The main purpose of this article is to serve as a complete checklist for getting ready, creating and structuring your own real estate business. I will also point out the benefits of detailed planning and management, and the pitfalls for failure to do so. First things first: what’s the name of your new company? What type of business entity will you put up? A sole proprietorship is the quickest and easiest; but, it might lack the necessary asset and liability protection warranted by your business model. My personal favorite has always been the Limited Liability Company (LLC). It’s quick, inexpensive, and provides individual shelter.

In addition, in which state will you register to do business? Are there any state and/or local licensing requirements? All of these questions should already be answered in your business plan. Some of you may be thinking, “I am going to buy foreclosed properties, rehab them, and sell them for a profit. What further explanation or planning do I want?” Well, if this is your mindset, stick with your full-time job. I suggest going online (Google it) and downloading a business plan template to help you with development.

In addition to your business plan, you better have projected financial statements, including a cash flow forecast, projected income statement, and anticipated balance sheet. There are several advantages of generating these statements. Clearly depicting your yearly operating expenses let’s you recognize the number of real estate transactions you need to successfully complete in order to break even and/or realize a profit. Taking the time and effort to implement these tasks will assist you in overcoming some of the most important impediments when starting your real estate business.

The most common recurring mistake I’ve seen amateur entrepreneurs commit is quitting their full-time job even before finishing their very first real estate deal! Under-capitalization is one of the biggest oversights when starting a new business. If you do decide to quit your full-time job, make certain that you have enough of a financial cushion to cover your living expenses for twelve months. Ideally, you want to have a surplus in your bank account in order to fund your business (i.e. – entity formation fees, licensing, marketing expenses).

Finally, will you be self-employed or a business owner? No, they are not the same thing! Being self-employed means when you quit your job, your business stops working. If you are not marketing for leads or answering phones, then no one is. Being a business owner (hiring and maintaining employees) allows the liberty and independence that entice people to start their own businesses in the first place. Most amateurs quit their full-time job expecting to start and sustain their own business profitably, while playing golf or going to the beach four days a week. WRONG! The transition from self-employment to business ownership is the hardest obstacle to overcome. It took me almost a year of interviewing lots of job applicants, working fourteen hour days, pulling all-nighters, and sacrificing my personal and social life to successfully build and develop each of my businesses to the point where they could all run on “Auto-Pilot.”Keep in mind, a business is only as strong as its weakest link.

Another great article by Lambert Heather Real Estate, Somers & Associates, Realtors

With the costs of homes and interest rates plummeting to record lows, many people are in the market in search of the perfect home to move into. But when it comes to clever marketing techniques, real estate ads are notorious for hiding the true condition of a house or condo.

While the real estate agent may be working in the best interest of their client, it’s definitely a “buyer beware” situation when it involves certain words in the listing. Find out how to decipher messages of advertisements featuring homes for sale so that you can make an informed decision before everything goes to waste on a “handyman special.”

Don’t let the enticing lingo of real estate adjectives lead you astray on your quest for the home of your dreams. Before you can even get to the point of calling professional movers to schedule a move, you need to wade your way through the murky waters of real estate listings.

Here are a few of the most common tip-offs that the ad you’re looking at is a real estate agent’s creative interpretation of a problem house:

-Words and phrases like “ideal for one,” “cozy,” and “intimate,” simply means: tiny, compact, and small. Homes listed with these words are most likely no bigger than your current closet.

-”Vintage” and “retro” means that the home is old (duh!) and incorporates a lot of outdated features, but there could be a lot of value in the property, once you renovate it, of course.

-If a house is listed as having “potential,” “needs TLC,” “handyman special,” or “a loving touch goes a long way,” expect to walk into a Money Pit situation. The entire home will have to be fully renovated.

-A “low maintenance” home most likely does not have much of a surrounding yard around it. Not a good choice if you have dogs or children.

-”Rustic” homes are probably going to need a good paint job. The flooring may also need to be revamped.

-”Backs to open area” or “no neighbors behind” simply means that the home is on the site of a future development project.

The pictures of a real estate ad can also reveal a lot about the house, not by what you can see, but by what is missing. For example:

-Pictures showcasing the massive yard of a home or the state-of-the-art gym on the complex give you a hint that the actual interior of the home itself is in bad shape.

-If the listing shows various shots of the inside of a house, but nothing on the outside, there most likely isn’t much of a yard on the property.

-Newly renovated houses will have shots of the redone interiors, so if pictures of the bathroom or kitchen are missing, you’ll probably have to invest in getting them remodeled.

Now that you know how to read between the lines of the text in a real estate ad as well as the images, you’ll be able to make a safer decision on what homes to check out before you purchase and get in contact with your local movers.

Another great article by Tammy Enochs Real Estate, Senek Management

Lots of business houses and groups look for properties for office space. Different companies have totally different requirements and finding one commercial workplace for rent can be a real headache. If you’re searching for commercial office rentals, here are some tips than can make it a lot easier.

Know your requirements: You have to be first sure about your requirements before you begin looking for the perfect office space. You have to think in terms of how much space you need, the kind of business you have, number of workers, type of equipment you use and also safety issues. There are a number of businesses which deal in some products for which they need a specific permission to set up their businesses and cannot have their offices set up in any place. Do you have any problems or needs related to this?

Hire an agent: If you’re searching for commercial office leasing space, it may take a while and you may not have lots of spare time with you. In such a case, you should hire a real estate agent who shall provide you some great premises for business office space. These agents work for a little commission but will be able to reduce all your hassles and worries related to business office space. You will be able to focus on other aspects of your business which is definitely more important.

Real estate listings: If you would like to get the best of commercial work space rental, you can check the MLS listings and real estate listings for the particular place. You will get a list of all those commercial office rentals that are available on rent. Business office space rentals and sale details also appears in the classifieds of different newspapers.

Rental amount: Making the most of the needs of business organizations there are a number of firms who charge exorbitant rates when they are renting out commercial office space. You have to make a comparison of different properties which are available and check their features. You can next find out the rate which they’re charging for these properties so that you’ll be able to compare it with the commercial office space rental which you would like to hire.

Check the property: When you are hiring any available office rent, you should do a full inspection of the property before hiring it. You must totally check the electrical appliances, furniture, plumbing and safety and security of the place before you finalize purchase of the commercial office leasing space. This is essential or else you will have to spend a lot of amount after you have hired the property.

Security: You will also have to know the security aspects of the chosen office space. You need to find if the place is well secured, if there have been any crimes in the place recently and what are the safety arrangements of the premises. You should also see that the property is located in a very safe place and is away from all kinds of disturbances – especially you need to check the safety aspects of the property.

Another great article by Rhonda Harvey Real Estate, A Point Of View

If you’re searching for a house or are interested in creating an on-going working relationship with a real estate agent for the purposes of buying a residence, it is crucial that you find someone who will understand your requirements and acts on those accordingly. The perfect agent can mean the difference between a flourishing and profitable transaction as well as several more future ones if you intend on investing in multiple properties. Below are some essential points to keep in mind when selecting a real estate agent.

Does the realtor listen to your needs? This is imperative as it will save you both a lot of time and money while you are in the process of choosing the best property for your family or for an ideal investment. If the realtor keeps on presenting properties that don’t connect with your spending budget or pricing requirements, it may be a good plan to track down an agent who is willing and able to work together with your specifications.

Does the agent ask questions and provide appropriate feedback? This shows a direct interest in your needs, which is essential particularly when planning a long-term relationship. Nevertheless, some individuals find it even more essential when buying a residence for their family because it is a personal matter based on an individual choice as opposed to a business matter. We all have a tendency to be way more selective when placing the welfare of our family in the hands of a different person.

Do you feel at peace in handling things with the agent you are about to hire? As I’ve said, we tend to be a little picky when choosing real estate agents to assist our families. Do you possess a good rapport with the agent? If not, then move on to another one. There are various realtors in most cities and there is absolutely no justification for why you need to deal with an agent that does not make you feel secure with your decision.

Does the realtor know the area in which you might be looking for a property? There are numerous things that make a home a ‘good buy’ for residential and investment purposes. You want a real estate agent who perfectly knows the prospected area completely and also the numerous areas of interest, growth, and decline. Locations near schools now matter more than any other time in our history. Your real estate agent should know about the schools, new business developments, and also the value of the properties in the surrounding location too – tendencies of property values.

The best real estate agents are difficult to find and the competition is very stiff. There’s no reason to associate yourselves with a realtor who you do not feel is doing the job for you or has your best interests at heart. If you invest a small amount of time and energy shopping around for the ideal realtor who can get the job done, you’ll discover that your real estate transactions will take less time and effort for this small sacrifice.

Another great article by Daniel Amos Real Estate, Frontier Land Company

Think for a just a second about where your income is currently and compare that with where you want it to be.

How do you get your income to where you want it to be? You most likely know of other agent that are making tons of money, even with the market in a slump. How do you copy them and start making serious money.

You are probably thinking about hiring a Realtor coach.

What can that do for your business?

First of all, think about the word coach. Think about a football coach. He looks at his team and quickly pin points where their weak spots are. Then he works with them to improve their skills. He also can spot the strong points and he can put key players and the spots where they naturally excel. Where would an athlete be without the guidance of a coach?

In a very similar way, all top producer in any given field have a production coach. A production coach can assist you concentrate on your strengths, help you gain more confidence, and keep you on track when you get a little down.

With all of that said, not all coaches are born to have these skills. Some coaches are nothing but a cheerleader, and great cheerleaders don’t produce super bowl wins. What ever you do, try to stay away from these types of people. Getting pat on the back for a great job might feel great but it won’t make you some money.

Choose a mentor that has the abilities to change your brain skills. By this I mean that you need a mentor that can eliminate fear of prospecting from you completely, not force you through it (not a ‘feel the fear and suck it up’ kind of coaching). There are several types of coaching that can do this for you, NLP and hypnosis being just two of the many skills.

You need to look for a mentor that can give you the talents to convert leads into dollars in your pocket. Yes, there are ways to boost what you are already doing so that you make more cash while doing less.

Make sure you ask for references from other Realtors that your potential coach has helped. If they can provide you a few names, that is important because how else can you know that they know how to help someone become a top real estate producer?

Another aspect, think about why we need buyers to put down earnest money on a buying deal. Isn’t it to flush out the serious buyers from the flaky time wasters? Doesn’t money on the line help prove that someone is serious? Well, paying a real estate coach also helps so become more determined to improve your production and take your career more serious.

So if you really want to generate more money in your real estate business and get to the next level, hire a Realtor coach

Don’t get a real estate coach unless you’re serious about making more money in your business. Too many people think that coaching is a magic pill, the truth is that, just like an athlete, you’ll need to follow the guidance of your coach.

Another great article by Kelli Shirley Real Estate, Somers & Associates, Realtors

When you get a home, consider some things before you proceed. One of the things to take into consideration is the area and neighborhood of the house you want to buy. This is necessary because this affects the value of the home afterward and what’s more, you will be living there. Additionally, this might also affect your daily routine and your lifestyle.

If you do not like your neighborhood, you may get stressed right away and you will not get to enjoy your home as well. So, it’s of vital importance that you take a look at the neighborhood before you purchase a property.

The following are some tips to check out an area before purchasing a home:

Try to drive around the neighborhood at both night and day, on weekdays and weekends. Have a chat with some people on the street and in shops and ask about living in the area to be able to get a good vibe of the place.

Get some information regarding the crime rates in the area and check out online crime reports. You may also visit online community bulletin boards where crimes statistics are posted on a daily basis.

Visit the local elementary, middle or high schools in the neighborhood and walk down residential streets. Take a look at the schoolyard at recess time and the parks and playgrounds as well. Arrange a meeting with the school administrator and ask direct questions regarding school safety, school performance and other issues that could be of relevance to your family.

It is of vital importance to conduct your own research on the neighborhood and check out the facilities and amenities provided.

Verify the HOA or Homeowner’s Association rules of the neighborhood before you finalize your home buy. It is important that you agree and are willing to abide by the rules they have set so that you will get to enjoy living in the community.

Make sure that you’ll be able to observe the people living in the neighborhood and find out if the place is clean and if homeowners are taking good care of their yards and surroundings.

If you have family or friends living in the place where you want to buy a home, ask about the place. Oftentimes, they are the best source of insider information regarding the neighborhood, are unbiased, and able to give you with objective facts.

Find out about the safety of the neighborhood and verify if it’s enough to protect you from unexpected occurrences.

Bear in mind that your ideal neighborhood may not be the same as that of a relative or friend. If you live alone, you can choose an area that’s nearby cafes or bars. These places will let you socialize with your neighbors when you are bored. However, this type of neighborhood will not be a perfect place for you if you have kids. If you have kids, you would prefer an area that is child-friendly and near good schools.

It’s necessary to consider the neighborhood when you buy a home. This will ensure that you get to enjoy your home and your stay in the neighborhood as well.

Another great article by Marjolien Cardon Real Estate, Re/Max of Homer

If you want to start your own business of selling properties, you may be a little nervous about it, but you must always remember that this world is filled with challenges, and you’ve got to face them at every step; so why not here? You might have a lot of ideas on your mind on how to start your very own business. However, the initial step is to get along with your clients and tell them to refer you to someone. This way they will simply be marketing you to other people; not only you, your business too.

You should continue to communicate with your buyers and sellers all the time. If someone wants to sell their house, offer to help them on how to promote their home and always ask the buyers for feedback. If they have visited the property ask for his or her views, what they liked, and what they didn’t. If there are any drawbacks, then inform the seller about those so that they will start working on it and start selling it again.

When a client of yours has agreed on a property and is planning to purchase it then send them something special. This gift will make the client feel how much they mean to you and your business. Clients appreciate such gifts and they enjoy & will remember it too.

You can also conduct a survey on client satisfaction. Once you’re working with a client, always ask for feedback so that you know what you lacked and what you need to work on most. If you’re very good at something, keep it that way, or if you can, improve it more. Continue to take your time to know things from your client.

Once the deal has been made, never forget that your clients need to be remembered all the time! Keep sending your clients, letters, notes, and email messages to let them know that you still remember them. The client will certainly feel very delighted.

You’ll be building strong interpersonal relationship with your client, and your reputation will also be maintained. If a client comes back because they enjoyed working with you, you must give discounts to them so that they feel that they are remembered, and they keep coming back in the future.

You should never ask your clients to give you referrals. It is not a good sign. The client may possibly feel that you are not working with them, but you are making use of them. Therefore to avoid such misunderstandings, never ask a favor from the clients. It will do nothing but leave a terrible impression.

If you want to market yourself then there are a number of ways you can avail. You can hold an event for fund-raising so that people get to know you and about your business as well. If you hold such events very often, then people would feel that you care a lot about the society and community.

From wherever you get a reference, always remember to say thanks, otherwise the person would feel that you simply wanted a work business; no interpersonal relationship.

Another great article by Rebecca Baker Real Estate, Assist 2 Sell

Home swap is usually a venture between two parties. Whether you’re exchanging your home through the assistance of a home swapping agency or a real estate agent, the fact remains that you must come to terms with the other party who also planning to exchange his or her house with you. Thus, there is every need for you to know yourselves well before you engage in the house exchange process. Listed and discussed below are some vital steps you need to take in order to know the other party well.

Constant communication

Once you’ve known who your partner is through the listing agency, the next thing is to find a communication avenue through which you will be communicating with the person. You can achieve this through emails and phone calls. As the connection develops, phone calls will no longer be enough. You need to take extra steps to meet with the partner face-to-face. You can set a casual meeting so that both of you can know yourselves better.

Visit the house by yourself

Whether you’re pursuing the home exchange process through an agency or a real estate agent, you still need to go to the house yourself. Both of you interested in the swap deal should map out a special day for the visit.The first party comes for house inspection. Later on, the other party returns the visit in order to also inspect the second house. Inspecting the house by yourself helps you to make better judgment. You can additionally go with a professional real estate agent who can give you useful pieces of advice on the right steps to take.

Know Your Partner’s Profession

It’s very important for you to know the profession of your partner. Both of you ought to know the kind of profession you engage in. this could be a good ground that can help both of you to know yourselves much better. Oftentimes, what you do for a living determines the kind of house you live in. It also determines your financial worth and the degree to which you can go in committing yourself in any contract. Again, knowing your professions can also be a good ground to establish a long-lasting friendship as the house swap process commences.

Discuss family and household detail

House swap is usually very rewarding when you know some details about your families. It’s always very important for both parties to describe their respective family members. Let your partner know about your wife, children and relatives. You also need to let him or her know about your important household properties, belongings and the neighborhood. All these things must be considered when you decide to go into house swap process.

Have a legal Agreement

After taking time to know a lot about your partner, the next step for two of you to try is to reach an agreement. This should not only be mouth-to-mouth agreement, rather, it has to be written and legally backed up. Both parties involved should engage their lawyers in the process. Each of the lawyers ought to go through the paper works before both parties sign the documents. This protects you and your partner if in-case something happens.

Finally, take time to know more about your partner through alternative means. Make inquiries about his or her personality. This helps you a lot in avoiding costly mistakes which lots of people make in the process of swapping their homes.

Another great article by Angie Tallant Real Estate, Somers & Associates, Realtors