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

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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

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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