Earn MiCP Designation (Masters in Commercial Property) with eXp Realty

Are you a Realtor interested in joining eXp Realty, but would like to do both Residential and Commercial transactions? Now you can!

Earn a MiCP® Designation (Masters in Commercial Property) with eXp Realty to gain the knowledge and certification to promote your knowledge to your clients.

This is an Exclusive Offer: Only available to eXp Realty Worldwide and Commercial U.S. Agents.

Commercial real estate is a far different animal from residential real estate. But a rare opportunity – at huge savings – is now available to learn about commercial real estate and even receive certification.

The eXp Commercial Learning Center covers the basics of commercial real estate. This course includes online, on-demand training so you can go at your own pace and on your own time.

The cost is $249, a fraction of this curriculum’s value of $6,500

Instructor: Clifford Bogart, eXp Commercial Designated Managing Broker. Mr. Bogart is a Certified Commercial Investment Member (CCIM) and an instructor at CCIM. He is also a Counselors of Real Estate (CRE) member. These two prestigious designations define Clifford as an expert at a rigorous level of commercial real estate.

Anyone who completes the training can be tested and, upon successful completion, be awarded the MiCP® Designation (Master in Commercial Property). The cost to be certified is an additional $95. So for a total cost of $344, you will get CRE training AND certification for a few hundred dollars compared to thousands that it would normally cost.

eXp Commercial’s own senior instructors will teach the fundamentals of starting and building a successful career in commercial real estate. Topics include:

• Overview of Commercial Real Estate
• Property Types, Characteristics, and Transaction Opportunities
• Leasing Process: Tenant Representation Process & Documents
• Sales Process: Step-by-step Process and Documents
• Evaluating Investment Property: Underwriting and Risk Analysis

Bonus Course: Systems for Success (SFS) 10.0

As a bonus, the Systems for Success (SFS) 10.0 course will also be offered by a leading commercial real estate expert whose name we’re not allowed to reveal here. But, this person is a highly regarded and sought-after commercial real estate expert who will deliver information on business development, finance, team best practices, technology, professional development, and commercial real estate fundamentals. With more than 100 educational videos, interactive workbooks, and corresponding slideshows, this course covers topics including:

• Laying the Prospecting Foundation
• CRM: Your Bread and Butter
• Prospecting With Intent
• Selling By Phone
• Best Practices for Tenant Rep/Occupier
• Best Practices for Landlord Rep/Agency
• Winning Assignments Through Whiteboarding
• Presentations that Win
• Negotiating to Win
• And much, much more!

Commercial real estate contains a wide spectrum of types of CRE, including office space (standalone and high-rise opportunities), retail space, land, multi-family, and more. This is a phenomenal opportunity at huge savings for anyone who wants to break into commercial real estate.

Request Further Information/Join

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https://www.creconsult.net/market-trends/earn-micp-designation-masters-in-commercial-property-with-exp-realty/

How to Upgrade Your Property but not Over Improve it

How to Upgrade Your Property

 

If you are running a Class B asset, it can sometimes be hard to compete with the newer, nicer properties.  They have amenities and features (and many times, even a budget) that you just don’t have.  However, as markets get more competitive, it is necessary to keep your community looking sharp and up to date in order to attract quality tenants who will care for your property.

Property improvements and upgrades can be expensive.  And, it is easy to over-improve.  I’ve been guilty of it several times.  But, over the years, I’ve learned a few key practices and thought processes to maximize the return on your property upgrades and to help you select the improvements that will become a profit center and not just a cost. With that in mind, here are a few things to consider…

Know Your Market.  A word of caution, before you start, you need to do your homework.  The location of your property, the people working in the area, and the nearby amenities will all help determine what the right features should be for your property.  You don’t want to waste your money on amenities that don’t add value to your tenant demographic or that won’t get used.

Not everyone wants or needs a dog walking area or a bike room.  Survey your current residents for what upgrades they want – or, if you think you will be changing your tenant profile, determine your target demographic, and look to what the newer properties are offering to that market.  You might be surprised at what features and amenities are priorities to your target market.

 

Go For a ‘Wow’ Feature.  Make your property stand out.    One of the first goals in adding value is to differentiate your property.  Your goal is to create something at your property that the prospect wants, but that they can’t get anywhere else – at least not in your price range.  This might mean, for example, creating a large, walk-in closet, complete with a high end closet organizing system versus the other properties that just have a standard closet.  If you’re renovating your unit, think about how you can steal space for this.  Most units these days are lacking in storage space.

It could be a unique common area amenity like a great BBQ or pool area.  It could be unique services that you offer.  Even doing a two color paint job vs. one color in the units can make a difference.  Maybe your future residents get to choose from a palette of colors.  Whatever it is, the key is to make your property stand out in the mind of the prospect.

If nothing else, I try to add a few features in the apartment that are ‘one step up’ from what the prospect might expect in comparable priced units.  This might mean a nicer appliance, or electrical outlets with USB ports.  The key is to be different and better in the mind of the prospect.

 

Think upgrades that have Operational Benefits.  Think improvements like using LED lighting to save on energy bills, or adding a camera system that not only makes residents feel secure, but helps eliminate some of the problems you’ve had at your property.  Perhaps upgrading the bath vent fans in the units to ones that are quieter and have stronger air flow.  This not only make your tenants happier (to not have that noisy vent fan), but reduces the chance of mold developing.  The list goes on and on.

Energy savings is a great area to look at.  Smart lighting systems or thermostats not only save money and energy, but also have a ‘cool’ factor (pun intended).  How nice would it be for your resident to be able to turn on their air conditioning 30 minutes before getting home.  Or, with a smart lock, to be able to let in their guest, even when running late.

I once rented an office at a co-working space.  The hallway lighting was motion activated, and monitored what times people tended to be in the offices and when they left.  This helped keep the hours that the heat and air conditioning were on to a minimum, while still keeping us, as tenants, comfortable.  You can do something similar at your property.

 

Think Amenities that Bring People Together.  Renters today are looking for a sense of community.  You want that too – encouraging connection amongst your residents keeps them happier and keeps them longer.  That means less turnover for you and a building that becomes more in demand as residents encourage their friends to move to your property as well.

People spend so much time on technology these days, that they are looking for more human interaction in their community.  Providing an amenity that aids in the meeting of fellow residents is the type of thing renters are looking for in their living experience.

You might have unused or underutilized outdoor space that could be converted into an area for social gatherings.  Common cooking spaces, dog parks, community gardens, or rooftop decks and coffee bars are all places residents can gather to get to know each other.  Creating great community amenities that encourage mingling and socializing is a great use of your renovation dollar.

When planning your renovations, always select your projects with intention.  When it comes to attracting and keeping quality residents, the amenities and upgrades you choose make a big difference.  Residents today are looking for amenities that provide convenience and a sense of community.  Your goal is to meet those needs and do what you can to keep them longer.  Remember, reducing turnover makes you money in the long run.

A word of caution - Always keep the base level of your competition and the reputation of the neighborhood in mind.  People will only look in a certain price range in any given neighborhood.  Above that, they go to the ‘next best’ neighborhood to look.  I wish you great success in your next renovation.

 

Source: How to Upgrade Your Property but not Over Improve it

https://www.creconsult.net/market-trends/how-to-upgrade-your-property-but-not-over-improve-it/

Commercial Real Estate Cost Segregation 2022 Tax Deadlines

Cost segregation is the method of re-classifying components of your commercial building from real property to personal property. This process allows the assets to be depreciated on a 5-, 7-, or 15-year schedule instead of the traditional 27.5- or 39-year depreciation schedule of real property. Thus, your current taxable income will be greatly reduced, and your cash flow could increase by 5% – 8% of your building’s cost.

Please see below eXp Commercials' Cost Segregation national partner's internal deadlines for the upcoming tax season for those who file timely:

March Tax Deadline (3/15/2023)

Internal Deadline is 1/20/2023 - All relevant data to complete the project must be received by this date in order to ensure timely delivery of the study for the March tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

April Tax Deadline (4/18/2023)

Internal Deadline is 2/20/2023 - All relevant data to complete the project must be received by by this date in order to ensure timely delivery of the study for the April tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

Please Contact Us to order your Cost Segregation Study.

 

https://www.creconsult.net/market-trends/commercial-real-estate-cost-segregation-2022-tax-deadlines/

Commercial Real Estate Cost Segregation 2022 Tax Deadlines

Cost segregation is the method of re-classifying components of your commercial building from real property to personal property. This process allows the assets to be depreciated on a 5-, 7-, or 15-year schedule instead of the traditional 27.5- or 39-year depreciation schedule of real property. Thus, your current taxable income will be greatly reduced, and your cash flow could increase by 5% – 8% of your building’s cost.

Please see below eXp Commercials' Cost Segregation national partner's internal deadlines for the upcoming tax season for those who file timely:

March Tax Deadline (3/15/2023)

Internal Deadline is 1/20/2023 - All relevant data to complete the project must be received by this date in order to ensure timely delivery of the study for the March tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

April Tax Deadline (4/18/2023)

Internal Deadline is 2/20/2023 - All relevant data to complete the project must be received by by this date in order to ensure timely delivery of the study for the April tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

Please Contact Us to order your Cost Segregation Study.

 

https://www.creconsult.net/market-trends/commercial-real-estate-cost-segregation-2022-tax-deadlines/

Commercial Real Estate Cost Segregation 2022 Tax Deadlines

Cost segregation is the method of re-classifying components of your commercial building from real property to personal property. This process allows the assets to be depreciated on a 5-, 7-, or 15-year schedule instead of the traditional 27.5- or 39-year depreciation schedule of real property. Thus, your current taxable income will be greatly reduced, and your cash flow could increase by 5% – 8% of your building’s cost.

Please see below eXp Commercials' Cost Segregation national partner's internal deadlines for the upcoming tax season for those who file timely:

March Tax Deadline (3/15/2023)

Internal Deadline is 1/20/2023 - All relevant data to complete the project must be received by the CSSI home office by this date in order to ensure timely delivery of the study for the March tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

April Tax Deadline (4/18/2023)

Internal Deadline is 2/20/2023 - All relevant data to complete the project must be received by by this date in order to ensure timely delivery of the study for the April tax deadline. Relevant data needed includes the site survey, building cost basis/depreciation schedule, blueprints (if available), appraisal (if available), and construction/improvement cost detail (if applicable).

Please Contact Us to order your Cost Segregation Study.

 

https://www.creconsult.net/market-trends/commercial-real-estate-cost-segregation-2022-tax-deadlines/

2023 eXp Commercial Commercial Real Estate Symposium

REGISTER TODAY

The Commercial Real Estate Symposium will provide junior and senior agents and brokers with valuable insights on topics, including: international opportunities, capital and funding for small businesses in today’s market, how to attract investors, and much more.

Dates: April 25-26, 2023
Start Time: 9 a.m. - 4 p.m. CST
Location: eXp Commercial Campus

We look forward to seeing you in the metaverse!

Important: Please download the virtual eXp Commercial Campus prior to the event, and follow the instructions to login and create your avatar. Feel free to explore the campus before the event begins.

 

+ Add to Google Calendar   + Add to iCalendar

 

Interested in Joining eXp Commercial as a Commercial Real Estate Agent?

Further Info

https://www.creconsult.net/market-trends/2023-exp-commercial-commercial-real-estate-symposium/

Show Don't Tell - Using Data to Drive NOI

Using Data to Drive NOI

Real-time data helps multifamily leaders make better decisions, faster; ultimately being the key to driving NOI. We’re big proponents of using data to show your people what to do next versus telling them what to do. It’s a crucial practice to driving sustained organizational revenue and winning as a team in an industry that lags others in terms of innovative practices.

Here are three actionable use cases that our team presented at the RETCON 2022 Conference to illustrate the NOI power of showing versus telling.

Marketing Case - Show What Ifs

A multifamily client (Asset Manager) was faced with a New York property that was falling short of its occupancy goals despite a relatively high-cost unit marketing spend.

Instead of immediately increasing their marketing spend, they dug into the data and found:

1. Property Lead to Visit conversion exceeded the NYC market’s (37.9% vs. 24.6%)
2. Property Visit to Application conversion lagged the NYC market (8% vs. 43.2%)
3. Property Cost per Lead is $65 compared to the NYC portfolio average of $50
4. Property Cost Per Lease of $844 compared to the NYC portfolio average of $500

Here’s where the rubber meets the road. Conversion after touring was less than half of other NYC projects. This revealed a few great opportunities:

• Was Marketing overselling? Was Leasing following up? Was pricing right?
• What were the reasons the property couldn’t convert prospects?

While it may seem counter-intuitive to reduce Marketing spend while trying to drive more traffic, using the data to play out what-if scenarios (traffic conversion to application, optimizing traffic sources, etc.) allowed the client to focus on key areas to drive efficiency and effectiveness.

Visualization Case - Show Trends

In the first month of a lease-up, another multifamily client (Owner Operator) was reviewing the leasing velocity data of their high-rise development. They started their conversation with a look at the occupancy and availability through their elevation visualization.

This allowed them to visualize current data using 2D, 3D, and geospatial models of their lease-up. Seeing some floorplans/stacks lease more quickly and others more slowly, they found there was something geographically appealing about a particular side of the property.

This revealed a big opportunity:

• Add the $500 amenity fee to applicable units before losing more revenue
• Double-check for other missed amenity fees across the property

Data visualization allowed the team to quickly spot this unusual trend and gain clarity around unit-specific nuances that were impacting leasing and NOI.

Renewal Case – Show Variables

We’ve all heard the age-old saying that it costs more to hire a new employee than it does to retain one. Well, the same goes for multifamily, thus the importance of effectively managing renewals, which often make up 50% or more of a property’s NOI.

A multifamily client (Owner Operator) built an analytically driven culture and NOI within their organization by deploying a Renewal Negotiation Dashboard that co-mingles data from different sources so that Community Managers could see all the variables that might play into a resident’s decision to renew their lease or not.

The following data provided all the answers to questions that a resident might raise during a renewal discussion and empowered managers to know the entire lease story for any resident who walked through the door within minutes.

• Financial data - ledger information to see whether there were outstanding amounts owed
• Revenue management data – to see how market rates were trending vs. the offered rent
• Leasing history data – no matter who handled the renewal, they had all the information
• Service requests data – gauge a resident’s satisfaction with the quality of the apartment

By making this data available, Community Managers across the organization were empowered to gauge when they were in a position of strength to negotiate or weakness.

These are only a few examples of wins that have come out of using data to show versus tell. What could your data be showing you? How could you be using data to lead your teams to faster and better decisions? Is your data hindering or driving your NOI?

 

Source: Show Don’t Tell – Using Data to Drive NOI

https://www.creconsult.net/market-trends/show-dont-tell-using-data-to-drive-noi/