Building Lots For Sale 2013 - Att: Investors and Builders! - Inventory Will Shrink!!!

August 15th, 2013

Get our complimentary Luxury Home Report 252 441 9997. Only by US Priority Mail.

We believe builders and cash investors should be buying building lot inventory, anticipating the next 2-4 years of an expected building resurgence.  If investors are looking for the the near term trend possibilities building lots are attractive. Reading our report will explain why the rental business is demanding more inventory and so are their guests. Rental companies are so tight on luxury inventory for vacation rentals some are even offering 0% commission for the first year. Demand for top tier rental inventory is almost unprecedented. That’s just one of the subjects we cover in detail in our latest Outer Banks Luxury Home Sales Report . We look at details of the vacation rental business from the owners point of view. Very helpful averages and baselines are established by analyzing sales, prices and rental income figures on MLS over about 6 years. After reading this 8 page, informative report you will understand:

  • Where are the highest gross returns by town or village

  • Specific rental amenities evaluated: investment vs return

  • How to pay 0% rental commission the first year owning your luxury home

This valuable, eye opening report is only available by US Priority Mail. Call 252 441 9997 and request your copy today!

What better way to understand the real estate investment market on the Outer Banks. We offer specific analysis in full detail on investment costs and benefits.

Large Outer Banks Homes = Large Cash Flow! OBX Rental Machines.

July 10th, 2013

The biggest and best of our inventory provides the highest percentage return on investment. We took sales data from 2007 to current on sales of homes with 5 or more bedrooms. Substantial income can be generated in homes with 9 bedrooms and larger. Its reasonable to expect $250,000 in annual rentals in many cases. Thinking of a large OBX beach home with 9 or more bedrooms? We believe its an excellent time to invest in one when financing and per sq foot pricing are considered.

Properly supervised by an interested owner, a good rental management firm can handle almost all the ground work and reservations. As  small business goes, absentee ownership is particularly easy with Outer Banks large homes. Almost everything can be handled from phone and computer if you aren’t in the area.

View it as a small business –marketing,  repeat customers, the right employees, quality suppliers, close management by the business owner; just like a small business. Previously sold Outer Banks homes of this size have averaged $310,000 in annual rental income. Some homes may gross over $400,000 annually with a healthy profit. If you want to see where the best returns are on large Outer Banks homes, contact us to see a comprehensive look at the top inventory of investment homes in Corolla, Duck, Nags Head, and Hatteras Island. We can answer questions on financing, managing ect and browse current inventory. The top inventory has strong cash flow providing an excellent hedge against inflation. Come talk to us about Outer Banks investment  real estate! We love what we do!

Building Lots are Hot! Vacant Land for Cash Investors

July 3rd, 2013

Search Outer Banks Lots for Sale Here or read about why there is money to be made on land for the cash investor. Right now the timing is perfect.

Vacant land is not getting the respect it deserves from investors in our market but this is a mistake. Many lots were  sold in 2012 when we experienced a brief, mini boom in construction but it hasn’t been sustained in 2013. Land is still selling and new construction is happening successfully all over the Outer Banks but I wouldn’t call it a boom or a trend … yet. A few wise investors and builders are taking advantage of this window of opportunity.There were 223 housing starts in 2012, compared to 157 in 2011. Starts were weak every year going back to 2007 as well. Land sales were proportionately slow in those years. We are on the cusp of a building resurgence and land prices will be affected fast.

Vacation rental owners who are savvy have already responded with rent increases. That is the precursor to a run on building lots. Shrewd investors should be looking for lots as a buy and hold. In the next 5 years tremendous gains in land values could be a reality. Whether the investor builds it out or simply turns it as inventory the potential for a nice profit and the return of 1031s in in the cards. Land is easy to own, and requires no real upkeep but the taxes and maybe a quarterly mowing. Investors looking for a short buy and hold need to get started now in anticipation of rising demand. The rise in rental demand can only lead to a push for new inventory in the rental programs. Waiting till its already in full swing is going to be too late in some cases.

Land is hot because we have gradually filled all the excess bedrooms built in 2003-2007 with tourists who just keep coming and apparently they are telling their friends. The Outer Banks Chamber of Commerce reports a 10% increase in occupancy tax this year to date.  The visitation numbers since 2002 have steadily risen every year but one (2009). The economy at large does not seem to affect our tourist industry, which is the underpinning of the local economy. With adjustments in the real estate and construction industries to “the new normal,” life seems back on track around the beach, or at least headed that way. Investors would be wise to recount the speed with which the last recovery took hold in 2002. Some investors literally got rich just staying one step ahead and acquiring as much lot inventory as possible for resale. Land became precious fast, as it will again. Builders and investors will satisfy the demand for more rental inventory.  New construction and design is what the renter is looking for.

Best Investment Pick - Outer Banks NC

June 28th, 2013

Looking for 10% return on investment? We have an incredible turnkey opportunity for the Hatteras investor looking for high return on investment. This Rodanthe home is uniquely situated to maximize views of the ocean, sound, marsh and the Park Service. Expansive views and outstanding rental income set this home apart from the crowd. Call 252 441 9997 to view our listing at:

22192 Green Lantern Court, Rodanthe, NC 27968 with MLS # 79179. Our brokers can assist you with more details on this property, simply request them here.

To see other HOT INVESTMENT PROPERTIES CLICK HERE.

B lue Canoe Rodanthe

Rentals are Much Stronger in 2013 as of Late June

June 28th, 2013

The Chamber of Commerce economic reports show about a 10% increase in rental income for Dare County for 2013 YTD. With strong rental demand and a growing shortage of modern floor plans, investors should be looking at building lots for sale.

Some of the villages on Hatteras Island are seeing 37% increases in rental receipts.

Search Outer Banks NC Oceanfront Foreclosures Faster, Easier

February 13th, 2012

The Dean Agency website, www.thedeanagency.com, has now made oceanfront foreclosure listings searchable without requiring the user to first enter any personal information. Browsers can search for all foreclosure listings including homes for sale on the Outer Banks, NC and even refine their searches based on waterfront preferences, pricing, and specific subdivision. No sign-up or log-in is needed to search through and view the Outer Banks real estate listings. However, interested users can sign up to receive e-mail notifications when new foreclosures, including the highly sought-after Nags Head and Corolla, NC homes, are listed for sale on the site.

Outer Banks Listing Agents - Nags Head Corolla Hatteras Manteo - Top Listing Brokers

July 13th, 2011

  How We Provide You with  The Most Detailed Information on Outer Banks Real Estate When we list your home for sale we use as many qualifying/quantitative marketing tools as possible so that we can tell you in measurable detail how the market is reacting to your listing. We will be able to show you how many users viewed your property on our website, how many drive by prospects called or texted off the “For Salesign on the property and how many calls. We can even tell you how many times buyer brokers and agents viewed your listing on the Multiple Listing Service and how many consumer viewings were generated by the MLS syndicated through brokers’ websites. Traditional classified ads and direct mail have remained important real estate tools that we use in conjunction with the absolute cutting edge marketing techniques that layer your property in prospective buyers’ awareness. Our mission in listing your property is selling it.  Pricing must reflect value to the market. Your home will not get showings in the current market without pricing that reflects value. In addition to providing you with a standardized Fannie Mae form comparing three recent similar sales and 3 competing active listings we will look in detail to price per square foot and the rental performance where applicable as it compares to the market inventory. Our success in listing property for sale in this tough market is due equally to correct pricing that reflects the real value of your property in light of the market inventory and a very comprehensive marketing strategy that uses internet and the newest technologies to reach prospective buyers of your property.  Our net proceeds analysis will help you accurately consider the sale of your property at its true market value.  We Remain One of the Top Listing Teams on the Outer Banks of NC Since 2008 The Dean Agency has been a major player in listing and selling bank owned and short sale listings. Often after the big companies couldn’t get it done, we sold the most difficult listings and maintained order in a chaotic market for our sellers. Our success rate listing distressed, short sale properties, bank owned and private, traditional sales covers all types and locations – oceanfront, soundfront, Corolla, Nags Head and Hatteras. Our team is ranked above Top 10% status and we have earned our title of “The Biggest Little Company on the Beach.” We step up to the plate in the tough seller market and offer you every opportunity to present your home to likely buyers and their buyer agents. The MLS will provide the greatest detail allowed to listing agents in addition to whatever surveys, appraisals, floor plans and permits you provide us with. We maintain a database of buyers with more than 2,000 clients and prospects who will have your property presented to them. Your Dean Agency listing on the MLS utilize every available detail regarding your property in our effort to support the highest selling price the market will bear.  Our Sellers’ Time is Valuable Your time will be economized throughout the selling process. Our success at creating streamline and clear communication s with our sellers makes the best use of your time. We have a list of the documents we need for a short sale or a traditional sale and we provide that upon signing a listing contract with The Dean Agency. You will be provided with sample NC real estate documents for your review while we are evaluating your home. In reviewing the broker price opinion on our standard form as well as the price per square foot you will be able to see your home’s value in the current market with the supporting data. Listing an OBX property for sale with The Dean Agency is an orderly, efficient process to respect our seller clients’ time.  If Selling is a Good Option for You If selling your Outer Banks Real Estate is a good option for you, the steps are straightforward. If you think your property may be worth less than you currently owe on the mortgage or mortgages attached to it we can evaluate the likelihood of success of a lender approved short sale and your market value. In addition to real estate consultation when considering a short sale you will need legal and accounting advice. We can recommend local attorneys who are familiar with all aspects of distressed real estate on the Outer Banks and NC real estate law. Your tax preparer will have helpful advice on the financial and tax consequences of a short sale. Call Adam Burkhimer, Broker in Charge at The Dean Agency to discuss starting the investigative or sales process on your home. Its not all about short sales in 2011. Half of the Outer Banks real estate sales in 2011 were traditional, arm’s length, private sales. Good buyer agents in the Outer Banks are finding all the properties that properly priced on MLS and consumers are savvy enough to ultimately find value in their online real estate searches. This means your home has prospective, likely buyers looking at the market right now. The Dean Agency layers marketing placement of our firm and your individual listing so those buyers will find you. For Outer Banks Buyer Agents, showing, selling and closing on your home will also be streamlined and efficient.  Superior Attention to Detail is a Selling Tool Our listing efforts pay special attention to detail. Enthusiastic professionalism by our brokers is easy because we love what we do. The success or failure in attracting and then contracting with the prospective buyers and their agents often rests on the listing agent’s efficiency and clarity. The Dean Agency will provide the detail needed to support the value of your home.  Speak to a Senior Broker at The Dean Agency. As the rental season winds down buyers become more active and we want the best opportunity to present your home to the market and sell it at the highest value the market will bear. Adam Burkhimer, Broker in Charge 252 256 0086 ~ Anna Hunt, Senior Broker/Manager 252 573 8934 ~ John Dean, Principle Broker 252 207 4947                

Outer Banks Real Estate Mobile Website - See Outer Banks Foreclosure Listings

July 13th, 2011

 

                                                                                   

Visit Our Mobile Site! 

www.OuterBanksHomesforSale.com 
Once our buyer clients begin to follow the new inventory regularly the mobile website is a huge time saver. With a glance through the home page users see:
  • The newest Nags Head Foreclosure to be listed
  • The Newest Corolla Foreclosure to be listed
  • All Outer Banks Foreclosures listed in the last 24hrs
  • All Outer Banks Short Sales listed in the last 24hrs 

www.TheDeanAgency.com is our desktop sized resource center for prospective buyers and sellers. Search every Outer Banks home for sale on the OBX MLS, including all Outer Banks foreclosures for sale, every Outer Banks short sale listing, and an easy, dull detailed search of the Outer Banks Multiple Listing Service or MLS. This site is built for research of listings and distressed real estate, but there are many informational resources available to readers of our blog posts.

         

Outer Banks - Short Sales Listing Agency - Nags Head & Corolla Home Owners

June 7th, 2011

Looking for Short Sale Listings Click Here… 

Short Selling Your Outer Banks PropertY

The Dean Agency has a track record of success. As one of the leaders in handling short sales and foreclosures on the Outer Banks we have accrued an enourmous amount of expertise. Outer Banks short sales must be in the hands of successful and experienced agents due to the complexity.

In the last two years,  in this competitive market, our single family  listings have an average of 90 days on the market. The average listing in our market typically takes longer than 200 days to sell. At the current time, June 1, 2011 our listing team is ranked #1 in dollar volume for 2011 for listings SOLD. With about 800 agents this is no small achievement. 

What make us so successful as a listing firm? There are 4 sources for a buyer to find a property and ultimately choose to make an offer.

On site marketing - we place a highly visible, custom sign on your property placed at eye level for drivers, unlike traditional real estate signs that blend into the background. Our signs include toll free information lines so passersby can find out the price, size and details of your property 24 hours a day without having to contact a real estate agent. We also have an ebrochure of your home available for smart phones. Anyone can use their smart phone to text in for a copy of the brochure and photos of your home with vital statistics.

Multiple Listing Service - All brokers place listings on the MLS, but The Dean Agency provides complete, meticulous detail to make showing and selling your property a “no brainer” for the 800 or so buyer agents operating in our MLS. Many opportunities are lost when buyer agents scramble to answer questions about flood insurance costs, utility costs, property boundaries and investment performance. Your property listing will contain every detail needed for buyers to make an offer on the day of showing.

Internet Websites -  The Dean Agency operates multiple websites that generate about 100,000 visits annually. Additionally, our property listings are syndicated through Yahoo, Realtor.com, Trulia and many other websites that consumers search.  If you approve, we offer a video of your home online as well.

Print Advertising - The Dean Agency uses direct mail and print advertising strategically to reach consumers. Your listing will appear in these more traditional advertising vehicles as well.

Statistics show that most sales are completed by a listing firm and a selling firm. The Dean Agency has a reputation for being efficient, organized and professional when dealing with competing firms. This ensures that we are all working effectively towards a smooth closing once a contract is agreed upon. Our goal is to make your property the easiest for a buyer’s agent to present, show and sell; that is absolutely critical in our highly competitive market. Bottom line for you,  the Seller. When all is said and done, you the seller are motivated to sell your property as fast as possible for as much as the market will bear - that’s the bottom line. Our method of correctly pricing your property achieves that goal. Our method of aggressive marketing ensures that every potential buyer knows about your property. Our meticulous approach to disseminating property information makes your property the easiest for buyers to buy and agents to sell. The bottom line is there is no trick to listing real estate, it takes thorough, attention to detail from an experienced and successful listing agency.

Outer Banks Real Estate - Owning and Renting

June 7th, 2011

  The Dean Agency specializes in luxury vacation and vacation rental homes on the Outer Banks. The Dean Agency will expertly guide foreclosure or short sale purchases. Our services for investors extend to choosing the right management company and investment analysis of potential purchases. Our small agency is uniquely qualified for a detailed approach to vacation home investment.  We can be reached by email or by phone and would be happy to meet in our Southern Shores office for a chat. John Dean, Senior Broker, The Dean Agency. 252 441 9997. john@thedeanagency.com

Changing Rental Management Companies - Should You Consider it?

The Dean Agency has sold rental properties in every rental market from Ocracoke to 4 Wheel Drive north of Corolla and we have now,  or have had, clients in every rental company program on the Outer Banks. One thing that is a recurring theme is the temptation and hesitation to change rental companies. We have helped clients transition this and it is always easier than expected. Here are some important factors for homeowners to consider.

Can you change your rental management company? This is the first determination to make. Some companies auto renew every year if they are not contacted by August of the current year prior to October’s formal renewal. Some companies have a 2 year contract period. Hopefully, you carefully read the agreement with them but June and July are the last chances to pull your contract out, re-read it and see what provisions it contains for this. We have had many clients find out in October that they had renewed by default and were stuck another year in an unhappy partnership!

Should you consider a change in management? Active management by the owner will always yield better results than passively allowing the rental company to handle what can be a six figure rental income stream. With that said, some rental companies just don’t perform as well as others. This may be in general, with an overall lack of professionalism or in particular; you have the wrong company for your particular home. We encourage owner clients to discuss this with us as each year as the season unfolds. We don’t manage rentals and therefore have a completely neutral view of the players in this arena. We also do not accept referrals from rental companies. When buyers buy on the Outer Banks they often don’t understand that the advice given on rental companies by their sales agent is often  influenced by one or both of those two things. To really know your options, talk to your management company’s competition. This is a simple way of knowing where you stand. Rental managers, in our experience will usually give you a very conservative projection on your home for the simple reason that they prefer to over achieve rather than under achieve.  In any of our sales we can offer our opinion as to what would be the appropriate partner in marketing your particular property.

There is no “best” rental company. Every rental market from Pine Island to Hatteras Village has its own particular demographic as does each type of property and this will dictate the best management situation for your home. Some companies with very high end homes will utterly fail at managing your quaint little cottage while other companies can’t seem to attract enough high end customers to fill the “A” location houses. It is important to go with a rental company that is already successfully managing similar inventory because they are already attracting your correct demographic. Without naming names in this article, there are clearly some companies with higher and lower satisfaction rates but sticking with your peers is also a big consideration. The emphasis on successfully managing similar homes is big.

 

What your existing company doesn’t tell you. The consumer and the homeowner see vacancy and occupancy rates as a big, unknowable set of data. Not true! The management companies have software to scan the competition’s vacancies in order to position themselves on rates and evaluate their own performance by peer ranking. When you chat with competing management companies each August ( as we strongly encourage all owners to do!) you can show them your rental schedule to compare to similar homes in their program, but also ask how their occupancy rate compares to your current company’s. One thing we do with listings that are underperforming in rents is go to two better suited rental firms for that particular house and get projections. Because owners usually don’t talk to competing firms, they sometimes have little or no knowledge of the true potential their home possesses.

15% of $0 = $0! This is where many owners slowly kill their rental potential. There are cut rate management companies in the market. Some claim to make their money on volume, and pass the savings to you and the guests. While this model does work with hamburgers this doesn’t work with all luxury property rentals. We find these companies often  have high rates of dissatisfaction from both guests and owners. Owners who shop rates without considering occupancy levels and service proficiency are almost certain to gradually lose repeat business. Do you know any successful business model that doesn’t value return business?  Inept reservationists, poor cleaning,  or sketchy maintenance staff all contribute to a negative experience by guests. It is cost effective to shop rates, with occupancy and proficiency as equal factors in choosing your rental company. Repeat business is critical to your successful experience with vacation rentals.

You are running a business.  Whether your home grosses $10,000 or $100,000 annually it is a substantial investment and the rental income mitigates the cost of controlling a valuable piece of real estate. We write this article with the assumption that you are an interested owner, and therefore an engaged business operator. There are many inexpensive ways of increasing either rental rates or the number of weeks of rental. We can offer many options for this that don’t cost a fortune and increase your rate of satisfaction. Many owners think in terms of adding a pool or an elevator but these are high cost, long pay back improvements. Many times, adding games, books, puzzles, better cable packages or more TVs may have better, cheaper results. Just ask yourself,” When it rains, how will a bunch of guests entertain themselves inside the house?” Or “Could I cook a special occasion meal with the kitchen wares in the house?” These are very easy fixes for common disappointments. In my Hatteras rental, I found the seasonal fishing pier pass was the single best expenditure. A $600 expense returned roughly 6 weeks of additional spring and fall rentals each season on my home that wasn’t particularly well located to the ocean. Additionally, on this same house, a $50 beach wagon got lots of thankful compliments. Attention to detail and the rainy day scenario are useful strategies.

Many guests will follow you if you switch rental firms.  All owners are entitled by law to the name and addresses of all previous guests in your home. One important step in changing management companies successfully is to inform your previous guests. Your happy guests will want to find you again and your unhappy guests may give you another try if your letter to them expresses your desire to improve their experience and particular areas of improvement the move will yield.   A well written and well timed letter each year is always advisable for vacation rental owners, but if you change companies it is critical. Families gather at Thanksgiving and around Christmas and that is often when vacations are planned. Time your letter each year accordingly. 

Our website is www.thedeanagency.com The Dean Agency specializes in luxury vacation and vacation rental homes on the Outer Banks. We can be reached by email or by phone and would be happy to meet in our Southern Shores office for a chat. John Dean, Senior Broker, The Dean Agency. 252 441 9997. john@thedeanagency.com