Tag Archive | "Estate"

Investing in Overseas Real Estate

For the ambitious real estate investor, one of the most interesting ventures can be the purchase of an overseas property.

There are many of us who would like to one day retire overseas, and even quite a few of us who would like to move abroad while we are still some way away from retiring.  If we are adaptable individuals, perhaps with one or two foreign languages in our vocabulary, we can often find that the challenge of living and doing business overseas can be an enjoyable one.

Of course, for those of us used to doing business predominantly in a domestic setting, the practice of buying a house abroad can often be wildly different to the idea. Depending on where you plan to buy, there may be restrictions on foreign nationals buying or owning property.  You may have to pay larger taxes, and you may face different and sometimes strange rules regarding exactly what you can develop, where you can develop, and how you do it.

For this reason it is essential to do your research.  Overseas real estate is a tricky way to make money, because you will need to commit a large amount of your time to being present on site. Many people try to avoid too much time spent away by appointing a project manager, but to paraphrase an old saying: “Who manages the project manager?”.

If you want to guarantee a profit, you will have to take an interested involvement in the development, and if you are planning to lease the property to tenants you will need either to employ a trustworthy individual or managememt company, or move – temporarily or otherwise – to the country in question.

Buying and selling real estate is one way to guarantee an interesting business career – but it is not without its drawbacks. One of those drawbacks, the significant risk factor, is part of what makes it interesting.  But if you can play the game well, you need never become one of the many people who falls under the intense pressure of trying to turn a profit.  Sometimes, real estate is as much about trying to minimize short term loss on a deal when there is potential for a long term hold strategy to maximize profit.

Whenever you buy a property with the intention of increasing its resale value, you do it with some amount of optimism.  The mere thought of “If I can get this work done, source the materials and get it to market on time and on budget, then I will make a profit”, leaves open three ways that things can go wrong.  Maybe the work will not get done as well or as quickly as you had hoped. Maybe the materials will prove harder to source than you had planned for, and as for the schedule “, well, unforeseen circumstances make fools of us all. The fact is that sometimes, despite your best efforts, you will see your intended profit begin to shrink – and sometimes, it will disappear altogether.

It is at this point that you will be tempted to bring everything to a sharp conclusion and just sell for whatever someone will give you. This is a big mistake.  If you hold on and set a new, realistic deadline and price you can at least cut your losses, and maybe live to develop again.

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Real Estate Investing: Don’t Sacrifice Quality for Price and Schedule

The concept of turning a maximum profit in a minimum time frame is as important in real estate as it is in just about any other sector of the business world.  And of course, when you create a profit margin this makes for three immediate variables: How quickly can you do something, how much must you spend and how few mistakes can you make while doing it?  The introduction of these variable factors can make it very difficult to carry out the perfect real estate development.

If you are keen to get the job done quickly, you will face the challenge of avoiding paying through the nose while trying to ensure that the job is still done correctly.

Decide that price is your priority, and you will still want the work done as well as possible, but you don’t want it to take forever.  And if your major priority is a good job, you will have to consider how you will get that done on time and within a budget.  In trying to make sure that each of these priorities is served, you will find yourself with some judgement calls to make.  On some issues you will not be able to satisfy the need to do something cheaply and quickly and well – so what do you sacrifice?

Sometimes the circumstances will go some way to making the decision for you. In order to make sure that you can live with the decision, you need to be firm in making it.  Too much procrastination will simply narrow down your options, so be prepared to make tough choices if you want to make a success of your development.

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If You’re Thinking About Being a Real Estate Agent…

real estate agent

Thinking of being a real-estate agent, but do not know where to start? First, you would have to determine if this kind of career is the right one for you. Most people usually think that to be a successful real-estate agent, you just need to be good in convincing people to buy properties and houses. Good communication and persuasion skills are, of course, plus points,but that is not all. You also need to be familiar with the industry.

Real estate agents ensure that the buyers would be able to find their dream homes, while sellers get their property’s worth. It would take skill and mastery before you could become successful in this career, just like in any kind of occupation. You would need proper training and education. There are different institutions that offer courses for those who would like to enter the real-estate industry. Usually, states would require an aspiring real-estate agent or salesperson to spend about 30 to 90 hours classroom education.

The Professional Licensing Commission in your state would have lists of reputable educational institutions where you could take your courses. You could also ask the Real Estate Association for recommended institutions. A high school diploma is a requirement and at least be 18 to 21 years old.

Before becoming a true real-estate agent, states would require a license to operate. You would need to pass a licensure examination. Agents are required to renew their license every two years but it still depends on the state. You would also need to attend seminars even if you are already licensed. The real-estate industry is continually evolving or changing. A real-estate agent should always be aware of changes in laws and regulations in the state where they are located.

But taking up real-estate courses are not the only thing that would prepare you for the industry. It is recommended that you work with a mentor broker for about 2 to 5 years to get experience. It is like apprenticeship. After that period of time, you could start thinking about setting up an individual practice.

Technical requirements like coursework and license will equip you, but it is your attitude that will help you become successful in your field. As a real-estate salesperson, you need to be sociable or a people person. You would be working with different kinds of people, not only the buyers and the sellers. A real-estate agent will also work with lending officers, lawyers, mortgage brokers, insurance company representatives and even land-use officials.

A real-estate agent is on call for 24 hours. Clients would often call an agent during the time when they are available, asking for updates or advice. Flexibility is another attribute you would need to develop. Clientele could be a problem for beginning agents. You would need patience since it would take time before you have your own client list.

Another concern for real estate agents is the income. Most experts would recommend that those who are only starting to learn the industry should have an alternative source of income. But if you are selling multi-million worth of houses everyday, then you would not have any problem with income at all. But success would surely come if you would work hard and learn from every step you take in the industry.

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Commercial Real Estate Investing

Buying real estate is always loaded with questions and variables, and it takes a confident and decisive individual to get it right and make a profit.

It can be an even more vexed question for those who are looking to buy commercial real estate. When you are buying and selling a house, the important issue is that you do enough to the property in order to turn a one-time profit.

Buying a commercial property is another issue entirely, as you need to ensure a lifelong commercial viability.

It is safe to assume that people who buy commercial property are more likely to be in the deal for the long haul than are people who buy residential real estate. It is not always the case, but it usually is.

Therefore, there are different things that you need to be aware of when buying a commercial building. The first of these is where it is located.

Ideally, you want somewhere with good commercial outlets nearby. If you invest wisely in a well-located commercial property you can guarantee good profits simply by virtue of “walk-by” business.

Commercial real estate has taken something of a hit in recent years due to the feasibility of running a business from home.

Now that people can run a company from their computer with minimal start-up costs, people are choosing to do so in favor of paying the often high costs of getting set up with “premises”.

There are businesses, though, which will always need a physical edifice – such as restaurants and garages. Owning a commercial property near to one of these, their workforces and their customers, can pay off in a big way.

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Negotiating the Best Real Estate Deal

Negotiations in real-estate deals is all about compromising and agreeing in order to close a transaction. When negotiating, the negotiator should know the needs of the client. Legal knowledge is important, since the negotiator should be able to identify the legal processes that could be done to achieve the client’s needs. Negotiators are usually real-estate lawyers, although real-estate agents would also negotiate for their clients.

To get successful negotiation results, it is important to be informed, prepared and set realistic goals or objectives. If you are a buyer and you have come across a house you are willing to buy, then you would have to be properly informed on how much the property would cost. You could ask your agent to compare it similar properties which are already sold. This is called Comparable Market Analyses or CMA. In CMA, the condition, size, number of rooms of both houses would be compared.

After being informed, then you would have to prepare for the negotiation. You could start by setting a realistic amount of money you are willing to spend on the property. When making decisions about buying or selling a home, never let your emotions get ahead of you. Follow and execute the plan.

There are different real-estate negotiation tips that would make both the buyer and seller satisfied.

  • You start with an offer that you know that they would not be able to refuse and not a quote that would make them angry or rolling in laughter. When presenting the offer, make sure that you or the negotiator would state what and how both parties would benefit from the deal.
  • It is normal that the opposite party would ask questions and state their expectations, be confident when answering. Be cool and calm, even if the arguments are pushing you on your wit’s end. Present the answers in a way that would help them see that they have a way of getting out of the deal.
  • You do not have to say or show how desperate you are to purchase the property. If you would like to convince the other party to give-in, don’t overreact with the offers or quotations or try bluffing with the other party. Be straightforward with your win-win solution and be prepared to counter their arguments. Look for loopholes and weaknesses which would help turn the table around.
  • Be realistic. Do not overprice nor underprice. Usually, a buyer would have to spend a little more than what you are willing to, to get the house and the property that they would like to have. Asking for a very low price is like an insult to the person who is selling the property.
  • When starting with the negotiations, it is better to correspond with written documents. Oral commitments cannot stand or are not duly recognized as a binding agreement by some states.
  • When negotiation, do not fret over small details. There are negotiations called of because of small issues that could easily be dealt with. If the transaction would not push through, then major things should be credited with the failure.

In real estate negotiations, it is compromise that would work and enable both parties to close the deal. Both parties could start with the points that they both agree on and deal with the differences later. Sharing a common ground makes it easier for both parties to come up with win-win solutions.

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Finding the Best Real Estate Agent

Having a real estate agent to help you out is essential when aiming for a quick and good deal, whether you are buying or selling your home or property. Selling your house is not just about placing a “for sale” sign in your lawn or placing your house in the classified ads. A real-estate agent would be able to help you sell your home for the right price and get the best deal possible.

There are many real-estate agents out there, how do you choose the right person?

Do the interviews yourself

The best way of getting to know an agent is by talking to them personally. You could directly discuss with them what they think about the property, know about their qualifications, ask about their previous transactions, any kind of problems with previous deals and seeing if the personality would be able to match yours. You could directly inform them what kind of communication you are expecting from them and it they would be able to reciprocate that expectation.

Qualifications and history

Check if they have enough experience and expertise, especially in your location. They may have an impressive record in other places but they would have limited knowledge in your area. Also look for any complaints filed against the agent in the State Board of Realtors.

Referrals

Ask your friend, family or relatives if they would be able to recommend somebody. If they would be recommending an agent, make sure to ask about their experience with the person. You could ask about how the agent communicated with the clients and of course, their fees. Before hiring the agent, identify first if they would be able to provide your needs and work with you.

Customer service

Your agent maybe good, but they may be difficult to contact or does not maintain open communication with you. That would surely create problems. If your agent has an assistant communicating with you, it is okay as long as they are present in important transactions and would go over the contracts themselves. How the agent communicates with clients show how they value the property and how serious they are in dealing.

Familiarity

The agent that you should be getting should be familiar with the market in the area where you are buying or selling your property. The agent should have an idea about the competition in the area, the neighborhood’s history of transaction and the usual price range in the location.

Contacts and access to tools

It is great to have an agent that would be able to find contacts that would match your needs as a client. Your real-estate agent should have access to Multiple Listing Service (MLS). This would allow your agent to have access to different properties in different areas to look for houses or properties which would match what you’re looking for.

Attend open houses

Attending open houses would allow you to see real-estate agents while working. You would be able to see how they handle transactions. You could observe how they promote the house (if the house is for sale) and you could even get a few business cards from other real estate agents.

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Marketing Ideas for Real Estate Brokers

Brokering real estate is one of the most competitive business endeavors today and one that needs for people running it to possess the right skills in order to thrive in the market. It is not a secret that the market has been hard on the real estate brokers and agents, with the prices striking all time lows, so the really only way to keep that cash coming is to be able to sell more properties. The current economic downturn has caused more difficulty to the realtors.

Clients have become astute at tying into one realtor and paying them the standard commission that is rather high to them now that houses are now worth lesser than what they originally paid for. These property sellers would therefore prefer a lower commission charged or set a fixed price so they can continue with the sale. So, the impact for the realtor is added burden how to gain their trust, both from the buyers and sellers.

Use referrals

Perhaps the most traditional tools, but referral can still be considered the best marketing tool nowadays. Giving out your business cards to your satisfied clients will start the game. The sellers or buyers who have been satisfied with your services can pass on the business cards to their colleagues, and catch their attention especially if they are looking for an efficient way to do the property business. Running an ad to several local papers will also keep their eyes on your real estate office and will keep them reminded of the name.

Create a website

Nowadays, running a personalized website is the best way to advertise your products and services. Everyone is going online, so this is a good point to place your business. Do the things that successful online business owners do, like promoting the website, creating a mailing list, signing up list, etc. Make the website informative by putting good quality articles, which are by the way advisable to make your website attractive to the search engines and so pull many readers to your site where they can find the brokering real estate services you want to provide them. Don’t forget to mention that you want to help people make decision when it comes to buying or selling properties.

Provide honest and quality services

It is always effective to start a business that is honest and provides nothing but quality services. People remember these characteristics when they chanced to experience doing business with you. It gains their confidence and therefore would to keep coming back for more and more importantly to you, pass on a good word of mouth until your business becomes famous all over town.

Be knowledgeable

People ask questions and want information. If they are not satisfied with how you answer, you might lose them. So always make sure, you and your agents are armed with knowledge and experience in the field. Knowing the real core of the entire real estate business is a great way to keep your office running strong and lucrative.

Keep a good base of customers

Finding a list of home buyers is a great way to keep your business thriving. You can do this by placing ads in different places, such as online or putting ads on classifieds. You can even try cold calling and gather good contacts which you know will be helpful in the business.

There are many other marketing ideas which you can incorporate into your brokering real estate business, but the key is to be diligent in every little detail that you do. Confidence, experience, and great quality product and services must be remembered to keep the business lucrative and thriving.

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Brokering Real Estate: Good Marketing Strategies

Brokering real estate has always been one of the most popular businesses for a long time. People get involved with it because not only it is a great career to start with, but given the right formula to succeed, can be a lucrative income-generating business as well.

With the potentials that real estate business can give, it is not surprising that a lot of ways are not being offered in the industry so almost anyone can get a hand into it and try their luck. But as in every business, there is a success and there is a failure. How can you avoid the latter? Keep your clientele. How can you do it? Here’s how:

The key is to look for the right market that attracts or brings in clients. There are different ways to do this.

Providing the customers with quality service is a backbone of any successful business. It gains their confidence and therefore will trust to do more business with you now and in the future. Buyers are astute and perceptive of what they are dealing with. And so, they choose real estate broker or agent carefully on the basis that they are experienced, trustworthy, and knowledgeable. This is the right characteristics combination which will keep good business and is essential to attain business referral, in this case, from word of mouth.

Knowing and understanding the real estate business really well is an advantage to you because it will enable you to provide accurate services to the customers. You would not provide accurate services if you lack the best and genuine information of the property you are brokering with. Remember that clients will be doing a significant decision in their life, purchasing a property, so give them top quality information and service.

While scouting for new buyers can be a tedious process, they exist in numbers. In fact, there are methods to reach out to them, no matter where they are located in a specific state. Advertising is vital in this phase but nowadays when technological advancement is becoming more evident than ever before, there is no limit on how you can advertise.

The internet, for instance, reaches a substantial amount of individuals, all across the globe. And of course, working on your landline phone is the traditional but still capable of reaching out to people effectively. Personal contacts as well will keep the business always on moving.

Just like in any business, selling quality products is a big plus factor to keep a solid, whole base of customers. If people know you are selling properties that are good in quality, you will earn their respect, will keep them coming back and give you a good advertisement through word of mouth.

Having a list of moderately yet reasonably priced properties will attract majority of the buyers’ budgets. However, it is also important to have a diverse clientele, as this helps improve the business; therefore, it is also good to sell affordable and more expensive homes.

Having a good marketing strategy in brokering real estate is a sure way to keep the business going. In an industry where competition is apparent, it is vital to keep your clientele and keep attracting for more as this is one of the best ways to increased numbers of referrals. And the more improvements you make the greater potentials of returns it could make to your business.

It is indeed true that brokering real estate is a challenging and money-raking machine business. A lot of people get involved because of these potentials. If you are already running an agency that is thriving well, you probably have great business asset. But what is that you consider a great asset in your office? Is it the office itself, your sub-agents and agents and their marketing tools, or your listings?

All these can be considered good asset of a well-running real estate agency, however, a business expert will tell that it really has a strong, solid business foundation if it already has built an active and loyal buyers list. This is by far considered the most valuable real estate asset for your business to be really doing remarkably in the industry. Otherwise, it would not matter if you have all the abovementioned elements secured if you don’t have a large and solid following.

Why Do You Need Buyers List

Having a solid buyers list is like having a money machine. A house buyers list can be considered the strongest list that pulls money toward your bank account obviously because there are more people interested in buying home properties than commercial properties. So, for example, if someone enlists your services to sell their commercial property, you can put it in your house buyers list.

Logically speaking, there would be more numbers of clients who can see your listing because there are more consumers in the list of house buyers list. Even if these buyers are listed in that category, you can see for yourself a handful from it getting interested in the commercial listing you have done because there are people out there who want to buy commercial properties for different purposes.

Another reason why having a strong buyers list can be your great asset is that people can easily trust to enlist your services if they learn you have it because having the list only indicates strong business as compared to the ones who don’t have it. Come to think of it, where else would people go to: to a real estate office with a strong buyers list or another real estate office without one? Naturally, people would follow that with a strong buyers list because it only means that you got a strong connection with lots of people or clients.

Create A List Now

If you don’t have a buyers list, now is the time to do it. With the highly technological advancement nowadays, there are many ways how to do it. You can run ads in the local classifieds, call for the rent or sale ads, make brochure boxes, ask the buyers, go and meet people at meetings and auctions, find hard money lenders, create your own blog, and many other things or places to look for potential buyers to include in the list.

There are many other ways you can do to start having a strong list of buyers. All you have to do is finding people who can be potential buyers. And then when these buyers contact you, you might want to ask them information that will lead them to buy properties. Of course, it is important to ask their basic contact information first, such email address, complete name, company name, phone number, and similar things.

And then, you get down to business by asking if they are a cash buyer, what kind of property they are interested, what town areas they want the property to buy in, and what they are looking for. It will take time to create a strong buyers list, but in the end, that will help boost your business. Brokering real estate, after all, is not a business that grows overnight. But having that coveted list will ensure you are staying in the field – strongly, successfully and lucratively.

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Is Real Estate a Good Investment?

You have probably heard it before, investing in real-estate is among the best investments you could make. Usually, the value of real estate properties increases. It may sound easy, but beginners would usually fin out that it is not that easy. It would require knowledge which could be achieved through research, planning and hard work. There are common mistakes in real-estate investing which could lead to serious pitfalls.

Before you proceed in investing your hard-earned money in real-estate, you would have to consider several things first. For example, you would have to identify what kind of money you want to earn, it could be lump sum where you could have to venture into wholesaling and flipping. Flipping means you would have to buy properties and hold them until you could sell the properties for profits.

Before you buy any kind of investment, you would have to be familiar with the laws covering the property. Different states would usually have different laws covering property acquisition. There are legal procedures that you would have to undergo or complete to fully claim your right to the property.

Your investment could also provide passive income which would require you to look into houses or properties that could house a number of families. These houses could be rented out. However, this kind of investment may have drawbacks since the property may end up with bad tenant or without any tenant at all. If directly managing the homes or rental units is not your cup of tea, then you could try getting a real estate investment group. They would be building or managing the property for you in exchange of a percentage of tenants’ monthly payments.

If it is your first time to venture in real-estate investing, then you would have to be aware of common beginner’s mistakes. One common mistake is speculation. Beginners would usually follow the media, buy a property and wait for its value to increase. This could be risky. As mentioned earlier, real-estate investing requires research. Aside from that, you would also have to be prepared for the worst. If nobody buys the property, then you would have to think of other methods on how you could generate income from it. You could lease it, rent it and think about other exit strategies.

Another common mistake is getting emotions involved in their first investment. Emotions may cause problems when making business decisions like prospect buyers being cut-off even though they are offering the best deal. Before you start looking for properties, make sure that the real estate team is ready.

Most people think that they could start investing on their own, big mistake. A good real-estate team and mentor would surely help you move quickly towards your goal. Who do you need in your team? You would need a real-estate agent, loan officer, tax adviser, and even a lawyer.

When property hunting, keep two things in mind: location and value. There are newly-developing places where real estate investing could provide you with greater financial returns in the future. Usually, you would find a great property in a great location, it may need some fixes but it could be addressed inexpensively. You may also want to think twice about buying a good property or residential house when it is located in areas with high foreclosures rates. Also, think about buying a property close to your home. This way you could focus and check on the property without being hassled of travelling for hours.

Real estate investing would not make you a rich man overnight. It would require you hard work and good marketing strategies. You would have to be mentally, emotionally and psychologically prepared for it. But when strummed in the right strings, it could definitely provide you financial stability.

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Using Media Channels To Broker Real Estate

Things have been drastically changing with the way brokering real estate has been doing in the past years. No, it is not about the difficulty to find potential buying clients because of the low downturn of the economy. As much as it is disappointing to see the real estate business going down in the last years, it is good that the technological advancement of internet has been compensating. Why is this so? Because doing the property advertising is much easier now than the good old days when although things were pretty much familiar and simpler, take a lot of time and are relatively not applicable in these days and age.

During the old days, the real estate broker has agents who knew exactly how to cope in their daily routine of work. They knew who to call and they just need to meet clients over cups of coffee. They just put in little sponsoring over the league teams, buy spots on some high school or church bulletins. But with the advancement of the technology, how could one resist what the internet has to offer? Would it be simpler than the good old days? Would it be effective?

Let’s see.

If you keep yourself abreast with the technology updates, you will find that there are a lot of formats, creative challenges, and mass media that your business is facing with. You and your agent can find sorts of things that will actually serve as platforms to advertise your business and make it always on top of the game. Among them are video, brand displays, pay per clicks, search engine marketing/optimization, mobile, syndication prints, etc. Even social networking sites such as Facebook, Friendster, Myspace, Twitter, and others are there available for business owners to take advantage of.

Can you use them to your brokering real estate business? Absolutely!

In fact, the plethora of choices can be to your advantage since all of the mentioned formats all a great way to put the name of your business in the popular arena market. However, make sure that you are picking the appropriate method or media platform before you even engage into one. If your business marketing office has a competitive designer, he can make display advertisements. Or you can use search engine marketing as a perfect option if you got a great writer in your marketing team.

They can create a website and write articles which would be set up for the search engines to find and let internet visitors read. Quality, information, relevant articles are a great way to attract visitors to your website. Of course, you have to ensure your website has the right tools so that when these visitors are engaged, they will know where to find them when they want more information to locate and buy their perfect property in mind.

Other media platforms mentioned above are also great tools for advertising your business. You can even apply most of them especially if your team is resourceful. But always remember to keep the overall presentation a persuasive yet attractive and sophisticated one. Do not get yourself overwhelmed with those media channels and platform though. Keep it always simple so you don’t get lost somewhere. After all, brokering real estate business is never about the frills but keeping the business where it caters to the needs of home buyers and home sellers.

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