A year ago I wrote of my five top ideas for real estate for 2013.
Of those ideas I have implemented .. not much. Shortly after the first of the year 2013 we found that my wife’s ongoing back pain was being caused by a large benign tumor. She had it surgically removed on Valentine’s day and is fine today, but it upended things for a while
Today as I reflect on the past year and think about this coming year I reread the ideas posted last year. A year later they all hold value.
The Association now has quarterly small group meetings as part of the Professional Membership. These meetings are an important element of #3 on the list, improving how we share our collective knowledge
In a big step towards #1 on the list, reducing maintenance supply costs, the Association has teamed up with Home Depot, Pittsburg Paint, Sherwin Williams, and a number of other organizations to provide discounts to our members.
Home Depot offers a whopping 20% discount on paint and 2% cash back rebate on most purchases to our members. Sherwin Williams offers members discounts on paint equal to the discounts that major contractors receive. Pittsburg has similar discounts.
I would add a sixth and seventh opportunity for 2014, Crowdsourcing/Crowd funding for real estate. I’ll post my thoughts on these in the next couple of days
The five most important Real Estate Ideas for 2014 remain:
(Clicking on the topic’s title takes you to the full article)
- Reducing Maintenance Supplies costs
Pre 1950 buildings in lower income neighborhoods require around $100 per month per unit for repairs, replacement reserves and improvements. Newer buildings in more affluent neighborhoods perhaps $50 – $65. This is all maintenance from leaky faucets and unit turnovers to new cabinets, new roofs, electrical upgrades, replacing parking lots ect. (more)
- More Effective Maintenance Labor/Contractors
Maintenance, replacements and improvements to rental housing represents nearly $100 million per year in the city of Milwaukee alone. A savings of even 1% is a lot of money. (more)
- Become better at sharing our collective knowledge
The ApartmentAssoc@YahooGroups.com is good beginning. However it does not work real well as a reference tool as the posts are not organized by topics nor apparently easily searchable for many users. (more)
- Group purchase of a distressed block or two
There has been this wild idea floating around in my head for years, acquiring a distressed block with a group of active owners and turn it around for fun and profit. (more)
- Tech Meets Real Estate
There certainly are huge opportunities for software/web solutions for things that cause frustrations for owners and perhaps tenants. (more)
- Crowdsourcing for real estate, posting later in the week.
- Crowdfunding for real estate, posting later in the week.