What does contingent mean in real estate?

 

Contingent is a common word used in real estate. Unfortunately, most people don’t know what it means. If you are one of them then count yourself lucky because today you have landed in the right place. In this article, we are going to tell what this word means in real estate.

What does contingent mean in real estate?

When the word contingent is used in real estate, it means that the seller of a property has actually received offer an interested a buyer. however the buyer is required to meet certain set conditions before the deal is finalized. This conditions include things like mortgage approval, inspection or appraisal. In other words, contingency in real estate means that there is something that the interested buyer has to do in order for the process to move forward. A good example of contingency is when a buyer of home includes a clause in the contract that states that the contract is not legally binding until a thorough home inspection from a qualified home inspector is done. This means that once the inspection is done, then the contract will be legally binding.

Various types of contingent

Contingent show

Contingent show means a contract on particular property is available but the owner of the property is still willing show the property to other buyers and will most likely accept backup offers just in case the offer that is currently on the table fails to go through

Contingent no show

Contingent no show means that the property has a contract and the owner of the property believes that the contact will not fail to go through. As a result, the seller will not be interested to show the property to other interested buyers. In other words, it means that the property is off the market.

Contingent with kick out

Contingent with kick out means that the seller has already gotten an offer from a buyer but on the process, the seller gets a better offer from another buyer. In this case, the seller actually has the freedom to terminate the first contract and accept the second offer with is better than the first. The better offer will kick out the current offer and helps the seller choose the best possible offer available.

Contingent with no kick out

If the contract is termed as contingent with no kick out, it actually means that other offers will not be accepted. However, if the first contract fails to go through, the seller is at liberty to accept new offers.

How contingencies work

To understand better how contingencies work, it is important to first understand how real estate transactions works. First a buyer will make an offer to the seller. The seller can accept or reject the offer. The seller can also choose to counter the offer given or renegotiate the deal until all parties involved come to an agreement. If parities involved fails to agree, then they will all go separate ways with no deal made. On the other hand, if they agree, the buyer will be required to make a deposit that was agreed to demonstrate to their good faith and seriousness to buy the property. An escrow company will be tasked to hold these funds until the deal is closed. The buyer can include contingencies in their bid from the onset or during the negotiation phase before the contract is considered binding.

Top 13 Home Design Trends for 2019

Our Home Design Trends 2018 edition is finally here and our designers offer a quick rundown for all things home design in the new year! For your viewing pleasure here is our 2018 Home Design Forecast.

2018 home design trends

13. Bold Painted Shiplap

Thanks to Joanna Gaines, white painted shiplap has gained major popularity in homes across the US in recent years. In 2018, shiplap will remain a popular choice to add interest to a wall, but we’re expecting to see a new bolder take on this vintage farmhouse classic. Bold paint colors applied to shiplap will start replacing the white of 2017. We’re expecting to see much more dark blue shiplap and navy blue shiplap, and for the boldest homeowners even a black shiplap! Any of these colors will provide you with the warm tones necessary to create just the right amount of coziness for a room. Starting off our Home Design Trends 2018 list is Bold Shiplap at #13.


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12. Gold Accent Hardware

Some design styles from the 1980’s should remain in the 1980’s. Lucky for us, occasionally a vintage nugget is mined from the past and brought to you with a fresh spin. This is one that will rock your world, or at least your kitchen remodeling in West Chester! Gold Hardware Accents are coming back into style with a vengeance and will be here for a while. Expect to see plumbing fixtures, knobs and cabinet pull hardware, as well as lighting fixtures in gold finish in 2018. Gold Accent Hardware gives the room that precious pop folks are seeking, while also paying homage to the best decade ever!


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11. Black Doors

Whether it’s black interior doors or black exterior doors, this classic style will be seen all over pinterest boards this year. This is also an easy DIY project for most homeowners. Grab a can of black paint and re-do that one door that has nagged you for years. We think you’ll love it!


hex tiles

10. Hexagon Tile Flooring

Hexagon tile flooring, both big and small, will be installed as a fantastic choice for floors across america in the new year. We’re seeing it especially popular in classic carrara natural stone or honed black finish. Also, don’t forget how important the grout choice is. For these hexagon tiles (shown above) we recommend grouting with either white grout, grey grout, or even black grout.


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9. Moroccan tiles in Mudroom/Laundry/Powder rooms

Moroccan patterned floors and backsplashes are bound to make a big impact in small spaces next year. Even the smaller rooms in your home can now get the respect they deserve with these bold tiles. This is a way to say…”You’re a small room, but you’re AWESOME!” Moroccan inspired patterns add a flavor to a room that will not disappoint in 2018.


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8. Light Coastal Hardwood

Bringing the warm and relaxing moods of the beach straight to your home. light toned hardwood flooring, previously only popular in coastal area homes, will be sure to expand inland to homes across the country. Wide planks will remain the primary choice of homeowners seeking a more luxurious flooring look in 2018.


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7. Blue Kitchen Island!

If your friend is looking for a remodeling team in 2019, and they are debating on what to do with the island, encourage them to go blue! This not only adds a large pop of color to a white kitchen, but the color blue actually provides a calming effect in people. After a busy day at the office, having a soothing blue island in the center of the kitchen will help create a peaceful feeling as you prep for dinner. Since the kitchen is known as the Heart of the Home, this peacefulness may even flow throughout the other rooms of the home. We’re expecting blue islands to make a big splash in 2018. Whether its a darker navy blue cabinets with honed gold accents, or a lighter toned blue like the one shown above, you’ll be seeing more of these in the year to come.


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6. Modern Barn Doors

In the new year we are seeing sliding barn doors remaining popular, but with steps taken away from the traditional rustic barn doors in pursuit of a more sleek and contemporary style of glass, mirror, and even metal versions. These items make our Home Design Trends 2018 list as number six!


honed tile

5. Honed Finishes

High-shine is out and matte finishes will be all the rage in 2019. Popular materials will include matte soapstone countertops, honed carrara marble tiles, and even matte appliances!


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4. Brick Patterned Accents

Need to add some character to your home in the new year? Just add thin brick veneer to a backsplash or mudroom floor! Brick offers lots of flexibility as you can run it in a straight pattern for a more traditional look, or get more creative and have it done in a 45 degree herringbone or basketweave pattern.


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3. School House Pendant Lights

Rounding out the top three on our Home Design Trends 2019 list is School House Light. Modern farmhouse style is still going strong and we’re anticipating to see plenty of these schoolhouse style pendants over gorgeous kitchen islands next year.

 


nest 22. Smart Home features

#2 on our Home Design Trends 2019 list is Smart Home Features. More and more homeowners are looking to incorporate “smart home” technology into their living spaces. Our top features for 2018 are smart fridges, nest thermostats, and app controlled lighting.

 


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Our #1 Home Design Trends 2018 pick of the year is…

1. Marble Veined Quartz Countertops

Our #1 top pick for Home Design Trends 2018 – Is Marble Veined Quartz Countertops. If you’ve always wanted the look of marble countertops but resisted due to the possibility of staining or etching, quartz manufacturers have finally nailed the “marble look” with their products. Especially popular: slabs with large veins running throughout slab. Now you can finally have the authentic look of natural stone without the hassle of maintenance and fear of staining!

Apartment Staffing 101: Don’t Hire Nice People

Apartment consulting and staffing can be tricky business. Over the years, I have managed and hired hundreds of Leasing Agents. It can be tough trying to find the right candidate. Early in my career, I made many mistakes when it came to hiring.  Some candidates I thought would be great turned out to be all talk and no action, while others who I thought would be just “ok,” turned out to be excellent employees.

But one of the biggest mistakes I made was presuming that because a candidate was “nice,” that they would be a great Leasing Agent.  However, what I found is that while “nice” individuals are perfectly acceptable, all of the “great” leasing agents I ever hired were very “kind” people.

What’s The Difference Between “Kind” and Being “Nice”?

It’s a common misconception that being “nice” and being “kind” are the same thing. People tend to confuse the two. They are in fact two separate traits that can make a big difference in an employee’s performance.

Individuals that are “nice,” tend to be very polite, are well-liked, show common courtesy and are very personable. Most of the agents I come across fall into this category.

On the other hand, “kind” individuals are the ones that always show empathy for others, try to help wherever they can and always seem to put other people’s interest above their well being. This shows in their sales techniques (i.e., connecting with renters), their role within the organization, their willingness to help fellow employees and most importantly, their closing ratios.

3 Interview Questions for Hiring “Kind Individuals

A lot of clients ask me “how do I tell if someone is “kind” and not just being “nice.”? Well, there are a couple of specific questions I always ask that seem to do the trick:

1. Tell me about the last time you helped someone? 

This is somewhat of a trick question. A lot of candidates will quickly answer with something about helping a family member or a friend. But the ones that respond by saying they helped someone they didn’t know, tend to be very “kind” individuals.

2. Who is your role model (besides a family member), and why?

This tends to be a fun question to ask. However, the answer can sometimes be very telling. Most of the answers tend to be famous figures (Abe Lincoln, Washington, Beyonce), but with kind people, you will get great responses like Mother Theresa, Dali Lama, etc. But the best answer I ever got was Bill Gates. Not because of the money he made but because he is giving it all away to charity.

3. What does “empathy” mean to you?

This is a very open-ended question that you will get a variety of responses. Some individuals many not know the meaning of the word at all, which in itself will tell you something. But this question can tell you a lot about the candidate and how they will treat your potential renters and current tenants.

I see many people in this industry who are trained to be nice but fail to act kindly.  You can’t train kindness. However, you can hire it.  Hiring a “kind” candidate will help your bottom line as well as your organization’s overall success.

Author: Justin Cleary is an almost 20 year veteran of the Multifamily marketing Industry. He has owned and operated several multifamily focused businesses and startups including The Philly Apartment Company, The DC Apartment Company,  BlueSquare Real Estate & Property Management, LeaseUp and his latest venture, BreadBox (http://breadbox.consulting)

ReMarketing – The Secret Weapon of Apartment Leasing

So you’re browsing the internet. Let’s say you’re on Amazon.com. You view some items then decide to check the news over at CNN.com. Magically, you start to see ads for products you just saw on Amazon on the CNN site. How did they know? Is it magic? Some kind of sorcery?

No, it’s Remarketing.

Remarketing is a relatively new way of showing targeted ads to individuals that have previously visited your website – as they browse elsewhere on the internet. It has been primarily used by big retailers over the last couple of years with great success and now, could be a game changer for the multifamily marketing industry.

Remarketing & Apartment Marketing

One of the most significant deficiencies in the apartment marketing plan world has been brand awareness and website conversion.

Let’s say Jane Renter is browsing your website. She likes your building but isn’t ready to pull the trigger. She leaves and keeps browsing the internet. You’ve now lost her as a lead. You’ve spent considerable dollars and time to get Jane Renter to your site, only to see her leave without contacting you.

However, with Remarketing, Jane Renter will now start seeing eye-catching ads for your building on other sites she visits. This will increase your brand awareness as well as the overall conversion of your leads.

Benefits-

There are a variety of different benefits to utilizing a remarketing campaign as part of your communities overall marketing plan.

Inexpensive

Instead of paying for ads to a broad audience, you can show ads to JUST visitors of your site.

Increase Brand Awareness

By increasing your brand awareness, you can keep your community at the forefront of renters minds throughout the “decision making” period.

Higher Conversion

Instead of having leads leave your site without any contact, remarketing entices renters to contact your community, which leads to substantial increases in percentage conversion.

If you’re looking for a way to convert more of your website traffic, raise your brand awareness and acquire more tenants, remarketing is an inexpensive and highly effective option.

 

Author: Justin Cleary is an almost 20 year veteran of the Multifamily Industry. He has owned and operated several multifamily focused businesses and startups including The Philly Apartment Company, The DC Apartment Company,  BlueSquare Real Estate & Property Management, LeaseUp and his latest venture, BreadBox (www.breadbox.consulting)

Original Source: ReMarketing – The Secret Weapon of Apartment Leasing