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CHASE REAL ESTATE GUIDE TO INVESTING
P R E S E N T E D B Y
C R I S T Y T R E P A C H K O &C H R I S T I A N C H A S EB R O K E R S , C H A S E R E A L E S T A T E
B R O K E R A N D I N V E S T O R R O L E S
ABOUT OUR SYSTEM
Chase Real Estate has developed a
system to help investors be
successful using our recommended
service providers. You are not
required to use these services and
are able to select your own preferred
providers. We have developed
relationships with lenders, attorneys,
title companies and renovation
contractors. These relationships are
for you to use, but ultimately you are
the decision maker for each
transaction.
C H A S E R E A L E S T A T E
P A G E 0 1
QUALITY ISTHE BESTBUSINESSPLAN. As a real estate investor, you are
responsible for the quality of the
product. We have created a summary
to help guide you through the process
of purchasing, renovating and
reselling or renting real estate. We
encourage you to follow these lists as
they will ensure a smooth transaction.
ROLES & RESOPONSIBLITIES
C H A S E R E A L E S T A T E
P A G E 0 2
Chase Real Estate functions best when investors share a common understanding of each others' roles and responsibilities. This guide is designed to assist investors working with us so to accomplish your objectives when investing in real estate. Our goal is to make investing in real estate predictable, repeatable and profitable. To achieve this goal we need your help!
Our role working with investors: 1. Help investors find suitable investment properties 2. Connect you with investor-friendly service providers 3. Assist in the resale or rental of your investment
As this is not a turn-key investment, investors have roles andresponsibilities listed on following pages.
Chase Real Estate needs to concentrate our efforts on evaluating investments and marketing renovated homes. It is critical that investors recognize our efforts are best served in this capacity. Investors will need to be good communicators and cooperate with a number of service providers that are employed by you throughout each transaction.
DIVISION OF RESPONSIBILITY
Understanding your role in the transaction is critical. Success cannot be certain,
but having a clear definition of roles and responsibilities will reduce stress and
add predictability to each transaction.
C H A S E R E A L E S T A T E
P A G E 0 3
Chase Real Estate Role - Purchase
Sending properties that meet your investment goalsAnalysis of prospective real estate investments Provide renovation scope from a contractor Financial calculation based on cash purchase Photographs and/or video of subject propertyScheduling showing of propertyContract preparation and executionEarnest money confirmation Coordination with attorney and title companyCommunicate regularly with investor to close
Investor Role - Purchase
Review investment property presentedEvaluate analysis of propertyReview scope and budgetReview profit calculation with Chase and/or lenderView photos and/or video for decision makingViewing of property (when you are available)The signing of a contract, disclosures, addenda, etc.Earnest money deposit Coordinate with attorney and title company closing dateOrder proper insurance Attend closing or pre-sign with attorneyDeliver funds to closing via wire instructions from title company
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 4
Chase Real Estate Role - Renovation
Coordinate access information with your renovation contractorDiscussions regarding any additional items that will enhance sale Example: A change order to add a bathroom. We will complete an analysis of value for this change and offer a suggested action.
Investors can select any renovation contractor to remodel their investment. We encourage all investors to reach out via a phone call to your chosen renovation contractor with any and all questions regarding time, cost, change orders, village inspections, etc. Text messages and emails are discouraged as the first contact. A phone call is the best way to communicate issues with your chosen contractor.
Investor Role - Renovation
Select renovation contractor for your propertyVisit property or discuss strategy with the contractorSign contract with contractor and make first payment Hire quality control service for routine inspections or conduct these inspections on your ownContact contractor weekly for progress updatesReview quality control inspections or personal inspection and report any issues to renovation contractorEnsure the budget is on track for remodeling Pay progress payments timely as to not slow down progress Conduct final walk-through and create a punch list. If using QC please review final "blue tape" inspection
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 5
Investor Role - Renovation (Cont.)
Review final post punch list inspection to ensure all items addressed have been completed Review final bill and original scope, account for items such as additions/subtractions from the original scope. Review any change order items Make sure home is "show ready" prior to paying contractorfinal payment. All items on the scope and change orders should be completed, as well as a final cleaningIf city/village requires a final inspection, please make sure that home has passed this required inspection. A phone call should be made to contractor confirming that this has been completed. If this is not completed the closing with the end buyer could be delayed.
Tip: Before listing a home for sale make sure property is ready for photos. A property that is still under construction is very difficult to sell or rent. Stay in constant contact with your contractor to ensure all items have been completed and home is show ready. The first few days on the market are critical and even the smallest issues can deter a buyer from placing an offer. As the owner, you are ultimately responsible for the end product.
Tip: You have selected and hired the renovation contractor and they work for you. Communicating with the contractor efficiently and in a professional manner is very important. Phone calls resolve issues, text and emails alone prolong issues. Please note that contractors work in the field a majority of the day and most will typically return calls within 24hrs.
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 6
Chase Real Estate Role - Listing
Complete listing agreement and disclosures through DotloopEnter listing in MLS with positive listing descriptionOrder marketing photos for the propertyEnter property into our showing service and feedbackOrder luxury signage for property Start marketing campaign using Zillow Premier, ListReports, Facebook Targeted Ads, ListHub DistributionField phone calls and distribute leads from property to experienced brokers in our firm using an advanced CRM system Answer broker calls/emails regarding property detailsRespond to positive and negative feedback provided by brokersGather feedback when not provided electronicallyProvide investor with market updates and feedback summary every three weeks, keeping you informed of market conditionsReview marketing strategy as home is listed on marketSuggest enhancements to investor to accelerate sale Respond timely to all investor concerns regarding the sale of the property
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 7
Investor Role - Listing
Fill out List Home link on ChaseForeclosure.comProvide Chase Real Estate with any major improvements made to the property that may not be easily identified in photos alone, such as new roof, new HVAC, updated electric, etc.Complete electronic listing agreement and disclosures Review property on ChaseBroker.com to ensure the accuracy of thelisting. You will be quality controlling us! Responding to email feedback provided by showing brokers and communicating issues with your renovation team asap Reviewing QC reports bi-weekly or personally visiting home to identify any issues and communicating with your contractorCompleting electronic documents for cancellation, relist and price reduction requests
Tip: If you receive feedback identifying an issue, please contact your renovation team to discuss. Feedback from showing brokers should be taken seriously as the broker and buyer are communicating what they saw and may have caused them to not make an offer on your property. Reacting to negative feedback quickly and communicating with Chase Real Estate that the issue was resolved will allow us to reach out to that showing broker and let them know the item has been corrected or will be corrected prior to closing.
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 8
Chase Real Estate Role - Resale
Review offer submitted by showing brokerReview buyers approval letter and qualificationsNegotiate with buyers broker on price, terms, and conditionsObtain signatures electronically from the buyer and seller for contract, disclosures and other addendaDeposit earnest money specified on contractSend seller's attorney a copy of the executed contract, disclosures and addenda Track attorney and inspection, financing and closing contingency datesWork with appraiser for access and questions regarding valuationDiscuss any home inspection issues after investor has obtainedpricing for buyer's requested repairs
DIVISION OF RESPONSIBILITY
C H A S E R E A L E S T A T E
P A G E 0 9
Investor Role - Resale
Discuss offer presented by Chase Real EstateNegotiate price, terms, and conditionsElectronically sign contract, disclosures, and addenda as required Your attorney will start a new file and send an introduction letterCoordinate turning water on at the main for the buyer's home inspection and then having water turned off at main after this has been completedReview home inspection requests and discuss with your renovation contractor. Obtain pricing and then contact Chase Real Estate regarding response strategy Sign closing documents Close transaction and collect proceeds
Tip: If the buyer conducts a home inspection there will likely be a list of repairs that will be requested. Your attorney will draft a repair list and send it directly to you. Chase Real Estate cannot respond to this list of repairs. We ask that you reach out to your contractor for specific pricing on each item. Once you have the pricing we can discuss the best strategy for responding to buyers request.
DISCLAIMER
C H A S E R E A L E S T A T E
P A G E 1 0
Investing in real estate can be risky. You can make money and you can lose money as well. Forward-looking statements or estimations provided by Chase Real Estate do not represent any final determination on investment performance. While the information provided to investors has been researched and is thought to be reasonable and accurate, any real estate investment is speculative in nature. Any areas concerning taxes or specific legal or technical questions should be referred to lawyers, accountants, consultants, brokers, or other professionals licensed, qualified or authorized to render such advice. Real estate investing may not be suitable for all investors.
Chase Real Estate does not hire or have a financial interest in any service providers. Investors can hire any provider of their choosing. Chase Real Estate acts in a real estate brokerage capacity only.