How The Car You Drive Can Impact Your Real-Estate Business

Just as a home’s curb appeal and exterior make the initial impression on home buyers, the real estate agent’s car is usually the first thing buyers see when meeting for the first time. If you are a realtor, your car can have a strong impact on your client’s perception of your work and capabilities, but also to your attention to detail and personality. Keeping your business car in the top conditions whether you need it to reach remote properties on time or fill in the papers on the roadshows clients that you’re handling the situation. 

Initial considerations

For many realtors, the car is an extension of their office, and conversely an extension of their client relation policy. The personality of the car needs to make the client feel safe and comfortable. A sporty Corvette, especially a visibly used one, can give off a shady realtor who’s mainly interested in flipping properties for profit. Instead, look for a car that breathes confidence and success without being pretentious. Perhaps a European mini-van in a high trim level, or a comfy BMW 5-Series estate. Some agents view their cars as mobile billboards, helping to spread the word wherever they go. If the nature of your office calls for driving all day long in the city, you should consider a smaller and more convenient smart car which is comfortable to use in the city rush, but also capable of quickly reaching out-of-town clients. 

How The Car You Drive Can Impact Your Real-Estate Business 1

What car?

If your clients are mostly upscale property owners, nothing less than pure luxury, strength, and comfort would convince them that you’re the one for the job. A large sedan like Mercedes Benz S550 as well as several alternatives would be just fine. On the contrary, some agents put a lot of effort into advertising themselves as environmentally conscious entrepreneurs, choosing a Tesla to show their commitment to the latest trends. A Range Rover Sport is the perfect car for an agent who’s mostly handling business clients. It’s roomy, comfortable, and has lots of glass, so clients can better survey the neighborhood they want to invest in. Such a thoroughbred SUV also comes handy in harsh winters, when mobility often means the difference between success and failure. 

Keeping it client-friendly

It goes without saying that the car in which you drive the clients around, looking for properties, needs to be spotlessly clean. As a complimentary service, keep some water bottles and a few packs of snacks in the air-conditioned storage if the property hunting draws on. You can equip it with an extra iPad for clients to use, and load it with info on properties you’re listing. You should also consider the comfort of the ride and safety, which means you should keep your tyres in top shape. If the tread depth has worn off past the tread wear indicators, you should replace them with a new set. It shouldn’t set you back a lot, especial now since many online vendors offer promotions on new tyres with cashback and buy 3 get 4 deals. Finally, keep an extra USB free, so clients can charge their phones and turn the radio down so you and the client can talk. 

When to replace the car

As a rule of thumb for a business that relies on the direct agent to client contact, you should replace your vehicle every three years. Not only would you be sure that your car will always be reliable, but it also sends a powerful message to your clients – that your business is growing as a result of your professional skills. Also, technology is changing quickly and if you spend a lot of time in your car, you need the latest style and comfort experience for your clients. You shouldn’t splurge on a premium category every time, but having a well-packed quality car is an indicator of your success as a real estate agent. 

How The Car You Drive Can Impact Your Real-Estate Business

Pragmatic and secure

Visual impact aside, your vehicle should provide a sense of security, which then translates to you offering reliable services and working in the client’s interest. Driving a car that is known as unsafe can potential let you down in the client’s eyes, telling them that you don’t care about your own safety either. So, make sure to drive a car that not only feels like a tank but has the NCAP ratings to back it up. Besides, the vehicle you drive your clients around needs to be practical, with enough space for clients od all sorts, couples, families even. Driving a practical and functional vehicle indicated dedicated to your business practices and keep the things real. 

Not unlike the manicured lawn, freshly painted siding, and replanted flower beds speak of the house and the owners, the realtor’s car speaks volumes about them and the way they run their business. Whether you’re a seasoned agent or a rising star, you need a vehicle that evokes success and professionalism on one side and pragmatism and care for the client on the other.

Investing in Multifamily Real Estate: Top 5 Tips to Get You Started

Multifamily real estate is typically a diversification option for versed investors, and not a first-timer’s leap of faith. You need knowledge, expertise, and the negotiation skills to match the level of competitiveness in this industry, but it also makes for a wonderful choice in case you’re already familiar with real estate investing in general, and you’d like to enrich your portfolio further. This profitable choice can bring you a stable source of income, and it can serve as a stable, long-term investment that you can ultimately sell if such a need ever arises.

However, no matter how experienced you might be in other forms of real estate investing, jumping into this versatile field takes some research and adjustments. Let’s go over a few handy tips you can use on your own journey in order to make the most of this lovely opportunity!

Deciding on the location

Not all multifamily properties are created equal. In fact, among many factors that will affect their overall value and desirability in the eyes of your future tenants, one of the main deal-breakers can be the location. Since your target buyers and renters are families, you should consider features that will appeal to such an audience. Is there a reputable school in the vicinity? How about a playground? Are there safety measures in the neighborhood, such as regular patrol and security surveillance?

There are all kinds of conditions that might inspire a family to feel welcome in that particular location, so it’s vital to do your homework. That way, you can pick a location that will elicit offers before the ink dries on your investment contract.

Managing the management

Unlike one-person units and other real estate options that don’t focus on families, working with multifamily real estate properties requires quite a bit of legal knowledge and managerial skills. Whether you decide to be the key manager of the entire property you invest in, or you choose to hire a property manager, the decision is entirely yours. What matters most is that you have a solid base and that you fulfill all of your legal obligations.

One of those responsibilities includes obtaining the initial maintenance schedule for your property so as to compile the most relevant data on how you take care of your property. That means you need to follow the prescribed legal rules and meet your local government’s expectations when it comes to property maintenance in order to avoid financial and other penalties. If you alone cannot handle the burden of multifamily real estate management, make sure to work with an expert who can take over a portion of those chores.

Land on the right financing solution

A common issue even among versed investors is obtaining the right sum of money to purchase the property you find the most lucrative. These massive investments require a stable financing solution so that you can have that much-needed initial capital for this venture. Direct lenders are considered a safe and reliable option while partnering up with other investors is another viable opportunity especially if you already have trusted partners in the business.

Increase the value of your investment

Who said that being an investor is a dull occupation? On the contrary, if you choose to invest in multifamily real estate, you’ll need your creativity and imagination so that you can amplify the value of the properties you purchase. From increasing functionality of the space and installing a ground source heat pump, all the way to beautifying the exterior with finer design solutions, even the smallest of changes can lead to a major surge in value.

Sometimes, you’ll be able to find properties in a pristine location, but in desperate need of a thorough restoration or remodeling in order for them to be rentable. Make sure that this is an investment that is in line with your budget, and you’ll have a diamond in the rough in your hands, ready to become a prime spot for families after spruce.

Plan your tenant strategy

Finally, never invest in a property without preparing a strategy for your tenants. With the right policies in your hands and clearly defined procedures, you’ll be able to attract the right people to your property in no time.

Multifamily investing is a perfect opportunity to diversify your portfolio, and an exciting way to grow your community. Use these tips, and turn this endeavor into a streamlined journey towards purchasing your first multifamily property!