I am going into real estate and I am needing to write a business plan that will be outstanding. I have never done a business plan before and I am new to the real estate business, so I am not real sure what I need to do to thrive! Please help....
209872
You need to do two things: (a) research in-depth about your industry; and (c) learn about the process of creating a business plan. Doing your business plan will force you to learn more about your industry, market, marketing strategies and financials. \n\nHere are some resources that can help you write your business plan:\n\n- SBA Business Plan Basics http://www.sba.gov/starting_business/planning/basic.html\n- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm\n- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html\n\nYou may also want to review some sample business plans to see how it actually looks like:\n\n- Bplans.com http://www.bplans.com/sp/businessplans.cfm\n- MOOT Corp Business Plan competition winners\nhttp://www.businessplans.org/businessplans.html\n- VFinance - View hundreds of real business plans in pdf format. http://www.vfinance.com/home.asp?bps=1&ToolPage=bps_main.asp\n- Business Owners Toolkit Sample business plans and information on how to create a plan. http://www.toolkit.cch.com/tools/buspln_m.asp\n- PlanWare Planning software and information. http://www.planware.org/\n- Virtual Business Plan Walk through the design of a business plan. http://www.bizplanit.com/vplan.html \n-SBA Business Planning Guide http://www.sba.gov/starting_business/planning/basic.html\n- Small Business Advancement Center http://www.sbaer.uca.edu/business_plan/businessPlan.pdf\n- Sample Business Plan General planning guide created by the Canadian Business Service Center. http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid\n- Business Plans Index - A subject guide to sample business plans and profiles for specific business types from Carnegie Library of Pittsburgh. http://216.183.184.20/subject/business/bplansindex.html\n-\nSome recommended books are :\n\n- Business Plans Kit for Dummies \n- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan \n- Writing Business Plans That Get Results : A Step-By-Step Guide \n- Business Plans For Dummies® \n- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan
421586
If you are not familiar Dont,if you thinking of this type of business,get someone which is good in this trade to help you for a start.(normally an estate agent)\nTry not to flip too much houses at a goal.(my suggestion for a start try 1 or 2 properties until you are more familiar)\nDo not invest your monies on 1 area, try different areas or even countries you may think of potential.\n\nGood Luck\nemail jassmode@yahoo.com.sg\nColdwell Banker Real Estate (Singapore)
27937
Honesty and intergrity, going the extra mile are important.\n\nBeing abrest of changes in the market, knowledge of the market and using today's technolgy is highly valued.\n\nRealtors are often divided between good at listing or selling.\n\nIf I was to choose, I would look at the individuals track record vs promises or sometimes hype.\n\nI would pick someone who is not a friend of a friend, a full time agent who treat real estate like a profession.\n\nDesignations are also a value as the agent has taken the time to improve their own skills.\n\nInterview multiple agents/brokers and ask the tough questions, ask for sales activity, ask to see their website and their existing listings and past Sold's.\n\nHow are you going to sell my home?  What is your marketing plan.? How will you price my home? How did you determine market value? Can I see sales Comps? Can I see examples of your internet marketing? Do you do virtual tours?\n\nYou will see differences.
398702
I was the designated realtor for yahoo real estate in ventura county for a long time. It cannot be expanded that way. It is set up for residential only, and they cherry pick the listings that go in. The idea is to connect the party with a realtor who can truly find out what the client's need are and then as a specialist in the area, get the property needs met. If you want to see commercial listings, go to www.loopnet.com. I am a paid member there, so I can see more than the unpaid members, but by and large, you can see every commercial property for sale or least there.
401153
All the people I have ever known who are well off in their old ages have invested in real estate.  You can lose out on a franchise business.  Small businesses go bust all the time because of many reasons.  But as an old realtor I used to know said "As long as the good Lord keeps making people, but no more dirt the price of land has to go up."
128321
If you can get in with Realtors, go for it.  There are so many "B Credit" loan officers out there that the Realtors don't need you.  They have a guy already.  Concentrate on doing one thing really well and let them know what that one thing is.  That's your only hope going directly to them.\n\nSend letters to all your office's past clients.  Give them an article or something that will interest them and publicize a mortgage or credit seminar.  Call this list of people and ask them if they'd like to reserve a seat.  You can advertise but you may not need to depending on how big your house list is.  I did all this and of all the people who attended, only about 1/4 or less came that saw the ad.  Everyone else came after I spoke to them on the phone.  It will get you some deals but, most importantly, it will spread good word of mouth about your company.  \n\nHere's the most important part.  Take these new deals to Realtors that like you.  If you give them deals, they'll do the same.\n\nThis is one of MANY options.  You could work with local FSBO's by PreQualifying their potential buyers.  Or call "for rent" ads and send them info about investor and commercial loans.
139162
I have my own business.  I have started many business' before from a young age.  I started my current business as a finance coach about 2 years ago.  I do have schooling and background in what I do.  But, don't let that stop you if you don't.  \n\nFigure out what you want to do and if it excites you.  Then work toward what you need to make happen to have your business become a reality and go for it.  Don't listen to naysayers also known as dream stealer's.  Stay focused on your goals as long as they make you happy!  \n\nIf you have specific questions on doing this, email me.\n\nBest of luck.
662299
I found some links on About's page -- see below.\n\nResearch, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:\n\n* Writing a Convincing Business Plan by Arthur R. DeThomas Ph.D., Lin Grensing-Pophal\n* The Definitive Business Plan: The Fast Track to Intelligent Business Planning for Executives and Entrepreneurs (2nd Edition) by Richard Stutely \n* The Complete Book of Business Plans: Simple Steps to Writing a Powerful Business Plan (Small Business Sourcebooks) by Joseph A. Covello \n* The One Page Business Plan with CD-ROM by James T., Jr. Horan\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
166778
I'd look for a good quality real estate management company in your local area and contract with them to handle all the details.  Some real estate brokers also deal in rentals and leasing.  Shop around and find one that you trust.
152584
I'm a part-time agent (with a full-time job) and have been for a year and a half.  It is very difficult to do with a full-time job.  If your full-time job is not flexible, then I would advise against becoming an agent.  You are going to need to take/make phone calls and run paperwork around, and if your job is not flexible, you won't be able to be the quality agent your clients deserve. Obviously, many things can depend on the local market you are in. Find a good agent who's willing to talk to you about the real estate market in your area. Knowledge is the #1 thing you will need: knowledge of contracts, clients, market conditions, mortgages, etc!\n\nYou will really need to be on top of things.  If you don't make your real estate deadlines or things fall though the cracks, you will never make it.  Be organized and detailed!  The hardest part is starting off.  If you don't know a lot of people who are potential clients then you may not have any business for a while.  Since you won't have time to work in the office to try to pick up calls there, then you are going to have to find clients somehow.  This is important. No clients = no sales. Tell everyone you know that you are an real estate agent.  You never know when they will remember and call you when they need an agent. Ask to work open houses for other agents. Open houses are better opportunities to pick up new clients than it is to sell the house. Most people won't necessarily want the house you are at, but make sure you get their information so you can send them information on more houses they might want.\n\nI agree with the other answer about teaming up with someone else.  You can help each other succeed and possibly split some advertising expenses, etc. You need to be prepared to spend a lot of money before you make ANY money: classes, exams, licensing fees, business cards, association dues, signs, MLS fees, and more. Research what costs you will have and be well prepared for it, or you may become disillusioned and give up too soon. Many agents are lucky to have one sale in their first year. \n\nGood luck!
518581
Hey Moham, I've noticed that you have questions on commercial properties?  Are you a landlord or do you provide services in the commercial sector?  Can you email me at mopandoria@gmail.com so we can discuss your position and what you're looking for, esp. in the commercial property questions you posted.\n\nThanks\nMo
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I started many businesses for over 5 yrs now, internet and mailorder. I even owned real estate twice, from a Will Trust, and No Money Down Deal. Now, I sold the Will RE and I lost the RE from a bad broker deal, that went foreclosed.  Business is still going after many failures.  But here is my advice.  You can make real estate a good business with DD research and know that its better to buy RE and sit on it, instead of waiting to purchase later.  While it goes up in value, you can always borrow against it for future purchases or for a new business enitity.\n\nAfter my last failed RE deal.  I vowed to learn how to make the type of money from my business first, then I can buy what RE, multiple types...land, Mobile Homes, Condos, Farms, Family Res, etc. and make it worth my time, with much DD effort.  But whatever you decide, make sure it is your passion.  You would have to love doing it, and always fine tune it, to keep it growing.  Learn from your mistakes and never give up with your business.\n\nI have just crossed the path that I set my goal for, and that was to make in the range of $3-5k per month from the internet.  Now I am researching properties in certain areas that I would like to buy.  It took awhile, but I made that first goal successful. Now my next part is the RE of my choice.  It will become easier now, working with a RE management co. to take care of my RE needs as I purchase what I want to rent. So Good Luck and get your feet wet. I am sure you will do just fine.
540479
Find the type of business on the link below that best describes what it is that YOU do (or want to do). Then see how to truly use the Net to make your specific business (or business idea) thrive.  http://www.wotsnext.com \n\nOr check out their new video tour http://www.sbivideo.wotsnext.com
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I just bought one... Best way is to get an accurate income (their may be money sliding by to keep the taxes down).  Accurate costs is also needed, food mainly but don't forget payroll, water, electricity, taxes and insurance... The rest is pretty much like any real estate.  Is the area growing?... Restaurants are also seaonal, this month may provide a significant income but december may lose money, look at the year not the month, sometimes it helps to look at the last 5 years, which can help you predict the next five... \nA huge question is... If it is doing so weel why sell it.... The restaurant business is a trench fight and buying an establish money maker is the way to go
370438
I am not sure what you are asking. Do you own property or want to sell property for other people?  I am going to assume that you want to be a Real Estate Sales Representive.  You have to be licensed in the state in which you plan to practice. Each state has it owns laws as to what classes and how many credits you have to take. You will have to pass a state exam. You will have to be sponsored by a Broker and work for a Broker.\n\nThe place to start is to look in your local newspaper on a Sunday and look at the Real Estate ads. Most companies are on the internet these days so you will want to look at both the newspaper ads and the internet website for a number of different companies in your area.  Which one do you like the sound and look of the best?  Which companies are the largest in your area?  Which have the best reputation?  Research all of this first. Then pick a few and call for an interview.  \n\nA job with a Real Estate firm is not like other jobs. You are not an employee. You are a subcontractor and you are paid a commission.  Some places you will have to pay all of your own advertising cost.  So make your decission carefully.  When you decide which company you want to go with, talk to the Sales Manager and see what you have to do to get licensed.  Wherever you go it is going to cost you quite a bit of money upfront before you start.  And you will need some money to live on for the first few months.
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In the early stages of the business, it can be tough.  You do WHATEVER you can early on, and work the referrals from there.\n\na) Phone time - If your office has it, take floor time to answer real estate calls.  This is not the best way to get clients, but sometimes it works.  \n\nb) Open houses - Similar story here.  Find your 'hook'.  I tell them I have other homes that are similar, and I can email them to them.  If you do well with followup, you can keep them as a client.\n\nc) Sphere of Influence - These are your former co-workers, your friends, family, etc.  This will likely be your top source of business the first two years you're in.\n\n----\nFrom there, you have to take the successes you do have and find a way to multiply them.  \n\nFor instance, every buyer I sell a home to I offer to throw their housewarming party for them.  It costs me about $150 and my time for an evening.  Why do I do this?  Because I meet all their friends.  And when the conversation comes around that I paid for the party, I always get lots of real estate conversations.  And usually, I get another piece of business.  \n\nDo a mailout to your friends and family AT LEAST four times per year.  Tell them whatever successes you're starting to have.  You have to establish yourself as an expert to them.  You have to be the person they go to when they need a real estate question answered (and if you don't have the answer, you can go find it).  \n\nThis will get you started.  Just think creatively, and you'll succeed in the business!\n\nGood luck.
98038
I am self employed and you are right, if you are going to start a business you need a plan. The area you live in, if it is in the western part of the world should have a Small Business Resource Center, this can be found in the telephone book usually in the blue pages. They can provide some of the info you seek or offer a source site. I suggest you check out the wikipedia site using your town, city or region as the main word for your search, this site should provide you with demographic breakdowns as well as the geographic info and a history of your area as well as what planners envision the area to become like into the future. Remember luck favors the bold, so good luck to you.