Tag: 18OliviaH

Today we met in a Panera to do a bit of computer work. There were loots of open rooms in rentals Tiffany manages, so we put together images and I wrote a description of the properties to post adds for on websites like craigslist. Although this isn’t typically how one advertises real estate, the less expensive properties typically sell easier when there are adds on websites like craigslist. There were many photos to upload, so hopefully Tiffany will get real, interested tenants. Tenants also must se the sight before signing a lease when they are looking on the web for rentals. Doing so protects the tenants from potential fraud. After we worked on our computers for a while, we had a a rental showing in Raleigh. Because rental properties are typically smaller than homes and not nearly as permanent, the showings are quicker and the customers sign on faster. Although a smaller commission, there are many more quick rental transaction possibilities in contrast to large, long home deals. We ended the day with an office inspection for the Cary office Tiffany intends on purchasing. It was bittersweet ending this internship with Tiffany, as I have absolutely loved my time here and I have learned a lot. I would absolutely recommend working with Tiffany for any rising WEP students who are looking to go into real estate!

Today we focused on the social media bulking because there was a lot of time in the car two and from appointments today. The way business is structured today, Tiffany uses her social media platforms to make her brand well known and accessible to as many potential clients as possible. While mixing in pictures of her business and personal like, Tiffany paints a very real image of herself on social media so that when we use tactics like joining Facebook groups or following people on Instagram, it looks like a real person and a real brand. Today we did just that. We also had tenants moving into a rental property. Typically, agents get a larger percent of the commission for a month rent because rent is obviously a lot lower than the price of houses. Tiffany charges flat $200 plus 8% of a months rent to be an agent. This can be, however, much more lucrative if the rental she finds tenants for are her own properties. Because she manages many rentals with a range of price points and locations, being a rental agent is often times to her advantage. 

Today, we drove to the east side of cary to look at office spaces. As a real estate agent, it is important to have a central location to meet clients and investors. Without an office of her own, Tiffany has been meeting clients in coffee shops, restaurants, and offices of the clients or investors. However, it would be more convenient for Tiffany while saving a lot of driving time to have a centralized office where her clients can come to her to meet. She would, of course, also be working out of her office, so her commute would be limited to to and from the office and showings. Tiffany decided that with her growing business and team that it was time to get an office. She hired a commercial real estate agent because commercial listings are all about relations with other commercial agents since the MLS equivalent to commercial is alway out of date. There was an old office space in Cary that we visited, but it had not been updated since the 1980s when it was first purchased. Although old, the office had a good structure and extra room Tiffany could rent out to individuals that would practically cover her mortgage. An office space that allows less driving, convenience for customers, and costs practically nothing = a good business decision. .

Today was closing day! We started out driving to a rental listing showing at an apartment complex 10 minutes from downtown. Although the buildings were older, the inside had been newly renovated and is move in ready. The family was very interested in the property and it seems like they will rent for $1,100/month. We then drove to holly springs where we did a walk through in an old home. Walk through are necessary before closing because he buyers want to make sure the house is in the agreed upon condition before purchasing the home. Tiffany told us one time a friend of hers did a walk through and walked into the house to find the first floor ceiling on the ground from water damage. Needless to say, the buyers did not close that day. We walked through the home and everything was just as planned. The sellers even left some pieces of furniture like a big armoire and air hockey table in the house for the new owners. Anything left inside the house on closing day is officially the buyers. We then drove to Adams and Howell personal attorneys office for the closing. I wasn’t allowed in the room because of the personal financial information disclosed during closing, but the buyer, agents, attorney and seller all present during closing. It mainly consists of checking numbers and signing many official documents.

Today we drove to Johnston County in order to oversee a home inspection on a property Tiffany intends to buy and then rent out. She intends to buy this property for around $80,000, almost $20,000 under asking price, and rent it to two people because it is a duplex for around $1200 a month. I learned about the 1percent rule in which every property should rent for at least onepercent of the total price of the property each month. Her mortgage on the property would be around $450 which means she is making almost $800 a month on this property. Eventually, she wants to have a monopoly of the street and rent out every property on the street. She doesn’t know if that is possible because the house next-door had been condemned and deemed inhabitable for humans and some of the other properties are in such bad condition she would have to put a lot of money into renovating them. However, a monopoly of the street allows her to control rental pricing and comparables for selling prices in the future. In the home inspection, a home inspector drove out and tested everything in the home from the heating and cooling systems to the stove, the paint to see if it was lead paint all the way to looking underneath the house. We should know on Monday whether or not Tiffany will purchase the property.

Today we had a client meeting in Durham for a Biochemical businesswoman looking to buy an investment property. We discussed how she originally was looking at realtor.com or Zillow for homes, something that makes the exclusive MLS obsolete. Tiffany explained that those websites are selling your information to real estate agents who can then see what homes and areas you’re looking at to eventually try and become your agent. The woman was scared her information would be sold and was frustrated that every time she liked a property it turned out that the information on those websites were 1-2 months outdated and she, therefore, contacted Tiffany Alexy who she met a couple months ago at a networking event. We also discussed the Chatham Park Project, a place in Pittsboro, NC that will be developed in the next 20-30 years to become another town modeled after Cary. Because it is not yet developed, the properties there will give you more “bang for your buck”, but you will have to live through construction and requires a long drive into the city. I also learned that Tiffany Alexy’s ultimate goal is to become the next Barbra C. (form shark tank) who sold a successful real estate company to eventually invest in other companies.

I met realtor, investor and CEO of Alexy Real Estate today in Sola Coffee Cafe. We went over the goals of the internship and what all I could work on over the course of the next two weeks. Because she does not yet have an office, we will be meeting in cafes and going to listing appointments around the Raleigh, Cary, Durham area. I focused on social media today because her Instagram and facebook needed to be bulked in order for her to gain more leads through followers/friends on each social media platform. I have been made an administrator of her social media accounts. On facebook today, I added pictures of listings to the page. Additionally I have been adding her to Facebook groups so people in similar buying and selling groups can see her page and request to join. These followers or group members can turn into potential customers, so getting as many group members on social media was the goal. I also worked on instagram to highlight her stories and do an intern takeover of her business’s story. This social media help will continue throughout the week alongside open houses, closings, and listing meetings.