Think-Realty-Magazine-September-October-2019

> Continued from :: PG 45 Smart Apartment Technology NO. 2 ACCESS CONTROL Upgrading physical keys to smart locks will save time and money. Resident lockouts are essentially eliminated, and a digital move in/out system will streamline the “re-key- ing” of each unit. Not to mention work order access with smart locks will save time if staff can view a digital access code instead of using a physi- cal key.  NO. 3 ACCESS SECURITY In addition to access control, upgrading to a system that includes front house and commu- nity area access secu- rity monitoring will be valuable to residents and staff alike. Maintaining access on one centralized platform will alleviate major security vulnera- bilities property-wide.  NO. 4 AUTOMATED WORK ORDER SYSTEM Implementing a digital maintenance work order system can improve op- erational efficiencies and allow staff to knowingly prioritize requests as they come in. Immediate action can be taken and reporting analytics provide insights into daily tasks. NO. 5 ANALYTICS AND REPORTING Making a decision with- out data to back it up is nearly impossible. Smart devices and software implementation will help

owners and managers make informed decisions about the health and sta- tus of their property. 

the metro area decreased 32.56 percent from the same period last year. Distressed sales accounted for 9.5 percent of all home sales in the Nash- ville metro, a 20.4 percent decline from the first quarter of 2018. The number of REO sales and third-party foreclosure auctions both showed quarterly declines while the number of short sales rose. For investors looking for deals in the current market, Heflin said many investors have turned to wholesaling. “There’s a pretty active wholesaler market with guys knocking on doors and putting out offers. They’re looking to get lots rezoned for more density or just flipping the lots.” For investor Jeremy Fish with TN Homebuyers, buy- ing and holding, as well as flipping, work when the deal is right given current market conditions. “It really started showing signs of slowing down in the first quarter of 2018, softening up a bit. Things still sell, but the houses have to be a little nicer and there’s not as many bids. Where you might have gotten eight bids before, now you get two,” Fish said. “Folks are offering below or near list price or maybe slightly

cryptocurrency converted to fiat (e.g., dollars or euros), and recording title

Nashville, TN

on a blockchain, the pace of real estate trans- actions is about to move into high gear. While the first transac- tions have occurred this year, the advantages of the

NO. 6 PROPERTY MANAGEMENT SOFT- WARE INTEGRATION

buy and hold. The ratio of rent to purchase price is not ideal for folks who buy for cashflow.” As for flipping, Fish said it is tougher to flip in the current market given it is harder to buy and sell properties with not as much profit. “You can’t pay too much for the property on the front end. It’s a lot of work on some of these to make a small profit. The market is not as forgiving as it was a year ago. You’re taking a lot of risk. It’s not a good market for a beginner,” Fish noted. •

Implementing a smart- home system is only as good as its integrations. Finding a system that integrates with your PMS means using just one platform to move resi- dents in/out and will au- tomate the turn process.  As technology and IoT device usage becomes more prevalent, take note of proper implementation of those devices and the system in which they are controlled on. Offering residents what they want while improving operational inefficiencies seems like a no brainer for making the switch. Don’t be left in the past when the majority of the industry is moving for- ward with smart-home technology.  • > Continued from :: PG 54 Cryptocurrency: ANewAsset complete a sale much faster, and potentially, with much better terms than on the conventional market. The speed of crypto- currency funds, while improving liquidity, is also improving the pace of transactions. The first all-online real estate transactions have been completed this year. Us- ing smart contracts (cryp- tocurrency), payments in cryptocurrency, or

technology are so great that it may be a short time until they are ubiq- uitous. Several countries are piloting programs for recording real estate title on blockchains. Cryptocurrency pro- vides many capabilities that improve the liquidity and pace of real estate transactions, making real estate itself a more flexible resource. This method can sustain a real estate investment by providing additional capital or increasing the market for a property. •

above, but it’s not as crazy as before. Days on the market have increased a little as well.” ATTOM reported a median sales price for a home in the metro area was $240,000 in the first quarter, up 5.3 percent from the same time last year and an 85 percent increase from the metro’s post-recession bottom price of $130,000. Rent in most counties in the Nashville metro area are paying $1,550 a month to rent a three-bedroom home, except for Maury County where the rent runs $1,307 a month for a similar home, according to ATTOM. “Our primary goal is to hold the property. If it doesn’t work from a cashflow or debt- ser- vice perspective, then it doesn’t meet our hold- ing criteria and we will renovate and sell it,”

he explained. “Rental properties are still in de- mand. Ours rent relative- ly quickly unless they are in an edgy area or in the path of progress.” A typical flip takes approximately 110 days from purchase to sale, Fish estimated. When it comes to sell- ing his flipped properties, however, Fish is finding increased competition from the iBuyers who go online to find properties for sale without having to deal directly with anybody. “They’re a legitimate force in the industry. You get an offer on your house and you can decide to sell it. You don’t get top dollar for your house, but I don’t mind leaving a little money on the table. It’s more con- venient than going through the listing process.” Like in other parts of the Southeast, housing afford- ability is a real problem

impacting buy and hold investors in particular. “Affordability is im- pacting investors who

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96 | think realty magazine :: september / october 2019

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