family buildings. For example, they often come with higher monthly costs, lower standards for construction quality, and noise.

So what does all this mean for the future of these types of buildings? Experts say that it depends on who you ask. Some believe that demand will always outweigh supply when it comes to single-family homes. Others see a future where people want more communal-style living arrangements and think that multi-family might be a viable option going forward.

What to Expect in the Future

For some, the future of multi-unit housing is an obvious one. With the rise in population, poverty, and household sizes, many see this as a way to solve many socio-economic problems.

However, others are not so convinced. They argue that this form of living is unfriendly to families with young children or elderly parents.

But what does the future hold for these types of housing? Experts are split on whether they will become more common over time or if single-family homes will remain the norm.

Some experts believe that in cities with high populations density, homeownership rates will continue to decline because people will live in apartment complexes instead. Others disagree with this idea, arguing that even in cities with high populations density there are still large numbers of single-family homes.

Perhaps the answer lies somewhere in between—but it’s vital to remember that no matter what happens in terms of urbanization and family structures, there will always be people who prefer single-family living over multistory apartments.

How to Design a Multi-Family Home

Designing a multi-family home poses a unique challenge. In addition to the usual considerations of aesthetics and functionality, designers must consider issues such as privacy and noise.

In this post, we’ll outline some of the things you need to think about when designing a multi-family building. You’ll also learn how to successfully negotiate these challenges so that your design is both beautiful and functional for all your residents.

Conclusion

The future of multi-family housing is bright. Experts predict that the number of multi-family homes will continue to grow as more and more families find themselves without a home or struggling with high-cost mortgages. The key to success in this new housing market is to design these homes to be livable, sustainable, and affordable. As the competition for affordable housing intensifies, developers and designers must meet these demands or risk losing their share of the market.

How to Save for a House While Renting

In many cities, the cost of rent is higher than the cost of a monthly mortgage. Yet, many people opt to rent apartments rather than pursue their American Dream of homeownership. This is because they are not aware that they can amass the necessary funds to attain their desires. Fortunately, there are steps, if followed, that can help Americans save enough money to purchase the home of their dreams.

One way to save funds for that dream home is to cut back on unnecessary spending. Streaming services, eating out, or ordering in is indeed fun but not necessary. Eliminating these activities can make a big difference in the amount of money saved.

Another way to cut down on spending is to make better choices at the supermarket. The reality is apart from being less expensive, generic groceries tend to have the same ingredients as their name-brand counterparts. Choosing generic brands is a wise choice as the money saved will pile up.

Another money-saving strategy is getting a roommate. This is a big way to add to that home savings fund as a roommate can take care of half the household expenses. There are many resources available to help people find the right roommate for them.

A third strategy is to hold on to that tax return money. While it might be tempting to make a big purchase after receiving one’s tax return, adding that money to the home savings fund is a better idea and one that can help it grow exponentially.

Lastly, having a garage sale is a smart way to earn extra money. Passing on those items that no longer serve a purpose to those who will pay for them can be profitable. Even apartment dwellers can hold garage sales by having it on the sidewalk or the building’s lawn.

Making these changes does not have to bring down the quality of life. Future homeowners can exercise their creativity when they try new recipes instead of going out. Someone who starts out as a roommate can grow into a confidant. These are just a couple of benefits that can come from making better money decisions, with the ultimate being saving enough money to purchase that dream home.

Why Is It Called the Bar Exam?

Many facets of the legal system are rooted in tradition. Judicial robes and even where the prosecution and defense sit follow conventions that courtrooms have adhered to for centuries. Likewise, the name of the bar exam, the final step a law student needs to pass before becoming an attorney, is also rooted in traditions dating back several hundred years.

The term “bar exam” comes from 14th Century England. During this time period, legal disputes were held in what was known as the Inns of Court. In this setting, a physical bar separated the judge, attorneys, and those accused of committing crimes from the rest of the hall. An attorney, who was known as a barrister, could pass the bar and advocate the judge on a client’s behalf. The term bar has since become synonymous with the legal profession, both in reference to the physical space occupied by the judge and the symbolic nature of legal work that often requires attorneys to act on a client’s behalf away from the courtroom. As such, in the United States and most of Europe, in order for a law student to complete their studies and act as a professional attorney, they must pass the bar exam.

Although the American legal system uses the term “bar,” legal representatives in the United States are not referred to as barristers. The reason behind this lies further in the British legal system. In the British system, there are two types of representatives: solicitors and barristers. While a solicitor can stand in place of a client, only a barrister can advocate on a client’s behalf before a judge. The American legal system combines the solicitor and barrister roles into one person, who is usually referred to as an attorney. The word attorney itself is a derivative of the Old French word “atorne,” which translates to “one who is appointed.”

With so many terms being derived from the British legal system, many wonder why American courts do not follow the British style of wearing powdered wigs. In the British system, jurists wear this type of clothing to highlight the supremacy of the law over their own personal feelings. American attorneys and judges began eschewing powdered wigs soon after the Revolutionary War in an effort to distance themselves more formally from the old system. John Marshall, the chief justice of the Supreme Court from 1801 to 1835, cemented the split by no longer wearing a wig and dressing in a plain black robe.

Tips Every Realtor Should Offer

Buying a home is the most significant investment that most people will ever make. It’s also one of the more complicated processes in life, which is why it’s so important to work with an experienced realtor. However, not all realtors are created equally. A good realtor can help you find your dream house while negotiating on your behalf for the best price possible-but only if they offer these three tips!

Get A Detailed Home Inspection

A good realtor will encourage you to get a professional and thorough home inspection. Most of the time, they’ll even help you find a reputable home inspector and let them inside the house so they can do their job. That’s because the last thing any seller wants is to sell their house only for it to come back on them with serious problems that need thousands of dollars in repairs.

For this reason, most sellers will either pay for repairs themselves or give you a lower price. This is why your real estate agent must work on your behalf! You don’t want them cutting deals behind your back while not inspecting the property like they should be doing (that’s how people get screwed!). Working with someone who simply wants to close a sale and doesn’t care about your best interests will likely result in you paying too much for the house, getting stuck with expensive repairs, and having nowhere else to turn other than that same real estate agent.

Educate Yourself About The Market And Property Values

No good realtor will expect you to know how much the property is worth or what’s going on in the market at large. They understand that not everyone has experience negotiating deals or understanding these things. However, they also won’t want you making purchases based on false information. For this reason, they’ll make sure to educate you as much as possible before taking any steps forward. It’s their job, after all!

Have A Game Plan

Your realtor should have a solid game plan in place for finding the right house for you and negotiating on your behalf. They’ll know how to search through listings, what to look for and how to make an offer that’s likely to be accepted. They’ll also help you understand the market, so you don’t overpay or get taken advantage of. It’s essential that you’re comfortable with this game plan and feel like you can trust them before moving forward.

Article originally published on PeterBubelPropertyManagement.com

Pros and Cons of Multi-Family Investing

Investing in single-family homes is a popular strategy for building wealth. But investors also can buy apartment buildings and rent out units or rooms, generating income and additional tax breaks. Here’s a look at some of the pros and cons of owning multi-unit properties:

Pro: More Renters

Renters supply more rental income than single-family homeowners. And if you plan to stay in your property as an investment, renting out units allows you to keep monthly costs low because units are often smaller than mortgage costs on a single-family home. Some investors choose this strategy to accumulate equity rapidly while staying put, living for free, or receiving cash flow from their investment property.

Pro: Potential for Significant Tax Breaks

Investors can deduct the interest on loans used to buy apartment buildings, as well as any depreciation of a building’s value. Depreciation deductions are available to rental property owners, including single-family homes and condominiums that have been converted into rentals. In addition, landlords can usually write off other expenses against their rental income—including money spent on capital improvements and repair costs—to reduce the total taxable income. As with all investments, investors should keep records of expenses so they’ll be able to calculate potential taxes owed.

Pro: Flexibility

Apartment buildings tend to offer more flexibility than single-family properties when it comes time to sell. Many investors choose to sell their investment properties in bulk, selling all units or some units and keeping others for themselves. Additionally, since there are more renters than homeowners, the likelihood of an apartment building sitting on the market is considerably lower than with single-family homes.

Con: More Work for the Landlord

Managing a property with multiple units can be more time-consuming than managing a single-family home. More things can go wrong, and, as the landlord, you’re responsible for everything. You’ll need to keep an eye on leases, collect rent, deal with repairs, and oversee any remodeling or updates. If you don’t live near the property, you’ll also need to hire a property manager—which will eat your profits.

Con: Potential for Lower Rents

Since there’s usually more supply of multi-unit properties than demand, landlords might have to offer lower rents to attract tenants. That means lower returns for investors.

Con: Higher Insurance Costs

Insurance costs are often higher for multi-unit buildings than single-family homes. That’s because there are more people affected if something goes wrong—such as a fire or injury to one of your tenants—and there might be limits on the number of renters you can have before your insurance rates go up.

Article originally published on PeterBubelPropertyManagement.com

Can you Invest in Real Estate with Little to No Money?

The real estate industry is a field where many think they must have chunks of cash to invest. This is not the case. There are countless ways to invest in real estate without a lot of money or no money at all. The following are a few of those methods:

Lease Options

This is an alternative way to buy homes without paying any money upfront or having your property beforehand. This works if you have good credit and rental history and show proof of sufficient income. Essentially, you are renting the home with an option to buy it later. This option gives you time to fix your credit or save up for a down payment if needed.

House Hacking

House hacking is when you purchase a property and live in one of the units while renting out the others. This will help you live for free while getting started in real estate and help cover the mortgage payments. It is a great way to get started with little money down.

Investing in REITs (Real Estate Investment Trusts)

REITs are an indirect way to own real estate. It involves buying stock in certain companies on the stock market, but they own or operate income-producing real estate. This can be an excellent option for those with limited capital, as REITs offer liquidity and tend to have relatively low risks associated with them.

Seller Financing

Seller financing is a way to buy a property without any money down. This happens when the seller agrees to finance the purchase price of the home themselves and then charges the buyer interest on that amount. This can be a win-win for both parties, as the buyer gets into a property with no money down, and the seller receives a monthly income from the transaction.

Loans

Of course, one of the most traditional ways to invest in real estate is through a loan. It can be done through a bank or other lending institution and will require you to put up some collateral (usually your home) as security if you cannot make the payments. However, this can be a great way to get into real estate without putting down a considerable sum of money.

Article originally published on PeterBubelPropertyManagement.com