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Industry Blog

Colorado State, District and School Performance

Scott Lukes - Sunday, February 19, 2017
 The SchoolVIEW Data Center gives you information about Colorado’s public education system at the state, district and school levels. It provides easy access to data on federal and state accountability results, academic performance, and student and school demographics.  

Re-keying a Critical Issue – Echo Summit Technique

Scott Lukes - Friday, February 10, 2017
In conversations with property managers, it’s surprising how few PM companies do not change locks after acquiring a property from an owner. Most likely the same goes for home buyers when they purchase in a consumer deal.

The fact of the matter is that you DO NOT KNOW the property is secure unless you personally had the property re-keyed while it was under your management. From a ‘plausible denial-ability’ perspective this is huge. From a liability perspective, this is life/death.

At Echo Summit, a good system they use is to have the Owner pay for initial re-keying (the PM company hires the vendor to conduct it), and have the Resident pay for subsequent re-keying after they leave the property for which can we paid out the security deposit).

Real Estate Negotiating Tactics

Scott Lukes - Wednesday, February 01, 2017
Real estate investors tend to settle into a set style during the negotiation process, and most of the time it may work well. It always pays to keep these major ‘classes’ of negotiation tactic in your back pocket, however:

Standard Practice Tactic
Getting the other party to agree to certain standards and common practices that commonly define such deals. Propensity towards automatic compliance is great. You can also have official forms that are pre-printed with items in your favor.

Bogey Tactic
Use a bogey, third-party bad guy to be the focus of ‘why it has to be this way’. E.G. “The bank will not lend me more than 70% LTV based on the rental trends in this area, and I only have $15,000 for a down payment”. Best if the bogey can be governmental/ regulatory.

Nibbling Tactic

After the major agreements have been made, nibble away at the smaller things to gain advantage. Post-inspection, perhaps. After seller has psychological ‘sold’ mind-set, they will typically make last minute concessions. Repairs, appliances, roofing,

Good Guy/Bad Guy Tactic
Get the person over to your side by being a confidant. “Listen, between you and I, I really want this to happen. My partner is demanding that we discount the property by 20%… I am confident I can talk him into 10% though if we act immediately.”

Deadline Tactic
Put pressure on the other party to react to your proposals. If anything, lets the other party know that there are other proposals you are considering, and that this one stands to fall through the table if a quick transaction is not achieved.

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