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Happy Tuesday! This is The Real Deal. The email that tells you the latest that's going on with Real Estate in plain jane english.
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In Today's Email:
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My good friend, Terrance Doyle, the Founder of VareCo which currently has $500mm of assets under management, put out a great article this week capturing a few of his best practices for getting deals in this market.
Over the next couple of weeks, I will drop in some of the things mentioned in the article and my thoughts on them.
For this week, I wanted to share his 5 secrets to getting more deals in your inbox:
1. You need to be pre-approved by a lender or have proof of funds
2. You must have a clearly defined buy box
3. How many markets are you looking in?
💡 Terrance's Pro Tip: Tell the broker this is the only market you're looking in even if you're looking in other markets
4. What is your deal track record and acquisition history?
5. Always respond within 24 hours when a deal is sent your way
As Brokers and Investors ourselves, we definitely agree with this. I'd specifically highlight numbers 2 & 5.
Having a clear picture of what you want is important for us and showing your intent on finding that only gives us more certainty in your ability to perform when we do find that property for you.
As for the other point made on responding to a deal, we don't necessarily need a response on all deals sent, but rather checking in to make sure we know you're ready to go when we find you the right deal even if that deal specifically doesn't fit your buy box.
Mortgage applications decreased 8.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 18, 2022.
The Refinance Index decreased 14 percent from the previous week and was 54 percent lower than the same week one year ago.
Yikes.
What's the effect? We won't know for sure until home sale data starts trickling in over the next 30-90 days.
My thoughts: this will have an effect, but I don't believe it will create a correction big enough for us to need to make a move... for now.
The supply issue we're facing is a lot worse which for now will keep pricing at the level we're seeing it at.
Just my 2 cents.
Last week, Redfin announced the launch of rental listings now on their website after acquiring RentPath for $608mm.
What's this mean for us as investors?
Through RentPath (the site in which you get your property listed onto Redfin) property managers will be provided with a suite of online tools they can use to communicate with residents and market properties through targeted digital advertising, social media, and online reputation management.
Takeaway? This could help with optimizing the performance of your listings for your rental properties even better than they currently are.
So your homework for this week is to reach out to your property manager to see if they're aware of this and what they're considering doing with this new tool on the market as Redfin clocked in a total of 41 million monthly visitors on their site last year so the eyeballs these listings are going to get will certainly be there.
We're your partner for sourcing, analyzing, and negotiating long/short term rentals. Go to www.TeamKekoa.com to get started today.
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