Real estate invention
I work with several hundred real estate investors to determine their residential or commercial property’s habu, highest and best use, how to differentiate themselves from their competition, how to boost cap rates and ROI, how to get tenants to pay more of the share of the costs of running a building, how to provide more paid services to tenants, how to densify and intensify their properties…
I call this process: “how to animate your properties and your real estate portfolio.”
So I’ve just given myself a promotion–I am now a “certified property animator”, which is just as essential as a building inspection, plumbing inspection and structural inspection IMHO.
If you would like me to help you with any property you already own or, better, yet, assist you with a plan before you buy something, please let me know.
I’ll not only provide you with a plan on how to improve your ROI, return on investment, from your newest acquisition, I’ll also give you some design tips, help you focus in on your target rental market, and send you a spreadsheet laying out what you have to do to achieve your desired cap rate and IRR, internal rate of return. I’ll give you plenty of pointers.
Please contact me for a quote:
Bruce M Firestone, PhD, ROYAL LePAGE Performance Realty broker, real estate investment coach, Ottawa Senators founder, txt 6137628884 bruce.firestone@century21.ca
For a residential property, I charge about what a good home inspector charges. For commercial, it’s more.
Here’s a bit more detail about what I look at:
-determining highest and best use, habu, for each
property
-adding in-home suites
-adding coach houses
-adding garage offices
-adding sheds and workshops/maker space
-adding tech packages/home automation
-adding airbnb
-adding backyard games, natural gardens, fruit
trees, mini forests, nature ponds
-adding micro suites
-adding additional frontyard parking (using where
possible grass parking mesh)
-natural
planting instead of grass
-adding differentiated value like standup desks,
bench seating with storage…
-adding more ingress/egress to the street from the
building
-adding walkout basements
-adding loft beds
-adding beds underneath workspace
-adding
light tubes
Soda pop bottle light bulb
-deleting corridors like old farmhouses
-adding
w/c accessible from outside and inside
-making residential leases more like commercial
ones (so that tenants pay more of the costs of running a rental property; eg, admin fee, property mgt fee)
-getting professional management
-selling more services to tenants like food
services, events, tutoring…
-virtu
car
-leasing
to roommates
-energy
saving LED lites and green for real
-adding micro
retail
-back to
back freehold towns infill
-severance
possibilities
-refinancing
-proper
appraisals
-CMA
samples based on not only comps but also cost to complete less depreciation and
income basis
-decks,
privacy fences, front porches
-outdoor
kitchens
-outdoor
TV
-theming
-wall
plaques identifying building
-tagline
-advertising
local businesses to tenants
-home
elevators
-tribal
council ring
-carports
-walkway
cover
-organized
street tree planting
-street
parties
-outdoor
lighting
-0-step
entry
-walk-in
or roll-in shower
-accessible
bedroom on main floor
-target
renter market
-best
marketing platforms to use to get to target market
-follow building code to make sure your buildings are safe
-taking
advantage of vertical rent gradients, eg two story “towns” at the base of a
condo tower with own private outdoor space and access
-more
wow, windows on the world like Canadian Tire Centre
-double
loaded corridors
-present
buildings at + 3 feet to the street
-making
2nd floor walkup space like ground floor retail space with own
access at grade
-adding
doors or subtracting them to make functional program change over time—similar
to Villager IV and Theodora designs
-exploiting
subterranean rights right to property line/one and two and even three levels
below grade
-name
your buildings, eg, “Palladium”
-wall
plaques identifying building
-tagline
-advertising
local businesses to tenants
-home
elevators
-street
parties
-outdoor
lighting
-agritainment
-farm
stay networks
-communal
backyards
-branded
housing (towns with garden levels, maker homes with backyard sheds, etc)
-trail
systems
-malls
connected to thousands of residential units, office towers, maker space,
co-working spaces, learning and entertainment spaces
-push the envelope when it comes to zoning bylaws and ordinances so you can optimize returns from each property, and get as close to reaching its HABU–highest and best use–as possible.
If you would like to become a certified property animator yourself, ask me about my courses–I’ll teach you all you have to know to do this for yourself and for others…
@ profbruce @ quantum_entity
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