Three Ways to Prove the Value of Your Real Estate Project

Getting approval from local city councils for real estate projects is one of the biggest challenges facing organizations trying to develop said property. Planning and zoning commissions and city council members can offer resistance.

But one of the ways to gain favor is to prove the value of that project. Here are three ways in particular that you can prove the value of your project and get the approvals that you require.

  1. Address Community Needs

Since cities are always changing, so too are the needs of its local residents. If you want to make a strong case for your project, make the company’s goals reach into the community as well. Identify the ways in which the project can benefit the city.

Maybe it means bringing in tax revenue. Perhaps it means creating jobs in essential fields. Whatever the case may be, proving the value of the project is crucial to gaining the necessary zoning and approvals that businesses require.

  1. Improve Aesthetics

One of the biggest fears that local residents and governments have is that the new structure will be an eyesore. So, alleviating those concerns can be a great way to gain the necessary approvals to get your real estate project started.

Share designs where possible to give a clearer picture of what the project will look like. Ask the right questions along the way so that every ounce of information can be gathered before making a crucial decision about the project.

  1. Find the Best Site

There is an old saying in the real estate world and that is “location, location, location.” Finding the right site for your real estate project is perhaps the most important aspect of garnering approval from local committees.

Analyzing the purpose of the business, identifying limitations and challenges, considering other offers, and a slew of other questions can provide the answers needed to assuage the concerns of local governments and residents alike. Getting this message across requires persistence, patience, and a dedication to the understanding of the local community.

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How and Why to Diversify Your Real Estate Portfolio

In the world of investing, it is vital to diversify. That is just as true when it comes to establishing a real estate portfolio. Despite the relative certainty behind most real estate investments, it is anything but a guarantee.

Which is why diversifying becomes crucial. If you are wondering how and why you need to diversify, this is the guide for you.

Diversify by Asset Type

The first way to diversify is looking at the variety of asset types. Because there are so many options – large apartment complexes, small multifamily units, single family homes – there is potential value in diversifying into other asset types.

By putting all of your eggs in one basket, a change in the market could mean losing your entire portfolio. By getting into the industrial, commercial, retail, residential, and office spaces, you can gain access to greater diversity and keep yourself insulated from stark market changes.

Diversify by Location

It is important to remember that real estate is actually very hyperlocal. That means that while one city may be in a boom, the next town over may be in a slowdown. With diversification across locations, it means taking advantage of the various ups and downs that the market projects.

By investing in a single market, it means riding the highs and lows of that market. By hedging bets and having investments across multiple markets, it can mean insulating against a stark loss in one area by riding a high in another.

Diversify by Strategy

Another excellent way of diversifying a real estate portfolio is to change up your hold time and investment strategy. Maybe one rental property is a buy and hold while another is fit for rehabbing, renting out, and refinancing.

Again, diversification here is crucial because it is a great way to hedge against downturn. Perhaps holding on certain properties means having a shorter horizon. On other properties, it may mean holding for a longer time or even passing them down if you have kids.

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Six Benefits of Investing in Real Estate

It has long been known by even the most amateur of investors that real estate is a safe option. It is one of those investment strategies that never seems to truly depreciate, gaining value with time.

But there are more benefits to investing in real estate than you may have realized. Here are 6 of the biggest benefits of investing in real estate.

  1. Consistent Returns

For the most part, real estate value increases over time. With enough time and growth, it can mean selling for a tidy profit. Just keep in mind that appreciation, while regular, is not guaranteed. Finding the right property is crucial.

  1. Cash Flow

Owning rental property in particular can be a great way to supplement your current income with passive income. There is more to it than simply collecting rent, however, so make sure that you know what you are getting into.

  1. Long-Term Security

Because most real estate properties, not necessarily rentals only, are long-term investments, you can have something that provides security over time. In the interim, charging rent is a possible way to supplement income.

  1. Portfolio Diversification

One of the foundations of investing is spreading out the risk. Putting every egg into one proverbial basket means potentially losing it all in one fell swoop. Investing in real estate is a great way to spread those eggs out.

  1. Protect Against Inflation

With inflation constantly rising, having real estate is a great way to protect against inflation. When prices of services and goods rise, so too do rental prices and home values. That appreciation or rental income can help mitigate the burdens of the rising rate of inflation.

  1. Leveraging Funds

Very few individuals and organizations purchase homes outright. After all, a single family home can cost well north of $200,000. By leveraging funds from a bank or investment company, it means that you can purchase properties without spending the full amount needed to buy the property that would have been required without that help.

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Techniques for Improving Real Estate Development Success

Developing property can be potentially lucrative. That said, it is a complex process that requires experience and creativity to get to the finish line. If only there were ways to improve the odds of successfully developing a property.

If you are considering developing real estate in the near future, there are a few techniques that can help in that process.

Stick to the Basics

There are a few things to know before getting started with a development project. First and foremost should be the specific market as well as the site. Are they the right choices for your development project? Being able to answer that definitively is a must.

Take the time to analyze the market and to see how viable a development would be. Narrowing it down to the most relevant sites can mean having a better understanding of what that development project could look like in each location.

Making the Right Connections

No matter what it may be in life, knowing the right people is crucial to the success of projects everywhere. It is no different when it comes to the world of real estate development projects. Who you know can make all the difference in the world.

By hiring and working with the best in advisors and consultants, it means making the best decisions possible for the development. There will be obstacles that come as part of the process but working with the best professionals can help to mitigate some of those issues along the way.

Analyze Everything

Data is crucial in the real estate development game. With the ability to look closely at real-time and long-term data trends, it means making the most informed decisions right from the start of the development process.

The goal is to create a successful project development, right? So why not look at the trends in the area, see where the shortcomings are, and make the proper analysis to determine whether it is the right idea or not. It can mean avoiding a potential money pit like so many have fallen into.

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Real Estate Management Best Practices to Follow to Increase Cash Flow

Cash flow is integral to any business. In real estate investment, having ample cash flow can mean the difference between capitalizing on a great opportunity and missing out.

Real estate is an asset and anyone who owns real estate is an asset manager. There are a few asset management techniques that can be followed to increase cash flow and profits.

Know the Market and Submarket

No matter the property, the vast majority of future residents probably already live within five miles of the property. Which means that you need to know the competition in the market. Know what other units rent for. Know the upgrades and amenities that justify higher rental prices.

This is a rent survey and it is a must for real estate asset managers. It means making the most of your dollars so that you can potentially raise rent and force the property to appreciate instead of hoping that inflation can carry it.

Don’t Fall in Love

One of the biggest concerns that real estate managers deal with is becoming far too emotionally attached to their properties. While that pride of ownership is natural, it can also cloud judgment as well.

Simply upgrading the premises is not a guaranteed method to improve the property and stay competitive with local market prices. If no one in the market is going above and beyond for those upgrades, it just means that you are overpricing your market. Not being overly attached can be crucial.

Don’t Ignore the Property

Another huge misconception that those who have not invested in real estate don’t realize is that you can’t just forget about the property. By missing repair requests and ignoring tenants, it can lead to a loss of revenue for the building.

Residents will gravitate towards the more desirable properties in the area. Having a landlord that ignores everything and doesn’t perform necessary repairs and upgrades will get around. Before long, it will become harder to find tenants at all, let alone the ones that are desirable.

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Perks of Investing in Multiple Properties

Buying real estate is one of the most secure ways of investing. Even in times like the COVID-19 pandemic, rental properties remained one of the best investing strategies out there.

The thought then becomes in investing in more properties. After all, if one property is good, why not more? There are a few perks for investors looking to get into multiple properties.

Greater Rental Income

This is the most obvious benefit but also the most important. Building a portfolio of rental properties means having more rental income. That rental income can then go right back into investing in rental properties.

The key is to conduct a proper analysis of the property to ensure that it is a viable investment. From finding comps to determining startup costs, the right real estate investment tools can help you find the best investment option.

Diversifying Risk

Any portfolio should be about diversity. After all, putting all of the proverbial eggs in one basket means that if something catastrophic happens, all will be lost. It is one of the biggest risks that investors could take.

By investing in multiple properties, it means diversifying your portfolio to protect against the investments that don’t work out. It is investment 101. Look for different property types, sizes, and consider investing in different markets as well for the greatest portfolio diversity.

Passive Income

What people investing in rental properties ultimately hope to achieve is to have a level of passive income that they can live from. Many who just start out in the world of real estate investment have a primary job most of the time.

But with enough time and the right investments, that passive income can develop to a point where finding new properties becomes a full-time endeavor. It takes time and the right investments to make that a reality, but it is more than possible. These are just a few of the many potential perks of investing in multiple real estate properties, diversifying your portfolio, and making sound investments.

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Economic Trends for Real Estate Development Professionals

The real estate development industry has been one of the few thriving industries in recent years. With more and more people looking for affordable living options and investors seeking properties with good returns on investment (ROI), there are many opportunities for those who know where to look.

This article will define some economic trends relevant to all professionals in this field, including home buyers, sellers, developers, and brokers.

  1. Housing Prices Are up 7.1% Over Last Year

Nobody needs to be told that house prices are way up. Many expect the prices to continue to rise, with almost a 5.1% increase over the next year through May.

  1. Spending on Construction Is up

The rate of cost on construction has risen by 0.4% over the past year. Part of this may be related to rising material costs and inflation (see below), but the rates are well below the previous housing bubble rate.

  1. Housing Construction Material Costs Are Up Sharply

There are three key costs to any new home: land, labor, and materials. Of these three, the materials have been increasing at the fastest rate lately. The steepest growth has come in lumber, causing some supply chain problems for many builders.

  1. Income and Spending Are Going up (More Slowly Than Expected)

Personal income increased by 0.4% in May, while consumer spending rose only by 0.2%. This is still positive but not rising at a rate that many economists expected. As a result, many are pulling back on their estimates for growth in the coming quarters.

  1. Delinquency in Mortgages Is Still Going Down

Single-family serious delinquency (meaning three months or more past due or in foreclosure) has decreased to only 1.03%. With incomes continuing to rise and stay strong despite pandemic-related hardships, these rates should continue to decrease.

  1. Inflation Continues to Rise

Inflation reached 2% in May, which is its highest level since April 2012. However, the Federal Reserve’s inflation target has historically been treated as a cap, so time will tell whether interest rates rise to try to combat inflation’s growth.

 

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Five Ways Technology Positively Impacts Workplace Productivity

The age of the Internet has led many to think that the age of the local public library has come and gone, but they’d be wrong. Even so, using the Internet to your advantage, along with a couple of other tips and tricks, wouldn’t exactly hurt when it comes to figuring out ways to market your library.

Social Media

It’s a Facebook/Twitter/Instagram world, and this means that advertising your place of business on these and other such social media platforms is essential. That’s true for libraries, too. Take pictures of those stacks of books and share them online with bookworm-friendly hashtags. Post pictures of events at your library too. Keep up with various literary events such as Banned Books Week.

Email Marketing

One of the most old-fashioned online ways of marketing businesses remains one of the surest. Set up a mailing list and then blast out newsletters and other information to teachers, legislators, members, and other local officials who may be interested in the various events that you have going on at your library.

Use Videos

Maybe it’s a bit of a literary sin to say “a picture’s worth a thousand words” to a librarian, but in this case, it can really help. We live in a video-saturated world, and making videos about the various goings-on at your library can be a big help.

When doing this or taking pictures, it is important to use a proper high-quality HD-capable camera. With all the images we encounter in our daily lives now, we are quite good at telling HD from non-HD photos, and the latter are now judged as inferior by default.

Event Marketing

What’s the next big event that you’re hosting at your library? Whatever it is, you want to use that to market your library big time. What’s more, you need to make sure that as many people know about it as possible. Use the tools above, employ flyers and banners, advertise to schools, and use other traditional event planning measures to get as much exposure as possible.

All this and more can help you get your library the publicity it needs and deserves.

 

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How to Build Your Real Estate Development Business

The most important way to build your real estate development business is through marketing effectively. There are many tools at your disposal, from marketing strategies that have been around for many years to various online tools. Continue reading to learn how to build your real estate development business through marketing effectively.

Make Sure That Your Site Looks Professional

You have a lot of different options when it comes to your website, and the most important thing is to stay simple and professional. If you don’t have a large budget, start with a few pages that feature what you have to offer. Focus on the services you provide and the aspects that you are good at, and keep it simple so that people don’t have to look too hard for the information that they want.

As you build your business, include a gallery that shows your work. You can add an area for clients only where they can communicate during a project. The key is to make sure that you look professional through your site’s format, layout, and writing tone.

Focus on Building and Nurturing Leads

You want to learn how to use warm leads, which are people you have met through networking, connections through social media, and friends of friends. Make connections with these people, and be sure to follow up. You want to let them know what your company is doing so that you are on their minds if they need someone. Have a process in place for organizing and following up with leads.

Use SEM

SEM stands for search engine marketing, and there are two types: paid and organic. Organic is free, and you can focus on it by making sure that you understand your keywords. You will want to research to learn what words you should use in your written content and make sure that you understand the topics your prospects are looking for. This allows you to rank higher so that they will discover you when they are looking for the services that you provide.

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How Companies Can Support Single Parents

One of the “forgotten few” of the business world is single parents. Single parents often find themselves juggling many financial and social challenges that can be difficult to manage independently. 

With the day-to-day demands of raising children, single parents barely have time to keep track of what is going on in business today, let alone find ways to improve their situation.

However, there are steps businesses and organizations can take to help ease the burden for single parents.

  1. Focus on Engaging and Hiring Single Parents

As in most cases with hiring, companies compete for the best talent. Given the difficulties associated with being a single parent, companies need to find ways to make themselves more appealing when it comes to this demographic. 

It’s not all about money either – offering benefits such as childcare reimbursement, flexible scheduling, and time off can also be useful in showing your commitment to single parents.

  1. Develop a Flexible Benefits Program

Many companies offer life or even disability insurance benefits, but few recognize or offer the importance of flexible benefits to single-parent employees. In addition to offering childcare reimbursement, for example, helping out with elder care can greatly reduce stress levels among caregivers. 

Flexible benefits can also help single parents by offering reimbursement for afterschool activities, tutoring services, and more.

  1. Create a Welcoming and Inclusive Workplace

Single parents are often seeking relationship-based activities due to the lack of other immediate family members. To create a welcoming and inclusive workplace, single parents should be engaged in the company’s future initiatives that focus on mentoring programs, community outreach efforts, or social events.

  1. Work to Help with Childcare Needs

In addition to flexible benefits, businesses can help create a support system for single parents by working with the community. One of the biggest challenges faced in today’s business world is finding quality child care. 

Single parents should take this opportunity to partner with local universities and organizations to identify childcare providers who could potentially become part of their training programs or educational options.

Companies that focus on helping single parents will have more highly qualified employees while helping solve some of the most pressing issues faced by today’s society.

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