ICYMI 2023 State of Market

In Case You Missed it: 2023 State of The Commercial Real Estate Industry.
Join eXp Commercial President James Huang and Economist KC Conway on January 17 for a fireside chat as they discuss the state of the 2023 economy and how you can prepare your business for success in the changing market.
https://youtu.be/zJriGu8bixw

What is the Full Property Life Cycle?

What is the Full Property Life Cycle?

Technology has taken multifamily by storm, yet the adoption of advanced solutions remains behind the curve on the maintenance side of operations. Some operators have finally replaced paper work orders and make-ready white boards with an online service request platform, but many continue to relegate other aspects of the physical property life cycle to antiquated methods.

Service request platforms and maintenance workflow solutions have proven invaluable in the day-to-day management of apartment communities, streamlining the process and eliminating much of the opportunity for human error. However, physical care for a property extends far beyond routine resident work orders. Given the current hiring and retention challenges among multifamily maintenance teams, the efficiencies afforded by technology are required across the board.

The industry must take a hard look at opportunities to empower maintenance teams with solutions built to save time, preserve properties, enhance data collection and increase asset value. There are several points in the property life cycle where operators can deploy solutions to support their teams.

Due Diligence
Comprehensive property inspections are a critical component to assessing the viability of value-add programs, making in-depth due diligence efforts paramount to asset success. Historically, this process has involved paper inspection forms. As with any paperwork system, forms vary due to inspector subjectivity and carry an increased potential for human error. Leading operators have switched to digital, mobile inspection forms that guide inspectors through the process. Customizable digital inspection templates create consistency in the process, as well as immediately accessible data, saving time and improving decision-making.

Procurement
Supply chain issues and increased material costs have created significant procurement issues for property teams in recent years. While visibility into the supply chain remains strained in areas, digital maintenance and inspection platforms reduce pain points associated with the procurement process. For example, using procurement technology, technicians can enter parts and materials needs from the field and link them to specific homes, common areas or amenities. This complete visibility is critical for budgeting purposes and keeps teams organized. Such platforms will soon feature the ability to search parts catalogs and source materials from the field, expediting repair times. They also allow maintenance teams to proactively order parts, appliances and materials in advance to ensure they are on hand when needed.

Asset Tracking
Digital asset tracking systems allow operators to keep a pulse on their communities by logging all property assets, from refrigerators to light bulbs. Searchable asset archives provide the status of warranties, anticipated appliance lifespans, asset replacement histories and backstock inventory, creating a database that bolsters budgeting and efficiency, and takes the guesswork out of property upkeep.

Preventive Maintenance
With everything maintenance teams have on their plates, preventive maintenance often slips through the cracks. In addition to managing the day-to-day duties for maintenance teams, workflow platforms allow operators to schedule preventive maintenance tasks and stave off potential property issues before they occur. A well-executed preventive maintenance program can save a community thousands of dollars simply by averting large-scale maintenance issues. When added to the regular workflow schedule, operators have better oversight of preventative maintenance practices, creating a trackable work history on major property infrastructure and establishing documentation for insurance and compliance verification.

Inspections
No property team looks forward to annual inspections, but the process is shortened and made less painful with the use of digital inspection templates customized for each asset. Also, operators can ensure compliance with a comprehensive inspection platform that requires necessary boxes to be checked. The instant and easily accessible reporting provided through digital inspection platforms also makes it simple for operators to identify and address property needs. It provides transparency at all levels of the organization, keeping everyone informed in real-time.

Disposition
By maintaining electronic documentation throughout an asset’s life cycle, including inspection records, preventive maintenance reports, daily maintenance logs and a comprehensive list of physical assets, the property is well positioned for disposition. When buyers are provided with factual information on the physical status of the property, as well as its maintenance history, it saves them time during their own due diligence process and poises the seller to realize the full value upon sale.

Smart technology solutions exist to support the community upkeep efforts of on-site teams. Maintenance and inspection teams are the first lines of defense against physical property issues, and they shouldn’t be the last to be equipped with the technology needed to do their jobs efficiently and effectively. Digital platforms go beyond saving time and expense by streamlining the routine maintenance workflow. When maximized, they improve budgeting, procurement, troubleshooting, tracking and reporting, reducing overall operating costs and preserving assets in the long run. By taking a holistic approach and empowering teams with comprehensive solutions that account for asset needs throughout the property life cycle, management companies can establish an operational advantage across their portfolios that will benefit them for years to come.

 

Source: What is the Full Property Life Cycle?

https://www.creconsult.net/market-trends/what-is-the-full-property-life-cycle/

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/

Commercial Rate Snapshot January 16 2023

Commercial Rate Snapshot 1-16-2023

These are the average available rates from eXp Commercial's Capital Partner CommLoan database of 700+ commercial lenders as of 1/16/2023 and are provided for comparison purposes only.

*Actual rates are dependent on property and sponsor.

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Receive a Loan Quote from eXp Commercial's Capital Markets Partner CommLoan Thousands of Loan Programs. Hundreds of Lenders One Commercial Real Estate Lending Platform. One-stop shopping and unprecedented access to the capital markets

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https://www.creconsult.net/market-trends/commercial-rate-snapshot-january-16-2023/

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2023 State of The Commercial Real Estate Industry

Join eXp Commercial President James Huang and Economist KC Conway on January 17 for a fireside chat as they discuss the state of the 2023 economy and how you can prepare your business for success in the changing market.

Date: January 17, 2023
Time: 11 a.m. - 1 p.m CST
Location: eXp World > eXp Commercial Auditorium

 

 

+ Add to Google Calendar   + Add to iCalendar

https://www.creconsult.net/market-trends/2023-state-of-the-commercial-real-estate-industry/

ICYMI Comprehensive Intro to Commercial Real Estate - eXp Commercial

In Case You Missed It Comprehensive Intro to Commercial Real Estate - eXp Commercial.
Join us via Zoom for our Comprehensive Intro to Commercial Real Estate event on Jan. 10! Professionals from every industry sector will share their knowledge as we explore commercial real estate fundamentals.
https://youtu.be/XpziGHPtksE

Why Should I Sell My Multifamily Property?

Why should I Sell My Multifamily Property?

There are a number of reasons why people decide to sell their multifamily property, but most can be categorized into three groups: Problems, Opportunities, and Changes.

With this decision though comes the consideration of capital gains tax and how to ensure you are getting the most for the sale of your property.

There are several reasons why people do sell:

Problems:             

• Management
• Vacancy
• Maintenance
• Stress
• Health
• Debt
• Neighborhood
• Interest Rates

Opportunities: 

• Strong Market Values
• Alternate Investment
• End of the Hold Period
• Tax Savings

Changes:               

• Divorce
• Death
• Retirement
• Partnership Split
• Relocation
• Consolidation
• Diversification

What do I do with the sales proceeds? I don't want to pay Capital Gains Tax!

There are several options for sellers to defer or minimize capital gains taxes:

• 1031 Exchange
• Delaware Statutory Trust/Deferred Sales Trust  (DST)
• Tenancy in Common Investment (TIC)
• Installment Sale

How do I know I am getting the most money for my property?

We not only market properties for sale. We make a market for properties we represent. Each offering is thoroughly underwritten, aggressively priced, and accompanied by loan quotes to expedite the sales process. We leverage our broad national marketing platform syndicating to the top CRE Listing Sites with direct outreach to our investor database and an orchestrated competitive bidding process that yields higher sales prices. 

What is my property worth?

Contact Us to discuss what information is needed to complete a Complimentary Commercial Broker Opinion of Value (BOV). 

I’m not interested in selling at this time.

This is understandable as only about 5% of the market trades in any given year. We are also happy discuss any purchase or refinance interests and recommend some physical and operational changes you can make to add value to your property you will appreciate when you eventually sell.  

 

Have you thought of selling your property and would like to know what it's worth? Request a valuation for your property below:

Request Valuation

eXp Commercial Chicago Multifamily Brokerage focuses on listing and selling multifamily properties throughout the Chicago Area and Suburbs.

We don’t just market properties; we make a market for each property we represent. Each offering is thoroughly underwritten, aggressively priced, and accompanied by loan quotes to expedite the sales process. We leverage our broad national marketing platform syndicating to the top CRE Listing Sites for maximum exposure combined with an orchestrated competitive bidding process that yields higher sales prices for your property.

 

https://www.creconsult.net/market-trends/why-should-i-sell-my-multifamily-property/