Why Custom Builders Need to Think Beyond their Business Cards

As far as marketing is concerned, word of mouth is extremely important. But if you are a custom builder, you don't really have to wait for your old clients to pass your visiting card to their friends or colleagues. Custom builders don't have model projects to show. They don't have an in-house marketing team either. As a result, most of them rely on their reputation. As for marketing, their business card is their only tool. However, a smart custom builder can use several other promotion techniques as well.

So, instead of waiting for the clients to come to you, you should reach out to them. Try to engage with your community. Understand what people want and try to offer solutions. Try to position yourself as a resource for designers and architects. They are the people who bring business to you.

Create goodwill

You should share your knowledge with people who will benefit from it. You don't necessarily have to promote yourself. Instead, grab every opportunity to share your expertise. Let people know that you are an expert and they will readily seek your service.

Conduct workshops

You should also conduct free workshops for the general public. Such events can be used to discuss topics such as building a green home or undertaking a remodel. The key is discussing a topic that might spark an interest. This requires an understanding of your audience.

Don't expect an immediate return on your investment, but over the time, these people will come back to you and give you business.

Your website

Your website is one of the most potent weapons in your arsenal. You can use your website to differentiate you from other builders. Add useful articles and how-to guides. The goal is to build a relationship with potential clients. Once you build trust, they will readily leave their contact information. Write about how you can solve their problem.

When you promote your business online, you should be willing to provide high quality photos of your products. Good photos of your past projects or computerized images can bring your project to life. 3D images allow you to create multiple angles of the property even before it is fully built.

High quality images will appeal to a buyer's imagination. The home may take one-and-a half years to build and until it is complete, the buyer has no idea how it will look. Using computer aided graphics you can show the buyer what the finished product will look like.

Offer tours

Another technique that many custom builders employ is that they let their prospects tour the project during the construction and just before the client moves in. This gives potential clients an opportunity to assess the quality of the work before hiring the builder. During these tours you can also point out how your projects differ from others.

Remember that when the work is complete, a green home doesn't look any different from other homes. So if you incorporate green features, you should encourage prospects to tour the property during the construction stage itself. This will allow you to point out the structural and functional differences that will make your home healthier and more energy-efficient.

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Unusual Real Estate: The Sleeper House in Colorado

One of the most interesting and unusual pieces of real estate in the United States is located on Genesee Mountain in Jefferson County, Colorado. It’s referred to as the Sleeper house because it was featured in Woody Allen’s science fiction flick Sleeper. It’s also known as the Sculptured House, and its design features an elliptical curve and a spaceship look:

 

Once listed as one America’s Ugliest Mansions by Forbes, this home was built in 1963 by architect Charles Deaton. The budget for building the Sleeper house ran out before the house was even finished. The home sat vacant and unfinished until 1999 when it was finally purchased. The interior was completed in 2003 by Deaton’s daughter. It was sold in 2006 to a Denver entrepreneur, and by 2010 the owner could not make the payments. The home was sold again under a foreclosure auction that same year.

Here’s a great view of the Sleeper House featuring the beautiful Front Range:

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How Technology Can Help Builders Work Smarter

More and more builders now rely on technology to run their businesses better. Technology helps builders reduce costs by organizing their information better.

Automated payment systems, for example, can eliminate costly mistakes that might arise from double paying vendors. In addition, they prevent the vendor from changing prices without your knowledge. 

There are apps for scheduling and they work really well. They can email reports to traders and contractors.

DIY Technology

Some real estate companies have built their own operating systems. When an organization has its own operating system, it will have a better control over functions such as scheduling, purchasing and customer relationship.

Paperless offices are becoming the norm. Here is how to use technology to your advantage:

Blogs and websites

Your website is a great tool to connect with your existing and potential clients. Is it fully functional? Does it provide value to the visitor?

Surveys conducted among home shoppers reveal that they prefer to search online before visiting a property. If you have a search engine optimized site, you will get targeted visitors to your homepage. Post compelling descriptions and photos of your homes on your site.

Your website is a sales center where you can showcase your homes. In addition, it allows you to capture valuable information about potential clients. Using interactive tools, you can even recommend structural changes online. Many websites offer live chat facilities, so that customers can fix appointments to visit model homes and interact with salespeople.

You may also consider adding homeowner portals to your site. They will allow the buyer the opportunity to watch their houses being built. Also include information about community areas on your site. You can also offer do-it-yourself video guides about construction topics.

Sales management

These tools can create an automated system that can manage every step involved in home buying. Besides helping you generate leads, they will also allow you to handle leads acquired from traditional and online channels. You can also generate reports that will let you know if a particular strategy is working or not.

Scheduling and purchasing

Proper estimating, scheduling, and purchasing are essential to cut costs and make profits. There are comprehensive apps that let you manage these vital processes. Since these applications allow you to share documents with every stakeholder mistakes and misunderstandings are unlikely to happen.

Warranty

When you have a Warranty system in place, you can ensure that people who bought your homes are happy with the purchase and ready to recommend your company to their friends or relatives. A comprehensive warranty system can schedule building inspections. Builders can also track warranty requests online and recommend work orders. Thanks to the reporting programs, this system also aids quality control and vendor analysis. Since it monitors inspection requests, recurring problems can be handled effectively.

Accounting

A sophisticated accounting system will keep your processes in order. It can handle automated payments, payroll and trade invoicing. In addition, it can generate reports which will keep your budget on track.

Even if you are not willing to spend lots of money on an integrated OS, there are several tools that allow you to work smarter and quicker. For example, Skype and FaceTime enable video conferencing in real time. Dropbox, another open source app, is used by several builders to share photos and documents.

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Should Real Estate Agents Discount Their Fee?

Do you really believe that your service is better than the service offered by your competitor? Have you got anything to prove that you can sell the property for a higher price or in less time? Can you prove that you can provide better value? If so, the value of your service exceeds the fee you charge.

Unless you are convinced that you are worth what you charge, you may find it difficult to defend your fee.

Prove it with concrete evidence

Agents will not have to reduce their fee if they can defend what they charge with solid proof. The service offered by an agent has many components and each one of these components has a value in dollars. When agents compare the value of their service to their fee, they will not have much difficulty convincing the client that they are worth what they charge.

Agents who want to earn like champions can't give away their fees. Still, many agents don't demand even a decent fee. They readily offer discounts to attract clients. Remember that when you adjust your fees, you are giving away your net profit.

Risks associated with being an agent

Consumers as well as agents often fail to realize that in the real estate industry, the agent assumes all the risk. The agents risk their time, energy, money and knowledge despite knowing that all that effort may lead to nothing. If the sale doesn't happen, the agent won’t get the fee. Note that the agent is not paid for showing the home or negotiating with potential buyers. The agent is paid only when the property is sold. And when agents assume all the risk, their commission should reflect the risk they bear.

An agent may show hundreds of homes in a year, but the actual number of sales may be much lower. As a result, agents have to amortize the cost of their service over relatively fewer transactions.

Expenses

In addition, in most cases, the agent doesn't receive 100 percent of the commission. That amount is usually split with a co-op agent. The agent's broker may also receive a certain percentage of the fee. The agent should also take into account other expenses associated with running a real estate agency.

Take tax liability into account

The agent has several tax liabilities as well. In fact, many agents pay over 50% of their net income after deducting the expenses to taxes. And when you calculate your real earnings after deducting all of these expenses, you will understand why you cannot adjust your fee.

Discounted fee equals inferior service

What is more, you cannot cut your fee without compromising on the quality of your service. It simply isn't possible to provide exceptional service for a discounted fee.

In fact, agents who charge lower commissions also offer somewhat inferior service. Most consumers who hire an agent who charges a lower fee do not realize that the quality of the service will be low. They expect great service for low fees. But this is not possible. In short, a seller who chooses a discount agent will unwittingly compromise their safety and their chances of getting the best possible price.

If you want to be a successful real estate agent, you should believe in the quality of your service and fee structure. You do not have to discount your fee just because some other agents do it. You need to tell yourself that you are worth every cent you charge.

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Essential Features of an Elderly-Friendly Home

Between 2010 and 2020, the number of US citizens aged 65 or older is expected to increase by 35%. As a result, there is a greater need to incorporate elderly friendly features into the design of homes. In fact, new age homes need to be multigenerational where people can spend their entire lives.

According to a survey conducted by AARP, the vast majority of elderly Americans want to spend their entire lives in their homes. And they want to live independently. When people age their general health tends to deteriorate. Elderly people are less mobile and also suffer from poor eye vision. Any new residential design should anticipate these changes and incorporate appropriate features. The homes should still remain comfortable, safe and aesthetically attractive.

The National Association of Home Builders (NAHB) surveyed new and potential homebuyers to find out what features they look for in a home. The findings of this survey were released in 2013.

Nearly 47% people who participated in the survey rated non-slip floors as a desirable feature. And 36% people want a full bathroom on the main level and a main entrance without steps. All of these clearly indicate that buyers are purchasing with aging in mind.

The NAHB has also compiled a checklist for builders working on new or renovated housing projects for the elderly. In fact, by incorporating these features into their projects, developers can build multigenerational homes that resonate with buyers of all age groups.

So what are the most important features of a multigenerational home? Developers building elderly-friendly homes should keep the following features in mind:

Features of the overall floor plan

·         The main living areas should be on one level.

·         There should be no steps between rooms on the same level.   

·         There should be clear walking space between rooms in the main living area

Hallways

·         The hallways should be well-lit and at least 36 inches wide.

Entry

·         The path leading to the home should be easily accessible.

Windows

·         There should be plenty of windows so that natural light can enter the home.

Garage or Carport

·         A carport should have a covered boarding area.

·         The floor of the front part of the garage to the back part should be sloping. This will be helpful if the floor is lower for the purpose of fume protection.

·         The door height should be 9 feet, so that they can accommodate raised roof vans. The door also needs to be wide.

Kitchen

·         There should be removable base cabinets and adjustable height counters in the kitchen.

·         Upper wall cabinetry should be somewhat lower than traditional height.

Electrical and lighting features

·         An audiovisual system should indicate when smoke or carbon monoxide detector has been activated. There should also be a system that monitors telephone and doorbell activity.

·         Light switches, controls and thermostats must be easily accessible. They should be at a height of less than 48 inches (120 cm) from the floor.

·         It should be possible to monitor the home security or intercom system from any TV set in the household.

·         Other desirable security features include a 911 switch that directly contacts the police, fire service, and EMS if necessary.

The homes should require less maintenance. They should have floors that can be cleaned easily. There should also be video phones and inbuilt recycling systems. Energy efficiency is another highly desirable feature.

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Google Capital Invests $50 Million in Online Real Estate Marketplace

Google Capital has recently invested $50 million in Auction.com, an online real estate marketplace. Google Capital is a capital arm of the search engine giant Google, and it launched in 2013.

Auction.com boasted $7.5 billion in sales last year, mostly in commercial sales. According to an article on CNBC, the investment will involve no product integration. Auction.com is expected to level the playing field for investors of small properties by changing the way real estate can be bought and sold.

It was also recently announced that David Thompson was named chief marketing officer of Google Capital. His duties will include marketing to the company’s business-to-business clients, which make up at least 80% of their business. He also faces the task of marketing to and growing the small percentage of business-to-customer business.

What Renovations Have the Biggest Impact on Housing Values?

When it comes to renovations some projects add value and some actually take away from the value of a home. When looking at spending money on home upgrades it is wise for consumers to consider the impact on resale value.

The top five renovations that build home values:

Updates kitchens. The kitchen is where the center of activity takes place in the home. Any improvements made to the kitchen will generally payoff. This can be as simple as cleaning the grout and replacing the door knobs on the cabinets. In the mid-range it could include updating appliances to stainless steel and putting in new countertops. Large renovations can include new cabinets or opening up the space to an open concept that is popular with buyers.

Bathrooms, like kitchens, are a great place to upgrade, update and renovate. Simple updates can include things like re-glazing the tub, updating light fixtures, or putting in a new sink or toilet. Larger renovations might include enlarging the shower, adding a separate tub, and re-tiling the shower area. All of these improvements will add value to the home.

Going green. Over the past decade green home improvements have added substantially to property values. Cost effective solutions include adding ceiling fans to each room or installing storm doors. More expensive but valued options can also include updating windows to double or triple pane providing a high level of energy efficiency. When upgrading appliances or HVAC systems, purchasing energy star appliances add value. Upgrades like solar water heaters, solar panels and other more expensive measures, homeowners should seek recommendations to consider resale value. These upgrades will add to the value of the home, and save money while the homeowner is in the home, however, the return might be lower than desired.

Adding curb appeal. Realtors often advise customers to provide good curb appeal. This means different things to different homeowners. Sometimes adding lots of flower beds and high maintenance gardening is actually a turn off for buyers. Adding a sprinkler system, a deck, or a sitting area with a hardscape can provide more value to a buyer. They are low maintenance options that provide entertainment without a lot of upkeep.

Technology. Buyers love technology as do most homeowners. Adding surround sound in the area where the television is, provides a great investment. Adding new programmable door locks, programmable thermostats and other advanced technology will add value to the home.

Top renovations don’ts would include adding a pool, over renovating a garage into something other than a garage. In general buyers want to be able to keep bedrooms as bedrooms, and garages as garages.

Homeowners should always be looking for ways to maintain their homes while they are living in it, not just when they are ready to sell. The better homeowners do this, the less must be done to attract buyers, when the time comes to sell the property. While homeowners want to be able to personal their space, it is always wise to consider the impact of renovations and improvements on potential buyers. Doing this will not only help the home sell faster, but will provide the highest resale possible.

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