THE BIG PICTURE
Buy and Sell Real Estate with No Taxes!
LUXURY & TIME
Time is the NewLuxury AMID PROSPERITY, “TIME POVERTY” IS ON THE RISE.
Attorney & Best-Selling Real Estate Author William Bronchick presents...
by Jeremy Brutus
I
n real estate today, luxury is not just about the physical features of a building or spa-like amenities. It’s about giving time-starved people more simplicity in a chaotic world. The time crunch has impacted traditional businesses and retail property significantly, causing a 27 percent decline between 2003 to 2014 in turnout at out-of-home entertain- ment venues, such as movie theaters and dine-in restaurants. Except for major sporting events, people simply don’t have time to wait in queues. But where there is challenge, there is also opportunity. Going deeper into the reasons behind these shifting trends, we find it is not that people want to spend less leisure time outside of the home, they are becoming increasingly savvy and demand more from their experiences. WHAT DOES THIS MEAN FOR LUXURY REAL ESTATE? More than ever, the industry has the chance to innovate and transform itself. There are two ways to provide the luxury of time to people: either you help them do something in less time, or you make the most of their time by giving them the highest quality experience. As a real estate professional, you may meet this goal in a variety of ways, depending on your preferred type of real estate investment: FOR THE RESIDENTIAL INVESTOR, EMPOWER HOMEOWNERS AND TENANTS TO MAKE THE MOST OF EVERY MINUTE IN THEIR RESIDENCE. There is a premium today on educational and wellness-fo-
cused experiences, so creating (or even just staging) a candle-lit niche for a private yoga session or establishing a serene environment for a spa-like experience in the master bath could add to a property’s appeal. On the other side of the coin, remember that your residents and buyers want to connect both to their social networks and their homes, so install good Wi-Fi and, if appropriate, some well-con- sidered smart-home amenities like voice-activated lights, sound systems, or security. FOR THE COMMERCIAL INVESTOR, STRATEGICALLY INSTALL THE RIGHT TENANTS IN YOUR COMMERCIAL BUILDINGS. Want to improve and maintain your levels of traffic through your development throughout the day? Combine multiple experiences into one-stop experiential destina- tions. For example, a working space with an attached gym or a spin facility with a vegan restaurant. FOR ANY REAL ESTATE BUSINESS OWNER, REMEMBER “FACE TIME” IS VALUABLE. Make the most of your “face time” with customers’ elec- tronics via a customer loyalty program. Reward them for interacting with you (and for positive behaviors, such as making contact with your properties in some way) with points, bonuses, or specials. •
How to Buy Real Estate (and other cool stuff) in Your IRA
Jeremy Brutus is the co-founder of URBN Playground, a bou- tique amenity management and consultancy firm located in New York City. Learn more at urbnplayground.com or by emailing crystal@urbnplayground.com.
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92 | think realty magazine :: july 2018
thinkrealty . com | 93
www.bronchicklaw.com
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