Posts Tagged ‘Rental Property’
Real estate agents that want to work with investors and real estate agent software that can compute rental property cash flows, rates of return, and profitability analysis are as compatible as the right-type equipment adorned by an athlete seeking excellence.
Think of it this way.
As gifted an NFL quarterback as Patton Manning is, would you expect him to walk on the field suited up with the shoulder pads of a lineman. Of course not, why? Because the larger pads worn by football lineman would in fact inhabit his ability as a quarterback to throw the football accurately. Quarterbacks, regardless how gifted, require much smaller shoulder pads so they can throw the football with maximum precision. In other words, whereas the right equipment really doesn’t account for the talent of the quarterback, it does enable it.
The same is true with real estate agents who want to work with rental property. Whereas any proficient residential agent can work with and occasionally sell rental properties, it just scratches the surface of a virtual treasure throve of investment property opportunities agents can enjoy when equipped with a good real estate agent software solution designed for rental property analysis. Here’s why.
1) It prepares you to service income-property inquiries. When you can “run the numbers” correctly on a rental property perhaps a walk-in, call in, or other is requesting information, it increases your chances to capture the opportunity. So you don’t risk losing a sale opportunity or have to refer it away because you will be prepared to work with real estate investors.
2) It helps make every first encounter with investors count. The value of making a good first impression on customers is not a secret. Real estate agents recognize that a customer’s first-glance perception can mean winning or losing business. When you are able to provide the cash flow and profitability presentations most important to investors with a good real estate agent software solution, you increase your chances that the investor will take you seriously and not simply “write you off” in favor of one of your colleagues.
3) It promotes investor loyalty. As simplistic as it may sound, just by owning a real estate agent software solution for real estate investing, you convey to the customer that you are in league with them, committed as they are to protect their nest egg, and genuinely do care how their money gets spent. By developing this type of confidence and trust in an investor, they will remain loyal to you and therein continually seek your services for their investing purposes.
4) It opens the door for more business. Once equipped to evaluate rental properties correctly, you can become more proactive to convert homeowner customers into investors. This is not a far-fetched idea. You might be surprised to discover that customers are ready to invest in rental property when they can be shown that the rates of return from owning a specific income property is more profitable than what they receive from their saving account.
5) It opens the door for referral business. When you own investment software, you will be perceived as a rental property specialist by others in your office and that will lead to referral business. This is not an exaggeration. By virtue of you having the ability to run the numbers on income property will set you head and shoulders above the rest. And believe me when I tell you that colleagues less prepared to work with investment property will gladly refer any rental property business they encounter to you.
To learn more about the benefit of using real estate agent software for rental property analysis, visit the website in my resource box below.
By: James Kobzeff
With the slumping real estate market, many real estate agents are finding themselves struggling to keep afloat. The days when new listings produced multiple offers before the ink dried and open houses produced endless streams of anxious buyers are long gone, at least for now. Residential agents now face the reality that selling real estate may not be profitable, moreover, that it may even get worse before it gets better.
Okay, but given the sagging real estate market, why would it make sense for residential real estate agents to start selling rental income property? Wouldn’t it be better to stay put in your own backyard, clinching the familiar, avoiding things new? I say no.
Foremost, if you’re a residential real estate agent, face the facts. That in this market “sellers still don’t get it and buyers won’t pay for it.” Most sellers believe they can stick on any price tag and get someone to bite, when buyers in this market are not willing to pay what they regard as an unrealistic price to some delusional and pigheaded seller still living in 2005.
Now, consider how all of it directly impacts your business. Your listings are mostly over-priced, and offers you submit are normally rejected. Rather then facilitating the ebb and flow of buyer and seller negotiations as normal, you find yourself in the middle of a tirade, trying to persuade one as to why the other is not obstinate.
Here’s the point.
Real estate agents are in a dire situation with few options. Think about it. You can suspend your license, you can bite the bullet and hope for a change, or you can become proactive by diversifying your business with rental income property and maybe close one or two additional deals this year. Which would you choose?
Here’s what you’ll discover about selling rental income property.
Whereas homeowners may not be in pursuit of a replacement house, they could be ready to make an investment. Whereas homeowners typically won’t sell on a moments notice, investors normally have a price they will entertain. Whereas homeowners may turnover one property in five years, investors habitually buy and sell multiple income properties. Whereas retirement might mean hunkering into a house, it commonly signals a designated time to unload management-intensive rental property.
You get the idea. Selling rental property offers a ton more opportunities to make money than residential property, and as a real estate agent, you’re in the right place to seize it.
So how do you get started selling apartments with little or no experience? You might be surprised to learn that it’s not that difficult.
First, dismiss the idea that you need to become an investment expert. Deals are closed every year by hundreds of residential agents who know little about income-producing property. Secondly, recognize the importance of numbers to real estate investing and think about buying real estate investment software to help you present those numbers in a professional fashion to sellers and buyers. Research your local market and acquaint yourself with income property prices (listing and sold). Use the real estate investment software to create an APOD for each property. Study the cap rates. Become knowledgeable about rental property prices and rates of return. Call your customers and ask whether they want to invest or perhaps own a multifamily property for you to sell. Discuss the market, present your numbers. Let them know you work with income property. Announce to your colleagues that you’re equipped to service rental property and prepared to pay a referral fee. Start attending meetings that promote investment property. Watch the classifieds and call on land or units listed by FSBOs. A colleague of mine called on a vacant lot listed by a FSBO who turned out to be an investor and subsequently listed about 100 apartment units for the guy. Call property management firms in your area and ask whether any of their clients might consider selling or buying property.
Okay, but let’s talk turkey. Am I suggesting that apartment buildings are immune from the hardships of this real estate market, or that investors are on every corner ready to throw money at you? No, investment real estate is still subject to the same murky economy, investors can be obstinate too, and you still have to work at creating your deals.
But rental property gives you the opportunity to diversify your residential business. Rather than having to rely just on the whim of one type of buyer or seller, you can broaden your exposure to multiple types of buyers and sellers. It’s no longer one product you service, but many products.
Sure, it takes effort. But considering the challenge we face, having the backbone and good sense to become creative might see us through. And that, dear colleague, would make it all worth the effort.
By: James Kobzeff
If you’re a real estate agent and particularly an agent that specializes in residential selling, but would like to supplement your business by selling income properties, then this one is for you.
In this article, I want to share with you why residential real estate agents should sell rental property, some truths and myths, and what you should do to prepare.
Benefits of Selling Income Property
The primary benefit of working with rental properties, of course, is the money. When I started selling real estate, the average commission for selling a house was about $1,500 after the broker split. When I made my first income-property sale as a residential agent, I made $15,000 after the broker split.
That sale took place in 1978 and having gotten a taste, I choose to make rental properties my business as a result, have been selling income-producing properties exclusively for the past thirty years.
But I digress.
This article is not about getting you to forsake your current residential business to become a multifamily specialist, it’s about getting you to become a real estate agent who can (and will desire to) sell investment property in addition to single-family homes because the money is good.
Let me give you one example of a residential agent here in Salem, Oregon that merely called a FSBO regarding a small vacant lot that ultimately connected her with an apartment builder who subsequently allowed her to list about sixty apartment units. She never stopped selling houses, but because she thought outside the box and also made an effort to expand her residential business, she unwittingly fell into investment real estate and made a healthy commission as a result.
Another benefit of being able to work with rental property, especially for those of you who have been successful at selling houses and have a sizable customer list, is that you have at your disposal a ton of potential investors. Given this economy and the fact that banks are only paying about 2% to use our money, it might surprise you to discover that homeowners who have never invested in rental property are more open to the idea now than ever before.
Lastly, it benefits you to have the ability to sell income-producing properties because it prepares you to service walk-ins and others who inquire about income property. So you never risk losing a sale opportunity or have to refer it away because you’re not prepared to work with real estate investors.
You Don’t Need to Become a Specialist
The beauty of rental properties is that you don’t have to become a specialist or have any special training to sell it. Naturally, there are exceptions with some types of commercial property, but at the end of the day, most properties associated with real estate investing require little preparation on your part.
How to Prepare
Bear in mind that real estate investing is about the numbers-cash flow, rates of return, and profitability. Therefore, obtain good real estate agent software that will enable you to run those numbers correctly (and easily).
A good real estate agent software solution will provide you with cash flow presentations you can give to (and capture) investors and, just by virtue of using the software, enable you to learn all you need to know to service investment properties adequately. As an added bonus, having the ability to create multifamily cash flow and rate of return presentations, you may even get some referral business from colleagues.
Okay, I admit, I am trying to make you aware of my real estate agent software program. But I wouldn’t risk alienating even one colleague if I didn’t witness for myself the remarkable success residential agents have had with investment software. If it didn’t work, I wouldn’t even suggest that you consider it.
Here’s to your success.
By: James Kobzeff
What Factors may Influence the Rental Market
Like any property market the rental market prices will fluctuate depending on a number of different factors. These influences can depend on supply and demand factors, are there more properties than demand, this can have a major impact on prices. If there is more available property than the demand for rental houses then it is inevitable that the better quality property will be in demand, plus this can have a factor on the price of these properties. Also if there is less property than demand then this can force the rental prices up for the available property. Other factors can depend on interest rates and mortgage prices as to whether landlords keep their rental property or sell the property in order to cash in on higher house prices.
Moving to a New Area
If you are moving to a new area the prices can be vastly different from where you are moving from. Factors can be the area that you are moving to within the country and as discussed earlier the supply and demand of property within the area. A good way to try to gauge the prices is to use a rental price index. There are a number of different sites that can supply data for this area, one is the RRPI (Residential Rental Price Index) this uses data from letting agents throughout the UK and provides a breakdown of prices not only for individual towns but also for property types. Therefore no matter what type of property that you are interested in you can get a guideline of the price that you may expect to pay.
Take a look at the RRPI by clicking here: – Residential Rental Price Index
How Accurate are the Rental Price Indexes
Normally they are fairly accurate; there are a number of factors that need to be taken into consideration which include the number of property that make up the index, the accuracy of the data that is provided in order to calculate the index. Usually the calculation for the pricing will be the total price of all the property divided by the number of properties.
For example if there are 80 4 bedroom properties used to make up the index all advertised at
The letting agent does all types of rents and dealing regarding the real estate. It is the sole responsibility of the letting agent to give honest service as and when required.
The letting brokers give special services and assistance to the renters, owners and investors. They are mainly experienced in managing property. The letting brokers use the present technology for fast and effective communication amongst the parties of real estate for property management.
The letting brokers mainly support the good quality of letting service and excellent property management. They are very much efficient and hard working and solve all the problems related to real estate. The letting agent can provide you with a profitable and practicable answer to all your queries relating to letting.
Depending your personal preference, the expert brokers may offer you either unfurnished or furnished properties. The brokers will give all the details to the owner that will help him to let, total property management and to find the renters. The various other services offered by them may include the rental yields, corporate lets and serviced apartment.
The expert agents provide the biggest and best rental property portfolio. The rental property that you can get from the letting brokers consist of one bedroom flats and which can go up to 6 bedroom apartment or house. The commission that you will have to pay to the letting agents is very nominal. Their charge is affordable and reasonable too.
Usually you can expect a highly qualified and experienced broking association while you plan to rent any property. The expert agents have a good knowledge of the property management and thus they are able to guide the property owners and renters regarding the property management. The letting agents will always serve you as a professional.
Most of the letting agencies have a universal product and they can offer their clients with a variety of apartments, houses and flats. It is very easy to know about all the services of any specific letting agents through the online search engine. The letting companies also provide insurance to the tenants to cover all their rental needs.
Therefore, the main objective of the letting companies is to give efficient and reliable service to the renters and a feasible economic solution to the landowners.
By: Adam Labno
Real estate agents, landlords, property managers, and property owners can advertise rental property, rental homes, and apartments worldwide or locally. You can advertise your rental properties and post houses for rent so tenants that search online can find your rental units in areas they are looking to move.
Property management companies and home owners in communities throughout the Unites States advertise rental properties on Craigslist. Renters can view your houses and apartments for rent and contact you by email, fax, or phone to schedule a viewing.
Property managers and landlords advertise all of their rentals on Craigslist for maximum results. After you create and post your rental ad on Craigslist, it will be instantly and automatically viewable by your targeted renters.
Traditionally, you would of have advertised and marketed your rental units with ‘for rent’ signs, newspaper ads, flyers, local apartment locators, or local real estate agents.
But the most cost effective way to advertise your rental units is to post your classified rental ads on Craigslist. They are free and an all-in-one advertising resource for landlords, property managers, and real estate agents. Remember, there are absolutely no fees or commissions (except in New York) for landlords or property management companies to advertise their apartments or other rental properties.
Craigslist has a large depository of rental property, apartments, and houses for rent, so renters check listings frequently. Craigslist is the primary and preferred source for apartment rentals in the United States and the world.
For maximum exposure, don’t forget to advertise rental property on Craigslist today. Start advertising your rental property on Craigslist for free across the United States. Get started by registering and using their ad creation wizard to easily create and upload your classified rental ad.
By: T Desmond Duncan
It is undeniable that if you are planning to move finding the ideal property can be difficult. If you needed proof, just look at the proliferation of property shows, telling people what to look for in a home.
However, if you have the support of an experienced letting agent, finding the right rental property will be a lot easier.
That is because the letting agent will be able to help you in your property search, recommending homes that are likely to suit you. They may also carry out the maintenance and management of your home after you move in.
You should be able to rely on this level of service from letting agents in any UK town or city, from Edinburgh to Belfast.
Reputable letting agents in Belfast will always be happy to help people looking to move to this beautiful city.
Much of the architecture in Belfast dates back to either the Edwardian or Victorian eras, although the more classical buildings are complemented by a number of new developments.
Edwardian architecture is noted for its use of light materials and columns. However, the buildings from this time are generally less ornate than those built during the Victorian era.
Whatever type of architecture you prefer, a letting agent in Belfast will be on hand to help you find the home that is right for you.
They will also take your circumstances into account. If you are looking for a family home, for example, your letting agent may recommend houses with gardens. If you are living alone, a compact and bijou apartment may be better suited to you.
Of course, a letting agent is only there to act as a guide. While your agent may make recommendations based on your budget and lifestyle, it is you who will choose the home you live in.
When you do, you can still expect to benefit from support from your letting agent, who will help you maintain your home.
If you are looking for letting agents in Belfast with a view to moving there, then no doubt you will also want to know more about the city.
Belfast is a vibrant community, with a wide range of cultural and artistic events hosted in the city every year. This is in addition to permanent exhibitions in galleries such as Gallery of Modern Art and the Civic Art Centre.
There is also an annual film festival, showcasing local and international cinema. Finally, Belfast is famous for the amount of parkland in the city, which is ideal for picnics.
Choosing a letting agent in Belfast can help you to find the perfect place to start life in this wonderful city.
By: Rob Small
