Expert Steven Taylor of LA on How to Market Yourself as a Real Estate Agent

In all my years as a real estate agent, probably the most important skill that you need to pick up is the ability to sell yourself as a real estate agent.  

It’s what separates the men from the boys, so to speak. You are ever only recognized as a professional real estate agent if people know you as someone who sells properties. As if selling real estate properties is easy in the first place! 

How to Market Yourself 

Marketing yourself to other people may sound intimidating, but I swear, it’s not as nerve-wracking as it once was. 

Back in the day, real estate marketers had to work on several different skills in order to get people to take notice of them. You have communication skills, negotiation skills, building contracts, and the works. You also need to know several people, such as contractors and the property owner who is commissioning you to sell their property. Today, most of those individuals are still important in building up your reputation, but thanks to technology, the ability to contact these people is now easier. 

I’m talking about social media and mobile phone technology. Nowadays, it’s easier to talk to people when you need to; all you need is their mobile number and you can make a call and get in touch with them. For social media, people have Facebook and Twitter accounts. The same can also be said with contractors and property owners, so if you’re unsure about a fact or information about a property you’re selling, you can easily get in touch with them. 

The Unique Ways to Market your Skills 

Marketing yourself can be easy if you know exactly what you are and where you’re good at. 

So for example, if you’re very good at presenting the property while in the property site itself, then you should take that advantage to use. People have different skillsets and your first job in order to market yourself properly is to determine what those skills are. 

Once you’re able to determine your skill set, then it’s time to get to work: 

• Create unusual partnerships with local businesses - Local partnerships can actually do wonders for your real estate business. This type of partnership is perfect for getting prospective clients and for marketing your skills out in the open. While building local partnerships is one thing, getting partnerships with businesses that are not always approached by real estate agents could be a huge advantage for you. Why not take the time to approach these companies and ask them for a partnership? 

• Holding a Contest - One of the best and easy ways to get people to know you is to hold or sponsor a contest. I know I did with the community in Los Angeles. After a contest or two, everyone in the community already knows my name. And the same can happen to you too if you take advantage of it. And it doesn’t have to be a big event; it can be anything, from a simple bingo night in the community or a local dinner in your community’s favorite restaurant. The possibilities are endless! 
• Becoming a Storyteller - It may seem like a boring subject, but telling your story to an endless audience online is also something that you can consider in selling off your skills as a real estate agent. Simply create a blog post online and you can start writing about the things you did and the things that you’re going to achieve. Sure, you and your blog may not gain as much attention at first, but with a little perseverance and some luck, people should recognize you and your story! 

Continue on Improving Yourself 

The road to success is long and full of sacrifices and surprises. But don’t give up! Keep on dreaming and improving until you’ve reached your goals. If you need to improve as a real estate agent first, then you can join seminars and meetings. If you want to learn more on how to market yourself, then take your time and learn from the best.  

I surely didn’t become a successful real estate agent in just one night. I also had to work hard for whatever success I am enjoying right now. My advice for all aspiring real estate agents out there is to treat your successes and failures with respect. Learn from your mistakes and celebrate your victories, one at a time. But most importantly, be confident when talking about yourself and the property that you’re trying to sell. Only then will your buyer treat you with the same amount of respect that you are giving him. Steven Taylor, LA 

Originally published at https://steventaylorlandlord.com on October 12, 2021.

Taylor Equities - What a First Time Landlord Needs to Know

 

Steven Taylor of Taylor Equities - What a First Time Landlord Needs to Know

Being a landlord can be a profitable and rewarding experience. As a landlord, you can build your wealth, utilize second properties you may already own, and run your own business. But, managing a property also requires extensive time and effort. Regardless if you are just leasing an extra property to a friend or family member, or running an entire apartment complex on your own, you need to be prepared. If you’re a first time landlord, take the time to thoroughly research the industry and you will be set up for success.

Here are five tips that first time landlords should keep in mind before renting out a property.

1. Examine your rental price range.

If you’re like most first time landlords, you’ve likely invested substantially into your property. You are also likely going to be dependent on the income the rent generates monthly in order to keep up with the mortgage. While your instinct may be to raise rents to increase your profits, you must first consider the rental market of your region. If you live in a popular area, you may be facing strong competition. As a first time landlord, you’ll want to ensure that your building is enticing to potential renters, while also keeping your expenses in mind.

2. Set clear expectations with tenants.

This may sound obvious, but you must make collecting rent on time a priority. Your property is your business, and without your primary source of revenue – rent – it will fail.  Be clear about your expectations when your tenants move in so there isn’t any confusion on policy. Let your residents know the rental due date, as well as how many days the grace period is for payments that are late. If rent is paid beyond the grace period, it is important to enforce penalty payments. Be sure to screen all potential tenants before they move in. By checking their rental history, asking for references from past landlords, and running their credit, you can help ensure that you rent your units to responsible residents.

3. Prepare yourself for vacancies.

If you have loss-of-income insurance, you may be protected from vacancies during a disaster or other external damage to your property.  But if you have vacant units simply due to low demand or high rents, you’ll be out of luck. Always have money saved that can be used to pay the mortgage on your property during times without tenants. If this is a frequent issue, it may be time to consider lowering the rent.

4. Become a master at record-keeping.

Owning a rental property can be helpful when tax season comes around. But to enjoy the tax benefits that come with being a landlord, you will need to have detailed expense records in order to defend your write-offs. These records will benefit you in other arenas as well – when you know where your money is going, you can accurately assess how your business is doing. Keeping detailed records of the conditions of your property, including damages, alterations, and other changing wear and tear, will help you in the long run. The key is to create good record-keeping systems, whether you track expenses and notes on your own, or use and online tracking program.

5. As a First Time Landlord, get help when you need it.

If you are overwhelmed by the work required to be a landlord, you may want to consider hiring a property manager. A property manager can take many responsibilities off your plate. Many first time landlords hire a property manager as they grow their portfolio and begin renting multiple properties. You should consider the cut to your profits, but also consider the time and energy you will save. If you can afford a property manager, you may be able to focus your time on other streams of income or expanding. – Steven Taylor, Taylor Equities

Article originally appeared https://steventaylorlandlord.com/what-a-first-time-landlord-needs-to-know/  

Steven Taylor Taylor Equities

 

Steven Taylor Taylor Equities

Though residential real estate may not change quite as dramatically as runway fashions, it nonetheless has cycles and can quickly transform based upon sudden market variations. Navigating these unstable conditions takes knowledge, attention to detail, and not a little intrepidity.

Steven Taylor Taylor Equities

Numerous factors, from overall economic health to population spatial patterns and demographics to available property characteristics, make for a complex mix that any would-be developers must be willing to handle. The rewards can be significant, both personally and financially. However, failures can be equally dramatic.

Some nonetheless plunge into this uncertain environment, like real estate developers and landlords, working to flip as well as refurbish properties for profit. Not all succeed, but those who do find much wealth in this industry. There is no one road that leads to a successful career as a real estate developer and property owner and landlord. Some industry experience or related knowledge is common, but if property development is your passion, this field is open to those willing to work hard and take chances.

Steven Taylor of Taylor Equities, is one of those who has found great success in this volatile field. A successful and experienced property investor and landlord in the Southern California market, Mr. Taylor has been named as one of the region’s “30 under 30” real estate moguls. He has handled more than $500 million in property transactions and is a Principal at NEME Capitol. He also is the founder of Taylor Equities, a family company that purchases multi-dwelling structures such as apartment buildings.

He knows the real estate industry inside and out and stays current on up-to-the-minute conditions and changes. Such work can be all-consuming, but Mr. Taylor has found a way to keep his real estate work growing even as he concentrates on more personal matters and passions closer to home.

We wanted to learn even more about Steven Taylor so we were able to ask him a few questions recently. Please see the great responses below:

What was it that inspired you to become a landlord?

The concept of passive income has always been attractive to me. My goal has been and continues to be to create a sufficient passive income on a monthly basis that will support me and my family. Also, one of the benefits of being a Landlord is that you to develop and reposition assets in emerging markets which is always fun.

You have been redeveloping apartments for a long time, how has your business model changed over the years?

Yes, you need to evolve with the market and demands of your residents, but the fundamentals remain the same. Focus on location, appreciation and deprecation.

What do you find to be the most rewarding portions of your career?

Achieving Stabilization. Once a property hits stabilization, meaning that the business plan has worked and the property is performing and its generating positive returns, there is a great sense of accomplishment.

On the other hand, what has been the most challenging project of your career?

The bureaucratic and red tape of the city permitting and approval processes can be very challenging. The inconsistencies between building inspectors and field inspectors can be frustrating and exasperating. I have personally been in several situations where I obtain a permit from the city but then the field inspector wants something entirely different which can put a project on hold until resolved.  

In your expert opinion, what do you find works best when it comes to keeping an income property turning a profit?

Managing the revenue side. In my opinion, on the expense side, there are a fairly large number of fixed operational expenses which sort of handle themselves, and the variable expenses can be managed with a good budget and a good team. However, the revenue can be tricky because you constantly need to assess your competition, but if high-occupancy is constantly maintained, the property should turn a profit. 

What processes do you have in place that allow you to ensure a redevelopment is running efficiently?

Like most business, real estate ownership and management is all about having the right people in place. We have several systems in place to have real-time intel on property performances, so as weekly and monthly OPEX budgets, weekly and monthly vacancy details, snapshots of expense to income ratios of each property and so on.

I am sure some projects can become stressful quickly, how do you maintain your composure under pressure?

I love what I do. I am constantly thinking about how to improve my business and how to grow my business, but even more so, I believe in work life balance. I think that if you can manage to have balance in your life, then situations that can become stressful quickly can be compartmentalized and handled appropriately.   

When you first inspect a property you are interested in, what are your main point of focus?

Typically, location is a top priority in conjunction with some basic metrics like cost per unit and cost per foot. Then I’ll assess the unit conditions and the conditions of the systems of the building so that I can accurate assess the costs associated with modernizing the building.

When it comes to advertising a property, what do you find to be the most effective method?

We use all the traditional advertising channels, such as online media marketing, banners, signs and flyers. Having a well thought out and easy to use leasing website is key.

As the real estate industry changes, what resources allow you to stay up-to-date on trends?

I live and breathe real estate and feel like I have my finger on the pulse, but I read all the local trades on a daily basis as well as national publications like the Wall Street Journal.

Millions of people, both women and men, seek a successful equilibrium of their work and home lives. Mr. Taylor seems to have found that balance, one that lets him achieve business goals of creating a steady passive income to support himself and his family as well as meet personal aims of working at something he loves and challenging himself daily. Finding such stable poise is not easy in any industry, but certainly in one as potentially risky as property development and ownership.

No single real estate deal is like any other. Each is unique and brings individual challenges. Even veteran developers must continue to learn and grow if they do not want to get left behind. Professionals such as Steven Taylor of Taylor Equities, must stay current on every aspect of property acquisition and development, from the cost of modernizing older structures to patterns of urban growth.

Once properties are found, funded, and in hand, developers must focus on planning and acquire all needed permissions, licenses, and permits to move forward with renovation and construction. Entrepreneurs dealing with real estate cannot overlook important details if they want projects to move forward in a timely way. Every day that schedules are not met means money out of the developer’s pocket.

As complicated as this industry sounds, there are particular ways that professionals handle real estate transactions. The bottom line is that successful landlords and property developers such as Mr. Taylor know the industry basics, quickly learn everything they need for each deal, and take care of all aspects to ensure each project is carried out on schedule. Perhaps the most important thing winning real estate developers with flourishing businesses do is carry over the knowledge they gain from each project into successive ventures. They build on top of the firm foundation they already have to create a new, solid enterprise that will last.

Article originally appeared on https://realtybiznews.com/an-interview-with-steven-taylor/98756200/