Real estate is no doubt a very lucrative business path but with returns comes an enormous amount of work and not to mention a demand for time and knowledge. It’s not easy and this is why even with its promises, not everyone dives into the opportunity. So it’s no longer surprising that many investors seek the services of an investment property manager.
Now the roles that an investment property manager plays is quite diverse. In fact, they juggle a number of them and with great precision. After all, we can’t call then qualified if they can’t. They’re a master of many skills. But if we were to single out those to look out for the most, they’d include the following.
Role #1: Caretaker
They take care of inspection, monitoring and assessment to ensure that damages are fixed as soon as possible and the necessary repair and maintenance procedures are carried on as scheduled and needed.
Role #2: Marketer
A common issue that investors face is regarding the profitable and timely sale or lease of the assets under their portfolio. A manager is an expert in marketing and advertising these assets. Not only do they know how to make a property great but they too have the skills in terms of targeting audience, choosing efficient marketing methods and making messages go across. For investors, this constitutes to faster sales and lesser tenant vacancies.
Role #3: Finance Manager
Real estate is an already complex industry. Now add in the factor of accounting and taxes. These make it even harder for investors to manage everything all on their own. Plus, a wrong move will always spiral into financial and legal consequences. Then there are payment collections too. Managers can take the burden from here on forward.
Role #4: Legal Advisor
Because contracts, documents and legal papers are not only complex but also sensitive in nature, it requires someone who knows the rules and procedures to make them binding and accurate. This is one of the many things that an investment property manager can do for investors which not only lifts off burden but also acts as a precautionary measure from possible headache. They shall also take care of the management and preservation of these documents.
Role #5: Mediator
In cases of landlord and tenant disputes, issues and misunderstandings as with regard to the investment property, they shall serve as the mediator among the parties and ensure that the matter at hand is discussed and resolved. This helps prevent issues from getting worse and escalating into court battles that is both costly and troublesome for everyone.
Buying a real estate property is already tough on its own so imagine how it feels to participate in commercial property auctions. These highly intense accelerated marketing and bidding process takes not just guts but also a lot of calculated strategies and preparation. If you want to win one then you’ll have to arm yourself starting off with the following tips.
- Make it a point to read through.Each auction and every organizer differs and although majority may seem to have similar processes, they don’t offer the same opportunities so expect a different experience from each one. This is why it pays to do your research beforehand. Read up on the organizers and the event itself as well as look into the assets being sold off. Chances are you’ll receive a newsletter or brochure, physical and/or digital.
- Know what you’re getting yourself into.
Auctions have a lot of potential but they also require a lot from its participants and we don’t mean money. Bidding is as much a talent as it is a learned skill. Experts even suggest individuals to simply sit in and observe during their first commercial property auction. This way, one gets a grasp of what to expect.
- Prepare financing ahead of time.
Winning the bid is only the beginning. One has to provide for the necessary requirements to garner a win and in this case that can be translated to the down payment. It has to be paid at the auction day otherwise one loses the opportunity be default and gets disqualified. Besides, financing is not easy to come by and most of us will have to wait to get hold of it so prepare it early.
- Don’t play transparent.
Spotting a commercial property that fits the bill isn’t easy and when you do make sure not to tattle. Keep your thoughts and your emotions to yourself otherwise they can be used against you. A seller may increase their asking price or other bidders may see how promising the property is and compete against you.
- Validate and confirm information.
Before even attending commercial property auctions, take a look at the available assets and research on them. Validate seller-given information and do not hesitate to schedule a personal visit. Open houses are welcome. Also, it pays to bring a chartered surveyor with you to help you authenticate data and uncover others more.
A new investment property feels like a shiny new toy. You’re excited about it and we can’t argue why. Moving into a new home is such a thrill. Of course, we can’t deny the fact that it’s one that comes with a lot of work too. One never comes without the other.
Sometimes too, homeowners get so excited about their new investment property that they unconsciously let go of logic and do things that harm their house. Do you think you’ve committed the same crimes? Find out with our list below.
- Not Understanding the Blueprint
Sure you may not be some engineer, architect or even a handyman but it’s important to understand the structure’s floor plan or more specifically its blueprint. The written and visual layout that holds information on dimensions and other pertinent details will serve as a literal map for when you plan to decorate, update or renovate the space.
- Getting Furniture that Doesn’t Complement the Space
Speaking of dimensions, see to it that the furniture you put into the space fits. Plus, it should still allow for complete ergonomics and mobility. Never cramp it or it will feel less functional and breathable. Avoid placing bulky furniture in narrow rooms. To maximize space, make use of lighter elements such as glass or those furniture with hairpin legs.
- Investing in Form and Forgetting Function
We all love a house that’s easy on the eyes but as much as decorating is a fun aspect never forget to uphold the functionality of the space too. The two should come hand in hand all the time.
- Spending Beyond What Budget Would Allow
Always keep your expenses on track be it with regards to something as simple as a paint job to something pretty massive as a full-on renovation. Know how much you can and are willing to spend. Keep your investment property valuable and not the other way around.
- Unpacking Everything All at Once
Moving into a new investment property will come with a series of unpacking but don’t start just yet! It’s best to start it off one room at a time especially those that will have to be used immediately such as the kitchen and the bathroom. This way, there are less unnecessary items lying around. Those off-season items can stay in their boxes a little longer.
When it comes to updating and renovating residential investments for sale, be it a house, a condo unit or similar other structure, it is important to make sure that the improvements made not only add function and aesthetic to the asset but also help in further increasing its value.
It doesn’t come as a surprise that residential units depreciate over time. Their financial worth diminishes after use as a result of wear and tear. There are many ways to flip the coin and encourage appreciation instead and one of these would have to be renovations. But then again not all of these efforts turn out to be valuable and it is an investor’s job to make sure that should they be taken, the action is worth every single dime.
Now, we’ve got a list of 4 valuable renovations for residential investments for sale and you better make sure to take down some notes.
- Kitchen Upgrade
Everybody loves a good kitchen and it’s not surprising how an upgrade can boost up value. Of course, this is only applicable when things are done right. During a kitchen renovation, make sure to always uphold mobility, ease in cleaning, space, lighting, storage and appeal. One doesn’t have to break the bank though as even the tiniest upgrades such as changing up the cabinet doors can do wonders.
- Bathroom Remodel
Next up to the kitchen will always be the bathroom. The same rules apply here: space, storage, lighting, function and aesthetic.
- Attic Transformation
Another valuable upgrade would have to be the addition of new rooms and we don’t mean having to extend one’s property but rather transform an idle and often unused area into something more useful. The attic is one often overlooked but very promising room. It can be turned into an extra room, a home office or even a trusty storage area that’s useful and so unlike the ones you see in horror movies.
- Deck/Patio Addition
Lastly, the addition of a deck or patio can add value to a residential property investment. What makes this addition a pretty sweet deal is the fact that it expands living space at a fraction of the cost. Plus, al fresco activities and even dining has become a huge trend in the market for the past decades up until today and is something that many buyers are always looking out for.
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Renovations, whether for maintenance or upgrade purposes, are crucial both in increasing an asset’s value and in ensuring its functionality and durability. However, not all renovation projects get a ‘thumbs up’. Some of them actually do more harm than good so to find out which is which we came up with a list of do’s and don’ts in investment property renovations.
Do make it a point to measure everything. It would be particularly painstaking to realize that things do not fit as they should be. Before installing anything or buying furniture, she to it that you measure the space first and see if the item is a yes or a no-go.
Don’t forget to budget. These renovations come with a cost and therefore will require a significant amount in one’s finances. The expenses will vary from one asset and project to another. Regardless, always plan and allocate the use of resources.
Do find a great contractor. Apart from their services being reasonably-priced, they must also come with a team of experts who are easy to work with. They need to be experts at their craft and reviews about them should be nothing short of sterling.
Don’t make do with substandard materials. Costs are a certified ‘pain in the ass’ but just because they are doesn’t mean that one will have to sacrifice quality just to save on the expenses. Substandard materials are not only dangerous but they do not last long too. Over time they are more expensive in the long run.
Do stay organized. With so much happening, clutter in places and people going in and out of the property, things can get hectic. To avoid losing your sanity and to keep everything as systematic as possible, organize tasks, label boxes and stick to schedules.
Don’t forget to clean. Although dust shall become your tenant for the time being and living with it is a must, one will still need to bust out some vacuum cleaners, brooms and rags. Cleaning not only takes away the mess but it also keeps it from piling up to the ceiling. Plus, it makes work easier.
Do look for expert opinion. As mentioned earlier, not all investment property renovations are good. Some are only costly and wouldn’t even make the value on the asset budge a little. Others are too risky or unnecessary while some may even be dangerous and unfit for the current structure and condition of the asset. It pays to ask questions and seek advice.
Learn from the experts at singerviellesales.com.
Marketing a commercial property for sale London is essential in its disposal. It would be tremendously hard to sell something when potential consumers don’t even know that the asset is up for grabs. Moreover, advertising and spreading the word widens the market and helps increase demand which is great in terms of appraisal values. Remember that the higher the demand and the lesser the supply, the bigger the price.
But as much as marketing has its benefits, there too exists the other side of the coin. When done wrong, it can lead to unfortunate events and even a series thereof. What are they? Here, take a look.
Mistake #1: Employing the wrong methods.
The use of the wrong types and medium is not only useless, they’re also costly. They fail to achieve the purpose by which they were made primarily because they don’t fit right. Depending on certain factors like budget and market, the type of advertising will vary. This is not a one-size fits all concept.
Mistake #2: Overspending and poor budgeting.
Marketing should be well incorporated into the budget. There are costs attributed to it and such costs are part of the financials therefore if one will overdo it in this department, it can significantly affect one’s returns or profits.
Mistake #3: Failure to target the right market.
Who are the consumers or potential buyers of your commercial space? What do they want? What are they looking for? Demographics? How are they reached? These questions must be answered in order to be able to choose a marketing method that jives with the audience. For example, if your commercial property is situated within the food district, obviously a food establishment would be the most suitable client. If one’s chosen advertising is, let’s say residential related it would be futile.
Mistake #4: Insufficient information provided.
Always see to it that all information and data within the ad is complete. Of course brevity is important here but let us not forget that despite an ad’s briefness, it also has to be concise or in other words short and complete.
Mistake #5: Use of lackluster pitch.
Last but not the least, marketing a commercial property for sale London must come with a punch. The market is sprawling with many sellers and agents alike so competition is expected. One has to be interesting enough to be noticed. Your ad has to stand out.
Find out more about commercial properties at https://www.singerviellesales.com/.