Auction: Sold! What a Relief!

SPECIALTIES IN BRIEF: Auction, Commercial, International, and Property Management. The latest news on your real estate niche.

October 1, 1998

If you'll be at the NAR convention in Anaheim, Calif., this November, don’t miss the annual NAR Benefit Auction for Disaster Relief on Saturday, Nov. 7.

Auction items are plentiful, and proceeds go to the Disaster Relief Fund, which helps REALTORS® whose towns and businesses are struck by floods, fires, hurricanes, and tornadoes. Last year the fund helped your colleagues in Kentucky, Minnesota, North Dakota, and the Virgin Islands.

This year's auction block includes airline tickets, framed art, vacation packages, and more. All items have been donated by NAR members, state and local associations of REALTORS®, and trade expo exhibitors.

Check your final program at convention for details.

Commercial: Small sizes matter

To become a big player in commercial real estate, start by thinking small.

An article in the Commercial Investment Real Estate Journal suggests that small-space rentals, such as strip mall centers, office parks, and storefronts, may be your ticket into larger commercial deals.

Since those properties are notorious for drawing unattractive tenants and limited revenue, many shy away from specializing in such properties. But working with this niche may pay off in the long run, bringing you more referrals and additional brokerage or management business.

The Journal gives some surefire small-property marketing tips:

  • Offer enhanced fees to brokers for added exposure--A 150 percent fee makes you popular on showing lists.
  • Develop relationships with residential and large-space brokers--Let them know you specialize in small-space rentals and offer to pay them the cooperating broker's fee (they’ll be sure to think of you for the next deal).
  • Invest in attractive signs advertising your vacancies--Post them in the property's neighborhood and include your phone number in large print. Sign calls mean the inquirer is already interested in your location.

For more tips on how to market small spaces, see "10 Big Ideas for Small Spaces" in the Commercial Investment Real Estate Journal at CIREI'S Web site, www.ccim.com.

International: Setting foot in the Philippines

The Philippines may soon become fertile ground for foreign investors. That’s if newly elected President Joseph Estrada gets his way.

Estrada has big plans to offer special incentives to foreign investors, says USA Today. Counting on foreign investment as a way to help the Philippines out of its economic slump, Estrada plans to ease reserve requirements on Philippine banks in order to lower interest rates.

But many Filipinos are taking a wait-and-see attitude, says USA Today. They think Estrada, a former movie star who has focused on the concerns of poor Filipinos, doesn’t know the ins and outs of economics, trade, and business.

Property Management: At your service

Rental-listing Web sites seem to be taking a lesson from customer-service-obsessed Nordstrom. Focusing more and more on the customer, they’ve expanded their services to offer loads of information for potential tenants.

Chicago-based Apartments.com, for example, has joined MoverQuotes and VirtualRelocation to form Moving Center. The site provides more than rental listings. It calculates moving company rates (based on weight and distance), gives the scoop on storage businesses, and even provides job information.

San Francisco-based Rent Net has also expanded its services. Prospects can search for rental units by ZIP code or neighborhood and are given toll-free numbers for local property managers. The site also lists information about insurance and credit reports.

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

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