An estate at will is a type of tenancy or ownership of real property that allows the tenant or occupant to possess the property for an indefinite period of time, without a fixed term or rent. It has certain features and legal implications that both the owner and the tenant should be aware of before entering into an agreement. If you are considering an estate at will, it is advisable to consult with a real estate attorney to ensure that your rights and interests are protected.
Being a good real estate advisor to high net worth individuals (HNWIs) requires a unique set of skills and qualities. These individuals have specific needs and demands that must be met in order to provide them with the best possible service. In this article, we will explore the key traits and strategies that are essential for success in this field.
First and foremost, a good real estate advisor to HNWIs must possess excellent communication and negotiation skills. These individuals are often highly educated and have a great deal of experience in business, so they expect a high level of professionalism and expertise from their advisor. Being able to clearly and effectively communicate your value proposition, and negotiate favorable terms, is crucial to building trust and maintaining a long-term relationship with these clients.
Another important trait is discretion and confidentiality. HNWIs often have high-profile careers or businesses, and they rely on their advisors to keep sensitive information private. They want to know that their advisor will not share any details about their transactions or personal lives with anyone else, without their express consent. It's imperative that the advisor can keep the information confidential and maintain professional discretion.
In addition to these personal qualities, a good real estate advisor to HNWIs must also have a deep understanding of the local real estate market. These individuals often have specific requirements for their properties, such as location, size, and amenities. A good advisor must be able to identify properties that meet these requirements and present them to the client in a way that is tailored to their needs. They should also be able to provide their clients with data and analysis to help them make informed decisions about the properties they are considering.
Another important aspect of being a good real estate advisor to HNWIs is providing them with concierge-level service. These individuals are used to receiving the highest level of service in all aspects of their lives, and they expect the same from their real estate advisor. This includes providing them with access to exclusive properties, arranging private tours, and even coordinating other services such as home staging, cleaning, and landscaping
I am not a CPA. Please consult yours, as this is not to be interpreted at financial or tax advice.
When it comes to tax deductions related to your home, consider whether you'll be better off taking the standard deduction or itemizing. The 2022 standard deduction amounts are $12,950 for single filers and married but filing separately; $25,900 for joint filings; and $19,400 if you're head of household. You may also be able to deduct mortgage interest up a maximum of 750K on primary or secondary homes as well as property taxes (up to 5k/ 10k respectively) capital gains from selling a home after living in it 2 years out of the last 5 years , discount points paid on mortgages and any necessary improvements made due medical reasons or utility needs. Home office expenses associated with running an independent business can also count towards deductions too - though working remotely under employer does not qualify .
