Tag Archives: small business advice

Advice for Starting a Real Estate Business

Downward trends in the housing market between 2007 and 2009 caused real estate professionals to become concerned about the future of the industry. However, since real estate is a necessity for most, like food and water, some small business owners still choose to enter this industry.

Wooden house
© Josefuente | Dreamstime Stock Photos

If you’re interested in starting a real estate business as your small business idea, do a thorough analysis of the real estate industry first to prepare yourself for the various challenges you may face as well as potential opportunities.

Types of Real Estate Businesses

You have a few different options for starting up a real estate business. Some people start as real estate investors or “flippers.” A real estate investor purchases properties with the intention of fixing them up and reselling them (or becoming a landlord) at a profit. You can also establish your own real estate agency (franchise, independent operation, or partnership), which requires a real estate license and training. Real estate mortgage brokers (professionals who work with big lenders) and construction professionals are also important role-players in the real estate business.



Home Prices and Home Sales

According to a 2009 study by Altos Research home prices dropped in 20 major U.S. cities, which in turn helped increase demand for homes. Michael Simonsen, chief executive of Altos Research confirmed this trend saying, “The percent of homes on the market with price reductions is a really insightful indicator of organic levels of demand.”

Despite unfavorable economic news regarding the real estate market in 2008 and 2009, including an increase in foreclosures and home debts that exceed the value, Plunkett Research estimates that existing home sales increased from 4.69 million in 2009 to 5.02 million in 2010.

This news is an indication that someone going into the real estate business post-2009 will likely have plenty of opportunities to make money. An increase in home sales and demand is good news for everyone in the real estate business, from investors and to brokers.

Trends in the Real Estate Business

Plunkett Research reveals that the popularity of the Internet will likely change the real estate industry significantly. Traditional residential brokers may not be able to compete with internet-based real estate operations. This puts a spotlight on the importance of establishing an internet presence as a real estate business owner, including social media and web blogs. Plunkett also recognizes a trend in “green” (environmentally friendly) buildings and smaller homes as opposed to “McMansions.” These are all important points to consider as you navigate any level of the real estate business, from construction to selling.

Innovative Solutions

When the real estate business is slow, as it was after the housing market crashed in 2007, small business owners sometimes find success through creativity. For instance, Kevin Lisota and Shannon Ressler of Findwell, an online real estate company, found success by holding seminars and taking advantage of social networking websites. In an article published in the Puget Sound Business Journal Ressler states, “We’re finding that giving away free advice is working for us.”

If you’re interested in starting a real estate business, it’s crucial that you stay updated on the various trends and news about the industry to ensure long-term success. Subscribe to real estate newsletters, journals and magazines. Also, follow plenty of other real estate entrepreneurs on social media, including Twitter, Google Plus and LinkedIn, to stay in the loop and always be prepared for new opportunities.

 

Sources:

msnbc.msn.com/id/32970895/ns/business-forbescom/

plunkettresearch.com/Industries/RealEstateConstruction/RealEstateConstructionStatistics/tabid/278/Default.aspx

businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100519007025&newsLang=en

seattle.bizjournals.com/seattle/stories/2009/02/16/smallb2.html

work.com/starting-a-real-estate-business-742/

 





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3 Secrets of Successful Small Businesses

Statistics show that the majority of entrepreneurs start small businesses with lofty plans and ideas that eventually turn to mush (to the tune of 8 out of 10 within 18 months) while others become successful rather quickly.

What is it that makes a small business thrive? Here are 3 secrets of successful small businesses.

Good Communication and Management

No one wants to deal with a difficult, stubborn or unreasonable business person. They might tolerate a person like that for a while, but eventually they are going to bail as soon as the opportunity presents itself. Entrepreneurs who master the art of relating to and with other people often find success. Smart small business owners understand the importance of learning superior communication skills so that they can effectively interact with their employees, suppliers, colleagues and customers or clients.

Staying Up to Date with Trends

Another secret of small business success is keeping up with what’s happening in the world and the industry as a whole. What’s working now might not work a few years or even months down the line. Resourceful business owners do their research, follow trends and make observations to get an idea of what’s likely to happen three, five or even 10 years into the future. They make adjustments or develop new product offerings to head off changes that might affect their businesses.

Asking for Help from Others


Napoleon Hill, the man who is considered the father of the personal success movement, among other accolades, taught about the importance of having a “mastermind” group. This is a network of people with similar aspirations, dreams, hopes and activities that help each other achieve their goals. Successful small business owners aren’t afraid to ask for assistance and advice from their colleagues and actively seek other motivated and resourceful people to join their mastermind networks.

Of course there are other factors in play that determine whether a small business will be successful, but these three play a major part. Be open to learning new things to ensure that your company keeps going strong.

 

Louise Gaillard is a social media manager, prolific writer and author.



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Zig Ziglar Quotes

Are you in sales or need to do a lot of selling to make your small business thrive? Then you stand to benefit from the advice of one of the best salesmen that ever lived: the late Zig Ziglar. He has inspired countless entrepreneurs and business owners to win by having a positive mental attitude.

Visit this page for Zig Ziglar quotes to keep you thinking and feeling positive as you run your new small business.



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Education Quotes

Come to this page of StartUpaSmallBiz.com for education quotes to inspire you to make educated small business decisions.

 

Education is the most powerful weapon which you can use to change the world.

– Nelson Mandela


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Stay updated on the topic of lead generation and how you can use customer leads to grow your small business in this section of StartUpaSmallBiz.com .



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.