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Real Estate Business Tips – Always Get Everything in Writing
In this week’s edition of Real Estate Business Tips I want to talk about something that is quite often overlooked, but is extremely important for Real Estate Investors and all other business owners for that matter.
I know from experience that your conscious usually wants to trust the other person that you are doing business with in regards to a specific agreement or understanding about something. Unfortunately, when there are two parties involved in a transaction, each individual party is going to mentally process things in different ways. And not only that, but when things aren’t specifically spelled out and understood in writing then people automatically assume that they can change their mind about something without consequence. Do they have the right to do this? Perhaps, perhaps not. But the fact of the matter is this, when you do not get things in writing from people you do business with, then there is no real consequence and accountability for either party.
Therefore, the solution to this problem is simply this….. Always get everything in writing from people you do business with, even when you do business with family or friends. When thoughts are in writing and agreed to up front by all parties then there is a much less chance for future problems and misunderstandings.
This may be considered a common sense topic, but I would venture to guess that there are a few situations where you wish you had gotten something in writing up front because it came back to bite you later. There definitely has been for me.
If this has happened to you then tell me about it by posting your comments below. I hope this article was helpful!
To your Real Estate Investing Success,
Brian Evans
P.S. Tell me what I can do to help you succeed by posting your comments below this article. I look forward to hearing from you.
Real Estate Business Tips - Understand Your Market
I believe as a Real Estate Investor that it is very important to understand your market. This doesn’t mean that you have to be an expert and know every little detail about your area but it does mean that you should have a strong understanding of it. The more you understand about the market where you invest, the more confident you’ll be in the investment decisions that you make. With a strong general knowledge you’ll be able to best determine whether you want to hold a property or flip a property based on the various area conditions in your market.
I would recommend devoting an hour out of your day once this week in order to develop a strong understanding the market you are investing in. Some of the statistics I would recommend you look at are:
o Population
o Area’s growth rate
o Area’s median income
o Areas education level
o What are the primer industries
o Is the market growing or shrinking
o Where are the high end properties
o Where are the low end properties
o Where are the jobs
o Where are the best shopping and entertainment centers
o Which areas are suffering from high turnover
o Are new transportation corridors in the offing
o What are the absorption rates for commercial and residential areas
o Where is the overall national economy on its gravitational cycle
o What effect is the current global market having on jobs, land and the overall economy
o How does the area compare, statistically to other areas of similar size
Market info is available from the US census bureau, chambers of commerce, real estate professionals, banks and lenders, tax rolls, industry publications, online websites like city-data.com etc.
Real Estate Investing is a phenominal business that requires a good understanding of your market so that you can make timely educated investing decisions.
If you found this article beneficial then post your comments below.
To your real estate investing success,
Brian Evans
Real Estate Business Tips – Limit Your Daily Interruptions
Whether you are a Real Estate Investor that works from home or has an outside office, your success really depends on how you best protect your time. Phones, e-mail alerts, chatty employees—the list of daily interruptions is almost endless. And once interrupted, recent studies have found that it is very difficult to get back on task. So a better strategy is to avoid the interruptions as much as possible during the workday.
Here are some suggestions for keeping your Real Estate Business workday productive:
Get started earlier than normal before outside forces can start to impact your focus. Use that hour to answer e-mail that needs attended to and check your phone messages. Then when you’re ready to start your work, you won’t have the task of getting to these things throughout the day.
Email is such a necessary evil! Understand this and take control. Set one or two times a day to deal with your e-mail and phone messages and stick to them. Don’t constantly check your e-mail or answer each message as it comes in. This will distract you from achieving your daily work goals. Personally I have been guilty of this and have to constantly work to break this terrible habit.
Go through your in-box and take care of everything you possibly can as you come to it. Try not to lay any-thing aside for later, which usually just creates piles of things that you might be tempted to procrastinate taking care of.
Be friendly with people throughout the day, but don’t start conversations that are liable to snowball into long chitchats. Stay focused and get on with your work.
Remember, as an Investor, your Real Estate Business success depends ultimately on how you manage your time and the actions you take day in and day out. Distractions will lead to procrastination, which will lead to smaller paychecks. Get rid of the time sucking vampire people and activities and you’ll be miles ahead of the rest!
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