Getting a Good Property Management Service

Do you own properties that generate income for you? It is likely that you have already considered acquiring the services of property management and that you have several questions on the subject. Indeed, one of the hottest topics affecting 95% of real estate owners of all kinds is how to choose the right property management service and whether it is necessary to have one.

manage

Getting a property management service may seem complicated, so we have prepared a list of things you should not forget before hiring your manager.

  • What a good property management service should offer you

  • Ask the right questions

  • Verification of uses: not to be neglected

  • The benefits of using a property management service

What A Good Property Management Service Should Offer You

When you hire a property manager, you would be expected to be able to delegate a huge portion of your work and responsibilities. Before hiring your manager, be certain that they offer a complete service that meets all your needs at a competitive price. If you are investing in a property management service, be sure it is worth it and delegate as many tasks as possible to optimize the workload and performance of your building.

The service offered by property management service is generally divided into 3 management spheres. Financial management, rental management, and operations management, each of these spheres has several tasks that must be well executed for the service to be considered complete.

After verifying that the management performs all the tasks of a full service, there are other criteria to consider to help you better choose your dream property management service. Does the manager offer you a good service and everything you need to stand out from the rest? Do they offer 24/7 emergency service? Does the manager offer professional and courteous service? They must also offer you a personalized service that meets all your needs, so make it clear to them what your goals are.

Ask The Right Questions

During your pre-employment interview with your manager, do not be afraid to ask them about their service, background, business policy and their way of doing things. Know their lifestyle and the type of person they really are, conduct your investigation. A good property management service works in the field they are passionate about.

If management and real estate are really their most passionate, the property management service should participate in ongoing training, activities, and events that deal with management and others that deal with real estate.

To make sure that you have found the right property management service, here is a list of questions to ask also before hiring:

  • Who are their current customers and are these customers satisfied with their service?

  • Have they kept these customers for a long time? What is the reason their past customers do not do business with them anymore?

  • What kind of customer did they contact in the past?

  • Are the references for these clients and their various contacts available?

  • Do they have a good work ethic and healthy habits in their methodologies?

  • Are they well established in their workplaces and do they plan to stay in the field for a long time?

  • What is their rate of return and guarantee to minimize the risks?

Verification of Uses: Not to be Neglected

Some basic criteria apply when selecting your property management service and it is important to be aware of it, once the manager is hired, he takes on some of the enormous responsibilities of your building, indeed the tasks of the manager are numerous and it represents an equivalent risk for you and your property. To prevent a negative experience, be certain, before doing business with them, that is insured in Civil Liability for the administration of the property of others in case of error or omission.

Homeowners should also check from the outset that the designated manager has the education, professional training, knowledge, and experience that makes him the expert he claims to be. Do not be afraid to ask to see papers, test this knowledge and ask for references, there are far too many fake experts in too many areas.

The property management service must always act legally, with prudence and diligence. It's your good that it will represent and you do not want it to tarnish the image of your building. Make sure he is familiar with the legal system and all the formalities of the domain.

The Benefits of Using a Property Management Service

The property manager operates in 6 spheres in the field of management. This service serves to free you from all obligations and tasks related to all forms of management of your buildings. The manager becomes your resource person and your only contact for all the services necessary for the proper functioning of your buildings. From financial management to coordination of service providers, from rental management to operations management!

It is the gathering of all these needs and should work every day in order to increase its network of contacts to bring you the best entrepreneurs at competitive prices. What this service brings you is this gift everyone misses, time. By delegating all these tasks to a professional, you can be sure to have plenty of time on the hands for the rest of your business and the peace of mind you are looking for.

In Other Words, Here Is The Added Value Of Getting A Property Management Service:

  1. Peace of mind

  2. Allows and facilitates the possible expansion of your real estate

  3. Improve your quality of life

  4. Optimize the income of your real estate

  5. The delegation of tasks and optimization of your time

  6. Access to detailed monthly reports of the overall management of your buildings and more

Lastly, the reality is that it's important for you to identify what your priorities are as an owner and act accordingly. The acquisition of a property management service will be useful to you and if so, the most important thing is that you choose the right one.

Best Way to Get Started In Property Investment as a Beginner

Property investment is one of the oldest forms of investment, after having been with us since the early days of human civilization. Real estate is one of some basic asset programs that every one investor must acutely consider adding to their very own portfolio for the exceptional money flows, liquidity, profitability, taxes, and benefits of the diversification that it offers. In this introductory guide, we will guide you through the fundamentals of Property investment, and show the different ways in which you could acquire or take possession of Property investments.  

omnimoney

In this post, we feature a few steps to property investment;

  •  What is a property investment?
  •  Popular ways for a person to start investing in real estate?
  •  Real Estate Investment Funds (REIT)

What Is A Property Investment?

Property investment is a broad category of operation, investment and financial activities focused on making tangible property money or cash flows in some way linked to a tangible property.

Ways to make money in the property sector

Real estate appraisal: This is when the property increases in value. This may be due to a change in the real estate market that increases the demand for properties in your area. It could be used due to the updates you put on your real estate investment to make it more attractive to potential buyers or tenants.

Cash flow Income (Rent)

This type of a property investment focuses on the purchase of a real estate property, such as an apartment building, as well as using it to collect a cash flow of income. Cash flow income can be generated from apartment structures, office buildings, also rental homes, and much more.

Related Real Estate Income

This is the income generated by brokers and other industry specialists who make money through property purchase and sale commissions. It also includes the real estate management companies that keep a percentage of the rents in exchange for directing the day-to-day operations of a property.

Auxiliary Real estate investment income

For some investments in real estate, this can be a great source of benefits. Accessible income investment real estate includes things akin to vending equipment in the office buildings or maybe laundry facilities out there for low rent apartments. In effect, they serve as mini-companies within a larger real estate investment, allowing you to earn money from a semi-captive collection of clients.

 

The simplest, purest form of property investment is all about cash flow from rents instead of gratitude. Real estate investment happens while the investor, also recognized as the landlord, obtains or perhaps buys a piece of real property out there, whether it is raw farmland, land with a house on it, land with an office building on it, or an apartment.

 

Popular Ways for a Person To Start Investing In Real Estate

There’re a wide variety of different types of real estate investments that a person can take into account in their portfolio.

Real estate is usually classified into one of the following groups:

  • Residential property investment - These are actually properties, which entail investment in the real estate attached to houses or simply apartments where people or perhaps families reside. Sometimes, property investments of this very form have a service company section, for instance, assisted living facilities just for the elderly or perhaps full-service buildings for tenants who want a luxury experience. General leases last for 12 months, plus or minus six months on each side, which leads to a much faster adjustment to market conditions than other types of real estate investments.
  • Commercial real estate investment- commercial property investments consist largely of office buildings. In these contracts, they can be blocked for many years, resulting in a double-edged sword. When a commercial real estate investment is fully rented with the long-term tenants who accepted the rental rates at prices richly, the cash flow remains even though the rental rates of comparable properties fall (provided the tenant does not go to the bankruptcy).
  • Industrial real estate investment- Properties that fall under the umbrella of an industrial real estate may include warehouses and distribution centers, manufacturing facilities, storage units as well as assembly plants.
  • Lower property investment - Some investors want to own properties such as shopping centers, shopping centers, or traditional shopping centers. Tenants can include shops, hairdressers, restaurants, and similar businesses. In several cases, rental rates actually include a fraction of the retail sales of a store to create an incentive for the owner to do as much as he, her, or whatever they can to make the property less attractive to buyers.
  • Mixed use of property investment - This is indeed a mixed bag for while a property investor develops or simply buys a property that includes several types of investments in real estate mentioned above. For example, it is possible to build a multi-story building that has retail and restaurants on the ground floor, office space on the next floors and residential apartments on the remaining floors.

 

Real Estate Investment Funds (REIT)

In addition to all this, you can actually invest in real estate through something that is known as a real estate investment trust or REIT. An investor can buy REIT via a good brokerage account, the Roth IRA or some other custody accounts of some kind. REITs are unique because the tax structure and they encourage small investors to invest in real estate projects that they would not otherwise be able to afford, such as building centers commercial and hotels.

Companies that have opted for the REIT treatment do not pay federal income taxes on their profits from the companies, as long as they follow a few property investment rules, including the requirement to distribute 90% or more of the profits to shareholders in the form of dividends

Lastly, keep in your mind that property investment is not going to make you a great millionaire just overnight in the world. The plan is that you will invest as well as count on stable, secure and even lasting revenue, which allows you to actually live with a few slacks. So, don’t be depressed if you do not get large rents in a couple of months and remember that the boom of your property investment will be reflected after a few years, both for the increase in surplus value and annual income.

How to Maximize Property Use

Owning a property can be great thing, because you have your own land. No one can just take it from you. However, it can be overwhelming at times if you own a lot of properties and you don’t know what to do with it. That is why, to help you solve that problem, this has been made in order for you to learn or know to maximize the potential use of your property. These will be Property Management Tips for you to gain from you property rather than continue paying taxes for it and you gain nothing from it.

key-2323278_1280.jpg

Investing

• When you invest in your property, you are using your resources in order to benefit yourself. Property is an important element when you start a business because with it you can do whatever you want with it like have it rented.

• Property investment is will never fade so long as you have property to invest. Property after all is constant and is always in need because that is where a building is made or where a shop can open. That is why, if you want to get rich then better own a property.

Location of your property

• Owning a property can be fun but if you want the money to start rolling in then there are certain things that you need to take note of like the location. Location is everything since it can help your investment improve greatly or slowly.

• It would be best that you find property in a busy place so that you wouldn’t have a hard time wondering what business to open in your property.

What are customer’s demanding

• If you don’t know what business to choose, then one thing that can help you is to know what the customers are demanding. Customers are the one who will pay for the services or product you offer them so it’s best you know what they want.

• It would also help you that you choose a business to invest in your property that is a need to the customer to save you time from researching what customers want.

Never sell

• No matter what happens, you should never sell your property because the whole point is to know how to maximize its potential use. That is why if you are in need of financial support and you have a lot of properties then best have it rented then sold.

Owning a property can be a great thing and it can lead you to a lot of opportunities however it can only happen once you let it happen. That is why it would be best that you learn how to maximize the use of your property by learning to invest in it, know the location of your property so that it can help your investments survive, if you don’t know what to invest then know what the customers want and whatever you do never allow yourself to sell your property because you will lose a lot of investment opportunity because of that.

Vetting For Good Tenant With Rental Property Tour

If you are a landlord, you probably know how essential a rental property tour would surely affect the decision of the soon-to-be-tenant or leaser. This is also your chance to screen the rental applicants if they are suitable or capable of getting the property. To do your job successfully, you have to know the following guide factors when having a rental property tour:

hand-101003_1280.jpg

1. Screening The Identity Of The Soon-To-Be-Leaser

An essential part of both the rental property tour and the rental applicant is to know their identity. It would help if the landlord asked the rental applicant for a photocopy of their valid id together with their property rental form. This should be fielded up with information and passed to the property owner or manager before the set property tour so that as a landlord or property owner, you can verify if the rental applicant does not have criminal intent.

2. Narrow Down Your Selection By Screening Them First If They Are Pre-Qualified

Another effective way to have a successful tenancy is doing first a pre-qualification screening for the rental applicants. This way you will know if the rental applicant has sufficient funds to backup or sustain their contract otherwise, you get a leaser faster that can be your future headache.

3. Be Keen In Observing The Rental Applicant When On Tour

Don't sell the property to the applicant, as a landlord or agent; you must also tune with how the applicant reacts. If you do all the talking during the property rental tour, you are preventing the applicant to ask questions. If the applicant is interested, if there be details you left unsaid, he or she would surely ask.

4. Rental Applicants Already Had The Plan In Their Mind

Another thing you must know if you are a beginner in property rental tour is that most of the rental applicants had already planned what their project during their lease with the property owner. It would be useless if you will oversell it. If they see that the property is what they need to do their business or goal, they will get it.

5. Be Organized And Tally The Details Of All Applicants In One Sheet

Scrolling down so many rental applicants can be tiring, much more if there are numerous of them who are on waiting list. If that is how lucky you are a property agent or manager, you can have a more organized work if you will have the rental applicant's details in one sheet of paper for convenient and quick reference.

6. Don't Forget To Follow Up

After talking with the applicant about the rules and regulations in the building or property during the tour, you may let the applicant for few days to let them draft a wise decision that is if they do not give any confirmation yet that they will sign the contract with you. After that, don't forget to call the applicant for follow up. This will determine if you already get a new lease or will have to look for another prospect again.

Five Quick Tips for Renting an Apartment

Finding and renting a new apartment can be tough. There are just so many things to consider, so you may want to get some help with finding a place to live. Here are some renting tips to help you find the best place to live in.

renting-tips.jpg

Consider your needs and starting searching

Taking into account, your tastes, and needs and, of course, the budget. Check the average price of the area to make sure that the monthly rent is adjusted to the area. Once you have clear where you want to live, it is very important that you consult what is the price per square meter for the rental apartment of that area. Search, search, search and arrange visits. Contact the advertiser and arrange a visit. If you think that housing you have the possibility of being chosen, visit it at different times of the day, in this way you will be able to check factors such as light or noise. 

Some of the other factors that you should consider include:

  • Location
  • Public Transport
  • Amenities
  • Ambient Noise
  • Crime Rate
  • Surrounding Property Value

Clarify all the details

Before signing the rental agreement, ask even the slightest doubt. Make sure that the landlord and you agree on everything: duration of the rental contract, monthly rent, bond, repairs, and possible works to be deducted from the rent. Make clear what is wanted and expected, on both sides, avoid misunderstandings and future problems. 

Check the neighbourhood

Make sure that you like the neighbourhood the apartment is in. If there is enough trade, if it is quiet or has a lot of life, if you have parks, banks, schools, public transport etc., in short, if you have everything you are looking for. Make a list of pros and cons of the factors you like. If you have several neighbourhoods as candidates and you do not know which one to decide, you can make a list of pros and cons. Maybe, seeing it in writing can help you make a better decision.

Be sure to negotiate

Before you sign anything, you have the right to negotiate the price of the rent, as well as the one that the owner has to reject your proposal. If you think you can justify that the price of the apartment is above the average price of the area, you can try to negotiate with the landlord or administrator. Take into account your rights, but also your obligations. Before asking and signing anything, it is essential that you have clear what your rights and obligations as a tenant are. In this way, you will avoid signing anything that is outside the law.

Review your rental contract

Make sure that everything agreed with the owner or administrator appears in the contract clearly. If you have doubts or consider that any of the clauses may be abusive, consult a specialized manager. Find out about the rental aids available in your community. Find out what are the requirements to access them and, if you meet them, how to request them. You can save a lot of money.

 

 

Seven Essential Tips for Pet Owners Living in an Apartment

Do you know how to take care of your pet? There are a few do's and don'ts of pet ownership that you should know about, especially if it is your first time owning one and living in an apartment. Some apartment owners don’t allow pets so better ask the owner before deciding to have a pet in your apartment. These are the tips that coaches, specialists, and veterinarians recommend keeping owners and pets happy and healthy.

theme-candid-portraits-smile-woman-girl-40064.jpeg

1. Don't make them overweight

This advice applies to both pets and owners. You lead a better life when you do not have to worry about carrying extra kilos. You control what you are feeding them; make sure you are not giving them sawdust. Also, control your portions and make sure you are walking or running enough to burn the calories. If necessary, buy him a toy that keeps him active even at home.

2. Do invest in your training

Classes for pets benefit the owner before anyone else because they give him control for both basic situations, such as dropping something in his mouth that he should not chew, or stay quiet, or even on occasion. This helps other people living around your apartment undisturbed and helps save your things in your apartment.

3. Don't ignore their teeth

Does your pet's breath stink? If that is the case, then you may want to focus on proper dental care for your beloved animal. This is because dogs and other pets can also experience other kinds of common dental issues such as cavities and gum diseases. That is why scheduling a visit to a dental expert for pets could be a good idea.

4. Do visit the vet regularly

A periodic medical review does not hurt anyone. In fact, regular veterinary checkups can ensure that your pet stays healthy. It is also good for socializing pets, with other people, with children or with other animals.

5. Don't let them get dehydrated

Infections in the urinary tract are one of the most common diseases and are preventable. Just make sure your pets always have clean, fresh water at their fingertips. Specially when you're leaving them alone in your apartment. Change the water and wash their dishes regularly.

6. Do protect them from fleas

In summer or winter, keep them protected from fleas. Even in the coldest months, you have to spray them with a flea powder. You can also use special medication to get rid of fleas.

7. Don't keep your dog bored

Active and tired dogs are always happier. On the other hand, a boring pet will cost you hundreds of shoes, cases, boxes and nibbled objects. Invest in interactive toys that will keep them busy even when you have to leave the house. You don’t want your pet to get kicked out of your apartment, right?

Why get a pet anyway?

Now that you know what you should and shouldn't be doing when taking care of a new pet, you are probably wondering if it is worth it. If you are still on the fence about getting a new pet, here are a few reasons for adopting one into your family.

·         Reduce stress

·         More exercise

·         Companionship

·         Expand hobbies and interests

·         Meet new people

·         Feeling responsibility

·         Investing in a living thing

·         More protection

So, as you can see, there are a ton of things that you can get if you adopt your pet in your apartment. Be sure to train your pet well. Train your pet how to behave around your apartment if the owner approved to let your pet live with you.

Ways of Dealing with Tenant Problems

Landlords are expected to have some issues or damages dealt by their tenants. These can either be holes in the wall, damaged appliances, nasty odors that fill up the entire house, etc. Some landlords have it worse, and some could not stand it that they have to give up their business.


When the lease agreement has already been signed, the journey after that can be quite unexpected.

furious-2514031_1920.jpg

Tenants you have to avoid

  1. Non-paying tenant - this is the classic tenant that you need to avoid at all costs. They are the ones that do not abide by the agreement and has even failed to come to terms with the monthly duty of paying the rent. After several missed phone calls and even ignoring the knocks at the door. Whatever the reason is, tenants are expected to pay by the agreement that he or she has signed the lease.
  2. Tardy payer - on the next level, you have a bit of a better version of the first kind of band tenant. They may be tardy, but they still deliver what is most important - the rent. However, the delayed payments can affect the impression of the landlord with the tenant. However, the tardy payer usually can be reasoned with, and the landlord must talk with them.
  3. Rule-breaker - even with all the guidelines that need to be followed as a tenant, there are always those that do not seem to mind the rules being established. If they do break the rules, it is your job as a landlord to deal with them and have them find another place to rent if they keep on violating the rules.
  4. The destroyer - this is the kind of tenant that tends to destroy your property, whether this is done intentionally or unintentionally. There are cases wherein the tenant has deliberately damaged the property on a regular basis, thus not only affecting the landlord but also with the other tenants as well. This is one of the biggest losses that the landlord is going to face because they have this tendency to destroy almost everything inside.

What to do as a landlord

First, you need to do a background check with every prospective tenant that you meet with. Make sure that the tenant signs the lease agreement in front of you to enforce the written guidelines you have established. Meet and discuss with them in person so that you can enforce your expectations and the responsibilities that they need to do as a tenant.

You will also need to establish an exit strategy. Whenever you deal with a problematic tenant, you can control the situation by evicting them whenever they keep violating the agreements that were supposed to be followed.

For tenants

If you are a tenant, make sure you read the fine print of the guidelines before you sign them. When you sign, this means that you agree with the rules that are indicated in there and it is your responsibility to follow them. Failing to do so means that the landlord has every right to evict you as he or she sees fit.

Choosing and Buying a Property: What You Need to Know

Real estate is big, complex, and can be sometimes chaotic. That’s why it is important that you educate yourself especially if this is your first time buying a property. You could lose all your money in one wrong decision. Hence, here are the following tips that can help you choose and buy the right property for you.

jesse-roberts-146556.jpg

1.    Work with a real estate agent

Considering the fact that this is your first time buying a property, we highly recommend that you work with a real estate agent. He can help you choose the property that is right for you, and of course, one that you can afford buying. Aside from that, he knows the real estate world like the back of his hand. He will serve as your guide in choosing properties and declining tempting offers that could otherwise lead to a disastrous decision at the end of the day. 

rawpixel-com-252127.jpg

If you are busy with your work and making money, your real estate agent will talk to the house seller on your behalf, attend meetings, and even do the paperwork. His main job is to bring you the best offers that you can have on the market nowadays.

 

2.    Pay all of your debts

Make sure that you don’t have any pending dates in the month or year you are planning to buy a property. In that way, you will have increased chances of getting approved for a house loan if you have a good credit score.

olga-delawrence-386839.jpg

Three years before you plan on buying a house, start paying all of your debts and start saving money for the downpayment.

 

3.    Do not make any huge purchase

Three months before buying the house, make sure that you do not make any huge purchases that can strip off a lot of money from your budget. You need to have your cash prepared while you are applying for the loan.

nik-macmillan-280300.jpg

Aside from that, the more money that you have on hand, the better property you’ll be able to buy.

 

4.    Prioritize the location

It’s easy to fall in love with the good paint job in each room, fancy dining room, and spacious yard but if it’s going to require you to drive for miles before you can even reach it, don’t even bother anymore.

raphael-biscaldi-297901.jpg

Location is significant when it comes to choosing a property to buy. Make sure that you choose the one that is located near a school especially if you have children. The access to the supermarket, shopping mall, hospital, and the city should be one ride only if you’re going to commute. The fewer people in the village, the more peaceful it would be.

Now, keep these tips in mind when looking for the right property to buy. It can help you prevent any costly mistakes in the process and ensure that you’ll be able to make the right choice. Stepping into the real estate world can be intimidating, so equip yourself with knowledge and work with a professional so that you’ll be good to go.

The Reasons Why a 401K Hardship Withdrawal to Start Investing in Real Estate Is Too Expensive

You might be wondering whether or not you should consider withdrawing your 401K funds early. For example, let’s say that someone wants to get involved in the real estate market and are wondering if an early 401K withdrawal I a wise idea. This is often referred to as a “hardship” withdrawal.

pexels-photo-101808.jpg

If you’re considering the issue strictly from an accounting/investment viewpoint, then it might seem like a bad idea. In a sense this is true, but it's more complicated than just concluding that withdrawing the money early is unwise because you'll be losing money. So what's it all about?  

There's a lot of evidence that supports not withdrawing the funds. For example, the cost of withdrawing the 401K early is very expensive. Another issue is if you're going to take this step it might be a good idea to improve your financial situation before getting involved in the real estate business.

It's probably best to put it this way. If you're going to make a 401K withdrawal, the costs are very high in the short-term. There are many issues to consider including the following ones:

1. Lost Earnings

This is the hidden cost that you should consider when determining whether or not you should withdraw your 401K. Such forgone earnings can be quite high in the short term even though they're a hidden cost. This is a very real issue when referring to withdrawals from requirement accounts. The effect on your finances can be huge. 

However, keep in mind that this is generally in the short term. It greatly depends on how you re-invest your capital and the interest rate you'll get. The total cost can be quite high, and unfortunately, there's no real way to avoid the costs. It’s also highly unlikely you can earn your money back, which is another issue to consider.

2. Taxes

If you withdraw your 401K early, you have to pay the marginal tax rate as well as a penalty rate (10%). Many people wrongly think that the withdrawal won't involve a penalty if a person’s first house is being purchased. This exception is indeed true for withdrawals of IRAs it doesn’t count for 401Ks. 

One issue to consider is that taxes wouldn’t be paid on the withdrawal until April 15 during the next year. If the money was invested until then the investor can keep receiving earnings from the funds. However, the situation is a little more complex than that. So it’s important to consider all the facts and figures related to the tax issue before deciding to withdraw your 401K. 

3. Alternatives

One of the main reasons you should avoid an early withdrawal of your 401K is the cost is sky-high. The good news is there are some alternatives you can use instead. One solution is to stop putting money in your 401k and get your personal finances in check. 

Another option is to borrow from your 401K. You have the option to loan the lower amount between half your balance or $50,000.

The third solution you have is to quit your job then roll the 401K account into an IRA account. This provides more flexibility and lets you pick low-cost funds.

Why is VR technology in real estate industry news so much?

Do you read real estate industry news? If you do, then you have probably know about how many realtors, property developers and other professionals working in the real estate industry, have been using virtual reality. And that is pretty understandable since a lot of real estate industry news has been about the uses of VR. If you would like to know more about VR has been used in the real estate industry, then you have come to the right place. This article will explain all of the reasons why this kind of technology could be useful for realtors and property developers.


What is VR?

Real estate virtual reality.jpeg


So you may be wondering what is exactly is VR? VR or virtual reality is a kind of computer-generated reality that people can interact with. The most common way that virtual reality can be interacted with is through the use of goggles. If you have ever heard about the latest in real estate industry news, you would know that this sort of technological trend has been used a lot by property developers and real estate agents.


How is it used in the real estate industry?

For anyone that has read the headlines in real estate industry news. You will probably have noticed that more and more of those headlines are about how virtual reality technology has been used a lot by professionals working in the real estate industry. But if you are still convinced by real estate industry news is making such a big deal about VR, then that is understandable. There are a lot of practical applications that VR can be used in the real estate industry. For example, prospective home buyers can tour a virtually constructed version of the houses that they want to buy. Property developers may even show off their proposed development plans through VR as well. So what you have heard in real estate industry news has not been hype at all. There are a lot of practical applications to virtual reality in the field of real estate.


Advantages of VR in real estate

Real estate developers and realtors make use of virtual reality because there are a lot of advantages to using it. What you have read in real estate industry news has been true, here is some of the advantage of virtual reality technology.

VR is useful for real estate buyers because they can get a clearer picture of what houses or properties that they want to buy. They could also save a lot of time since the can tour real estate properties quite easily and quickly through the use of these virtual reality goggles. And even property developers can get advantages out of VR technology because they can sell real estate much more easily to prospective buyers.

Realtors should embrace virtual reality technology and other kinds of emerging tech trends. It is only for the benefit of real estate agents and other professionals working in the property industry that they pay close attention to real estate industry news. There could be a lot of new developments that are happening in that sort of field. So anyone working in selling or developing property should read more on real estate industry news.

5 Tips in Investing and Financing A Property

Having to look for a home to invest makes it worth the value if you know what you want for a dream house. This is why you will need someone to guide you with the different house marketing that is available in your area or if you are planning to look for a home outside the country is another option for you to consider as well. Nowadays, home properties have become a good investment, and it has opened an opportunity for people who want to start investing and financing a property. 

pexels-photo-259957.jpeg

If you want to do investment properties, it is best that you start now and connect with Real Estate agents to give you ideas on how you can finance a property for yourself soon. Here are the following five tips that you can enjoy and improve your success.

1. A sizable down payment- keep in mind that mortgage insurance doesn’t cover any investment properties. It is important that you’ll need to have at least 20% down to ensure that traditional finance is secured. More so, if you want to put at least 25%, you are still able to qualify and even better your interest rates. If you happened to have no money for a down payment, you could always try to obtain a second option for a mortgage.

2. Strong borrowers- there are many factors to consider regarding borrowing. It is important that you follow what the lender has required for a borrower to do. For example, you might need to check your credit score before you can borrow an amount of money for a down payment.

3. Don't be shy with big banks- if you are too shy to seek assistance from a bank; your other option is a mortgage broker. They have all the access that you will ever need regarding the different range of loan products. Make sure that you do first your research before completely deciding.

4. Request for a financing- it comes to the point that requesting for a financing makes the seller very suspicious especially if you are a potential buyer. This is one reason why using credit is acceptable. You must remember that it is better to have a game plan if you want to do this kind of investment and financing.

5. Think more creatively- if you happened to be looking for a property that has increased market value, it is best that you consider secured down payment or perhaps money for renovation through the use of a home equity, credit cards or life insurances. If you want to finance through personal loans, this is a well possible thing for you to do especially if you are financing for an actual property.

There may times that you will not have a successful experience when it comes to investment property. There are as well a peer to a peer group that truly requires a credit history for you to meet a certain type of criteria.

Do you need more info on properties and real estates? Check Omni Properties for more info.

Homeowners and Home Buyers Sidelined by Perfect Economic Storm

pexels-photo-323780.jpeg

In recent years, debt for the average American household has skyrocketed. This brewing economic storm has caused many sorts of problems for various industries, especially the homeowners who are selling and the would be buyers to be wary of purchasing a home. High-debt and a sluggish market are the perfect economic storm forces which have caused the real estate and property market to stall. This is the tipping point which is technically called the lock-in effect by experts.

What is Happening in The Current Property Market?

A perfect economic storm of various economic forces and factors have caused homeowners to not want to sell any property and buyers unable to purchase any homes for themselves. This is definitely causing a slow-down in homeowner and buyer market. A lot of homeowners are unwilling to sell, and many buyers cannot afford to purchase any real estate. This economic storm in the housing market has also caused the housing prices to soar, despite the relatively slow down and lock in effect. The various forces at work in this economic storm will be listed down below. If you want to get to the bottom of the cause of this economic storm, then keep on reading.

Higher Household Debt

A lot of people are in more debt nowadays. Credit card debts, student loan debts, are just some of the factors which are part of this perfect economic storm. This has caused prospective and young home buyers to stall in buying their first home because they are in a lot of debt.

Homeowners Unwilling to Sell

Many homeowners are also seeing this economic storm of high debt, and it has caused them to stall in selling their homes. If more homeowners are unwilling to sell their real estate, then that will thin out the market of available properties, this can drive up prices of the already expensive real estate. This causes more buyers to not even be able to afford a new home.

Not Enough Starter Homes

Another force at work in this perfect economic storm is that there is an imbalance in the inventory of homes available. There are a lot of luxury homes on the market, but not a lot of starter homes. Luxury homes tend to be very expensive, and not a lot of first-time home buyers are able to afford them. So this huge imbalance in inventory has sidelined many home buyers and also caused homeowners to not want to sell their starter homes as well.

More and more people are getting locked out of the housing market, due to the perfect economic storm that has been raging for the past few years. There is currently no end in sight to this economic storm I the real estate and housing market. Young people would rather rent than buy a home, due to the economic storm that is happening in the housing market. This economic storm is also expected to cause interest rates to go up even further in the next few years. This huge increase in interest rates may cause young home buyers to not even want to buy any real estate. This may not be a bad thing, since the convergence of these economic forces may cause more people to rent. And people who rent are able to be more mobile.

If you want more info on properties and real estates click here.

Myths and Tips on Lead Generation for Real Estate

Are you one of those real estate agents who are struggling to create leads? Have you ever imagined or do you understand the reality of quality lead generation for real estate? Do you know how to turn leads to potential clients? On this article, we will discuss the common myths about lead generation for real estate and we will provide some comprehensive tips to improve your strategies on lead generation for real estate.

key-2323278_1280.jpg

 

Imagine this, there are a lot of young professionals who just got a job in San Francisco area and of course, if they live far from San Francisco, their first thought would be moving somewhere near their workplace in San Francisco. These young professionals can be one of your leads. The first step they would take is by searching Google, using the search term, “San Francisco apartments” or “apartments in San Francisco”. They would check the first result they see and if they already like it, they will give that result a call. Imagine that opportunity given to you if you only knew the reality of lead generation for real estate. As a professional real estate agent, it is your goal to be on top of paid and organic search results.  You have a website that you use so people like them can find you and you may have been missing this great opportunity.

There are more pieces to the puzzle in earning your desired lead generation for real estate aside from being actively present online. Here are the common beliefs that most people know about lead generation for real estate and we have included some tips to reveal how to counter them.

It’s not difficult to reach the peak of the results. Everyone thinks that they will have their website already on top of the search engine results and it will help them with lead generation for real estate. You may have also heard that quality content, link building, and some fresh content will put you on top. Unfortunately, we have to be honest; it’s not easy as you think it is. Dominating the search results don't just happen because you have all of these.

TIP: You need to plan and use a comprehensive strategy to have the upper hand in the search engines. Start with keyword research then add fresh content to your website. These strategies are proven by the experts and it would give you your desired lead generation for real estate. Promote your content through social networks, PR, and email marketing and this will boost your lead generation for real estate better.

Lead generation outmaneuvers lead management is the most common disbelief amidst real estate agents or even not in the real estate industry, but many business owners who lack the knowledge and experience with using online marketing. For example, you get 500 leads but then only 10 converts, so when you sum it up there is only a 0.02% conversion rate which is not enough to sustain your business. The poor lead management system can be caused by the low conversion rates you have. This may waste all of your hard work and money spent on marketing.

TIP: You need to guide your visitor all throughout the whole conversion funnel. When you have visitors already visiting your site and you have already provided them with your contact details next step will be continuing the determination of converting that lead. You need to hustle because this lead may come off as cold as they could become hot at one point just by spending time and more effort to nurture them.

Visitors are all interested in you. Visitors would care a bit but not right away. Prospects for lead generation for real estate that came from the search engine and has visited your website would generally want what they like to see first or what they searched for. After skimming through your site, that is the time they will check your profile right.

TIP: You must not make your website generally about you. You can include your personal information on your website in the "About" section but do not ever clog your homepage with too much personal information or else your prospect on lead generation for real estate would leave right away.

The beliefs about lead generation can go on and on but our simple tips can help you go a long way. Lead generation for real estate needs more attention than you think it does. These can be ways for you to get more people or leads. You need to make a comprehensive step by step strategy in reaching the top page results and pay more attention because it takes a lot to reach the top.

For more information on real estate and properties, visit www.omniproperties-re.com.

Bay Area Homes - Should you sell or buy in the summertime?

What if I told you that the prices drop down by 0.2% according to the Oversight Index of the Federal Housing Enterprise. How is that possible? A quick look at bay area housing prices in the summer infers a price increase. What gives?

Its the Seasons!

One of the biggest reasons is because of the seasonal change. An effort to get out of the usual calendar pattern and get into the principal trend. Real estate prices in the bay area generally pitch by May, and after this surge of seasonal adjustment, the prices experience a fall.

The researchers, media, and reports show that the property price in the bay area seasonally adjusted makes little sense. They are better for the people who want to understand the whole situation as for why predictable seasonal twists get into play.

Someone in the bay area who is trying to sell or buy a property cannot ignore the seasonal convention gyrations. However, no one pays the price that is adjusted because of the seasonal change. If you have paid $1,000,000 on a house in the bay area in February, the expected price of the property may reach $1,150,000 if you wait until August. Whether it is a season or not; the $150,000 are your benefits.

However, this raises a huge question. If prices typically show a rise in summers and decline in winter especially in the bay area, United Kingdom, United States, France, and Belgium- then why people still choose to buy houses in the summers? Why don’t they buy a house in the bay area at the beginning of the year or wait until the surge is over and prices are stagnated?

Reasons to Move

There two are the main reasons why people move to a new house during the summer:

  • Generally, people feel that the summer season is the best time to purchase a property. It is the time when a family is preparing to drive their kids to a new bay area school, and it is also the wedding season. Besides, the house-hunting experience is better when there is the sunshine. However, these, of course, are not reasons to spend thousand dollars extra on the house.
  • Another reason why people choose to buy the house in summers is that the rent or mortgage finance are cheaper during that time.

What do the experts say?

A new research paper by Silvana Tenreyro and L. Rachel Ngai of the London Economics School provides us with a solid solution to this conundrum.

The paper starts with a remark that unlike, laptop, car; all houses are different from one another. A specific house may go perfectly with the need of the family. The process of figuring out that how a certain house suits your need is a time-consuming as well as costly business.

This means that if you are a bay area buyer, you may prefer house-hunting in wide markets when there are tons of houses for selling and chances are that a perfect fit might come quickly to them. There is no excitement in house-hunting when the market is down, and the chances of finding your ideal house seem minimum. House hunting in the cold bay area winter does not seem fun.

If Tenreyro and Ngai are correct, then the dynamic of housing market goes like this- A Buyer prefers buying housing when the market has good options to offer. Thus the sellers put up more market on the sell, and with a good number of sellers and buyers, the market becomes wide. This means that there is a better possibility that the buyers find the house that they are looking for and this makes them shed a few extra money out of their pockets. With high prices, sellers put more houses on the market during summers and fewer in the winters due to the stagnated price. This self-emphasizing process can create a huge gap between the prices during winter and summer. In the UK, there is a regulation in which only fewer houses are put up on the market, and thus the current store is predominantly characteristic which is the main reason why particular seasonality strongly influences the UK market rather than other places. 

So, if you want to get a bay area house at cheaper rates, then you should wait till the winter. However, keep in mind that a cheaper deal doesn’t mean that you are getting a better and a healthier deal. It's never black and white. That's why we recommend to always seek an expert real estate agent. 

Trust your Real Estate Agent

At Omni Real Estate, we follow all the Bay Area trends to know the best time to sell, buy or rent. We can use our background data and experience to make sure you get the best real estate deal possible (whether its buying or selling). 

 

6 Smart Ways to Get Going in Property Management

It is not a job for everyone, but with the rental market being what it is, becoming a landlord is one smart way to build wealth. 

The demand for rental units is continuing to remain strong. The failure of wages keeping up with the high cost of housing has a lot to do with this. Some point to the housing market collapse in 2007. Since then, rentals have risen steadily while homeownership has declined.

While home prices have rebounded in many parts of the United States, they are still only projected to go up about 3 percent for the year. This provides a clear picture of just how favorable investing in rental real estate is. 

At the same time, this does not mean that being a landlord is a way to get quick fast. Renting properties out is a long-term investment and it should be approached carefully. If you have already thought about it and are ready to become the next real estate rental mogul here are six smart ways to get you started.
 
1.  Realize that a landlord is a business professional.

Being a landlord means being in business for oneself. It is different than homeownership. You have to treat it like the profession it truly is. This means that whatever property you buy has to be a good business investment. It's best not to approach it like it is a house you want to live in.

The property has to appeal to the types of tenants you want to rent to. In addition, one big criteria is to be able to qualify for any loans on that property. This means having at least 20 percent of the down payment ready to go. If you have already purchased a rental, your income has to be sufficient to pay your own mortgage as well as the rentals.

2. Start out small.

One way to make sure you are cut out for this business is by starting off buying a single-family home or a small multiple-dwelling unit. Single-family residences are among the easiest investment properties to buy.

Condominiums require larger down payments as well as monthly association fees.

Starting small with a single family home gives you a feel for the maintenance, responsibilities, and bookkeeping required. Dion Cheng suggests that you buy a simple property at first – one that has simple, easy-to-maintain features.

3. Don't invest in a place you don't know.

In real estate it is all about "location, location, location," and nothing could be truer when it comes to rentals. A place might seem like a bargain if it is in a neighborhood most people would not want to live in.  Do not buy property out-of-state if you do not know the location. Stick to property locations you know well.

4. Determine the appropriate rent.

These sums differ throughout the United States. Get an idea of rent prices from Craigslist and real estate sites and agents when shopping around. Determine if the rent will cover your operating costs.
 
Many people think that if they can cover the loan they are fine. But, you also have to pay for taxes and insurance. You also have to cover any potential vacancies and maintenance or repairs. 

Forgetting to budget for repairs is a common problem. You need money on hand to deal with maintenance expenses. Things will break.

You also need to make sure that you understand the rate of return that you will get on your investment. You can use formulas such as the capitalization rate to help with figuring this out, but it also helps to get professional help. Speak with an accountant to be sure your purchase is lined up for success.

5. Be willing to start working on rolling up your sleeves.

You want to get your hands dirty by taking care of managing your first property yourself. This will help you get the idea of it and it can be done especially with a single-family home.

Are you good with tools? That is even better because you will save money on hiring electricians or plumbers whenever something minor needs to be repaired or replaced. If you have been putting off fixing a leaky faucet in your home you might want to rethink becoming a landlord.

Don't forget that you also need a thick skin. If the idea of calling a tenant to find out where the rent check is you might want to find other work -or at least hire a property management company.

6. Get professional help when needed.

Even if you have confidence in managing a property yourself, be sure to consult with a real estate attorney as needed. Get informed on the lease agreement standards and on the rights of your tenants. An accountant is helpful, too. Also, get a good line up of tradespeople like plumbers and electricians together for times when you need them.

At Omni Real Estate, we can help you with this entire process.  Our experience can help your first experience in property management a pleasant one.