Tax Information for Real Estate Investors

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Studying tax codes might sound like a snoozefest, but that couldn’t be farther from the truth. At least, not if you think of yourself as Indiana Jones.

As a real estate investor, you’re on a mission to maximize your revenue, to find the Holy Grail of properties, and to grow your financial portfolio. Understanding taxes that directly benefit your quest is like finding a map in a mysterious language: difficult to decipher, but a necessary part of the journey.

We’ve already covered tax incentives for homeowners. If you’re a property investor, it’s time to grab your bullwhip and fedora. We’re about to give you the Rosetta Stone for understanding property investing tax benefits.

Capital Gains Taxes (and How to Avoid Them)

Any time you profit from a real estate sale (such as a land sale or a rental property), you can be taxed on this income. A capital gains tax is the tax you pay on that profit.

However, one of the biggest draws to the real estate investing game is that there are ways to avoid paying capital gains taxes. It’s like selling a crystal skull that you found but not having to pay taxes on however much you made. Here are some tax things to know:

Opportunity Zones

If you invest in an area that is considered economically distressed, you could qualify for tax breaks. Opportunity zones (sometimes also called tax incremental districts) are places that are certified as economically distressed by the federal government. They have the potential for tax benefits for new investors.

One thing to note: many people worry that opportunity zones contribute to gentrification. In other words, as an economically-distressed neighborhood is reinvested into, the price of everything (especially rent) skyrockets, which hurts the people already living in the area.

All things considered, this is still a tax benefit. It could greatly benefit your personal financial portfolio, but it could also benefit some communities as well. Turning a place (such as a rural, middle-of-nowhere town) into a desirable area definitely still has some pros.

1031 Exchanges

We covered 1031 exchanges in detail in a previous blog, but it’s good to refresh. You can defer capital gains taxes in a 1031 exchange as long as you use the profits from one property sale to buy a similar property.

Picture Indiana Jones using his whip to get some precious item into his hands. You can segue your sold property (the precious item) to a 1031 exchange (the whip) into an opportunity zone  (Indy’s hands) for a commercial property.

Other Tax Benefits for Rental Property Investors

For rental property investors specifically, there are some other tax benefits you’ll want to know about:

  • Mortgage Interest Deduction: The first $1 million of your mortgage ($750k for properties bought after 12/15/17) qualifies for a tax deduction on its interest.
  • Depreciation Deduction: The second your rental property is in use, you can start tracking depreciation (and subsequent costs), which can be deducted on your taxes.
  • Travel Costs: Any time you buy gas or even a plane ticket to get to your rental property (this includes international properties), write this down! Travel expenses are business expenses, and they’re tax deductible.
  • Maintenance & Repairs: These may also qualify as business expenses and can be deducted.

You’ve got your map, you’ve got the keys to the hidden cave chamber. You’ll still cross paths with some snake pits in your property investing journey, but the proper resources will swing you out of them. 

One of those resources is RealtyHive — we connect you with motivated sellers! Whether for residential or commercial properties, these sellers want to see your offer, whether for residential or commercial properties. Look through our listings and join the bidding in one of our time-limited events!

Psychology tips to sell your home

5 Psychology Tips to Use When Selling Your Home

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Using Psychology to Sell Your Home

When selling real estate, either as a profession or as the property owner, the goal is always to get the highest sale price possible. Much consideration should go into setting the right price — too high and you might be waiting indefinitely for a buyer, too low and you may leave money on the table.

In slower, less competitive markets, this can be fairly easy. Do some research, find some comparable properties, and set your price. The challenge, though, comes with highly competitive markets. In places where housing inventory is significantly lower than demand, you’ll often find homes selling above list price.

In December 2019, real estate website Redfin released a report of the 20 most competitive neighborhoods to buy real estate in the US. While California predictably took up many of the top spots, the Golden State shared space on the list with areas outside of Grand Rapids, Michigan, Minneapolis, Minnesota, and others. In these areas, homes typically sold for more than list price (some areas averaging more than 25% above list) and typically in under two weeks.

Location is typically most responsible for sold-above-asking-price scenarios, but home type, amenities, and other features come into play. By avoiding common pitfalls and using psychology, sellers can get the highest price for their property in the shortest amount of time.

Psychology Trick: Overconfidence Bias

What it says: People tend to think they’re smarter/more skilled than they are.

Why it matters: Pricing a home wrong can lead to not selling or leaving money on the table.

What to do: Hire a real estate professional you trust!

Talk to a few agents before hiring one or deciding to go it alone. Selling real estate may seem like a really simple process, but once you get a look under the hood it starts to become clear the advantages of hiring a professional. Looking to buy a home? This psychology trick applies to buyers too! Make sure you don’t overpay or get swindled by letting the pros handle it — as a buyer, you don’t have to pay to use an agent!

Psychology Trick: Reciprocation Tendency

AKA The Foot-in-the-door Phenomenon

What it says: People are more likely to give you something reasonable if you ask for something outlandish first

Why it matters: A home priced at $515,000 seems like a great deal if another property in the area sold for $675,000 even if the properties aren’t similar at all.

What to do: Price it right! Unless your home is the nicest one on the market, it’s wise to price your property in the middle of the field. When buyers see the highest price, everything below it seems reasonable, whether or not they’re truly comparable.

Psychology Trick: Envy/Jealousy Tendency

What it says: People will want what others have and are reluctant to give it up to others

Why it matters: If a home appears to have a lot of interest, buyers are likely to put in more aggressive offers than if it seems like no one else is interested.

What to do: Host an open house on a weekend afternoon when there isn’t a lot of competition from other local events. Sure, some “just looking” folks or nosey neighbors make show up (thanks, Curiosity Tendency!), but even that will help to make the home look even more popular!

RealtyHive Time-Limited Events are another great way to use this trick in your favor. By creating massive levels of exposure through digital marketing, you can leverage the Envy/Jealousy Tendency to get more offers from buyers who are afraid of losing out on your home.

Psychology Trick: Confirmation Bias

What it says: People tend to look for information that supports their beliefs and reject any information that contradicts it.

Why it matters: If a buyer thinks the home is overpriced, they’ll look to confirm that belief by finding all the small issues they can — even small things like burnt out bulbs or a dingy outlet face plate can make buyers wonder what else could be wrong that they don’t see.

What to do: Take a walk through your home with fresh eyes and try to spot the wear-and-tear pitfalls. These fixes are inexpensive to do and can prevent potential buyers from creating a mental list to price-reducers as they walk through.

Psychology Trick: Anchoring

What it says: Anchoring is the tendency to jump to conclusions and base a final judgment on information gained early on in the decision-making process. Once an initial assumption is made, it’s hard to see other possibilities.

Why it matters: There’s no second chance to make a first impression so it’s important that any property puts its best foot forward. If a buyer falls in love at first sight, it’ll be easier for them to continue to come back to that initial reaction after seeing the rest of the home.

What to do: Step up your curb appeal. Grass needs to be mowed, bushed should be trimmed, porch lights on, and any clutter cleared from view. If possible, have buyers enter through the front door instead of a garage or side door to really give them the “Wow” impression.

vacant-home-for-sale

Should I buy a vacant home?

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Advantages and Considerations for Vacant Homes

In a blazing hot real estate market, a vacant home that’s not newly constructed can raise some questions. How long has the property been vacant? Has it been properly maintained so that there are no weather issues? Are there pests? Are there ghosts? At RealtyHive, we feature many types of properties, both vacant and occupied, from all types of sellers. This is what you should know.

Vacant Home Advantages

You can see it on your schedule

Unlike an occupied home where you have to coordinate schedules with current owners or tenants, vacant homes are often able to be shown at any time of the day. While the convenience factor is one benefit, there’s another reason this is so beneficial for a prospective buyer. 

Imagine you’re looking to buy a home in an unfamiliar area. Maybe you don’t know the area or the neighborhood well or only pass by during a certain part of the day. Depending on your location, the character of the neighborhood may change from day to night. Knowing there’s a loud and rowdy bar down the street or a school-induced traffic jam every afternoon may change the price you’re willing to offer. It’s not just properties in the city center that can be affected. What about a property that should have a wonderful view of the night sky, but instead has industrial lights coming from the nearby farm?

Viewing a vacant house multiple times allows you to see these details — the kind you normally find out about after the fact — ahead of time and without inconveniencing the seller.

It’s easier to picture yourself in

When looking for real estate, you should make it a point to look past the current tenant/owners personal items. Sure, you might fall in love with the current furniture and design, but more likely you’ll find yourself thinking “Why would you chose that couch?” or “How do you live in this mess?” 

When you look at a vacant home, you don’t run into this issue. Instead, you get to see a room with it’s permanent features. While some sellers use staging to create a more “homey” feel, the majority of the “stuff” is typcially removed allowing you to see how much space you have to work with and how the rooms flow without much distraction.

The sellers are probably motivated

The biggest advantage of buying a vacant home tends to be the sellers. From mortgages to maintenance, an unoccupied property costs the owner each and every month they hold on to it. Even if the property doesn’t have the mortgage, taxes, maintenance, and in some locations, required utility payments, that all need to be paid.

These holding costs, in addition to the labor and stress of having an additional property, can add up. For this reason, sellers of vacant homes are often highly motivated and more open to discussing all offers. One of the ways you can find motivated sellers is to check out the properties in upcoming RealtyHive Time-Limited Events. These sellers have committed to competitively pricing their properties and are willing to entertain all reasonable offers.

Vacant Home Considerations

How long has the property been vacant?

When a home is occupied issues are noticed quickly. Leaks in the basement or roof are addressed, heating or cooling systems are being used, and the property is often more or less maintained simply by being occupied. None of this applies to vacant homes. In the southern US, homes that sit vacant too long can attract unwanted guests like spiders, snakes, and scorpions, while homes to the north run the risk of freeze damage if homes are not property winterized.

Can the property serve its current use?

This one gets into the weeds of real estate law a bit, but if you’re looking at buying a vacant property, you should know about non-conforming use laws. In regard to a vacant home, this could mean that what appears to be a multifamily home or duplex would be allowed to be used as such.

Is buying a vacant home a good idea?

As with all real estate purchases, it’s important to do your homework. Vacant homes offer buyers the ability to see the property without any distractions, but may come with some unique considerations or challenges. Choose a great agent (find one who offers incentives to buyers here!) to assist you and help you through the process.

Create a romantic space using the 5 senses

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When designing your home, you have a lot of options. Sure, you want to keep the interior design in line with the physical space and, yes, there are some basic design rules you should follow, but after that anything goes. Which is great… but what if you’re looking for a little more direction?

In honor of Valentine’s Day this year, we’re demystifying what makes a space “romantic” by calling out specific examples using the five senses.

First things first: Design is personal. While you may think “romantic interior” and envision something akin to Barbie’s dream hotel, your partner may be picturing something a little more 50 Shades of Grey. Before you start making any plans or purchases, it’s important to consider what romantic means to you.

Sight

They say that the eyes are the window to the soul, which makes this the perfect place to start your romantic room transformation. Lighting is the big universal here. While you probably want to limit the clutter and choose pieces that represent you, lighting can make or break a room.

  • Hot - String lights are a great way to add in dim-but-not-too-dark lighting to any room. Gently drape light string across bed frames, bookshelves, furniture, or even the floor to add a subtle, yet sexy glow to the room.
  • Not - Not only are too many candles a likely fire hazard on a steamy night, they also transform the look of your space from sexy to solemn.
  • Hot - Neon or neon-esque lighting in blues, pinks, and purples are another great way to add a rock-n-roll romantic vibe to any room. While true neon lights can be very expensive, LED versions are now readily available in a variety of sayings and designs.
  • Not - Yellow and red neon signs give off a convenience store vibe. Great if you're trying to recreate your first date at a 7-Eleven, but not ideal for a traditionally romantic look. Pair the color with a too suggestive double entendre and you'll end up with a design that looks more cheap than chic.
  • Hot - Natural lighting is the best option for photos for good reason -- it makes everyone look better! If your space has large or nicely oriented windows, you may not need any additional lighting.
  • Not - Lighting that is too harsh feels more clinical than classy. If your fixture requires a bare bulb look, select one with a warm glow and interesting filament pattern to soften the look.

Sound

Sounds have a bigger effect on our mood than we tend to give them credit for. If you’ve ever tried to spend a night with a leaky faucet or a mosquito in the room, you know the grief a bad sound can cause. Conversely, you can create a romantic space in your home by consciously eliminating unwanted noises and replacing them with positive notes.

  • Hot - Music is the universal language and if you're trying to create a romantic space, it's helpful to be able to get your groove on. Record players can be a fun, vintage addition if that's your thing, but don't discount the effect you can get from a quality portable speaker.

Smell/Taste

Smell and taste are tightly wound together so it makes sense to think of these senses in tandem. Depending on which room you’re designing, the exact smells and tastes you’ll choose may vary. While pleasant florals and musks work well almost anywhere, you may want to avoid food smells (vanilla, cinnamon rolls, butterscotch, etc) in certain areas, like a bathroom or bedroom where they’ll feel out of place and just make you hungry.

  • Hot - Finger foods and wine are the go-to classics when creating a romantic sensory experience

Touch

Arguably the most important aspect to creating a romantic room is the texture of the room. Things that are sharp, stiff, or generally uncomfortable typically do not lend themselves to a romantic aesthetic. Instead, choose items that are soft, smooth, and have a just-gotta-touch-it vibe.

  • Hot - A soft rug adds instant warmth to any room both visually and physically. Bear and sheepskin-like options are classics, but any plush rug will do wonders for your space.

One of the best parts about interior design is that you can make changes like these in almost any space whether you rent or own. From classic Victorian homes to modern abodes (with impeccable coastal views!) to international escapes you can find it all on RealtyHive!

What Makes a House “Sellable?”

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We know when a person is fashionable and we know when a topic is debatable. But what makes a property sellable? If you’re worried about why your house isn’t selling, read on to see if it checks all the sellable property boxes.

Is your property listed at the right price?

Here’s the thing: every property is sellable if it’s at the right price. By “right price,” we don’t necessarily mean the exact value of your home but more so the price that buyers are willing to pay for.

Here’s an example: a beautiful mansion located in an area where there’s no demand for that kind of luxury will likely sell below its worth. You can sit and wait for the right buyer but you might end up waiting forever. Otherwise, you can keep lowering the price until someone bites. This isn’t ideal, but we have some other solutions we’ll mention towards the end of the blog.

Is your property in a good location?

This is a tough one, because you obviously can’t just up and move your house to a more desirable location. But we all know how powerful location is — people will pay a premium price for even the most rundown of homes as long as it’s in a good spot.

Do whatever you can to sell up the location you’re in. In a super remote location? Hype up the peace and quiet. Near an industrial site or an airport? Talk about being close to a lot of jobs (or consider if you’re located in a place that might one day be up and coming — it’s a trend we see with many industrial locales). 

If none of that seems to work, find a platform (such as RealtyHive) that targets a larger audience. Expanding the location of the people who see your property creates more potential to find a buyer and, ultimately, a sale.

Do you have good curb appeal?

Around the corner from where I (the writer) live is a house that used to be a Pizza Hut. The once-parking lot is now a lawn but nothing has changed the fact that when you look at it, it’s clearly a Pizza Hut. I’ve heard the interior is really modern, but I’m still not convinced that it doesn’t smell like greasy, cheesy pizza inside.

That tells you pretty much all you need to know about curb appeal. While the Pizza Hut house isn’t a lost cause, it’s undoubtedly lacking in sellability. Countless buyers looking for homes will feel the exact same way that I do, which limits maximum potential.

If the Pizza Hut house had some beautiful trees, shrubs, and other landscaping, you truly couldn’t even tell it was once a restaurant. First impressions are important, which is why it’s essential you examine your home’s exterior when trying to sell.

Does your house make foundational sense?

A house on stilts makes sense in Florida or the Caribbean — not so much in the frozen tundra that is Wisconsin. Houses without basements aren’t uncommon in warmer, drier states. In tornado country, a house lacking a basement is kind of scary.

If your house is structurally sensible for the region, you have an asset(s) that you should absolutely highlight. For all you know, a buyer from Arizona might be shocked at your green lawn or unfinished basement — what’s common for you could very well be a novelty for others.

If your house lacks structure, curb appeal, location, or any other sellable factor, don’t despair. Don’t let it sit for months on end without an offer in sight — sell with RealtyHive instead! We’ve got the exclusive marketing you need to help your home go to the right buyer. Find out today how a time-limited event can help your house for sale.

Important Things to Consider Before Buying Your Next Home

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Whether it be your first home or you’re deciding to make a change, buying a home can be a time-consuming and complicated process. To ensure your purchase goes as smooth as possible, it’s essential to know what you’re looking for and go into home buying with your priorities in order. Here are a few things to consider before buying your next home:

Move-in Ready or Fixer-upper

When you’re on the hunt for your next home, it’s crucial to know if you’re looking for something move-in ready or a fixer-upper. There are benefits to buying each type, but ultimately it’s up to you, your needs, and what you’re willing to take on. A move-in ready home has the perk of being able to enjoy it right away. Once your purchase is complete, and your family settles in, all that’s required of you is to kick back and relax. Turnkey homes also come with attractive upgrades such as high-end fixtures, appliances, and flooring, that require little to no work from you. Search move-in ready homes on the market right now!

If you decide to find a diamond in the rough, you’ll be able to do so for a lower price tag. Due to this, homes in need of updates are perfect for people who are looking for something budget-friendly. A cheaper price point can provide you with extra money to complete renovations and transform the space into your dream home.

Kitchen Layout

The kitchen is one of the most popular rooms in the home, and can also be a key selling point in the home buying process, so it’s essential to keep the layouts in mind as you’re viewing homes. Don’t feel as though you have to stumble upon your dream kitchen, or sacrifice other aspects to acquire a luxury kitchen as you can always make updates and minor renovations. As long as the layout is functional and what you’re looking for, you can make changes to transform the space into what you truly want. 

Kitchen remodels are one of the most common projects that homeowners complete, and it’s no surprise since they are a gathering point in the home. Should you decide to perform a kitchen renovation to achieve your dream kitchen, consider kitchen remodel costs to help you assess your needs and wants for the room. For example, refinishing cabinets, new hardware, and light fixtures, flooring, and appliances can all be incorporated into a minor kitchen remodel, without having you redo your entire living space. 

Price Point

Before you begin looking, you should determine your price range and ensure you’re pre-approved for a home loan. This will help you stay on budget and find a home within your means to live comfortably. It’s also essential to research the house and ask questions before you move forward and are left feeling as though you received a poor deal. 

Once you’re ready to move forward, you must assess your monthly debts to determine your down payment percentage. Many argue that at 10% downpayment will do the trick, and can leave you with extra money in your pocket for home improvement projects or other additional expenses. The downside of a lower downpayment is that it can lead you to high monthly mortgage payments and can even be more challenging to receive approval. 

Instead, consider a down payment of 20%, as this can be beneficial in the long run. This can provide you with a smaller loan, lower monthly payments, and more equity. Just keep in mind that a 20% downpayment will require some saving ahead of time! 

Location is Important

Wherever your new home may be, you will be driving to and from each day, and that can be a dealbreaker for some, if not most, people. Viewing a home before researching the neighborhood can lead to problems down the road. 

Most buyers want a location that provides them with easy access to their everyday commutes, as well as main roads or other places you may frequent the most. If your previous drive to the grocery store was short, and home farther away may make routine tasks feel like a hassle. Be sure to speak with your realtor about neighborhoods and streets you prefer, as you want to be happy and comfortable where you settle down. 

Needs vs. Wants

It can be easy to fall in love with large houses that come with all the bells and whistles. It’s important you remember your budget and develop a list of needs and wants for your future home. Don’t buy over budget as that can lead to issues down the road, and make living in your home more complicated than it needs to be. 

Be sure to begin simple, and slowly upgrade. You don’t have to furnish each room with brand new items. Instead, start with what you have, and with every new purchase, you integrate into your home, remove or sell something old to prevent clutter. 

If you take these considerations with you into the home buying process, you’ll be sure to have a smooth sailing purchase and a home you love. 

5 Things to Try When Your House Isn’t Selling

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“Did I do something wrong?”

“Have I displeased the real estate gods?”

“Why isn’t my house selling?”

It’s the last question that any seller wants to ask. Sadly, many people end up in this swirl of seller confusion. Instead of just leaving your house on the market as-is for the next several months or longer and hoping for the best, try these proactive tips that can make a difference.

1. Hire a real estate agent.

Are you experience the “fizz” in FSBO? Now might be the time to work with an agent. Before you go with just anyone, however, look into finding an agent with RealtyHive! We have a vast network of highly qualified agents — and you can even get a cash back credit at closing through Cashifyd.

Have an agent but you’re not impressed or feeling worried? Keep reading for some other tips, and check out our blog on parting ways with an agent if things don’t seem to be going as they should.

2. Fix the minor things for a major difference.

When it comes to selling a house, the details are everything. Here are just a few questions to ask when your house is anxiously sitting on the market:

  • Are your photos truly showcasing your home for its best value?
  • Are things tidy or chaotic when people come to look at the house?
  • Is your landscaping appealing or appalling?
  • Are there smaller repairs you could complete? Holes in the drywall, leaking faucets, broken or wobbly fixtures, burned out light bulbs — all of these things are relatively easy to fix and reassure the next homeowner that they won’t have to.
  • Is your listing description well-written? If not, read this blog for some tips.

3. Consider lowering your price.

Some buyers might think “I’m not looking at a house over $200k” and your price might be just over at $204k. When those buyers are looking for a house online, they’re setting their parameters below the $200k benchmark, missing out on your property.

If your house is truly listed at an accurate value and near a benchmark ending in a 0 or 5, try lowering your price just beneath it. For example, a $172,000 house would list at $169,999. 

You don’t want to do this frequently or lower by too wide of a margin, but this strategy could find more interested buyers. For all you know, you might suddenly receive multiple offers and some are for your original price or more.

4. Hire the right marketing team.

Marketing is its own job industry for a reason. If you don’t have the time or the skill set to properly market your house, it only makes sense to find someone who does. It’s just like how you wouldn’t perform your own surgery or build your own house. 

RealtyHive has an expert real estate marketing crew to help. In fact, we’re so confident in our marketing that if your property doesn’t sell, your marketing is free!

5. Try a time-limited event.

Many of the properties that list with RealtyHive actually sell before the event. That’s because people don’t want to miss out on a buying opportunity and lose their dream home in an auction. Not only do time-limited events stir up a sense of urgency for buyers, they also open up bidding for people all over the world who are distinctly interested in what you have to offer.

You may feel cursed, unlucky, or the receiver of bad karma, but RealtyHive is here to turn your luck around. Find out how you can get your property sold through a time-limited event and list with us today

Should you list your home in winter?

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It’s the most wonderful time of the year, but is that true for real estate?

Conventional wisdom states that winter is the worst time to buy or sell a home, but we haven’t had a conventional real estate market in a while. People used to be less interested in buying and selling during the hustle and bustle of the holiday seasons, but the rules have been rewritten.

Why you should list your home in winter

The Internet Has Changed Everything

The internet lets buyers explore a new home without ever leaving the comfort of their own. Part of the old argument against listing your home in winter was the fact that shorter days meant fewer daylight hours. It’s hard to get a good look at the exterior of a home when it’s dark out. The internet has once again made this concern obsolete. If you do list your home in winter, it is a good idea to make sure the exterior of your home is well light. Focus on making your home look inviting for any prospective buyers who drive by or come to a showing.

Inventory is Down

The lack of housing inventory is well known. Factors such as the strong economy, the low unemployment rate, the Millennial generation coming of age and Baby Boomers looking to downsize has meant stiff housing competition.The McMansions that were so popular just before the housing crisis in the late aughts have faded from favor and instead smaller, more affordable homes are in high demand. Regardless of the type of home you have, listing in winter means you’ll face less competition on the market and your home will stand out.

Flaunt It If You’ve Got It

Winter is a great time to show off some of the special features of your home. Whether it’s a fireplace, built-in sound system, or formal dining room. With the holidays around the corner and entertaining on the mind, if you list your home in winter, these “extras” will really make your home stand out.

It is also a great time to showcase any energy efficiency upgrades you have as well.  Depending on where you live, winter may also bring out some of the challenges in a home. Think frosty windows and icy gutters–so being able to show your home at a challenging time, as long as your home stands up to the challenge, will help buyers see the value.

Nosey Neighbors Need Not Apply

Winter tends to bring out serious buyers. While there are great advantages to buying and selling a home in the winter, the fact of the matter is that most people are not looking for a new home during the holidays. This also means that the ones who are looking are serious about making a deal happen. You can expect that if you list your home in winter, any person who shows interest is motivated and ready to make a deal.

Winter can be an excellent time to sell your home, although it isn’t for everyone. If you’re considering putting your home up for sale this holiday season do you research, find an agent you trust, and enjoy the process. After all, it’s the most wonderful time of the year!

man speaking at conference

More than a meeting: Why conferences are still worth attending

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Conference season is upon us, ladies and gentlemen. From the Consumer Electronic Show (CES) in early January to South by Southwest in March, the early months of 2020 are filled with opportunities to learn and connect, regardless of which industry you’re in. While the educational and networking opportunities abound at these events, are they really worth the sometimes astronomical cost of attending? Here are some of the advantages to attending conferences.

Learn from the experts

Yes, we all know how important continuing education is, but let’s be honest, it tends to take a backseat to the day-to-day work. Sure, you’d love to learn about the latest trends in your industry and keep abreast of the newest technologies, but you’ve got clients to meet, staff meetings to attend, and a non-work life to uphold. By attending conference you’re able to pack all that learning into the span of a couple of days.

Meet new people

One of the biggest advantages to participating in a conference is that you get to meet and network with others in a face-to-face manner. While being introduced through email or being a member of a group on a social network is a great way to meet people in your industry when you’re not at an event, getting to meet in person is the best way to form a relationship. Whether you’re looking for new clients, partners, or even mentors, conferences offer the chance to identify and introduce yourself to these key players.

Scope out the competition

Sure, you keep tabs on your competition now. Maybe you do watch their social media accounts or monitor their keywords. But, events are a great way to really suss out what’s going on with your competitor. Are they unveiling a new product? Does their booth match the rest of their branding? What kinds of items or information are they giving out? You can learn a lot about a company by just stopping by their booth at an event like this.

Learn what you didn’t expect

You never know what you don’t know is a great thing to keep in mind at conferences. Regardless of your field, most conferences will pull in speakers who cover topics that you wouldn’t normally think to have looked into yourself. From workshops on marketing to seminars on legal implications to a roundtable discussion on ethics, these horizontally integrated sessions can provide a ton of value where you didn’t realize you were lacking.

Do you plan to go to any conferences this year? This year my team is attending many conventions for the real estate industry. Hope to see you there!

Dog Laws & Home Ownership: What You Need to Know

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You’ve lived in cramped apartments where having a dog wouldn’t make sense. You upgraded to a beautiful condo annnnnd unfortunately, dogs aren’t allowed.

Finally, the moment has come. You’re buying a house! You can get as many dogs as you want now! You can open up your own rescue if you wanted? Right?

Surprisingly, the answer is no. Even as a homeowner, your dog ownership capabilities are more limited than you might think.

Number of Dogs

Buying a house out in the country with lots of land? The sky is pretty much your limit with how many dogs you can own. That’s not the case in many cities, where there are restrictions on how many dogs live in a household. Here are a few examples

  • In Holland, MI only two dogs are allowed per household. A man spent 90 days in jail for refusing to give up one of his three dogs.
  • The New Jersey Supreme Court ruled in favor of a neighborhood law that homeowners could have one to three dogs.
  • Homeowners can have no more than four weaned dogs in Long Beach, CA.

Before you buy a house, check the area’s laws if you have more than two dogs, just to play it safe.

Kennel License

Kennel licenses are often thought of for breeders or doggie daycare owners, but that’s not always the case. Some cities require homeowners to get a special kennel license if they own more than four or five dogs. You might have to pay a few hundred dollars each year. Check this table to see each state’s laws (and how much you’ll owe).

Homeowner’s Insurance

Unless you buy a house in Michigan or Pennsylvania, homeowners insurance companies could deny you coverage, solely because of your dog’s breed. These are some of the breeds that are sometimes flagged by insurance companies:

  • Pitbull
  • Doberman
  • German Shepherd
  • Rottweiler
  • Huskie
  • Chow Chow
  • Great Dane
  • Akita
  • Wolf hybrids
  • Boxer

Some of those breeds are actually banned in cities as well. Keep in mind, simply having a dog might up your insurance costs — even if Fido is not one of the breeds listed above.

Fencing

The HOA will often have limits on the type of fencing you can have. In some cases, they might require you to have an underground, electric fence — even if you weren’t planning on installing one. The HOA typically has rules on the height, material, and possibly even color of your fence. It’s a good practice to check into HOA laws before buying a house, regardless of owning a dog.

Overall Costs

It’s already expensive to buy and own a house. Considering the kennel licenses, higher insurance premiums, and fence installation costs, it’s pretty clear to see that owning a dog ups your expenses even more. Make sure to factor all of this in when budgeting for buying a house.

Owning a dog is one of the greatest parts of life for many adults. The same goes for owning a house. Having both at the same time is borderline (collie) heavenly, and it’s certainly attainable. But as you’re looking for homes through RealtyHive, make sure you follow up with dog laws in the area before you buy a house, a dog, or both.