12 Aug Bring Your Real Estate Dreams to Reality By Bringing Your Drawings To Life!
Over the last few weeks I have been busy working on one of my own projects: I am adding an accessory dwelling to a duplex. This great little 2 bedroom, 2 bathroom space has been designed in the hopes that it will fill a gap in the housing market. Each bedroom comes with a walk in closet and an area large enough to accommodate a small kitchenette (counter, bar fridge and microwave) and direct access to a private patio. It provides a way to share expenses while maintaining independent living. Because this is a higher end new build, that we have been putting money into while not making any income on it, we want to get it rented as soon after completion as possible. What most people would do in this situation would be to wait until it was finished, snap some pics and throw them up on Kijiji with fingers crossed that an ideal tenant will magically appear with the first response to the ad. Best case scenario in this situation is that you will lose maybe a month or two of rent before filling the space. That doesn’t sound too bad. Or does it???
What if I told you there was a way that you could advertise your rental long before completion so that you have a tenant lined up to move it as soon as it is ready? This would give you ample time to play around with your rent amount (allowing you to maximize the space’s full income potential) and to screen tenants so you can be sure to find a perfect fit for your new space. I know…I know…you don’t believe me. Well, prepare to be amazed by this $3,000 tip!
You are probably wondering how on earth you can advertise something that isn’t even built yet and expect potential tenants to sign a lease on something that is basically sight unseen. What are people supposed to look at? Some people can look at a set of plans or studded up walls and visualize the end result. Many others, like my assistant Liz, cannot. When she looks at design drawings her eyes glaze over. She’ll deny that she drools when she zones out like that but I don’t believe her (we are just funnin’ and she approves all funnin’ before print 😂). I know that all she sees are lines and numbers and not the blueprint for an awesome space. What to do about the Liz’s of the world? She could be the ideal tenant but you could lose her since she can’t visualize what the finished space will look like.
Well I’ve got five little words that can answer your question: ”Three Dimensional Images And Video”. Yup! That’s right! It’s as easy as that! I posted an ad looking for someone to take my drawings and bring them to life. I had A LOT of proposals come in and decided in the end to take a chance on someone just starting out. All I can say is WOW! His work was not only economically priced but he did a fantastic job! Even poor Liz could imagine herself in that space once she saw his photos and the great video he pulled off \that serves as a virtual tour of both the exterior and the interior of the space. Here it is, only the middle of September, and I am already advertising for Nov / Dec occupancy on a space that is still very much a construction zone. If I wait until construction is done it will be mid to late November before I could advertise. If I am super lucky I would get someone in for Dec. 1. If I don’t fill it for Dec. 1 it could sit empty for a least a month or two (because if moving in the winter is bad, then moving over Christmas is even worse!). That would cost me about $3,500 or more in rent. With the help of my 3D renderings, which cost me $200, I know I have a great chance to be collecting rent the minute the space is finished. If by chance I don’t have tenants lined up by the time the build is finished, I will have had the opportunity to test the market and to get feedback on the unit. The feedback can help me to modify what I am building so I can further appeal to the market. Talk about the BEST $200 spent ever!!!
Now that I’ve bragged up the use of these drawings, feast your eyes on these! Don’t forget to watch the video! And I have to give some Construction Coach Credit to Stephen, the talent behind these wonderful graphics. He was super easy to work with, made as many revisions as it took to get the perfect scale based on my CAD drawings (digital drawings of the unit) and had some fantastic design ideas. HIs info will definitely be staying in My Contacts!