My latest ramblings.
Enjoy! I definitely got important things to say
My latest ramblings.
Enjoy! I definitely got important things to say
Property Expert Nicholas Statman–
If you were to ask investors six months ago if they would have to learn how to host virtual open houses or worry about the extreme sanitation process as part of their home selling, almost everyone would say no. But here we are, months into the changes brought forth by COVID-19, and investors are quickly learning to adjust their selling methods.
Investors all over the world are adapting to a virtual selling method, and using innovation and technology to help them close deals in a brand new way. If you’re planning on moving forward with buying and selling properties during these rapidly changing times, here are three things you need to know about selling your home virtually.
Social media is your friend
Most property agents learn quickly that social media is their friend when it comes to buying, selling, and investing in property. An active social media presence not only helps you connect with the community but also helps to expand your reach and get your property in front of as many interested buyers as possible.
During a time when people are spending a lot more time connecting with friends and family on social media, your Facebook and Instagram platforms can be critical in selling your property virtually. Tools such as Instagram stories, Facebook Live, messaging apps, and other social media features help enhance your marketing strategy without having to meet anyone face-to-face.
If social media isn’t a significant part of your marketing strategy already, now is the time to focus on creating a powerful and authentic online presence to help you sell more property.
Invest in high-quality virtual tours
High-quality pictures are great, but virtual tours take showing a home to a whole new level. Since many interested buyers may not be able to come out and physically tour the property, they’re counting on sellers to give them as much information about the property upfront as possible. Hi-tech virtual tours and 3D experiences have helped completely immerse the potential buyer in the home showing experience. They can get a better idea of the flow and layout of the home, and feel like they are there.
Host video chats and buyer Q&A sessions
Traditionally, buyers, sellers, property agents, and investors would meet multiple times throughout the home selling process to discuss details, and ask or answer questions. Now, the buyer still needs all of this important information, but the channels in which they receive it are a little different. Host virtual video chats with potential buyers to discuss the details of the home. This can be more personal and productive than sending multiple emails back and forth.
You can also host virtual meetings for the community to cover topics like first time home buying, rental options in the area, or local market analysis. Just because we are social distancing doesn’t mean we have to be isolated. There are still many ways you can connect and communicate with buyers to give them the information they need to close the deal.
Follow guidelines for in-person home showings
Some sellers are choosing to continue with the traditional home showing strategy, and adjusting their methods to make health and safety a top priority. If you are still going to allow people to tour the home, putting protective measures in place will make buyers feel more comfortable and help you do your best to reduce risks. Some things you can do to host a productive and socially distanced open house include:
Selling property and closing deals requires creativity, innovation, patience, and quick decision making. Now more than ever, sellers are finding new ways to market their properties, serve the buyers in their areas, and close deals all while being mindful of social distancing.
As we continue to navigate our communities amidst the uncertainty, use the technology available to create virtual content that will help you sell your property quickly and connect with the buyers in your community in a more high-tech way.
Learn more about social distancing on the following sites
Nicholas Statman has been buying, selling and developing property since 2001, and in that period he has traded thousands of properties.
If you ask a successful property investor the tricks behind sourcing, revamping, marketing, and selling properties for profit, they’ll tell you it’s all about building a strong team. While one of the advantages to property investing is being able to work to your own schedule, it does require working with other industry professionals to ensure things are done well. To build a strong property investment team, you need people who are good at what they do, that are reliable, and are passionate about the industry. As you begin to put together an all-star property investment team, make sure you include these eight impact players:
Estate Agent or Property Sourcer
Finding the right estate agent can make the difference between a growing and profitable portfolio and remaining stagnant in the industry. The responsibility of an agent on your investment team is to bring a comprehensive understanding of the property market to your team. They also have access to multiple listings, and find deals on your behalf. Working with an estate agent allows you to stay connected with the current trends of the property market.
As you search for the right agent for your team, it is important to remember that estate agents work specifically with homeowners while sourcers work with investors. You want to work with an agent who has experience working with property investors.
Property investing is one of those investment strategies where you need money upfront to make money in the long run. Having a proactive mortgage broker on your side will help to speed up the loan process, a process that when delayed, can negatively impact the buying or selling of property.
Unless you are a general contractor yourself, you are going to need to have someone with this type of home repair and renovation experience on your team. As you acquire, sell, and revamp properties, you will need the expertise and resources of a contractor to get a lot of the work done. When you find a general contractor that you trust and work well with, keep them close. They have connections to specialty contractors such as painters, plumbers, electricians, and other industry professionals that you will eventually need as you buy and sell property.
Property investing can be an exciting and profitable investment strategy. However, it is essential to be very intentional about balancing the money that comes in with the money that goes out. A large part of property investing, especially in the beginning, is figuring out the details of financing. An accountant can also help prepare your tax returns and can give you professional tax advice. Is important to look for an accountant who has experience working with property investors and understands the market.
Being successful in the property management industry means always being aware of the legal requirements and guidelines associated with this type of investment. Laws and regulations are always changing when it comes to property investment, and it can seem impossible for someone unfamiliar with the legalities of property investing to keep up with all of it. A solicitor who has experience with the property market and investing can help you draft legally binding documents and execute them correctly. Property investment solicitors can be extremely helpful for investors who specialize in commercial properties. They can assist with:
If your goal is to buy a property, upgrade it, and then rent it out to tenants, it is recommended to have a trusted property manager on your team. Screening tenants, handling rent payments, and communicating with tenants daily can be a full-time job. Many property investors don’t have the time to dedicate to this part of the investment process. Having a property manager on your team allows you to hand off these responsibilities to another industry professional that you trust.
As you begin to buy and sell property, it is important to have an experienced set of eyes look over your property to ensure there are no defaults or issues that have been missed. Having a qualified surveyor that you trust on your team allows you to rest assured that your properties aren’t hiding any defects that could impact the transaction process. Once a surveyor does a thorough check of the property, his or her report can determine whether or not the purchase moves forward. Their findings can directly impact the sales price and gives the seller a chance to make necessary repairs before continuing with the sale.
In any investment, there is a risk. Where there is a risk, there is a need for an experienced insurance broker. This type of specialist is an expert in property insurance and risk management. They work on behalf of the client and work with a wide range of insurance companies directly. Having this type of industry professional on your team makes it easy to understand the details of a complicated insurance policy. They can also help you determine what level of coverage you need. An experienced insurance broker can assist you in ensuring long-term and short-term construction projects and even offer business liability coverage.
Your success in property investment depends significantly on the team of industry professionals you have behind you. While it is impossible to do it all on your own, it is also costly and time-consuming. It is important to build a network of experienced, qualified and trusted industry professionals to leverage time and money, work harder not smarter, and maximize your ROI.
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