mortgage company to get a loan, the owner will do this for you. The benefit of seller financing is that you may be able to put less money down, and you’ll also save on closing costs! Instead of 20% down, which is normally the minimum for an investment property, you may be able to find a seller willing to work with you and do 5-15% down. Another creative way to minimize your out-of-pocket costs is to find a property owner with an assumable mortgage! Someone may be in need of getting out of their current property for personal reasons, and taking over the mortgage from them could benefit you. There is a potential to get into a deal like this with no money upfront – win-win for both sides!” Melissa from Beach Life Bliss! Can you provide me with the best tips for finding a successful investment property? “Finding a successful investment property hinges on three key factors: location, financials, and growth potential. First, location is paramount. Look for areas with strong rental demand, evidenced by low vacancy rates and consistent rent increases. Anecdotal evidence supports this; one of my clients saw remarkable returns by focusing on up-and-coming neighborhoods near major employment centers. Second, scrutinize the property’s financials. Beyond the purchase price, consider the costs of maintenance, property management, and potential renovations. A property might appear lucrative at first glance, but hidden expenses can erode profits. I recall a case where unexpected maintenance costs turned a seemingly profitable property into a financial burden. Finally, evaluate the property’s growth potential. This isn’t just about immediate returns but long-term appreciation. Research local development plans and market trends. For instance, a property near a planned transit hub may appreciate significantly.” Dennis Shirshikov from Awning How can I protect and profit from short- term rentals? “Turn your worrying about your short-term rental into profit by thinking of ways to enhance your property for your customer and protect it at the same time. When you think about what your customers want, you need to think like you are your own customer. You also want to have good people stay in your place and keep the bad or potentially destructive people out at the same time. After all, as you keep your property in good shape, you will attract better-quality customers. And those customers will take care of your property better.
How can I leverage CRM-generated insights to enhance customer experience in my rental properties, thereby increasing tenant retention? “By leveraging CRM-generated insights, you can create a tenant-centric approach that enhances customer experience, fosters tenant satisfaction, and increases tenant retention. Let’s have a quick look at three practical approaches to CRM-generated insights: Approach #1: Tracking retention rates and identifying areas for improvement. Within a CRM system, you can analyze client engagement history, maintenance response times, and amenity satisfaction. Having that, you can then identify areas for improvement required to enhance the tenant experience. Approach #2: Identifying and prioritizing tenant needs and preferences. CRM data provides a treasure trove of information about tenants, including their demographics, communication preferences, and property preferences. By analyzing this data, brokers can gain insights into the needs and preferences of their tenant base. This information can tailor marketing campaigns, provide personalized communication, and prioritize maintenance requests aligning with tenant priorities. Approach #3: Staying on top of clients’ minds by reminding them about yourself. Successful customer experience and tenant retention are based on regular reminders about your services as a real estate broker. For example, when you remind clients about the lease expiration and then offer suitable property that suits their needs, you enhance your stellar reputation as a broker who considers the needs of every client no matter how long your last communication was. As a result, your name comes first when it’s time to buy, sell, or lease.” Wes Snow from Ascendix Technologies What’s the best way for me to invest in a rental property with a limited budget? “If you’re eager to get started in real estate by investing in a rental property, there are a few ways you could go! One of my favorite options lately is finding properties that are listed where the seller is open to financing the deal themselves. This is called seller financing. Essentially, instead of using a bank or
32 SPOTLIGHT ON BUSINESS MAGAZINE • VOL 24 ISSUE 2
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