Meet the RE Tech Founder: Simon Davis of Nimbus Maps

In our latest real estate tech entrepreneur interview, we’re speaking with the co-founder and CEO of Nimbus Maps, Simon Davis.

Without further ado…

What do you do?

I am the CEO of Nimbus® Maps, which is in effect a dedicated property search engine for real estate professionals allowing them access to information on 99% of the properties in the UK and then we have mapped it all, using Google Maps of course.

What problem does your product/service solve?

The mind-numbing process of having to find quite simply the most basic information on a property you are working on whether as a broker, buyer, seller, valuer or other professional. For every professional working in the real estate industry, you have to look for the same information, over and over again, on every property we look at, and we look at a lot, every day! It was sheer madness that you couldn’t access all this information, much of it free, from a single source. So, we created it!

What are you most excited about right now?

The massive adoption by our industry of our products, making it all worth it. We wanted to share in the intellectual property we have had created for us by some very bright minds at Warwick Uni. and our current adoption rate is over 40 companies a day which we are overjoyed about. It gives us a buzz to know so many professionals are benefitting from all our hard work.

What’s next for you?

We have some really exciting data linkages which we have managed to create through using the latest machine learning techniques from the guys at the university. This will enable our customers to instantly see relationships between properties, their owners, occupiers and their representatives, which will completely open up the industry to everyone working in it. This will be a big wake up to an industry which otherwise has been slow to adopt technology, certainly compared to other industries.

What’s a cause you’re passionate about and why?

Mental health, both in the workplace and people’s personal lives. I am particularly concerned about peoples’ ability to cope with the stresses induced by being given so much information to digest on a daily, hourly basis via all the communication channels we are all tied into. The difficulty of “switching off” these days with all the electronic devices we are almost permanently connected to is a serious issue for us all, and not going away. Look at the issues affecting children being bullied through social media at all hours – there is no escape. I love technology, clearly, but I am genuinely concerned about our ability to deal with it all and the consequences this is going to have on us in the long term as we create more data.

Thanks to Simon for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

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from theokbrowne digest http://geekestateblog.com/meet-re-tech-founder-simon-davis-nimbus-maps/

How to Talk Yourself Up (Use Social Proof to Stop Losing Credibility & Clients)

Balancing your need to self-promote with the needs of consumers

Why is it that so many agents have this need to smear their greatness on everything they touch? Everything, from community involvement to their websites and blogs is, to them, a marketing opportunity.

Why don’t they get what a turnoff this is?

Sure, there are opportunities that are ideal for self-promotion but there are equally as many opportunities to consider the consumer and how you can share your expertise without a huge self-patting of the back.

The truth is, consumers are weary of having to sift through advertising and marketing junk to get to the valuable information they’re craving.

First, you have to “get it”

I once had a potential client ask me to write a press release that “highlights our location in the prestigious” design district in his city.

I found that a rather odd request. Sure, it’s been awhile since I sold real estate but I don’t recall any clients choosing me because of where my office was located and who decorated it.

So, I did my research.

The company’s website is gorgeous, with yummy photos of the city on the home page. The text, however, floored me. The entire homepage of this residential real estate brokerage’s website was all about their “showcase office, which was “conceptualized by one of the best interior designers in the nation.”

Not one word about what they can do for the real estate consumer

Sure, this is an extreme “some agents just don’t get it” example. But, the truth is, nobody cares about your office. Nobody cares who furnished it. In fact, some of today’s most successful agents work from home, many in their jammies.

Someone searching for real estate in your city cares about listings, finding the right agent, neighborhood information and tips on the process.

Stop pitch-slapping potential clients

I wish I could take credit for the “pitch-slapping” reference, but it goes to business development strategist Liz Wendling.

She goes on to talk about the tired, useless tactics too may sales people employ today – salespeople who “pitch-slap prospects into securing an appointment,” and who jump right into selling without wasting “a moment attempting to build rapport or connect.”

That’s what agents do when they wrongfully assume that their designations provide credibility or promote expertise (they don’t), that bragging about your sales or dollar volume impresses potential clients (it doesn’t) and that merely telling them how great you are is sufficient.

Millennials – the holy grail of today’s real estate professional – are especially hard to engage if you overtly self-promote

This is a group of consumers who don’t want to be marketed to. “They can spot an ad from a mile away and will do everything they can to avoid it,” warns Drew Allen, co-owner and creative director of Peppershock Media.

The key to attracting and retaining clients, he insists, is “an easy to navigate, minimal fluff [emphasis is mine] website that gives a ton of information right up front.”

Show, don’t tell

You are in a service business, you aren’t a celebrity. So, describe your service — what do you do that is different?

Show your website visitors, show your direct mail recipient, show your newsletter list that, despite there being a multitude of other agents in your town, you are the one they should choose.

How?

Testimonials are ideal

I often wonder why real estate agents call them “testimonials” when it’s a word that consumers don’t use. They use “reviews.”

Not only do reviews allow a satisfied client to toot your horn for you, they help instill trust and build your credibility. Social proof is a far more effective tool than self-promotion.

Just slapping testimonials up on your website is fine in the short term, but believe it or not, there are “best practices” in place for using them:

• Consider using a mix of video and text reviews.
• Put at least one above the fold on your site.
• Include client photos with each one (and place the photo above the review).
• Consider adding the best testimonial you’ve received under your email signature.
• Use them in all of your listing and marketing materials.
• Consider using case studies in your testimonial mix. These expanded reviews tell the story of a client with a problem that you were able to solve.
• Ask your client to tell his or her Facebook and Twitter friends about you.

Two notes of caution

1. Don’t offer incentives for reviews unless you also disclose that you’ve done so. The Federal Trade Commission is cracking down on the illegal practice of what they call “misrepresenting online reviews.”

2. Yelp frowns on soliciting reviews on their site. In fact, their Business Owner Guidelines warns “Don’t ask for reviews and don’t offer to pay for them either.”

One of the most challenging tasks the real estate professional faces is distinguishing him or herself from the rest of the pack. Even if you’re doing everything right, it’s all but impossible to innovate your service.

Innovating your marketing, however, is within your control. Dump the self-promotion and embrace social proof instead.

The post How to Talk Yourself Up (Use Social Proof to Stop Losing Credibility & Clients) appeared first on Easy Agent Pro.

from theokbrowne digest https://www.easyagentpro.com/blog/how-to-talk-yourself-up-use-social-proof-to-stop-losing-credibility-clients/

You Don’t Need to Rent as Much Office Space as You Think!

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When trying to reduce their office space rent costs many companies focus too much on only getting the lowest rental rates possible. What they seem to overlook is the fact that they don’t actually need as much office space as they think. 

If more companies would shift their focus to the actual square footage that they need and how efficiently the space could be built out and used they would be able to generate significant costs savings. 

Depending on the market you are in you may not have as much leverage in rent negotiations, however what you do have complete control over is the amount of space that you rent.

Efficiency is Key When Renting Office Space

Even in a down market where rental rates are low it’s still important to avoid leasing too much space. Before you begin looking for space consider doing a thorough space evaluation and determine your ideal layout, as well as how you will use the space. After being interviewing about your current and future needs and use a good space planner or architect can create a program for you to help you determine the exact size space you need.

Think about the job functions and needs of each employee. If you spend some time in the planning phase you will uncover some ways to reduce your office space size and still maintain productivity in a smaller space. Also if you reduce your size you might find that you can now afford a nicer class A office space.

When you are ready to find and rent office space you absolutely want to find the best location and negotiate the lowest rental rate possible. However don’t forget that you have more control over how much space you rent. Don’t get caught in the moment and lease more space than you really need.

The post You Don’t Need to Rent as Much Office Space as You Think! appeared first on Austin Tenant Advisors.

#GivingTuesday & GiveBack Homes

It’s #givingtuesday …. and I wanted to remind you my dear friends at Giveback Homes (Caroline is one of the founding members of Geek Estate) are always a great option for your philanthropy dollars.

Happy giving!

The post #GivingTuesday & GiveBack Homes appeared first on GeekEstate Blog.

from theokbrowne digest http://geekestateblog.com/givingtuesday-giveback-homes/

Virtual Reality Changing How We View Commercial Real Estate

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When looking for commercial real estate to lease or purchase how many hours have you spent looking at office space photos or physically touring the spaces? If you have been in the commercial real estate business as long as I have or are a company that has leased a few commercial properties you have probably spent many hours looking at commercial spaces before deciding which one is right for your business. Well Virtual Reality is about to change all that.

What is Virtual Reality?

Virtual Realty (VR) is a computer generated technology that allows you to see 3 dimensional images or environments that you can seemingly or physically interact with using headsets, glasses with a screen inside, or other electronic equipment. Virtual reality is currently known more for the gaming industry however some companies are testing the new technology in residential and commercial real estate

Virtual Reality Technology and Commercial Real Estate

Current marketing practices for properties of most commercial real estate companies is by posting videos, photos, and flyers on the internet for people to see their commercial spaces that they have available for lease or sale. For the tenant or buyer the only way to get a real feel for the property is to physically see it. With VR the prospect may not even have to be in the same zip code of the property to see it. From their office or home they can put on the VR glasses and feel like they are physically in the space.

If it works out using virtual reality in commercial real estate can be a game changer and make previewing commercial spaces much easier and faster. VR will change the way commercial tenants do their commercial property site selection and planning before having to physically tour commercial spaces. This will also be a great tool for investors looking to buy commercial investment properties in different cities, states, or countries.

There are some major steps to climb however as the VR technology gets better more and more commercial real estate companies will experiment with ways to improve their ability to lease and sell properties. There may not even be a need to visit some commercial properties before leasing or buying them as you will be able to see everything you need to see by just putting on some VR glasses. You can even buy or lease space across the country.

With VR these CRE firms will be able to actually PUT a potential buyer or tenant in the space, enabling them to look around and get an idea of what it would be like to occupy and work in the space. Then within an instant the prospect could be PUT into another property for viewing. VR has the ability to capture the attention of prospects for up to 5 minutes or longer.

Other uses for virtual reality in commercial real estate will be to see raw land, touring to be built properties, looking at building interior mockups, etc. And all this can be done without having to spend money on travel back and forth. 

Seeing Commercial Spaces with VR Can Save Time and Money

Most decision makers have a lot on their plate and having to fly or drive across the country to look at multiple locations is very time consuming. However by being able to virtual tour commercial spaces they will be able to view spaces across different cities all within minutes thus saving valuable time. 

Also when touring spaces it can be hard to envision how it would work for your company once it’s finished out with a different layout, furniture, etc. VR will allow tenants to view sample floor plans so they can see what an unfinished space would look like after the build-out is completed.

I don’t think that physical tours of commercial spaces will go away however virtual reality will cut down on the time needed to physically tour them. VR is still new and the cost cost and expertise is high which will making adopting the use of VR slow. However as the costs go down you will eventually see more commercial property owners using it so that buyers and tenants can more easily view their spaces.

 

The post Virtual Reality Changing How We View Commercial Real Estate appeared first on Austin Tenant Advisors.

Why Haven’t You Started a Real Estate Startup?

An entrepreneur I spoke to in Columbia a few weeks ago asked me a question I’ve heard a few other times over the years.

Given your experience and connections in real estate, why haven’t you done a real estate startup?

Valid question for sure.

If I had to boil it down, I’d say there’s only so much time in the day — and startups are a hugely time consuming endeavor.

I’ve had my hands full the last few years with Oh Hey World and Horizon. On the surface Horizon is all about travel and community — technically, it has a real estate angle given we facilitate sublets and roommates. Readers here can join the Geek Estate hospitality network here (unlock code “geekestate2015”).

So, I actually already have a “real estate startup“. Keep in mind, AirBnB is multi-billion dollar “travel” company that (not so) secretly has a massive “real estate” business.

In all seriousness, I don’t consider Horizon a real estate product. At its core, it’s a community product.

In terms of straight real estate plays, there are three ideas I’ve been thinking about for quite some time. Were I to undertake a real estate startup, I’d like work on one of these:

1. A social network for the real estate industry (see this post from many years ago). Geek Estate is very well suited for this opportunity. Love the concept and want to fund it, or are you an engineer and want to build it for equity? Send me a note.
2. Help home owners understand all their options to monetizing their property. The product would have components of Zillow’s instant offers, and blend into the history of a home opportunity I’ve been tracking for years.
3. A socially conscious real estate brokerage is another idea I wrote about way back in 2013. Maybe “socially conscious” isn’t the right branding. Maybe community orientated. What if the brokerage invested a percentage of commissions earned back into local businesses? Think Community Sourced Capital, Kiva US, and Kickstarter — blended with a real estate brokerage.

Want to hear more specifics on any of the ideas listed? If so, consider applying to join our community of real estate innovators (more details here). There are 15 founding memberships left that will receive discounted pricing for life.

The post Why Haven’t You Started a Real Estate Startup? appeared first on GeekEstate Blog.

from theokbrowne digest http://geekestateblog.com/havent-started-real-estate-startup/

Apartments Are About to Get More Eco-Friendly in NYC and Other Cities

Climate change has been a controversial subject lately across the country due to President Trump’s decision to withdraw from the Paris Climate Agreement. While some people came to terms with this decision, New York City Mayor Bill DiBlasio decided to honor the Agreement through an executive order and released his plan to meet the goals […]

The post Apartments Are About to Get More Eco-Friendly in NYC and Other Cities appeared first on RENTCafe rental blog.

from theokbrowne digest https://www.rentcafe.com/blog/apartmentliving/greenliving/apartments-get-eco-friendly-nyc-cities/

Renting Gains More Popularity Across All Generations While Owning Is Seen as a Less Affordable Option

Nowadays, owning a home is no longer as hip as it once was – and not as affordable either. A new survey conducted by Freddie Mac found that due to affordability, renting is seen as a much better alternative to owning. More and more people admit being happy with their choice of renting a home […]

The post Renting Gains More Popularity Across All Generations While Owning Is Seen as a Less Affordable Option appeared first on RENTCafe rental blog.

from theokbrowne digest https://www.rentcafe.com/blog/apartment-search-2/money/renting-an-apartment-is-seen-as-more-affordable-than-buying/

Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752

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Centennial Towers office building is located in North Central Austin at 505 E Huntland Drive. If you are looking for a Class A building with value oriented rates this is the place. 

If you are interested in leasing Austin office space at Centennial Towers give us a call at 512-861-0525

Building Size – 156,293 RSF

Building Height – 6 stories

Typical Floor Plate – 26,048 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking available

Amenities – Building conference room, fitness Center with showers, steam room, and lockers

Walking Distance To – Several restaurants, ACC Highland Mall Campus, commuter rail, and public transportation

Transportation – Easy Access to IH-35, Hwy 290, and US Hwy 183. 10 minutes to downtown Austin. 

For rates and info on available spaces give us a call and we will help you find the perfect office space at Centennial Towers in North Central Austin

The post Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752 appeared first on Austin Tenant Advisors.

What is a HUBZone and How Do I Find Out Where They Are?

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HUBZones (Historically Underutilized Business Zones) are programs created by the Small Business Administration (SBA) to help companies expand and grow in economically distressed communities by promoting job growth, economic development, and capital investment. They do this by providing small businesses that operate and employ people in these  economically challenged communities contracting opportunities that they would not otherwise have access to. The federal government’s goal is to award 3% of federal contracts to companies that operate in HUBZone map locations. 

If you need to buy or lease Austin commercial real estate in a HUBZone give us a call at 512-861-0525 and we can help you find the right space for your business.

Criteria to Qualify For HUBZone Designation

1. Must be a Small business based on NAICS (North American Industry Classification System)
2. U.S. Citizens must own at least 51% of the business
3. The main head quarters must be located in a HUBZone
4. 35% of the businesses employees must live in the HUBZone

Where are Hubzones in Austin Texas Located?

In Austin you will find most of the Hubzones in Central Austin, East Austin, Northeast Austin, and Southeast Austin. If you are a business that is looking to take advantage of the Austin HUBZones then you will want to make sure you focus on the areas outline in the photo or if you enter your city or specific address you will be able to see if your ideal location falls within the HUBZone in Austin, Texas

If you need help finding Austin commercial office spaces for lease or purchase in a HUBZone feel free to contact us for help.

The post What is a HUBZone and How Do I Find Out Where They Are? appeared first on Austin Tenant Advisors.

Meet the Real Estate Tech Founder: Sean Conway from Pillow

In our latest real estate tech entrepreneur interview, we’re speaking with the CEO & co-founder of Pillow, Sean Conway.

Without further ado…

What do you do?

I am the CEO and co-founder of Pillow. Pillow is a short-term rental service used by property managers and building owners to facilitate compliant home-sharing for residents of multifamily buildings.

What problem does your product/service solve?

By now you probably know that illegal short-term rentals are a widely prevalent issue in apartment buildings across US. We aim to solve this problem by allowing residents to host Airbnb rentals that are 100% legal and easy to manage, and that also honor the lease agreements set by building owners.

What are you most excited about right now?

I am extremely excited about our recent partnership with Airbnb to bring compliant short-term rentals to our San Francisco communities. I’m also thrilled about our new program, Pillow Price Guarantee, which provides new residents with peace of mind in earning guaranteed income for listing their apartments on Airbnb.

What’s next for you?

We are rapidly expanding and planning to launch our Pillow program in additional buildings across the US. I hope that more and more apartment buildings will see the value in home-sharing and join our mission to bring the sharing economy to everyone.

What’s a cause you’re passionate about and why?

I have incredible sense of gratitude that I was born in this country and had the means to start a company and turn my vision into reality. This has made me become passionate about providing a platform for those who might be less fortunate to achieve their entrepreneurial dreams or at least risk striving towards them. Whether I can provide education, idea development or funding, I like supporting striving entrepreneurs who also want to change the world by helping turn their ideas into reality.

Thanks to Sean for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

The post Meet the Real Estate Tech Founder: Sean Conway from Pillow appeared first on GeekEstate Blog.

from theokbrowne digest http://geekestateblog.com/meet-real-estate-tech-founder-sean-conway-pillow/

Meet the RE Tech Founder: Ethan Lieber from Latchel

In our latest real estate tech entrepreneur interview, we’re speaking with the co-founder of Latchel, Ethan Lieber.

Without further ado…

What do you do?

I help property managers and landlords grow their income streams. Latchel was created with that goal in mind. Latchel gives them more bandwidth to focus on business growth by coordinating maintenance for them. We take over the process end to end. Everything from taking and troubleshooting tenant calls at all hours, scheduling contractors to do work, confirming work was completed, and getting invoices for work. Software and process technology is a big part of how we’re able to coordinate so efficiently and cost effectively.

I love where we are as a company because we’re the only end to end solution for property managers and landlords that want to reduce the time and money they spend on maintenance coordination. We’ve gotten so good at what we do that our customers can efficiently manage maintenance on over 400 doors with only a single admin in their office.

What problem does your product/service solve?

Property management companies and landlords face a huge problem coordinating maintenance. It often prevents them from increasing the size of their portfolios and generating additional income. It is one of the biggest costs of being in the property management business and it takes property managers more time to resolve than any other issue. It is the number 1 reason that landlords turn to property managers for help and it is the number 1 reason that property managers across the US turn to Latchel for help.

They’re so busy dealing with emergencies that the routine work falls through the cracks, which leads to bigger problems down the road. Latchel takes all that coordination off their hands and we do it for less than 1/3 the cost of hiring an employee.

What are you most excited about right now?

We recently won the Seattle Angel Conference. I know the whole team is pumped about that and it validates where we’re heading as a company.

We have a service update that I’m also very excited about. In December, we’re launching a Night & Weekend emergency service specifically for landlords with one to nine rental homes. Tenants call us during nights and weekends, our team diagnoses if it is an emergency, and if it is then we dispatch an emergency contractor and ensure the issue gets fixed. We also take a credit or debit card on file so the payment to the contractor is seamless. I’m targeting California property investors right now, but hope to expand that out soon to rentals across the US. I’m excited because I think it is a hugely valuable service that will introduce landlords to Latchel. It only costs $180 for an entire year and Latchel will take all your night and weekend tenant calls. I’d gladly pay $0.50 a night knowing that I get uninterrupted sleep.

Currently, we’re pre-selling this service with a huge discount. If you go to https://latchel.com/preregistration/night-and-weekend-emergency-service and use Promo Code EARLYBIRD then you’ll get 73% off. You get an entire year of night and weekend emergency dispatching for less than the cost of 10 Starbucks lattes. I’m a major caffeine addict (over 600mg a day), but even I couldn’t resist an offer like that.

Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr Blvd

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Cityline at MLK Station is a creative office building located in East Austin at 2900 E Martin Luther King Jr Blvd. If you are interested in leasing office space in East Austin at Cityline give us a call at 512-861-0525

Building Size – 181,000 RSF

Creative Office Space – 134,000 RSF

Ground Floor Retail – 11,000 RSF

Residential – 36,000

Typical Floor Plate – 3,530 to 35,000 RSF

Parking – Parking ratio 3.5/1,000 sf. 

Amenities – Dog friendly office space, MLK Jr MetroRail Stop, Bike storage, outdoor space with free wifi, rooftop terrace, showers, 

Transportation – Minutes to downtown, UT, and Dell Med Center and tenants can use the onsite MetroRail stop

Ckityline at MLK was designed for tenants who seek creative office space with designs such as  open ceilings and stained concrete floors. This amazing location will make it easy for your employees to take advantage of Austin’s public transportation whether you want to go to visit office tenants at Domain 11 or in Downtown Austin.

For rates and info on available spaces give us a call and we will help you find the perfect creative office space in East Austin at Cityline. 

The post Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr Blvd appeared first on Austin Tenant Advisors.

Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758

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Domain 11 Office Building is located in North Austin at 3110 Esperanza Crossing. If you are interested in leasing Austin office space at Domain 11 give us a call at 512-861-0525

Building Size – 315,862 RSF

Building Height – 15 stories

Typical Floor Plate – 33,396 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking on levels 1-6

Amenities – Fitness Center with showers, Bike storage, jogging trails, 18,000 sf of outdoor park space, floor to ceiling windows

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and info on available spaces give us a call and we will help you find the perfect office space at the Domain in Austin, Tx.

The post Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758 appeared first on Austin Tenant Advisors.

Domain 12 Office Space For Rent – 3110 Esperanza Xing

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Domain 12 Office Building is located in North Austin at 3110 Esperanza Xing. At 17 stories It will be the tallest office building at the Domain. If you are interested in leasing office space at Domain 12 give us a call at 512-861-0525

Building Size – 320,102 RSF

Building Height – 17 stories

Typical Floor Plate – 33,405 RSF

Parking – Parking ratio 3.8/1,000 sf. Garage parking on levels 1-8

Amenities – Bike storage, Showers, jogging trails, 35,000 sf of outdoor park space

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and availabilities give us a call and we will help you find the perfect Domain office space.

 

The post Domain 12 Office Space For Rent – 3110 Esperanza Xing appeared first on Austin Tenant Advisors.

How Much Does it Cost to Use a Tenant Representation Broker?

Costs to Consider When Buying Commercial Real Estate Property

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When purchasing commercial property you will incur other costs in addition to the actual sale price. Below are a few costs to consider that you will have to pay during the due diligence period before the closing and costs incurred during the actual purchase process.

• Phase 1 Environmental – This is an environmental report on the commercial property. Typically the commercial buyer pays for this. The cost typically run between $1,500 and $2,500 for good locations. For poor property sites the costs could be even more.
• Appraisal – When borrowing money from a bank they will require that you get an appraisal done. Buyers typically pay for the commercial appraisal. Depending on the size of the property they can start at around $2,000 and go up from there.
• Survey – If there is no existing survey a buyer would want to have one created. The cost depends on the size of the land & improvements and is typically paid for by the buyer, however in some cases you can get the seller to reimburse for part of the cost. As an example for a 5 acre commercial property it would be $5,000 to $7,000.
• Loan Origination Fees – If you are purchasing the commercial real estate property via a bank loan you might be required to pay a loan origination fee. This is typically ½ to 1% of the loan amount. Depending on the size and terms of the loan there maybe other lender fees as well.

If you have not purchased commercial real estate before it would be a good idea to get help from a commercial real estate broker. They can help you navigate the process of buying and selling your commercial property and give you valuable market information. There are also other things you need to know when buying commercial real estate

If you have any questions about this don’t hesitate to give us a call.

The post Costs to Consider When Buying Commercial Real Estate Property appeared first on Austin Tenant Advisors.

What Costs to Expect When Budgeting Commercial Office Space Build-Out

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Before signing a commercial office space lease it’s important that the tenant or the landlord get a preliminary construction bid to see how much the tenant improvement allowance will cover and how much out of pocket (if any) the tenant has to come. This way there are no surprises later and the tenant does not spend more than they were prepared to spend.

Major categories that go into a preliminary commercial finish out bid and their percent of total costs

• Hard Costs – Will be 75% to 85% of your construction budget. They will always be the largest piece because they include the actual construction of the space and the costs depend on the size of the space and quality or level of finishes. They typically cover the mechanical, electrical, plumbing, paint, flooring, drywall, doors and windows, and framing.
• Soft Costs – 8% to 12% of total costs. Are things such as architectural fees, legal fees, engineering fees, TAS ADA review, permit expediting, reimbursables. Typically easier to estimate than hard costs
• Vendor Costs – Typically 5% to 10% of total budget. Items such as furniture, data and phone cabling, security, moving, and signage costs are vendor costs. It can sometimes be negotiated to have the tenant improvement allowance cover these items however typically the tenant pays for them.
• Contingency Allowance – 5% to 10% of budget. The reserve of money that is added to a project budget to cover unforeseen expenses and changes. Also covers scope creep which are items that are added after the fact.
• Project Management Fee – This ranges between 3% and 5% of total costs. Project managers help you mange the project, help with the schedule, budget, and quality of project.

Those are the primary categories and percentage of costs. To see the average sf price for tenant finish outs go here.

 

The post What Costs to Expect When Budgeting Commercial Office Space Build-Out appeared first on Austin Tenant Advisors.

November Sponsor Showcase, Round 2

Thank you to our November sponsors…

How will you keep up with the changing MLS landscape and technology while also growing your business? With ListHub, the largest and most trusted partner for broker-authorized listings from nearly 600 MLSs in the United States! ListHub provides a reliable, accurate, and industry-friendly platform for publishers to receive regional or national real estate listing data from over 60,000 registered brokers.

Learn More

Geek Estate: A private community of creatives making real estate, financial independence, & home ownership more accessible using technology? Sign up as a founding member for discounted pricing for life. Only 15 founding member slots left.

Become a Founding Member

Horizon facilitates finding places to stay, swap, or live with friends, friends of friends, and communities (Peace Corps, University of Washington, Church of Latter Day Saints, Geek Estate, etc).

Do you believe the world needs a community funded hospitality exchange platform that doesn’t sell out or plaster ads all over the screen? A platform focused on facilitating true community, and not “transactions”? A platform that gives a damn about giving back? We need your financial help to continue improving Horizon’s product & unlock travel opportunities to grow the community of global citizens.

$2 per month is all we ask.

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We build consumer products at the intersection of community, real estate, and travel. Have a killer product idea and funding, but not expertise to bring it to fruition? Drop a line.

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Interested in being featured next month? Shoot us a note.

Geek Estate housekeeping:

• How can we help you in 2017?
• Are you a product manager, engineer, or designer looking for work? Let us know what you’re looking for.

The post November Sponsor Showcase, Round 2 appeared first on GeekEstate Blog.

from theokbrowne digest http://geekestateblog.com/november-sponsor-showcase-round-2/

How and Where to Find Commercial Real Estate Listings

The following post is copyrighted by Austin Tenant Advisors - .

When you own or manage a business at some point you will to need to find commercial real estate listings for lease or sale. Depending on the city you are in finding commercial real estate can be difficult especially in large metropolitan areas where there can be multiple thousands of commercial buildings and spaces.  For example there are over 3,000 Austin commercial real estate property listings with over 6,000 spaces. If you need help finding commercial space in Austin give us a call 512-861-0525.

Most companies that need business space fall into one or more of the categories below:

• Local Start up or new business needing space for the first time
• Existing local company that needs to expand and/or relocate
• Out of town company looking to open a satellite office in a new city
• Out of town company looking to relocate head quarters to a new city

If you are not familiar with the city you need space in you may not know where to find commercial real estate listings that are right for your business. Of course you will see for lease signs on every street corner however how do you know if those particular buildings have the size, layout, and pricing that meets your needs? The only way to find out is if you call and email every commercial real estate listing agent, which can take many hours of your time.

How to Find Commercial Real Estate

1. The best way to find commercial real estate is to hire a local commercial real estate agent that specializes in the type of space that you are looking for. A tenant representative or buyers rep can save you a ton of time and their services typically don’t cost you anything as they split a commission that is already being paid to the landlord agent. Their fiduciary duty is to help you ask all the right questions, find the right space, and negotiate the best deal. Once you tell them about your companies space needs they will do all the work to find commercial space which would include calling all of the landlords in your desired area to ensure that what they have listed is still available, confirm pricing, gather floor plan, schedule tours, etc. They will then present you information on only those spaces that meet your ideal location, size, timing, and budget.
2. Search on your own or have one of your employees search for space by driving around calling on for lease signs or searching the internet. You can certainly go this route however keep in mind the time and effort that you will be spending doing this on your own. Especially if you are not familiar with the area or not sure what questions to ask the landlords. 

Where Can I Find Commercial Real Estate Listings

Over the past few years there have been a lot of online commercial real estate listing sites pop up that are basically lead magnets. The data is almost always outdated or they leave out important listing details like whether a property is full service or a triple net (NNN) lease which causes a lot of confusion for tenant and buyers. They can sometimes be a good place to start however don’t assume the data is correct until you confirm it with an agent. Below are a few of these websites. 

• Loopnet
• rofo
• 42floors
• thesquarefoot
• realmassive
• suitedeals
• cityfeet
• officespace . com
• craigslist office and commercial
• commercial search . com

If you plan on searching online for listings then Loopnet is probably your best bet. However keep in mind the data can be misleading. I once had someone tell me they found a great retail space on Loopnet that was only $35 sf in downtown Austin. Not until after they signed a lease they found out that in addition to the $35 sf they also had to pay $15 sf for the operating expenses or NNN. This was a costly mistake that cost them thousands.

If your going to do this on your own make sure you do your homework and ask all the right questions to ensure you don’t make costly mistakes. Otherwise consider hiring a commercial real estate finder that will listen to your needs, find you the right space, help you negotiate the best deal, and ensure you avoid making costly mistakes.

The post How and Where to Find Commercial Real Estate Listings appeared first on Austin Tenant Advisors.

A Creative SEO Strategy: Support Crowd Funding Campaigns

Here’s a link building idea for those thinking about your business on a long enough time span to invest in SEO…

Support crowdfunding campaigns on platforms such as Kickstarter, Patreon, and IndieGoGo — especially if you can get in early enough with one to become a showcase supporter/sponsor. You’ll often be able to milk the makers for a link or two or three, at a much, much cheaper price point than other link building initiatives/endeavors.

What’s the most effective link building strategy you’ve implemented?How much time and/or money did it require?

PS #1: Yes, it so happens Horizon has a crowd funding campaign in need of supporters…

PS #2: Yes, I’ll show my gratitude for financial support with a link from this domain if you contribute at least $5 for 3 months to our Patreon campaign… (As a data point for you, I routinely receive pitches in my inbox to buy one link on the Geek Estate domain for between $50 and $150. I delete all them, but it’s clear there is still financial value to obtaining them.)

[Image via https://www.cuttingedgecapital.com/]

The post A Creative SEO Strategy: Support Crowd Funding Campaigns appeared first on GeekEstate Blog.

from theokbrowne digest http://geekestateblog.com/creative-seo-strategy-support-crowd-funding-campaigns/

The Rental Girl Weighs in on the Rent vs. Buy Debate!

Two Rent vs. Buy Scenarios in Los Angeles

By Jennifer Riner, Trulia

Making the leap from renter to homeowner takes forethought, strategic planning and serious personal reflection. Purchasing a home is by no means a sporadic decision. Fortunately, there are certain tools intended to alleviate common first-time home buyer woes. One is the rent vs. buy calculation, helping provide an overview on which route makes more financial sense.

In most major U.S. metros, favorable interest rates allow for mortgage payments that are often less expensive than the going rent. In the Los Angeles metro, where the median home price is $576,634 and the median rent is $2,700, buying is 29.8 percent cheaper than renting, according to Trulia’s latest rent vs. buy calculations.

That being said, buying isn’t for everyone.  Much of the rent vs. buy evaluation boils down variable specifics, such as the target home price, how long you plan to stay, mortgage details, taxes, potential home value growth and personal preference. Plenty of people who have the financial means to buy still opt to rent due to job uncertainties, fewer maintenance-related responsibilities and sheer wanderlust.

Consider the following rent vs. buy scenarios in Los Angeles to see just how different things play out depending on circumstance.

*For brevity, each scenario assumes 20 percent down and preapproval for a 30-year fixed jumbo loan mortgage with a 4.1 percent interest rate.

West Hollywood

Assume a young married couple, Maria and Joe, plan to purchase a home. They own a small marketing agency and currently rent a 2-bedroom, 2-bathroom apartment near their office at 1233 N Orange Grove Avenue for $3,500 per month. Their unit offers rent control, which essentially means that their landlord cannot charge more than the Maximum Allowable Rent set forth by city ordinance. The base can only be increased once per year by proper notice, totaling 75 percent of the Consumer Price Index for the area.

Buying a house in West Hollywood costs roughly $805,000 – the current median sales price in the neighborhood. Maria and Joe begin looking at homes online near this price point and find a 2-bedroom, 2-bathroom condo for sale at $899,000. They realize to put 20 percent down on their purchase and avoid private mortgage insurance (PMI), they would need $179,800 upfront. Combined with a 4.1 percent interest rate, their monthly payments would equal $4,136 per month – not including potential Homeowners Association dues.

For Joe and Maria, buying the home would become cheaper than renting their current apartment after six years. That’s when incidentals like the down payment, appraisal fees and mortgage origination fees spread out and the home appreciates enough to offset those initial costs. Fortunately, their business is nearby, so Joe and Maria are confident in their decision to stay for the next decade or more. As business owners, they usually itemize their taxes, allowing them to take full advantage of the mortgage interest tax deduction benefit come April.

Audience question: Given their situation, would Joe and Maria would be better off buying or renting?

Studio City

Sue is a single young professional in her 30’s who is renting a house in Studio City. She wants to buy and channel her housing payments toward a more lucrative investment. Sue is currently spending $5,000 per month to rent a 3-bedroom, 2-bathroom mid-century modern abode on Laurel Canyon Boulevard. She sees a home for sale nearby on Ridgemoor Drive that offers the same number of beds and baths as her current layout, albeit greater square footage. The list price is a cool $1.275 million. For reference, the median sales price in Studio City is a steep $1.11 million.

 

Like any savvy house hunter, Sue uses a mortgage calculator to project her monthly payments and compare those to her current rent. With 20 percent down ($255,000) upfront, Sue would pay her lender $5,892 per month to cover principal and interest, property taxes and insurance. That’s only slightly more than her current rent. All costs considered, buying the house on Rigdemoor Drive would be cheaper than renting on Laurel Canyon in six years.

But, Sue is considering moving closer to family on the East Coast in just two years. When purchasing a home, it’s critical to stay in the home long enough to reduce debt and allow for home price appreciation. In her short stay, Sue would not be able to build enough equity nor would her home realistically increase in value enough to offset her upfront costs.

Sue could instead invest her $255,000 in a savings account with a 3 percent annual interest rate. Her opportunity cost, or the amount she makes investing the down payment, would grow to total $375,500 over a six-year period.

 Audience question: Given Sue’s scenario, would she be better off renting and investing her down payment elsewhere?

Buying is usually the better deal – on paper, at least. Paying down a mortgage to build equity in a long-term asset is far more advantageous than paying rent you can’t recuperate down the road. However, there are many reasons for renting to prevail, including future goals or a sluggish real estate market. Ultimately, no two prospective buyers are the same and consulting with a real estate professional prior to such decisions is key.

The post The Rental Girl Weighs in on the Rent vs. Buy Debate! appeared first on The Rental Girl Blog.

from theokbrowne digest http://rentinginla.com/rental-girl-weighs-rent-vs-buy-debate/