Networking Through REIA Meetings

 Apartment Riches  No Responses »
Dec 022011
 

REIA meetings take place in different cities throughout the country and every city has its own association. The purpose of these meetings is to develop a network or chain of real estate investors. They guide the ones that enter the market and learn from those who are already in the market and have a good grip of it.
Not only do people learn and enjoy these REIA meetings but these meetings give people a chance to interact and get to know more investors. These meetings have now become a platform for the networking of investors. These meetings serve the purpose of expanding the real estate circle. Just a few years back, real estate was a small market and people were scared to enter it or try their luck here. But now it is one of the biggest markets with many people investing their money on land with the intention of earning some extra income.
Investors can join in as guests or take membership of REIA, as these associations provide a wide forum to all the investors to introduce their products and get to know about others. These meetings are usually held at the beginning of every month and they update investors about the market and its conditions in previous months. They also forecast about the coming month and how the market will be. No matter if an investor is new in the market or is a millionaire, everyone learns more and more through these meetings.
Other topics that these meetings shed a light on include; learning how to become financially independent as an investor. These meetings provide investors how to retain their wealth once they start making it and keep the cash cycle rolling. When an investor makes a gain he needs to reinvest and all these techniques are taught in these meetings, for those who don’t have much information about real estate.
Real estate has a wide scope and these meetings teach how one can explore other avenues and how they can make more profits by entering these avenues one at a time. The best part about being a member at an association is that one gets to be in the midst of ambitious and proactive people who form a society of real estate investors. Not only investors get to learn through these meetings but they also get a chance to share their experiences with others and get their perspective on it.

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How to Help Your Leasing Agent Stand Out

 Apartment Riches  No Responses »
May 052010
 

Your leasing agent is usually the first person a potential resident deals with at your property. If your leasing agent stands out from the rest, the customer is likely to remember your property as well. Do what you can to facilitate this.

Leasing agents will always give out cards to customers. That is standard procedure in most cases. What if your leasing agents could make their business cards special? One way to do that is to customize the backs of the cards.

There are little postage stamp sized pictures that you can have made and put on the backs of the cards. These will impress the customer in such a way that they will want to keep them. They are more than just a name and contact information on a card. This is something personal.

Another idea for your agent is to put their own mission statement on the card as well. Then, when the customer leaves, the leasing agent can take the time to personalize a floor plan drawing by writing them a heartfelt note. They may go away feeling that you have singled them out for special attention.

It is important that customers have a feeling of personally knowing the leasing agent. One way to do this is to use a section of your webpage. You can put an audio section on it where the customer can hear the voices of the staff inviting them to the property. Putting a voice with a face fosters trust.

You can personalize the apartment or condo with monogrammed linens. You can also get things like coffee mugs with your name on them. Anything that will produce a memory point with the customer is beneficial.

The leasing agents can be remembered by the clothing they wear. Every time they see a person wearing a certain type or color of clothing, they are working as a leasing agent for your property. That sparks recognition.

The customer will definitely remember their leasing agent if a strange package arrives at the door from them. It might be anything that you can use to drive home your message. For example, you could send a valentine heart with the message, “We heartily invite you to come back and rent with us.”

The agent can distinguish him-/herself by using the telephone. People like to receive friendly calls. It might just be a call saying that the leasing agent invites them to come to your property before they go to any others.

If this sticks in their minds, it can have an enormous effect on the number of people who will rent. By seeing your place first, they judge every other place by yours. This gives you a definite advantage.

The leasing agent can put in an effort to make a good and lasting impression. When customers have a warm feeling towards the leasing agent, they will feel more comfortable about visiting your property. They will also feel a sense of trust in that agent when leasing that condo or apartment. It really makes a huge difference.

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Road To 7,000 Pt. 15

 Apartment Riches, On the road to 7  2 Responses »
Mar 102010
 

Click here to get your free report “27 Ways To Buy Multi-Family Properties With No Money Down”


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“On The Couch” With Mike Oullette

 Apartment Riches, syndication, Testimonials  2 Responses »
Mar 022010
 

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Dave’s 3 Biggest Mistakes in Real Estate Investing

 Apartment Riches, Success Diary, Where's Dave?  No Responses »
Feb 042010
 

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Apartment House Riches Bootcamp Day 3 Update

 Apartment Riches  1 Response »
Jan 212010
 

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Apartment House Riches Bootcamp Day 2 Update

 Apartment Riches  9 Responses »
Jan 202010
 

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Apartment House Riches Bootcamp

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Jan 192010
 

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How Essential Property Management is in Apartment Investing Success

 Apartment Riches, Management, Managing  1 Response »
Dec 042009
 

There is a belief that an apartment investor can “get away with murder” by not having a professional property management person on site is negligent on the property management spectrum. The stark reality is that next to the rents, the property management aspect is top of the list for essentials in the apartment investing market. The average apartment complex has a few hundred units and at the very least, 40 hours of daily work tasks. These tasks need to be done on the occupants schedule not the schedule of the management. This creates a very interesting dilemma for any of the property investors that feel a 40 hour employee on site is either unnecessary or unwarranted. In both aspects this is incorrect. A simple table will demonstrate why this is a reality and a reason to employ a property manager on site, at least part –time.

Four Reasons to Come out of Pocket for a Great Property Manager on Site

• Professional Presence: Many Residents Prefer and Expect a Person On Site
• Customer Service Advocate: Professional Approach
• ‘Fire’ Person: Daily ‘fires’ That Blaze and Can Destroy an Investment/ Separate from the Real ‘Flames’ of a Fire
• Maintenance Issues: If There is no Dedicated Maintenance Person On Site the Professional Property Manager Will Know Who to Call or Do it Themselves
• Collection: Collector of the Rental Units Dues.

These issues listed above are very important and that list is just a microcosm of the reasons that can be formulated in the realm of property management for apartment investing success. Many other reasons are commonsense related and need no further defining and if they did then possibly there are other investment alternatives in the horizon. The apartment investor realizes all too well that the risk of failure in the business of renting units to strangers is relatively high. The nature of the business screams for the property to be adequately protected with a professional on site during the working hours of early morning to late afternoon. This is just how it is so when the check is being written, for the purchase of the apartment complex, make certain that an additional percentage is weaved into the final amount. This will make it that much easier to hire the property manager off of sites like IREM.org.

Are There Reasons to Not Employ an On Site Property Manager?

Yes. The size of the apartment complex may will decide what time of management you will need.. The tasks are so monumentally challenging to own and operate an apartment investment that the reasons for not employing a trained professional are almost not there. For some areas of the United States, where the rentals can be seen as almost homeownership by the clientele, these are the ones that can afford to not have an on-site property person. In the end the apartment investor that is serious about maintaining the integrity of both the rental units and their own will think very seriously about the hiring of an on-site property manager.

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Securing Private Funds for Commercial Real Estate Deals

 syndication  No Responses »
Sep 042009
 

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As you may well know by now, private money funding is one of several options you have for funding a commercial real estate deal. The real trick is to know where to find such funding, and then to know how to lock it in so you can properly use it. I’ve used my share of private money over the years and what I’ve found is that private lending success comes from two key things: how you present yourself and how you present the deal.

Presenting yourself to a private lender needs to revolve around your professionalism and your commitment to the types of deals you do. For this reason, a simple summary proposal is a nice touch, when you first begin visiting with a particular lender. In such a proposal, you can provide snippets of your business philosophy, history, experience, etc. You can also show examples of how you would handle a particular deal, giving a lending prospect a quick idea of what it is like to do business with you.

There are several ways to put together a summary proposal and there are a similar number of things you could call it. The bottom line is that if your business is worth telling people about, it’s also worth putting in writing, and a person looking to learn more about you is less likely to want to read a full-blown business plan that is less relevant to their immediate interests.

Once you have gathered some interest from private lenders (not to understate the importance of this step), the next step is to actually present a deal to them when one comes your way. How you do this will be very important, given that your credibility with a seller will be somewhat dependent on your ability to not only attract funding, but also have it when you need it most.

When putting a project summary together, remember the key components that are important to you when you evaluate a commercial deal for your own business. First, there is the price tag, which should be competitive, relative to market value. Second, there are the market conditions, which should show some stability and also signs of good future growth. Last, there is of course the property’s cash flow, which should be acceptable to all parties involved. Once the basic elements of a deal are in place, then you can really dive in and start negotiating the terms of use for a private lender’s funds.

Don’t ever forget that using private money is serious business, so make sure you have a good team in place to support your efforts, and be sure to treat a private lender’s funds as carefully as you would your own. These two things can really simplify the use of private money and open key doors of opportunity for your commercial real estate business.

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