We could go on for days about leasing techniques discussing phone call management, visits and property showing, what to do with the website, how to manage signage, and so on. However, the fact is the single biggest item that can close a lease is followup. I say again. Followup is the very largest factor that will close leases for property managers, leasing agents, and owners.
I’ve seen it first hand. Many properties have long stretch of each day when no one is even present at the leasing office. Clearly managing cost is an important factor and avoiding paying for the hours can help. However, if this is going to be the case the owner and the manager must understand that the ability to reach a live person immediately is the first stage in the followup sequence. After all, what is there to follow up if you don’t at least make contact with your prospect?
Online and phone message contact is similar, you have to recognize the contact and move quickly to respond. As I stated on physical visits the first key is to make initial contact. You may not be aware, but positive response to online contacts via online applications or email is over 90% if the response is during the first hour and failure is greater than 80% if response is after the first hour. Voice mail demonstrates similar though not as well documented of results. Further, managers are often not nearly as responsive with voice mail and online contact as they should seek to be because they don’t understand the urgency. In the case of online contact, education is your best approach. Managers and leasing agents are usually commissioned and a bit of education explaining the cash value of responsiveness is extremely effective.
Next, on the front end of the follow up processes, most operators and managers do not realize that almost 40% of potential leasing opportunities statistically occur after 5:00pm and between Friday evening and Monday morning. Thus a good leasing plan must start with this knowledge and processes to capture this opportunity.
With initial contact maximized, managers and leasing agents should have a process of regular follow up and a scripted plan to respond to prospects. Answers to common questions should be anticipated. Directions and other points should be canned and ready to send. And, a follow up routine defined that regularly updates prospects until they respond that they’ve found another solution or until their contact information is no longer good. All involved need to know that almost half of prospects begin looking for a new apartment 6 months or more in advance.
Combine all these points and you’ve established a process that should substantially improve your leasing effectiveness.
Blake Ratcliff (US Naval Academy Graduate & Marine Officer, Serial startup entrepreneur, COO/CEO, multifamily / residential investment founder, and property manager).
Blake’s crafted 100+ business plans, prepared and delivered 1000+ investor presentations, and is an expert financial modeler. A deeply experienced real estate business person and startup business expert, Blake hones your Business plans, reports, and presentations.
Visit http://internationalresidentialrealestateinvestorsassociation.org/real-estate-project-services-due-diligence-reports-business-plans
The Most Common Reasons Why Quick Property Sales Are Held
There are a number of different reasons as to why people look into getting into quick property sales. In some cases people might be in financial trouble or in other cases they are looking to avoid the hassle of getting a property to be sold off in a traditional manner. Either way these reasons are helpful ones to see when it comes to finding ways to get one’s property in the United Kingdom sold off in a fast and efficient manner.
Most people work with quick property sales around the United Kingdom simply because of how they are no longer able to afford their homes and are in danger of going into repossession on those homes. When a person’s options for being able to save one’s home for repossession have run out and the arrears that a person has to owe have gotten too high a quick property sale can be something that the person can do. This works to relieve that person of the ownership of the property and will help to move the cash in one’s home out to pay off the creditor that the person had to deal with.
Another instance comes from something that the death of a person in the family. Being able to sell a property as soon as the person who owned it dies is important in the event that no one in the family is going to be living in that property. This comes from how the value of the property can easily add to the estate tax of a person. In addition to this the money that comes from a property that has been sold can be used to help with paying out expenses that have been involved in a will.
A divorce or separation is another reason as to why a quick property sale can be handled. In the event that a divorce happens the property can be sold off as a means of helping to make divorce proceedings easier to handle. The money in the property can be divided as well between the two people in the divorced couple.
In other cases a property can be sold because of how the needs that a person has are no longer ones that are suitable for a particular property. For example, when one’s kids move away from home the property might be too large to deal with. Moving into a smaller and cheaper home can be something that can be done to help with getting a person to save money on mortgage costs. By using a quick property sale to sell a large property it will be easier to get into a new home that is cheaper and also to get more money for things that one is interested in.
Finally a quick property sale can be handled just because of how it does not take as much effort to handle as that of a traditional home sale. With a quick property sale a person will be able to guarantee one’s sale and at the same time be able to get a large amount of money off of the transaction. This is something that can be very helpful in that it can easily reduce the stress that might be involved when it comes to selling one’s home.
These are all valid reasons as to why people around the UK work to sell their homes through the use of quick property sales. People can get their homes sold off and be able to move into new ones as well as avoid a variety of concerns including foreclosure, estate taxes and divorce court concerns.
Steven Martin
One of the most popular features of quick property sale agencies comes from how an agency will work without the use of any fees in the entire process. Another related feature comes from how an agency will work to help with getting a property to be sold off no matter what type of condition it could be in. The fact that good sized offers can be made on a property helps for one’s needs as well.
With these features in mind a good question that people might have about a quick property sale company deals with how it gets the money that it has to help with getting quick property sales to occur. The truth is that there are many places where a company can get its money from. These are places that can go beyond the traditional quick sale processes that one can deal with. They can work with a variety of different types of processes including other popular schemes that people can use in order to avoid foreclosure on a property.
First an agency will be able to make money off of selling back the properties that it buys from people around the United Kingdom. When a property is going to be bought the buyer will do so at a cost that is going to be about twenty to twenty five percent less than that of what the home is actually worth. This is used in that the agency will be able to get something off of the home after it has been sold off to someone and that person has collected one’s cash off of the deal.
Another source of income comes from development profits. Many agencies can work to help with getting homes to be used as investments where they can let them out to businesses and other people who can pay rent back to them. This is something that can be especially valuable for properties that can be worth more money over time.
In addition to this many agencies can work with helping to get bridging loans to be handled. These are small low interest loans that can be provided to a person who can use the money to pay off one’s arrears so that a person can avoid repossession on a property. The money that can be made off of this service will come from the interest that is being accepted by the buyer.
Many quick property sale agencies even work with another practice for earning income that can be used for buying homes. This is a practice that is known as a sell and rent back scheme. This is where a person sells one’s home and lives in it as a renter. The rent fees that the buyer will be able to collect can be very plentiful and in many cases will end up being greater over time than what the property buyer paid for the property. When a good profit is made out of this it will be easier for the property buyer to be able to work with more quick sales.
All of these processes are ones that a quick property sale company can work with as a means of helping to get the income that it needs in order to work properly. These are processes that are used as a means of helping to get a property to be bought up and to help with making sure that a client earns a fair amount of money off of the sale. In addition to this they are used as a means of helping to make the entire practice free to use.
Steven Martin
The real estate market, specifically property management market for United Kingdom and Spain, evolves constantly and requires all experience and commitment of management professionals to satisfy the necessities for construction, buys and sale of buildings for more demanding clients every day.
And why I say this? Then, the property market is more and more competitive, actually: new companies are born, the technologies innovate constantly and produce new materials, the geographic breach is not more a limit thanks to the increasing and solid commercial relations generated through the Internet, and the receiving public is allows of competitiveness and quality of the present properties management services.
Therefore, it is strategic and relevant that management professionals fuse in an only quality service those points that the receiving market delay of them. A qualified service that integrates:
Simple and realistic budgets.
Projects to the measurement of each one of clients.
Excellent yield at pricequality relation of project.
Excellence of external contracted services.
Flexibility, security and confidence.
Fluid communication channels.
All these points of property management interrelated to each other and verified throughout the process, to principle to aim, establish a relation that offers clarity and confidence between involved parts.
It fortifies communication channels, it clarify the aims and it is the most effective instrument at the time that it is necessary solve no predicted questions that arise like result of new ideas and modification made during the same project development.
The present challenge is create communication channels between the different professionals from the sector to generate integrating strategies, which satisfy a demanding market.
The constant qualification, the multi-sectorial relations, handling of new technologies, the international projection and a solid position through the time are factors that will contribute to that the management of properties be an integral service more and more sophisticate and attractive.
Silver Coast Property Sales – From Investment Opportunities to Family Homes
The Silver Coast region of Portugal remains one of the last unspoiled locations in the country. The area has become Europe’s third most profitable location to invest in, with so many features making it an ideal investment opportunity or family home.
Perhaps its greatest attraction is the expansive golden stretch of unspoiled beaches that line the wonderful rolling countryside. Imagine lying back on the golden sand while the turquoise seas lap against the shore in a quiet, charming resort that is yet to be significantly affected by the tourism bandwagon. It does not get much more idyllic than that.
Whilst many consider Silver Coast property sales as they provide potential investment opportunities, the low cost of living in comparison to other Mediterranean and Algarve resorts also makes it a credible alternative for setting up a new family home. The welcoming nature of the local people makes it a safe and friendly alternative.
There is an unrivaled selection of Silver Coast resorts and developments with which to choose for investment and living purposes. Choose from new and off-plan properties as well as villa plots available for sale to begin your own development. Exclusive 5-star resorts such as the Praia D’el Ray Golf & Beach Resort, Royal Obidos Golf & Spa Resort, Bom Successo Design Resort and the Quintas De Obidos Country Club are just a handful of fabulous destinations that boast the ultimate in seclusion and leisure facilities.
With Silver Coast property sales experts you can discuss your investment needs and requirements and arrange an inspection visit to ensure that you are 100% content with your purchase(s).
In any short sale transaction always run a title report to view all the liens attached to a property. You must account for all liens on a property to qualify whether or not it is a short sale worth pursuing. Not understanding the different types of liens that can be attached to a property can cause issues when attempting to work short sale deals. Each lien will need to be dealt with differently and knowing the type of liens on the property will allow you to determine if you have enough time to clear these liens in order to close a short sale deal.
At WHB Solutions we always review a preliminary title report to look at the number of liens on a property and who holds those leans in order to determine whether or we want to pursue a short sale. We have found that in grading our deals, we were making the best use of our times working on deals that had a high chance of closing.
In general, the more security on property you have the more time you will need to resolve each lien. Most of the times these liens would not be paid by the foreclosing lender but the buyer or seller. If you have multiple security on a property you are trying to short sale, you will have understand what the security on property are and how difficult it will be to get them satisfied in order to close a short sale.
Understanding Liens
There are a number of liens that can be attached to a property and it is important to understand these security on property when you are working any short sale deal.
* Bail Bond Liens – When posting bail, a bond is purchased where a percentage is paid in cash and a home is used as collateral for the rest of the bail. The bond is to guarantee that the person being bailed shows up to court and if they don’t a lien on the property will pay the bond.
* Child Support Liens – security on property that are related to unpaid child support, which the state or federal government can place a child-support lien against the property.
* Code Enforcement Liens – If a property is not up to the building codes, which many times happens when work is done on a house without permits, the local or county government initiate a fine, which if not paid turns into a code enforcement lien.
* Consensual Liens – A lien that the owner of the property agrees and provides consent. This lien does not have to be recorded although proof of consensual lien is harder to prove without being recorded.
* Corporate Franchise Tax Liens – If corporate franchises taxes are past due, the state can put a lien on any property that is owned by the corporation.
* Equitable Liens – An implied (determined by a court) or expressed (a written contract) lien to satisfy a debt that is owed to a debtor, in which the debtor has no rights to foreclose.
* Federal Tax Liens – A tax security on property that is placed on a property due to non -payment of federal taxes. The federal government can force a foreclosure in order to satisfy the outstanding taxes owed.
* Fraudulent Liens – Any security on property that is unlawfully placed on your property, which is based on information that is not true.
* General Liens – These security on property are usually generated by use of general businesses such as an accountant or attorney. An example would be for an accountant to create a security on property against a property for performance of work. The security on property can be removed if the paid in full.
* Homeowners’ Association Liens – Unpaid homeowners’ association dues is cause for foreclosure on the property in order to collect the debt.
* Inheritance Liens – Inheritance taxes that are owed on estates of a deceased person and are not paid is cause for a security on property to be put on a property within an estate.
* Judgment Liens – This type is security on property is awarded by a court which places the lien in order to satisfy a debt or award of damages.
* Marital Support Liens – The state or federal government is able to put a security on property on a home-owner’s property for the collection of unpaid marital support payments.
* Mechanic’s Lien – If a property had work done by a contractor or similar tradesman and the bill is not paid, a mechanics security on property can be placed against the property at the county courthouse.
* Mortgage/Deed Of Trust Liens – These security on property are voluntary and placed on a property as security for a repayment of moneys loaned to purchase the property.
* Municipal Liens – Unpaid municipal services such as water or garbage can cause a lien on a property, which is filed by the city or county.
* Public Defender Liens – Unpaid services of a Public Defender, which can be placed by the local, state, or federal government.
* Specific Liens – A lien place on a specific property, such as a property tax lien, mechanics lien, or lis pendens.
* Statutory Liens – Creditors that obtain security interest in a property to satisfy a debt established by state or federal laws. Examples are a mechanics or tax lien.
* Real Property Tax Liens – A city or county government can place a lien on a property that has not fulfilled it’s property tax obligations.
* Welfare Liens – The unlawful receipt of welfare payments can be collected through placing a lien on a homeowners property.
The home selling and buying process can be confusing, particularly when it comes to figuring out what items stay with the home. This is especially true when it is a FSBO (for sale by owner) operation. Its even tougher when neither the seller nor the buyer is in the real estate business. This article sorts out what personal property stays with the home when it is sold.
Personal Property
Although every state has slightly different rules, there are general guidelines to what goes and stays when a house is sold. Typically, any items attached to the home stay with it while non-attached items are considered personal property and go with the seller. For instance, the seller typically takes personal property such as tools and potted plants.
Certain personal property items, however, dont always go with the seller. In Virginia, items such as stoves, washers and dryers, refrigerators and built-in microwaves usually stay with the home when the buyer moves in.
If youre a seller and you dont offer the items generally expected to convey, you make your property less attractive than the competition. With the red-hot real estate market, it may not matter. You may still sell your property quickly and easily.
Conversely, if youre a buyer, you can gain an edge with a seller who wants to keep an item of personal property. Allowing them to haul off a particular item is a good way of building good will. When deciding how you want to approach your options here, consider how competitive the situation is and the monetary value of the item. You always want to keep the big picture in mind.
As with most things related to the real estate buying and selling process, keep in mind the relationship between the parties. The buyer and seller are not enemies and all items on the table dont carry equal importance for both parties. If you are willing to be reasonable, there is almost always a win-win solution.
Selling and buying a home can be an emotional rollercoaster. If the parties work together, it doesnt have to become a scary one.
Sarasota Real Estate – Home Sales Are Increasing in Spite of Economy and For Good Reason
In spite of the economy, Sarasota real estate property sales were 58% higher in January of 2010 than they were at the same time last year, and this percentage does not include pending sales which are also up significantly.
These figures indicate that Sarasota real estate sales are increasing regardless of economical conditions, and are also a very positive indicator of the months to come.
For buyers interested in Sarasota homes and condos, the median sales prices have lowered. The average sale price for a single family home has dropped from December’s figure of $170,000 to $156,000. And the condominium prices have dropped from a median price of $199,000 to the $165,000 range. These January median sale prices are a reflection of the continuing high percentage of short sales as well as the foreclosure sales in the Sarasota market.
At the same time, arm’s length* (or standard) property prices are approximately 150% higher than foreclosure or short sale property prices. The bank owned properties are averaging a median price of $80,000 and short sale properties are averaging in the range of $120,000. For the standard, or arm’s length sales in January of 2010, these properties were more in the $250,000 area, which is more than twice the price for the distressed category properties.
Also, it is good to keep in mind that the first time home buyer’s tax credit has been expanded to buyers in other categories as well, and has been extended to April, and I work hard to make sure that my qualified buyers take full advantage of these $6,500 to $8,000 credits.
Sarasota and the surrounding Keys are a popular place to live. Aside from the breathtaking views and sunsets, Sarasota, Florida is considered a cultural center and has an incredible number of pleasurable activities to participate in. Living there is like being on vacation all year long. Good reasons for the property values to be more attractive, particularly to those who have always wanted to live in a tropical paradise.
*An Arm’s Length Transaction
The concept of an arm’s length real estate means when determining the fair market value of a piece of property, the price for the property must be obtained through a potential buyer and seller operating through an arm’s length transaction preventing the agreed-upon price differing from the actual fair market value of the property.
As in most cases, when two strangers are involved in the sale and purchase of a house, it is probable that the final agreed-upon price will be closer to the market value. This is because the seller wants a price that is as high as possible and the buyer wants to obtain the best price possible.
This would be as opposed to a non-arm’s length transaction, for example where a father sells a home or condo to his son, in which case the price could vary greatly from the fair market value of the property.
If you are contemplating a move to the Sarasota area, and are looking for a realtor who knows every aspect of the the area and can get you your dream home at the best price, visit me at:
http://TamaraBerrymanBlog.com
Own residential rental properties? This article discusses how income from those properties impacts your taxes.
What Constitutes Revenue?
Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.
Yeah, Yeah, But What Can I Deduct?
Tax deductions associated with rental properties are strikingly similar to those found in any business. Technically, you can deduct any expense reasonably necessary to manage, conserve or maintain the property. Obvious deductions include mortgage payments, cleaning expenses, insurance premiums, service payments such as landscape maintenance, repairs, maintenance, etc. Overlooked rental property deductions include:
1. Expenses incurred in finding tenants,
2. Commissions paid to third parties that arrange for tenants,
3. Paying your accountant andor lawyer,
4. Mileage for driving to and from the property [I said, No more parties!]
5. Depreciation of the property,
6. Depreciation of items in the property such as washing machines, furniture, etc.
Imaginary Rent Deduction
A few creative property owners have suggested that they should be able to deduct their customary and standard monthly rent if the property is empty. The argument goes, If the property is empty, I am not making revenue and should be able to deduct the 1,500 that I am missing out on. At first glance, this almost makes sense. Sadly, it doesnt fly from the perspective of the IRS. Since you are not receiving revenues, your total revenues for the year will be reduced by the loss rent. You cant double dip by deducting the 1,500 from the already reduced yearly revenues. The only things you can deduct are the expenses you incur during this period, and only for so long as you are actively trying to rent the place.
Rental properties are a great investment. Even more so if you stay on top of your taxes.
Quick Property Sales Can Work For Homes That Need to Be Refurbished
In some cases a property that one is going to sell is one that is not going to be able to be sold on the traditional property market. This comes from how the property can be one that is in less than perfect condition and needs to be refurbished. Whether it is a simple renovation or a complete gutting and modernisation of the property it will help to see that it looks its best. However the entire process of having to spend money and time on this can be avoided when a quick property sale is used.
A quick property sale agency is an agency that is known to buy up a variety of different types of homes that are in a number of different conditions. These include homes that are not fully modern and need to be completely refurbished in order for them to be livable in today’s world. No matter what the concern about the property is the sales agency will be able to take in the property that is in question.
The way how the transaction will work is a good one to see with regards to one of these types of homes. What happens first is that a transaction will work with a valuation process being handled. This is used as a means of helping to see how the property is and how it can be used. After this is done an appropriate value is going to be provided to the seller. This value will be one that relates to the condition of the home. Even if the value is low it will still be something that is going to be more than what a person could end up getting on the traditional market.
Speaking of value it helps to see that a property that is in poor condition is one that is going to go for a substantially lower amount of money than that of other types of properties. This comes from how a great deal of repair will be needed on the property. However the fact that the property is still going to be bought up is a beneficial thing for any home seller to see.
As the agency buys up the property the agency can work to do one of two things. If the land can be developed on it can be sold to a commercial agency that is going to raze the land and build a new property on it. If new developments cannot be created on that land then the agency will have to work to hire a company that can work to help with the modernisation process of the property. When this is done the value of the property will go up substantially. As a result the buyer can sell back the property to someone new at a large profit thanks to how the value of the property as it is being sold will be higher than what it was as the property was bought in the first place.
The use of a quick property sale is something that can be useful for anyone who lives in a home that needs to be refurbished. By getting this sale to be handled it will be easier for a person to move out of an old property that might not be able to get sold off on a standard type of market. In fact an agency will work with this property in ways that can be beneficial to its needs and as a result will be willing to buy up a poor quality property.
Steven Martin