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What to look for in a good property manager?

by Kijner & Sons International Realty




Many KSI Realty’s clients inquire about the best property management tips out there. Since ringing in the New Year, we thought we would share some of the best resolutions and common advices we provide our clients day in and day out.

As a dependable real estate broker, we always strive to cultivate a strong working bond with our clients and customers, so in turn, we advise landlords to develop rapport with their property manager, creating a positive and lasting relationship with the person that will balance their tenants’ wellbeing as well as maximize the bottom end. We encourage you as a landlord to look for the following attributes:

  • A property manager that build trust. Someone who does what they say they are going to do, when they say they are going to do it. 
  • Someone who is communicative. Keeping you informed of pertinent issues, and doing so in a timely manner. Likewise, always responding to tenants’ calls as promptly as possible as well as yours. Look for someone who over communicates and establishes expectations upfront that he or she will stick to. Training you on what to expect from them.
  • A professional who over delivers. Making your objectives known, and then…do better. 
  • Someone who is realistic. Someone who is grounded, firm and who follows through and follows up.  Someone who accomplishes the mission you have hired him or her for.
  • Someone who suggests improvements. Welcome suggestions that will improve the property value or income generation. Trust the professional.
  • They listen and know what the owner wants. He or she won’t base their actions on assumptions. A good property manager will know what your expectations are, and have a clear plan in place to meet them.

Know that no one will do a better job than you - the owner - who has a vested financial interest in the property. Absentee owners often expect to delegate all and every task to a property manager. This is the first mistake. You must be realistic and handle certain delicate aspects of your investment yourself to ensure that your interests are best served but that your liability is minimized. Mitigate risk by:

  • Setting up and maintaining a reserve fund that the property manager can use for maintenance issues, emergencies, and daily matters.
  • Obtaining and maintaining proper insurance that also covers the property manager. Make sure to renegotiate every year premiums and get 5-10 quotes to ensure you are getting the best rate.
  • Having a direct communication channel with the property manager in the event you miss a payment associated with the property (property taxes, mortgages, HOA fees or insurance) so that your tenants are not impacted. Be proactive and not reactive.
  • Reimbursing the property manager for any expenses and by setting up a clear budget. Don’t run short on cash flow and don’t expect tenants to pay the bill on your behalf. High turnover signifies a problem of customer service or bad maintenance. Good tenants attract good tenants and long-term stay.
  • No renting the property without notifying the property manager or worst not putting the property for sale without informing your property manager. Fear can propagate fast among good standing tenants and jeopardize your cash flow.

Typically, the property manager addresses repair issues, either by doing the repairs him/herself, or more commonly, by hiring someone else to do the work. Before you sign the agreement with a property manage, take time to evaluate the property you have and the expected maintenance. Take note of any repairs that need to happen right away, as well as ones that can be deferred. Prioritize the repairs and discuss your list with your property manager to ensure he or she has a realistic picture of the task at hand.

If your property manager is not increasing your rental income, he or she should be building customer rapport and client retention with your tenants. Satisfied tenants tend to pay on time and look after your property as theirs. Keep in mind that your tenants might be your best buyers the day you may sell your unit. Most people take pride in their home and may consider buying the place they rent.

In addition to outlining needed repairs, you should be clear on whether the property manager needs your approval for all repairs. Or perhaps, just those repairs exceeding a certain cost that you set. Setting up a “rainy fund” or “emergency fund” is a good idea. Don’t use security deposit to handle emergencies. Instead, a good property manager should help you set aside reserves. 7% of your income is usually a good starting point. The more amenities or luxuries you offer, the more reserve you should set aside as you are dealing with more discerning customers that will have higher expectation. Remember, the owner of a Lexus will have higher expectations and needs than the owner of a Yugo.

Accounting responsibilities should also be addressed but shared.

Every State has its own laws regarding the accounting procedures that property managers need to follow. Ensures that your legal counsel assesses the risk and liability that you are exposed to. Any agreements you sign should support those laws, so make sure you are well versed on your State requirements, but over all, that your property manager is dully licensed and able.

The agreement should also specify the date by which you can expect to receive your money. The 15th of each month? The 30th? Be as specific as possible, so that everyone is on the same page from the start. This will help to limit complications later. A happy owner is one that gets paid on time systematically.

Avoid cash system and try to automate payments with direct deposits. Keeping a clear paper trail of monies ensures a clear accountability and limits risk of loss or theft. Monies should be handled by the fewest amount of hands and financials should be shared on a need-to-know basis.

Lastly, spell out responsibilities for evictions and terminations of tenancy. 

Most States outline specific guidelines regarding evictions and terminations of tenancy in their landlord/tenant laws, so you will want to be sure to abide by those. Your agreement should outline, though, the extent to which the property owner wants to be notified about and/or directly involved with such matters. Have your Real Estate attorney have a master lease drafted with eviction procedures in mind and have all papers handy so the process is timely and efficient.

As usual, don’t hesitate to contact us for all your real estate needs. Come and sit down at our KSI Realty’s Manhattan Midtown office to discuss your income producing or investment property needs. 

The Art of Doing a 1031 Exchange

by Kijner & Sons International Realty

 

Many clients of KSI Realty NY Inc. are savvy investors and one of our favorite topics of discussion is the 1031 exchange. Those 4 mysterious numbers are simply an IRS tax code identification that allows owners of a business or investment property to defer the recognition of the capital gain tax normally due upon the sale of the property as long as it is re-invested in a "like-kind" property of equal or greater value through the use of a qualified intermediary.

We often start our conversations with our sellers and prospective buyers by including their attorneys, wealth managers, bankers and accountants around one table to ensure that their short, mid and long term objectives are well understood. We start with a snapshot of their current state and open the discussion on their goals in 7, 15 and 30 years from now. It is crucial that all professionals have a clear understanding of what is happening first as many fields overlap and all professionals around the table will ultimately shape the final real estate deal decision making process. This is a pluridisciplinary effort.

Many misconceptions and issues can arise from the lack of communication between key professionals. Clients may sometime fail to realize that legal objectives may come in opposition with fiscal, or real estate ones. Having a clear overview and a dashboard of all mechanisms gives you the ability to take informed decisions. Multiple test scenarios are often studied in order to come up with the final approach. On a daily basis, we speak to our clients' attorneys, insurance brokers, accountants and other key financial actors to facilitate the deals. We never give financial advises, practice law or overstep in regulated and licensed industries but we talk, exchange and facilitate the flow of real estate related information to ensure that our client's end goals are achieved.

1031 exchanges are often looked as mysterious, difficult, lengthy and potentially cumbersome. To the contrary, they are actually very easy, reasonably fast and very transparent if you use the right professional. The cost is very minimal, most qualified intermediaries get a small service fee plus a percentage of the interest of the funds they hold.  This is often far less than the potential capital gain that may be paid especially for investments that have been kept for a long time. The likelihood of heightened capital gains is stronger over long periods as market prices often rise. A good business practice is to identify your qualified intermediary via your trusted professionals such as your licensed real estate broker, accountant, banker or attorney. A solid track record and years of experience in serving as a qualified intermediary is key. We advise our clients to research the nature of the guaranties offered by the qualified intermediary. Making sure their money will be safe and limiting the risk to see lifelong savings vanishing into the "wild".

Many clients forfeit the idea of a 1031 exchange thinking they have to find someone who is willing to swap, or worst that they have to buy the exact same type of property they are selling. Another classic misconception we see, is that the exchange must be simultaneous or that the entirety of the proceeds must be used for the replacement property(ies). This is all false. Even very complexed real estate deals such as REITS or other trust funds can have adequate solutions such as using DST's (Delaware Statutory Trusts) which are recognized 1031 exchanges. One of the main advantages of DST's is the ability to exchange immediately without delay on the day of closing ensuring the continuity of passive income as it is often one of the determining factors for many of our investors that are looking at ensuring the perennity of their flow of income. 

As licensed real estate brokers, we do not financially benefit from the 1031 exchange, we do not perceive a commission and at KSI Realty NY Inc. we are not qualified intermediaries. The benefit goes 100% to our clients. We share our vast knowledge of commercial and investment real estate as good business practices to allow our clients to maximize their reinvestment. Allowing them to use the deferment of the capital gain portion, which is in essence free leverage that can be used towards a new purchase until it is sold again and/or reinvested. Currently, there are no limitation to the number of 1031 exchanges one investor can undertake as long as the replacement property is kept for at least 2 years, although certain exceptions may apply. As with everything, nothing is static and clients should always seek the assistance of their attorney, accountant as well as wealth and estate planners to anticipate new regulations that are in discussion. For instance, the new tax plan law that President Trump is pushing may have repercutions to 1031 exchanges as well as state and local deductions that would be eliminated (SALT tax) or standard loan interest deductions that many homeowners and investors are relying on. This could put a serious damper to the vivacity that the real estate market has seen lately especially since the slow but steady recovery from the subprime crisis of 2008.

We advise our clients to constantly scan the fiscal and legal environment to make the best investment decisions. Also keep in mind that even failed 1031 exchanges can have benefits. If you are not able to identify a like-kind property or meet any of the restrictions rules imposed by the IRS in the allotted time, you simply defer the payment of your capital gain up to 6 months.

For more information on how to purchase income producing or investment properties, please contact us for your complimentary session.

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Article originally published on October 19th, 2017 on KSI Realty New York website at http://www.nyc2buy.com/blog/the-art-of-doing-a-1031-exchange

Working with Foreign Buyers

by Kijner & Sons International Realty

Kijner & Sons International Realty is proud to be featured in the latest edition of The Residential Specialist*, a magazine by the Council of Residential Specialists (CRS). The CRS designation is the highest credential awarded to residential sales agents, managers and brokers, a symbol of excellence in residential real estate.

To read KSI Realty's interview in the piece written by Ms. Gayle Bennett and entitled "Working with Foreign Buyers. Tips for increasing your international client base", just scroll down on the iframed article below or click here

To learn more about the CRS Designation, click here.




Are you looking to invest abroad? Ask the specialists! We specialize in both residential and commercial real estate with an emphasis on income producing properties and luxury homes. We are servicing France (Paris and Provence-Côte d'Azur), Bangkok in Thailand and the U.S.A with New York City and Miami, Florida.

Contact us today for your a private consultation at
info@kijner.com.

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Note: *
The Residential Specialist is published for Certified Residential Specialists, General Members and Subscribers by the Council of Residential Specialists. The magazine’s mission is: To be a superior educational resource for CRS Designees and Members, providing the information and tools they need to be exceptionally successful in selling residential real estate.

Investing in New York City with KSI Realty

by Kijner & Sons International Realty




Kijner & Sons International Realty
 is your privileged partner for all your real estate transactions in New York City. Whether you are looking to buy, rent or invest in the Big Apple, we can assist you all the way thanks to our multi cultural and multilingual team of real estate specialists as well as our extensive ancillary network of licensed experts from attorneys to accountants and from mortgage brokers to property managers to cite a few. 

We are buyers' representatives. We strive to find you the best options and bring you tailor-made solutions based on your specific profile, needs and real estate goals. 

Check our latest listings for rent and sale directly from the comfort of your computer as they hit the market and are updated daily on our platform by visiting our dedicated search pages:

General Search
Rentals
Sales
Open Houses
New Developments 


Are you undecided about where to live next? Let us guide you through New York's numerous neighborhoods from Manhattan to Chelsea, from the East Village to the Upper West Side or from Midtown to Roosevelt Island. 


Contact us today at nyc@kijner.com or at +1 (646) 480 0667 to learn how we can help make your real estate dream a reality. We would be happy to schedule a complementary one-on-one consultation with you at our conveniently located office in Manhattan

Knight Frank Global Cities - The 2016 Report

by Kijner & Sons International Realty




Kijner & Sons International Realty
is pleased to share with you Knight Frank 2016 Global Cities Report*. In a fast paced world where we are witnessing rapid population growth and innovative infrastructure projects that are creating new business hubs and transforming the geography of our global cities, the 2016 Report seeks to help property investors, occupiers and city planners with their investment startegies.

In this well documented report, you will learn more about this year "Gateway Cities" such as New York and Paris: two megalopolises KSI Realty is proud to serve with its local offices, teams of real estate experts and extensive network of licensed partners. 

The report covers the following additional topics:
> "Zaha Hadid: The Architecture of Inclusivty"
> "Super Cities"
> "Retail: All the World's a Stage"
> "Flexible Living: Short Term Thinking, Long Term Rewards"
> "Future Offices: Breaking the Mould"

To download the full report in English, click here.

To download the full report in Chinese, click here.

Looking to relocate to or invest in Paris, France and/or New York City, NY? Contact us today at info@kijner.com

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Source: http://www.knightfrank.com/globalcities

Spring 2016 eNewsletter

by Kijner & Sons International Realty

 

   

SPRING 2016 E-NEWSLETTER

 

NEWS

 FRANCE 


WELCOME TO OUR NEW EXCLUSIVE PARTNERS IN FRANCE

 

Kijner & Sons International Realty is pleased to announce its new exclusive partnerships with two family offices specialized in high end French real estate. Sharing the same values of professionalism and attention to detail, our local partners will assist you with any residential, commercial or investment project you may have in Paris and on the French Riviera.

Covering Paris and its suburbs, KSI Realty's preferred partners and brothers Victorien and Julien Pédurand of My Home Connexion Immobilier, offer outstanding properties for sale from apartments to houses as well as comprehensive conciergerie and home decor services.

On the French Riviera, KSI Realty's long time partner, Cédric Le Piffer of Immocoach, offers stunning properties from luxury apartments to ocean front villas and from hotels to vineyards in the Provence - Côte d'Azur region. 

Are you looking for a tailored made solution? Our partners, through their extensive portfolio of properties and newtork, will make your French real estate dream a reality!

My Home Connexion Immobilier Logo   

To contact Victorien and Julien for your next real estate project in Paris, send us an email at 
paris@kijner.com.


Immocoach Logo
To contact Cédric for your next real estate project on the French Riviera, send us an email at
cedric@kijner.com.

 

 NEW YORK, NY, USA 


WE ARE NOW SERVING NEW YORK CITY


Manhattan Skyline, New York


Kijner & Sons International Realty recently opened a brand new real estate boutique office in the heart of Manhattan, offering personal, commercial and corporate solutions in one of the world's greatest and most vibrant capitals, New York City. 

We are proud members of both the REBNY® Manhattan board and the NYSAR New York State Association of Realtors®, which confer us a very unique professional and ethics training. If you are considering renting, buying or selling a property in the "Big Apple", let us guide you with the guarantee and service attention you deserve. 

To learn more about our new brokerage and to view some of our latest properties for rent and for sale, visit our dedicated website today at www.nyc2buy.com. To contact us for your next real estate project or investment opportunity in New York, send us an email at nyc@kijner.com


FEATURED PROPERTIES


 PARIS, FRANCE 


KSI Realty & MY HOME CONNEXION IMMOBILIER PRESENT "RUE CLOTAIRE"

Luxury 3 Bed / 2 Bath Apartment with Cellar Near the Panthéon
75005 Paris
Available at 1,790,000 



Click on the image below to learn more about this property!
 
Luxury 3 Bed / 2 Bath Apartment with Cellar Near the Panthéon, 75005 Paris



To view some of our other listings available for rent and/or sale in Paris and its suburbs, click
here

 HYÈRES, FRANCE 

 

KSI Realty & IMMOCOACH PRESENT "HYÈRES"

Luxury 2 Bed / 2 Bath Rooftop Apartment with Terraces
Var, Provence
Available at 895,000


Click on the image below to learn more about this property!

Luxury 2 Bed / 2 Bath Rooftop Apartment with Terraces in the Var, Provence, France



To view some of our other listings available for rent and/or sale on the French Riviera, click 
here


 NEW YORK, NY, USA 

 

KSI Realty NEW YORK PRESENTS "25 BEEKMAN PLACE"
AN EXCLUSIVE RIGHT OF SALE

Stunning 3 Bed / 3.5 Bath Penthouse with Terrace
Turtle Bay, Midtown East, New York
Available at $7,000,000

Click on the image below to learn more about this property!

Stunning 3 Bed / 3.5 Bath Penthouse with Terrace Turtle Bay, Midtown East, New York



To view some of our other listings available for rent and/or sale in New York, click 
here.





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Should you wish to unsubscribe from our mailing list, please send us a message at "info@kijner.com".


Guiding buyers beyond your borders

by Kijner & Sons International Realty

Kijner & Sons International Realty is pleased to share NAR's latest Global Perspectives guide for buyers considering overseas ownership. We, as international real estate specialists in the USA (namely in South Florida and New York City), France, Thailand and Vietnam, know first hand how much preparation can go into acquiring your dream house, villa, apartment or condo. Whether you are looking to retire, vacation or invest abroad, let us help you gain this much needed experience. We will show you the many benefits of owning properties overseas based on your own special needs and real estate project. 

To read NAR's full guide, see below. For any further questions, contact us today at info@kijner.com.

FRANCE
Are you looking to buy, sell or rent a property in Paris or on the French Riviera? Visit
 www.kijner.com

SOUTHEAST ASIA
Are you looking to buy, sell or rent a property in Bangkok, Thailand? Visit www.rentsukhumvit.com/en
Are you looking to buy, sell or rent a property in Ho Chi Minh City, Vietnam? Visit www.kijner.com

USA
Are you looking to buy, sell or rent a property in Miami, Florida? Visit
www.miamihousesforsale.net
Are you looking to buy, sell or rent a property in New York City? Visit www.nyc2buy.com

 

Global Perspectives August 2015: Guiding Buyers Beyond Your Borders

Ask the Expert: US Realtor

by Kijner & Sons International Realty



Kijner & Sons International Realty
is pleased to share a recent report from
World First, UK first foreign exchange broker offering currency exchange and international payments to private and corporate clients in the UK and abroad. Laura Kijner, international real estate specialist with KSI Realty in France and Thailand and, Florida Realtor® with Fortune International Realty in Miami, Florida is featured in their July 29th issue on investment and relocation to the U.S.  

To read the full article by David Trumper, see below:

If you’re thinking about moving to the US, you’ll be aware just how many considerations there are – the actual buying of the property is one of the last things you’ll have to sort out!

Florida Realtor Laura Kijner has helped lots of people in their move to the US, and in this edition of ‘Ask the expert’, she explains some of the things you need to consider. 

In the U.S., every state has different rules and regulations, so wherever you are looking to purchase a property, you should get the relevant information.

Investing or buying a vacation home abroad is quite different from actually moving and living overseas!  Usually, people that have successfully moved to the U.S. have conducted their due diligences – they’ve gone to visit, they know the area, maybe they’ve been there for ten years for a month every year. Moving to the U.S. can be a long process. A lot of people don’t realise that getting the proper visa or even a green card is not an easy task.

Ask yourself the right questions

Do you already have the proper structures in place to facilitate your move and the acquisition of a property? Do you have a U.S. bank account? Do you have all the necessary funds available for an investment? How about currency conversion? Are you a cash buyer? If you need a loan, it’s probably best to check with your financial institution at home since, as a foreigner, you are unlikely to have collateral or a credit history in the U.S. You need to be ready, willing and able! And to be so, takes preparation.

Get to know the place and its people

Make sure it’s right for you and your family. Adapting to a new culture and environment takes time. You need to see yourself working and living there for the foreseeable future. If you are moving with your kids, you will need to think about schools and later colleges. Even to run the simplest errand, you are most likely to drive your car around. Do you have a driving license? Are you fine with driving at least an hour a day? Make sure you find a property in a neighbourhood you like, that is safe and convenient, a place where you can easily commute to and from work.

Drive, walk around, check various neighbourhoods, talk to some agents, talk to fellow expats who have moved to the U.S. and who will give you honest feedbacks, talk to an attorney, a wealth manager and a CPA about what’s involved – it’s about just getting that information.

Many foreigners do not know that dual agency is illegal in Florida. A real estate licensee may enter into a brokerage relationship either as a transaction broker – offering limited representation – or as a single agent with prospective buyers and sellers.

See a house you like? Go for it, whoever you’re signed up with

In the U.S., all real estate agents, with no exception, have the same access to the available properties in their market with the exact same conditions. As members of the Miami Association of Realtors, we offer access to the MLS (Multiple Listing System). The MLS is a tool where, in the words of the National Association of Realtors, brokers share information on properties they have listed and invite other brokers to cooperate in their sale in exchange for compensation if they produce the buyer. Sellers benefit by increased exposure to their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker. Thus, it doesn’t matter where you find your dream property. Even if it’s not listed with the company you signed up with, your real estate agent will call the other agent and they will cooperate with each other to ensure a successful transaction.

The purchase of the property is the last thing we would take care of. You’re not going to put your trousers on when you’ve already put on your socks and your shoes!

Do things in the right order. If you are not ready to take the plunge yet, you can always sign up for listing alert emails on a realtors’ website – like this one. By signing up to alerts like this, you’ll get a good picture of a place’s real estate market – in this case, Miami – from prices to inventory and you will be able to monitor the changes over time. What you see today might not be available 6 months for now when you are actually ready to buy. Be informed!

Finally, there are many costs associated with the acquisition of a property. These costs depend on your own project, the selected property and its location, laws of the State of Florida, of the County and the City as well as on professionals and/or other providers you are likely to select from Attorney to CPA (Certified Public Accountant). Some fees are negotiable, other not. Some are recurring, other not. Most people are first time investors with very little knowledge of the acquisition and relocation process in the U.S. As a consulting firm, we are here to help and we offer tailored packages for a fee for those in need of full assistance.

Laura Kijner works with Kijner & Sons International Realty, which specialises in investment opportunities and income producing properties in South Florida.

Source: http://www.worldfirst.com/uk/blog/property-2/ask-expert-us-realtor-2/

Looking to buy a condo or a home in Miami? Looking to relocate to or invest in Florida? Contact us today at info@kijner.com

Florida Realtor Magazine April 2015

by Kijner & Sons International Realty




Kijner & Sons International Realty
is honored to be featured in the April 2015 issue of the Florida Realtor Magazine.

Florida Realtors® with Fortune International Realty in downtown Miami and international real estate specialists with offices in Bangkok, Thailand and Paris, France, brother-sister team Laura Kijner and Marc Kijner were recently interviewed on the ever-growing demand from Southeast Asian and Mainland Chinese investors for Florida real estate investment opportunities. With a dynamic property market and as one of America's best places to work and live, Miami has become a major investment hub for foreign buyers alike wanting to be part of the city's real estate boom. Marc and Laura offer their clients tailored-made solutions based on trust, presence, professionalism and a true understanding of each person's unique culture, project and needs when it comes to investing abroad. 




To read the full Florida Realtor® Magazine April 2015 issue, click here.

Looking to invest in Miami Florida? Looking to buy a home in Brickell, a villa in Coral Gables or a condo on Miami Beach? Looking for an income producing property in Miami-Dade or Broward County, Florida? Contact us today at info@kijner.com

Greater Downtown Miami - Annual Residential Market Study Update

by Kijner & Sons International Realty

Kijner & Sons International Realty is pleased to share with you the "Annual Residential Market Study Update" for the Greater Downtown Miami. This report was prepared by Integra Realty Resources (IRR), the largest independent commercial real estate market research, valuation and consulting firm in North America, for the Miami Downtown Development Authority's (Miami DDA) this February 2015.

To learn more about IRR's latest research and findings on the state and evolution of the Downtown Miami's Residential Real Estate Market, click here or on the image below.


This detailed report will show you Downtown Miami's current condo market and resale options as well as the ever growing demand from Chinese investors who are slowly replacing South American and European foreign buyers thanks to a stronger Chinese Yuan and increased purchasing power. 

Are you looking to invest in a Downtown Miami condo or a Miami house? Are you looking to relocate to Brickell, Miami Central Business District (CBD), Edgewater, Midtown, Wynwood or Overtown? Contact KSI Realty today at info@kijner.com



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83-85 Boulevard de Charonne, 75011 Paris, France


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