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Is Your City A Good Place To Invest In Student Housing?

Is Your City A Good Place To Invest In Student Housing?
As enrollment numbers for colleges and universities across North America continue to rise, so does the interest to invest in the niche student housing market. As Axiometrics stated, student housing is in and investors are flocking to the sector.While many investors and independent landlords are eager to enter this niche rental market, it’s important for them to do some market research first, as well as analyze their local universities and colleges.Here are some key considerations to think of when determining if your city is a good place to invest in student housing: 1. Student Enrollment & Growth:The first consideration to analyze should be the potential size of a tenant pool. Just because there is a college or university in a city, doesn’t necessarily mean it will be a good place to invest in student housing. Cities that boast a student population exceeding 10,000+ are ideal, as this makes the student housing sector a larger and more appealing niche.Another factor to consider is whether or not the schools within that city are steadily growing or if their student population is remaining stagnant. Growth is particularly important when planning for the future.  2. Residential vs. Commuter School:The second consideration is to determine if the schools within that city are residential or commuter schools.Residential schools are ones characterized by a very strong sense of community, typically fostered by having the vast majority of students living on-campus. Residential schools usually have a very low percentage of students who live off-campus, making them unattractive to student housing inv......
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Mission Statement

Mission Statement
MISSION STATEMENT Around 15 years ago I had a “moment”. I was watching Jerry Maguire and the movie completely change my life when our main character was sitting with his lap top late one night scribing up his famous “Mission Statement”. In his statement it was about more attention to good clients and about being honorable for those that you represent and work for. I took it very seriously and began working on my own Mission Statement that focused on representing the best firms and best talent in real estate development, construction and architecture. Now this didn’t mean just talent or prestige. It meant everything from attitude, communication, intelligence, respect……the proverbial QUON. The other day we heard through the grapevine that a particular recruiter in our industry, the kind that gives recruiting a bad name, was taking credit for a high-level placement that our firm filled. We will leave the name out but, will say for our national clients that this particular person is located in Southern California so don’t worry.  I didn’t find it overly shocking but, it did make me sad for my industry that these people exist. Jerry McGuire was enduring a cesspool of dog-eat-dog breed of agents much as good recruiters have to endure these low-breed used car sales people that find their way into our business. For those of you that find yourself in close quarters with an individual that’s willing at any moment to take credit for the work of others my advice is to ignore them and ris......
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Tips for Finding Renters

Here is the scenario: You have a great opportunity to boost your income by introducing your rental property to the real estate market.  The research is done, the investments are made, and now a vacancy is primed for amazing tenants to make it their new home. The problem you now face is, how do you find these amazing tenants? Many landlords, property managers and real estate agents find themselves in this situation time and time again where the rental market competition is fierce. Statistics have shown that one-third of the population are renters and the common mindset has been shifting to this living scenario being the more preferable option. Furthermore, these renters are not just the college age demographic with little to no credit. There are nearly as many renters age 30-65 years old as there are renters who are under the age of 30.  This now begs the question, “How can one of these potential applicants become my new, great tenant?” With such a broad span of ages regarding potential tenants, there should be an equally diverse range of methods to attract them to your vacant property.  Here are some of the most successful methods for filling a vacancy: Word of Mouth This is not the old game of telephone you played as a kid, where you give someone information, they pass it along to someone else, and you hope it returns to you the way you intended. Today, leveraging technology can turn anyone’s voice into the most effective megaphone you c......
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Experts at the Integra Real Estate Conference Speak on Kansas City's Multi Family Market

Paul Worcester Speaks on Multi Family Real Estate at the 2014 Integra Real EstatIntegra Realty Resources and the Lewis White Real Estate Center hosted the 12th Annual Integra Real Estate Conference at the Kansas City Convention Center last week, featuring an educational analysis on the current and future states of the real estate industry. The conference is a one-day seminar of real estate presentations and networking featuring panel discussions with Kansas City's industry leaders. The all-day event included six separate discussion panels, a cocktail reception and a keynote speech from Tom Hoenig, Vice President of the FDIC and Kansas City’s former chief executive of the Federal Reserve Bank. Paul had the opportunity to participate in the multi family market panel, alongside Block Real Estate’s Aaron Mesmer, multi family real estate developer George Birt, and Steve Coon of ePartment Communities. Apartment Renters are Evolving A recurring thread in the panel discussions is the evolution of the apartment renter. From millennials to baby boomers, residents are demanding more amenities and greater convenience. Many properties are bulking up on features of all kinds, including free wi-fi, resident lounges, full size sports facilities, on-site pet parks, and even housekeeping for an additional fee. Class A and B properties have been offering more hotel-like services to stay competitive in the amenities race that is gradually appearing all over Kansas City apartment communities. Partially due to the new trends that apartment renters are demanding, the perception of apartment living is evolving just as rapidly. The lifestyle of the millennial generation is pushing the understanding of who lives in an apartment home and why. The new ‘re......
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Three Android Apps for Real Estate Professionals

The real estate industry is growing almost as quickly as our use of mobile technology. “There’s an app for that” is now just a fact, and developers everywhere are cashing in on applications aimed at real estate professionals. We tested 20 of the top real estate apps, paid and free, available in the marketplace and brought you our top three. There’s a bonus: all of them are free. Loopnet Loopnet’s commercial real estate app has a 4.2 out of 5-star rating and over 100,000 downloads. It offers all the same features as loopnet.com with better navigation and an updated design. The Loopnet app is only available on Android devices but is free to download and updated regularly, most recently in August of 2013. Loopnet for Android provides an easy-to-use, customizable database of properties with extensive filter options and a pleasing interface. Real Estate Glossary The Real Estate Glossary app is a comprehensive dictionary of every term you could think of. It’s brought to the Android marketplace by RELMARK with a 4.5 out of 5-star rating over over 10,000 downloads. Definitions are understandable and easily searchable. You won’t realize how useful this app is until after you’ve started using it on the go. Real Estate Calculator The Real Estate Calculator App was brought to the Android market by SNC APPS, and has a 4-star rating. SNC APPS identifies itself a group of real estate investors with the intent of being able to evaluate a real estate investment deal in the field without relying on an Excel spread......
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Will the Home Sales Spree Soon Leave Owners Holding the Bag?

Will the Home Sales Spree Soon Leave Owners Holding the Bag?
Has the housing market begun to plummet due to rising interest rates? Are rental housing values about to crash?Those who read my articles know I’m frequently asking the questions that rental property owners and managers should also be asking. The answers are vitally important during these uncertain economic times. As of November 27, 2013 the yield on the 10 year Treasury bond sits at 2.74%. This is the benchmark interest rate impacting home mortgage rates, and it’s been stuck around this level for months.This begs the question, “Will the Federal Reserve’s Zero Interest Rate Policy (ZIRP) prevent this important benchmark interest rate to move much higher?” Experts are divided on the answers. Only in hindsight do we really have a more accurate view of the numbers of houses that have been selling, whether ZIRP has contained longer-term interest rates, and whether rising mortgage rates have tamped down on new and existing home sales.According to the National Association of Realtors’ (NAR) most recent update and taking into account variations in all regions of the U.S housing market, pending home sales continued to move lower in October, marking the fifth consecutive monthly decline. The “Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 0.6 percent to 102.1 in October from an upwardly revised 102.7 in September, and is 1.6 percent below October 2012 when it was 103.8.“The index is at the lowest level since December 2012 when it was 101.3; the data reflect contracts but not closings” according to the NAR. So the botto......
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Five top tips for effective property management

Five top tips for effective property management
Your property is an asset and, if you can form a strategy for its effective management, you’ll be almost guaranteed to reap a sizeable reward. Here are just a few tips to get you on your way to a profitable estate. 1.       Pick the right tenant With a commodity as precious, and not to mention costly, as a property, it’s important to know you have the correct person living within it, and it’s easy to be stranded with a messy, disruptive or outright antisocial tenant if you don’t make a discerning choice. Ideally, you should be interviewing tenants as thoroughly as you possibly can, finding out about their previous rental history, picking up on any bad habits and any other titbits that you can to distinguish between a good and bad prospect. 2.       Make sure your property is being looked after Although you may initially feel that you’ve made the correct choice with your tenant, it’s important to keep an eye on your apartment or house at regular intervals to make sure it’s being treated with the respect it deserves. Keep an inventory detailing the state of all walls, carpets and any furnishings that come with the place, and make sure your resident is keeping your ship in shape. 3.       Look after your tenants’ needs But naturally, it’s not all about living in suspicion of your renters. While you may want to take care of your property as best as you can, the most effective way to do this is to find out the need......
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Are we Overbuilding Multifamily?

A gradual shift in the American Dream from homeownership to renting has some U.S. developers of multifamily housing and real estate market analysts (like the CoStar Group) worried over a threat of overbuilding. The concern is that the rapid increase in rental demand will eventually (and soon) dwindle, leaving a plentitude of “sitting empty” apartments and apartment buildings.   Others though — like the market researchers who attended the annual National Multi Housing Council meeting earlier this year — contend that as a whole, the industry remains safe from being over saturated with building. “While the pipeline in some markets is at worryingly high levels (see Which Markets are at Most Risk of OverDevelopment? below), the national supply is within normal levels,” said Bendix Anderson of National Real Estate Investor. Mark Obrinsky of the National Multifamily Housing Council (NMHC), also doesn’t believe we are overbuilding multifamily. “The rebound in the single-family home market doesn’t mean that the multifamily market is overbuilt, Obrinsky said. The construction rate remains below the demand for new apartments — even in the midst of the somewhat  unimpressive economic recovery. “Demand requirements outpace the supply pipeline,” said Jubeen Vaghefi, international director and leader of Jones Lang LaSalle’s Multifamily Capital Markets. “This year, expected deliveries of new product will be 12 percent below historical average delivery levels.” How Does the Real Estate Cycle Factor Into the MultiFamily Overbuilding? When kicking around the overbuilding multifamily debate, it is important to note that local real estate development is cyclical. It includes periods of accelerated new growth, oversupply, high vacancies, followed by periods of declining rent,......
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What is the OFAC Terrorist Watch Search and Why is it Important to Real Estate Professionals?

What is the OFAC Terrorist Watch Search and Why is it Important to Real Estate Professionals?
When choosing screening services have you ever wondered what the OFAC search was, and if it was really necessary to use for your company? Recent events like the tragedy in Boston have placed a lot of emphasis on America’s terrorist watch list, and what it really means. The Office of Foreign Asset Control, or OFAC is part of the U.S. Department of Treasury’s Office of Terrorism and Financial Intelligence. It administers and enforces economic and trade sanctions based on national security goals against targeted foreign countries and regimes, terrorists, parties engaged with weapons of mass destruction, and other threats to the national security, foreign policy or the economy of the United States (US Department of Treasury). So how does this search affect you and your business? In short: the list they administer and enforce tells you who and who you cannot do business with legally. The list they create of the restricted parties is known as the "Specially Designated Nationals List" (SDN), and is available on their website. A recent LinkedIn poll showed that 78% of Real Estate professionals use the OFAC search and believe it to be an important tool, while 5% used it, but didn’t really know what it was, or what they were getting, and 16% did not use it in their tenant or pre-employment screening at all, or knew what it was. While the SDN list is extensive, it is important to note that you always need to perform due diligence with it (just as with any other......
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We Are Not a Cookie-Cutter Industry: Don’t Quote Your Services That Way! Part II

Cookie cutter 2By Linda Day Harrison, theBrokerList, Chicago, IL I came to the conclusion very early in discussions with potential new property management clients that an initial drive-by, preliminary meeting with the owner, if possible, and compiling facts about the property on my own internal “Real Property Inventory Profile” was the best approach for me to take in determining the information necessary. Keep in mind, this approach is only necessary with local owners who were typically comprised of a partnership of local individuals or related persons who pool funds to invest in real estate. If the potential prospect is an institutional-grade client, the approach is completely different as that type of prospect knows exactly what is involved and generally the real estate has been managed professionally. In that case, a discussion with the existing property manager would be ideal, or you can provide your request for key information included in the “Real Property Inventory Profile” initially. The key fact is whether or not the property has been managed by professionals or self-managed, or is being built or acquired. Why are all of these differences relevant? Well the basic reason is that a professionally run property has systems and procedures and good habits in place, and generally a self-managed or new property requires much more upfront labor to establish all of the systems and procedures that all reputable owners will concur are necessary. In my professional opinion, all of these key factors would need to be considered before ever providing a fixed quote to any cli......
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