Darin Garman, CCIM - Top 3 Commercial Real Estate Investors Time Management Strategies

One of the questions I get asked a lot from clients is how do I manage multiple real estate deals projects all at once? "How to Succeed in Commercial Real Estate?" Here are some specific strategies for you to consider:

a) Who to spend time with?

You need to consider spending BUSINESS TIME on only those who are going to contribute to your bottom line and goal achievement. All else needs to get put into the "we'll get back to you" pile. It is easy to get locked up with people that do nothing but take up your time. Don't do it.
I constantly have people wanting to meet with me, talk with me, etc. that don't contribute to the achievement of my goals they get put on the bottom of the pile and sometimes I never get back to them.

b) Keeping away from time vampires.

Time vampires are those that call you, come into your office, and tell you the "whole story" constantly. You need to politely tell these people "adios". You ever notice that you have those days where you have a lot of activity and by the end of the day you really have not gotten anything done? Time vampires are the main reason why.

c) Having a clear objective in the first place.

What are your goals, your objectives?? Where do you want to end up? How do you plan on getting there? Without a plan you will be spinning your wheels and the cash flow and value of your will suffer because of it.

So, there you go. We did not reinvent anything today, but it is surprising how the use of your time is tied to your income and the results you want.

From Darin Garman, CCIM:

If you have not taken advantage of my special limited time 2 month complimentary "test drive" of the Commercial Investment Property Owners Association, here is another opportunity to see what you have been missing...

How to Succeed in Commercial Real Estate

Asset Management As A Tool In Beating The Odds

Asset Management seems like some arcane science practiced by brilliant experts at first glance. Although the expertise of most money managers may be outstanding, the techniques of asset management are available to any investor. The whole idea behind asset management is to create some kind of stability in an investment portfolio that can protect the investor, to a certain degree, from market volatility. Market volatility is only a problem because, try as we may, we humans cannot predict the future. Any investment software or tracking method can only offer approximations of what the market might do in the future.

One of the key concepts of asset management is diversification. Diversification between types of investments, such as stocks and bonds, as well as diversification across a number of industries and countries can offer a buffer against volatility in any one investment, industry or country.

For the individual investor, this aspect of asset management can cause some confusion. The first question that comes to mind is; How much diversification is enough to offer protection against volatility? There is no easy answer to that question. The individual investor realizes that they don't have billions of dollars to work with like the mutual funds do. As a result, the investor has to limit their purchases.

The best approach is to educate yourself about the risks and rewards of each investment and sector. The next step is to select a basket of investments that are best suited to your risk tolerance as well as your investment goals. Also realize that as your portfolio grows, you can diversify more. Remember that the aim is to select good quality investments, but also to protect your capital as well.

Diversification within a sector can also offer protection against volatility. For example, in the consumer sector, investing in a supermarket chain that sells to basic consumer needs could be complimented by investment in a more diversified, higher end supermarket chain that situates itself in upscale neighborhoods. In this case, one would expect the high-end company to have higher profits, but in an economic slowdown, the basic supermarket chain might see less of a contraction. If possible, viewing data about how one performed in comparison to the other during past economic contractions may give a hint of future possibilities.

The speculative view of investing, whereby an individual hopes to make a large amount of money quickly, tends to be at odds with the diversification model of investing and asset management. There are two reasons for this; the first is that speculative investing is high risk, where as the diversified approach tries to limit risk and secondly, the concept of asset management aims at protecting capital, thereby ensuring survival and long term profits. One of the predictable outcomes for many speculative investors is to run out of capital and be forced out of the market.

There are three components to a realistic goal in investing; the first is a accurate idea of what can be earned through a particular kind of investment; the second is to know what you want to earn through investing; and the third is to decide when you will abandon an investment that is falling in value. All three of these issues call for some study and thought. It's easy to make an unrealistic judgment in this area. Once again this is where careful asset management can help you. If you are diversified, a mistake on a single investment won't be as devastating as it would be where there is only one investment.

The whole idea behind asset management is to give the investor the best possible chance of survival, which in turn will offer the best odds of ultimately succeeding in achieving their investment goals. Nobody can predict what the markets will actually do, but if you have a system that will protect your capital and keep you in the game longer, your odds of winning will improve.

Michael Russell

Your Independent guide to Asset Management

Asset Management FAQs

Although asset management has been around for some time now, its popularity among industries has only been apparent in the last few years. People do have quite a number of questions regarding asset management especially if they are interested in employing the services of asset management companies.

What is asset management?

Asset management refers to the method that a company or a specialized asset management firm uses to track all fixed assets such as equipment, chairs, tables, computers and technology and even building which are owned by a company or an individual. The tracking of he physical location of these assets, the ways which can be used to manage these assets, and accounting for amortizations, depreciation values and future resale values of these assets are also part of asset management.

How can asset management be an affective financial tool?

Asset management makes it easier and more efficient to manage the assets owned by the company or the individual and looks into ways of investing these assets for added returns. Collective investment schemes, pension funds, private banking and wealth management are some of the ways which handle assets that make asset management more efficient and increase one's assets.

What are the processes involved in asset management?

Asset management involves a number of processes which are all designed to increase the productivity of companies or individuals. Asset management services include planning, procurement, accounting for daily operating costs through disposal; tracking physical location of these assets; and accounting tasks such as amortization and depreciation. Asset management also establishes contact with suppliers which make it easier for companies to contact these suppliers for service, warranties and replacement.

Why is asset management useful?

When one keeps track of important information regarding one's assets, assets may be properly accounted for, from whom these were purchased from; who uses these assets, where these assets are located, the suppliers to contact for support, and even lease expirations and the right disposal period may provide the basis for managing and optimizing the assets of the companies or the individuals.

Asset Management provides detailed information on Asset Management, Asset Management Software, Asset Management System, Digital Asset Management and more. Asset Management is affiliated with Offshore Asset Protection

How To Implement an IT Asset Management System

Information technology (or IT) asset management can be a real headache because it is very difficult to organize and manage. It is also very difficult to really get professional and useful service. Fortunately, with the help of computers and the growing awareness of IT asset management has become a possibility within the reach of even small organizations.

In fact, IT asset management is extremely important if you want minimized risk, is undeniable. However, until recently, organizations tend to put it off because it's actually looked upon as something associated with a lot of trouble. This is not true.

Plan, plan and plan

In order to have an smooth and optimal working IT asset management system, you will first need to have a plan of action.

First and foremost: You have to organize your ideas so you will know what exactly you want the IT asset management to do for you. Initially, this will take a lot of time (and this is exactly why a lot of people have put it off) but this will definitely be time well invested.

AS soon as the plan is put on paper, it will be easy to work out a complex (as complex as your requirements are) IT asset management which will ensure that you will never miss an update or skip a security patch, and so on. The fact that you have an IT asset management system in place will also help you track your assets and correlate the data amongst the departments; thus highly cutting down the costs involved in searching, upgrading and maintenance of assets.

The IT asset management system also helps in optimally managing time involved in obtaining information concerning the long terms and short terms maintenance. This is actually like having a host of workers available to you. Each one of them will give you the required results if and when you need them, even if you do not ask for them. When you get the results, you will be able to find out whether you are on the right track or not and whether there is any requirement for additional inputs.

Always remember to include everything you need

Even the best IT asset management system will fail if they are not including all the vital requirements. There have been many known cases where the IT asset management systems totally failed because when they run it they found that it does not answer to the most important questions they had.

Therefore, it is important that you have a good plan and that this plan includes all the questions that you need to be answered by your IT asset management system.

Hugh Thorpe is an internet publisher and writer who likes to write about personal finances, asset management and related issues. Check out 1-Asset-Management.com for more detailed info.

How to Interview A Property Management Company

Property Management companies come in all sizes and shapes. It seems that many of them are a small business or family business. If you have a large portfolio of properties or a large multi-family income property you can attract a variety of companies because many are paid as a percentage of rental income. If you have a single family home or a smaller rental property its just not that attractive to many companies because they won't see much income from it and you may not get the attention you deserve. You may find better service from a smaller property management firm.

How Do You Find Them?

Check with the standard sources such as referrals. You can also ask:

* Local Real Estate Agencies - They may have a local property manager they often recommend to or perhaps one of the agents also manages property.

* Check with your local Property Management Association or apartment association for a list of local firms

* In rural areas the State Apartment Association may be a good resource for a firm near you.

What Do You Look for In a Management Firm?

* Valid Brokers License: In may states a brokers license is required to operate a property management company. You can check to with the local dept of real estate to validate it and see if it has ever been revoked or suspended.

* Management Fees: Property Management fees are generally a percentage of rental income. Fees can vary from company to company and you should shop around. Expect fees of 5% or more as a percentage of rental income. If you own a single family home or a duplex that has a low rental income number, you may get quoted a flat rate.

* Maintenance Staff: Does the firm have its own maintenance staff? Are they 24 x 7 for emergencies? Will they provide you with itemized statements and for larger jobs three independent bids? Does the company charge a fee on top off the management fee for major upgrades?

* Working Relationship: Are they friendly and is the staff easy to reach at during normal business hours? Is the office clean and uncluttered? Do they respond in a timely fashion and can they provide referrals or testimonials for you to contact. In short, do you want to work with them?

* Reporting: All property Management firms should have software that will provide you with clear and professional monthly statements. Accounting: When will the manager mail your check to you? Can you use direct deposit? State laws usually dictate accounting rules for managers its good to have that information at hand. On Line Statements: Many firms will have on line monthly itemized statements available to owners. This convenience will increase transparency and save you time. EFT: Does the management firm allow tenants to pay online. This would allow bounced checks to be discovered sooner and that increases your cash flow. 1099: Will the management company provide you with an IRS-1009 and a summary profit and loss statement for tax purposes?

* Reserves: Most companies will require you leave some funds on deposit for small needs your property may require. This way they don't have to call you each time they need to send someone to fix a small item. You should ask how much reserves the company requires. Also, set a limit on how much a company may spend on your property for maintenance or repairs without contacting you for approval. Is $500.00 appropriate or $750.00, discuss your comfort level before you sign

* Vacancies: Do they charge a rental fee? Often companies will charge a percentage of the months rent for the service of renting a unit. The screening should process include an application, a credit report, a conversation with the prior landlord and income verification using the 1040 for self employed or pay stubs. The service should include reporting a qualified tenant to you and a proper lease. We provide a lot of info on tenant screening information. Be familiar with the process so that you can determine for your self that a good job is being done. You only want good tenants, evictions are expensive. Viewings: Some companies will be there for a showing to groups of people interested in the unit. Other companies allow prospective tenants use of the keys with a small deposit. Find out how viewers can see your property and whether you are comfortable with the procedures. If the management company staff shows the unit ask how often they will show and especially on weekends.

* Advertising: How will they advertise the vacancy? Be clear on all costs involved and have limits or a system of approval. Do they use the web? If so, can they create virtual tours or use photographs. These skills should translate into quicker rentals and better cash flow for you.

* Evictions: This should require a lawyer and the proper legal procedure for your area. How do they charge for this and will the lawyers fees be invoiced so that you can see the true cost.

* Termination of your Agreement: We like contracts that can terminate in thirty days with a written notice and without penalties. An exit plan that is agreeable to you is critical.

Home & Pet Sitting - Your Home is NOT Alone!

Do you and your family need to leave your residence, but prefer not to leave your home unattended? Let a house sitting service provide you with the peace of mind to relax. Hiring a house sitter is perfect it you have pets. The high cost of boarding and the undue stress it puts on your pet can be eliminated by using a house sitter while you are away.

Selling? The right professional home sitting and care takers can provide your property the warm ambiance potential buyers find appealing. Your asset will have the correct lighting and mood, improving that "first impression."

A watchful eye is the most valuable home security system. Your home will never look empty. Enjoy the benefits of having a watchful eye over your landscaping and maintenance contractors. Mail and deliveries can be received and forwarded. Utility and basic bill paying tasks can be counted on. Meet and greet real estate staff. Maintain the ability to have contact and control with your home base.

Estates, single family homes, condominiums, and townhomes are all candidates for house sitting. Your immediate property should not be under construction. If your property is for sale, the right house sitter should be happy to act as a liaison between your residence, and the visiting brokers and clients. Your care taker can help prepare your home with the correct ambient lighting, atmosphere, and mood. They can even have fresh coffee waiting! During open-houses, your home sitter should be happy to spend the day away from your showcase. House sitter are available to schedules and care taking opportunities as short as one month to over a year.

During the home sitters stay at your home they will be happy to provide basic services such as mail receiving and forwarding, utility bill payments, keeping a watchful eye on landscapers, pool or maintenance contractors, cleaning and upkeep, and care-taking your cat, small dog, or visiting with your horses. Situations with multiple pets and large dogs are perfect consideration for employing a home sitter, as the cost of boarding can be tremendous!

There are other opportunities that may not be suitable for a house sitting situation. Live in managers for apartments for example, may be better suited to an employment arrangement. If you have additional family members that will reside at the property while you are away the house sitter should be happy to visit and interact, share meals and conversation, and provide company. However, do not place the responsibility of caring for a person that can not care for themselves on your house sitter.

Benefits of house sitting

• Security - not leaving your house unoccupied and susceptible to a break in.
• Peace of mind - knowing your house and garden are being cared for.
• No worries of burdening your friend, family or neighbor to mow lawns, water plants, check mailboxes, feed and exercise pets, etc.
• Pet care - knowing your pet is happy being looked after at home, instead of at an expensive and foreign pet motel.
• Someone reliable collecting and redirecting mail, and taking your phone messages.

Remember, there are benefits for the house sitter too - its a Win-Win arrangement!

Find a home sitters who's mission is to manifest a comfortable home environment to reside in temporarily. They should be looking for a partner to achieve the common goals. Finding the right person or couple to care take your residence while you are away will ensure that your home is happy and secure so you can be worry free.

House Sitting

professional home sitting and pet sitters

Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida?

When considering investment properties, first of all, it must be determined that it is profitable and a good idea to purchase rental properties. Let?s talk about this aspect. Owning rental property produces rental income which, if after expenses are deducted produces a profit, would be viewed as a good investment. Add to this the possibility that property has the potential to increase in value over time and you have some solid reasons to purchase investment properties.

If the rental income is paying more than the monthly mortgage amount leaving some excess for home repairs, it is possible the home could be paid off entirely by renters. At some point in the future, this same home can be sold with the seller receiving the full value of the property. Sounds like you can?t go wrong in owning rental properties. But is this true? It all depends on whether the investor has thoroughly completed their homework.

If you are presently considering an investment in rental properties, be sure you do some thorough research. It?s important for the property investor to gather adequate information before committing to rental property ownership. Searching the internet, reading real estate publications, attending seminars, and speaking personally with property investors is a great beginning that will place you on the road to making a wise, informed decision. Starting up a business is a little like real estate investment. Knowing the facts and putting time into the purchase gives you a much greater chance of success. Doing your homework can prevent disastrous property investment decisions. Why a Real Estate Investment in Florida? There are many issues that need careful consideration before making a final decision on property investment. These include the location of the property, Are you interested in an urban or rural location? What is the condition of the property, how much maintenance will be required to keep it in good working order? What are your financing options? What do taxes run on that particular piece of property in that location? How will you select tenants?

These are all vital questions that could determine the success or failure of your venture. Let?s refer to the first and probably most important of questions to ask regarding property investment. What location will you choose? In searching for the best possible location, it is important to look at trends among renters. The American population continues to grow with a gain of about one person every 14 seconds. Where are all these new people coming from? An increase in our own population and immigration account for this strong growth. With this in mind, it is safe to say there will be a continued need for housing in the future. Concerning the immigration population, California, New York and Florida lead the list, in that order, in new residents. What a potential pool of people to pull from! Looking at the cost of real estate purchase in these three states, a real estate investment in Florida ranks among the most reasonably priced. Along with the strong immigration growth, Florida is a hot tourist destination, making it an ideal location for the purchase of rental property.

Real Estate Investment in Florida ? Where is a Good Choice?

Along with having the 3rd highest rate of population growth, the high tourism rate is definitely a great reason for a real estate investment in Florida. With its year-round temperate climate and vast array of attractions, both natural and created, it is the ideal location for family holiday vacations. Families and singles return again and again to enjoy the delightful holidays Florida offers. Deciding where to purchase your real estate investment in Florida may be a difficult decision. Tourists in Florida are searching for sun and fun. A real estate investment near the beach, from Key West in the south to Jacksonville in the north and east from Daytona Beach to Fort Myers would offer good returns on your investment. Beach lovers will pay top dollar for rentals near the ocean. Let?s consider Central Florida as a wise real estate investment. Walt Disney World has made Orlando the 3rd favorite tourist destination for overseas travelers. Only Los Angeles and New York City rank higher. With its resplendent and numerous lakes, tropical landscaping and modern, clean skyline, Orlando, the largest city in Central Florida, has aptly earned its title of ?The City Beautiful?. Along with the biggest drawing card of all, Walt Disney World, theme parks such as Universal Studios and Sea World, have made Orlando one of the largest markets in the world for tourism. 2.6million international travelers flocked to Orlando in 2004, according to the Orlando/Orange County Convention & Visitors Bureau, a 12 percent increase from 2003.

Real Estate Investment in Florida ? Where in Central Florida?

Having established the fact that Central Florida is a hot tourist market, it would stand to reason that a real estate investment in Florida, particularly the Central Florida area, would make good business sense. But how would one go about locating a desirable area and property for this investment? A beginning search would lead you to researching properties listed with the major real estate companies or visit craigslist.org in your area. Deciding which type of property is important. Do you prefer a single family residence, a townhouse or condo? Keep in mind that townhouse and condo purchases may offer onsite property management services. Will your real estate investment in Florida purchase be in a new development, or in an established, older area? Purchasing rental property in a new development often offers pre-construction prices which can be substantially lower than prices post construction. Are you available to manage the property, or do you wish to employ a property management company to take care of the details of property upkeep, record keeping and renter booking? Doing it yourself can save you 6 percent and more of the cost of rent, but can end up costing you if you don?t know what you are doing. If you do not plan on living in close proximity to your rental property, it would be wise to consider spending some extra dollars to employ a property management company. This will save you headaches and time, your own time for property maintenance and the time it takes to locate renters.

Real Estate Investment in Florida ? Consider Davenport, Fl Considering a real estate investment in Florida, just 5 miles southwest of Disney you will discover the quiet, quaint town of Davenport, Fl. Its central location yet off the beaten track give it an appeal all its own. Davenport, Fl is only 2 square miles in size. With its small town appeal, it is an attractive rental option for tourists. Davenport, FL is under 30 minutes from Universal Studios, Sea World, Disney World and other Orlando attractions. It is just one and ? hours from Kennedy Space Center and within an hour?s drive to Tampa (home of Busch Gardens) and Cocoa Beach. After a hectic day at the major tourist attractions, what a welcome respite it would be for renters to lodge in this quiet location which is surrounded by orange groves. Convenience is another drawing card with a Super Wal-Mart, open 24 hours a day, just nine miles away. Kissimmee is just a short drive with its spectacular nightlife entertainment options such as Arabian Nights and Medieval Times. Family oriented Kissimmee attractions, Green Meadows Farm and the Silver Spurs Rodeo are also nearby. The small town environment of Davenport, Fl offers a quiet stay that is near all the most popular attractions, including theme parks, family spots and great shopping and dining, located not far from the Florida Mall, outlet malls and the Orlando Mall.

Bimini Bay, Davenport, Fl

Located in Davenport, Fl in close proximity to Walt Disney World, is a brand new development, Bimini Bay. On 80 acres, 360 three bedroom two bath townhouses are ready for purchase. The Davenport, Fl townhouses are turnkey ready with fully equipped kitchens, appliances and all that is needed to set up house including linens. There will also be 360 fully equipped one bedroom apartments. The planned amenities include a resort pool, two movie theatres with stadium seating, a major chain restaurant, a large Club House, a pool, lazy river, water slides, exercise room, tennis and volleyball courts along with many other features. The best part about an investment in a townhouse at Bimini Bay, Davenport, Fl is that the property maintenance aspect is taken care of for you. The investor reaps the benefits of ownership such as property appreciation and the ability to stay in the purchased property for a minimal fee without the headaches of property management. The onsite management team takes care of maintenance, markets the property and secures renters. The investor receives the same rental income each month, making this a low stress investment. At the beginning of this article, there was discussion on managing rental property yourself or obtaining a management company for this purpose. Purchasing property at Bimini Bay ensures the on-site management will handle all the issues of property management, while allowing the investor the advantage of a steady income along with the benefit of using the property.

Lisa Carson
Real Estate investment in Florida Expert
http://www.biminibayresortinvestment.com
Offering the only Guaranteed Monthly Rental Program in Orlando Florida for Florida investment Properties