How to Avoid Employee Turnover

Job culture has been changing rapidly within the past few decades – the rise of the “gig economy” and a sharp increase in job dissatisfaction has caused a rapid jump in employee turnover in many industries. Nowadays, roughly 50% of companies are reporting difficulties with employee retention, and 70% have issues replacing employees once they leave.

Why Do You Need Employee Retention?

For some companies, this phenomenon might not feel like a big deal. But failing to retain employees can cost you valuable time and money; some studies estimate that replacing an employee costs double what their salary was. Additionally, companies that excel in retaining employees report that their employees are more productive, and their work is of a higher quality.

Why Employees Leave Jobs 

Many employers believe that salary is the only factor in employee retention; however, most employees who quit their jobs rarely do so for financial reasons. In reality, the reasons for employees leaving include: 

  • Incompatible talent or interests
  • Insufficient support or feedback
  • Lack of available growth opportunities
  • Inadequate resolution of complaints or issues

Strategies for Employee Retention

One of the most effective strategies for boosting employee retention is to improve your hiring process. If you continuously hire candidates who aren’t compatible with the company culture or values, then the chances that those employees will leave becomes exponentially higher. Don’t be afraid to ask pointed questions to determine if a candidate is right for you, and don’t be afraid to pass on talent that isn’t a cultural fit for the company.

Another strategy applies to the employees that you already have – you need to invest in their education and advancement, or their positions will quickly start to look like a dead end. Studies show that 80% of employees consider high skills training highly beneficial, and it appears to be a huge factor in employee satisfaction and retention. Investing in your employees’ skills and career paths is also a good way to ensure that they feel valued in the company, which is another huge factor in employee retention.

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Fix These Four Problems Before Taking Listing Photos

Photo presentation of a home is more important now than it ever has been. According to the 2020 Profile of Home Buyers and Sellers, the number of home buyers who used the Internet to search for a new home increased to a record high of 97% last year, and that figure is expected to continue to climb. 

With that in mind, pros in the real estate business are going to want to make sure that their listing photos are as attractive as possible; it might just make or break a sale. Here are four problems to fix before taking your listing photos.

  • Remove Large Floral Arrangements

Photographs are two-dimensional by nature, and tall vases or wide arrangements can become distracting. They’re also terrible for obscuring the depth of a space. Lower profile arrangements are recommended to draw attention to the viewpoint and layout of the room. Consider potted plants or air plants to add a touch of greenery without distracting from the rest of the room.

  • Remove Small Rugs

Home buyers want to see the actual features of a home, and this includes the original flooring. Small rugs and floor runners don’t really add much to a photograph, and they can actually make a space look smaller. Stick with large rugs or bare floors to make a room look big and spacious.

  • Make Sure Your Lightbulbs Match

Lightbulbs may feel like a completely inconsequential feature of a property but differing types of lighting can really mess with photographs. Mixing warm and cool lightning is never recommended for photography, so make sure that you use the same type of lightbulb in every source in a room. Most stagers recommend warm or soft white bulbs. 

  • Iron Wrinkled Linens

In real life, most people don’t care if their sheets or throw blankets are wrinkled. However, the camera picks up wrinkles like a magnet, and can make them look awful in the final product. Use a professional steamer on curtains, sheets, and any other textiles to ensure they look smooth and beautiful in your listing photos.

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Five Unique Ways to Market Your Company’s Culture

Company culture has become an increasingly important factor in business’ relationship with both future employees and potential clients. The behind-the-scenes operations of a company and how they treat their workers influences how outsiders feel about the brand and interact with it. If you’ve managed to foster a thriving company culture, here are five ways to capitalize on it in your marketing strategy. 

  • Highlight Your Employees

A good company culture is focused on the humans it employs first and foremost, so it makes sense that you would highlight them when you’re marketing your company culture. Focusing on your employees can showcase the human element of your business. 

  • Show Off Your Hiring Process

This method is particularly effective for recruiting, but it can also be advantageous for attracting potential clients. Your hiring practice should ideally match your employees with roles where they’ll be happy and effective, and you should showcase how you keep your teams connected and collaborating. Personal anecdotes go a long way in this section; ask employees how the hiring process was for them and what they love about their jobs. 

  • Showcase Your Differences

A unique corporate culture is a great marketing tool, but only if people know how different it actually is from your competitors. If you value giving your employees space to grow and think outside of the box instead of the classic cubicle culture, be sure to showcase that in your marketing.

  • Prove it

Actions speak louder than words – people are going to know if you’re promoting values that you aren’t actually enacting, so it’s important to prove that your company culture is effective and genuine through every action the company takes. If you promote positive connections and teamwork, then your company’s actions should always reflect those values.

  • Produce Media Focused on Your Culture

Increasingly, companies are using blogs and podcasts to show off their company culture and attract new customers. These types of media allow people to get to know your team on a more personal level, and it really showcases the type of company culture you’ve fostered.

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Real Estate Trends Investors Need to Know

The housing market is notoriously everchanging – we’re benefiting from a strong market at the moment due to the COVID-19 pandemic, but there’s no telling how long that type of market is going to hold. On top of that, this industry is very much dependent on the area that you’re in. Understanding the trends that the market goes through can help you navigate this shifting market and come out on top. 

Dwindling Affordability

For the past little while, a combination of low mortgage rates and strong incomes have been preventing any large dips in affordability. However, things seem to have changed for the worse in that area after recent developments.

A study conducted by ATTOM Data Solutions states that affordability has dipped below historical averages in a whopping 61% of US counties; it dropped in 45 of the 50 top markets last year as well. 

Extensions to Renter and Homeowner Protections

The COVID-19 pandemic caused a large spike in protections aimed at renters and homeowner protections; the eviction bans, foreclosure bans, and rampant mortgage forbearance options were designed to limp us through the pandemic, but they’re having a marked effect on the market.

Landlords seem to have suffered the most from these arrangements – the lost income from unpaid rent and tenants that they legally cannot evict has caused a lot of strain in the industry. Fortunately, these bans don’t seem to be long for this world, and the balance may be tipping soon. 

A Spike in Listings

Supply in the housing market has been a rampant problem for a while, but it seems to be improving. There’s roughly a 4% spike in new listings this year, marking a clear improvement in supply. If you’re seeking rental properties or houses to flip, now just might be your chance.

Rising Foreclosures

Despite the ban on foreclosures coming from the COVID-19 pandemic, they’re still on the rise. One in every 12,700 units had a foreclosure filing last month, with the highest rates occurring in Nevada, Delaware, Illinois, Florida, and New Jersey. 

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What Is Mixed-Used Development Investing?

Commercial real estate investing can feel intimidating – there’s a lot of differences between commercial and residential real estate, and many people aren’t sure where to start or if commercial real estate is worth it. Investing in mixed-use properties is a great solution to this issue – it allows you to combine the benefits of different property types into the same investment.

What Is Mixed-Use Development?

Mixed-use developments are combinations of residential and nonresidential buildings that have been planned within a city, municipality, or state. Projects can range from a single building to an entire neighborhood in scale. Developments like this offer a wide range of benefits, including: 

  • Improvements in residential affordability
  • Walkability between housing, amenities, and even workplaces
  • Stronger neighborhoods

When done correctly, these types of developments are designed to take elements of different types of real estate and use them to complement each other.

Benefits of Mixed-Use Developments

Mixed-use developments are on the rise – the demand mostly comes from new millennial homebuyers, but many types of consumers seek the deeper sense of community and convenience that developments like these provide. Benefits for investors include: 

  • Different types of clientele provide multiple streams of income from the properties
  • Property managers assist with smooth business operations
  • Proximity to amenities makes them highly desirable as residential spaces
  • Variety of tenants lowers risk for investors
  • High rental demand

Mixed-use properties don’t show any signs of falling in popularity in the next few years, and they could make excellent investments for business-savvy individuals looking to expand their portfolios in new directions.

Potential Risks of Mixed-Use Developments

On paper, mixed-use developments sound like a great investment. And they are, but you should be aware of the potential drawbacks before investing in a particular property. Some areas may not be suited to the increased foot traffic created by these types of properties – you need to check how pedestrian-friendly the surrounding area is and what sort of access to public transportation is available.

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How to Build an Unstoppable Dream Team for Your Business

When people talk about successful entrepreneurs, they’re usually only talking about one person – the founder or CEO. But building a successful business is far from a one-person job and having good people behind you is imperative for your long-term success. Whether you’re barely off the starting line or starting to grow, having your dream team behind you can make success much more attainable. Here’s what to look for to hire the best employees. 

Shared Vision

Building a business is an uphill battle, and you need staff that share your vision for the company that you’re going to build together. Having a vision and a plan for growth can help you weather the inevitable hard times that you’re going to face. 

Diverse Experience

Variety is the spice of life, and it’s also essential for business. Having a diverse team that brings a range of skills and experience to the table can ensure that you’re better prepared for whatever the industry throws at you. A great team isn’t just about having the smartest person in the room, it’s about everyone else. The ideal team has people whose strengths lie in areas such as marketing, communication, numbers, networking, and organization, among other skills.

Qualities to Avoid in New Hires

Your business is only as good as the talent you hire, so there are some qualities that you should avoid when building your dream team, such as: 

  • Know-it-all; refuses to change their opinion even in the face of disproving evidence
  • Too focused on personal credit or glory
  • Intellectually selfish; unwilling to share ideas or collaborate
  • Unmotivated or unwilling to put the necessary time and effort into growing the business

In the end, hiring the right team can mean the difference between a thriving business and a struggling one. Taking the time to carefully select your employees is a good practice for any budding business; don’t be afraid to ask questions and test people to make sure they’re up to the task!

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Four Great Benefits of Investing in Multifamily Real Estate

Multifamily real estate has taken a big hit from the COVID-19 pandemic, but that doesn’t mean that it’s not still a profitable investment. Multifamily properties are immensely popular for first-time real estate investors, simply because it’s a class of asset that most people understand. You’ve probably owned a home or rented an apartment before, and you can understand the basics that these units require. Here are four benefits of investing in multifamily real estate.

  • Leverage

Real estate is one of the most popular types of investment because they have a high capacity to be leveraged. The mortgage system allows you to invest less initial capital for a high value asset – you’d need $1 million in initial capital to buy $1 million worth of stocks, but you’d only need roughly $250,000 to buy a $1 million dollar rental property.

  • Scalability 

One huge benefit of investing in multifamily properties versus single-family properties is that they can grow your real estate portfolio very quickly. This is because of the leverage concept we covered above; it effectively allows you to grow a portfolio that’s worth a large amount without investing that amount right away. 

  • Taxes

Real estate is one of the most tax advantaged classes of assets due to two factors: mortgage interest deductions and depreciation. Large investment properties typically require large mortgages with 5% plus interest rates, so the annual deduction they accumulate ends up being very high. The concept of depreciation helps shelter real estate owners from even further taxes because it assumes that properties depreciate over time due to wear and tear, even if they’re actually appreciating in value.

  • Passive Income

Passive income is king in today’s markets, and there’s no better way to set up a passive cash flow than through rental properties. Especially after hiring a property manager, most landlords never have to lift a finger to keep the income flowing in from their properties. Passive income is the best way to build wealth over time, making real estate even more popular with all sorts of investors.

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Could Floating Homes Be the Future of Real Estate?

You have probably heard about how climate change is impacting the world. Many people are concerned about rising water levels due to melting polar ice caps. This could cause certain parts of the world to become uninhabitable in the decades to come. One method of combating these concerns involves the creation of floating homes.

What Are Floating Homes?

Floating homes are essentially modular water dwellings that could be placed in specific spots that are the most at risk for flooding due to climate change. These homes are capable of floating safely on the water’s surface and this could be a game-changer. This works by filling concrete pontoons with air so they’re able to support the living pods on top. It might seem very futuristic and strange to some but it’s actually a very clever way to deal with what might happen in the near future.

These Are Cheap to Create

One huge benefit of these floating homes is that they are very cheap to create overall. These are manufactured homes that are less expensive to build than traditional houses. If people are looking for affordable housing options, then floating homes could be an ideal solution. These aren’t prevalent at all right now but many think that they could be the future of real estate in some areas.

They Create New Neighborhoods

Another reason why these floating homes are so interesting is that it allows people to create new neighborhoods. The population of this planet continues to increase and this means that space is at a premium in many countries. If you can build new neighborhoods on waterfronts using these floating houses, then that’s a good solution. It creates new spaces for people to live and could be a part of solving the housing crisis in certain places.

Time Will Tell

Time will tell whether or not these floating houses will become commonplace or if they’ll simply be a curiosity. The full impact of climate change is not yet understood and things could wind up being worse than certain experts predicted. Regardless, this idea of creating floating houses is very intriguing and it’s a step in the right direction. Extraordinary times require extraordinary solutions to problems, after all.

 

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Setting Goals for Real Estate Investing

If you want to get the most out of being a real estate investor, then it’s going to be important to set goals. Setting goals for yourself will give you things to work toward. If you’re new to real estate investment, then you might not be entirely sure how to proceed. Keep reading to learn about setting goals and finding success as a real estate investor.

Consider How to Set Goals

Setting goals for yourself as a real estate investor doesn’t have to be overly difficult. There are two basic types of goals that you should set for yourself and they are long-term goals and short-term goals. Long-term goals are the big goals that you will work toward for many years. Short-term goals are easier to obtain and will help to boost your morale when you’re able to achieve them.

Remember that short-term goals are an important measuring stick for how you’re doing as an investor. Set some practical goals such as turning a quarterly profit or successfully flipping one house. Your long-term goals will be more substantial, such as saving a certain amount of money or owning a certain number of rental properties to create long-term sustainable income.

Develop Plans for How to Accomplish Goals

Next, you’re going to need to work on establishing plans for how to accomplish your goals. Think about the steps that you want to take to make your goals happen. If possible, it’s going to be wise to create detailed plans that will give you a bit of a roadmap to follow. Just remember that your plans should be flexible since things can change with the market and you will need to be able to adapt.

Remember That Networking Helps

Networking is something that can also help your chances of realizing your goals as a real estate investor. If you are able to network and make certain contacts, then it’ll be easier to make things happen. Try to attend networking events and meet people in the industry. You can also make important connections online that will benefit you as an investor and it’s always better to have more contacts.

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Tips for Productive Remote Work

Remote work is something that more and more people are turning to in modern times. It’s great to be able to work from home instead of having to go into the office. However, there are remote workers who have problems remaining productive. Keep reading to get several tips that can help you to remain productive as a remote worker.

Make a Home Office

Having a home office is really going to make things a lot better for you if you’re going to work at home regularly. It’s much easier to get distracted if you’re working in your living room or your bedroom than it is in an office setting. If you have the budget to make this happen, then turn one of your rooms into a dedicated office area. Be sure that you have everything that you need and that your office is a fairly quiet environment.

Turn Off Notifications

Turning off notifications can really help you to remain more productive. Most people are getting notifications constantly throughout the day and they waste a lot of time checking them out. If you turn them off instead, then you’ll be able to focus solely on your work until you’re done. Only check your email or phone messages if you know that you need to do so for work purposes.

Keep Steady Work Hours

Many remote workers don’t necessarily have to keep steady work hours and are just tasked with getting certain things done. This might seem nice at first but it can be jarring to just work on things at random times. You’ll likely be more productive if you stick to a steady work schedule as a remote worker. You could just do a traditional 9-5 schedule if you’d like but it’s wise to find whatever time is going to work best for you if your job doesn’t give you set hours.

Remember to Communicate

Some remote workers wind up falling behind on certain things due to communication issues. Do your best to keep in touch with your team and bosses while working remotely. Sending emails is a common way to communicate but sometimes you might need to video chat to go over certain details. Be mindful of how you’re communicating with your fellow workers and try to explain things properly while also getting the right information that you need to succeed.

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