When you become a property manager, like real estate investor and developer Hunter Estess, it is your responsibility to ensure that everything runs smoothly. This entails making sure all the required information is presented to the property owner in a timely fashion, as well as ensuring that your residents are happy. Here are some key management tips that can help you become a successful property manager.
- Always have a complete contingency plan outlined in advance. Make sure you cover what to do in case of a flood, fire, or other natural disasters. You need to act quickly under these circumstances and without hesitation. When you have a plan in place to handle these types of situations you can ensure everything runs as smoothly as possible.
- Even if you have on-site maintenance at the property, there still may be things that are better off being outsourced. Make sure you know your staff’s specific strengths and weaknesses and have a proficient person on call if needed.
- Try and minimize the paperwork you have in hard-copy. Too many hard-copy reports and other paperwork can create confusion, limiting the efficiency of the office. Consider using property management software to help reduce the need for extensive paperwork.
- Make sure you have a protocol in place for dealing with unhappy customers. To avoid receiving negative feedback from your residents, you need to be able to quickly respond to legitimate issues.
As a property manager, your goal should be to minimize the chaos and complications inherent in running one or more properties. Hunter Estess is a successful real estate investor and developer in New Orleans, Louisiana.
Over the last several years, property flipping has increased in popularity across the United States. However, the strategy of buying a property and holding it is just as an effective way to make money in real estate investing. Hunter Estess, a successful real estate investor in Louisiana, has steadily increased his wealth with this strategy. Here are four steps to follow to help you build your wealth through buy and hold real estate investing.
1. Find the right property and the right price and with the right terms. In order to see how long, it will take for your investment to double, follow the “Rule of 72.” To apply the rule, take the rate of return on your investment and divide it by 72. This is a simple way to evaluate return without complex math formulas.
2. To make sure the numbers and the terms make sense, be sure to analyze the property. Take the time to evaluate the holding costs, the current rental market, as well as what it will take for repairs.
3. Buy property that is on the market for less than fair market value. Try to find a property that is at least ten percent of the current market value. Also take into consideration the average rate of appreciation in the area and which neighborhoods generate the best returns.
4. You must carefully screen your tenants. In order to ensure you have the right tenants in place, you need to tailor your marketing strategy to coincide with your target market.
There is no magic bullet when it comes to investing in real estate. You need to know the models for investing and applying them repeatedly as you purchase more property. Hunter Estess, the owner of Dash Development and Holdings, has been successfully investing in real estate in the South Gulf area for more than ten years.
Buying real estate is no longer just about finding a place to call home. For more than ten years, Hunter Estess has been using real estate as an investment opportunity, using it to create enough passive income to achieve financial independence. Although the real estate market has an abundance of opportunities for anyone to make large gains, buying and owning real estate is more complicated than investing in stocks and bonds. Here are four ways you can invest in real estate.
1. Rental properties are the most basic way to invest in real estate. When you purchase a piece of property and rent it out to a tenant, you become the landlord, responsible for paying the mortgage, taxes, and cost of maintaining the property.
2. Real estate investment groups work like small mutual funds for rental properties. A company will buy or build a set of apartment buildings and then allow others to buy them through the company.
3. Real estate traders buy properties with the sole purpose of holding them for a short amount of time, usually no more than four months, in the hope of selling them for a profit.
4. A real estate investment trust is created when investors’ money is used by a corporation to purchase and operate income properties. They are bought and sold like other stocks on major exchanges.
These are only a few of the ways you can invest in real estate. There is a lot of potential with real estate, but you have to remember that it is an assured gain. As with any investment you have to make careful choices and consider the costs and benefits before diving in. After years of investing, Hunter Estess has learned how to identify the best opportunities for investing.
Hunter Estess of New Orleans brings a lot of experience to the table when it comes to real estate investing.
New real estate investors think that real estate negotiations require just one round of preparation and planning. They do not. Every successful deal consists of many small negotiations at various stages. Every phone call, every letter, every communication is a negotiation. Before you do anything, you want to think about what response you want and then craft your message in a way that will maximize your chances of getting a positive response.
Sometimes real estate investors try to negotiate quickly hoping that the other party will forget or overlook something important that will come up only after the deal is closed, when it will be too late to do anything about the issue.
A quick deal violates many negotiation rules and is rarely the right way to go. If you choose to increase the speed of any negotiation, you need to do so with extreme caution.
It is essential for a mutually agreeable deal to have both parties satisfied. Overly quick negotiations usually make one party feel bitter and cheated. While in many instances it is just a perception, perceptions do matter if you want to do repeat business with the same people. Usually each participant of a negotiation needs to feel that they have won a number of concessions to be able to say that they have done their job well.
Learn to go through the motions of a negotiation slowly just like Hunter Estess does, even if you are satisfied with the terms and the price.
Hunter Estess of New Orleans is a highly regarded figure with years of experience in the real estate industry.
One of the dangerous traps that awaits beginner real estate investors is the aura of legitimacy. It is the predisposition of people to believe what they see on paper or what they hear spoken by the media.
For example, you may get a contract to review and sign that says “standard form of agreement” or something similar. The intent of this line is to convey the aura of legitimacy and make you think that the agreement is non-negotiable. In reality, there is no such thing as a standard agreement. Every agreement and every deal are negotiable under the right circumstances. All you have to do is to find out who has the authority to make the changes and then deal directly with that person. If they really want to make a deal, you will find parts of the contract that are negotiable.
This is why you want to learn early in the process about who is in charge and deal directly with that person. There is a reason why the biggest deals are made by decision makers who meet in person. You can create a much different atmosphere and level of trust when you have face-to-face meetings. Remember, the business of real estate is all about the relationships you create with other people. Find the decision makers and deal directly with them just like Hunter Estess does. This will make your life much easier, and deal cycles shorter.
Hunter Estess began working in real estate in the early 2000s, and received his degree in construction management in 2006. Today, he has hundreds of real estate investments.
One of the things that every beginning real estate investor needs to understand is that is a big difference between the business of investing in real estate, and the legal aspects of buying and selling real estate.
Lawyers find potential problems and explain to their clients all the details of what might happen in every legal scenario. As a real estate investor, you need to keep legal matters in mind, but you can’t think like a lawyer. Lawyers usually advise their clients to steer away from a deal if a deal has legal issues. At the same time, lawyers are not educated or licensed to provide business recommendations and advice to their clients.
The best approach is to understand that everything is negotiable. While a property or a building may have problems, almost all problems in real estate business come with a price tag. A property may have some legal issues like zoning, but you should ask yourself whether these issues are a deal-breaker, and what your price tag is for each issue.
You need to look at all legal problems as a way of getting more out of a deal.
If you are a buyer, you need to remember that the longer a negotiation lasts, the more likely the seller is to become cooperative when it comes to price. The reason for it this simple: when you are starting to negotiate, the seller is already spending the money from the deal in their mind.
Hunter Estess always takes his time to prepare for a negotiation and conduct his negotiations in a professional manner that increases the chances of a successful outcome.
Hunter Estess started his career in real estate as a teenager hosting open houses for his family business.
Everyone has heard the phrase: the three most important things in real estate are location, location, location. While having a great location is very important, it does not automatically guarantee success for real estate projects. An incompetent real estate investor could own a property in the best location possible and still lose a fortune.
Two great real estate strategies are buying in up-and-coming neighborhoods or cities and improving existing locations.
New York is a great example of a city that was has gone through a transformation. In the 1990s, it was a really dangerous and unattractive place, however today it is a really popular city that gets over fifty million tourists a year.
Improving an existing location requires creativity and vision. It also includes changing the role a location plays at the moment. For example, you could build the most luxurious building in a neighborhood or introduce some drastic changes to an existing building. Small investors can do so by changing the way a property is used or renovating a property in such a manner that people will start thinking about the location in a different way.
Many real estate investors, especially in the beginning of their real estate investing career, are afraid to think big. They look for cheap properties and are unwilling to pay a premium for a location for a parcel of land or a building. They don’t understand that in some cases overpaying does make a lot of sense. This is why investors such as Hunter Estess are not afraid to think big and make deals for millions of dollars.
Hunter Estess, president of Estess Contractors and owner of Dash Development, is, like many other real estate investors and developers, an expert at custom home construction. Custom built homes are an integral part of the modern American dream. Many families hope to someday be able to craft a new home built to their specifications and modeled after their ideals.
Estess and other real estate developers advise potential new build owners to consider some important steps to make the process a smooth one. First, new owners should have very organized finances. They need to understand that the property they choose to build on and the details they dictate in the construction of their home will impact its overall price. A construction loan is necessary to obtain from lenders, and most consider this kind of loan risky. Down payments of 20 – 25% are required. New owners should investigate and carefully interview architects and builders to make sure they choose the ones they can work amicably with.
Real estate investors and developers like Hunter Estess know that it is important to have the land for the build and a plan for the process in place as early as possible. New owners should consider the potential resale value of the new build in the future, and how the neighborhood may impact that value. Thorough, diligent planning from the top to the bottom of a new build can prevent many problems or delays in the construction process.
Decisions about important details should be made well before the actual construction commences. These steps, combined with an excellent developer, can help the new owner build his or her dream home.
Hunter Estess, president of Estess Contractors, and other renowned real estate investors and developers, know that excellent property management is needed to successfully operate multiple residential and commercial buildings. Property management is sometimes handled by an owner or landlord alone, and sometimes by a larger company altogether.
Property management companies can be helpful for the right developer and investor, depending on individual situation and circumstance. A property management company takes care of tenant and leasing issues, rent collection, marketing property, attending to maintenance and repair, and addressing tenant problems and evictions. This type of company can be beneficial for a property owner who has too many properties and units for one person to manage, who isn’t keen on hands-on management, and who lives too far a distance from the properties in question. Hiring a property management company may also assist owners who have limited time for their properties, and who can afford the price that this type of company costs.
Real estate investors and developers, like Hunter Estess, recommend caution when deciding to hire a property management company. Property owners should do their research, contact local apartment associations for referrals, and get company recommendations from colleagues in the field. Resources like the Institute of Real Estate Management and the National Association of Property Directors have online directories of certified management companies. Above all, the property owner should thoroughly interview the property management owner and get all questions answered before signing any contracts or giving the company access to any properties.
Successful and talented real estate developers, like Hunter Estess of Dash Development and Estess Contractors, are the heart of what drives the real estate industry. Developers purchase property with the plans to construct upon it, either for residential or commercial purposes. Reliable developers have the proper experience and education to engender the trust of both their customers and their workforce in order to create new developments.
Real estate developers often begin their careers by purchasing property to build and improve on, then selling the property for a profit. After succeeding in the manner for a time, they may build up enough capital to make connections and work with top construction and development companies on larger building projects. Some developers may have started out in construction in the first place, before doing well enough to create their own development teams.
Developers like Hunter Estess must be properly educated in their field. Planning, architecture, and law are all degrees that can be pursued before starting a company. Other professionals may complete graduate degrees in areas such as Master of Science in Real Estate, a Master of Real Estate Development, or an MBA with a concentration in real estate. Estess and other developers also have the necessary skills to be successful. Analytical, financial, interpersonal, marketing, and organizational skills are vital to be a profitable developer. Of all these skills, the financial ones are the most important as developers must make sound choices when it comes to financing, purchasing, developing, and eventually selling their properties for gain.