So you’ve got the apartment, what are you going to put in it? Are you going to venture into your grandmother’s basement to find that dusty, 1920’s armoire? Maybe your old beer-stained college couch? Probably not. How can you fill your new place without breaking the bank? We’ve got you covered.
If you plan on buying furniture, it’s best to know where to look and what to look for.
Look for sales and consider using a credit card that offers free extended warranty options on furniture. Ask to purchase the floor model as these are often considerably cheaper. Shop at second hand stores, flea markets, and yard sales to find a good deal.
(Check college campuses for leftover furniture. As semesters start and end there will always be excess furniture. Make sure to clean it first, though)
If your more of a “Do it Yourself” person, you can repurpose old furniture or even build your own. Cleaning, sanding, and adding a fresh coat of paint will have any of your old furniture looking like new. Get milk crates and fruit boxes from supermarkets to convert into shelves. Old tables can be repurposed to be used as desks.
The key to maintaining a profitable rental unit can often time come down to maintaining and upgrading wisely. While some in-unit changes likely aren’t worth the money, many are. Often times, investing more initially will pay off over the long run. Here is a list of recommended changes and best practices that won’t break the bank over the long run. These changes will allow any landlord to keep the rent high and ensure less tenant turnover.
Focus on curb appeal.
- Changes include landscaping, power washing, and repainting the exterior. This can be particularly helpful when it comes time to place a new tenant in your unit.
Upgrade the appliances.
- This is a purchase that should be viewed as an investment, as band-aiding problems can be expensive long-term, cause tenant dissatisfaction and become a headache for you, the property owner.
Add backsplashes in the kitchen.
- This is a cheap addition that will light up any kitchen and provide a quality feel to the room.
Wash carpets instead of always replacing.
- A professional carpet cleaner can make even the dingiest of carpets appear brand new. Give this a show before choosing to replace immediately.
Invest in high-quality fixtures.
- Not only will this provide your tenant with a more polished look, the investment will pay off in the long run as less maintenance/replacement will be required. Band-aiding issues will most likely become more expensive in the long run.
Install new shutters or curtains.
- Old shutters and curtains can make even the nicest of units appear worn and dated. Consider newer, more modern options to get the most out of your unit.
Keep it clean!
- Perhaps the most important item on any landlord’s list is often the most overlooked. Always thoroughly clean between tenants to ensure your unit does not wear prematurely. It is recommended that a professional deep clean be done between each tenant.
According to WalletHub, a personal finance site, New England is home to some of the safest cities in the nation. Using 35 key indicators of safety, analysts have compared over 180 cities and scored them in four separate categories: overall safety, home and community safety, financial safety, and natural disaster risk.
The cities of Nashua, NH, South Burlington, VT, and Warwick, RI, were rated as the safest overall and took the top three spots on the list respectively.
Warwick was rated second in terms of home and community safety, South Burlington was rated seventh in terms of financial safety, and Warwick was rated seventeenth safest in terms of natural disaster risk.
Boston is rated as the 133rd safest city. It was ranked fifth in terms of fewest traffic fatalities per capita and fourth in terms of lowest percentage of uninsured population but was tied for last in terms of most hate crimes per capita.
Miami recently made the cut for Amazon’s much desired second headquarters. The area has pitched eight different sites throughout Miami-Dade County. Three of which are located within the City of Miami limits.
One of the most exciting sites is the one being offered as the Innovation District/Worldcenter site. This site has 23 million square feet of planned developments which include residential, retail, office and hotel space. The clear goal is offering Amazon a place where employees can live, work and play. Several other factors in play are the potential for Tax Increment Financing with a possible $1 billion value, just in time breaking of ground, office space to meet the 8 million square feet that Amazon needs and transit availability.
In addition, HQ2 would have easy access to the new high speed Brightline rail service which will connect Fort Lauderdale, West Palm Beach and Orlando (2020). The Tri-Rail, Metrorail, Metromover and I-95 are all also accessible within minutes.
Locally, there should be excitement about Miami making it to the final list of 20 cities. Cities that include New York City, Los Angeles, Washington, D.C., Toronto, Boston and Chicago. If we can attract a whale like Amazon then the future is bright for Miami’s burgeoning (and hot) tech scene. Whether it is Amazon or Apple the Innovation District is real and will bring in a whole new industry to our city. It is fair to say that real estate values, rents and transportation will be impacted if unlike Ahab we can bring one home.
A recent study has suggested that renting an apartment can make you more money than owning a home. As shocking as this may sound, a thorough review of the data, reveals you should take your time before doing anything drastic.
“A Revision of the American Dream of Homeownership,”published in 2017, does not outright tell us that renting is more profitable, but sobers us with the fact that property appreciation is not as wealth generating as we have come to believe.
Home owners tend to accumulate wealth more than renters, now, due to the accumulation of a strong down payment for a house. From saving for a down payment to switching to home ownership, owners generate wealth easily while renters do not.
The study however, suggests that renters who invest in the stock market could easily outperform homeowners that do not. “When you assume that those monies are reinvested at a rate of return, renting, on average, wins in terms of wealth creation,” states the study’s authors.
Also noted by the study, is that “the difference in wealth between renting and owning can be most affected by choices within the scope of the individual rather than through the impact of exogenous market variables.”
Cryptocurrencies like Bitcoin are new electronic cash systems that are completely decentralized with no server or central authority. Bitcoin and other cryptocurrencies advocate that blockchain technology is the key to a secure monetary future. By providing unique access codes, secure transactions can take place from almost anywhere in the world and the blocks of code will create an incorruptible record of each transaction and access point.
This is relevant to the real estate industry because it would allow buyers to provide secure funds in a relatively short amount of time.
According to Bitcoin, there are several advantages of using their form of cryptocurrency. Users can make or receive payments regardless of location or time of day. Transfer fees are cheaper because they are not based off of the total amount of funds being transferred. Since private consumer information is not included in the transaction records, transactions are more secure.
Users can also add layers of protection to their crypto assets by using two factor authentication and alternative backup methods.
The real estate industry is slowly starting to accept Bitcoin and cryptocurrencies because of these advantages. The International Blockchain Real Estate Association is a member-focused advocacy, educational, and trade organization dedicated to implementing blockchain real estate.
According to their website, cryptocurrencies can “reduce costs, stamp out fraud, speed up transactions, increase financial privacy, internationalize markets, and make real estate a liquid asset”. Some luxury homes for sale are already being listed on MLS’ with cryptocurrency price tags and some landlords let renters to pay with virtual currency because landlords do not have to worry about checks bouncing and funds clearing after a day or two.
Blockchain technology is not without its own challenges. Cyber fraud has resulted in the loss of tokens worth millions of dollars. Many sellers currently do not accept Bitcoin and other cryptocurrencies because they have little to no experience with them. Currency volatility has always been an issue and new cryptocurrencies are being invented on a regular basis. Despite these drawbacks, more and more real estate opportunities are beginning to welcome blockchain technology.
1) Daily Schedule
Ask any top agent about their weekly schedule and you will see it is very similar on a day to day basis. They have specifically set aside a block of time to work on very specific tasks; and most importantly they stick to their schedules! If you are having trouble crafting your schedule start by listing out all important tasks you must complete to build your rental and sales business.
Next, group all tasks into “must do daily” and “must do weekly” segments. Then prioritize all “must do daily” tasks in order from “most important” to “least important.”
The most important daily tasks should be the bulk of your daily schedule. You can then sprinkle in the weekly tasks where you have time.
2) Be Consistent!
One of the worst behaviors an agent can fall into is the inconsistency trap. Consistency with all aspects your business is a must to ensure prolonged success. Crafting and sticking to your daily schedule will allow you to be consistent throughout all aspects of your business. Consistency in your lead generation efforts is specifically important.
If you find yourself having very similar conversations with all your potential clients, it means you have become consistent!
3) High-Tech, High-Touch
The Real Estate Industry
is being flooded with productivity tools aimed at helping you be a better and more efficient agents. One such example is the Rental Beast Broker Portal
with our CRM
included or our Application Tool. Use these tools. It will help improve the efficiency of your business. However you must be cautious to not loose the personal touch old-school real estate agents relied upon! Every so often, send hand written notes to your clients or drop them a phone call, just to see how they are doing. This will ensure you don’t loose the personal touch!