Author: Jackie Clark

Smart Remodels that Recover Their Costs Upon Sale

Your opportunity to recoup from remodeling your house depends on how important is it for the future occupants. For instance, if the home buyer loves cooking, he can give more value when he sees that the kitchen has sparkling newly-furnished cabinets and granite counter tops. In general circumstances, people would love to have new doors installed rather than new kitchen furnishings. 

Here are some smart remodels that recover their costs upon sale: 

Kitchen and baths 

Investing in renovating kitchen and bathrooms is worthy especially during a hot market where it is projected to return the cost. In one study conducted in Baltimore by Remodelling Magazine in 2014 reveals that the cost of improving the kitchen returns 182 percent of its cost at resale. On the other hand, major cities in the US including Minneapolis, Chicago, and Atlanta also offered triple-digit returns on bathroom remodels. Kitchen and baths need to look amazing since they are the parts of the house where people spend most of their time. 

Home Maintenance 

Home maintenance improvement does not really target the aesthetic purpose of your property. What it does is it improves the safety quality of the important structures. Keeping the existing structure sound is not an option but necessary when you are thinking of how to make the house safe for the next owner. You cannot make renovations to the kitchen and baths while letting the leaks on the basement unfixed. 

Curb Appeal 

Improving the curb appeal is very important since it is the first thing that the home buyer notices. Normally, if people don’t like what they see from the outside, they will not have any drive to check what’s inside. If you want to create a property with high value, it is crucial to building a strong curb appeal. The appearance of the house is what people will consider creating their first impression of the property. If they are not impressed with what they see the first time, chances are they will not buy your property. 

More Space 

Adding rooms can be a very good investment. There are many old models with four bedrooms sharing only one bathroom which is not ideal for modern families. If this is the case, don’t hesitate to add an extra bathroom. Adding one or two more bathrooms in this scenario can attract potential buyers who give a lot of importance in privacy and convenience. If you don’t have a budget to add more rooms, declutter each room to create more space. Remove things that will be of no use to the next owners. Take out your personal items and memorabilia to give the new owners a chance to envision where they are going to put their own things. 

Is it Worth It to Buy a Luxury Home? 

People always aspire to have the best and be the best. Contentment exists, but for some, it means achieving the pinnacle of success and everything that comes with it. So whatever the economic condition is, there will always be a market for a luxury real estate. Luxury homes may rise and fall but it will always stay. 

As the economy grows, many people have become rich by different means. Perhaps many people have become super rich that they are looking for a place where they can put their excess money. And that place happens to be the luxury real estate. 

Buying a luxury house is worth it for the following reasons: 

Status Quo 

Buying a luxury home represents prestige, and why not? After all, most luxury homeowners have acquired their dream with hard-earned money. Owning a luxury house help in establishing their name in the society- it announces their arrival in different gathering, letting people know who they are, and helps maintain their presence in the society.   

Comfort 

Many luxury homes have modern amenities and features which provides comfort to the owners. The owner will surely love the peace and quiet that his home provides. Today’s luxury homes include swimming pools, gyms, manicured lawns, electronic security system, sophisticated appliances and work-class entertainment showcase. 

 

Security 

Since luxury homes contain expensive amenities, homeowners are particular about its security. Many luxury homes are inside a gated-communities heavily guarded 24/7 by trained personnel. At the same time, top-of-the-line security features are installed to keep the house locked and thief-proof.   

Technological assets 

 

Most luxury residences are equipped with technologies that make living there not just comfortable but extraordinary. Many amenities are voice-controlled and are programmed by microchip which the owner can carry wherever he goes. Other innovations include solar generators, elevators and escalators, sophisticated heating and cooling system, and other features that attract ultra-modern lifestyle. 

 

Great neighborhood 

 

The advantages of living in a Toronto luxury real estate are not contained within the house itself. The homeowners can also expect that the neighborhood is equally amazing. This is because most luxury homes are built near other luxury residences where the owners promote culture, education, and social well-being. Many owners are who’s who in the society and want to protect their image as respected individuals. 

 

Many luxury homes gain value over time. This means that investing in the luxury real estate is still a practical form of investment. Even if the market is limited, it is never gone. This is the reason why many high net worth individuals see luxury homes as a perfect opportunity that can generate profit in the future. 

An Introduction to Real Estate Property Management

Are you a Real Estate Investor who specializes in having your properties rented out? Are you the one actually managing your properties or are you paying someone to do it for you? Investing in Rental Properties is only one of the ways investors use to earn money and grow their wealth. The savvy investors diversify their portfolio by buying single-family, duplex, or triplex houses in order to maximize their returns and hire someone or a company to do it for them. 

Hiring somebody else to act as the landlord on your behalf is a very smart move. It not only frees up your time to enjoy the things you love doing, you also eliminate the nuances of being a landlord and maintaining the property. This kind of business is known as Property Management. 

What is Property Management? 

Property Management is taking care of Rental Properties owned by another individual or a business entity. They are the ones responsible in setting the rental rate, collections, looking for prospective tenants, maintenance, and complying with the law. Its role is similar to a landlord with the exception that they are done by licensed professional Real Estate Brokers for a fee.   

Here are some of the different responsibilities they can do for you: 

Setting the rental rate 

Property managers are just like Real Estate Agents. They have access to resources they can use to their advantage. They know how much the rental rates are for a specific location and they try to find the best way to maximize your monthly income by setting competitive rental rates and keeping vacancy rates low. 

Collecting the rent 

They will also take care of one of the most difficult things a landlord must do, that is, collecting rent. They run things just like how they would run their business. This means they have systems put in place to make sure that the task of collecting rent is as seamless and efficient as possible.   

Marketing and Managing your Rental unit/s 

Property Managers have the necessary experience in marketing or advertising your rental properties to make sure there are tenants occupying your property most of the time. It is also their responsibility to screen the prospective tenants about their credit history and even their criminal records if any. 

Maintenance of your Property 

The task all homeowners must face is maintaining their respective properties. As a business entity, property maintenance firms have business relationships with different independent contractors they can easily call upon if problems arise. This gives you, the property owner, peace of mind knowing your properties are well taken cared for. 

Complying with the Law 

They know the law and does what is necessary to keep their operations legal. If in case a tenant has failed to fulfill his or her dues, property managers know what to do legally to evict the tenant or get them to pay their dues. This keeps you out of harm’s way for a lawsuit is definitely your worst nightmare.   

Hiring a Property Manager allows you to enjoy all the things you love doing with very minimal effort. You can even get to invest in properties located in another location and don’t have to worry about anything as they have it all covered for you. A good property management company makes your investment opportunities limitless.  

 

Luxury Real Estate Marketing Essentials – Visionary Thinking

Visionary thinking is one of the most important components of the luxury real estate marketing. If market leadership is your quest it is essential. A championship mindset is what will set you apart from the pack. When asked about his mental preparation for the Olympics, swimming champion, Michael Phelps, responded that he trained not only his body but his imagination. He consistently envisioned himself winning gold!

What is visionary thinking in luxury real estate marketing? It is challenging traditional marketing practices, examining and re-examining your beliefs. What worked in 2004 in a hyperactive market may not apply today. It is knowing, that in the deconstruction of your ideas, you may keep all, or part, or none of your current marketing methods.

Here is an example of visionary thinking in luxury real estate marketing. One of our clients is the market leader in Napa Valley, California. She needed a different approach to sell a particular high end listing. She noted that the seller was a car collector and often exhibited his prize possessions at the Concours d’Elegance. This is where owners the most beautiful and rare automobiles are invited to showcase their cars on the famed eighteenth fairway of Pebble Beach Golf Links, in California. Connoisseurs of art and technology congregate to ogle over these magnificent driving machines. How did she know about this? She takes the time to really understand her clients, learning what they value most and what they like.

Instead of advertising this property in a glossy magazine (the usual fare), she had the property on a billboard at the Concours. And, she had a flyer with the giveaways at the event. This was a great strategy. She knew that the demographic gathered there could afford the house. She did this unbeknownst to the seller who was supposed to be out of town during the event. But, his schedule cleared up. Imagine his surprise seeing his home advertised just where it should be seen! The house sold, our client was hailed as a genius, handed referrals and other car enthusiasts contacted her as well.

It is exploring new possibilities. It is being willing to make the impossible possible. It is fluidity in motion without containment; it is allowing maximum freedom of creativity. It is exploring the edge as in Star Trek’s opening monologue, “to boldly go where no man has gone before”. Star Trek accomplished this in the show itself by featuring a multi-racial ensemble cast, a first in television, in 1966. Equality was the norm on this show.

Luxury Real Estate Isn’t an Easy Game to Win

If you’re a worker in the real-estate agency, you’ve already dealt with the tough challenges and exciting rewards it has to offer. Sooner or later you’ll come across a property that sticks out above the rest. Something that is so exhilarating, profitable, and favored that it can only be classified as the high-end luxury real estate market. This is a tight genre that is nothing usually dealt with on an ordinary basis; your customers will be paying far more, but they will also be expecting far more as well. You will be dealing with a completely different market and will have to handle the situation in an entirely new manner.

There are a few rather simple steps you can stick to that will help dealing luxury real estate much easier. Keep them in mind at all times and you’ll find you have an easier time loading and unloading the high-end property.

Take the extra step

You must always be ready to take that additional miles; take a private showing on a quick notice, keep refreshments readily available during an open house, and always, always be prepared to deal with the extra cranky buyer. It can be tough to deal with a rude customer, but keep your cool and remember that you are dealing with a new type of consumer.

Luxury isn’t ‘luxury’ without service:

Think about all the different industries that work within the luxury market. They may be hotels, stores, or luxury car companies, but they all have one similar goal that you may have noticed; they make providing excellent services their number one priority. You can’t lead a successful business without great services; they are what will bring you new customers and keep the faithful ones around for years to come. Customers in luxury real estate will expect services that can’t be found elsewhere.

Keep up to date:

Service is also represented in your personal knowledge. Know all the important facts about the luxury real estate and you’ll be one step ahead when the patrons finally arrive for any purchase. Nothing looks worse than a luxury real estate agent that can’t handle the facts of the purchase. Learn all about the property, location, surrounding area, and anything you can possibly get hold of. Buyers can afford to be choosey or picky about any aspect of the home they wish to be and it’s your job as the seller to keep par with them; never overlook or downplay the concerns of the buyer. Even if the issue seems small or trivial, answer the best you can and if you are unable to, do your best to find out all you can.