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Archive for Articles/Tips

Feb
07

Ways On How to Succeed as an Agent In Real Estate Business

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Ways On How to Succeed as an Agent In Real Estate BusinessThe economy of the world has become tougher for the average Joe to eke out a living. This is why people are getting creative and looking for complimentary ways to meet up with their expenses. This is the reason why some people have opted for the real estate business.  This venture requires effort and a decent amount of skill for it to be profitable.

Here are some smart ways you can succeed as an agent in real estate business.

Set Realistic Goals

The key to making a name for yourself in this business is to work to your strengths and avoid areas that expose your weaknesses. Let this be your guiding light when you are looking for your market, and clients. In addition, set goals that you can reach and not look at from a distance. You can break them down and streamline them into different phases if required

You need to be focused and ready to roll up your sleeves and work. Learn how to organize your contacts and manage your time properly. You need to always make out time to look for property, people would hardly come around to your office and hand you business on a platter, especially if you are just starting out.

Think Beyond the Box

Remember that you are not the only real estate agent on the planet. There are many people ahead of you in the game and even more people like you looking for that extra buck. So if you want to get ahead of them, you need to think differently, beyond the box. When you strategize properly, you will find it easy to hit the ground running and make all the right moves in the market that would stand you out from other agents jostling for properties.

An example of thinking beyond the box is working with repair companies. You need to build a crack team of plumbers, electricians, gardeners and the occasional handyman. If you have competent people working with you that might be your unique selling point. Other agents might find you as the go-to guy when a property requires renovation or a last minute repair. You might not earn a commission for selling the house. However, you might earn something on getting the grunt guys together to work on the house.

Work with the Pros

You need to work with professionals in this line of business. Never attempt to do everything yourself. You will not succeed. You will need to work with an accountant because real estate ventures involve loads of money. An accountant can help you analyze all the pros and cons. He can help you expose the golden niches of the market and provide you with good financial reason to chase business. On the other hand, an attorney can provide you with valuable information about property transactions and bring you up to speed with existing laws and how they affect you.

It is vital that you take the advice of professionals; it is mandatory if you want your business to grow. Remember that your success depends mostly on repeat clients and word of mouth referrals. So if you miss your way from the onset, it might be almost impossible for you to find your bearings and right those wrongs.

Ways On How to Succeed as an Agent In Real Estate Business

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Feb
07

Real Estate Agent Guide – The Best Real Estate Agent Always Makes the Best Deal

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Real Estate Agent Guide – The Best Real Estate Agent Always Makes the Best DealReal Estate Agent Guide

There are thousands of real estate agents according to the Canadian Real Estate Association. So in order for you to stand out and be the best, you need more than a license and knowledge of the real estate market. Most agents call it quits after a few years not because they lack the muscle to soldier on during tough times, but simply because they do not know how to negotiate. This makes them always fail to convince real estate investors to sell or motivate a buyer to splash out the cash on a property.

Here are some ways that you can be the best real estate agent and always be in a position to make the best deal.

  • Don’t Talk Just Listen

When you want to negotiate, listen first and speak later. When a client throws an offer on the table, do not react immediately. Mull over the offer before you respond. Most clients interpret this as disappointment and would review the offer. Master negotiators use this art to get less experienced people to make lower offers without having to open their mouths and make a counter-offer.

  • Information is King

The best real estate agent is the one with information at his disposal. During negotiations, it is important to know the objectives and the motives behind any deal. Negotiations are not always about money. It might be more about solving a problem rather than money. Some smart agents realize this and use it effectively to their advantage.

Imagine if there are 2 desperate agents jostling for an available property. One agent might think that the buyer with the most money wins and might want to ask for an extra month for his client to get financing. The second agent might ask the seller why his property is on the market. The seller might say that he has to take a job offer overseas and needs to move in the next 2 weeks. This savvy agent can close the deal by paying less in 2 weeks with no inspection contingencies.

The first agent offered more money but lost out. The second agent offered less and won. Why? He solved a problem and that was because he garnered information from the seller before making his offer.

  • Massage Egos

Avoid being an agent who is driven by a “winning ego” rather than doing business properly and preserving business relationships. Some agents would clamor for their last penny in commissions; others just walk away with an ego massage and collect all their entitlements.

You can turn the tables on contractors or even buyers by doing the exact thing. You can tell them you do not like doing business with them because they are so persuasive and convincing. Flattery can get you into certain places. You would be surprised how this can work to your benefit and ensure that you come out tops in a deal. This does not only make the other person lower his defenses. He might also feel that he owes you one and offer you a better price in future.

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Feb
07

Real Estate Investing – Some Tips On Investing In Apartment Buildings

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Some Tips On Investing In Apartment BuildingsSome Tips On Investing In Apartment Buildings

Investing in real estate goes beyond having cash at your disposal and looking for opportunities to plug your money. It is never a guarantee that you would succeed. Real estate investment can be subjected to sharp swings and dramatic downturns. So you can be making a profit one moment and then lying in a ruin of losses the next moment. If you are looking to invest in apartment buildings.

Here are some tips that you can use to ensure that your investment is not swallowed up by a sea of uncertainties.

Research the Market

Smart apartment investors should always find out the going rate for vacant apartments before committing funds. A good way to obtain information is to interface with property management companies. These companies manage condominiums for other investors and can give you the heads up on any pending projects or openings. You can also get a phone book and call real estate brokers as well. They can dole out valuable information about the real estate market in your vicinity.

Familiarize Yourself

Before you buy an apartment building, you should have it inspected by a professional, conversant with commercial properties. Take heed to look at coolants, heating systems and electrical wiring more closely. Ensure that you do not have a pest problem as well. There is nothing more annoying that shaking your hands on a deal and having some pesky rodent scurry past in excitement about having a new owner. In addition, it helps to also look beyond the building and consider the area. Is it a gang area? If your apartment building is located on gang turf, the building belongs to them and not you.

Credit Scores and REIT’s

Investors interested in taking out a loan on the purchase of a condominium, need a healthy credit report that contains accurate information. It is important that this is sorted out as soon as possible. Ensure that you stay on top of things and keep the credit score as high as possible.

Moreover, owning and running an apartment complex can be a daunting task if you are ill-prepared. One way to avoid this major pitfall is to invest in Real Estate Investment Trusts (REIT). They are on the stock exchange market and are easy to weave through and make a profit unlike real estate sales that can be slow and time-consuming.

Never overpay for a property. Profits are made only when you buy at the appropriate price. If you buy beyond your budget, you have heaped pressure on yourself and might just be running at a loss or in a worst case scenario looking at bankruptcy. It is important that you stick to your purchase price and not budge no matter what.

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Jan
05

Commercial Real Estate Tips To Keep You On Top

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Commercial Real Estate Tips To Keep You On TopCommercial Real Estate Tips

Commercial real estate is a market where many people have found success. There’s no magical formula for success. What is needed is industry-related knowledge, experience, and much hard work. Read on for some advice about how to be successful in the field of commercial real estate.

If commercial property is something you’re thinking about investing your time and money in, take the tax advantages under consideration. As an investor, you might receive interest deductions as well as depreciation benefits. Sometimes an investor will get a bit of money that is taxed even though it is not received. Take this possibility into account when drawing up an investing plan.

Bigger is better when you are thinking of purchasing commercial real estate. If you are considering buying a five-unit building, remember that managing 50 units is just as easy as handling five. Both require commercial financing, and a larger building will cost less to finance per unit.

When you are purchasing a piece of commercial real estate, know in advance what you plan to do with it. Do you want to start your own business there or do you want to lease the space? You can save effort and time by defining your commercial property needs before you set out on your search.

Understand how the firm you’re looking to work with conducts its business and measures results. There are a number of details that will affect you critically, such as methods of negotiation, property selection criteria and the amount of space you need. Find out exactly how these sorts of considerations will be determined. Knowing these things before signing with them can be very helpful.

Before being occupied, your new purchase might need some improvements or remodeling. The changes could be rather cosmetic. Sometimes it is as simple as painting a wall or moving some furniture. In many cases, it may be necessary to move walls or rearrange a floor plan. Be sure to negotiate who is responsible for these changes ahead of time so that you do not have to pay for the full cost.

When you are hunting for a permanent home for your growing business, keep in mind that size matters. You should rent commercial properties that will allow your business to grow.

If you are selecting a broker, ascertain the amount of experience they have had within the commercial real estate market. Verify they have experience in working with the type of properties you are interested in. You and this broker should enter into an agreement that is exclusive.

If you plan to finance your commercial investments, you must first ensure that you are backed by a competent legal adviser. If a complication arises relating to your real estate transaction, you should be represented by the best person in order to set everything straight.

Having the right approach is one key to succeeding with commercial properties. Take that you’ve learned in this article and use it in your business strategy. You don’t want to stop here though. You want to continuously expand your brain with knowledge that you can use and apply. As your experience grows over time, so will your success.

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Jan
05

Things To Remember When Buying Real Estate

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Things To Remember When Buying Real EstateThere are different rules when it comes to financing, searching, and buying a home, so the whole process can be overwhelming and complex. Discovering the various insights and ideas for a winning journey are important before you start looking for a home.

If a seller doesn’t accept your offer on the home, don’t be surprised if they still manage to make the home affordable for you. Sellers will often cover repairs or closing costs, in order to help a buyer afford the property.

If you want to buy a portion of a building, or perhaps the entire building, to open your own business, be sure that the building is in a nice, safe neighborhood. If you choose a bad neighborhood as the venue for your business, you probably won’t get a lot of customers. Seek the advice of a real estate professional regarding the best place to start your business.

This is the best time to start investing in real estate. Property values are very low now because of the crash in the housing market. When buying a house for your personal use, research the real estate market in your area and use a qualified local agent. The market is going to rise again, and it will make your investment profitable when it does.

Keep your eye on the market for pre-foreclosures. If you can afford to wait before investing in a home, pre-foreclosure can be a good option. Pre-foreclosure properties are ones where the owners of them have risk of losing their home because of delinquency. A list of possible pre-foreclosures can be gotten from any lender. You could also advertise you purchase homes for cash. However you find owners of pre-foreclosures, find out what the owner owes, and make an offer that is a couple thousand dollars above that amount. You will discover that you will get a great deal because most owners owe less than the property’s market value.

Ask your Realtor if they can give you a checklist. Realtors usually have a list that you can go over to ensure that you take care of all necessary things when you are looking for a home and trying to finalize the mortgage. The checklist can help you organize everything before you go forward to make sure you have everything.

If you are going to purchase a house, hire the workforce that you need on your own. You might be tempted to use the seller’s house inspectors or appraisers. It can be difficult to open your wallet for something you know could be obtained at little to no cost at all. Yet, it’s still a better idea to surround yourself with your own crew that you know you can trust. A home is an expensive endeavor, getting the real truth now can save you a lot of money in the future.

Use the tips you’ve just read to jump-start your education in home-buying. Use what you’ve learned in your search to avoid the missteps others have taken before you. Good luck in your search and enjoy your new home.

Things To Remember When Buying Real Estate

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Jan
05

Tips To Make Smart Commercial Real Estate Choices

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Tips To Make Smart Commercial Real Estate Choices Are you ready to buy your first commercial property? At this stage, you probably have many questions about how to get started, however, you do not need to worry, as this article is packed full of advice for the aspiring commercial property developer. Here is some advice to get you on your way in commercial real estate.

Take a good look at the property’s surroundings. You will have to clean up environmental wastes from your building. Perhaps you are looking at property located in a flood plain. Think long and hard before continuing on that path. Certain agencies are available in most areas that will provide substantial information regarding the local environment, its conditions, weather patterns, and any concerns you should have as a real estate owner.

Interest rates fluctuation is a major threat to commercial property investors. Current conditions, with their unpredictable rises and falls, leave investors room to make a great profit or to suffer an incredible loss. Always keep these rate fluctuations in mind while shopping for properties so you can understand the long-term impact of them on your purchase.

Take into consideration any possible environmental problems. Hazardous waste on the property is a large area of concern. You are responsible for these problems if they occur on your property, even if you are not directly responsible.

You need to acknowledge that property has a limited lifespan. If you ignore this, it could cause you to spend more than you had planned keeping up the property. The building may need repairs such as a new roof or an electrical system update. Every piece of commercial property needs maintenance sometimes; however, some buildings require more extensive or frequent repairs than others. Make sure you develop a plan for the long term to manage repairs such as these.

Don’t underestimate your relationship with private lenders or investors when you buy commercial real estate. Some of the best deals are made on properties that are never even publicly listed. Knowing the right people and being in the right place at the right time is the only way to get in on such deals.

Before offering to purchase a commercial property, secure a lender. Speak with your investors and friends to make a small list of the area’s best lenders. Before you even embark on a course to buy commercial real estate, do some research and choose one lender that can meet your needs. Making arrangements in advance can pre-qualify you for loans or otherwise expedite the loan process.

Ensure that you have reviewed your contracts before negotiating leases so that you minimize the chances of default. This will decrease the probability of the tenant defaulting on the lease. You want to ensure this doesn’t happen at all costs.

With this newly learned information, you are better prepared to handle commercial real estate. Even if you thought you had a grasp on the basics before, the pointers in this article should make it that much easier to go out with confidence. Hopefully, the tips that you read gave some clues that will help you get started with your commercial real estate adventures, so that you can be successful with them.

Smart Commercial Real Estate Choices

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Jan
05

Be Smart And Follow These Tips On Buying Real Estate

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Be Smart And Follow These Tips On Buying Real EstateTips On Buying Real Estate

The main issue of real estate is the risk that a property will lose its value. Here’s some tips on this subject:

When making your offer on a house you are interested in, it is possible to ask the seller to help with closing costs or provide other financial incentives. For example, you might request that the seller buy down the rate of interest for a couple of years. Some sellers may not want to give you a price break on the home if you ask for financial perks.

Sellers will warn to you when you carry around a letter of mortgage approval with you. Waiting for approval will also cost you time during the process of buying, which might ultimately cost you dollars as well.

If you’re buying real estate, seek the guidance of a broker or real estate agent. These people have a lot of resources that you might not be able to get. One of the useful tools brokers work with is special software that sorts through MLS listings based on various types of criteria. This specialized software makes your search for a new home more efficient and ensures that you don’t miss any listings.

You can often find bargain prices on homes requiring a large number of repairs and improvements. This permits you to save your money on the purchase price, and you have time to work on your home at your own pace. You can build up equity with each and every improvement as well as get the exact home you want. Try to envision what the house might look like once all the improvements are made rather than dwelling on its current condition. The home of your dreams might be waiting for you behind an outwardly rough exterior.

A professional inspector should be hired to perform an inspection on any piece of property you are looking to buy. Though it may seem like an unnecessary expense if a buddy thinks he can do it; hiring a professional will give you an expert perspective on the quality of your potential investment. A certified professional can also be held accountable for his opinion, unlike your buddy who will leave you holding the bag.

Before you put an offer on a home, measure it yourself. Make sure the listed square footage is in compliance with public records. If these numbers do not match up closely, you should not buy the property without consulting your agent to have it fixed.

If you are interested in a rental property, make inquiries regarding who is responsible for the gardening before you sign the lease. Some rentals will make you take care of this chore, while others will include a gardener as part of the rent. Other rentals will have this service done for you, and it will be reflected in your monthly payments.

Most first-time buyers are surprised to find out how complicated purchasing a new home is. This advice should be utilized well when it’s time to purchase property.

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Oct
15

About Commercial Real Estate

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About Commercial Real EstateCommercial Real Estate – A Primer

When speaking with a bunch of real estate investors recently in Greater Toronto Area, the question arose as to what percentage of them have completed a commercial property deals in last one year, and interestingly, the answer is none. It seems that many of investors were either happy with the present market conditions or they did not actually have the ability to go for acquisition of a commercial property.

Market specialization? No. It appears that most of property transactions go something like this:

  • Residential real estate is that the sweet spot of the small real estate investor.
  • Commercial real estate is usually left for the small business owner, who has opted to stop renting.
  • Both of the above two factors of the real estate industry do have some crossover, but the last two statements are the common norm.

So how specifically are commercial properties being bought, sold, and rented? What’s the best method to acquire a commercial property and who you need to assist you in buying commercial real estate?

Here are five key points to consider:

  1. By far the most common business entity for owning commercial real estate is currently the incorporated company.
  2. Commercial real estate, in general, less common subject, in part, as a result it isn’t as personal and does not tug at our own financial purse strings.
  3. Commercial real estate could be a term to explain a property with five or more units. Commercial real estate is a vital element of any well-run business.
  4. Investment in commercial real estate is riskier and more expensive than investment in residential property – however ultimately it can be way more profitable.
  5. Commercial real estate could be a business investment driven by market economic factors, not so much the real estate itself.

Investing in commercial real estate can be a decent way to invest, however, you must make certain that you’re well represented by an experienced real estate broker, an attorney and accountant before moving forward since buying commercial real estate will have vital tax consequences and if you are buying or developing commercial real estate, it is very important to protect your financial interests with legal assistance. It’s going to sound surplus, however, the axiom location, location, location, is a very important factor in buying real estate property too. Here is the key to purchasing commercial real estate: the one with the most info wins.

The winners are the folks that acknowledge that the world of commercial real estate is continuously changing and understanding the nature of commercial real estate could be a precondition to the timing question.  They also understand property data and realize that information is the most critical aspect of any transaction. In other words, the key to successful buying commercial real estate is maximum market and property information.

About Commercial Real Estate

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Jun
05

Tips for Becoming an Effective Real Estate Agent

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Real Estate Game – Becoming an Effective Real Estate Agent

The real estate game is a very competitive one. If you do not man up, you can easily get blown away by the competition. There are 1000’s of agents all over the country fighting for pole position, trying to represent the interests of potential clients every day. These clients want the best of the best.  They are always on the lookout for agents who are effective and who offer a wide array of great services.

Here are some tips that can help you become an effective real estate agent.

  • Negotiating Skills

Negotiating skills are a crucial component for any serious-minded agent. Negotiation includes bagging the best price for your deal and also ensuring your commission part works out as well. Sterling negotiation skills aligned with effective communication abilities are important.  And this actually begins when your first potential client steps on the scene.

It is vital that you sell yourself as an effective agent first to the people that you want to do business with. Then you can continue the negotiations with potential sellers over the phone, by email or in person. Getting a buyer to sign a contract is a daunting task, one that only a good negotiating agent can win.

  • Ask for Referrals

Never take it for granted that your clients would automatically refer people to you. You might have done a good job. But they need to be reminded. Do not think that this is awkward. Most clients would do this for you without too much thought if your reputation is a good one.

If you are avoiding this, it means that you want to spend 1ooo’s of dollars in advertising and marketing instead. And with that there is no guarantee that it would be as effective as asking for new clients from previous ones.

  • Get on the Internet

Never believe the old-timers and think you can make this business work without leveraging on the Internet. The world has gone digital and you need the Internet to compete favorably in today’s real estate market. You will need to build a website, use social media, learn how to upload attractive pictures of your listings and get a hang of SEO optimization as well.

There would come a time when it would be hard to get your marketing out the door because you are occupied with other things. So you need a virtual assistant working for you overtime, without pay 24-7 and 365.

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Jun
05

Advantages of Buying Over Renting

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Although there are advantages to renting, the rewards of purchasing a home far outweigh the pros of renting. The most basic of pros for buying a home is equity in the home that you are building. Essentially, as you make your mortgage payments and the more the home value increases, the more money you are “saving.” Owning a home also tends to represent the Canadian way that provides you a place of your own, and is a representation of permanence.

  1. Building equity is the strongest argument for owning a home versus renting. Mortgage payments decrease the amount of money you owe on a home and you can also consider your mortgage as a forced savings plan. If you pay for rent you are actually paying a mortgage for someone else and creating equity for them. Why do you want to create a savings for someone else?
  2. Tax benefits for homeowners include being able to save on taxes.
  3. Homeowners can always renovate, change and customize their home; whereas, if you rent you are at the mercy of what the landlord will let you do to the home. It is always fun to create a living style that is all your own. You can paint the walls any color you wish and hang pictures where ever you want. You can knock out walls, add floor space, carpet and redo the kitchen or bathroom. In a nutshell, you can do whatever you want with your own home.
  4. The stability you feel when you own a home is unparalleled. You know that if you lock in an interest rate your payments will not change. If you rent a landlord can increase your rent whenever they want and landlords may also evict you or sell the rented home out from under you.
  5. Home ownership contributes advantages for the future. You are continually building equity, but when you pay off your home, it is yours and no one can take it away from you.

Renting is a great place to start, but when you own or are buying a home you do have a sense of permanence and a place to just call your own. Home ownership equals building for the future, provides stability, and helps give you a pride in owning something. Home ownership also provides security for your family in knowing that they have somewhere to call their own.

Discover more about the joys of home ownership over renting today and see about making a move in your own lifestyle and budget. Then instead of tossing money out each month needlessly on rent, you can be saving and investing in your future.

Advantages of buying over renting

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