Entrepreneurship
8 Practical Tips to Maximize Efficiency in Real Estate Investing
The real estate world is highly competitive, so those who pursue real estate investing must work hard to stay on top of their game. News events, market shifts, financial technology, and a host of outside factors can change the investment terrain seemingly overnight.
Real estate investing also offers investors tax benefits. Investors can take advantage of depreciation deductions and capital gains exemptions, which can provide a significant tax advantage. Additionally, investors can use a 1031 exchange to defer capital gains taxes on the sale of a property by investing the proceeds in a new property.
Done right, real estate investing can be (and often is) an incredibly lucrative endeavor. However, making a career in real estate sustainable and consistently profitable is also a complex and time-consuming process. Maximizing your efficiency is essential to ensure you get the most out of your investments, especially if you are working as a team of one.
Listed below are eight practical tips to help you do just that. These tips will help you get the most out of your real estate investments, from creating a well-defined investment strategy to taking advantage of automation tools.
Whether your preferred niche is in the residential market, wholesale real estate, property management, or elsewhere, adhering to these guidelines will help you save time and make more informed decisions to maximize your returns.
1. Develop a well-defined investment strategy
Investment strategies are the blueprints for your real estate ventures and are crucial for maximizing efficiency. Before investing in any property, you must have a well-defined investment strategy.
In what kind of properties do you want to invest? What is your target return on investment (ROI)? What are the acquisition costs? How much cash flow do you expect from each property? Answering these questions will help you better define your investment strategy and make better decisions in the long term.
If you’re just getting started with real estate investing, start by building a property finder. In the property finder, list all the types of properties you want to invest in and the reasons why. By doing this upfront, you’ll save time when looking for deals later on since you’ll know exactly what you’re hoping to find.
2. Utilize automation tools
Automation is one of the best ways to save time while investing in real estate. Whether researching properties, managing your finances, or scheduling meetings, automation tools can make your life much easier.
One of the best ways to save time while investing in real estate is to automate your financial processes. If you’re managing all of your own finances, you’ll want to find ways to automate as many tasks as possible. Targets for automation include routines like paying bills, tracking your spending, and setting up automatic transfers to your savings account. These tasks can be extremely time-consuming, especially if you manage more than one investment property.
If you’re managing more than one property, you’ll want to automate as many financial processes as possible to save time. For example, you can set up automatic bill pay to pay all your expenses, such as property taxes and maintenance fees, consistently.
3. Leverage market research data
When it comes to real estate investing, the amount of data you have at your disposal can make a huge difference. You need access to the correct data to make the best decisions when investing in real estate.
You can tap many different sources when it comes to market research data. One of the best market data sources is the National Association of Realtors’ Market Data section. Here, you’ll find a wide variety of data, such as average home prices, inventory data, and historical market trends.
For data on a specific city or neighborhood, sites like Trulia and Zillow can help you find what you’re seeking. These sites offer tons of data, such as average home prices and rental rates, and can make it much easier to make informed decisions.
4. Network with other real estate investors
While it may seem like you’re competing against other real estate investors, it’s also essential to network with them. By networking with other real estate investors, you can gain access to deals that may otherwise be off-limits to you.
In addition, you’ll likely find other real estate investors who are also trying to discover great deals. Working together with other real estate investors is a great way to pool resources, share information, and get access to deals you may have yet to see on your own.
Real estate investors can also partner with other investors or developers to invest in larger projects. Partnerships are a great way to gain access to larger investments with lower levels of risk. Investors can also invest in real estate investment trusts (REITs), which allow them to invest in large-scale properties without having to manage them directly.
While there are plenty of online groups for real estate investors, nothing beats the value of networking in-person. If you’re interested in meeting other real estate investors, join your local REIA chapter, attend meetups, and find different ways to connect with like-minded individuals.
Networking has its pitfalls, though. The real estate market has a reputation for volatility, and any alliances you form could cause regret later on. Assuming you’ve clearly defined your goals, it will become much easier to identify partnerships that make sense for your long-term objectives. Similarly, you’ll develop a keen sense of when to walk away.
5. Focus on finding great deals
Real estate investing is an incredibly competitive industry, and finding a “great deal” is one of the most critical aspects of the process. You’ll want to take advantage of different resources, such as the MLS, to find these great deals.
When looking for deals, it’s essential to be as efficient as possible. Instead of browsing through every property listed in the MLS, use different filters and search criteria to narrow down your options.
For example, you can search properties with low equity or cash-flow properties to find deals that are likely to close quickly. While searching for deals, it’s important to remember that not all of these opportunities are created equal.
6. Outsource tasks that don’t require your expertise
Depending on your investment strategy, you may come across tasks that don’t require your expertise. For example, you may need to hire a property management company to manage your rental properties, or you may need to hire an attorney to help you close on a property.
While these tasks are necessary for real estate investing, they can be competently accomplished without your expertise. As such, you should outsource these tasks to specialists who are more qualified than you.
For example, property management companies have access to plenty of data that helps them make better decisions, such as average rental and tenant turnover rates. By outsourcing these tasks, you’ll save time and get access to data and expertise that you don’t have.
7. Take advantage of real estate software
Real estate investors are a data-driven bunch, so it’s no surprise that many rely on real estate software. Real estate software allows you to manage all aspects of your business, including tracking your finances, managing your team, and finding new deals. Plenty of different real estate software solutions are available, so it’s crucial to find one that best fits your needs.
When selecting real estate software, ensure it’s compatible with your devices, such as your phone or computer. It’s also a good idea to choose a real estate software solution that integrates with other tools you use, such as Google Sheets or accounting software, such as QuickBooks. Selecting a real estate software solution that integrates with other devices can save time by automating some of your processes.
8. Set clear goals and objectives
As with any other business venture, it’s vital to set clear goals and objectives with real estate. If you don’t know where you’re going, it’s almost impossible to get there. By setting goals and objectives, you’ll be able to make better decisions, reduce risk, and increase ROI.
When you start investing in real estate, you’ll have all sorts of ideas about what you want to achieve. With so many goals to achieve, it can be challenging to stay focused and make progress. By creating a checklist, you can easily keep track of all your goals and see how close you are to achieving them. Checklists are also a great way to stay focused and help you keep track of all the things you need to do by a specific date.
As you embark on your real estate adventure, keep a recurring reminder in your calendar software to chart progress and revisit your initial work. The real estate market is in a constant state of flux. Interest rates, market upswings (or downturns), new technological advancements, and a veritable legion of other factors outside your control ebb and flow. Even just six months ago, what seemed like a great idea may no longer be appealing to you or unprofitable.
Overall, real estate investment offers a variety of opportunities for investors. From buying and selling property to financing businesses and generating passive income, real estate investing can provide a steady income for those willing to commit to a strategic plan. With the right resources and a sound investment strategy, real estate investing can be a great way to generate wealth.
Featured Image Credit: Pixabay; Pexels; Thank you!
The post 8 Practical Tips to Maximize Efficiency in Real Estate Investing appeared first on Calendar.
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Travelling to Shimla is a major travel goal for many. And it is no surprise why? After all, there can be no mortal being that cannot be charmed by the alluring and enigmatic beauty of the mighty Himalayas. Located on the foothills of the Himalayas in Himachal Pradesh, Shimla is one of the most popular tourist destinations in India.
Popularly known by its moniker, ‘the Queen of hill stations,’ the city is a gateway to all your Himalayan adventures. Once the summer capital of the British during the colonial era, Shimla, with all its natural splendours, Victorian-style monuments, evergreen forests, pristine lakes, and fascinating history, never fails to leave you enthralled.
With plenty of things to do and places to visit in Shimla, you need at least five to six days to explore the city comfortably at your pace and have a fun holiday. Speaking of a memorable holiday, you can get the best experience by booking your stay at the Club Mahindra Kandaghat resort, one of the most premium resorts in Himachal Pradesh. This abode of peace and unmatched holiday experiences is a short distance away from bustling Shimla. That is one of the many reasons why you would love this property, below are others.
1. Club Mahindra Kandaghat resort has a reputation for offering guests the most comfortable and spacious rooms. Also, each room offers you a spectacular, uninterrupted view of the vast valley, and you can wake up to this view every day.
2. One of the reasons why Club Mahindra Kandaghat is rated among the top resorts in Shimla is because it boasts of world-class amenities. You have all the facilities you need to enjoy a relaxing and comfortable holiday and have a gala time with your family. You have amenities like – a sprawling swimming pool, a world-class spa that offers ayurveda-based massages and body treatments, a fully-equipped gymnasium, a souvenir shop, a library, an activity zone for kids and more.
3. During your stay at the Club Mahindra resort, you can enjoy tasting the best of local foods as the chefs at the in-house restaurant prepare a special menu every day to give you an unforgettable dining experience. If you have any specific dietary preference or want to order any particular dish off the menu, you can request the chef, and they will be happy to prepare it for you. The in-house restaurant of the resort is one of the best restaurants in Kandaghat.
4. The strategic location of the Club Mahindra Kandaghat resort makes it easier for you and your family to get around the city and visit all the famous sightseeing spots without any hassles. Whilst there are many places to visit in Shimla, here are some of the must-visit spots:
• Kufri (distance from Club Mahindra Kandaghat Resort – 40.2 km approx.)
• Mall Road (distance from Club Mahindra Kandaghat Resort – 25.9 km approx.)
• Chadwick Falls (distance from Club Mahindra Kandaghat Resort – 25 km approx.)
• Mashobra (distance from Club Mahindra Kandaghat Resort – 36.1 km approx.)
• The Ridge (distance from Club Mahindra Kandaghat Resort – 25.7 km approx.)
5. Throughout your stay at Club Mahindra Kandaghat Resort, you can be assured that you will never have a dull moment as the resort offers many outdoor and indoor experiences to suit your and your family’s preferences. You have many options, from going on a family expedition to explore an Apple orchard to taking a cooking class with your child and partner.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
By Peter Boyd, a Florida attorney who founded PaperStreet. He has helped over 1,500 law firms with their websites, content and marketing.
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Blogging offers a low-cost way for law firms to attract new clients and stay top of mind with referral sources. But there is nothing more frustrating than setting aside time to plan blogs only to have your mind draw a blank when it comes to picking a topic.
While many firms choose to use their blog as a vehicle to show off accomplishments, there are many other options for subjects that can increase your appeal to potential clients and enhance relationships with current clients.
1. Answer Some Of The Questions You Get Most Often
Off the top of your head, you can probably think of a few questions that current or prospective clients ask frequently. If your firm has staff who interact with clients frequently, check with them to see what questions they find themselves answering repeatedly. For future topic ideas, start keeping a list or have someone on staff keep a list of client questions.
This type of blog can be especially helpful to members of the public who are looking for information, and when your site becomes an authority on the subject, that can improve your credibility with search engines, which can lead to improvements in search results.
2. Discuss Changes In The Law Or Developments In A Related Business
New statutes or regulations that affect your area of practice are a natural topic for a blog. Changes in judicial or administrative procedures also make good blog topics because they provide information that can be extremely helpful to clients in your practice area. Like blog posts that cover popular questions, blogs explaining the impact of legal changes can prove to be popular and authoritative posts that can help boost your website’s SEO.
In addition to statutes and regulations, consider writing about judicial opinions involving your practice area, even if they involve a different jurisdiction. They may serve as a persuasive authority or signal a coming trend. At the very least, they can provide arguments that could appeal to prospective or current clients.
Industry developments with a connection to your practice area can also provide topics for a law firm blog. For instance, personal injury lawyers could discuss the effect of new driver-assist features on cars. Divorce lawyers might blog about trendy practices such as birdnesting.
3. Surprise Or Entertain The Reader
Some of the blogs that can appeal most to readers are those that start out with a surprise. Discussing little-known laws or fun facts can provide the full topic for a post or just serve as an attention-getting introduction.
Did you know that there’s a National Lost Sock Memorial Day? How about National Lima Bean Respect Day? Highlighting little-known commemorations can provide a great lead-in for certain topics. More traditional holidays also work well as a source for blog topics, such as writing about VA long-term care benefits for Veterans Day during November. These blogs can be fun for writers as well as readers.
4. Expand On Topics Covered In Your Practice Area Pages
A well-constructed website contains informational pages that delve into your practice areas and the services you provide to clients. You can use your blog to explore additional areas or expand on information introduced in your practice area pages.
For instance, an estate planning attorney might go into detail about funding a revocable trust or the various steps involved in the probate process. A personal injury lawyer might discuss what not to do after a car accident. A criminal lawyer might discuss a probation-before-judgment program.
5. Share Information You Wish Clients Understood
Law firms can even use their blogs to make their job a little easier by explaining things they wish their clients knew. They might discuss the etiquette for an online hearing or what to expect in a deposition. A blog could explain what a firm provides in an initial consultation or how clients should prepare for a mediation session. They can also use blogs to reinforce information contained on the practice area pages, such as explaining how comparative negligence can reduce a settlement or verdict.
Getting Help With Blogs And Blog Topics
If an obvious topic does not come to mind, scan posts that others in your practice area have written, particularly those in different cities or regions of your state. You might also talk to your marketing staff or consultant. They should be able to suggest valuable topics that will build your credibility with potential clients and with search engines.
You can also outsource the entire blog process, although you should reserve the right to approve any posts before they go live and to insist on quality work befitting your firm. Blogs can serve as a valuable tool, and they need to provide accurate information, but they are only a small part of the big picture and should not take an inordinate amount of firm resources.
Perched comfortably at over 5,200 ft above sea level in the Western Ghats Mountain range, in Kerala amidst the most picturesque setting you can imagine is Munnar – the largest tea-producing region in India. A breathtakingly beautiful hill town, Munnar is perhaps the perfect testimony to why Kerala is called ‘God’s Own Country.’
What makes Munnar truly special, and a popular tourist destination is its pleasant weather throughout the year, with temperatures ranging from 0 degrees to 20 degrees Celsius. The exotic wildlife and the majestic tea estates add to its inexplicable charm!
If you plan to visit Munnar for a family holiday, you will be pleasantly surprised that there are plenty of exciting places that you can explore. On the flip side, choosing which ones to visit can be daunting. So, to help you get the best experience, we have consolidated a list of top places to visit in Munnar. Oh please, you can thank us later!
Kolukkumalai Tea Estate
Coming to Munnar and not visiting the tea gardens would be a sin! Amongst the many scenic tea estates, Kolukkumalai is the best! It is the highest tea plantation in Kerala and is set against the perfect backdrop of expansive skies shrouded in misty clouds. The lush greenery around and the tranquil environment make it a must-visit spot.
Ensure you carry your camera on your visit to click some stunning selfies for your Instagram! The tea estate is a perfect spot to enjoy a picnic in nature’s lap and spend a peaceful time with your loved one. Of course, you must have a cup of hot tea made from the fresh tea leaves that grow at the estate.
Entry ticket – INR 75 (per adult)
Timings – 7 am to 6 pm
Closed on – Sundays
Lockhart Gap
Lockhart Gap derives its name because of the heart-shaped gap formed naturally between the two mountains. A popular spot among tourists, especially couples and honeymoon goers, the place exudes an undeniable romantic vibe.
Whether you are travelling to Munnar with your significant other or extended family, visit this place. It is the perfect gateway to forget the city chaos and get wonderfully lost in the solitude and the ethereally peaceful environment here.
Entry ticket – Free for all
Timings – 6 am to 6 pm
Open on all days
Mattupetty Dam
Located about 13 km from the city centre, Mattupetty Dam is one of the best places to visit near Munnar. The highlight of the dam is the emerald lake right in its centre, surrounded by lush green gardens. A popular spot among the locals, it is an ideal place for sightseeing and enjoying speed boating and watching a gorgeous sunset.
Entry ticket – INR 10, boating charges INR 500
Timings – 9.30 am to 5 pm
Open on all days
Nyayamakad Waterfall
A waterfall like no other! The gushing sound of the water and the deep valley make it postcard perfect! What makes your visit to this waterfall unique and memorable is that here, you can see the local women plucking the freshest and the most tender tea leaves.
From the drive to the falls and the scenic view, everything about this waterfall is majestic. The magnificent sight of the almost milky waters and the sweet thud of the water will remain etched in your memory for long.
Entry ticket – Free
Timings – All day. For the best experience, visit in the evening or early morning
Open on all days
Eravikulam National Park
Undoubtedly one of the best places to visit in Munnar, the Eravikulam National Park needs no introduction. Almost all the tourist guides to Munnar will recommend visiting this place. The park, which is spread over 97 square kilometres, is home to several beautiful flora and fauna, some of which are rare, including the Nilgiri Tahr, a native resident of the Western Ghats, and Neelakurinji, an exotic flower that blooms only once in 12 years. Just WOW! Isn’t it?
Entry ticket – INR 65 for Indians, INR 245 for foreigners
Timings – 7.30 am to 4 pm
Open on all days
Things to do in Munnar
Like there are many beautiful attractions for sightseeing, there are many exciting and fun things to do in Munnar for all. Here are some suggestions that will surely give you experiences you will enjoy and remember for a long time.
• Enjoy a shikara ride on Kundala Lake
• Go street shopping at the local markets around the city
• Explore the rich history of India’s favourite beverage – Chai (tea), at the Tata Tea Museum
• Offer your prayers and seek blessings at the Mount Carmel Church
• Get your dose of adventure by going hiking to the Anamudi Peak
• Be mesmerised watching the Kalaripayattu performance, one of the oldest martial arts in the world
Best time to visit Munnar
Like all hill stations in India, Munnar has pleasant climatic conditions throughout the year. But the best time to visit Munnar is during the winter, between September to February. During this time, the temperature hovers around 10-20 degrees Celsius, providing an ambient condition for sightseeing and indulging in many outdoor activities. The nights can get colder, so wear appropriate warm clothes.
If you visit during early September, just after the rains end, you can still see plenty of greenery and waterfalls. The summers can get a little warm, with temperatures reaching up to 35 degrees Celsius. So, it is best to avoid travelling to Munnar between March and June.
Resorts in Munnar
As a popular tourist destination, there are many hotels, homestays, and resorts in Munnar. If you are going on a family holiday, you may prefer a premium stay, right? So, for a memorable holiday experience, you must book your stay at the Club Mahindra resorts. There are two resorts in Munnar, vis-à-vis Club Mahindra Mount Serene and Club Mahindra Munnar.
These resorts hosted by Club Mahindra have a reputation for being the most premium family resorts in Kerala. These resorts perfectly capture the true spirit of Kerala and local traditions and culture, as is evident from the beautiful décor all over the resorts’ premises and in the rooms.
The proximity of these resorts to famous tourist spots makes them the perfect haven for all your Munnar adventures. You can easily get around the city without any hassles, explore the city at your own pace and at the end of the day, you can retreat comfortably in your rooms and enjoy the world-class amenities.
A special mention to the in-house spa at the resorts. Here, you can enjoy a traditional ayurveda massage and a range of other body treatments that help you relax and rejuvenate. When in Kerala, you ought to taste the delicious local cuisine and at Club Mahindra resorts, you get the best dining experiences you can ask for.
The chefs at both resorts prepare a special menu for every meal with a range of Kerala delicacies, including the much-famed fish curries, payasam and coconut-based gravies. Each meal here will be a delightful experience that will fill your tummy and heart, we bet!
Lastly, the Club Mahindra resorts in Munnar offer a range of specially curated experiences that allow you to spend time with your loved ones and strengthen your bond while having fun. All-in-all, a family extravaganza with love, happiness and joy awaits you at the Club Mahindra resorts.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
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