Tag: entrepreneurship

5 Fundamentals for Networking in Real Estate

The real estate business would be nothing without networking. To be a successful realtor or developer, you have to a strong, well-connected network. There are many tools you can utilize to build connections with professionals and in your community. These fundamentals for networking will give you ways to build your network and find new connections to grow your real estate business.  

Find a supportive team

A great team can make all the difference when networking and it’s important to not limit your team to colleagues. Expand your network to individuals and local firms. Joining forces with real estate industry vendors, if they are not a direct competitor, can help build your clientele. By taking time to refer clients to them, they will do they same for you. Adding such vendors like contractors, master architects and lenders as your connections will greatly benefit your network. These professional connections will be a great help when developing a new property and heighten your chances for a successful transaction.

Have a professional website or blog

Digital marketing is essential to your real estate business and creates a great opportunity to network. This offers your clients something much better than a basic listing. More often than not, the first place clients go to look for a new home is online. By creating a website or blog for your business, you are offering your clients more visual appeal and gives new life to your listings.When it comes to selling a home, you’re really selling the location and lifestyle. Keep them engaged using new and original content about the neighborhood and community with local imagery instead of bland stock property photos.  

Utilize social media

Becoming familiar with social media is one of the greatest networking tools for the real estate business. It’s a great way to connect with your clients and prospective clients in real-time. Social media offers great opportunities to share your knowledge with the public. By making yourself easily available on multiple social media platforms, you can share good press and promote your properties. Posting your listing on social media will help give you a more appealing and authentic voice for potential clients. Taking the time to interact on social media will help build your network and is one of the best ways to find new connections.

Attend networking events

Attending conferences and industry events lets you engage with other professionals and make connections to build your network. This will give you the opportunity to learn new market information and innovations from your colleagues. Conferences and events allow you to make connections from all over. If you have exclusively worked in one area for most of your career, gaining knowledge from professionals outside of your area can offer new insights and ideas.

Become a presence in your community

If you’re in the real estate business, your business is the community. By getting involved and creating a presence in your community, you will build you network. This will also give you insight to the neighborhoods of your properties and the people who live there. A few ways to do this is local sponsorship, volunteering, radio and media, career days at local schools, and developing partnerships with local businesses. With so many ways to get involved in your community, there are endless opportunities to build your network.

Building your network takes time and patience, but there are many ways to get you started. To be successful in the real estate business, you have to build your presence among your connections and your community. Only then, will your business gain the momentum you’ve been waiting for.

5 Essential Books for Commercial Real Estate Professionals

5 ESSENTIAL BOOKS FOR COMMERCIAL REAL ESTATE PROFESSIONALS _ KEVIN BRUNNOCKThe best real estate professionals are always looking to learn. Whether it’s making the most of new technology or being as productive as possible, there’s always room for improvement. The problem is, there are hundreds of books, podcasts, and seminars to choose from. In this post, real estate professionals will discover the 5 most important books to advance their career.

1) The Millionaire Real Estate Agent

This book, written by Gary Keller, is widely considered the best book for real estate professionals in existence.

Real estate professionals will be given clear, actionable steps they can use to improve right away.

The book is most helpful for brokers, but it doesn’t focus on just one specialization – so almost anyone involved in real estate can benefit from it.

2) Real Estate Finance and Investments

It’s rare that a book can help both the beginner and the experienced professional – but William Brueggeman and Jeffrey Fisher accomplished just that when they put together this text.

This book not only teaches readers how to invest in real estate, but it also has a lot of complex strategies and formulas. This makes it an excellent reference guide to always have handy.

3) Raving Fans!

This book is all about providing the best customer service in order to close deals as a real estate agent.

Readers will discover how to clarify their vision so that customers want to do business with them. Then, the book goes a step further and shows the reader how to make those new customers lifelong fans.

4) The 4-Hour Work Week

If someone is looking to improve their productivity as a real estate professional, this book should be at the top of their list.

They’ll learn every possible way to get the most out of their time, whether it’s outsourcing administrative tasks or attracting new customers.

5) Principles of Commercial Real Estate Underwriting

This classic text is an excellent reference material for someone who needs a refresher on certain aspects of real estate.

With this book handy, the reader can underwrite commercial real estate assets with ease.

These are the best books available for commercial real estate professionals. Whether a professional is looking to simply improve their productivity, have a go-to guide, or immerse themselves in the industry – it’s all possible with the books on this list.


7 Attractive Commercial Real Estate Investment Tips

Kevin Brunnock | Real EstateOrchestrating a commercial real estate exchange is simply a matter of evaluating the best property deals, scouting the right help, and using informed insider knowledge to help you tap into success. 

Performing efficiently as commercial real estate professionals requires that you learn commercial real estate vocabulary, that you do the homework, find experts, figure out your financing, make an offer, and practice due diligence, but there are a few other rules you should live by:

  1. Don’t accumulate commercial properties, be an investor. Producing income or profit is the primary reason people become interested in purchasing new property. If you acquire property without turning a profit, you aren’t making an investment. Being an investor means being able to instigate accrual.
  2. Every property has a shelf life, a lifetime. Many investors make the mistake of forgetting that money must be spent on the property for upkeep. A building may require an updated electrical system, or a new furnace or roof. Every building must be maintained, and there have to be long-term plans in place to handle repairs.
  3. When starting out, you have to focus one particular type of investment. There are different types of investment, ranging from offices to retail to land to apartments. Every deal requires undivided attention. Otherwise, this could result in some average-performing.
  4. Environmental concerns can over be an issue for commercial property owners. Property owners are individually responsible for fixing problems, even if they aren’t the one who caused those problems. Ownership means shelling out the cost of cleanups, disposals, and environmental assessments.
  5. Mentors can offer guidance in the face of mistakes. They can pointedly connect you with valuable resources, correct errors regarding due diligence, and grant access to opportunities.
  6. Be sure to protect yourself and your assets. In the case there’s a lawsuit, be sure that you find a lawyer and ask yourself some questions. Figure out what’s at stake if you lose a lawsuit, how is your personal property protected, and how real estate investments may impact your other investments.
  7. Attempt to finance your real estate deal with a non-recourse loan. This means that you shouldn’t personally guarantee a loan, which offers two advantages. Them being that you’ll be taken off a loan if a partnership collapses, and if the property fails, then you won’t be personally tied to that failure.

Learn what insiders know, map out a plan of action, get familiar with the major commercial real estate metrics, look for motivated sellers, and discover the fine art of identifying vacancies.

Non Natives, Do They Affect NYC Rent?

The renters market in NYC fluctuates frequently and in recent years New York City real estate has skyrocketed to new heights. It’s no secret that New York has some of the highest rent in the country. Some may even see New York City as unattainable for living standards. But it wasn’t always the case. The outer boroughs and some parts of Manhattan were once havens for middle and lower class families to live comfortably and still have a familial community feel. Some of the top neighborhoods that thrive as up and coming areas were once tight communities that featured an array of ethnic groups and a myriad of economic enclaves.

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For example, Hell’s Kitchen is probably one of the most storied areas affected by a transition of residents and rent hikes. Hell’s Kitchen was once a neighborhood mainly inhabited by poor and working class Irish-American immigrants. Instances of this can be seen in movies such as Gangs of New York and Sleepers. However, with it’s close proximity to the theater district as well as its perfect location in midtown, developers saw this area as a goldmine and the neighborhood started to shift in demographics. But who’s to blame? Just like in now prominent neighborhoods in Brooklyn such as Williamsburg and Park Slope, neighborhoods that were once familial areas for working class families are now seen as luxury neighborhoods with rent that is reserved for the upper class. Gentrification has long been seen as the sole reason to these changes.

According to its definition, gentrification is the process of renewal and rebuilding accompanying the influx of middle-class or affluent people into deteriorating areas that often displaces poorer residents.That can be seen as true. Who makes up the influx of individuals responsible for gentrification? Many believe this is the cause of young professionals that come from areas outside of the “the city” or five boroughs who are simply looking for cheaper rent. Once in these individuals move into the area, it can be seen as a “potentially desirable” area which can then woo investors and developers.

Gentrification isn’t necessarily a negative thing. It can bring a much needed renewal to a deteriorating neighborhood and new revenue and resources into a community. But what shouldn’t happen is the removal of the culture of said neighborhood. The only thing that’s left of Hell Kitchen is the name with very few remnants of the old neighborhood. As a realtor, I can appreciate the rise in rates, but as a New Yorker, I will always appreciate the old New York that was full of culture and dreams.


Top 4 Tips For Becoming an Entrepreneur

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Becoming an entrepreneur can be a very scary and life changing. But in today’s uncertain economy, many people are looking to go through the route of an entrepreneur in order to create their own paths and futures. But how does one get to that level? We all know it takes hard work and dedication. But what are some things that true entrepreneurs do in order to become successful entrepreneurs? Building a business from the ground up is no easy feat, but it can definitely be done.

Check out some of my tips on becoming a successful entrepreneur:

Take Risks

Everyone knows the saying “You miss 100% of the shots you don’t take”. In order to gain a reward, you have to take a chance on your idea. There will be times where you fail, but you need to learn to take those failures in stride and learn from them in order to turn them into an opportunity. In order to succeed you must be willing to fail. If you’re a young entrepreneur. you have a better opportunity than anyone in order to take this step. If you fail, dust yourself off and try again.

Be Persistent

Nothing happens overnight. Continuing to work for your dream and and putting effort into with pay off with huge dividends. Build relationships with people. Figure out your target audience and who potential partners and sponsors could be. Reach out to these individuals and continue to show them how committed you are. Be careful not to move into the “annoying” space. Be calculating with your persistence and make sure to convey your message clearly. Don’t ramble.

Never Stop Learning

The worst thing that can ever happen to an entrepreneur is one who feels like they know everything and have nothing else to gain. With the ever changing world including its technology, there is always more to learn. Utilize your team and learn from each other. You’ll become unstoppable.

Utilize Social Media

We have an advantage that older entrepreneurs didn’t have. Social Media. Many people don’t see the importance of this tool, but it’s is quite possibly the most useful one can possess. It’s FREE marketing. Most social media properties are free to join and it is a great way to connect directly with your consumer base as well as one of the best ways to get your information out effectively and in a non costly manner.

Use these tools and you’ll be on your way to becoming an entrepreneur in no time! Best of luck!

For more tips on entrepreneurship check out Kevin Brunnock on Twitter!