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The Real-Estate Industry Welcomes Drones and Other Technologies
Technology has revolutionized the real-estate industry – from listing a home to finding a loan to reviewing a real-estate agent.
Consumers have come to expect it. For example, home buyers are increasingly looking to the Internet to purchase homes. Forty-three percent of buyers searched online for a property as their first step last year, an increase from 35 percent in 2011, according to a 2014 report by the National Association of Realtors.
One agent utilizes a centralized virtual receptionist, who actually works out of the corporate office. Even though the receptionist is miles away, she greets customers from a 42-inch LCD flat-screen television. She also can lock and unlock doors and page agents from her location. The technology allowed the agency to grow his business and reduce employee-related expenses. The company has more than a dozen locations. “The nice thing about it is it’s all integrated,” the agent said. “Once there is a new trend, we can add it on to our system.”
One real-estate professional wondered if there was a better way to control who had access to her rental properties. “The issue of floating keys concerned me,” she said. “It’s a universal problem. Any time a key or code is given out, it can be copied, lost or stolen.” The agent found a digital keyless lock that allows agents to issue an electronic key to a potential buyer or guest for a specific time frame. “That’s definitely a goal for Keasy is to change the whole way vacant properties are managed from an efficiency and safety standpoint,” she said.
“Its funny to see how keyless lock technology is being adopted readily and already used to different areas, but it hasn’t been brought to the industry that can use it the most,” she said. “The real-estate industry as a whole isn’t known for cutting edge innovation,” she added.
The skies over the USA are going to become much more populated. As the Federal Aviation Administration prepares brand new regulations for usage of unmanned aerial vehicles (UAVs), an entire industry-in-the-making is champing at the bit to start using drones for commercial endeavors, from promoting property to dusting crops.
Lately, drones are slowly and gradually transitioning into organizations. Crafty real estate agents notice their sales of property rise when using UAVs for videography. Usually a real estate agent uses a drone operator who has a video equipped drone to shoot videos from the sky over houses the real estate agent has for sale. In the past, videographers may have rented a crane which came with elevation restrictions or chartered a helicopter. Both of theses approaches were a lot more high-priced besides being more complicated than using a drone.
A drone video shows roadways and nearness to parks. The kind of camera used is based on the precise aims. For truly serious videography, one needs a drone which can hold the considerable weight of a pro-level camera, which in all probability implies a multicopter with lengthy frame arms, as many as eight propellers and motors, and larger batteries.
Obtaining the necessary multicopter is the start, however you’ll also have to hone the needed operating techniques. Obtaining acceptable video using a multicopter will take considerable awareness to framing and composition -just as any other videography might. You will discover, however, certain specific concerns when using a drone to collect footage.
“I believe technology will certainly revolutionize the marketing of properties,” one agent said. “Information is knowledge, and the more knowledge a person has access to, the more informed they’ll be in making a decision.”
Alternative Investment Funds Used For Prime Real Estate
Is this déjà vu all over again? Nine years after the disastrous purchase of the landmark Manhattan rent-regulated apartment complex Stuyvesant Town-Peter Cooper Village by alt-investment funds Tishman Speyer Properties and BlackRock Inc. for $5.4 billion, PE giant Blackstone Group and Ivanhoe Cambridge have inked a deal to take over the property for a reported $5.3 billion.
The Tishman Speyer/BlackRock buyout was a costly failure for tenants who saw rents jacked up (illegally as it turned out) and were denied necessary repairs, for investors — including three public employee pension funds in California and Florida that lost a total of $850 million — and for creditors when the owners defaulted on the $3 billion mortgage on the property.
Private equity boosters like Private Equity Law360 are flattering the de Blasio administration for its cleverness in winning a side agreement with the new owners to maintain 5,000 of the complex’s 11,241 apartments as affordable housing for the next 20 years and to phase in rent increases on another 1,400 apartments over five years after 2020 when these units are scheduled to be decontrolled.
Flattery is PE’s stock in trade. Everyone who signs a contract with them is oh-so clever and has extracted the very best deal from them. So there’s no mention in media reports of the 4,841 apartments on which the new owners are able to charge Manhattan prime real estate rents. Should we celebrate preservation of 5,000 affordable housing units or mourn the loss of 4,841 apartments that are priced out of reach for most New Yorkers?
Prices in the New York City housing market now exceed the levels attained at the height of the real estate boom and the deal for the city’s largest rental property is important for Blackstone which gets to add massively to its strategic investments in Manhattan rental units. The property comes with tax breaks under the J-51 program that governs affordable housing units and the side deal with the de Blasio administration includes a $144 million low-interest rate loan from the city’s Housing Development Corp. as well as a waiver of $77 million in mortgage recording taxes.
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Despite these advantages for Blackstone as well as lower interest rates and nearly twice as much rental income as nine years ago, the reported price to be paid for Stuyvesant Town-Peter Cooper Village has not budged from what the previous owners paid in 2006. Blackstone has to be pleased with the deal.
On the plus side, Blackstone and its partners — unlike the former owners — plan to finance the acquisition with a much more manageable 50 percent debt, and they plan to maintain the complex as rental units rather than evict tenants and convert it to condos. But the transaction was described by Private Equity Law 360 as “a fast-moving transaction that came together in a matter of weeks.”
That’s not a lot of time for the city’s lawyers and housing market experts to study what is presumably a very complicated contract. It would be interesting to know what contingencies are addressed in the agreement the de Blasio administration struck with Blackstone, and what has been left out.
As economists know well, it is impossible for contracts to be “complete” in the sense that all future contingencies can be foreseen and addressed. Contracts rely on implicit agreements that are not able to be spelled out and on the assumption that the parties to the contract will deal fairly with each other.
Trustworthy behavior by all parties is essential. On this score, private equity’s track record has not been stellar, as outlined by SEC Chair Mary Jo White in a recent speech in which she specifically cited an SEC enforcement settlement with Blackstone over its failure to fulfill its contractual relationships with the limited partners in its funds.
Rumors that the apartment complex’s caretaker owner had settled a dispute with a hedge fund that held some of the debt on the property led to renewed interest by developers and investors in buying it. One has to wonder why there was such a rush to sell it to Blackstone. Was this really the least bad deal city government could get? One thing is clear: for Blackstone, which views the rental market as an important investment opportunity, this is a sweet deal.
Popularity of Electric Bikes Rising
The bicycle has for many decades been an enjoyable way to get about, get a little physical activity, and even travel to some of the places a busy person might wish to travel to.
It seems the primary restriction connected with the bicycle, whether beach cruiser, ten-speed or some other cycle is that it is fueled by the human body. What if a person could possess all of the benefits of a bicycle, and in addition have the expanded range of power-assist? Now you can! Welcome to the pioneering Wave eBike, the most classy and fun e-Bike.
The Wave folding ebike isreforming the eBike marketplace. Available at an amazingly affordable price contesting any eBike previously out in the market, this line of products consists of the classic Wave e-Bike, the Lady Wave, the Mountain Wave and the folding electric bike. On the market in several colors, these electric bicycles stretch your effective range, letting you to cruise in comfort on effortless full-electric mode or use pedal assist mode to help further increase your range. Boasting a revolutionary and market-defining high-end speed, these eBikes don’t simply take you further, they move you there quicker.
/>Folding Electric Bike
A folding bike can be surprisingly practical. You can keep it in the trunk of your car, and at any odd time when you happen to find yourself with a little free time, and in an interesting area, you can pop it out and hit the road. There’s one real estate agent who does that job — but for work purposes. He sells real estate in rural and remote areas, and on occasion he finds it’s great to bring out the ebike when looking over a large property — a property that is on or by trails or back roads.
Want to go from point A to point B? Now you’ll arrive in style. And you definitely won’t be tired once you arrive. Or simply cruise for over 50 miles without a destination in mind! With the Wave e-Bike, you can travel about with ease to work, to the beach, or to anywhere you desire.
The original Wave as well as the Lady Wave can handle pavement, grass and more. In the event you wish to navigate landscape a bit harder to take on, this is when the Mountain Wave is the choice. Should you be thinking of some relaxed traveling with your partner on the same bicycle, there’s always the Duo Wave.