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  • Bustling Rental Market in Chembur

    Bustling Rental Market in Chembur

    The once industrial suburb of Mumbai, Chembur is now thriving with real estate and infrastructural development. Chembur is an old Mumbai suburb, situated at the north of Trombay and south of Kurla, history dates back to the partition era of India’s independence when many refugee camps were set here. It now sits right in the middle of Mumbai, geographically. The real estate market trend that stands out in major urban cities is experiencing a considerable shift in the last one and a half decade. Chembur’s upcoming residential projects are mostly set over smaller plots due to lack of availability of land. But a lot of lands is being redeveloped and some projects are using that huge space to their advantage. We also saw development in clusters of different upcoming projects in the same area.

    Chembur is very well connected to southern, old and Navi Mumbai and other suburbs around Mumbai by excellent road connectivity. Kurla and Lokamanya Tilak terminus being the prominent railway junctions near Chembur, the locality is otherwise very well connected by auto rickshaws, buses, taxis etc. Dayanand Saraswati Marg, V N Purav Marg, R C Marg, Station Avenue Road, the Eastern Express Highway and Sion Panvel Highway are some of the arterial roads of Chembur. Chembur is a road transit point for people traveling to Pune using the Mumbai-Pune Highway or the Mumbai-Pune Expressway. The Eastern Freeway provides quick access to South Mumbai through 13 km long elevated expressway. The Santa Cruz-Chembur Link Road (SCLR) connects Chembur to Santa Cruz.

    Real estate development along the Eastern Freeway increased significantly over the past few years. Cutting down commuting time to South Mumbai created demand for commercial and residential properties and housing prices in locations like Chembur. The value of property in Chembur has increased by approximately 28-30 per cent over the last two years. This created a lot of market for rental properties in Chembur. As the property values kept increasing the rental market also proportionally went up and with so many new developments coming up, it is only adding to the inventory list. The housing supply in this area has been growing at an approximate rate of 10 per cent for the past four years, and it now accounts for approximately 18 per cent of Mumbai’s total housing stock. With growing residential activity, retailer interest in the market has understandably increased too, leading to the development of large scale organized retail in the region.

    This further attracts more jobs and more people move into this locality in search of properties. The rent for a 250 sq ft, 1BHK is about Rs.9000 per month, a 350 sq ft unit can be rented for Rs.10,000 per month. Semi furnished and fully furnished apartments are also available. However, semi-furnished may often mean the property is sparingly furnished. Renters have used their discretion to decide on a correct property in this vast property market. Realtors say that with increased connectivity, there are more inquiries for properties in Chembur. The increase in rental properties in Chembur market was noted as about 3% in the past few years.

  • 5 Ways to Find Apartments for Rent

    5 Ways to Find Apartments for Rent

    Finding the right apartment or home to rent can be difficult and stressful. You can be competing with many others for a quality unit in a prime location.

    The secret, real estate brokers say, is to plan ahead. Often renters will wait until the last minute to look for another apartment. However, when renters are in a hurry they tend to take apartments they don’t really want.

    Here are a few tips for finding the best rental homes and apartments in your area.

    1. Start your search 60 days before your move

    The best rentals, in terms of price, location and amenities, go earlier in the month, so don’t wait until midmonth to look for a new place to live, Macon says. It’s best to start searching 60 days before you need to move, especially if you are looking for a rental property where there isn’t as much available.

    The second and third weekends of the month tend to be the busiest. If you start your search the first weekend of the month, there will be less competition and the best properties will still be available.

    2. Search for rental listings online

    About 90% of renters will start apartment hunting on the web. Looking online is a good way to start your search. You can get a sense of pricing and apartment amenities. However, if you’re moving to a new city, apartment rental sites won’t tell you enough about neighborhoods and the local amenities of each, such as public transportation or grocery stores.

    3. Use a real estate broker

    In most cases, real estate brokers are available to help renters find properties free of charge. The key is to find a broker who specializes in rental properties, not home sales.

    If you’re looking in areas where there is generally tight competition for apartments, you’ll want to talk with a number of real estate agents before committing to one because different agents have different relationships with different buildings. Make sure you are talking with an agent who has access to the apartment buildings in neighborhoods where you want to rent.

    4. Don’t be fooled by scams

    Be aware of online scams, particularly ads on Craigslist that require you to provide your credit card to pay a deposit fee to be shown the apartment. No one should require a deposit to show you an apartment.

    Also, be careful if you are renting an apartment directly from a private person because you will be giving a total stranger your Social Security number and your bank account information, and they will likely run a credit check on you. It’s safer to work with a licensed and bonded real estate broker.

    5. Consider roommates

    If you’re considering sharing an apartment, make sure you know who your roommates will be and consider asking the landlord for separate leases. If you have a joint lease and the rent is $2,000 a month, you are liable for the entire amount if your roommates don’t pay their share, Macon says. But if you have a separate lease, you’re liable only for your portion of the rent.

    Don’t be afraid to ask for references if you don’t know your roommates. You can also use social media – LinkedIn, Twitter and Facebook – to find out more about them.

  • Some Important Facts About First Position Commercial Mortgage Notes

    Some Important Facts About First Position Commercial Mortgage Notes

    Creating attractive interest is a challenge in today’s low interest rate environment. The attractiveness of First Position Mortgage Notes is in the fact that investors (lenders) are held in the first position as a lien holder of the property – so there is a hard asset (real estate) providing the security of their investment.

    The 50-year average for homeownership in the United States is about 65%. Most experts see that number reducing as the move to rental communities continue to rise along with the challenges that younger consumers are finding in securing sustainable employment which is directly correlated to one’s ability (and desire) to own a home. The marketing for traditional residential mortgage financing in today’s marketplace has created a higher understanding of how these loans work for consumers. Couple that with the competition in the residential financing market and it is understandable why most adults understand residential financing. But what about Commercial Real Estate?

    Each and everyday consumers leave their homes and visit multiple commercial properties – for work – for dining – for shopping – for entertainment – but few understand that differences in the commercial financing marketplace versus the residential financing marketplace. The term “commercial loans” is mainly segmented into “multi-family properties (5 plus units), office buildings, retail centers, industrial and warehouse space, single tenant box buildings (such as Lowes and Walmart), and specialty use properties such as gas stations, schools, churches, etc. Regardless of the use the access to commercial loans is quite different than residential borrowing.

    In residential borrowing the normal procedure is for the lender to request 2 years of tax returns, bank statements, pay stubs, credit check, and appraisal of the property. The loan underwriters primary focus is the borrower’s ability (through an income and expense model) to make the monthly mortgage payments including taxes and insurance.

    In a commercial loan the lender will first look at the condition of the property and its ability to service the loan out of the cash flow from its day to day operations. The lender will request copies of current leases (rent roll) and two years of the borrowers operating history. In addition, they will review recent capital improvements, internal and external photos of the property, and lien and title searches. With these documents in hand the underwriter will create a debt-to-service coverage ratio (DSCR) to determine if the property can cover the demands that the new loan will carry with it. In addition, the lender will look at third party appraisals paying attention to not only the property in question but also the surrounding area and the trends in the marketplace.

    A commercial borrower needs to have strong financials and credit history to qualify for the loan. However, the lender places the greatest weight on the properties ability to sustain the loan over that of the borrower’s personal situation. This is in direct comparison to the underwriting of residential mortgages where the borrower’s personal financial situation is of a higher concern than the property that is part of the mortgage.

    There are six sources for commercial real estate borrowing – Portfolio Lenders – Government Agency Lenders – CMBS Lenders – Insurance Companies – SBA Loans – Private Money/Hard Money Lenders.

    Portfolio Lenders – these are mostly comprised of banks, credit unions, and corporations that participate in commercial loans and hold them on their books through the maturity date.

    Government Agency Lenders – these are companies that are authorized to sell commercial loan products that are funded by governmental agencies such as Freddie Mac and Fannie Mae. These loans are pooled together (securitized) and sold to investors.

    CMBS Lenders – these lenders issue loans called “CMBS Loans”. Once sold the mortgages are transferred to a trust which in turn issues a series of bonds with varying terms (length and rate) and payment priorities in the event of default.

    Insurance Companies – many insurance companies have looked to the commercial mortgage marketplace to increase yield on their holdings. These companies are not subjected to the same regulatory lending guidelines that other lenders are and therefore have more flexibility to create loan packages outside the conventional lending norms.

    SBA Loans – Borrowers that are looking to purchase a commercial property for their own use (owner-occupied) have the option of utilizing a SBA-504 loan which can be used for various types of purchases for one’s own business including real estate and equipment.

    Private Money/Hard Money Loans – For those borrowers that cannot qualify for traditional financing due to credit history or challenges with the property in question – hard money loans may be a viable source of funds for their intended project. These loans have higher interest rates and cost of money than other types of loans. Regardless of the higher costs of borrowing – these loans fill a need in the commercial mortgage marketplace.

    Commercial Mortgage Loans can be either recourse or non-recourse in their design. In a typical recourse loan the borrower(s) is personally responsible for the loan in the event that the loan is foreclosed and the proceeds are not sufficient to repay the loan balance in full. In non-recourse loans the property is the collateral and the borrower is not personally held responsible for the mortgage debt. In typical non-recourse loans a provision called “bad-boy clauses” are part of the loan documents which state that in the event of fraud, intentional misrepresentation, gross negligence, criminal acts, misappropriation of property income, and insurance windfalls, the lender can hold the borrower(s) personally responsible for the debt of the mortgage.

    Understandably, in commercial mortgage negotiations the lenders prefer recourse loans where the borrowers would prefer non-recourse loans. In the process of underwriting the lender and borrower(s) work to create a loan that meets both parties need and objectives and if an impasse presents itself – the loan is not issued.

    The world of commercial mortgages offers investors the ability to participate in a marketplace that can have attractive yields, principal safety through lien positions on real estate assets, and durations (12 months to 5 years) that are acceptable to most. The creation of ongoing monthly interest through holdings such as Commercial Mortgage Notes is attractive to both consumers and institutional investors.

  • The Desperate Agent Model

    The Desperate Agent Model

    Too many Agents operate with Buyers from a desperation or scarcity mentality. They use the four step Desperate Agent Model, applying it over and over again, hoping that the odds some how miraculously swing in their favor at some point.

    1. Talk with the prospect with the objective of building rapport.

    Too often, we believe that, by keeping the prospect on the phone longer and finding commonality or common ground, we will be able to secure their business. We feel that if they like us or think we are nice, we raise the probability of a sale. We want to keep them on the phone long enough to secure their phone number so we can follow-up with them. Our objective as a desperate Agent is to secure a lead. A Champion Agent’s focus is not securing the lead but securing the appointment. The lead has limited value; the appointment has significant value.

    2. Offer to send the prospect… stuff

    The average Agent wants a phone number and e-mail address, so they can send the prospect stuff. There is nothing wrong with acquiring full contact information of a prospect. The problem arises when that is our primary objective, rather than getting an appointment. When sending them properties via e-mail becomes our “be all, end all” form of prospect conversion, we have lost the game of sales. An e-mail contact’s conversion ratio is significantly diminished over a face-to-face or even phone contact.

    The use of prospect matching software for Buyers is so over-used that the perceived value to the consumer is negligible. It’s not a unique feature to any Agent in the marketplace. We often use this excellent tool to make up for our lack of phone contact.

    There is no substitute for the call. I worked with a dynamic young couple in the Atlanta area. They are effective Internet marketers. They had about 300 leads that they even had phone numbers to. These 300 leads were getting property match information based on their preferences as homes came on the market. They produced a couple of deals a month from this Internet strategy.

    When I began to work with them, I asked them why they hadn’t called all 300 of these people that they were “working” with. They said, “We get a few deals a month from this; why bother.” I told them to call all 300 in the next week. They called 79 and reached 39 people at home. Of those 39 they talked to, they set 16 face-to-face presentations. That is a 41% close ratio. They had conducted 11 face-to-face Buyer interviews while committing 7 to a Buyer’s Agency contract. That is a 64% close ratio. They had already sold two homes but expected to sell several more in the next few weeks. They ended up selling six homes in the next 30 days out of their 7 clients, 11 appointments, and 39 leads. They also found out that, of the 40 people they tried to reach for a few weeks, when finally contacted, had already bought and sold with another Agent.

    The sending stuff philosophy of sales cost these Agents in excess of six figures in Buyer side commissions alone. When they booked the appointments, the probability of their income and, indeed, their actual income exploded.

    3. Hope that your stuff is better than that of the five other Agents who are sending them stuff.

    Unless you can prove and clearly show that your marketing materials, philosophy, sales strategies, and track record are superior, it will be rare to convert a Buyer via properties you e-mail to them based on a profile.

    If you secured them through an ad call, sign call, open house, or the Internet, you must assume that other Agents have all the information you do. If you manage to convince them to share their e-mail address, you must assume that five other Agents have it as well. Whoever meets them face-to-face wins.

    We all send the same property matches because they are receiving the same property from every Agent they come in contact with.

    4. Pray that you eventually get an appointment.

    There was a huge difference in results when my couple from Atlanta went after the business by scheduling an appointment. They stopped waiting for the prospect to call when they were interested in a home. They went after the prospect other Agents knew about but were waiting for the call, just as they used to.

    When I say appointment, I am not talking about an appointment to show property. I am talking about an appointment to conduct a Buyer interview; to determine the desire, need, ability, and authority of the prospect; to assess the odds of you servicing this client and earning a commission. Pretend for a moment, you were a personal injury Attorney. As a personal injury Attorney, you offer a free consultation. The reason you want the consultation is to determine the probability or odds of winning the case. A Champion Agent’s focus is the same. We are evaluating the prospect based on the odds of achieving the client’s goals and serving them well. We also are evaluating how much we will earn, how soon we will earn it, and what it will cost us in time, effort, energy, emotion, and dollars invested.

    A Champion Agent knows the primary objective of a sales call, either inbound or outbound, is an appointment. The truth is that Champion Agents have more appointments than other Agents. They make more money because they have more appointments. Lower performing Agents look at the Champion Agents in awe. They think there must be something magical about the way they operate. The truth is they are more fundamentally sound in their philosophy, skills, and focus. They know clearly the objective is a greater number of appointments.

    Lower performing Agents are too much in need of “The Deal”.

    They often show need, even desperation to secure a new client.

    Champion’s Rule: “When you need it more than the prospect, you lose control.”

    If you need the deal more than the client needs you… you have lost. It’s hard to take the risk, create a little tension, close assertively if you need the deal to cover your mortgage or other bills. To be effective and successful in sales, you have to be willing to risk losing the prospect or client. This willingness is first in the form of asking people for an appointment to meet. It is followed with the conviction that you ask the prospect to work with you using the service system that you have laid out for them. You are the expert, so why not use your system for service? It’s hard to guarantee successful results if you use someone else’s system or approach to home purchasing, especially the Buyer’s.

    A Champion Agent is an Agent in command. They are in command of the prospect, their client, the service they provide, and how they provide it. They are also in command of their time and knowledge. Most other Agents are on demand. They are at the beck and call of the prospect, client, other Agent, or other people in the transaction like the Lender, Inspector, and Appraiser. The need of the deal can cause an Agent to lose all control. Being willing and able to walk away from a prospect if they don’t follow your procedures in doing business increases the odds of you earning your value. As an Agent trying to reach the Champion Agent level, you need to act as if you are a Champion now… already.

  • Using Cyprus Property Services

    Using Cyprus Property Services

    O.K, so you have signed your contract with the Cyprus property developer and it’s all systems go for that dream home in the sun. But who is going to take care of your property whilst you are not using it yourself? This is a matter of real importance especially if you are going to be renting that villa or apartment out to other holiday makers too. The chances are that you are going to need to employ the services of a Cyprus property maintenance company to take care of things during your absence. The problem of course is finding someone you can trust with access to your apartment or villa whilst you are thousands of miles away. If you are beginning to get the picture it will be apparent that there is more to this property maintenance than just a bit of a sweep round and some window cleaning.

    Most Cyprus property services companies will offer a tailor made package to suit your specific requirements from basic cleaning through to a total home care package. They can deal with anything from minor repairs to the cleaning and maintenance of your swimming pool too. Linen and regular maid services can be included and even the collection and delivery of your holiday makers from the airport. In fact all those little details that will need attention can be included in your contract with the Cyprus property maintenance company. Sometimes it’s a good idea to have someone look over the house or apartment once in a while even if you don’t intend to rent it out to anyone when you are not there.

    Many of these Cyprus property services companies will also offer a full letting service too. When combined with all the other services they offer it can make perfect sense to allow them to deal with your holiday lets as well. It makes a great return on your investment and funds any ongoing expenses you are likely to incur including the cost of the property maintenance itself. The holiday rental market in Cyprus is huge and continues to grow as peoples booking habits evolve. More and more folks are preferring to “build” their own holiday packages including flights and accommodation rather than using a travel agent based package tour.

    The growth in the internet as a means of instant price comparison has fueled this expanding rental market and there are plenty of willing Cyprus property owners ready to supply it. Many owners of new apartments and villas in Cyprus have purchased their Cyprus properties solely for investment purposes. These folks have purchased now before prices go beyond their reach but don’t want to use the property until they are ready to retire. They have decided to rent them out as long term lets on yearly renewable contracts to earn an income whilst they are not using themselves. Although the income for long term rental is only about 25% of that achieved from holiday lets it is more sustainable over the long term and the maintenance is also less intense.

    The Cyprus property services also offer contracts for such lets including collection of rent and property maintenance too. They can also make sure that your tenants pay for any work carried out beyond the scope of the owners responsibility such as blocked drains or accidental damage etc. There is nothing worse than having the hassle and frustration of a problem thousands of miles away and no one to deal with it for you. Property has always been a good investment and property in Cyprus is no exception so if you want to protect your investment perhaps you should use Cyprus property services.

  • Buying Scenario: CBD – 3 Bedroom Apartment in Nairobi, Kenya

    Buying Scenario: CBD – 3 Bedroom Apartment in Nairobi, Kenya

    As the process and costs of buying real estate in Kenya can vary by location and property type, this scenario helps explain one of the most popular real-estate investment options: a 3 bedroom apartment in the CBD of Nairobi.

    Buying any real estate in Kenya is an easy process guided by Kenyan property laws and regulations. Be it as it may, the process will often differ slightly based on the type of property you want to buy and how you are going to finance the property investment. Location is always a factor that can change the process of buying property in Kenya with those located in urban settings requiring additional authorizations and documentations than those in rural areas.

    Being a minefield of inefficiencies and bureaucracy, buying property in Nairobi should be approached with caution and it is important for you to be aware of the numerous loopholes that you need to jump to obtain your desired property.

    Steps guiding the purchase of a 3BR apartment in Nairobi’s CBD

    1. Contract a real estate agent (commission of 5.51%)

    • An agent will not only help you search and compare the various 3br apartments available, but they also have critical information about where it’s best to invest and the rates charged in various locations within the CBD.

    • There is upper Nairobi CBD that has upscale 3br apartments that are more sophisticated and costly than those located in lower parts of the CBD.

    • You will need to pay the agent for searching and viewing fees of approximately Ksh2,000 and Ksh1,000 respectively.

    2. Hire a lawyer (rate of 1.5%).

    • After the agent helps you to find the right property, a lawyer will guide you through the buying process.

    • The lawyer will conduct a title search of the 3br apartment to ensure it is registered at the Lands Registry and Registration of Persons Bureau (cost of Ksh500).

    • Upon confirmation of the ownership, you can go ahead and begin the negotiation process

    3. Pay deposit (10-30%)

    • After terms of sale have been agreed, you will be required to pay refundable deposit with the rest due at the end of the transaction.

    • If a lender is to finance part of the property, you must pay the seller’s lawyer the part that is not financed while the lender’s lawyer or your lawyer must furnish the seller’s lawyer with enough professional responsibility to secure sum of the financed part.

    • Stamp duty worth Ksh20 is obtained for the duly signed sale agreements.

    4. Lawyer prepares for property transfer.

    Your lawyer will obtain:

    • From the Nairobi City Council the rates clearance certificate

    • From Commissioner of Lands the land rent clearance certificate

    • Consent of transfer (approximately Ksh7,500).

    • From the Lands Office a stamp duty, paid for using a banker’s check worth Ksh600

    Your lawyer will also arrange a property inspection, property valuation and finally, the registration of property transfer.

    5. Settle the balance with the apartment seller.

    • Legal fees and taxes are paid 30 days after ending the transaction.

    • From this stage, you are a proud owner of a 3br apartment in Nairobi’s CBD!

    • Remember that foreign investors have to pay 30% of gross rental income and 1% annual property tax.

    • Additional fees may be incurred such as survey fees, valuation charges and utility fees (electricity and water), etc.
  • Realtor Phobia

    Realtor Phobia

    Some how in the world of buying and selling, there are few people who seem to have more power than they understand having. These people include loan officers at the bank, police officers and believe it or not, real estate agents. There are some home buyers that are afraid to call the number listed on the outside of a home for fear that the real estate agent will want to “meet” them in person. For some unknown reason, new home buyers think real estate agents will hassle them on the same level as a car salesman. That belief could be no farther from the truth.

    I Will Get You In a Home Today!

    The car salesman has one aim and one aim only. That aim is to get the potential car buyer into a car that same day. The real estate agent, on the other hand, understands the fact that there is literally no way possible to get a home buyer into a home in one day. The fears many first time homebuyers or new home buyers have about the real estate agent is as close to absurd as you could possibly get. But, where does this the fear begin?

    Most often, word of mouth about a bad real estate experience is what the buyer ends up with a fear of the real estate profession. Home buyers have heard from a friend or friend of a friend that the real estate agent they worked with on their home sale or when they were trying to buy a home was cut throat and tried to force them into a home they didn’t like. This fear then passes down from friend to friend to the potential home buyer looking at the home you have listed. If a home buyer takes that chance and calls the number posted on the outside of the home they are immediately on guard; waiting for the real estate agent to request a meeting.

    How Does the Real Estate Agent Beat Fear?

    The best way for real estate agent to deal with the potential home buyer fear of meeting up with the agent is to suggest an open house in the future, or offer to show the family the inside of the home before meeting up with them in your real estate office. If the potential home buyer likes the home they will be more likely to drop that fear and talk with you about possibly purchasing the home. It is important when you meet the family or couple for the first time to offer them as much information as possible about the home; both good and bad. By being completely open with the potential home buyer about the home they will immediately fear less and trust more.

  • Successful Real Estate Agents Use 5 – Steps To Answer/ Address Questions And Concerns

    Successful Real Estate Agents Use 5 – Steps To Answer/ Address Questions And Concerns

    Although, there are far – more, real estate agents, than successful ones, it might be helpful, to analyze, consider, and understand, what, the best ones, do, which makes them, stand – out, from the crowd! One of the key areas, which, often, differentiates, between, them, is, how they address concerns, and answer questions, effectively, and to, the best, of their abilities, and, to the satisfaction of one’s actual, and/ or, potential customers, and/ or, clients. After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I believe, strongly, using the 5 – steps, which, effectively, address concerns, and answer questions, not to the agent’s satisfaction, but to his clients. Therefore, this article will attempt to, briefly, consider, review, address, and discuss, why this approach, makes sense, and is effective.

    1. Carefully listen: Don’t make the mistake, of trying to prejudge, what someone’s concerns, are, and, carefully, thoroughly, listen, and, then, ensure, you truly understand, what’s being asked! Too often, individuals rush to respond, which sometimes, opens – up, the so – called, Pandora’s Box, and, thus, create more concerns, and questions, which the other person, didn’t previously possess! A simple way, to do this, is to say, something like, In other words, your concerned about, and state, what you think, he said, Do not proceed, to the next step, until you are certain of this first one!

    2. Empathy: Since, for most of us, the value of our house, is our single – biggest, financial asset, and, many consider, home ownership, to be one of the essentials of the so – called, American Dream, the reality is, these people, are seeking, an agent, who cares, about them. Proceed, with the utmost degree of genuine empathy, by listening, far more than speaking, and openly, focusing on the client’s best interests (actual, and/ or perceived). One effective way to word – this, is, I can perfectly understand, how you feel, In fact, I felt that way, and so did, many others.

    3. Fully answer to their satisfaction: Transition this discussion, by adding, Until they realized a few things. Then, fully answer, to their satisfaction, and not, merely, to yours. Wait for some indication, either a gesture, body language, nodding, or verbal statement, indicating, they understand.

    4. Create/ recreate the need (inspire and motivate): Depending, on your relationship, and when the concern was addressed, you need to, either, create, and/ or, recreate the need, in an inspiring, and motivating way. Using expressions, such, as, In light of what we’ve discussed, and reviewed, often, moves the discussion, forward, effectively!

    5. Close the deal: Although, the previous four steps, are important, and necessary, unless/ until, an agent, closes the deal, by creating a meaningful, meeting – of – the – minds, and a true agreement – level, the process, will not move forward, in the most meaningful way!

    Success comes from practice, discipline, commitment, knowledge, action, and consistency! Will you commit to these tasks, and skills, etc?

  • Jamaica Real Estate Agents – How They Operate

    Jamaica Real Estate Agents – How They Operate

    If you are thinking about starting a real estate career in Jamaica, you have to understand that this is different from the regular 9-5 jobs. To be successful, you are required to generate good leads, which will provide you with clients in order to get paid. During your interview with any of the top companies in Jamaica, it is a must that they will ask you about your sphere of influence (SOI) or pipeline. This basically means the leads that you currently have, for instance if you want to focus on commercial properties in New Kingston, it would be necessary to have strong connections to generate good leads.

    The New Kingston area in this city is considered to be the business capital and boasts head office for virtually all companies, hotels, top restaurants, foreign embassies, apartments, banks and more. So, immediately you know that the competition would be strong in this location and will require you to work harder to get paid.

    If your sphere of influence is empty and you cannot get properties to sell or perhaps get investors to rent or buy, then you definitely cannot generate a solid income. A real estate agent lives from the commissions made from rentals, sales or referrals, so basically, no client equals zero dollars. The real estate market in Jamaica is currently experiencing a downturn, with high interest rates and less people able to purchase properties.

    So, it might not be a good time to enter this field, especially if you are not equipped with a killer sales skill, some good leads and a lot of patience. It can be pretty difficult to break into this market, particularly in the Kingston and St Andrew areas. This is where you will find the majority of Jamaica real estate agents and brokers, so it would not be an easy play field.

    However, if you really want to give it a try, by all means go ahead, as the market is likely to bounce back in the next couple of years. The best way to do this is to start off as a part time agent and have a job that can provide some additional income on the side. But, as soon as you start you should start gathering leads and learn as much as you can about this business in order to be ready when the market gets back some momentum.

    You can get leads from different mediums and not just from the people in your immediate circle. Good leads can come from emails, newsletters, fliers, newspaper advertisements, referrals from past coworkers, dinner parties, grocery shopping or just about anywhere. The possibilities do exist, sometimes they might not be noticeable, but if you are proactive and eager for work it will happen sooner than you think.

    One of the best places to look is in the real estate classifieds that come in the Sunday Gleaner. Most of the times the persons trying to sell on their own will gladly welcome the help and you could get 2 or 3 new clients each week. Keep in mind that some are up-to-date with the happenings in the market and will prefer to sell on their own or just simple to avoid paying commissions.

    You are more likely to find this resistance for the high-end properties, such as a prime beachfront lot on the north coast which is suitable for tourist development. But, the bottom line is that they might not be knowledgeable with the entire sale process and you just might be able to convince them to give you the listing. Good luck!

  • Real Estate Market Scenario in Navi Mumbai

    Real Estate Market Scenario in Navi Mumbai

    Mumbai has been shining with glory when we talk about the types of residential properties, ranging from the apartments to lavish bungalows. Mumbai has offered shelters to both rich and poor. The prices of the residential properties in Mumbai have been skyrocketing, and this gave the suburban areas around Mumbai to flourish. One of such areas is Navi Mumbai, because residential properties are relatively cheaper here, and in the near future, the prices will certainly soar as the demand is on the rise.

    Vashi and Kopar Khairane have been the areas that have witnessed some different real estate trends in the recent time span of 2-3 months. Vashi has marked itself as a rental destination, while the Koper Khairane is not the investment hub.

    According to the latest market reports, Vashi has seen a sudden hike in the monetary values of the apartments, past few years because of increased demand of the residential properties and the absence of new supplies. This situation is quite tough, as it has made the residential properties in Vashi unaffordable. The market value of Vashi is up, and this is the reason why people wish to buy a property there and get settled. However, seeing the increased prices of the residential properties, investors have now opted for rented accommodations.

    Vashi: If the sources are to be believed, there has been a constant rise in value of residential properties, particularly apartments. In addition, the construction of new buildings in the area also could not fulfill the increased demand of residential properties. This condition has created a tough situation for the realty segment and has made properties in Vashi unaffordable for the middle class, particularly the lower middle class section.

    Kopar Khairane: There is a continual hike in the rental rates in Kopar Khairane since 2008, and since then they have been very stable. The rentals of the residential properties in the Vashi and Kopar Khairane for a one, two, three, and four BHK apartments are available in varied ranges, which are INR 14,000, 16,000, 18,000 and 30,000 respectively. The rentals of the properties also depend on the locality and number of rooms. If the property has big parking space available, the rent can go up without any doubt.

    People who are considering buying a residential property in Vashi, have shifted their focus to Koper Khairane due to obvious reasons, which are the affordable rates of the property. According to the experts, there is a clear difference of around Rs 3000-4000 per square feet between the prices of properties in Vashi and Kopar Khairane.

    If the apartments in Vashi are available in a range of Rs 10,000-11,000 per square feet, then the same are available in a range of Rs 7000-8000 per square feet in Koper Khairane.

    Currently, Navi Mumbai has been the target of the real estate builders and developers, and a number of residential projects are going to hit the zone, which will certainly solve the space crunch for the increasing population within the city. In addition, a number of multinational companies and corporate giants are opening up their offices in Navi Mumbai, thus generating newer job opportunities for the residents and making the place a hot spot for real estate investments.

    Seeing the broader scope of real estate investments in the area, NRI are also considering Navi Mumbai as a potential investment zone. Mostly, NRI have made investments in the big commercial properties, and the demand for the same is surging day by day.