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AARE Monthly Newsletter - Catching a Last Minute Rehab Problem... Don't Let it Happen to You!

 

 

 

AARE Monthly | May 2013    

 

 

 

Hi Kevin,

 

In this issue, read about the surprising rehab problem our professional designer helped us avoid and the key networking tactics you could be lacking.

 

Also, last month, we launched our Worcester Black Diamond meeting and saw a great turnout of over 100 attendees. We love all the open space at the Fiddler's Green, providing room for so many more new faces!

 

 

Happy Investing,

 
Julia & Nick
 
  @AARealEstate
  @Julia_AARealEst

 

In this Issue:

 

 

INVESTOR'S BLOG

 

Calling in a Pro to Kick it up a Notch

 

Not Your Average Rehab

Our recent acquisition is up in North Hampton, NH – 4,000 sqft overlooking 13 acres and ocean views. Being a coveted coastal town in New Hampshire, this house is surrounded by million dollar listings. As you know, with that higher AVR comes increased expectations and even different design preferences.

 

North Hampton Houses

 

Don’t reinvent the wheel—Modify it

When it comes to our mid-grade rehab projects, we stick to our standards, defaulting to whatever is most simple, commonly-liked, and cost-effective. Finish standards derive from trying things out in one project, getting feedback from agents and buyers, and tweaking it until it is right. The same principle applies to higher-end projects. Our job is to modify the systems we have to fit this type of property and its buyers, while still being realistic about the cost/benefit of upgrades. This North Hampton project will establish our standard finishes for similar properties going forward.

 

One of these finish standards is wall color. Normally, all the walls in the entire house get painted one neutral color, because the cost goes up with each additional color. However, with 4,000 sqft, that can end up looking redundant and just plain boring. Tossing in a couple different accent colors is worth it in higher-end houses. Instead of trying to guess or scour through online articles about “Best Colors for XYZ,” we opted to cut down on the guessing, testing, and feedback gathering by getting an expert opinion.

Time for a Pro

To maximize the benefits of using different colors, we called in Designer and Stager, Julie Chrissis, out of Manchester, NH for a “color consultation.” Being a stager, she understands the investor’s goal of creating a homey feel, while still appealing to as many people as possible. Also, her experience in designing for high-end clients in Greater Boston up to the Lakes Region of NH gives her more frequent insight into what the buyers in this price-point usually request, like, dislike, etc. Possible rooms include the dining room, master bedroom, and bathrooms.

Solving a Problem before it Becomes One

While she was walking through the house, she noticed an issue we hadn’t thought about yet. Vaulted ceilings. The Great Room as well as the Master Bedroom have these wonderfully high ceilings, but it’s not clear where the wall should end and the ceiling should begin. This is something we would not have noticed until project completion when we’d be asking ourselves, “Why does that look funny?”

 

 

Look at the shape of the room. No matter where the white ceiling starts, it will look choppy—defeating the whole purpose of a grand space. So, Julie suggested painting walls and ceiling all one muted color, creating a clean and finished space. See the pictures in her blog post to get the idea.

 

Where’s the Value-Add?

Painting cathedral ceilings won’t add to our resale price. It only optimizes the existing selling feature, while hopefully minimizing Days on Market. (Fewer Days on Market = lower holding costs = increased profit margin)

 

Instead of guessing what buyers want, we went straight to someone who hears it all. By using an expert, not only do we have an updated color scheme for high-end projects, it turns out we minimized an issue that would have otherwise detracted from the house’s appeal.

 

Contact Julie at Chrissis & Company Interiors

 

 

BUSINESS TIPS

Networking Necessities

You already know networking can be highly beneficial to your business; we don’t have to tell you that.

But we can offer a first-hand example of this – most of the people we work with at AARE were originally connections we made at REIA events. So, it’s surprising that people don’t always jump at the opportunity to attend a networking event, when it can be a huge business-boosting tactic. Instead, networking is sometimes dreaded because of the chance it can feel awkward, frustrating, and ambiguous. We get it; you’re not crazy about the risk of possible social torture. But there are plenty of approaches to make networking the exact opposite of that. Here are a few ways to ensure an easy and rewarding networking experience.

 

Tips-for-Networking-Events cropped

Find out about their Personality, Not Just Their Job Description

Don’t get hung up on only learning about the other person’s profession and what they can offer. Just because you are technically there “on business,” doesn’t mean you can’t veer from career topics of conversation.

  • Find out about the person’s hobbies, history, and family members. Learning that Jay the wholesaler has two sons and likes to play golf will make you appear genuinely interested in building a relationship with him, rather than merely seeming interested in what he can offer professionally.
  • Your follow up will sound more thoughtful and therefore get more notice. You’ll be able to ask a specific personal question about how Jay’s son is doing at x school or with x sport rather than just generically asking how his family is.

Be Mindful of Your Body Language

Being nervous is perfectly okay. But letting others see this nervousness is when it becomes a problem. Moreover, you could be presenting negative body language without even realizing it.

  • Just smiling and having a look of interest on your face is not the only thing to consider. Princeton University researchers found in a recent study that body language likely has a higher impact than facial expression in how one is portrayed.
  • Crossing your arms gives a negative cue to others because it portrays tenseness and restriction.
  • Turning your body away from your potential connection can give him the feeling that you aren’t fully interested in what he’s saying and are looking to leave the conversation. But if you are in a small group and want to ensure others can easily join the conversation, standing at a slight angle to your companion can be beneficial in leaving more open space for others.
  • A strong handshake with direct eye contact immediately establishes confidence

Carry a Pen and Those Business Cards Help Too…

If you are like most normal humans, your brain can only remember so much. So why risk forgetting that vital company name or website that so interested you?

  • Writing down others’ suggestions, will not only help you remember what to look up later. It will also show new acquaintances you’re not just all talk and actually plan to use their advice.
  • You’ll look prepared and organized. Instead of simply referencing that recommended program for email marketing, take out your business card and write down the name of it while you’re talking to the new colleague. It will show them that you’re genuinely interested in helping and will give them a way to remember you.
  • Your follow up process will be ten times easier. After chatting with someone, write down something unique about them on their business card. Later on, when you’re going through a huge pile of cards, you’ll be able to put a face to each name.

 

Click here to read more......

 

 

BLACK DIAMOND REAL ESTATE INVESTORS

 

The Perfect Networking Opportunity:


Start practicing these approaches at the Black Diamond “Networking After Hours” event in Worcester on May 21st, at the Fiddler's Green.

 

 

 

AGENTS, INVESTORS, & ATTORNEYS...

 

 

 

We Negotiate Your Short Sales at NO COST to Agents or Homeowners!


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AARE Partner's mission is to provide our investors with solid private lending opportunities and equity partnerships in real estate, resulting in returns that far exceed the traditional markets.
 
AARE Mentor's mission is to provide our students with solid and tested information, strategies,& win-win partnerships, that allow them to TAKE ACTION and succeed in today's real estate market.