DISPLAY A PROPERTY EFFECTIVELY
LEARN HOW TO DISPLAY A PROPERTY EFFECTIVELY

If you are renting or selling a property, you should know that the way you show it is key. Paola Barrera, partner manager of Impulse SAS, tells us the five steps you must follow to make this process successful.

1. Know the property

“There is nothing worse than arriving at the property and not knowing what we are going to find in there,” says Barrera. That is, you must visit the property before taking a client, this will also allow you to know the status of the property and know the benefits of the property.

2. Details special features

Find five aspects of the property that you can highlight and check what benefit it represents for your client.

3. The first impact is the most important

From the greeting, you can impact. Also, take a complete tour of the property and the social areas that the complex offers.

4. Inquire about needs

It is important to ask the client how they liked the property and what they would improve on it.

5. Subsequent commitments

Follow up with the client, it can be an email, a call, scheduling, and another appointment, among others.

property
KNOW HOW MUCH YOU CAN SELL OR RENT YOUR PROPERTY

Know how much you can sell or rent your property

By publishing a property on metrocuadrado.com you will now have the opportunity to add a pre-appraisal to your service.

What does this mean? “At last, there is a digital and fast way to obtain a very good estimate of the sale or rental value of your property, in a matter of minutes. This is a tool that calculates the value of your property based on advanced data from the market, your city, area and different variables of your property. The sale and rental value of the property is estimated from econometric models with a 95% confidence level, using artificial intelligence techniques. We are the first classified portal and real estate digital showcase in Colombia with this service”, explains Jacob Sandberg, general manager of metrocuadrado.com.

How to do the pre-appraisal?

– Log in to metrocuadrado.com

– Post a notice (Premium, Plus or Basic)

– Add the pre-appraisal to your shopping cart ($ 29,000)

After filling in the basic data of your property and publishing it, the system will automatically generate a PDF with your pre-appraisal.

In addition, you will receive in the document the estimated expenses of the property tax and the approximate notarial expenses for a potential seller and buyer.

More benefits

With this service, which does not correspond to a certified appraisal, you will also obtain data such as:

– Number of real estate offers in your neighbourhood

– Prices per m2 of the other properties with their main characteristics (rooms, bathrooms, garages, etc.)

– Average mt2 price in your neighbourhood

– Geographical location of your property

To consider

– If you are not satisfied with the estimated value given by the pre-appraisal, you can solve any concern with our Customer Service. 

– The sale and rental value of the property is estimated from econometric models with a 95% confidence level, using artificial intelligence techniques.

– Comparisons with similar properties are made from the offers that are available in the market in a period of no more than 30 days.

 

KEYS TO GET YOUR HOME LOAN APPROVED

Keys to get your home loan approved

Juan Camilo González, founder of MisFinanzasPersonales.co, in an interview with Metrocuadrado.com, explained everything you need to know to get your home loan approved.

What should I take into account before requesting a home loan?

Before requesting a home loan, it is very important to do financial planning that allows us to understand if the budget or the cash flow that we have today gives rise to the mortgage loan instalment, adding to it all the natural expenses that come with the new housing.

It is important to do detailed planning to ensure that the change that our budget is going to have does not leave us in a financially vulnerable situation. We must have an adequate credit life and good use of consumer debt so that we are not over-indebted when requesting a home loan.

Many times we request loans quickly to “take advantage” of government subsidies and we forget that there are always going to be subsidies, because construction is a critical sector for the economy, and it is not the main indicator that it is the right time to take a mortgage. ; The good time to take this loan is when our finances allow it, not only to pay the initial fee, but also allow us to pay the loan without problem, without sacrificing our financial sustainability, that is, making sure that even thus we can maintain our ability to save and that we can cover the rest of our obligations.

What are the requirements requested by the bank?

-Be of age

-Being under 70 or 72 years old generally

-Income of at least one minimum wage

-Have an appraisal of the property we are looking for

-Have the promise of sale or the letter of intent to sell

-Photocopy of ID

-Recent labour certificates

-Certificates of income and withholdings

-Income declaration

-Bank statements

-Payroll tear-offs

-Credit request

You must bear in mind that you can appear alone or with a family member, adding income will allow you to access better financing opportunities. 

What are the most common mistakes when applying for a loan?

One of the most frequent mistakes is to look for additional capital through a free investment loan to complete the initial installment of the home loan, it is a very big mistake because in the end, it is not only that we can pay it, but everything that It implies, what will we give up for paying two loans at the same time, that is, a mortgage loan is already enough of a burden on our personal finances, as well as to get into debt with a free investment loan.

Another mistake when planning the purchase of a home is not having additional expenses such as the deed, the property tax that is paid every year, in some parts of the country it is paid quarterly, others such as the adjustments that the property needs, for example, if the apartment is delivered to us with finishes or it is time to do work.

Basic tips so that the bank does not reject my application

-It is ideal that your credit score is above 700, definitely if you have a credit score above 800 points much better.

-If it is possible to check your credit score before in Datacredito and Transunion, to start improving it little by little before applying for a mortgage loan, because many times what can happen is we realize that we do not have the necessary qualification to obtain that credit, and then we resort to free investment credits or informal credits which is not indicated in these cases.

-Don’t apply for loans at all banks, because every time they check your credit history, query traces are created and normally when we have many of these, banks take it as a sign of desperation and that can lower points in the evaluation of credit that the bank makes when deciding whether or not to approve the credit.

-It is very important that the use of revolving quotas (credit cards, overdrafts, credit cheque, revolving, revolving quotas) , are below 60% for several months before requesting the mortgage because if we have the quotas through the roof will play against us.

– If your income is low, it is better that you apply for a home loan through compensation funds and savings and credit cooperatives.

-Ideal that the mortgage credit is your only credit, if you have a controlled level of spending, the financial institution will see that there is enough space for the mortgage loan instalment.

'IT'S NOT WHAT YOU SELL, IT'S HOW YOU SELL IT'
‘IT’S NOT WHAT YOU SELL, IT’S HOW YOU SELL IT’

If you are about to start a commercial process to sell a property, you should know that there are four fundamental steps to make it a success. This was explained by Paola Barrera, partner manager of Impulse SAS.

1. The presentation:

Your presentation must make an impact. “The attitude with which we greet the client is essential to be able to generate sympathy, harmony and harmony with him.”

2. Inquire the client’s needs:

This includes knowing for what purpose you want to compare, whether to live or for investment and how the family group is made up.

3. Identify tastes and needs

It is important to know if the client practices any sports, what hobbies they have, if they have pets or if they have children. “This allows us to present the common areas in a more effective way,” says the manager of Impulse SAS.

4. Budget

You must know what resources the client has to acquire the property. This way you can guide yourself in the form of payment to acquire the property.

Once these four steps have been completed, continue to show the property, giving clear and precise information about the benefits.

An additional tip from the expert:

“It is important to be clear about what is negotiable, what is not, and to be very clear with the client. Our clients don’t like us to say no to everything. Therefore, if the client has a special request, let us consult it, let us not say at first that no. The customer loves to be heard. “

PROFITABLE BUSINESS FOR HOUSEHOLDS
INVEST IN VIS HOUSING, A PROFITABLE BUSINESS FOR HOUSEHOLDS

Invest in VIS housing, a profitable business for households

The lease in Bogota became the main choice for homes in the city. Last year, 54% of the people who sought to live in a home in the capital needed to do it this way, according to the report ‘Demand for real estate for sale and rent in Colombia’.

At the department level, Cundinamarca and Antioquia concentrated 74% of the 156,794,709 searches carried out during 2018, according to the document.

These banks lend you money for your house 

In addition, the most recent National Household Budget Survey of the National Department of Statistics (Dane) revealed that accommodation and payment of public services was the expense that most affected Colombians.

Against this background, Social Interest Housing (VIS) is emerging as one of the main solutions to help households build the dream of owning their own home.

Know the keys that you must take into account when buying a VIS home

For those who want to have their own home, investing in VIS housing made on plans means that it can be achieved at a lower price and in the future it translates into greater profitability.

Meet our mortgage loan factory 

VIS projects that are close to the city centre are surrounded by excellent public transportation alternatives that connect with points of cultural and religious interest, shopping centres, among them.

Juan Daniel Flores, general manager of Eloisa Ingeniería, notes that in the case of households that buy VIS for investment, they must take into account that the project is well located, in already established sectors, near main roads, schools, portals or stations of Transmilenio, areas whose development generates future appreciation.

“The above taking into account that buying a new home, rather than a new business, is your best investment,” says Flores.

INDUSTRIAL PROPERTIES
INDUSTRIAL PROPERTIES: HOW TO DEFINE THEIR PRICE?

Industrial properties: how to define their price?

Currently, there is an average standard for wineries that has been improving, thanks to important influences such as the arrival of specialized logistics parks in more advanced markets than ours.

This has provided a remarkable level of competitiveness for our country and several options for clients who require warehouses adapted to their needs.

Among the factors that influence the prices of industrial properties, which can play for or against the value of the property are:

1. Physical and technical characteristics of the property. Elements such as area, height, space between columns, the resistance of floors, and a number of springs, among others.

2. Location, access roads, type of users of the industrial park, etc.

3. Type of lease. A long-term contract with no early exit with an above-market rate per square meter and an AAA-rated tenant adds a lot of value to the property.

David Castro, a specialist in industrial real estate at CBRE Colombia, comments: “If a company requires a space of the highest specifications in an intermediate or small city, it will probably not find it already built, but it will have investors willing to build. To measure and rent it long term. In this case, the development costs would be passed on to the user in a sale / rental value above the average”.

When investing in a property, whether industrial or not, the most important thing is to be clear about the objective of your investment, what is the expected return, what type of risks you are willing to take and what budget you have.

By analyzing in detail the risk profile and profitability requirements, it is possible to recommend a certain type of investors seeking to ensure flows from the rent of space and at the same time have appreciation perspectives. If you do not have the financial muscle, there are several investment fund alternatives that have experienced personnel in this decision making.

INDUSTRIAL PARKS AND WAREHOUSES
INDUSTRIAL PARKS AND WAREHOUSES: A GROWING MARKET

Industrial parks and warehouses: a growing market

The industrial market in Colombia has been evolving towards better spaces, characteristics and practices to consolidate specialized industrial zones in the large cities of the country.

During the last 2 years, a greater number of logistics spaces have been registered, built and also made to measure, as well as a high potential for large industrial locations.

“The costs per square meter in 2019 for industrial zones in Colombia depend on the type of development. There are constructions with very specific adaptations, custom-made projects that sometimes require greater resistance of floors, heights, specialized security systems, insulation, etc. However, the average prices for traditional warehouses are around $ 1,300,000 per square meter, without taking into account the land, “said David Castro, a specialist in industrial real estate at CBRE Colombia.

A few years ago, the majority of owners developed industrial spaces with an average standard, hoping to meet the need for the area and rent in the short and medium-term, which eventually caused a significant oversupply and a drop in prices and profitability in the main cities of Colombia.

As of 2019, Bogotá has the highest concentration of industrial parks with an inventory of 4.2 million square meters, followed by Barranquilla with 1 million, Medellin with 715,000 square meters and Cali with approximately 600,000 square meters.

mixed-use building
IN MODIFYING THE COEFFICIENTS, THE ENDORSEMENT OF THE CO-OWNERS IS IMPORTANT

In modifying the coefficients, the endorsement of the co-owners is important

A group of owners of a mixed-use building (offices and commercial premises) commented that in an extraordinary meeting it was agreed to review and adjust the property coefficients; this, because several private properties have been reformed and the built areas do not correspond to those that were taken as the basis for the initial calculation of the regulation.

The consultants, who have expressed their disagreement, consider that their rights and form of contribution would be changing them at the common expense. Therefore, they request an opinion on the case, since the point will be included in the decision of the next ordinary assembly.

Answer. Co-ownership coefficients not only determine the participation that the owners have over the common goods and the legal entity but also their right to make key decisions for the building or complex. In fact, they are decisive for setting the ordinary and extraordinary expenses (fees).

Except in the case of provisional coefficients – in accordance with the provisions of the real estate regulations that are carried out in stages, and those provided for in article 28 of Law 675 of 2001 -, the coefficients cannot be modified without express consent. Of the owners to whom this index is varied. In the events cited by law, a decision quorum of 70 percent of the total coefficients is required.

On the other hand, the Horizontal Property Law is clear regarding the matters that are the object of deliberation and decision in the ordinary assembly; for this reason, I consider that the reform of the regulations in this regard should be submitted to the decision of an extraordinary assembly in the cases provided for therein, especially because of its importance.

Doing so would not ignore the rights of the owners affected and not attending, who could challenge the decisions made. In any case, decisions that require a qualified quorum of 70 percent of the coefficients cannot be taken in second-call meetings or in non-face-to-face meetings.

assemble communities,
IF YOU CAN’T DO THE ASSEMBLY IN MARCH, KEEP IN MIND…

If you can't do the assembly in March, keep in mind ...

A reader asks: “As a condo manager, I will not be able to hold the annual meeting in March. How do I proceed to summon it in April?

Answer. The law establishes that “in the event that the assembly is not called to meet within the three months following the expiration of each budget period, it may meet in an ordinary way –by its own right– on the first business day of the fourth month following the expiration of each budget period”.

And he adds that he will do so “at the place and time indicated in the regulations or, failing that, at the facilities of the building or complex at 8:00 pm.” This means that it is necessary to verify what the regulation establishes on the subject.

Mixed-use buildings

An owner tells that she lives in a building with 30 apartments that have the same area and, therefore, the same coefficient. “One on the first floor is inhabited by a family who put in a space equivalent to 50 percent a small store that serves us residents and occasionally the outside public. For that detail, will we be mixed-use? Likewise, they pay the same value as an apartment”.

Answer. The way to find out if the building is legally mixed and, therefore, the rules for this kind of use apply to it, is to examine the building license with its modifications, as well as the horizontal property regulations to establish if the premises are approved. In accordance with the aforementioned documents.

If this is not the case, it must be verified if the urban regulations allow it and if the joint ownership accepts this use; in case it endorses it, the adaptation and reform license must be obtained, and the approval of the assembly for the change of destination of the unit; In addition, the horizontal property regulations must be modified. The same reader tells that since the construction license was granted, the horizontal property regulations read that “the residential unit called ‘Multifamily’ was constituted, composed of 2 blocks or buildings of 4 floors each, for a total of 40 apartments and 2 commercial premises ”. Question: “Is this building a mixed-use building, even though the regulations say it is a residential unit?”

Answer. Law 675 of 2001 defines mixed-use buildings or complexes as real estate whose private property assets have various destinations such as housing, commerce, industry or offices, in accordance with current urban planning regulations.

Regardless of the name of the complex, if the aforementioned private units are listed as commercial premises in the building license and horizontal property regulations, the building is mixed-use. Otherwise, the respective legalization must be done.

TERMINATE A LEASE
HOW TO TERMINATE A LEASE AND HAVE THE PROPERTY RETURNED?

How to terminate a lease and have the property returned?

The leasing law, provided several opportunities, causes and ways to follow to terminate the contract and as a consequence to be able to restore the property given in lease, among them we have:

Opportunities

For example, the opportunity is mentioned that the expiration of the term of the contract or of any of its extensions is approaching.

The opportunity to obtain the common agreement between the landlord and the tenant to terminate the contract and deliver, the opportunity in which a cause arises originating from the contractual behaviour of one of the parties or the opportunity arising from a situation external to the will or behaviour of the parts.

Causes originated by the tenant (tenant)

The non-cancellation by the lessee of the rents and readjustments within the term stipulated in the contract.

The non-cancellation of public services, which causes the disconnection or loss of service, or the payment of common expenses when their payment is in charge of the tenant.

The total or partial sublease of the property, the transfer of the contract or the enjoyment of the property or the change of destination of the property by the lessee, without express authorization from the lessor.

The repeated incursion of the tenant in procedures that affect the citizen tranquility of the neighbours or the destination of the property for criminal acts or that imply contravention, duly verified before the police authority.

The realization of improvements, changes or extensions of the property, without express authorization of the lessor or the total or partial destruction of the property or leased area by the lessee.

The violation by the tenant of the rules of the respective horizontal property regulations in the case of dwellings subject to that regime.

Causes arising from behavior of the lessor 

The suspension of the provision of public services to the property, by premeditated action of the lessor or because he is in default in payments that are in his charge, in these cases the tenant may choose to assume the cost of restoring the service and deduct it from the payments that correspond to you as a tenant.

The repeated incursion of the landlord in procedures that seriously affect the full enjoyment by the tenant of the leased property, duly verified before the police authority.

The lack of knowledge on the part of the lessor of rights recognized to the lessee by the Law or contractually.

The sale of the property that is leased.

The need for the landlord to occupy the property or to rebuild, repair or build it, etc.

External causes: I state, among others, the facts of nature that affect the rented property and therefore threaten the risk of ruin or imminent danger such as a flood, an earthquake, a volcano’s fumarole, etc.

The expropriation of the property by the State to carry out public works, for example, the construction of a trasmilenio phase, or an avenue; or a judicial, administrative or police order.