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My Road to Real Estate Richess…

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In this video Linda Pliagas, founder of Realty411, shares her story at the Santa Barbara Real Estate Investors Association (REIA). Be sure to view this video and many other wonderful resources on RealEstateU.tv

News Flash: Apartment List Acquires RentAdvisor

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Apartment List recently acquired RentAdvisor, the fastest growing rating and reviews platform in the rental industry. Trust and transparency are key ingredients to any well-functioning marketplace.

This review content will equip our users with the confidence to make smarter renting decisions. Meanwhile, this is a tool for property managers to solicit valuable feedback from their residents and respond to their concerns.

User generated content can be a powerful supplement to the photos, rental rates, floor plans and other general information available on most property search apps. Renters crave the perspectives of their fellow renters, and will strongly consider their peers’ opinions when deciding where to rent.

Atlanta-based RentAdvisor is one of several players addressing ratings and reviews within the rental industry; the largest and most established of which tend to suffer from an adverse selection bias. That is, its reviews are predominantly negative, written by renters unhappy enough to seek out forums to vent their frustration. These perspectives are valuable and frequently prevent renters from making poor rental decisions; however, sites like this== often fall short of capturing the full picture.

In an effort to provide a more balanced (and representative) perspective to its users, RentAdvisor works with property managers to contact every resident in a given property by email and text. Through this strategy, RentAdvisor converts an impressive 10% of residents into reviews. Since advice is solicited from everyone, feedback ranges from happy to angry to indifferent. Community managers are encouraged to respond to all feedback, providing an authentic and transparent forum to engage with their residents.

Apartment List co-founders John Kobs and Chris Herndon identified RentAdvisor as a platform with limitless upside potential. If we can solicit a robust and balanced set of reviews for 1,000 large apartment communities, then why not repeat this formula for all 50,000 professionally managed properties? And for that matter, why stop at large buildings? RentAdvisor’s platform is flexible and scalable enough to apply to all types of rentals, from apartment buildings to townhomes and single-family houses. Additionally, it solves the adverse selection issue that plagues many ratings and review sites by offering every renter an opportunity to share her perspective.

Apartment List is the web’s fastest-growing rental marketplace with 600,000 unique listings and 1.5 million monthly users. The team is in the process of layering RentAdvisor review content onto Apartment List’s property database, which will provide AL users with unique content they could not find elsewhere. Along with great content and a scalable platform, this acquisition comes with a superstar team, led by industry veterans Jamie Gallo, Robert Turnbull and Jonathan Ford who formerly grew ApartmentGuide.com into a leading multifamily internet listing site (ILS). By merging the products, ideas, skills and resources of both teams, Apartment List aims to become the definitive rental marketplace.

XiLi Mobile Provides Real Estate Leads to Agents and Instant Home Listings to Homebuyers Via Text Message

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New Mobile Marketing Solution Connects Agents and Homebuyers in Real-Time; Sells More Dream Homes

WILMINGTON, N.C.—October 23, 2013  Newly released real estate agent marketing service, XiLi Mobile is changing the way people buy homes and realtors get leads – all with one text message. XiLi automatically connects homebuyers and listing agents through text messaging, making home shopping easier for buyers and lead capture more successful for agents.

Homebuyers simply text “XiLi” to 86789 on any browser-enabled smartphone to instantly receive a custom mobile link with listing information based on GPS location. When the buyer clicks on a property, his or her mobile number is simultaneously sent to the listing agent, who can then text the buyer and offer additional information or a property showing.

“The ability for agents to connect and communicate with buyers in real-time through text messaging makes the difference between being able to show a home immediately and missing a sale,” said Don Brailsford, CEO, TextThisHouse, developer of XiLi. “Today’s buyers are relying on mobile search more and more, and XiLi gives them instant access to available listings while connecting agents with interested buyers.”

Collaborative research conducted by Google and National Association of Realtors found that 89 percent of new home shoppers utilize mobile search throughout their house hunt. XiLi meets modern buyers’ demands for mobile solutions, while giving real estate agencies the tools to more effectively communicate with buyers.

Additionally, XiLi’s technology better allows agents to generate and track real estate leads. XiLi Mobile captures interested buyer information allowing agents to respond and create immediate dialogue – something that cannot be done with QR codes, flyers or websites.

“As a broker, having an easy and affordable way to connect homebuyers with our listing agents allows us to better serve our customers and do what we love most – selling dream homes,” said Tim Milam, president, Coldwell Banker® Sea Coast Advantage, the fourth largest Coldwell Banker in the country in terms of commissioned sales.

For $9.99 per listing agent per month, XiLi enhances agents’ current mobile technology investments, creating a valuable new approach to attract hot, qualified real estate leads. XiLi’s database uses MLS listings to deliver free, up-to-date information to homebuyers throughout the United States. To use this real estate agent marketing service, buyers simply text “XiLi” to 86789. Agents can subscribe through the XiLi Mobile website. It takes about ten minutes to sign up for the service and requires no further data entry or maintenance by agents.

About XiLi Mobile

Developed by TextThisHouse, LLC, XiLi Mobile is a mobile marketing solution designed to quickly connect homebuyers to agents in real-time. XiLi’s database uses MLS listings from across the nation to provide information about available homes to interested buyers via text message, while simultaneously capturing these leads and automatically forwarding them to the listing agent for contact.

For more information, visit www.myxilimobile.com.

Free Report! Top 10 Ways to Reduce Your Rental Property Insurance Costs!

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Working with the top real estate investors around the country that are trying to find the best ways to maximize their investments, we know that controlling the ‘FIXED COSTS’ is extremely important to increasing a rental property’s ROI. We are very aware that the property insurance costs are one of those items. Our gift to you on this Tuesday is a complimentary report, which reveals to you the ‘Top 10 Ways To Reduce Your Rental Property Insurance Costs’!
This report has helped real estate owners that own just one single family rental all the way to $400 MIL+ apartment portfolios. Any size real estate investor will definitely learn something new in this power-packed gift!Grab your copy HERE!
1. Real Estate Property Flood Insurance
Did you know that flood coverage is excluded in almost all insurance policies?  Did you also know that flood is the most common natural disaster in the U.S.?Floods often result from torrential rainstorms and hurricanes. Floods also commonly result from snow melt and as a side effect of development, such as road construction or a new housing community- that alter storm water drainage patterns.Who is at Risk?Flood insurance is not just for people living or working on the coast. According to the National Flood Insurance Program (NFIP), 31% of the properties damaged by floods are located outside of a special flood hazard area as designated by FEMA. The NFIP reports that floods happen in all 50 states and that floods are the second most common cause of property damage behind fire.Property owners are often mislead into believing that flood insurance is only available for properties that are located in a special flood hazard area or “flood zone.” Unfortunately, this myth has caused many property owners to suffer from uninsured flood losses that could have been easily covered. The only requirement is that the property is located in a “participating community.” This could be a township, municipality, city or county that has agreed to participate in the NFIP.
2. Does your current policy contain a Coinsurance Clause?
Coinsurance is an arrangement by which the insured, in consideration of a reduced rate, agrees to carry an amount of insurance equal to a percentage of the total value of the property insured.  If you have a coinsurance clause on your policy, the following conditions will apply.**The carrier will NOT pay the full amount of any loss if the value of the property at the time of the loss multiplied by the coinsurance percentage shown in the declarations is greater than the limit of insurance for the property.  In other words, you must be insured to at least 80%, 90%, or 100% (whatever the coinsurance percentage is on your policy) for the carrier to payout the full value of the loss.  If you have an 80% coinsurance clause, this is the minimum property value you can use:
RC Value (NOT MARKET VALUE) of property:     $200,000
Coinsurance percentage listed in the declarations:       80%
Minimum property value that should be listed:  $160,000
**When a property falls below these guidelines, the carrier will use the following steps to determine the maximum payout.
1)       Multiply the value of the covered property at the time of the loss by the coinsurance percentage.
2)       Divide the limit of insurance of the property by the figure determined in step 1.
3)       Multiply the total amount of loss, before the application of any deductible, by the figured determined in step 2.
4)       Subtract the deductible from the figure in step 3.The total that is determined in step 4 is the most the carrier will payout.  The key item in these steps is the replacement cost value of the property at the time of loss compared to the property value listed in the declarations.  The one that is calculating the property at the time of the loss is the insurance carrier.  The one that is calculating the limit in the declarations is your agent.  It is always different, and more times than not the carrier is always higher.  So, if the carrier comes back saying your property is valued significantly higher than your agent had it rated at, then you have no choice but to pay a coinsurance penalty.  Well, that is not true, you can hire an independent adjuster to fight the insurance company, but then you will be paying the adjuster any amounts he/she is likely to gain on your behalf.Here is an example of a client of ours that had an 80% coinsurance clause on his policy before he came to us.  After you see the numbers, you will understand why he went shopping for a new insurance company. He had a $45,000 loss at a single family rental home in which he had a total limit of insurance of $60,000 and a $5,000 deductible.  The insurance company ran the value of the property at $117,000 at the time of the loss.  Then the insurance company ran their formula and calculated that his settlement would be $22,900.  That means he was out of pocket for $22,100.Our only advice is to eliminate coinsurance altogether on your policy.  You can never guess how the insurance company is going to evaluate your property, so take the guesswork out of it.  If you have NO coinsurance, your limit is your limit, with the only out of pocket expense being your deductible.  The carrier will not SLAP you with any coinsurance penalties!
3. Ordinance or Law Coverage
Every insurance policy should include Ordinance or Law coverage. This is commonly known as the “bring it back to code” coverage. In the event of a loss, the city or county will visit your property to assess the damage – upon their inspection, if they deem your property does not meet “current code requirements” they will order you to vacate the entire building or community (including the undamaged portion of the complex) and upgrade the property to current code requirements. If Ordinance or Law coverage is not included on your insurance policy, the costs to complete these upgrades (usually extremely substantial) will have to be paid out of pocket by the owner.Here is what Ordinance or Law covers:(A) Coverage for Loss to the Undamaged Portion of the Building -Pays for the loss of value of an undamaged portion of the existing building which must be demolished and/or removed to conform with municipal ordinance, code, etc.(B) Demolition Cost – Pays for the cost of demolition of the undamaged portions of the building necessitated by the enforcement of building, zoning orland use ordinance or law.(C) Increased Cost of Construction – Pays for any increased expenses incurred to replace the building with one conforming to building laws or ordinances, or to repair the damaged building so that it meets the specifications of current building laws or ordinances.
4. Assault and Battery Liability Insurance
When reviewing your property general liability coverage with respect to premises liability concerns, check for the assault and battery exclusion, and whether this is a concern with respect to your business operations.  “Assault and battery” generally means violence toward a victim, whether by staff, invitees or other third persons.  Property owners and operators are frequently sued by the victim when violence occurs on or near their premises, often under a theory of negligent provision of security, negligent hiring, and/or negligent supervision.
 
When a real estate property general liability insurance policy contains an assault and battery exclusion , the policy may not cover a claim for injuries arising out of an assault and battery, even if the insured is found liable under a legal theory of negligence. This coverage is important to have at real estate rental properties!
To Receive Your TOP 10 FREE Report, please click here:  http://bit.ly/1cbY2p2
CORE Insurance Group —our professional team of insurance advisors have 22+ years of experience in the real estate, property management, multifamily and commercial insurance industry—specializing in real estate assets and commercial property insurance coverage. We have strong and long-lasting relationships with over 50 of the top commercial real estate insurance companies and offer 15 real estate specific for our industry clients.CORE Insurance Group and our program partners are currently serving our industry clients in 44 states and across 200,000+ doors equating to $10 billion+ of insured real estate assets. And because of this kind of nationwide reach and the depth of our industry coverage/ programs—we bring a significant amount of new business to our underwriters and as such, are able to leverage our size and offer expanded coverage at extremely aggressive and competitive rates. This means, we are experts in the real estate insurance sector, we can share with you best-practices in our industry and keep you posted on leading/emerging trends.With CORE Insurance Group …we offer a wide array of products to protect your real estate assets, eliminate coverage duplication and eliminate overhead costs by consolidating all of your properties into one policy. To name a few, our products include coverage for your commercial real estate buildings, loss of rents, general liability, umbrella coverage, director and officer liability coverage, building ordinance or law, equipment breakdown, workers compensation and employee dishonesty coverage….
We provide coast-to-coast insurance coverage for:==>Single Family Rentals
==>Apartment communities
==>Apartment owners/property management company liability
==>Apartment buildings
==>Industrial/Warehouse
==>Retail/shopping center/office buildings
==>Condo/HOA associations

To Receive Your TOP 10 FREE Report, please click here:  http://bit.ly/1cbY2p2

 

***Real estate property insurance is a must to protect your company’s assets. While property insurance isn’t required by law, it’s a wise investment to limit your liability in the event of a natural disaster or other calamity. If written improperly, your business may not survive financially. Real estate property insurance policies should be specifically tailored to the specific location and should cover a variety of losses, including damage from fires/wind/hail, electrical surges, even embezzlement by an employee should be considered. Property valuations are frequent causes of conflict between insurers and insured. You can avoid valuation problems by carrying the proper coverage. At CORE Insurance Group , we act as your vested partner to ensure the proper insurance company is chosen. We take into consideration the company’s financial strength, the ease of servicing, and the claim’s process. CORE will choose the best policy in terms of coverage, terms, and cost effectiveness. When committing to an insurance policy, an insured must look beyond price and consider multiple items relating to the type of coverage, coverage amount/limits, policy exclusions and other surprises/pitfalls that may come with a deeply discounted policy. Our team at CORE will go through each and every option with a ‘fine tooth comb’ to ensure that you are completely informed/educated on your purchase. While most insured’s are trying to get the most coverage for the least amount of premium,the insured doesn’t want to jeopardize their property with an exclusion or not enough coverage. This could be a fatal mistake and cost an insured thousands and possibly millions. We will compare and explain the differences that set us apart from your current coverage***.

Contact CORE Insurance Group for a Real Estate Property Insurance Quote! www.CoreInsGroup.com