Posts tagged: real estates

The real estate market is a booming industry. The success of the industry is a result of competition and the intervention of modern technology. Most people in the business prefer to use real estate property management software to stay ahead in the race. This software has been designed to cater to commercial and residential property, office buildings and apartments.

Real estate property management software is an effective and easy-to-use tool. This software helps people understand the real estate business. It is a quick response application that can store each detail of every transaction. This helps study non-payments and full-payments of rent, and maintains a detailed report of rent receipts and invoices.

Property owners are able to key inputs as and when required. The secured system is intelligent and allows changes from authorized personnel. Real estate property management software can evaluate an unlimited number of properties and units simultaneously. The software stores detailed data related to rent payments for all individual properties. This systematic approach eliminates any problems due to taxation.

Real estate property management software generates automated reports in cases of wrong payments and non-payments. The software does away with the practice of owners waiting for rent payments. All maintenance expenses or any extra revenue statements are regularly updated. The software also stores tenant information.

Residential property managers must select property management software that is most suited for their work. These applications are available with one-month money-back guarantees.

The residential property management system is considered to be time- and cost-effective for a manager and resident. The application can create a personalized website for an individual company in a relatively short time. This allows prospective and existing customers to visit the web site. This is a convenient method to view pictures of property, pay rent and submit maintenance requests.

Like much of the US economy, the commercial real estate market has been down the last few years. However, according to Moody’s Investor Service, US commercial retail prices have made modest increases from November 2009 through January 2010. This is from an all time low in October 2009. Is this the start of a recovery for commercial real estate and particularly what is the trend in the Minneapolis area? The following are opinions given by two realtors, who have a combined 45 years of experience in commercial real estate.

What is the current situation in your view?

First of all, it is important to understand that the problems in commercial real estate are not the same as the current residential real estate crisis. The residential real estate crisis was caused by a lot of bad debt allowed by overly lax qualification standards. There is not that kind of bad debt in commercial; instead a lot of businesses went under due to a long deep recession, thereby creating a lot more inventory on the market. The rate of businesses going bankrupt has apparently slowed down and it appears that most of the companies that are still in business now are going to survive. Many of the larger corporations actually have improved their cash situation. There is not any “poison” debt out there that still has to “work its way” out like in residential real estate. However this does not mean that we won’t still see commercial foreclosures due to the economy. The economy needs to continue to improve so businesses can start investing again. We believe that the worst is past, in fact, for the first time in several months we actually have seen a little activity on the user end (companies looking to buy or lease). Previous to that, all the activity was by companies looking to sell or lease out space. This does not mean that we expect to see things booming any time soon. Even companies that are in good financial shape are more reluctant to make a move right now, because there is still a lot of uncertainty. We see the buying process taking a lot longer and lease commitments are being made for shorter terms than in the past. Many reports that we see suggest that money will start flowing back into commercial real estate by the end of 2010.

What are some major factors that could affect a recovery?

One big factor is fear. Companies are afraid to make major moves right now. If the economy continues to improve, we believe that there could be a significant uptick in acquisition activity as businesses gain confidence. The industrial and retail sector tends to lead in a recovery while office space tends to follow them. We need to see some continued strengthening in retail sales for retail properties to start moving. There is a significant number of “big box” (i.e. large retail outlet or distribution spaces) that are on the market right now. Retailers and distributors are going to think long and hard about acquiring a 450,000 square foot facility. We see these types of properties being vacant for a very long time, unless someone comes up with some creative ways to utilize them.

Are there still good “deals” out there in terms of property acquisition?

Rental rates are still at an all time low. Even if average prices have nudged up slightly nationwide, we believe you should be able to get rock bottom or very close to bottom rates. Now would be an excellent time to negotiate some long term lease rates.

How is the Minneapolis/St. Paul area compared with the rest of the nation?

While things have slowed down significantly in this region, we are not seeing the devastating situation that Detroit is seeing with the automotive industry downturn. We also see New York, San Francisco, and Washington D.C. as being harder hit than Minneapolis. The Twin City area has a fair amount of diversity and has a high concentration of businesses in Health Care and Medical Technology. These markets tend to do better in recessions than other industries. There is a possibility that that the Twin Cities will see some strong economic recovery sooner than many other regions of the country.

When the last time commercial real estate was was was thriving?

The mid 1990’s to early 2000 were very good times for commercial real estate. After 9/11 a big downturn occurred. Commercial real estate recovered between 2003 and 2005 and was actually booming for the 2 years prior to the October 2008 stock market crash.

When do you think it will start to thrive again?

We believe that the industrial sector of this economy needs to expand significantly for us to see the kind of activity seen during the 1990’s. The dotcom boom in the late 90’s created a huge expansion in the technology sector. When industry thrives, demand for warehouse and manufacturing space increase. Office space follows as growing companies expand their support functions. The jobs created by industry spur on the retail industry which continues to fuels economic growth.

The Medical Technology sector could be one segment that could help commercial real estate in the Minneapolis area. While this area has been weaker lately, the population of the US (and the rest of the world) is continuing to age and should spur a stronger demand for medical technology and health products. Further, the drive to reduce health care costs could create a stronger demand for technology to improve efficiencies. Medical is one of the few industries where virtually 100% of the its manufacturing is still in the US, so a boom in the medical technology area could generate needs for warehousing, manufacturing space as well as more office space.

Opportunities for real estate investment for foreigners is wide and varied in the United States. It doesn’t matter where you’re from and what currency you’d be using to purchase a property, you have a property waiting for you.

There are generally three kinds of real estate investment available to foreigners. These investments include the commercial estate investment and residential property investment. Residential properties are further classified into single family properties, apartments or condominiums and recreational properties. Regardless of what kind of real estate you are interested in, there are all sorts of tax ramifications, financing options and legal requirements that you have to deal with.

Why Should You Invest in the U.S. Real Estate Market?

You’ve probably heard of the increasing number of foreign real estate investments in the United States. This is not surprising. With the troubles that the real estate investment market is facing in the United States, greater opportunities in real estate investment were opened to foreign investors.

With the dollar’s value in its all time low, foreign investors are finding real estate bargains all over the United States. There are no shortages of deals in this market. More and more distressed properties are being sold everywhere and foreigners are pouring in millions buying these foreclosed or distressed properties. The United States real estate has become a fairly attractive long-term investment for foreign investors.

In November of 2006, the National Association of Realtors released a report entitled “Foreign Investments in U.S Real Estate: Current Trends and Historical Perspective”. The report showed that there has been a steady increase in foreign real estate investment in the United States. This is especially after the euro and the loonie became stronger in the face of the continuous devaluation of the US dollar. Prime bargains were opened to foreigners. Many foreigners have now looked into the possibility of retiring or settling in the United States.

If you’re a foreigner, you would find a lot of reasons why you should invest in the United States real estate market. Aside from the fact that the floating exchange rate has given you a lot of leverage over the bargaining table, the financial market is a pretty good reason why you should invest in the US real estate.

The financial market in the United States in relation to the real estate market is quite liberal and the restrictions against foreign investors are pretty reasonable. This is ideal for foreign companies that are seeking to invest in the real estate market in the United States in order to avoid tariff restrictions and are considering setting up an office or a company in the United States.

Furthermore, despite the devaluation of the US dollar and the wide foreclosures of a lot of property, the real estate market remains to be stable, though slightly shaky, due to foreign investors’ capital appreciation. Domestic real estate buyers may not necessarily share the same opinion, but the market has remained to be strong for foreign real estate buyers. This may be largely credited to the fact that there is minimal risk for them.

Why are Foreign Real Estate Investments Safe and Profitable?

There are a lot of investments you can make, but the safest you can make right now is investing your money in real properties. This is another good reason aside from the fact that you can make a pretty nifty profit, if you like, particularly now with the widespread property foreclosures and seemingly continuous US dollar devaluation. This is especially true if you are going to use the euro or the loonie when making your investment.

But why is US real estate investment safe for foreigners?

It is undeniable that stock investments are not a safe avenue at this point. The recession has not only affected the US economy; the same recession has greatly affected worldwide stock investments. Stocks values are dropping. It is also a fact that even without the current economic situation, stock values fluctuates.

On the other hand, real estate investments are pretty stable if you would compare it to stock investments – or even bond or mutual fund investments. With real estate investment, you’d be putting your money in an investment that would grow in value as years go by.

What are the Benefits of Foreign Real Estate Investment?

US state government supports foreign investments and along this line has formulated various tax breaks to encourage foreign investment on real estate. Many of these tax breaks are not available in many countries. In fact, most countries would frown at foreigners owning real properties within their territory.

Foreign real estate investment in the United States is open to everyone. As long as you can afford to buy the property or at least comply with the mortgage requirements and payments, you can secure for yourself a pretty good property in the United States. Again, with the current economic situation of the United States, this is the perfect chance for you to make an investment.

Another great benefit that you can take advantage of is the availability of mortgage financing. Lenders have opened their doors to foreign investors who are looking into purchasing a property. So, you don’t have to actually deplete your bank account. You can actually secure a mortgage loan and gradually pay it off.

I’m Canadian, What Are My Financing Options?

There is a steady increasing rate of Canadian real estate investors in the United States; and accordingly, the government has made certain that they have attractive financing options available to them.

If you’re Canadian – or if you’re a foreigner – you’d find a lot of reasons why you should buy a piece of real property in the United States. For Canadians, the parity of the currencies or the apparent devaluation of the US dollar is a pretty good reason itself. But how do you finance your purchase?

There are various financing options available to you depending on which state you are in. In Arizona, for instance, you’d get favorable financing terms if you are purchasing a property for recreational purposes, that is, you do not derive any income or benefit from your purchase or ownership. You will be required, however, to sign up a disclosure agreement and give a 30% down payment for your loan. To qualify though for a loan, you may be required to show availability of liquid reserves for a period of three to six months. You may also be required to present a minimum of 3-month bank statement.

If you are purchasing a property for investment, you’d probably meet stricter terms. Requirements may be more stringent. For instance, you could be required to give a down payment of more than 30% and you may be required to show one year worth of liquidity reserves.

Regardless of your reasons, if you feel like you can fulfill the requirements of a financing loan, you can then proceed to actually applying for a mortgage loan. Also, keeping yourself updated with the financing terms flux may be a wise idea.

Understanding the Tax Ramifications of Real Estate Investment

The first foreigner to have ever bought a real estate property in the United States was Peter Minuit. This opened the doors to foreign real estate investors. After a couple of centuries later, foreign real estate investment has grown into huge proportions, accounting for billion-of-dollar worth of industry.

The low risk attached to US real estate market, the availability of countless properties, and the steady market liquidity attract foreign investors in droves. The initial snag, however, is the process of understanding the legal ramifications of foreign real estate investment.

What you have to understand is that foreign investment in the United States can take a lot of forms. A foreigner has various options. He can acquire direct interest. He can acquire an interest in the real estate through a partnership, a corporation, or a limited liability company. The latter is the typical structure used by foreign investors.

Limited partnership or Limited Liability Company offers financial protection or indirect asset protection, especially in cases of bankruptcy, law suits and taxes. Foreign investors are generally taxed on the property as if they hold the property in direct interest.

Ideally, you should secure the services of a real estate accountant to help you out with the tax ramifications, but it would help if you, at least, know the basics before you actually talk to an accountant.

There are tax consequences that you have to deal with when you buy a real estate in the United States. You would need an Individual Taxpayer Identification Number which you will use with all your tax transactions. Your investment in real estates can be treated as a portfolio investment and will be accounted for as an investment income which can either be fixed or a periodic income. This is typically taxed at 30% on gross revenues. This tax though does not apply though to all foreign investors. Tax rates would vary depending on the tax personality the foreign investor opted for. For instance, a corporation would be taxed differently.

Other things that you should take note of are availability and requirements of tax refunds and state tax laws on real estate properties as they may differ from federal laws, among other things.

By knowing all these things, you may save yourself from a lot of hassles when you finally approach a real estate accountant. You’d be in same wavelength when you finally get down to talking business. It is, however, very important that you secure the services of an accountant. You’d have an easier time dealing with the taxes ramifications. You’d also have assistance ensuring that you comply with all the accounting aspect of your investment. This is especially true if you are purchasing a real property for investment purposes.

Do You Need to Secure the Service of a Real Estate Lawyer?

If you are considering buying a property in the United States, you need to secure the services of a real estate attorney – someone who could help you with the legal issues concerning your purchase. It is tempting to forego securing the service of a lawyer to save money, but this could cost you a lot of money in the long run. Make sure that you have an experienced and trustworthy lawyer to help you out. Make sure that you have thoroughly checked out his credentials, profile, history of successful cases handled by him, and other factors that would influence your decision. You could check online and look for a lawyer working within the state where you are considering purchasing a property.

Functions of a Real Estate Lawyer

There is no actual distinctive function for a lawyer in a real estate case. However, you would really need the assistance of a lawyer for various tasks. A real estate lawyer would review the sales contract for you. He would also check on the title and other documents relating to the property. A lawyer would also review your mortgage contract and make the necessary adjustments or corrections. You could also get him to review with you the legal and tax issues concerning the purchase. A real estate attorney could also make the necessary adjustments relating to various expenses and costs involved in the purchase. He would assess your eligibility for tax refunds and draft the documents and statements relating to this.

Putting it simply, a real estate lawyer will be your watchdog. He would guide you through the whole process of purchasing a real estate in the United States in order to make sure that you will be legally protected. You will have a capable and trustworthy liaison to help you out with the contract. He will also face legal disputes if any arise.

Tips on How to Invest in Real Estate Successfully

Now, if you’ve fully bought into the idea of real estate investing in the United States, you might just want to know how to go about investing in real estate successfully. If you want to be successful in this venture, the first thing that you have to avoid is overanalyzing. Of course, it is a good idea to carefully think through your actions but it is a bad idea to overanalyze your investment to nonexistence. You might lose a great opportunity.

Before you purchase the property though, it might be wise to check the property value. If it sits well with you and you can reasonably afford the property, go ahead and make the purchase.

If you are considering the property for a quick flip, make sure that the property is in perfect condition and in good area. This is to ensure that you could double or actually triple your return of investment. If you can inspect the property yourself, do so. If not, a good and trustworthy agent can help you with this task.

Another important thing to remember when you’re buying real estate is good financing. You should take your time to carefully consider all your financing options. Foreign investors can email in their queries to various lending institutions. It is a good idea to make sure that you’ve had their terms and rates on paper because they tend to change these terms and charge you with a lot of junk. Your real estate agent can help you with reviewing the escrow charges.

The bottom line, however, is that it is very important that you do your homework before you actually buy a real property. Investing in real properties in the United States can be profitable especially during these times. In fact, it may be the wisest and most perfect investment you can make right now.

Isn’t real estate supposedly one of the best categories of investment classes in the world? People always need a place to live right? Then why does it seem almost impossible to invest in real estate in California, which is known next to New York and Florida, as one of the top places in the world to invest in real estate, unless you have a few million dollars? It is because they are densely populated and in the case of Los Angeles have already risen dramatically not only in the last six years by 40% but have quadrupled, 400%, over the last 30 years. (S&P Index LA) Those are great returns for an asset that is considered to be safe and moderately growing. So what should a person do nowadays if they live and grew up in Los Angeles, and want to invest in real estate but don’t have a million dollars to invest? The solution is simple, invest out of state!

A lot of people think it is hard to invest in a state such as Texas. You have to manage the property, collect rent, and make the right investment decisions for the long term in a state that at this point in time you are only somewhat familiar with, right? Well allow me to explain to you why it is great for someone to think otherwise, and how a great agent can acquire property for you in another state in a deal which the tenants, the ones using the property space, are managing the property for you and even paying your property taxes! Not only that, but these are institutional companies who guarantee you the money you are promised for periods of up to 10-15+ years, per contract. This is only the beginning of me explaining how investing outside of your comfort zone with the proper advice can benefit you and your family.

How about the safety of these investments? I don’t want to lose my hard earned dollars. Neither do you. So why would you invest in anything outside of the Los Angeles, or the California region? A region that has proven itself for decades and showing promising signs of growth in certain areas. These are definitely valid points in the eyes of an avid investor, but maybe it’s time to reconsider. I already mentioned that property prices in Los Angeles are expensive, that being one of the main reasons to invest elsewhere.

Haven’t you noticed a lot of people who have been living in California are moving to the surrounding states where it is a lot cheaper to live and in places where new and old business industries are beginning to thrive? I personally know a few people who have moved away. Texas alone has added over 5 million people to its population in the last thirteen years according to Texas Department of State Health Services, and it is still growing. With that in mind, doesn’t it seem like a great deal to acquire a commercial property in a state where you can buy commercial real estate for around $150,000-$300,000 down? You couldn’t dream of that in Los Angeles unless you wanted to buy an old run down building.

Are you starting to understand how easy it can be to invest outside of your state, and why it is more lucrative? If you do, that’s great, if not here is another way to understand it in a situational scenario with numerical figures.

My friend Jack has $500,000 right now that he wants to invest.

This is what would happen if Jack invested in a Los Angeles Commercial Property from 2015-2020.

Let us say Jack doesn’t take out a Loan and buys a Fee Simple Commercial Estate.

$500,000 x 4% Interest Yearly = $20,000 Income / Year (Before Taxes) x 5 years = $100,000

Over this period of time the value of the property goes to $600,000 by 2020, and Jack sells his property to Jenner. That makes for a profit of $200,000 before Capital Gains, and Income Taxes.

Now, let us say Jack went outside his comfort zone and decided to get a property in Texas.

$500,000 x 8% = 40,000 Income / Year (Before Taxes) x 5 Years = $200,000

Over this period of time the value of the property goes up to $750,000 and Jack now shows Jenner how much easier it was to invest out of state because of the structure of this deal. He told Jenner that since Starbucks was managing his property and paying him on time without question every month, this made it much easier for him as an investment. Now, Jenner wants to buy this investment off Jack, because he sees the benefit and Starbucks wants to sign again for an additional 10 years with a rent increase!

Jack just made another $250,000, on the increase of the value of the property.

In total, Jack has now accumulated $450,000 before taxes over the last 5 years investing in Texas. Get it?! Do you understand the benefits and the financial rewards? Not to say you cannot have these structured deals in Los Angeles, but remember they offer half as much interest in a market that has already gone up 40% in the last six years.

Jack has made $450,000 investing in Texas vs. $200,000 investing in California with the same amount of money. That’s an extra 125% increase in profit, which will make you an even astonishingly larger amount of money on your next big investment!

Probate real estate investing involves buying property from probate estates. Probate is the process used to inventory and distribute assets owned by someone who has died. Depending on the complexity of the estate, the probate process can last between six months to three years. During this time the estate is responsible for maintaining the property and paying mortgage payments, utilities and insurance.

Probate real estate investing provides an opportunity for estate administrators to sell real estate holdings. This is particularly beneficial for administrators who are struggling to pay mortgage payments or maintain upkeep on property held in probate.

The first step of probate real estate investing requires a visit to the local courthouse where probate matters are handled. When an estate is placed into probate it becomes a matter of public record. The majority of information regarding the estate can be located in the decedent’s Last Will and Testament. Typically, the Will designates the estate executor and outlines how the decedent wishes to have their personal belongings and financial assets distributed.

If the decedent dies without executing a Will (intestate), probate records will indicate who has been assigned to administer the estate. Generally, this is a direct lineage relative. However, if the decedent has no living relatives or no one accepts the position of estate administrator, the probate court assigns an outsider to manage the estate.

Once the Administrator’s contact information is located, the next step requires a search of deed records to locate real estate held in the decedent’s name. Records of Deed record land ownership and transactions. When real estate is transferred or sold, a new deed is recorded. Deed records reveal if the property has a mortgage. If so, the estate is required to maintain payments throughout the duration of probate.

If the property has a second mortgage against it, chances are the heirs will need to sell the property in order to pay-off outstanding balances. The estate administrator is authorized to make decisions regarding the sale. However, if multiple heirs exist, they must all agree to sell real estate held in probate. In some instances, the estate may require permission from the probate judge to sell real estate holdings.

Upon compiling a list of potential probate real estate deals, investors will need to make contact with the estate executor. This can be done by phone, mail or in person. When contacting the estate administrator it is imperative investors be respectful and offer their sincere condolences.

Most estate administrators and beneficiaries are unaware they can liquidate real estate during the probate process. Offering to purchase their property could solve their financial problems and provide investors with instant equity in their investment. Oftentimes, real estate can be purchased well below market value when heirs are in need of immediate cash.

Probate real estate investing does not require special training. However, investors who engage in buying probate properties should possess solid communication and negotiation skills, along with a sense of compassion.

Investing in probate real estate offers multiple opportunities to obtain profitable deals. While it requires a bit of detective work and negotiating with distraught and grieving heirs, when conducted properly probate real estate deals provide a win-win situation to all parties involved.

As you likely know, there are a lot of things that need to be taken care of in order to become a real estate agent in any state. There are a lot of requirements that you need to try and take care of and, on top of that, you need to be certain that you’re doing what you need to accomplish in order to stay ahead and find what you may need to get the best results for your efforts. If you want to start a career as a real estate agent, what are you supposed to do?

Many states have licensing requirements that you have to follow in order to be certain that you’re getting everything that you need to stay ahead of the process. You have to meet certain criteria and know that you’re not going to end up in a situation where it may be difficult to work at the same time. There are many places that you can go now in order to get your real estate license for whatever state(s) you are looking to work with, and you will discover that some of them are even online, which makes it that much more convenient in the long run.

A good real estate course is going to give you all of the tools that you need so that you can become a real estate agent without too much stress of hassle. The fact of the matter is, you want to get into a position where you are going to be able to get just what you need. If you’re currently working, you need the flexibility that online classes provide so that you can get ahead and start making the necessary steps toward whatever goals that you may be looking at in the future.

On top of course work, you also need to make sure that you are going to have connections with those that will be able to mentor you. Many schools will require that you take the time to do this as part of your coursework as well. You want to know what you may be getting yourself into during this process and you want to feel confident that, when you have completed your entire program, that you are going to be able to pass the test to get your license and that you will feel comfortable when you get out and start selling real estate on your own.

All in all, there are a lot of things that you can do in order to start working toward the goals that you have in mind for real estate. Consider looking at all of the different options that are out there and put together a game plan that is going to make the most sense for you and whatever needs that you may have in that regard. When all is said and done, you will discover that it can work out quite well if you’re willing to take the necessary steps to make it a reality.

Before I continue, let’s first make sure we’re on the same page about who were referring to when we use the expression ‘millennial traveller’.

Millennials, also more commonly referred to as Generation Y or Generation Next, are people who were born between the early 1980s and early 2000s. They make up about 20% of international travellers and it is estimated that by 2020, they will account for more than 320 million international trips.

Phew. Those are some staggering numbers right there! It’s no wonder that hotels are wooing them with everything they have. But for all the effort they’re making, do hotels really have what Millennials want? Do they even know what Millennials are looking for?

If you’re not quite sure, let me drop a few hints your way

Hint No.1: Technology is their life force

Technology is to Millennials what water is to fish – life itself. The perks that most of us consider good to have – Internet, Wi-fi, hi-speed mobile data – are essential to their way of living.

What this means for hotels

According to a report, almost 71% of Millennial travelers considered free Wi-fi an important factor when choosing a hotel. So hotels, pull up your socks and put the technology in place for them. Or they’re likely to walk up to your competitor and book a room with them.

Hint No.2: Millennials love their smartphones

‘Technology at your fingertips’ is an expression that’s taken very seriously by the Millennials. He is likely to go for hours without food and water, but not without checking his smartphone. He works, plays, chats, networks, writes emails, watches videos, and stays up to date on news using his phone. Other more complicated actions like booking tickets, making hotel arrangements, and paying bills can also be competently handled by his handset.

What this means for hotels

It’s absolutely imperative that hotels invest in superior mobile technology, starting with a website that adapts to different screen sizes and resolutions. With more than half of millennial travelers using mobile devices to discover and book hotels, the hospitality industry is paying a heavy price for not investing in a mobile responsive website. You might also want to consider getting an app for your hotel, to facilitate functions like mobile check in, check out, payments, and en-cashing loyalty points.

Hint No.3: Millennials are ‘social’ creatures

Generation Y is often criticized for shirking the forms of social interaction that their parents were fond of. They’re considered aloof, standoffish, and a little bit asocial. But the truth is that Millennials do tend to connect to each other, just not in ways that are familiar to us. The online world, especially social media, takes precedence in their social life. Facebook, Twitter, What’sApp, GChat, and Snapchat is where they hang out, check in, upload pictures, start conversations, and share details of their life.

What this means for hotels

Given that social media is one of the biggest influencing factors in the life of a Millennial, hotels must make a concerted effort to have a presence on various platforms. In fact, they must go beyond the token Facebook and Instagram page and build a community online. Reach out to your audience, engage them, solve their problems, and invite them to leave reviews. An active social media profile inspires confidence among Millennials and is likely to win you brownie points in the long run.

Hint No.4: Millennials place great faith in peer reviews

Generation Y is a suspicious lot and they can recognize a marketing gimmick from a mile away. For this reason, they rely heavily on ‘peer review’ to gather information about a place. Whether they’re buying a new gadget or trying out a restaurant in the neighborhood, you’ll see them pouring over reviews before deciding to do anything. They consider it a more authentic and ‘real’ source of information. And you can be 100 per cent sure that they’ll be reading up about your hotel before deciding to stay there.

What this means for hotels

Do not try to patronize or trick the Millennial traveller. All your online properties (website, blog, social media profiles) should display accurate information, accompanied by up-to-date pictures. If you’re offering a deal or discount, lay out the terms in black and white. Encourage your visitors to leave you a review on platforms like Trip-advisor or your Facebook page; incentivize the process, if you have to. Should you receive a negative review, take steps to address it and resolve the situation.

Millennials don’t expect you to be flawless. However, they do expect you to be transparent and sincere. Mistakes are an inevitable part of your industry and if you’ve taken every possible step to rectify the problem, you will be forgiven. Otherwise, you’ll find yourself at the receiving end of a nasty review posted for the entire world to see.

Hint No.5: Millennials are into Bleisure

Generation Y is relatively unencumbered by responsibilities at home and are more open to taking business trips. However, unlike the previous generation, almost 62% of millennial travelers will extend their business vacation to explore the place and gain cultural experiences.

What this means for hotels

Gone are the days when that solitary desk in the hotel room took care of any ‘business needs’ that travelers had. Millennials do not like working inside their rooms. This is the generation that steps out to a coffee shop to sit with their laptops and work for hours. The concept of the ‘third space’, independent of home and office, has been popularized by them. Design hotel lobbies to cater to this demand, so that when they step out in search for a place to work, they don’t have to go very far.

Hint No.6: Millennials look for authentic experiences

Despite what might look like their preoccupation with the cyber world, Millennials are always looking for unique and meaningful travel experiences. They want their stay personalized and won’t pass up an opportunity to learn something valuable. Not content with hitting the high spots of a tourist destination, they crave interaction with locals and enjoy immersing themselves in a variety of cultural experiences.

What this means for hotels

Reject the cookie cutter approach to the services you offer your guests. Offer them a genuine travel experience, one that is immersive, interactive and hands on. Don’t just take them on a regular sightseeing tour that showcases the city from behind the panes of a bus or car window. Take them to meet local artisans, show them the way to the hip and happening underground bar, and expose them to interesting customs and traditions. That’s the only way to add true value to their life and create an experience they will cherish for life.

There’s no denying that Millennials are driving the hospitality industry with full force. They already account for a third of the hotel guests in the world, and by 2020, the figure is expected to climb to 50 per cent.

To keep pace with growing demands, hotels must show a willingness to evolve and reinvent themselves. They have to put aside traditional methods of functioning, revisit their marketing strategy, and curate unique experiences for Generation Y.

Besides, it is in their best interest that hotels up their game. By updating their offers, hotels stay relevant within the industry and equipped to deal with the demands of changing times. Millennial travelers are the cash cow that every industry dreams of, and by catering to them, hotels are ensuring themselves a solid revenue stream for the next few decades, at least.

Real Estate in Lebanon has experienced some severe contrasting periods. In the early 90’s, the real estate sector pulled up the entire economy through intensive programs of reconstruction set by the government and other private institutions. New buildings were popping up across the whole country.

This positive impact of the real estate sector on the Lebanese economy was challenged during the last few years. The vast majority of residential buildings that were constructed during the last ten years were aimed at high-end customer’s level coming mainly from the Gulf, while internal demand was oriented towards medium standing apartments and properties. Since the external demand, mainly coming from Arabs in the Gulf region was increasing in volume, this has led to a sharp increase in real estate prices. This is not anymore the case especially for the last couple of years. The external demand has stabilized adding to that the government endorsement of laws limiting the percentage of properties that can be sold to foreigners. The real estate market is not flooded by liquidity as it was the case few years ago, and prices are expected to stay stagnant at least for the coming two to three years. Many positive signs are emerging in this period.

The real estate sector is being managed now by more professional institutions. This represents a major switch for this industry where traditionally families run mainly this sector. The best illustration is that investors are now conducting market research and feasibility studies prior to actual constructions. This was not the case 10 years ago.

Another positive sign is the return of international investors to downtown Beirut. Virgin, Ericsson and almost all financial institutions in the country have their headquarters there. The major effort that has been made by the country to attract investors is now bearing fruit.

This success is not surprising; Lebanon has many benefits for large corporations. Its location makes it an ideal gateway to the Middle East and the quality of life can meet the expats’ expectations and facilitates their implementation.

Beyond that, the banking laws are favorable for foreign companies wishing to locate in the region. The future may be considered as promising. Several major projects are now under construction. In Beirut downtown, a chain reaction is expected and which can be explained as follows: the more the number of multinational companies move to downtown Beirut, the more the multinational companies will want to locate their offices there. This is not just applicable to the city center; this fact also affects the surrounding neighborhoods.

The real estate market in Lebanon has experienced as well a dramatic rise in terms of the investments that have been injected into it. These investments come from Arabs, expatriates, and foreign investors.

Across the whole Arab region, the real estate sector in Lebanon has received the majority of Arab and foreign investments with a big boost in demand on the it properties in Lebanon.

The real estate market in Lebanon was the primary recipient of all Arab investments and constituted 80 percent of such investments.

Beirut, once considered the “Pearl of the Orient” is now ranked the most expensive city in the Middle East and Africa, ahead of Dubai, Istanbul and Johannesburg.

Cosmopolitan on one hand and traditional one the other, this place certainly delivers what it promises. One of the hottest vacation destinations in the world, it isn’t hard to find cheap flights to Dubai. A vibrant metropolis with an imposing skyline and a fascinating charm, the city is undoubtedly one of the jewels of the Middle East. An established trading and commercial hub of the continent, an attractive leisure hotspot, and a place with well-preserved heritage, Dubai enjoys a rather varied reputation.

Taking a trip to Dubai can be easily compared with riding on a time machine. Replete with various historical landmarks, archeological sites and many places of cultural importance, exploring the city is like a journey through time. Dotted in and around Dubai you’ll find numerous examples of its glorious past, such as the Dubai Museum that houses hundreds of artifacts, Hatta Heritage Village, Burj Nahar, Philately House, House of the Camel, House of the Horse, Sheikh Saeed’s House, Al Fahidi Fort, Sheikh Saeed Al Maktoum House, and Al Ahmadiya School & Heritage House. Dynamism is what you find in every nook and cranny of the Dubai, be it the chromatic life size dioramas vividly depict everyday life before the discovery of oil, art allergies and exhibition centers recreating scenes from the Creek, traditional Arab houses adorning the lanes and alleys of the city, mosques and old souks, date farms, and desert and marine life. Things like sunshine, shopping, seaside fun and adventure sports, you’ll find it in great abundance. Being on the crossroads of Asia, Europe and Africa, Dubai is rather situated well to attract visitors from places far and wide. A spectacular city, Dubai is where the conventions of the past meet and amalgamate with the comforts and offerings of the west beautifully.

Catering every kind of palate and impressing even the most discerning tourists, Dubai is laden with landmarks and sites that are worth drooling over. Take a trip to Burj Arab, the iconic symbol of Dubai, enjoy ecotourism at The World, visit Dubai Marina, see the city in its high-tech avatar at the Dubai Internet City, witness total entertainment at the Dubailand, reserve an entire day to spend at the largest shopping mall of the world, the City of Arabia, experience what state-of-the-art means at the Dubai Sports City, ride the Dubai Metro, get an aerial view of the Dubai standing atop Burjkhalifa, or take a pick from visiting Palm Trilogy, Atlantis, and the Business Bay. The emirate boasts of a dazzling nightlife, an elaborate wining and dining scene and revelry beyond compare. Enjoy a candle-lit dinner at a fancy restaurant, dance the night away at the thumping nightclubs, enjoy lively conversations at one of the various elegant cafes, or a few rounds of drinks at any of the several glitzy pubs and bars. Loaded with luxurious accommodations and cheap hotels alike, Dubai welcomes one and all.

Dubai is a remarkable holiday destination and offers a variety of sightseeing opportunities. Dubai has Islamic traditions however Dubai also offer a way of life that is similar to other cosmopolitan cities around the world.

A great place to start of your Dubai sightseeing rounds is a visit to the famous Jumeirah Mosque. This Dubai Mosque is widely regarded as the premier example of modern Islamic architecture and the way it has integrated into society.

The Jumeirah Mosque is very recognizable due to its two remarkable minarets. The Jumeirah Mosque also has an exquisite dome which is extensively photographed by the many tourists that visit the famous Dubai Mosque each year.

The Sheikh Saeed’s House is another must on any Dubai sightseeing schedule. The Sheikh Saeed’s House is located near the shoreline of Dubai.

This Dubai landmark was constructed so that the Sheikh who rules this Emirate at the time would be able to have a better view of all shipping and trading that occurred in the area.

Sheikh Saeed’s House is a remarkable building which offers one of the finest examples of local Dubai architecture.

Bastakiya is one of the oldest quarters of Dubai. It is extremely interesting for tourists as Bastakiya offers tourists to experience and witness how Dubai was in past times. No modern shopping malls and large office buildings can be found in this region of Dubai which gives this section of Dubai a sense of authenticity.

The Al Fahidi Fort is located within the Bastakiya area of Dubai and this fort offers the largest selection of typical Dubai courtyard homes that have windtowers.

These special Dubai windtowers acted as a type of Air-Conditioning as the cold breeze went into the wind towers and the breeze was directed into the rooms of these Dubai houses.

The Dubai Museum is a great place to visit and should really be visited by every tourists visiting Dubai. The Dubai Museum is one of Dubai’s tallest buildings and is in fact located within the Al Fahidi Fort.

The Dubai Museum was originally built as a palace for the local rulers at the end of the 18th century. The beautifully designed building has since served many purposes as it has also serves as a jail and an army base.

Visitors can witness scenes from a variety of historic events as well as impressions of everyday life in Dubai which includes the Dubai Mosques, pearl diving and the variety of architectural styles which one can encounter in Dubai.