That question is being discussed by Mayor Gray and Darrell Issa, Chairman of the House Oversight and Government Reform Committee (http://tinyurl.com/6wlczuv). Evidently, the current height restrictions, 130 feet for commercial districts and 90 feet for residential districts are restricting developers from providing more office and residential construction. In turn this has lead to higher prices.
On the other hand, having a low density city with historical housing stock is what makes DC unique. We don't want DC to turn into Rosslyn or else it wouldn't be such a special place to live and work.
What's your thought? Preserve the status quo or let the market decide what the landscape of DC looks like?
Thursday, May 17, 2012
Tuesday, May 15, 2012
Extra Cost to Live in a Great School District? $200,000
Ever wonder what the average housing cost differential is for homes in high-scoring public school districts vs. low-scoring public school districts? A new report (http://tinyurl.com/bltk4u3) by Jonathan Rothwell of the Brookings Institution breaks down the numbers.
Across the 100 largest metropolitan areas, housing costs an average of 2.4 times as much, or nearly $11,000 more per year, near a high-scoring public school than near a low-scoring public school. This housing cost gap reflects that home values are $205,000 higher on average in the neighborhoods of high-scoring versus low-scoring schools.
Those sorts of numbers should weigh heavily on your home-purchasing decisions. If you don't have school-age kids at the moment, is the purchase price premium and property tax premium really worth it?
Another factor to consider is that homes in good school districts will keep their values better even in tough times. With more data, you'll make better informed purchasing decisions. We'll keep sending it your way!
Across the 100 largest metropolitan areas, housing costs an average of 2.4 times as much, or nearly $11,000 more per year, near a high-scoring public school than near a low-scoring public school. This housing cost gap reflects that home values are $205,000 higher on average in the neighborhoods of high-scoring versus low-scoring schools.
Those sorts of numbers should weigh heavily on your home-purchasing decisions. If you don't have school-age kids at the moment, is the purchase price premium and property tax premium really worth it?
Another factor to consider is that homes in good school districts will keep their values better even in tough times. With more data, you'll make better informed purchasing decisions. We'll keep sending it your way!
Tuesday, May 8, 2012
Alexandria Planning Commission Approves Major Gentrification Project
The Alexandria Planning Commission voted to approve a major gentrification project yesterday: http://tinyurl.com/bmuj5ql
The implications are broad reaching: http://tinyurl.com/6nny9ua. The area affected is 430 acres or four times the size of the Pentagon and its parking lots. The move will shift from many of the townhouse and garden-style apartments currently available to more working class tenants to high-rises with a much higher price tag. The city is setting aside 800 low-income units that must be provided as well as a number of improvements: a new fire station, $50 million for roads, athletic fields, etc.
This effort is a part of a larger trend for the close-in suburbs. The real estate where many working class folks live is just too valuable to continue serving those populations.
We'll continue reporting on these trends so you can make your investment decisions accordingly.
The implications are broad reaching: http://tinyurl.com/6nny9ua. The area affected is 430 acres or four times the size of the Pentagon and its parking lots. The move will shift from many of the townhouse and garden-style apartments currently available to more working class tenants to high-rises with a much higher price tag. The city is setting aside 800 low-income units that must be provided as well as a number of improvements: a new fire station, $50 million for roads, athletic fields, etc.
This effort is a part of a larger trend for the close-in suburbs. The real estate where many working class folks live is just too valuable to continue serving those populations.
We'll continue reporting on these trends so you can make your investment decisions accordingly.
Sunday, May 6, 2012
Look out Zipcar - New Carsharing Competition Comes to DC
You've probably seen them already. The little blue Smart cars owned by car2go (http://www.car2go.com/) zipping around DC streets. They are the latest entry into the carsharing market in DC. As this great article on the Discovery website explains: http://tinyurl.com/6mxyrrj, car2go has some interesting features.
The most novel is that you can pick it up and return it from anywhere in the District (with a few limits). The cars use GPS to show their current location and you can find them where the last person left them.
Another benefit is that you don't have to reserve it in advance. If you see one on the street all you have to do is walk up to on swipe the card they give you. They charge you 38 cents a minute up to an hourly rate of $14.
Lastly, you can leave the car in any legal parking spot.
We'll see if these options draws consumers away from the more established carsharing companies. Anything that shakes up the transportation options in the region is cause for celebration though.
The most novel is that you can pick it up and return it from anywhere in the District (with a few limits). The cars use GPS to show their current location and you can find them where the last person left them.
Another benefit is that you don't have to reserve it in advance. If you see one on the street all you have to do is walk up to on swipe the card they give you. They charge you 38 cents a minute up to an hourly rate of $14.
Lastly, you can leave the car in any legal parking spot.
We'll see if these options draws consumers away from the more established carsharing companies. Anything that shakes up the transportation options in the region is cause for celebration though.
Friday, May 4, 2012
Despite Young Stars Nats Not Drawing a Crowd
Even though the Nats are in first place they are still only filling about half the stadium: http://tinyurl.com/7p27p5v
This is unfortunate. They are a really exciting team right now. Even with a slew of injuries to some of their best players, they are winning. Two of their young phenoms are also electric to watch. 19-year old Bryce Harper brings an intensity to the game, which few can match. Pete Rose (aka Charlie Hustle) would be impressed.
Harper has a canon of an arm (here he is throwing a strike to home plate from the outfield: http://tinyurl.com/73w7wd8) and is proving to be quite fielder in the outfield. All this even though he was trained as a catcher! In addition, the guy hits the ball hard every time. He hit the game winner last night and is batting .375.
Stephen Strasburg was also National League pitcher of the month in April. He's 2-0 with a 1.13 Earned Run Average. What do these guys have to do to get some attention? Have Robert Griffin III throw out the first pitch?
Eventually people will start to believe this team is legit and this will be a tough ticket to get. Get out there and give them a look before that becomes true.
This is unfortunate. They are a really exciting team right now. Even with a slew of injuries to some of their best players, they are winning. Two of their young phenoms are also electric to watch. 19-year old Bryce Harper brings an intensity to the game, which few can match. Pete Rose (aka Charlie Hustle) would be impressed.
Harper has a canon of an arm (here he is throwing a strike to home plate from the outfield: http://tinyurl.com/73w7wd8) and is proving to be quite fielder in the outfield. All this even though he was trained as a catcher! In addition, the guy hits the ball hard every time. He hit the game winner last night and is batting .375.
Stephen Strasburg was also National League pitcher of the month in April. He's 2-0 with a 1.13 Earned Run Average. What do these guys have to do to get some attention? Have Robert Griffin III throw out the first pitch?
Eventually people will start to believe this team is legit and this will be a tough ticket to get. Get out there and give them a look before that becomes true.
Tuesday, May 1, 2012
Private Equity Investors Buying Residential Investment Properties
It seems that the hedge fund and private equity crowd has finally figured out the returns that are available in the residential rental market at the moment: http://tinyurl.com/7vd27vv
The principles that we have been extolling for several years are now becoming clear to the denizens of wall street.
Rental properties provide a hard asset with a solid return at historically low prices with room for appreciation growth. They are definitely an opportunity ripe for the taking.
The principles that we have been extolling for several years are now becoming clear to the denizens of wall street.
Rental properties provide a hard asset with a solid return at historically low prices with room for appreciation growth. They are definitely an opportunity ripe for the taking.
Friday, April 27, 2012
Bryce Harper to Make His Major League Debut on Saturday
Much sooner than expected, 19-year old phenom, Bryce Harper will make his major league debut on Saturday in Los Angeles: http://tinyurl.com/d6uon6w
This should bring a lot more excitement to the red hot Nationals. Another reason to get out to the park!
This should bring a lot more excitement to the red hot Nationals. Another reason to get out to the park!
We Can't All Be Donald Trump - And That's Okay
When considering
the many obstacles on the road to success, you might overlook “perfectionism”,
but you shouldn’t. This sneaky stumbling block can stop you from even beginning
your journey.
Nancy’s
Colasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,
takes a look at a ‘defeat mechanism’ that can stop us from even trying to
accomplish our dreams. And as we
all know, if you don’t begin your journey, you certainly won’t get there.
As a coach
Colasurdo has found that clients “often feel that they have to be perfect or
aspire to be at the level of someone they feel is at the top of the
profession.” Looking at the end game, some feel that such an achievement is
impossible for them. They forget the many steps that a leader took to achieve
his or her goals. And they also
forget that each one’s way is individual.
How might this
apply to real estate investing? What if a would-be investor chose Donald Trump
as a model, and said, “What’s the point of buying a small rental property, or
two or even three? That’s nothing
to Donald Trump.”
But just because
your journey may be different, that doesn’t mean you shouldn’t take it. When
looking at others’ success stories – remember, their starting point may be
different, they have a different path to take, but the important factor to
emulate is the mindset that looks for opportunities small and big and makes the
most of them one by one.
Donald Trump
learned the real estate business first hand from his dad, Frederick, a
successful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dad
tried to discourage him. But Trump had a vision of what he could accomplish, he
felt he understood the risks, and was determined to go for it. His mid-70’s transformation of the
Commodore Hotel into The Grand Hyatt, not only made him a fortune and set him on
a road to tremendous success, but it also completely revitalized a rundown area
of Manhattan.
Few of us begin
with Trump’s assets or a dad like his for a mentor. Instead, we have to learn the
business on our own from the ground up. But we do have the ability to adopt the
Trump mindset – the approach of a champion.
What does it
entail? Doing your homework, understanding the finances, taking well-considered
risks, planning every step, being prepared for challenges and dealing with them,
capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never give
up.”
And little by
little, step-by-step you will build your real estate business, write your own
story, improve neighborhoods and achieve success your way. And you’ll be glad
you didn’t wait to become perfect before beginning your journey.
Wednesday, April 25, 2012
The Pro’s and Con’s of Proposed Principal Reduction Program
In another attempt
to fix the ailing housing market, the White House and Congressional Democrats
are touting the benefits of a plan under which Fannie Mae and Freddie Mac would
adopt a principal reduction program. But one man is questioning the wisdom of
this approach. As we weigh the value of this proposal, we examine this man’s objections,
because Ed DeMarco is acting director of the Federal Housing Finance Agency,
and his opinion matters.
For some time the
White House and Democrats in Congress have been urging the adoption of this
approach insisting that it will save billions and get the market moving
again. DeMarco has stood his
ground. But he may be wavering.
Writing in Marketwatch on April 10, Steve Goldstein
summarized DeMarco’s objections.
It’s costly. Although the Obama
Administration claims it will save Freddie and Fannie $1.7 billion but that
comes at a significant cost. The Treasury Department would pay out $3.8 billion
in incentives for the principal reductions, meaning that taxpayers would foot
at $2.1 billion bill. Some who have paid their mortgages on time, and have seen
the value of their properties fall because of errant neighbors, may be
reluctant to pay additional taxes to keep those neighbors in their homes.
It’s only a band-aid – and a small one at
that. This program would help about 691,000 borrowers – out of about 11
million underwater homeowners.
We should use the programs that are already
in place such as interest rate reduction and extending the terms of the
mortgage instead of scattering our fire.
How this plays
out, remains to be seen.
One question we
might ask is why are so many government programs aimed at fixing the housing
crisis failing so miserably?
Another question:
do the politicians just want to look as if they are actually trying to fix the
problem in an election year? Or are they really trying to fix the root causes,
help underwater homeowners get back on their feet so they can responsibly pay
what they owe, stabilize housing prices, and revitalize communities?
Let us know your
thoughts on these issues.
Tuesday, April 24, 2012
Redskins Draft Needs
Now that it is virtually certain that the Redskins will take Heisman Trophy winner Robert Griffin III with their second round draft pick, the question remains what needs will they try to fulfill in the later rounds.
The Skins used free agency to sign wide receivers Pierre Garcon and Josh Morgan and they used the franchise tag to retain tight end Fred Davis. So there are less needs for those positions. Instead they need to shore up the offensive line.
Filling Holes on the Offensive Line
Options at tackle in the third-round range figure to include Oklahoma’s Donald Stephenson, California’s Mitchell Schwartz, Iowa State’s Kelechi Osemele and Jeff Allen of Illinois.
Another lineman on the Redskins’ radar seems to be Virginia Tech’s Jaymes Brooks, a mid- to late-round prospect who played guard in the Hokies’ zone-blocking scheme but is believed to have the ability also to play center.
Picking up Safeties and Cornerbacks
On the defensive side of the ball, the Skins need to be stronger at the safety and cornerback positions. The team, according to a person with knowledge of the situation, has had contact with Syracuse safety Phillip Thomas, a projected mid-round player. Thomas last season intercepted six passes, which ranked sixth nationally.
Other safeties expected to be available in the third through fifth rounds include Antonio Allen of South Carolina, Michigan State’s Trenton Robinson, Aaron Henry of Wisconsin and Janzen Jackson of McNeese State.
Talented corners are likely to be available for the Redskins, who have a third-round pick, two fourth-rounders, a fifth, a sixth and a seventh. But the question for a team that also has needs at other positions is how long can they afford to wait before taking one.
One third- or fourth-round option could be Arizona State’s Omar Bolden. He established himself as one of college football’s top corners in 2010 after he earned all-Pacific-12 Conference first-team honors. He missed last season with a torn ACL.
Bolden, fully recovered, clocked a 4.51-second 40-yard dash at his school’s pro day last month and possesses the talent of a higher-round pick. But because of his injury history, he isn’t expected to hear his name called until the middle of the draft.
Oklahoma’s Jamell Fleming, Furman’s Ryan Steed, West Virginia’s Keith Tandy, Iowa State’s Leonard Johnson and Texas A&M’s Coryell Judie also lead a group of cornerbacks projected for selection in the middle rounds.
It should be an exciting draft and hopefully these changes can help end the Redskins woeful record under coach Mike Shanahan.
Sunday, April 22, 2012
Why the French Election Matters in the US
As the french go to the polls today for the first round of voting in their presidential election it is fair to say that not many Americans are paying attention. We ignore what happens in the Gallic state at our peril however. There's a great piece this weekend in the Washington Post about how the french election could affect the world economy: http://tinyurl.com/7sfdyxq
Basically if the front-runner, Francois Hollande, wins then France may try to renegotiate the the Eurozone treaty. In fact, there are major fears that the financial markets will react negatively to the fact of him getting elected. This is because Germany may lose its partner in making sure that Greece, Italy, and Spain maintain fiscal discipline and avoid default. We have seen the ripple effect of the Greek's flirting with default throughout the world economy and it has not been positive. Let's hope that if Hollande is elected he approaches Eurozone questions with deliberation and caution.
Basically if the front-runner, Francois Hollande, wins then France may try to renegotiate the the Eurozone treaty. In fact, there are major fears that the financial markets will react negatively to the fact of him getting elected. This is because Germany may lose its partner in making sure that Greece, Italy, and Spain maintain fiscal discipline and avoid default. We have seen the ripple effect of the Greek's flirting with default throughout the world economy and it has not been positive. Let's hope that if Hollande is elected he approaches Eurozone questions with deliberation and caution.
Wednesday, April 18, 2012
Thomas Jefferson's 10 Rules for Living
Tuesday, April 17, 2012
Metro to Boost Fares Up To 15% in July
In case $4 gas wasn't enough for you, the Metro Finance Committee has voted to increase fares by as much as 15% beginning on July 1st: http://tinyurl.com/c4v3qpl
The largest fare is increasing from $5 one way to a whopping $5.75. Many of these people also pay for parking which will go up 25 cents a day adding $1.75 to their daily commute.
The changes are meant to simplify the number of types of fares and help close the $103 million budget deficit. However, many riders are left wondering whether they are paying more for deficient service.
Many escalators are broken more often than they are working, trains can be more packed than the Tokyo subway, and repeated mechanical failures and track work snarl traffic.
Hopefully, Metro will look at ways to reduce their budget and improve service without causing further strain on the wallets of their riders.
The largest fare is increasing from $5 one way to a whopping $5.75. Many of these people also pay for parking which will go up 25 cents a day adding $1.75 to their daily commute.
The changes are meant to simplify the number of types of fares and help close the $103 million budget deficit. However, many riders are left wondering whether they are paying more for deficient service.
Many escalators are broken more often than they are working, trains can be more packed than the Tokyo subway, and repeated mechanical failures and track work snarl traffic.
Hopefully, Metro will look at ways to reduce their budget and improve service without causing further strain on the wallets of their riders.
Monday, April 16, 2012
The Nationals Are in First Place???
It's very early in the season but the Nationals are currently atop the National League East with a 7-3 record. With their $81 million payroll they are beating the Phillies who are loaded with stars and spend $175 million annually.
What's going on? There are a couple of factors:
1) Phenom pitcher Stephen Strasburg is healthy and pitching well. He's 1-0 this year with 14 strikeouts and a 0.69 Earned Run Average (ERA).
2) Manager Davey Johnson has been able to institute his system in the organization since taking over for Jim Riggleman midway through the season.
3) The whole rotation is pitching great with a combined ERA of 1.99 - Ross Detwiler and Jordan Zimmerman are pitching really strong.
4) Adam LaRoche, Ian Desmond, and Jayson Werth all have batting averages above .340.
5) Most importantly they seem to believe in themselves and be having fun.
Let's hope they have a better than .500 winning percentage for the first time and bring some excitement to DC baseball!
What's going on? There are a couple of factors:
1) Phenom pitcher Stephen Strasburg is healthy and pitching well. He's 1-0 this year with 14 strikeouts and a 0.69 Earned Run Average (ERA).
2) Manager Davey Johnson has been able to institute his system in the organization since taking over for Jim Riggleman midway through the season.
3) The whole rotation is pitching great with a combined ERA of 1.99 - Ross Detwiler and Jordan Zimmerman are pitching really strong.
4) Adam LaRoche, Ian Desmond, and Jayson Werth all have batting averages above .340.
5) Most importantly they seem to believe in themselves and be having fun.
Let's hope they have a better than .500 winning percentage for the first time and bring some excitement to DC baseball!
Friday, April 13, 2012
3 Types of Appreciation in Real Estate
It is easy to think of appreciation in real estate as monolithic. But there are different reasons why properties appreciate:
1) Inflation appreciation: Over the long-term real estate prices have tended to rise. In fact, the median price of a house in the United States in 1975 was $38,600. In 2012, it is $171,250. Prices of all assets generally increase over time due to this inflationary effect and real estate is no exception. If it is rising for this reason alone more than the Consumer Price Index you are coming out ahead.
2) Demand appreciation: This is a localized area where the demand for housing in that area exceeds the supply, forcing prices up. These areas include those with good schools, access to mass transit, trendy restaurants that you can walk to and popular tourist destinations. Especially when there is very little possibility to add properties to that location and the reason for the demand is strong these areas are a good bet.
3) Forced appreciation: You force appreciation by improving the property and increasing the rents. You add value by making it a nicer place to rent or buy by a larger increment than it cost you to fix it up.
The best opportunities are when you can capitalize on all three types of appreciation. Find a hot area, with a property that needs some cosmetic work, at a time with some real estate inflation and you'll hit a home run.
1) Inflation appreciation: Over the long-term real estate prices have tended to rise. In fact, the median price of a house in the United States in 1975 was $38,600. In 2012, it is $171,250. Prices of all assets generally increase over time due to this inflationary effect and real estate is no exception. If it is rising for this reason alone more than the Consumer Price Index you are coming out ahead.
2) Demand appreciation: This is a localized area where the demand for housing in that area exceeds the supply, forcing prices up. These areas include those with good schools, access to mass transit, trendy restaurants that you can walk to and popular tourist destinations. Especially when there is very little possibility to add properties to that location and the reason for the demand is strong these areas are a good bet.
3) Forced appreciation: You force appreciation by improving the property and increasing the rents. You add value by making it a nicer place to rent or buy by a larger increment than it cost you to fix it up.
The best opportunities are when you can capitalize on all three types of appreciation. Find a hot area, with a property that needs some cosmetic work, at a time with some real estate inflation and you'll hit a home run.
Thursday, April 12, 2012
Finalists Chosen to Re-Design Parts of National Mall
The Trust for the National Mall has announced the finalists for a design competition to make over areas near the Capitol, Washington Monument and Constitution Gardens. Here are some pictures of the proposals: http://tinyurl.com/85kvmdn
Many of these parts of the mall have not been re-designed in decades. As a result, this non-profit group plans to raise $350 million to make these proposed changes. There were entries from 32 teams and a jury has now narrowed it down to four finalists for each of the sites.
The Trust is seeking public comments to help them select the winners so make your voice heard in shaping the future of the National Mall. Just go to this website: http://www.nationalmall.org/design-competition/ideas
Click on the different proposals and you can submit your comments based on the proposals.
Tuesday, April 10, 2012
This Maryland Man Really is a Superhero
About two weeks ago, there were a lot of headlines in the DC area about cops pulling over a guy dressed like batman: http://tinyurl.com/c439dmb. He was driving a black lamborghini with the bat symbol in place of the license plates. Evidently they stopped him for not having the proper tags.
Well it turns out that this guy is a real-life superhero. He's a business man who made his money so he now spends his time going to local children's hospitals dressed as Batman. He brings a ton of joy and hope to kids going through some pretty difficult times. It's simple but an extremely inspired way to make a difference.
Hats off to this caped crusader who had enough humility and unselfishness to help others in such a creative way. (Here's the video of "Batman" being pulled over by the police)
Monday, April 9, 2012
Steve Jobs and Maximizing Your Innovative Potential
Jeffrey Dyer, Hal Gregersen, and Clayton Christensen wrote a fabulous piece a couple years ago in Harvard Business Review called "The Innovator's DNA". They did a six year study of 25 innovative entrepreneurs and surveyed more than 3,000 executives and 500 individuals who had started innovative companies. Evidently, innovators like Steve Jobs, Jeff Bezos, and Larry Page use five discovery skills to create new ideas.
1) Associating: the ability to successfully connect seemingly unrelated questions, problems, or ideas from different fields. Pierre Omidyar started Ebay because: i) he was fascinated with creating more efficient markets; ii) his fiancee had a desire to locate hard to find collectible Pez dispensers; iii) local classified ads weren't very helpful for locating the Pez dispensers. (This quality supports the argument for exploring a wide variety of interests: botany, history, philosophy, art, poetry, etc.)
2) Questioning: Questioning the unquestionable is really important. True innovators get a real kick out of disrupting the status quo by asking Why? Why not? and What if?
3) Observing: Often the surprises that lead to new business ideas come from watching other people work and live their normal lives. You see something and ask "Why do they do that? That doesn't make sense."
4) Experimenting: As Edison said, "I haven't failed, I've simply found 10,000 ways that do not work." One of the most powerful experiments innovators can engage in is living and working overseas. "In fact, if managers try out even one international assignment before becoming CEO, their companies deliver stronger financial results than companies run by CEOs without such experience.
5) Networking: Innovative entrepreneurs go out of their way to meet people with different kinds of ideas and perspectives to extend their own knowledge domains.
What if you don't see yourself as particularly innovative? Don't worry, innovative thinking can be developed.
a) Try spending 15 to 30 minutes each day writing down 10 new questions that challenge the status quo in your company or industry.
b) Try to sharpen your observational skills.
c) Start to approach life with a hypothesis testing mindset. Attend seminars outside your area of expertise, read books that identify emerging trends.
d) To improve your networking skills, contact the five most creative people you know and ask them to share what they do to stimulate their creative thinking. Hold regular idea lunches at which you can meet new people from diverse functions, companies, and industries. Get them to tell you about their innovative ideas and ask for feedback on yours.
Innovative entrepreneurship is not a genetic predisposition, it is a an active endeavor.
Happy Innovating!!!
1) Associating: the ability to successfully connect seemingly unrelated questions, problems, or ideas from different fields. Pierre Omidyar started Ebay because: i) he was fascinated with creating more efficient markets; ii) his fiancee had a desire to locate hard to find collectible Pez dispensers; iii) local classified ads weren't very helpful for locating the Pez dispensers. (This quality supports the argument for exploring a wide variety of interests: botany, history, philosophy, art, poetry, etc.)
2) Questioning: Questioning the unquestionable is really important. True innovators get a real kick out of disrupting the status quo by asking Why? Why not? and What if?
3) Observing: Often the surprises that lead to new business ideas come from watching other people work and live their normal lives. You see something and ask "Why do they do that? That doesn't make sense."
4) Experimenting: As Edison said, "I haven't failed, I've simply found 10,000 ways that do not work." One of the most powerful experiments innovators can engage in is living and working overseas. "In fact, if managers try out even one international assignment before becoming CEO, their companies deliver stronger financial results than companies run by CEOs without such experience.
5) Networking: Innovative entrepreneurs go out of their way to meet people with different kinds of ideas and perspectives to extend their own knowledge domains.
What if you don't see yourself as particularly innovative? Don't worry, innovative thinking can be developed.
a) Try spending 15 to 30 minutes each day writing down 10 new questions that challenge the status quo in your company or industry.
b) Try to sharpen your observational skills.
c) Start to approach life with a hypothesis testing mindset. Attend seminars outside your area of expertise, read books that identify emerging trends.
d) To improve your networking skills, contact the five most creative people you know and ask them to share what they do to stimulate their creative thinking. Hold regular idea lunches at which you can meet new people from diverse functions, companies, and industries. Get them to tell you about their innovative ideas and ask for feedback on yours.
Innovative entrepreneurship is not a genetic predisposition, it is a an active endeavor.
Happy Innovating!!!
Sunday, April 8, 2012
Bold New 19-foot Sculpture Coming to Reston Town Center
By 2013, the green space between Reston Parkway and the Hyatt Regency Reston Hotel in Reston Town Center will be home to this avant-garde sculpture. It will be the work of Baltimore native Mary Ann Mears who has down similar projects throughout the country: http://tinyurl.com/7fus3qd
Her work is playful and colorful. With ideas drawn from nature, the sculptures are zany enough to excite the imagination of a child but still approachable to adults. I expect it will bring much joy and delight to patrons at Reston Town Center as well as a few quizzical remarks.
Saturday, April 7, 2012
The right temperament for success?
Thomas Boswell wrote a great piece about the necessary temperament (http://tinyurl.com/cmtozb6) to win at the Masters. Patience, calm in adversity, letting go of the past, refusing to blame others for your mistakes. These qualities are what are needed to handle the pressure of a global sporting event. They don't just apply to a Major golf tournament though.
In your real estate business, you will encounter adversity. Tenants will be late with their rent. Unexpected repairs will arise. Someone else will beat you out to get the perfect property. If you let those experiences make your blood boil, not only is it unhealthy for your body but it is unhealthy for your business.
Take these challenges in stride. By planning ahead and having ample reserves you will recognize repairs and vacancies as part of the costs of owning a rental property. You won't be ecstatic about it but you won't let it distract you from where you need to be focusing your mental energy: the creativity that makes your business more efficient and profitable.
Take your setbacks as learning experiences and you won't let them slow you down. They'll just make you stronger.
In your real estate business, you will encounter adversity. Tenants will be late with their rent. Unexpected repairs will arise. Someone else will beat you out to get the perfect property. If you let those experiences make your blood boil, not only is it unhealthy for your body but it is unhealthy for your business.
Take these challenges in stride. By planning ahead and having ample reserves you will recognize repairs and vacancies as part of the costs of owning a rental property. You won't be ecstatic about it but you won't let it distract you from where you need to be focusing your mental energy: the creativity that makes your business more efficient and profitable.
Take your setbacks as learning experiences and you won't let them slow you down. They'll just make you stronger.
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