Overview
Jack Bistricer is a businessman who has over two decades experience in developing real estate properties in the United States, the United Kingdom, Canada, the Bahamas and Eastern Europe.
Bistricer serves as the Chairman and Chief Operating Officer at the Talisker Club. This is a private global real estate development firm. The Talisker Corporation is dedicated on providing real estate construction, development, leasing, and management services.
This businessman owns and manages a lot of real estate properties, mostly located in North America, the United Kingdom, and Eastern Europe.
Throughout the Talisker Corporation, Jack Bistricer operates ski resorts and leases retail floor space. Bistricer is one of the largest landowners in the Park City Area. The Talisker Club, which is located in Park City, is a Talisker Corporation’s subsidiary and a Park City's only four-club one membership private community. An incomparable collection of mountain, Main Street, backcountry and country club destinations is provided by the Talisker Club.
Services
Non-Fiction
Work experience
Talisker Corporation
Projects
COMMON LISTING MISTAKES AND HOW TO AVOID THEM
Making a few common mistakes when showing properties can cause a buyer to lose interest in a home, even though it actually meets their expectations. Therefore, it is important to pay attention to how we advertise and show the homes for sale, as well as to know and avoid those frequent errors when displaying the properties. Only in this way will we be able to get closer to all those who could become the next buyer of the home we want to sell. In this article, Jack Bistricer, CEO and Chairman of Talisker Club, shares his advice on how to avoid of the biggest, most common mistakes made by listing agents. By utilizing the knowledge of this competent, qualified real estate professional, you’ll be better equipped to avoid the following mistakes most commonly made by sellers.
FREQUENT ERRORS WHEN SHOWING PROPERTIES
First of all, we must bear in mind that, currently, potential buyers expect to have a clear idea of the homes for sale through web pages and real estate portals. These function as real shop windows, and those interested usually begin at that point the selection of possible properties that suit their needs or demands.
Therefore, it is necessary to make the most of this type of tools, and thus avoiding those frequent errors when showing properties that many professionals still make.
NEGLECTING THE FIRST PHOTO OF THE LISTING
The first impression can be a powerful call that attracts customers to take a closer look at your listing. However, you can also make them pass by without even reading their characteristics. For this reason, real estate executive Jack Bistricer emphasizes, it is essential to take care of that decisive image.
It is necessary to think about which part of the house is the most interesting so that it works as a cover and define the frame. Of course, it is necessary to ensure that the house appears pleasant and orderly. As well as taking into account some considerations on how to properly photograph the space, taking into account the lighting, the angle, is equally important in order to obtain a quality image.
THINKING THAT A COUPLE OF PHOTOS IS ENOUGH
Although the first image is the most important, do not forget to include many others with the same quality. The images are the way in which buyers know the home and check if it is according to what they are looking for. Therefore, Jack Bistricer adds, if we forget to photograph the terrace or one of the rooms, we are giving them an insufficient idea of the entire value of the home (or even transmitting that a photo of a room is not included because it has a problem that we do not want them to see). Still it about photographing everything, but about offering a clear idea of what the home is like and what it has, generating, at the same time, the best impression.
DO NOT CONSIDER NEW RESOURCES
Times advance and beyond the photographs and traditional texts, there are already alternatives that help to build a much more precise idea of the house that we want to show.
360º tours or virtual tours are the best example of this. Thanks to this option, similar to a Google Street View inside the house itself, those interested can visualize each corner of the property in great detail, without losing the perspective of the location of the furniture or the general distribution.
In this way, the sales process is shortened, since many doubts are resolved from the advertisement and it is sufficient for those who only seek to browse. In this way, only those with real interest take the step to make a real visit of the house.
Types of real estate developments
The real estate industry is complex as well as fascinating. Like any other investment, real estate projects have particular economic and financial characteristics.
Generally, there are three very important factors that define the expected return and the level of risk of a project: product type, life cycle stage and location. Below, Jack Bistricer will explain what each of them refers to.
According to Jack Bistricer, there are different real estate products depending on who the real estate project is aimed at. The five most important are:
1) Corporate (rent or sale of offices),
2) Commercial (rent or sale of commercial premises),
3) Residential (Single Family and Multifamily),
4) Industrial (rent or sale of factories, industrial parks, among others) and
5) Others (e.g. mixed use)
Life cycle stage
Jack Bistricer indicates that this refers to the level of development that a real estate project has before starting. In other words, the degree of transformation that the developer implements. As expected, the higher the degree of transformation, the higher the implicit risk. The different life stages for a project are:
1) Development - purchase of land and acquisition of licenses, to later build a building to rent or sell it,
2) Rehabilitation - purchase of a building to remodel it or make a minor improvement in the development and then sell or rent it and
3) Stable - purchase of a property that generates flows, without making any changes in the construction, and receive the income it generates.
Location
According to Jack Bistricer, a good location is determined by demand and supply factors:
1) Demand Factors: population growth, socioeconomic status, nearby businesses and age distribution, are some of the factors that determine demand within a location,
2) Supply Factors: how easy it is to find new properties, obtain building permits and costs are some of the factors that determine how easy it is to grow supply.
Jack Bistricer specifies that the best locations are those with robust and growing demand, where supply cannot grow as quickly.
What does a real estate developer do?
Jack Bistricer indicates that a real estate developer carries out the comprehensive planning of a project, prepares the business plan, ensures financing sources, coordinates the marketing and sales strategy, supervises the construction, coordinates the deliveries of the properties.
The developer converts, through processes of innovation and creativity, ideas on paper and Excel proformas, into real estate projects.
He searches for land, forms a team (architects, engineers, etc.) coordinates the design, processes licenses and permits, seeks financing, coordinates the construction and delivery of the properties.
The developers, such as Jack Bistricer, are like the conductors of the orchestra, they don't play instruments, but they run the show.
In short, a real estate developer brings together talents from different areas to make things happen.
In our country there are some institutions that provide the training service for real estate developers.
For this reason, it is necessary to know what is the purpose of a specialization course to train as a real estate developer?
Jack Bistricer points out that the developer training courses should be aimed at training developers with an executive profile, in the sense that they graduate as professionals who have the tools to carry out real estate development. Through the use of these tools, the developer is the one who leads the venture, since he has the necessary knowledge to demand from the specialists as he wants things to be done.
What are the main characteristics of a successful real estate developer?
ABILITY TO DETECT BUSINESS OPPORTUNITIES
according to Jack Bistricer, in real estate investing, great opportunities are few, and when they do appear, they definitely don't last forever. A successful real estate developer has the ability to discover a good opportunity and to determine its chances.
The real estate market is very unpredictable, therefore, to be successful as a developer it is very important to always keep up to date with the latest trends in the real estate sector.
PROBLEM SOLVING SKILLS
Jack Bistricer points out that they strive to find solutions to conflicts, plan sites, and deal with nearby owners to find ways to deliver the project on time and on budget. They are always ready for the expected and the unexpected. When a problem occurs, they are quick enough to fix it on time and at low cost, and to mitigate any damage.
RISK TOLERANCE
As Jack Bistricer indicates, some investment seekers have a hard time taking dangers. Reliable developers will calculate and measure all contingencies associated with investing and are constantly looking for ways to minimize them.
CONSTANT TRAINING
Jack Bistricer shares that, like any professional, a real estate agent must have a clear idea of progress and search for new methods in order to provide a more efficient and optimal service, starting from the learning of new knowledge that will be extracted from a constant academic preparation in their real estate sector, that is, in all areas that cover the performance of a real estate agent (tax, marketing, administration, contracts, finance, investments, etc.).
