There are many real estate professionals, developers, and investors not in the New York City area that think that what happens there does not impact their business. While that is true in many instances, there is the need to be aware of what "could" happen and how it could impact a current real estate investment or a pending or "under consideration" transaction in other parts of the country.
The story (linked below) about the current fight against legislation impacting rental agreements and move-in fees in New York is one example. If it happens in NYC, you can bet that other municipalities are going to look for advantages for their city. By lowering the costs for tenants, it gains favor for the politicians behind it. In some situations, added fees are an important part of the income plan for a property. If those 'added fees' are reduced or eliminated, it could impact your bottom line (or those of a valued client).
This is why it is important to be aware of what could happen, even if it's months or years away. Knowing you could lose X% of your annual income because of a change in regulations could be a reason to sell or make another change. However, my point in bringing this up is that it could be a reason to acquire a property.
Finding out about new legislation, regulations, or proposals before your competition does could be the edge you and your team needs to make a deal happen in your favor.
No matter how "busy" your schedule is right now, there is every reason to continue to include time to research to protect your current clients and properties along with what "could" happen down the road which would benefit you for the long run.
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