4 Major Things to Consider When Getting Started as a Real Estate Developer

Commercial real estate development can be a highly lucrative field. Even as remote work becomes the norm, businesses and corporations recognize the value of real estate for physical storefronts, office space, and other profitable purposes. After earning your real estate license, your role as a property developer will likely entail researching the best land to buy, managing budgets for construction projects, overseeing transactions with clients, and more. While the process of increasing a property’s value for resale is fairly straightforward, there are some considerations to keep in mind if you want to succeed in the long term.

1. Not Every Investment Is a Good One

Successful real estate developers do not purchase every vacant plot of land they come across. While any purchase can turn a profit if the price is right, there are other factors to keep in mind as well.

Location is arguably the most important contributor to a commercial property’s value. If you are looking to sell real estate to small business owners, for example, you should target properties in city centers with lots of foot traffic. If you are in the business of constructing office buildings, choose a site that is convenient for commuters.

2. Safety and Lighting Is Paramount

Prioritizing safety is important at every step of real estate development, from construction and renovation all the way to the end user. Not only is safety a moral requirement, but it will also protect you from harmful liability cases.

Proper lighting is a simple and effective safety measure that can prevent accidents and deter crime. If your building offers a parking garage, make sure to illuminate parking garages and areas with proper lighting as interior lighting is especially important for both drivers and pedestrians alike. Stairwells, vestibules, and walkways are particularly hazardous building elements that require ample lighting.

3. There Are External Services You Need

When tackling a big real estate development project, you simply cannot do everything alone. Perhaps most obviously, you will need to work with a construction firm to handle any building or renovation needs you may have. Experts recommend reviewing licenses, references, and safety records before moving ahead with a construction contractor.

You should also hire a title and settlement service like Beta Abstract to satisfy your insurance needs. Title insurance protects against risks that may arise from mistakes in legal documents or legal descriptions, as well as certain types of fraud.

4. You Will Create Many Contracts

Working as a commercial real estate developer can be exciting when you see a project come together and bear fruit. What you might not be excited about are constant negotiations and contracts with clients, contractors, and other relevant parties.

One way to make the contract-writing part of the job more efficient is to work in Word. This software allows for significant text and format editing that you might not accomplish when working with a PDF file. If a client does prefer using PDFs, you can use an online conversion tool to change a PDF into a Word document and make necessary edits. When you are done, simply save your edited document as a PDF once again.

As you begin your career as a commercial real estate developer, you probably have more details to consider than you can manage alone. Something as crucial as safety lighting can escape your notice, but do not let that hinder you. Rely on the resources and professionals at your disposal and you can find success in the real estate industry.

Home-Based Business Owners: Upsize for Growth

Whether you’re a small business owner who entertains clients in their home office or one of the 1,400 people joining AirBnB each month to rent out a spare room, you probably have dreams of growth. Perhaps you want a dedicated meeting space or dream of making the leap to having a true B&B with multiple guest rooms. Upsizing your living space could help you meet those goals.

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A Bigger Home Can Give You a True Home Office

Moving into a bigger home could give you space to separate your personal and professional life. Instead of entertaining clients in your living room, you can welcome them in a dedicated study, creating a more polished and professional impression. A dedicated space will look professional for zoom meetings too. Get a space with an attached granny flat, and your Airbnb guests can have a separate entrance — giving them, and you, more privacy.

Of course, moving home may create some upheaval, so it’s a good idea to do your homework first. Once you’ve found the perfect Garden City property, look for a moving company that can pack and transport your belongings safely. You’ll want to make sure your home office equipment and family heirlooms get to your new house in one piece, so check for “local movers near me”by doing searches online and then read reviews online. While you’re researching their reputations you might get lucky and find some great removal company deals or discounts.

Check Whether Your Home’s Insurance Covers Your Business

Many homeowners forget to confirm what their home insurance covers. In most cases, homeowners’ insurance covers the physical structure of the property and also insures against burglary or against injuries that occur on the property. Standard packages don’t offer a home warranty that covers breakdowns to the heating/cooling, plumbing, or electrical systems. Investing in additional home repair cover can give you peace of mind that if there’s a breakdown, you’ll get it fixed quickly and without being out of pocket.

Standard home insurance policies also don’t cover business activities on the property. In fact, running a business from home without telling your home insurance provider could void the policy, so when you’ve found your new Garden City home, take this chance to update your insurance policy.

Get Your Paperwork in Order as You Grow

Liability is something every business owner should think about. If you’re running a business from your home you’ll want to make sure the business and your own property are properly separated. Forming an LLC is one way to achieve this. You can use a formation service to do it, saving money on lawyer fees, and unlocking the tax advantages of having an LLC. Each state has different regulations when it comes to forming an LLC, so check the rules in your state before you start.

Get Things Right in Your New Home

Moving home can be a chance to run your business more professionally and help it grow to the next level, giving you more space for work and more privacy in your home life. Check out Beta Abstract for help with title and closing services for your move, and be sure to research other providers such as removals, insurance and company formations services to get your business journey off on the right foot.

Thank you, Elijah Dawson for the incredible article. Elijah Dawson created Look For Jobs Here while he was furloughed from his retail management job at the beginning of the pandemic. With many still looking for work, he hopes his site will assist and motivate them as they look for their next big opportunity. For more contact information email info@lookforjobshere.com

The Title Closing Process

A New York based attorney, Marc Rovner, works at Beta Abstract LLC where he oversees and supervises the legal department. He also manages business development in eight of the company’s offices. Apart from his responsibilities at Beta Abstract LLC, Marc Rovner teaches a course on the title closing process. Title insurance is a form of indemnity that protects mortgage lenders and home buyers in case there are title defects during or after title closing.

The title closing process begins with the sales contract between the buyer and seller of the real estate property. An escrow agent then receives the escrow and opens a title order that includes tax information, maintenance fees, and other documentation. Then, the title closer searches for any issues, including in the deed, mortgage, or wills that may affect the title of the property. Once the property is screened, then the title closer schedules a date for the property transaction to occur. The transaction is completed when the seller signs the deed and affidavit, and the buyer signs any new mortgage.

Why You Should Have Title Insurance

Based in East Rockaway, New York, Marc Rovner is an attorney who oversees the legal department at Beta Abstract LLC, a multi-million-dollar title insurance company. With over 30 years of experience in the field, Marc Rovner also provides legal education on title insurance and real estate law.

Title insurance offers home buyers and mortgage lenders protection against defects or issues that may arise during or after a real estate transaction. Title insurance protects the new owner against things such as unpaid taxes of the prior owner of the property, fraud, forgery, and recording errors. Nearly every lender requires that home buyers purchase a title insurance policy to obtain a mortgage. The title insurance policy protects both the buyer and lender from risks associated with the property. In addition, homeowners with title insurance will also have the peace of mind knowing that they will be insured against expenses from title defects.

Long Island Commercial Real Estate Activity Reducing

The residential housing market on Long Island flourishing. Although, the commercial real estate industry has taken a hit. The reason behind this is the COVID-19 pandemic.

“The commercial market has too much inventory and no demand,” said Jay Orsini, a real estate agent for Douglas Elliman.

A recent report by Avison Young found leasing volume has fallen 42% below the 20-year annual average.

“We had one client looking for about 8,000 square feet and there were over 30 buildings for them to choose from between Nassau and Suffolk [counties],” Avison Young managing director Ted Stratigos said. “And that’s a lot.”

Although 42% may seem like a lot to overcome, Stratigos said he believes it’s just temporary. Folks working remotely is one reason why there are so many vacant office buildings. However, he said companies are not signing long-term leases right now.

Stratigos said companies are slowly bringing back their workers. He believes it could take two years until the commercial market turns back around.

Thank you Jessica Formoso from Fox 5 NY!

Florida: Buy or Rent?

The decision between buying or renting can be tricky, especially with the real estate market currently. Some real estate economists recommend renting, due to home ownership being expensive right now.

According to a new report released by Florida Atlantic University’s College of Business, buyers in Jacksonville are paying 23% more money that they should be for homes. Homes in Tampa are overpriced by 32%, Orlando by 21% and Miami homes are 16.9% overvalued.

Real estate economist and associate dean at Florida Atlantic University Ken H. Johnson points out, the investment market is stronger and more stable than the housing market, which is why he’s urging Floridians, to rent instead of buy.

“Individuals should consider renting a similar type property, and then reinvesting the money they would have spent on a down payment, property taxes, maintenance insurance, etc., and take that money and invest it, and there won’t be that much of a difference, that’s a better way to go right now,” Johnson said.

Johnson said the cost of renting a house in Florida has spiked as well, but not as much as the price of homes, which in many circumstances are selling for more than they appraise. Johnson says the higher price you pay today, the tougher it will be to get a return on your investment.

Johnson’s advice could save buyers and renters thousands of dollars!

Thank you Tarik Minor, Anchor and I-TEAM Reporter for News4Jax.

Top 5 Places to Visit in Tampa, Florida

Tampa is a city on Tampa Bay, along Florida’s Gulf Coast. A major business center filled with cultural family vacation destinations!

While there are many amazing activities and places to try out, here are Beta Abstract’s Top 5 Things to Do in Tampa, Florida:

1.) Busch Gardens Tampa

Busch Gardens Tampa is a world-renowned amusement park and one of the best things to do in Tampa, Florida, that offers a wide variety of fun activities and adventures for the entire family. It features an array of exclusive park experiences, live entertainment and shows, themed rides and special kids’ attractions. There are also a wide variety of restaurants, cafés, bars, and shops. There, you can grab a yummy bite to eat or maybe hit the shops with friends and family. You can have fun here no matter what age you are!

2.) The Tampa Riverwalk

The Tampa Riverwalk is a beautifully maintained pedestrian pathway that runs along the Hillsborough River and connects downtown Tampa with the city’s waterfront. On your walk, you will be able to find several public parks, a variety of hotels, museums, restaurants and other entertainment venues. The most notable attractions being the Florida Aquarium, Channelside Bay Plaza, Cotanchobee Fort Brooke Park, and the Historical Monument Trail. The riverwalk has so much to choose from whether your looking for beautiful views, simple entertainment, or just eager to learn about the history of Tampa and Hillsborough County.

3.) Tampa Bay Food Tours

If you’re a foodie you’re going to love this one! Tampa Bay Food Tours take groups of up to 12 people on a three and a half hour walking tour of the Tampa region’s best food and beverage options. Here, you will be able to sample amazing food, wine, and craft beer from the area’s best restaurants. They are known for giving a personalized experience of Tampa’s downtown riverfront districts, stopping at four to five local favorite restaurants. This is a tour you’re definitely not going to want to miss out on!

4.) Tampa Zoo at Lowry Park

Tampa’s Lowry Park Zoo features more than 2,000 animals in natural habitats. These animals are from Africa, Asia, and Australia, as well as native Florida habitats. In addition to the array of animals, there is also a large aquarium and three pools that contain local manatees that are injured or sick. The most popular attraction is the “backstage” meet and greet with the penguins and tortoises. There, visitors also have the opportunity to feed an Indian rhino. Guests can also hop on a safari ride through the African habitat. If you love animals, this is a must for you!

5.) Head to the Beach!

It’s always important to make time to relax on vacation. The Tampa area beaches are some of the finest in the nation—winning awards for everything from sand quality to environmental management. Three famously known beaches are Caladesi Island, Clearwater Beach and Fort DeSoto Park. Here, you can dig your toes in the white sand or check out the immaculate Gulf of Mexico waters. Going to a beach in Tampa is a must for any visitor!