Tavio Hobson | Entrepreneurship & Real Estate

Tavio Hobson is an entrepreneur and real estate developer

Multi–Family Housing Investment On The Rise

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As Multi-Family homes become increasing popular for buyers and builders, real estate investors and developers are jumping on business opportunity to break ground. Duplexes, multiplexes and apartment complexes make up the landscape of multi-family housing with strategic interest in location, size, and amenities.

Investing In Multi-Family Housing.

Multi-family housing has had a growing demand of short term and long term rentals in metropolitan areas bringing in immediate and long term revenue. Urban settings within a walkable distance to restaurants, retail spaces and bars appeal to working professionals, Millennials, and Baby Boomers.

Buyers are looking for long term investment in both established and in up and coming neighborhoods. There’s a growing interest in investing in multi-family housing as a live and lease residence including Airbnb and vacation rentals opportunities.

Developers looking to diversify their development portfolio are looking to invest in multi-family housing appealing to a larger target audience.

How Can I Benefit?

There are several ways to invest in this profitable real estate trend. Personally, I use my strong background in business, sales, and marketing to develop new and existing real estate properties that appeal to a larger market of buyers and renters. There are several ways to invest and add to your portfolio. You can become a property owner and reap the benefits of renting or invest in projects that follow the selling trends and get a return on investment after completion. In addition, you can buy multiple properties and continue the upward growth and diversity of your portfolio.

Multi-family housing is a continued trend that is attracting investors like myself. If you are looking to grow your real estate portfolio or invest in something consider multi-family homes a great opportunity to grow your brand.

Constructive Criticism For Entrepreneurs

Getting criticism isn’t always an easy thing to listen to or take in. However, feedback is essential for growth and receiving it from mentors, colleagues, and industry leaders is something you should take advantage of every chance you get.

Bring Attention To Blind Spots

Being involved in your business or project everyday can leave you open to ‘blind spots’ that you can’t see because you are totally involved in the project. Getting constructive criticism is great for entrepreneurs because people can point out to you things you missed or possibly overlooked. Having a second set of eyes on something is definitely important to give your business that extra boost to catapult it into success.

Set Yourself Up For Success

Getting constructive feedback is something that can set an entrepreneur up for success as well as help them know when it is time to abandon a project and start something new. Surrounding yourself with people who are not only experts in their industry but also you know will give you straightforward, real advice is important. Sometimes it is time to abandon a project and start something new rather than wasting your energy on something that is not going to succeed and it is important you have a group of people that will be honest and tell you this.

Don’t Take It Personally

The important thing to remember when receiving constructive criticism is not to take it personally. It is not meant to be an insult it is being given because they want to help you improve. Definitely take full advantage when someone is giving you advice and ask for specifics and ways that you can improve while you have their attention.

Follow Up

After receiving feedback from someone, follow up with them to show them your progress and get continued tips on how to improve. As entrepreneurs, we never stop learning, growing, and improving. When someone gives you feedback look at is a chance to not only improve but also forge a connection and relationship. They can become your mentor or even someone to look to for advice in the future.

Receiving criticism on a project can be hard but having a trusted group of entrepreneurs and mentors can help you improve on your ideas and skills as well as open your eyes to new possibilities of what your business venture or project can become.

Leadership In The Real Estate Industry

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No matter what industry you are in, being able to be an effective leader is an invaluable skill. In the real estate industry, there are many moving parts from development, to project management, to the sale that require effective leadership to get done.

Commitment

One of the things that makes a great leader is their commitment to a project that they are in charge of or commitment to a company it’s goals. When others see your commitment to the project at hand and your belief in it’s success they will in turn be motivated to successfully complete a project and work toward to goal at hand, whether that be renovations, creation, or building development.

Decision Making

When working in real estate, there are many decisions that need to be made throughout the course of the project. From initially deciding where to build a property, what to invest in, as well as the best hires, leadership skills are essential for directing the project to where it needs to go. A leader is able to see the big picture of a project and in turn, delegate the work to those who will help make those things happen.

Problem Solving

No matter how much you plan, problems are always going to arise in the real estate industry. Whether the project timeline keeps being pushed back, a design needs to be reworked, or an investor drops out, a leader has the capabilities of quickly and effectively solving problems and reorganizing to keep the project on task. Time is money in the real estate industry, and a capable leader is essential to making sure the project gets done and gets done well even if problems do come up.

Risk Taking

In the real estate industry, it is important to be able to take risks that will pay off. Staying safe will only get you another cookie cutter home or office building that will only go for market price or below. You want a building that will stand out from the crowd and attract top buyers so you make return on your investment. A leader is able to assess which risks are going to pay off and strategically jump on opportunities before it is too late.

In the real estate industry, leadership skills are extremely important to possess. Having an effective leader on the team will help a project get done in a timely manner as well as succeed.

Why Communication Skills Are Essential To Real Estate Developing

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Effective communication skills are an essential to any industry. Being able to speak, write, and relay your message well is extremely important to be able to reach your target audience. Specifically in the real estate development industry, having good communication skills can make or break success.

Conveying Your Ideas

Real estate development involves many different moving parts. To stay organized, on schedule, and on budget is key. Having great communication skills is the only way to keep all of these thing on track. In order to have a great finished product, you need to be able to tell explain your project vision to all of the appropriate people like construction workers, contractors, buyers, and investors.

Open Line of Communication

Possessing good communication skills encourages others to be comfortable having conversations with you. In the real estate development business this is extremely important because project deadlines need to be met and appointments need to be scheduled so communication needs to constantly happening if there are any updates to a project. People will become more invested in the project and want to work harder for you if they feel as sense of teamwork and unity with you. In addition, having open lines of communication allow the people that work for you or that you are working for to feel comfortable coming to you as well as trusting you.

Developing Good Relationships

Forming good relationships in the real estate development industry is extremely important. Having good relationships with contractors, investors, sellers, real estate agents, and buyers all come from having excellent communication skills. Also, after a project is finished, staying in touch is another important thing because you never know when you’ll need someone’s help or recommendation in the industry. Also, other real estate agents and buyers often have inside information when great properties or opportunities are going to be available. Good communication skills help you form these relationships as well as keep them.

Good communication skills help you in any career path that you are in. Specifically in real estate development, good communication skills are necessary to stay on track with a project, form good relationships, and make sure your ideas are conveyed so your project can be successful.

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