Connect with us

Real eState

6 Easy Tips for Getting Your Real Estate Startup Off the Ground – Entrepreneur

Published

 on


Opinions expressed by Entrepreneur contributors are their own.

As a professional, I understand as well as anyone that this has great potential for financial payoff and personal fulfillment. But it also presents unique challenges that can take us by surprise along the way. Perhaps you’re stepping into this for the first time. Or simply bettering yourself as a well-seasoned entrepreneur.

Here are six simple but potent tips I can offer from my own experience to help make your real estate startup as successful as possible.

1. Make a detailed plan

First and foremost, the amount of planning you do. Planning will greatly impact both your expectations and your ability to handle the unexpected twists and turns along the way. Find resources that can help you make a detailed business plan. Be sure you understand what you’re getting into. Ask yourself the tough questions that will help you to form the big picture vision, the medium-term strategy and the short-term goals you need to be successful.

On that note, I’ve found that even with a great vision for the future, it’s possible to end up feeling stuck and in a rut. Focus on bringing that vision down to the day-to-day, nitty-gritty to-do list items that need to be achieved. In other words, setting (and meeting) measurable goals is how you get from point A to point B.

2. Assess and plan your finances

Modern brokerage websites and apps have provided a user-friendly experience for investing in condos, apartments and other properties all over the world. It’s not difficult for folks to put some into real estate and make great returns over time.

However, starting a business within the real estate industry is a whole different ballgame. It often requires a strong understanding of how to leverage debt and a strong tolerance for the fluctuations of the market. So to avoid getting in over your head, make sure your finances are lined up well to handle a transition to business . Be organized and specific about your budgets. Plan to make next to nothing at first. This way you will have the most margin possible to build your business up without worrying about putting food on the table for you and your family.

Related: 5 Reasons Why Real Estate Is a Great Investment

3. Form an LLC

When you’re ready to really kick off your business, forming an LLC is very important. Real estate as an investment can be lucrative over time and starting a real estate business of any kind has great potential. But as with any business, it’s important to protect yourself financially from any potential issues. That’s one of the primary reasons to form an LLC. Unlike forming a or DBA, forming an LLC will protect your personal finances and from any liability should legal matters arise against your business down the road.

Related: This Is Why You Should Be Investing in Real Estate Right Now

4. Define your target audience

I’ve found that it’s incredibly important to define for yourself (in the clearest terms possible) who your target audience is. With the tech boom of the last few decades, it’s easier than ever for us to focus our advertising campaigns on specific demographics. If we take advantage of this resource smartly, it makes a big difference.

Defining your target audience means knowing what you’re selling and who wants to buy it the most. It also carries with it a built-in reminder that, as real estate professionals, we are just as much in the people business as we are in the property business. Meaning, that the person behind the transaction is where our focus should ultimately be.

5. Build a website and social media presence

The ever-developing world of online communication is an important reason why a website and social media presence will continue to be integral to the success of your business. A standalone website allows you to showcase who you are with total freedom and creativity. It also provides you a sort of home base for your online presence, your biography, your content and any marketplace or communication hubs you may have active.

Just as important, though, is understanding how social media can be used to reach your target audience. Social media has exploded into an ever-increasing roster of platforms that people all over the world use to network and find what they need. Don’t underestimate the power of creating and maintaining a presence on the sites that matter most to your target audience. And if website design and social media aren’t your cup of tea (and you have the resources to do this), bring someone in and pay them to do it right. I promise you it will be money well-spent.

Related: The Real-Estate Game Is Changing Fast. Are You Ready to Win?

6. Network

Needless to say, profiting and succeeding in real estate these days takes work. But that doesn’t mean you have to go it alone. Networking can be one of the best ways to resource yourself with both the practical knowledge and the moral support you need to be successful.

Seeking advice and wisdom from reliable people who have also walked the entrepreneurial road is so important for your professional development. I try to make sure that I can collaborate with other professionals on a regular enough basis to always be learning from other perspectives. And keep in mind that consistently proving to be a reliable and knowledgeable real estate professional yourself, you’ll build a reputation that can better attract referrals and returning customers later on.

In the end, it’s going to be your follow-through that matters most. These six tips are a great starting place for anyone. But, without the gumption required to make a dent in your to-do list, your dreams of making an impact in the real estate industry (and reaping the financial benefits of that impact) may not come to fruition. Be determined, roll up your sleeves and hit the ground running. Keep the big picture in mind even as you take each next step forward, however small it may seem. If you stick to it, your business will grow and before you know it you’ll be looking back in wonder at how far you’ve come.

Related: 5 Amazing Tips on Turning Real Estate Into a Real Fortune

Adblock test (Why?)



Source link

Continue Reading

Real eState

Hong Kong Billionaire’s K. Wah Wins Shanghai Real Estate Bid, Sees “Excellent” Opportunity – Forbes

Published

 on


Hong Kong billionaire Lui Che-woo has been making successful investments in Shanghai real estate since the 1980s, such as K. Wah Center set along the city’s swank Huai Hai Road. A new project coming amid the country’s economically painful zero-Covid policies took a big step forward on Friday when his flagship K. Wah International Holdings said it had won a joint tender bid for HK$4.18 billion, or $532 million, to develop land on the city’s western side.

K. Wah, though a subsidiary, will hold 60% of a joint venture in partnership with two state-owned companies to develop residential and commercial property in an area planned for artificial intelligence and healthcare-related businesses, the announcement said.

K. Wah said the project “represents an excellent investment opportunity for the group to be engaged in a transit-oriented development to expand its presence in the Shanghai property market, replenish the group’s land bank and is in line with the group’s business development strategy and planning.”

The announcement comes after China’s overall GDP growth fell to 0.4% in the second quarter from a year earlier. In Shanghai, where millions experienced lockdowns of varying duration in the April-June period, GDP shrank by 5.7%. China’s relations with the United States and Europe have been strained by Beijing’s close ties with Russia and recent military exercises near Taiwan.

Mainland-born Lui, worth $12.1 billion on the Forbes Real-Time Billionaires list today, moved to Hong Kong at age four. Possessing only an elementary school education, he helped his grandmother run a retail outfit that sold food staples in Hong Kong as a teenager. In the late 1940s he re-exported army surplus, and by 1950 was buying construction equipment from Japan and selling it to Southeast Asia. In 1964 his was the first private company to obtain quarrying rights in Hong Kong, thanks to a record bid.

After that, Lui started building undistinguished residential housing there. Lui was also an early investor in China, buying into a quarry in Shenzhen in 1980 and later acquiring a land bank in Guangzhou. K. Wah Center opened in Shanghai in April 2005; beside real estate, part of his fortune also comes from the Macau casino operator Galaxy Entertainment Group.

Another long-term Hong Kong success story in Shanghai property development, Shui On Land, led by billionaire Vincent Lo, noted in a filing last month China’s short-term business outlook faces uncertainties. “The Chinese economy faces considerable headwinds amid a highly uncertain geopolitical environment, tense U.S.-China relations, and tightening monetary policy in the advanced economies,” it said. “The property sector debt issue will take time to resolve. Still, the government has the policy means and experience to handle the developers’ debt restructuring process and address the suspended project issue.”

And yet Shui On, whose Shanghai projects include city’s iconic Xintiandi nightlife and shopping area, was nevertheless upbeat about the longer-term investment prospects there. “Although the immediate outlook is less than favorable, the impending market correction should enable us to acquire assets in prime locations at attractive prices during what could be a golden era for new investment,” it said.

See related posts:

World Will Have Nearly 40% More Millionaires By 2026: Credit Suisse

The 10 Richest Chinese Billionaires

Taxes, Inequality and Unemployment Will Weigh On China After Party Congress

U.S. Business Optimism About China Drops To Record Low

Pandemic’s Impact On China’s Economy Only Short Term, U.S. Ambassador Says

@rflannerychina

Adblock test (Why?)



Source link

Continue Reading

Real eState

Real estate markets slow in most nearby communities – Calgary Herald

Published

 on


Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

Article content

Slowing demand and rising supply in outlying communities like Airdrie have set in along with cooler temperatures of late summer, recent data shows.

Article content

Calgary Real Estate Board statistics from last month show sales falling year over year in most communities while supply is rising.

Article content

“In all those markets, we’ve seen improvements in inventory,” says Ann-Marie Lurie, chief economist with CREB.
“Still these markets remain quite tight, but we are seeing some price adjustments and that’s because they came up so high during the pandemic.”

Airdrie is the largest and most in-demand market with the highest sales last month, 169 transactions, down almost eight per cent year over year. Still, the community saw inventory rise more than 10 per cent with now more than 1.69 months of supply, an increase of nearly 20 per cent from last year.

Other communities have also seen sales fall and supply rise. These include Cochrane, which had 75 sales, down about 17 per cent from August last year. Its supply is now more than two months, up about 26 per cent year over year.
Okotoks had 53 sales in August, down about 19 per cent year over year while supply grew to more than 1.8 months.

Despite falling demand and growing supply, prices still grew year over year in these communities. The benchmark price in Airdrie increased almost 19 per cent to $493,500. In Cochrane, the benchmark price grew by more than 16 per cent to $517,400 while the benchmark reached $549,300 in Okotoks, also an increase of more than 16 per cent.

Chestermere saw the biggest drop in sales year over year at more than 48 per cent.

Only High River experienced a slight increase in activity with sales last month up 2.5 per cent versus the same span last year.

Adblock test (Why?)



Source link

Continue Reading

Real eState

Spotlight: Making sense of the current real estate market in Newmarket – NewmarketToday.ca

Published

 on


Buying a home at any time is a huge undertaking. It requires a lot of preparation, time and access to expertise.

Homeowners—and those who wish to become one for the first time—have it even harder right now, with conditions seeming to change from month to month.

REALTOR® Dave Starr specializes in home buying and selling in Newmarket and the surrounding areas. With over 35 years of experience in the real estate industry, he is happy to share what he’s learned with others.

Slowing things down

So how would he describe the current state of the market in Newmarket? “It’s finally more normal and realistic,” he says. “A prospective buyer has a little more breathing room to make sure that their financing is in place and they can also consider a home inspection.”

A seller will benefit by working with a more seasoned agent, he says, because they have had prior experience with similar markets. He likens the situation to a professional athlete who has played in the playoffs before or competed in a large-scale event like the Masters in golf.

Earlier in the year, the market was not realistic.

That tended to leave buyers, sellers and agents scrambling. “The end result can be a situation with buyer’s remorse, where the buyer no longer wants to close on their purchase. The banks sometimes struggle with appraisals, which can also result in a non-closure,” he says. “In the fast-paced market that took place earlier, some agents potentially made more mistakes, especially since they weren’t experienced enough to handle multiple offers.”

Home inspections and interest rates

While some homes may not require a home inspection, there are lots that definitely need one. “In an extremely busy market, buyers could potentially end up with an unwanted surprise—at a great expense,” says the REALTOR®.

He likens it to the necessity of having speed limits on our roadways. The faster you go, the more chances you have of getting into an accident.

“We are now facing an increased mortgage rate, which many would not like to see, but the truth is it will help balance the market overall. Lower interest rates basically were one of the reasons for the inflated house prices and homeowners were simply taking on larger mortgages than ever,” he says.

For years many homeowners would tell him the same thing: that mortgage money was cheap to them. His answer to that never varied: “You do know you have to pay it back at some point.” If the rate were guaranteed for a lifetime, it would be a different story, but of course that’s not the way it works.

The market over the summer was slower but typical; that has become the norm over the past few years.

The fall market is already starting to pick up, with increased activity, though the number of listings in Newmarket is quite low. Rental availability is both quite expensive and experiencing a shortage.

Says Starr, “The market moving forward should remain stable. Buyers and sellers will have more time to make the best educated decision for their needs and wants.”

Whether you’re a buyer or a seller, he welcomes any calls or emails.

Let Dave Starr Real Estate help you make your next move. Call 416-520-3231 and get the Starr treatment you deserve.

Adblock test (Why?)



Source link

Continue Reading

Trending