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Be part of the future Miami

construction industry

Miami’s construction industry keeps growing by leaps and bounds. As the city goes taller, the new towers are expected to be more modern and superior than ever, with high standard services and luxury designs. 

We know best that an investment in real estate is one of the top ways to keep your money safe and guarantee a secure profit from it. We have reviewed in previous articles the high opportunities and earnings and the low risks that come with these types of investments, so this time we’ll bring you a list of new projects that are expected to be constructed in Miami this 2020, and in which we know it is worth to invest:

 

1) Okan Tower

This 70-floor mixed-use building will be the tallest skyscraper in Miami. It combines a hotel operated by Hilton Hotels & Resorts, four floors for office usage and a residential area with 236 condo-hotel units, 149 condominium residences, and four luxurious penthouses. Its glamorous location directly on Biscayne Boulevard offers stunning views of the bay and the city skyline. 

 

2) Aston Martin Residences

The construction has already started for the first Real Estate project in Miami of the British firm Aston Martin. This A-World class residential building will be 66 stories tall on 300 Biscayne Boulevard Way, with 391 condo units. It will also hold a gym, spa, two movie theatres, a beauty salon, a virtual golf course, a barbershop, an art gallery and a pool on the 55th floor. 

 

3) 830 Brickell

830 Brickell is not just expected to be the second tallest office building in Miami, but the most modern one. Situated on the heart of Miami’s financial center, it will rise with 57 stories totally dedicated to offices. 

 

4) Missoni Baia 

Living in front of the Bay has never been so elegant. Missoni Baia is a 57 stories tower with 200 feet of frontage on Biscayne Bay and 649 feet above sea level. The building is planned with 249 elite residences, all of them with sophisticated designs and exclusive amenities, which include the largest spas in the city. 

 

5) Una Residences

These condominiums are located at the heart of the city, in South Brickell. The futuristic and unique design of 46 stories features modern waterfront condos with floor to ceiling windows, giving the best views of the Biscayne Bay and the Rickenbacker causeway. It will also hold elegant amenities like gym, spa and private boat slips. 

 

6) Natiivo

Natiivo: a 50 stories tower that mixes a hotel and a condo-hotel, will break ground in early 2020. Located in Downtown Miami, it will offer a new model of home-sharing rent thanks to a partnership with Airbnb, which allows residents to rent their condos whenever they want. With a great design, modern technology, an exceptional service, the security of a hotel and professional hosts, this building is an outstanding opportunity. 

 

7) Society Biscayne

Society Biscayne includes 646 apartments with a highly modern design. Due to its location in a great neighborhood, it will be easily connected to any part of the city. The amenities include a lobby market and café, a pool with Bay views, a deck, a performance stage, a modern gym, a coworking lab area, and a dog park. 

 

8) Legacy Miami Worldcenter

This mixed-use project of 50 stories is set in the Miami Worldcenter. It includes 255 hotel rooms, along with 278 condo-hotel units. With a partnership with Airbnb, there there are no restrictions for renting. The investors can either live in their units or rent them for a short or long term period, rent per day or assigned the space for the hotel to rent it. 

 

9) Luma Miami Worldcenter

The Luma Miami Worldcenter will be built with 434 luxurious apartments in 49 stories of pure elegance. This colossal tower will have 503 feet above the sea level when finished.

 

10) Downtown 5th

Downtown 5th consists of a pair of twin towers that will rise 53 stories and 495 feet each, with 1,042 apartments and 1,049 parking spaces. The ground floor will hold the lobby and 12,506 square feet of commercial space. 

 

11) Virgin Hotel Brickell

This 40 stories building in Brickell will have nearly 250 hotel rooms and 15 stories of furnished residential units with access to the hotel’s common spaces and amenities. The building is planned to open in 2023 and will have a spa, communal workspace, a bar and social club, a beer garden with live music, space for food outlets and 15,000 square feet of meeting and event space. 

 

12) Block 45

Block 45 will feature twin towers with 36 stories, 600 apartments, 645 parking spaces and 23,000 square feet of ground-floor retail on three streets.  What’s more, 60% of the apartments are thought to be affordable units for workforce housing.

 

13) 2000 Biscayne

2000 Biscayne is a 393-unit apartment project of 36 stories with 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and eight floors of parking space.

 

14) Yotelpad

The construction is on the way for the Yotelpad building, a 453 unit tower with a mix of condo and hotel of 31 stories. The residential area will have 231 apartments above the hotel, with share amenities and exclusive areas for owners. There are no rental restrictions for investors.

 

15) Modera Biscayne Bay

Modera Biscayne Bay is already in construction. It will have 28 stories of sophisticated mixed-use apartments, 296 units from one to three bedrooms and 11,000 square feet of retail space. Community amenities include a deck, rooftop pool, fitness club, barbecue, clubhouse, lounge, conference room, and coffee bar. 

 

16) Grand Station

The Grand Station includes 300 residential apartments, 5,000 square feet for retail stores and amenities like gym, pool, spa, rooftop deck and community workroom, everything distributed in 31 stories. The apartments will be a combination of studios, one- and two-bedrooms. 

 

17) CitizenM Brickell

CitizenM Brickell will be a hotel with great rates, big-city locations and amazing design, but no parking space. The building, with 21 stories, 252 rooms and located in the city center, is planned to have affordable prices for the guests. 

 

18) AC Hotel By Marriott and Element By Westin Hotel Brickell

This will be one of the first dual-branded hotels in Miami, and it will be comprised of 264 hotel rooms, 156 from the Marriott and 108 for the Westin, along with 23,000 square feet of retail space in the 1st and 2nd floors. 

 

19) Smart Brickell

Smart Brickell will consist of three towers of 25 stories, with two of them expecting to be rising in 2020. It is designed with the Smart Living Philosophy, where every aspect is made to make the most of it. It will also have a hotel, electric parking stations, bars and restaurants, a gym and a rooftop lounge.  

 

That was Miami’s construction industry scenery. Now that you have a better idea of the great projects to come, we hope it will be easier to decide which choice can be better for your investments. There is no need to be a big investor to be part of the future of Miami, and we are here to guide you through the process and make sure you get the best from it.

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Miami, more economic by square foot than some Latin American countries

investing in miami

As we have seen in our previous article, investing in real estate can be the safest choice for sheltering your capital. Properties not only avoid devaluation but also go through a process of appreciation with time. On top of that, if you invest in a real estate market that’s solid, like Miami, you’ll be safe from economic downfalls back home. Besides, if you turn your property into a rental, you can count on an extra income in a strong currency that will never let you down.

 

For sure, none of the things we have mentioned are new to you. But what if we tell you that there’s even more? The pricing of a square foot in Miami could be lower than in some Latin American countries. The difference lies in the interest rate. If you buy with a mortgage loan back home, we are talking of at least a 12% to 15% interest. Instead, if you get a mortgage loan in Florida, the interest rate could be as low as 5%. This means if you rent the property you can get an income high enough to pay the loan and, at the same time, get a monthly profit.

 

What else is it good about investing in Miami?

 

Miami’s real estate market will always thrive, being the seventh-largest in the US. After LA, NY, and Washington, Miami has the fourth-best value in the housing market in the country. On top of that, during the last quarter, appreciation rates in the area have been between 0.7% and 0.8%. If this trend continues the same, we can forecast 3% for the whole of 2020. But let see some specific numbers:

 

  • Unemployment rate below 4%.
  • More than 70% of the population rents.
  • There are no income taxes or low property taxes.
  • Miami is among the top 10% for real estate appreciation in the US.
  • The average list price per square foot in the city is $420.

 

A hot place for real estate investment

 

Leaving the numbers behind, the qualities of Miami that make the city a hot place for real estate investment are a lot. Take a look at some of them:

 

  • Miami is attractive to immigrants, so it’s fertile ground for closing deals when it comes to international business.
  • The subtropical weather makes Miami a tourist destination of choice. That gives us a massive tourist market, creating opportunities for investment not only in properties for renting but also in commercial real estate, for example in gastronomy or hotels.
  • Miami is on the water, so the skyline is amazing from any point. Whether you invest in an apartment on a high floor, or you’re building a whole tower, the landscape will be a strength.
  • ⅔ of Miami residents are not owners, they rent. If you invest in properties for rent, you won’t struggle to find renters.
  • As the business activity in Miami never sleeps, the job market is always growing and creating new opportunities.
  • The students’ market is big, as we are talking about a city with more than 40 universities and colleges.

 

Not all deals will be solid investments, but if you’re keen to invest in real estate in 2020, Miami will be one of your best options.

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How to consistently build wealth through real estate

build wealth through real estate

 

If you have experienced the economic and real estate crisis a decade ago, then this article may impact you. But the truth is that today, the market is recovered and, even if you are a beginner, you can build wealth through real estate.

Stop gambling

 

When you make an investment, in most cases you have personal expectations that don’t differ that much from gambling. You are waiting for an asset to appreciate, or for a business to improve or grow. But if your presumptions are not based on real data and statistics you’re just throwing away your money and wishing to have good luck. 

 

Real estate will provide you an opportunity of investment that’s safe and conscious. If you buy a property that you know it’s going to generate more income than it costs owning, after paying all the expenses and collecting rent, you’ll be left with positive cash flow. Taxes, insurance, mortgage loan, maintenance costs and fees, everything will be covered with the rent that you’ll get from the tenant and you’ll start to see profits as soon as you begin.

 

Stop investing in assets which you’ll be waiting to increase its value. Go with the option that’s safer: a property for renting. If you’re lucky and the future real estate market is benevolent, you’ll also have the option to resell and make an extra difference.

 

Appreciation and tax benefits

 

As we have said before, you can always resell. And we have said “if you’re lucky” but the real thing is that everyone has been lucky in this aspect. Real estate will always appreciate in the long-term. Even when prices do fluctuate, in the end, the result will always be higher than when you’ve purchased the property. So it’s always a matter of waiting for the right moment. 

 

On top of appreciation, you’ll also access some tax benefits. You should consult a tax advisor, but we can tell you you can deduct 1/27.5 of your property value against the income you’ve got with the rental. This is because the government considers a property weathering.

 

In the end, you’ll be investing in a property that will generate a constant income and positive cash flow, will for sure see an appreciation in the long-term and will also protect your income against taxes. What could be better?

 

Really good financing options

 

When investing in any kind of business, we can guarantee you will never get terms of financing as good as when you invest in real estate. If you get a mortgage loan, you’ll have interest rates that are currently below 5% and down payments that for a citizen can be less than 20% and for a foreign around 30%. Your mortgage loan will be amortized in a period of 30 years. There are no such conditions for another kind of loan, for any other type of investment.

 

If you buy with a mortgage loan, you can go into a cycle: Buy, Rent, Refinance and Buy another property. When you refinance you’re getting the possibility of recovering your capital to invest in something else. The only thing you have to make sure is that your properties are producing more income than costs. Your cash flow should stay always positive.

 

Now that we have gone over its benefits, you are ready to build wealth through real estate. What are you waiting for?

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Why investing in real estate

investing in real estate

Investing in real estate for the first time could be seen as a risky bet, we know it. The last economic crisis might make you rethink it. But do not fear! Like any investment, it has its risks, but it also has a great truth behind: vast fortunes are being amassed through real estate in a steady, safe and simple way. One of the best characteristics of it is that there is no need to be a big investor to do it. 

To do so it is important to have the know-how of real estate, which is not a small thing if we consider that it is not as easy as buying low and selling high. So we have created a sort of guide to help you appreciate why real estate is a consistent option to build wealth more than other kinds of assets. Whether you have a big amount of money to start investing or you start from zero, here we will give you a little help with these expert tips for investing in real estate, that will grant you benefits sooner than later. 

 

1) Get an income from the beginning 

While one way of making a good deal is buying something, wait until its value is increased and then sell for a profit, an even better idea for the start could be buying something and secure a steady income. A wise investment is not based on hoping for a value to escalate but in purchase a property knowing that it will generate a greater income than what it cost to buy it. 

The easiest way to do it is by buying a property that you can rent. With the money you will earn periodically after all the expenses are paid (such as a mortgage, taxes, insurance, maintenance, etc.), the difference goes right to your pocket. Nowadays, it is possible to make more profits thanks to the rise of temporary rental platforms, since those short-period rents are usually much higher than the longer-term ones.

 

2) Obtain the best financing terms

Real estate has incredible terms of financing, perhaps better than any other kind of loan. The interest rates are remarkably low, down payments are around 20% or even less and mortgage loans are amortized over periods of 30 years. 

You can either pay the mortgage loan with the money you receive from your tenant and keep the difference (in which case your tenant is paying off the loan for you) or buy a property, improve its value and then recover the capital by 100% or more by refinancing. These loans result in an easy option to grow your wealth passively and steady. 

 

3) Add value by improving the property

At the moment of purchasing a property, you can check the ones that allow you to improve their condition. This means you can pay below market value for a property that needs to be fixed or one that needs upgrades. The key here is to do a little investigation to find the properties with weaknesses and then add what they lack to increase its value. 

 

4) Learn about the market and find assistance 

Real estate, like any other market, has pitfalls. So you will have to learn as much as you can about the market in general and in particular in the areas you want to invest in. Information is everywhere! Articles, books, videos, seminars, talk to brokers and contractors, view open houses; everything helps. Once you find an exciting deal, you will need some assistance to answer the questions you will have in the heat of the deal. To answer them, find a real estate mentor, someone specialized in this kind of investment, and then go for it!

As we have seen, investing in real estate could really change your financial scenery in the short-term. Contact us if you want to take advantage of our experience in this market.

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West Palm Beach: An exciting place to live

west palm beach

In South Florida, along the Intracoastal Waterway and the Atlantic Ocean sets West Palm Beach. The city was founded in 1984 and has been through major transformations during its history which led to the vibrant city that it is today. 

Although small in population with under 100.000 people, 22% of them are Latins and a bit more from different nationalities. That means West Palm Beach has a diverse community rich in cultural heritage. There’s nothing better than a cosmopolitan community to be immersed in the globalized world!

The modern vibe of the area makes a perfect match with its historical side. As one of the oldest cities in South Florida, architectural preservation is key to keep its image of colonial style. Combine it with a tropical location and weather and you will be living in Caribbean-like heaven. You could walk through one of the fifteen historic neighborhoods that give the city its real character, admiring the Spanish colonial styled houses built around the 1920s and the modern beauty of the contemporary buildings, or go on a boat trip through the coast to photograph the landscape from the water. 

Living in West Palm Beach is very convenient if you want to have the rest of the city close at hand. An example would be the Palm Beach International Airport, that’s just a forty-minute distance driving from West Palm Beach. It also gives you all the benefits of a larger city in an exciting downtown that draws visitors from all over the world, as well as residents hoping to be part of its growing economy and an environment in which people can feel safe and quiet. 

West Palm Beach, as the rest of the Palm Beach County, offers services and amenities to satisfy the highest standards of living and entertainment with its outstanding restaurants, exclusive shopping, and distinctive art galleries and museums, among others. But what really stands is the vibrant offer of cultural activities. 

The heart of the city is the Arts & Entertainment District, where you can find museums like the Norton Museum of Art or the Flagler Museum, a very active Historical Society, the Palm Beach Opera, the Ballet Florida, the Symphony, and many others. 

Head to the City Place to have a bite of anything you want, delighting yourself with all kinds of restaurants and stores around the European style plaza, and enjoy the live music of the weekends. If you are a water kind of person, don’t hesitate in going to the Waterfront and the Atlantic Ocean at the east or the Clear Lake and Magnolia Lake in the west, to practice a wide range of activities, such as kayak, Jet Ski, snorkel or sailing. 

The latest hot spot in West Palm Beach

At the southwest of downtown West Palm Beach, Florida, stands a group of industrial warehouse buildings built between 1926 and 1968 that are turning into the new coolest neighborhood. It is the Warehouse District, space where one can breathe creativity. 

This 85,000 square feet location consists of a six-building facility that used to be a run-down area until not long ago. In its best times it was a major industrial zone but now has been reimagined and evolved into a trendy district for shopping, eating and drinking, among other activities. 

Millennial families and young couples have made their way into the Warehouse District to be part of the lively buzz formed by fashionable boutiques, craft breweries, distilleries, and restaurants. The buildings maintain their character as former fabrics, but they have been restored with a bohemian and artistic vibe. 

A fine example is The Grandview Public Market, an indoor-outdoor food market where consumers can find signature dishes made with organic ingredients as sustainable fruits and vegetables and meat from farms that ethically raise animals, but also lots of vegetarian and vegan options. There are also well-equipped offices, stores selling art, furniture, decoration, clothing and jewelry, a health and fitness club with workshops, live music and yoga, and a squash team. 

There is so much going on West Palm Beach. It has a great urban lifestyle, services of a larger city, beautiful views, proximity to water, a thriving economy and a culturally diverse population. Now that we have shown you the perfect spot, what are you waiting to start enjoying it?

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Fort Lauderdale: the answer to a high-quality life

fort lauderdale

Fort Lauderdale is experiencing a significant commercial and residential development that turned the location in one of Florida’s most popular destinations. The times of being a spring-break destination for students have been left far behind. A few decades of steady growth have led to a family-friendly environment that embraces a high-quality lifestyle. If you are thinking of investing here but haven’t made up your mind yet, let’s check the things you might want to have in consideration. 

First, the numbers

Fort Lauderdale has a population of about 180.000 people and integrates the metropolitan area of Miami-Fort Lauderdale-West Palm Beach that nowadays consists of around 5.5 million people. It has also 23 miles of paradisiac-like beaches and its vast network of canals runs for more than 500 miles. No wonder why it’s called the “Venice of America”. 

The ideal lifestyle

Fort Lauderdale has climbed to one of the best places to live in Florida. With a rich history and a wide range of activities for all generations, the city has gradually developed a luxury lifestyle that’s worth to keep an eye on. 

The new residents want to have a comfortable lifestyle with easy access to the water and open outdoor spaces to enjoy the warm weather all day. This most wanted living standard, combined with the restrictions on high-rises on the area, creates a low-density urban atmosphere. 

Moreover, the demand to satisfy an upscale niche market with a luxurious living standard has turned the city into an ideal location. If anyone is looking for all the advantages of an urban city lifestyle but without the stress of a lousy metropolis, this is the place. They could have a slice of paradise close at hand. 

Let’s not forget how Fort Lauderdale has been modernized to welcome young generations seeking a balance between their work, their free time and a better quality of life. In addition, the lack of density offers proximity to many different recreational venues, like cultural spaces, ethnic food experiences, shopping, water sports, and a breath-taking beach. 

You’ll never get bored in Fort Lauderdale

Fort Lauderdale enjoys great weather for the most part of the year. Combined with the stunning coasts of the Atlantic ocean, the network of canals inside the city and the many open spaces, allow the residents to participate in numerous outdoor activities.

Your days could be filled with bicycle rides or picnics under the trees of the Hugh Taylor Birch State Park, or maybe practicing a water sport at the Las Olas Marina and Fort Lauderdale Aquatics Centre, such as boating, fishing, rollerblading, jet skiing, scuba diving, snorkeling, windsurfing and even playing volleyball at the beach. 

Cultural activities also have a big place in Fort Lauderdale’s community, where the Broward Centre for Performing Arts stands as the main complex to enjoy some concerts, comedy shows, and different creative performances. Combine these artistic experiences with a visit to the many art galleries and boutique shops around the city center to explore the modern style that prevails in the city. 

The options of entertainment are constantly growing in Fort Lauderdale. This community, as it might look small, it also has a wide range of nightlife and some of the best shopping options in South Florida. 

The downtown feel of tranquillity and comfort of the residents is the main key, and the diverse kinds of activities keep every person living in this city active and entertained. The quiet life, outdoor spaces, water sports, ethnic restaurants, contemporary art… All of these are the main characteristics of this eclectic and very modern environment of Fort Lauderdale.

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The best investment strategies for 2020

investment strategies

 

This quarter, the economy grew at 1.9%, which is lower than the growth last quarter of 2.0%. The economy is slowing down and, in this scenery, investors are figuring out new investment strategies to take care of their portfolios. Don’t panic, leave anxiety out of the picture, we have some ideas for you.

 

New investment strategies to take advantage of this market moment

 

Economists say a recession is coming, but actually, the market is doing just well. How can you take care of your capital?

 

  • The endowment model

This is an investment strategy that is not directly aligned with market behavior. So if a recession comes, it promises higher returns and fewer risks. Among the options here we can find private credit, real estate and private equity. This is an approach that will perform better in a not so promising market.

 

Types of endowment investments

  • Venture capital is when you see potential in a startup and benefit from its growth over time.
  • Private equity is when you invest in a more mature company with a growth strategy. 
  • Private credit is when you provide credit for individuals or companies in debt, usually with high risk and profit.

 

Pros

  • The expected returns are higher.
  • Depending on the investment, you can receive interest payments.

 

Cons

  • The lockup, that period in which you won’t have access to your money, is longer than in other cases. It typically lasts between five to fifteen years, sometimes more.
  • Sometimes you can be asked for more money at certain points, depending on the kind of investment.
  • Usually have high minimums of investment, from $250,000.

 

As in any private investment, the risks are bigger but the gains can also be more. David F. Swensen, endowment fund manager, American investor and philanthropist, says:

 

“Market participants willing to accept illiquidity achieve a significant edge in seeking high risk-adjusted returns. Because market players routinely overpay for liquidity, serious investors benefit by avoiding overpriced liquid securities and by embracing less liquid alternatives.”

― David F. Swensen, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated

 

  • 60/40 investment portfolio

With more liquidity than the endowment model, this option is composed of a fixed income plus equities. 

 

Pros

  • Liquidity. In any unpredictable life event, you can count on your money.
  • In a low inflation scenery, it’s less risky than the endowment model.

 

Cons

  • If inflation goes above 3%, you’ll lose money in the long-term.
  • The expected returns are usually not that high as in an endowment model.

 

The decision upon which kind of investment you can make depends on your expertise, your preference and your tolerance. Of course, we suggest if you go for an endowment option, set aside some cash. For example, if you invest in real estate, It’s preferable to ask for financing but still count with some liquidity to move around. The important thing is that you rebalance your portfolio on a frequent basis. Things change fast and you can’t lose sight of opportunities. If you pay attention to these last suggestions on investment strategies, you’ll be closer to achieving more.

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The real estate interest rates scenery in 2019

interest rates

Any real estate agent should be updated when facing a potential home buyer or investor. So we’ve been working on a kind of report for you to know the forecast and last events on the real estate financing market. 

 

A lot of homeowners have recently come to us willing to refinance their mortgages, hoping to save more money on their monthly payments. That happened because the average contract fixed-rate interest for mortgages of 30-years went down to the lowest level since November of 2016, arriving at 3.93% during August. That drove to an increase of 37% in refinancing volume, which is the highest level achieved since three years ago.

 

Last July, the Federal Reserve has also lowered interest rates “by a quarter percentage point to a target range of between 2% and 2.25%”, according to Markets Insider. That means monetary policies are now empowering customers to spend more, while businesses are able to do more investing. Market application volume for mortgages had seen un upgrade of 21.7% first week in August compared to the last week of July. We have seen the impact. Homebuilding shares have been boosted by these lower interest rates, and are close to achieving the highest levels of this year. Lennar, our Miami-based homebuilder partner, has seen its stock risen by 32%. And when we talk about lower interest rates, we are describing a situation similar to late 2016. It’s now cheaper for everyone to buy and refinance their houses. Financing is now cheaper for developers, also.

 

What’s best, market watchers are predicting a new drastic drop in interest rates. This means not only homebuyers can plan ahead but also businesses that, with lower borrowing costs, can think about expanding or growing more quickly and generating bigger profits. So here’s some advice for investors to make the most of this scenery. Be sure to share it with your real estate clients.

 

5 ways to increase returns for investors in lower interest rates scenery

 

  • Consider changing your bank savings account into an online savings account, which can provide you a major interest and increase your cash account returns.
  • Do you know about preferred securities? They are hybrid investments that work similarly to stocks. As they have more risk, they also provide higher relative yields, similar to corporate bonds. 
  • Invest in real estate for leasing. This way you can diversify, creating long term income and capital appreciation. You can take advantage of low mortgage rates and access up to 70% financing if you’re foreign or 90% (commercial real estate) or 97% (residential) if you are national. Click here to prequalify.
  • Check out emerging markets stocks. While nowadays you can find stocks at bargain prices, you could be looking at a future dividend income about to grow. It’s likely at some point some of these stocks may revert.
  • Seek out high-income stocks or chase those undervalued that with a greater risk, in long-term could be providing you with also greater profits.

 

Once you’ve shared this information with your real estate clients, you won’t only be trusted but also considered as a reference when it’s time to invest. Be a realtor on-trend, stay up to date on our blog.

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Virtual Staging for Realtors

virtual staging

Did you know most of the homebuyers (and we are talking about more than 90%) are now looking for houses online? Not only they search online, but also they visit the houses in this modality. 360° tours and videos, renders and other online tools will help you close deals remotely. Among those resources to empower your sales, you’ll find virtual staging. In fact, when we are talking about foreign investors, this first step, for sure, will make the difference. 

 

Today up to 35% of real estate clients make an online offer without ever stepping for real in their future properties. Thus, you can agree with us, virtual staging is nowadays a must to continue in the market and thrive. So, how could you take advantage of this trend? How big should be your investment in this matter? What are the dos and don’ts? Let’s take a look.

 

Being accurate with multimedia

 

Photos or videos that you provide should be reflecting reality. Be aware that if you sell online and the results don’t meet your client’s expectations, the outcome will be terrible. Word of mouth spreads, but negative word of mouth is like a deadly virus for realtors. Be sure the material you’re providing is accurate.

 

Do virtual staging for vacant houses

 

The possibilities of virtual staging are endless if the house you’re working on is currently vacant. You’ll find in this way the opportunity of presenting your clients an office, a game room or a kid’s playground with just one picture from the same space. Empty of furniture spaces like the beach can also be staged as entertainment or relax areas. 

 

Take advantage of different furniture or decor trends

 

Virtually staging will not only save you money compared to traditionally furnishing the house, but also give you the chance to do changes, improvements or adding at any time. If you discover there’s a decor trend now that you find attractive, take that opportunity and just in a few hours redesign, make the arrangements you need, always taking good care of your budget and saving time.

 

Team up with your real estate client

 

Do good use of your client’s profile. Don’t forget you’re doing the virtual staging for them. So you can be proactive and arrange the house if you already know your client’s taste and expectations. Otherwise, just talk to them, ask the proper questions about what they like or dislike and show them the potential of the house you want them to buy by doing customized real staging, according to their needs and desires. 

 

Be honest with your clients

 

Last but not least, remember that what’s obvious to you, it’s not always evident to others. Make sure your clients know that what they’re seeing is virtual staging. You can consider also showing you the pre-staging photos, the original ones. This way not only you won’t get related complains but also you’ll gain trust. 

 

Working on the real estate market requires being updated and on the trend at every moment. Virtual staging is the next resource we’re pointing out as a must for realtors. Have you used it? Has it enhanced your marketing results? We’d love to hear about your experience.

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How realtors can make a profit with chatbots

chatbots

There’s always the controversy. The experience of interacting with a chatbot is never the same as when talking with a human being. We can all agree on that. But what happens if your client can’t reach you out? A real estate deal is not a simple transaction, it involves a lot of money, procedures and, of course, stress. How’s the frustration managed if a client wants to talk to you when you’re not available? Chatbots can help you dealing with this, they can become your best allies.

 

Not only the complexity of chatbots has deepened enough to better cope with their tasks, but also people are getting used to receiving automatic responses if these are good enough to answer their doubts. By using chatbots you can have a better average time responding, and you’ll be making sure you don’t just let online traffic go by without an attempt to capture it.

 

How to get started with chatbots

 

As a real estate professional, you must be working with a strategy, and different approach tactics. If you base your business on a website and usually create traffic for it, then you should take advantage of that and start a chatbot on your site. Depending on the spot where you can target your audience (your website, your facebook fan page, your database) you should choose a different place or way to implement a chatbot. Some options are:

 

  • Deploying a bot on Facebook
  • Pop up chatbot on your site
  • Automated email
  • SMS bots

 

How can a chatbot help you?

 

  • Creating more leads

Bots can gather basic information and decide upon certain aspects of the conversation if the deal is worth human contact. A custom chatbot knows how to determine if someone is going to make you lose your time or if it’s worth to invest in. Once the chatbot ascertains the seriousness of the lead, it can perform different actions based on your preferences. Meanwhile it helps you building your own database to work on later.

 

  • Delivering information of interest

Aren’t you tired of repeating the same over and over? Copypasting of information for your leads is time-consuming. You could be doing some networking, investing in other more rewarding activity. The basic answers about properties information, those you have written somewhere else ready to be sent, could be as well given by a chatbot.

 

  • Virtual scheduling

A chatbot can help you organize your agenda. Once the prospect is willing to do an in-person meeting or video call, the allocation on your agenda shouldn’t be your task. Everything can be automated by a chatbot. Also, if they are planning to make a visit to the property, a chatbot could offer them a virtual tour instead, saving your time and your client’s.

 

  • Updating your database

Handling data, identifying prospects and updating their information can be exhausting for a human. But for a chatbot it’s piece of cake. Also, a chatbot can better “memorize” prior actions by identifying the client and predicting based on patterns. Follow up can be also automatically done, while migrating prospects from one status to another one.

 

When you work with foreign real estate clients, you’ll gain another advantage. Chatbots can talk in any language, translate and handle a client from any part of the world. In this way, you can get “globalized” easily, pay attention to world patterns and always aspire to do more.

 

As a realtor, you should always be searching for new trends and methodologies of working and, chatbots are the next trending technology to pay attention to. This tool will help you upgrade your real estate business with a minimal initial investment.

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