Category Archives: Home Improvement

How Can a Good Real Estate Agent Help?

Consider the option of going ahead with a real estate agent because he helps the buyer or the seller of the property in more ways than one. Key responsibilities of a good agent make the entire process smooth, transparent, and easy for clients. However, this proposition is fraught with risk because finding a good agent is often a momentous task. This should not discourage home buyers and property sellers from hiring a good real estate agent as he alone can make things hassle-free for you. Therefore, your focus should be to look for an agent instead of searching for properties listed on various sites. Once you have roped in a verified and accredited agent to work on your behalf, the process of buying or renting or selling a home becomes much easier for you.

Local market knowledge

Equipped with local real estate market knowledge, he provides information of relevant properties available in the area. He studies the options that suit your budget and forwards the shortlisted options to you. This saves your valuable time and money. If you are interested, he shows you the properties. He is familiar with the area you would like to live in and offers accurate information about local infrastructure, school systems, water and sewer charges, public transportation and other concerns that impact your decision to rent or buy a home.

Negotiation

He takes care of the tedious process of negotiating the best deal for you. With skill and expertise, he knows the trends prevailing within the local property market and the competitive prices for various properties. You can bank on him to ensure the best deal and save your hard-money. His commission is also negotiable in most of the cases, depending on the level of involvement and effort put in.

Representation

He acts as your representative throughout the entire buying or selling process and therefore you need a reliable person you can fully trust in matters of right price and the suitable property features you need. He follows your instructions, works tirelessly to minimise your daily involvement in the matter of sale or purchase and seeks your presence only when it is unavoidable – to screen the best options for closing the deal.

Legal assistance

His knowledge about local laws related to the buying and selling of property helps you avoid legal issues. It ensures a smooth deal without any potential conflicts. A legally binding contract is drawn up and he helps you with all the paperwork, referring you to the appropriate professionals for dealing with all the legal matters.

Network

As his up to date with current trends, he nurtures contacts and the professional network to flourish his business. This enables him to be aware of a wide range of available property in the area and suggest options to clients with the help of fellow professionals. Not having an intermediary will deprive you of this big advantage. There is a limit to searching properties online or seeking references through your contacts, but if you have an agent, then there is no limit to the options he can suggest with ease. Most of his suggestions come pretty close to what you look for.

Exposure

Having him on board ensures maximum exposure for your property. Years of experience built an exhaustive database of potential customers and he refers your listing or requirement to generate leads. Gives sound advice on the market value component to price it realistically so that it is sold faster. He provides a visual presentation of your property and suggestions to enhance its marketability and coordinates marketing and advertising of your property on various platforms. Besides, the previews and arranges a walk through each potential home, to show properties that match your requirements and answers all your queries at various stages of the engagement to keep you updated of the progress achieved and ensure your satisfaction.



Source by Sanjiv Roy

How to Market Your Commercial Real Estate Loan Business

All too often I see small business owners missing the mark with their marketing. Sure, it’s easy to do when you specialize in a specific industry niche and you spend your time engulfed in industry sector jargon. However, it’s best to put yourself in your potential customer’s shoes and think your marketing through from their perspective, addressing their most important questions. Your customers want to be able to trust you, to know you are looking out for their interests and that you don’t just see them with Dollar Signs in your sunglasses.

Below is a sample page, perhaps good for a website, brochure, email, or letter. Why not look this over and consider how you might form your own message. Use your own voice, your own style and remember you are talking to your customer across the table for the first time. You know what questions they will ask. Show that you care, that you are working for them, and will go out of your way to get them the best rates, and great service. Here is the sample:

Commercial Real Estate Loans

Are you looking to purchase an income property such as an apartment building, small office building, or retail center? Would you like to put several rental properties in your real estate portfolio into one commercial mortgage? Wish to find a suitable piece of land and develop that property? Do you need a loan for acquisition and construction?

Do you want to buy a business property with a business on it; a restaurant, carwash, service station, laundry mat, hotel, etc.? Are you looking for a commercially zoned property with a warehouse or industrial building on it? Are you expanding an existing business and/or want to own the property under your business rather than paying the monthly lease?

Are you in the agricultural sector, looking for specifically zoned farming property; land for a vineyard, orchard, or crop such as berries, vegetables, or flowers? We have significant experience to make this happen. Our area in Southern CA has one of the best climates in the world, and incredible top soil for growing almost anything.

We can assist with all types of commercial real estate loans including government-guaranteed loans such as FHA, USDA, and HUD. If you are looking for an SBA 7(a) loan or a CDC/SBA 504 loan for commercial real estate we can get it done.

We can assist you with traditional commercial mortgages, commercial bridge loans, or commercial hard money loans. We also have lines on non-traditional sources for hard money commercial real estate loans, which are custom tailored to you needs for complicated projects outside the normal scope of typical commercial real estate loans and mortgage offerings.

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Why not try something like this? Just because the Federal Reserve has raised rates doesn’t mean you have to let new deals and new clients move to your competitors. I hope you will please consider all this and think on it.



Source by Lance Winslow

Selling Property without A Real Estate Agent

I am going to sell my property without an agent. This refrain is being heard more and more these days as the Internet and real estate market evolves beyond the realtor-based transaction.

FSBO is an acronym meaning for sale by owner. The advantages of selling as a FSBO are numerous. With real estate commissions of six percent, you are looking at immediately saving tens of thousands of dollars in commissions. If for some reason this does not entice you, keep in mind you can use the savings to undercut the prices of similar homes in your area. This will move your house quickly off the market and let you get on with your life.

The key to selling your property is to be prepared. First, you need to find out the value of the property by looking at comparables in your area or trying an online valuation service. Once you have the value in mind, you need to determine whether this is acceptable. You also need to determine what you are really willing to accept as a sales price once haggling is completed. Always make sure you know your bottom line and stick to it.

The next step is list the property online on a FSBO site. Over 70 percent of homebuyers now find their properties online as the realize there is no need to endlessly drive around looking at homes that they may or may not be interested in. By going online, they can see what each home offers and then visit the appropriate property.

Given the use of the Internet by buyers, it is vital that you spend the time to upload pictures with your listings. You are only going to generate interest if the buyers can actually see the property. Every site allows you to upload digital photos and you should do so. Take care to show as much of the property as possible so that you can generate leads that are truly interested in buying.

Sellers wonder if they are correct to think they can sell their property without a realtor. With the Internet revolution, it is easy to do so and save tons of money on commissions.



Source by Raynor James

Important Things You Need to Know About Real Estate

Real estate property consisting of land as well as any physical property or improvements affixed to the land, including houses, buildings, landscaping, fencing etc. Tenants and Leaseholders may have the right to occupy or make use of anything within rented area depending on the terms and conditions told by the landlord.

There are Four categories of Real Estate market-

• Residential- Residential Property is used for living purpose. It includes new construction and resale homes. It can be a single-family house, condominium, townhouse, duplex, triple-decker quadplexes, high-value homes etc.

• Commercial- Commercial property is used for business/investment purposes. It includes shopping centers, strip malls, medical building, educational buildings, hotels, and offices.

• Industrial- Industrial property is used for manufacture or production of goods. These properties can be used for production, storage, and distribution of goods. It can be a warehouse, manufacturing building, Refrigeration/Cold Storage Buildings, Telecom/Data Hosting Centers etc.

• Land- Land is the physical surface with everything growing on or underneath that surface, anything permanently affixed to the surface. There are basically three types of land I.e leasehold land, freehold land, and agricultural land.

Real Estate Investing-

Real estate industry is the best for investment purpose. Nowadays, everyone engages in real estate investing by selling or buying homes. There are several factors you should consider like the location of a property if there would be the rise in property value while living in it or how the interest rate and taxes are going to affect you in near future? Location plays an important role if you have a prime location, obviously your revenue will increase. But first of all, you have to see the money in your pocket, whether you can afford or have to manage cash from elsewhere.

Some people do the buying and selling of property as a business, either they rent out their homes or sell it when the market price goes high. People have several homes and they rent them out to earn from that property. To do either of the action of renting out or selling, one should keep in mind about the current market scenario. Otherwise, it will be risky for your investment.

You can generate great revenue by investing in the right property at the right time. You should keep an eye on the market trends and the current rate of property for that. For this purpose, there are many options available online as well as offline. Many websites and dealer are there to help you out. You can contact directly to any broker or agent to take the deal up because only from the online medium you can get mislead. Agents are helping hand to them who are struggling for the property of their own interest. You should check the property physically before you take any decision.

The things you have to keep in mind before buying any property is what is your need, what is your purpose and the last but not the least is your budget.



Source by Neelanshi Srivastava

Florida Homestead Real Estate Tax Portability Explained

For those who have made a home in Florida and are considering a move to a new Florida home, one of the most important things to be aware of is the newly enacted Property Tax Portability Amendment which impacts Homestead property.

So just what is Florida Property Tax Portability?

A new Florida law allows residents that are moving from one primary residence to another to bring the built-up property tax benefits on the assessed value of their existing home along with them to their new home. This can mean up to a $500,000 decrease in the taxable value of the new home, and a huge annual property tax savings.

Florida primary residences are protected to a maximum percent increase in the assessed value each year by homestead legislation known as “Save Our Homes”.

Without the portability provision, if you moved you lost all of the assessed value savings created by Save Our Homes and your new home was assessed at current market value. The Portability Amendment literally made that tax savings “portable” so you can now transfer up to $500,000 of your accrued Save Our Homes benefit to your new home.

EXAMPLE: You sell your current Florida Homestead that has an Assessed Value of $200,000 and a Just (Market) Value of $350,000. $350,000 – $200,000 = $150,000 in Tax Benefit. You buy a new home for $400,000. The $150,000 SOH tax benefit is applied to the new homes Just (Market) Value to creates a lower Assessed Value.

So if you own a home in Florida and are looking into downsizing to a condo or if you have been living inland and want to take advantage of the great waterfront property prices on the coast, a dramatic change in property taxes may not be something to worry about. Those homeowners who sell one home in order to move into another full time, will find that the taxes on their new property are adjusted to reflect the savings from their old home.



Source by Andrew Howe

App Development For Property Sales: A Complete Guide To Grow Your Real-Estate Business

None can deny the necessity of mobile apps in our lives. While no business sector has remained aloof from the rage of mobile app development, it is on-demand services, food and retail, and core industry like real-estate which got more share of the pie. Yes, it’s also the retail property businesses that got more benefits in sales after the app revolution and saw their revenue growing high. In regards to this, here is a complete guide on how to make your own real-estate dealings mobile with a useful app.

Trends observed in property purchases

-Most buyers first sneak through the web or online portals to search for property searches before going for other sources like paper advertisements, referrals, etc.

-Millennials rely more on online search for nitty-gritty details or information about a property

-People like to hunt for properties online because they can see a large number of properties.

Types of Real-estate app solutions

-Online property search application

-Property booking solution

-App solution for renting apartments

-Property management solution for owners

While these are the specific apps that can help real-estate business owners as well as buyers, let’s take a look at the key features that an app meant to help rent and property seekers should have.

Direct marketing method

The app should have a direct approach to marketing to promote the properties held by the property owner. The app would list the properties in a fancy manner with location, prices, property aspects, surrounding amenities, landmark, and other related information. In short, the app should be able to showcase all properties in a complacent and clarified manner so that buyers can know every minute thing about a property and can take the decision to choose one smoothly.

Support for location-tracking

Mobile users have been so used to the aspect of GPS or Global Positioning System to navigate here and here that you need to sync your real-estate mobile app to the Google Map to help the property seekers. Integrating the app with geolocation will readily help the buyers to land on the phone’s Google map to know the exact route and convenient mode of transport to the property’s location.

Easy-to-use user interface

You need to keep in mind that a real-estate application is not about showing brilliance and classy design, but is about user-friendliness. Thus, like any other user-centric applications such as eCommerce, online cab services booking, your app should be user-friendly so that users could easily understand how to search for a property. Easy user-interface of an app means quick property search, responsive search filter, hassle-free payments and saving favourites or wishlist.

Scope for customers to place queries

Lastly, do not rule out the need for an online enquiry mechanism in the app like live chat or email integration. It is a must-have for quickly responding to customers who are interested in a property and wish to know more apart from what provided in the app. They might want to talk to the seller directly.

Real-estates is the large and flourishing industry and to get a grip over its every potential you need a mobile app too. It would help your business make more revenue and grow by making your properties more easily accessible to prospective customers. However, make sure to keep in mind the mentioned features while you have your app crafted by an app development company.



Source by Rob Stephen

"Wholesaling" Real Estate – What Is It?

If you’re a real estate investor, you’ve either wholesaled properties or heard about others doing it.

In real estate, what exactly is a “wholesale”? Here are the basics:

  1. a property is purchased at a deeply discounted price
  2. no repairs or rehabs are done to the property
  3. it is resold to an investor who plans to rehab it and sell again for their own profit

Let’s break this down:

To purchase a property at a deeply discounted price, expect it to be in bad condition. The properties that need a lot of repair and have been neglected for years are the ones that are typically sold for very low prices.

How do you find properties that can be wholesaled?

  • Direct mail marketing gets sellers who call before they talk to anyone else. No competition deals are always the best.
  • Marketing also lets sellers know before they call you that you’re not an end user and won’t be paying retail.
  • To buy a lot of properties, you must talk to a lot of sellers. The nationwide average is that you must talk to 20 sellers before you buy a property. If you’re not finding these deals, you’re not talking to enough sellers. How many properties you want to buy will tell you how many sellers you need to meet with.

Why do sellers sell that deeply discounted? Many reasons, including:

  • Lived in it for years and never did anything to it (no updates and/or minimal repairs)
  • Moving to retirement home
  • Inheritance
  • Live out of state
  • Distressed and can’t afford to fix it
  • Burned out landlord
  • Hard for them to sell in this condition
  • Hoarders

What do you need to evaluate when making the purchase?

  • After Repair Value (ARV) – What will retail be? You need good comping sources to determine what the value will be after repairs.
  • What will it cost to rehab it to retail value?
  • How much can you pay to buy it?
  • Your purchase price must be low enough to allow both you and the next buyer to make profit.

What do you do to a wholesale property before selling it?

  • Typically nothing!

Why do wholesalers often get a bad name?

I think most people who have a bad taste about wholesaling either haven’t done it or have run into some who do it wrong.

I was a full time investor for 8 years before we began wholesaling. In 2013, my husband and I purchase a HomeVestors franchise – the We Buy Ugly Houses people – and we have been primarily wholesaling since.

To do it right, we spend money every month on marketing to the right people to get the phone to ring. Then we spend a lot of time with the seller crafting a solution to their problem. And we negotiate a price that allows us to resell to an investor who will rehab and still be able to make profit on the deal we sell to them.

Do all these steps, and people will respect you and come to you for deals. There is nothing wrong with wholesaling so don’t be afraid of it.

Is wholesaling legal?

Wholesaling is not a buying technique, but a selling technique. With wholesaling, you purchase the property for a low price. There is a closing with either a title company or attorney and you go on title as owner. You then mark it up a minimal amount and sell it to someone who plans to rehab and make their own profit.

It is not illegal as it is a normal purchase and sale – you buy it, own it, then you sell it. The only thing different between wholesale and a regular purchase is the low price and no work is done to the property before resell.

With wholesaling:

  • we are doing a service
  • we are a solution
  • we are helping people out
  • we are taking a terrible situation and making it better for these sellers

What can you add? Do you wholesale?



Source by Karen Rittenhouse

Some Financial Aspects of Property and Real Estate Investments

Property or real estates are not considered to be really liquid investment instruments since individual properties or real estates are not interchangeable. Therefore identifying land or real estate in which to invest can take a pretty high amount of time and efforts and much depends on how familiar the investors might become with the particular segment of the market corresponding to their interests. Real estate or land investors often use a variety of appraisal methods to make their lives a bit easier, by means of price comparison. The sources of information relative to prices may include: public auctions, private sales, public agencies, market listings or real estate agents.

Real estate or land assets are much more expensive than bonds or stocks. Therefore investors most often avail themselves of a mortgage loan that can be collateralized by the land or real estate itself. Accordingly we usually use the terms *equity* or *leverage* with reference to the money paid by the investor as opposed to the amount lent by the bank. Their ratio is called Loan-to-Value (LTV) which is considered to represent the risk taken by the investor. Most banks regard 20% of the appraised value as a minimum equity requirement. Quite a number of pension funds and REITs, or Real Estate Investment Trusts, regularly purchase land or real estate with *zero* leverage thereby minimizing their risks, but capping their Return-On-Investment (ROI) as well.

If the purchase of the land or real estate is leveraged, the necessary monthly instalments or “carry costs” might create a negative cash flow for the investor right away after purchase. In addition to possible positive cash flow elements such as those generated by depreciation, equity buildup and capital appreciation, investors might also partially or entirely offset the “carry costs” by means of the so-called Net Operating Income, or NOI. This technical term typically means *rents less expenses* and in countries other than the US it is often referred to as Net Cash Flow. The ratio *NOI/purchase price* is called the Capitalization Rate. It indirectly indicates in how many years the property or real estate will pay for itself in an interest-free financial environment.

E.g. if an investor has purchased a piece of land or real estate for $ 800,000 which generates a positive Net Operating Income of $ 40,000 annually, then the Capitalization Rate of the property is 5%. It shows the investor that the land property or real estate will pay for itself in 20 years in terms of net cash flows.



Source by B Lakatos

Real Estate Characteristics

Real estate has several unique characteristics that affect its value. There are economic characteristics and physical characteristics. Real estate is a product to be purchased but it is different from anything else due to the characteristics that will be discussed here.

The economic characteristics that influence value are scarcity, improvements, permanence and area preference. Scarcity is simply demonstrated in the saying, “They aren’t making any more.” The supply of land has a ceiling and cannot be produced more than what exists today. This value of this supply however, is influenced by other characteristics.

Improvements, such as buildings on one parcel of land may have an effect on the value of neighboring parcels or the entire community. If a large company builds in a certain depressed neighborhood, the value of living their will probably increase because of the introduction of jobs. This value would impact on neighboring communities, thus increasing value in some ways to the real estate in these areas.

Permanence has to do with the infrastructure. As buildings, houses or other structures are demolished, the infrastructure, such as sewers, drainage, electricity, and water remain intact. Permanence effects real estate, or the type of infrastructure. If you buy a piece of land in an area with no utilities, drainage or paved streets, it will most likely be worth less than a parcel of land that has this infrastructure intact and developed.

Area preference refers to the choices of the people in any given area. This is usually referred to by most people when they talk about real estate as, “location, location, location.” The location of a preferred area, for whatever reasons, is what makes values of homes higher. Conversely, the location of a nonpreferred area, for whatever reason, is what makes the values of homes less. 8000 square foot brand new homes on the coast of Long Island’s, East Hampton will be worth much more due to their area preference, over an area with 1200 square foot starter homes in the middle of Long Island, located next to a garbage dump.

The physical characteristics of land represent its indestructible nature, immobility and nonhomogeneity. Working backwards, we’ll start with nonhomogeneity. This simply points out that no two parcels are the same. Two pieces of land may be very similar, but every single parcel is different geographically because each parcel is located in a different spot. This includes two lots right next to each other. It is important to remember that parcels are created by subdividing land, so as one large parcel of 20 acres is subdivided, each individual lot becomes its own separate piece of land.

Land cannot be moved, therefore it is immobile. Even when soil is torn from the ground, the part of the Earth’s surface will always remain. It is important here to note how this physical characteristic affects real estate law and markets. Immobility of land is the reason why real estate laws and markets are local in nature.

The indestructibility of land simply means that it is durable and cannot be destroyed. It can be damaged by storms and other disasters, but it remains and weathers the changing times and will always be there. This is a main reason why land is talked about as being a sound investment.

So the basic characteristics of real estate include scarcity, improvements to the land, permanence, area preference, nonhomogeneity, indestructibility and immobility. Please note there is a big difference between land and real estate. Land is the the part of the earths surface, subsurface and air above it. Real estate is anything that becomes attached to land. So when you’re looking for investments, it is important to note the infrastructure of the area, the surrounding neighborhood and the preferences of the area or…location, location, location!



Source by Thomas McGiveron

What is a Real Estate Release Agreement?

You don’t have to be a real estate expert to have heard of release agreements. A release is one of the most common types of contracts in the world of law. They are used to allow a company to use someone’s image for commercial use. However, a real estate release agreement isn’t quite the same thing. In most cases, releases are used by prospective buyers to release the seller from the mortgage or liens they have on a property so that the property is debt free. The form is extremely short and is often only one page when presented. Let’s take a look at a typical contract requiring a seller to obtain release of mortgage on a property.

The first part of the contract clearly outlines the date that this agreement is being signed, the names of both parties involved in the transfer of the property as well as any spouses of the members involved in the agreement. The second part of the agreement outlines the terms and conditions that the property in question is under. It goes over how much debt the property has attached to it and whether the property has a mortgage debt or a lien debt associated with it. It also outlines the purchase price of the property and how that purchase price can now be used to pay off any and all debt associated with the property. This type of form is used mostly to ensure that the seller will eliminate all debt from a piece of property when the sale is complete as agreed upon in the original sale agreement. Some people consider this form to be a bit redundant, but you can never be too careful when it comes to legal wrangling and property.

The final part of the agreement only requires the signer to include their names, the amount of the total debt still present on the property and finally, the amount that is being paid off. Much of the contract will simply be pre-typed text, often a template, that outlines the seller’s responsibilities once the sale is finalized.

If the buyer and seller of the property agree beforehand, a real estate release agreement isn’t necessary. It could be part of the original sale agreement that the buyer is responsible for paying off any existing debt on the property and not the responsibility of the seller. Since every legal agreement is different and many of them have their own unique provisions, some real estate release agreements can vary considerably from the one outlined here.

In conclusion, the real estate release agreement is a safeguard instituted by the buyer to ensure that a piece of property that has debt associated with it is paid off in full with the money gained during the sale by the seller so that when the final transfer of the property is finalized, it is debt free. It is vital that this agreement be included if you are buying property that has debt attached to it.



Source by Mark Warner