A Simple Plan for Starting a Business of Real Estate Investing
November 29, 2011 by Kenny Santos
Filed under Real Estate Investing
Starting a business of real estate investing - whether you work out of an office or a ‘home based business’ you run out of a corner of your bedroom, you can drastically change your life, and your income in as little as 10 hours per week - all through a very simple plan of real estate investing.
It is possible to become successful in real estate investing in a short time and, even when starting a business of real estate investing, you can find the time without crimping your current lifestyle!
Starting a business of real estate investing with a simple plan.
1. Groundwork of your simple plan is crucial when starting a business of real estate investing.
I know, it is easy to say - and the truth is, it is easy to do! Most people get stopped when starting a business of real estate investing because they simply FAIL to plan. That’s right, it isn’t because their plan didn’t work, it was because they did not implement even a very simple plan!
To be successful in real estate investing, first find someone else that is successful in real estate investing, watch them, interview them, find out everything you can about what they did when starting a business - and write up a simple plan of what they have done to be successful in their real estate investing - something that you can follow each day.
In order to have what they have, you need to do what they do, so find out what percentage of their day is spent on the telephone, for instance.
Find out how much of that time is spent on making calls, receiving calls and the type of calls they are (Customer Service, making deals, etc.)
That gives you a good idea of what your total time should look like, when you are starting a business of real estate investing of your own.
2. The next step in developing your simple plan as you are starting a business of real estate investing is to divide your total time (10 hours per week is a great start) just like your successful mentor does.
Even if they put in a hundred hours per week, they still divide their time, just like you will, once you begin working your simple plan.
The ’secret to success’ isn’t in the hours - it is how you spend them!
Follow the simple plan outlined here to make the most of your hours and get the most out of everything as you are starting a business of real estate investing with a plan of success.
If your mentor spends 1/10th of their time making outgoing phone calls to find new business, then you need to spend 1/10th of the time you dedicate to your real estate investing business doing the same thing, a pretty simple plan, huh?
3. Set your Goals.
A clear destination is something you always do when starting out on vacation, isn’t it?
Then have the same thing in mind when you are starting a business of real estate investing.
Every successful person says to have a goal in mind so you know where you are going, and our simple plan gives you the steps to get there!
A goal is crucial in anything, and certainly when starting a business of real estate investing.
Without a destination (a specific income amount, a personal item like a car or boat, or simply an amount set aside in savings), how will you know if you ever arrived?
4. Track your progress.
You have your goal in mind, and a simple plan to begin. It is time to get into your 10 hours per week program and ‘backtrack’ to create a clear and simple plan to follow.
Take your goal (a clear date of completion and ‘destination’), divide it out and chart the required progress each day, week, month and/or year to quickly know what is required to reach your destination.
Follow your progress each day to know quickly if you are sticking to your original goal destination, or if you are ahead or behind schedule.
As you are starting a business of real estate investing, you will likely come across some detours, that’s OK (and where many people get lost… Do not!)
When driving, if you find a road that is blocked or a path that seems impassible, you simply find another way around, right?
The same is true when starting a business of real estate investing, just find another way.
Include in your simple plan a few hours here/there just for such ‘emergencies’.
If you have no emergencies, do something else that will get you closer to your destination, or just relax and enjoy where you are.
5. Spend time ON your business, not only IN your business.
In your simple plan for starting a business of real estate investing, you must set aside part of your working time to plan, set goals, promote and advertise your business, not simply work along in your business, doing the things you do.
In today’s world, when starting a business of real estate investing, you will most likely have a website. You need to spend a certain portion of your time (even 10 hours per week total) on getting more visitors to that website. The more people that see what you have to offer, the quicker your business will grow.
You could spend time driving from house to house, telling everyone about your website (not a very simple plan for your time!), or you can maximize your time by writing articles about your business and post them online where many people will see them (many online services promote articles).
This is often overlooked by people as they are starting a business of real estate investing, and one of the reasons they fail to make their simple plan.
As your business grows over time, you will do less of this (but never stop!) and begin to work your simple plan toward the ‘IN your business’ phase.
6. Give excellent Customer Service.
It never pays to make your customers angry. An upset customer will kill more business than you can imagine. Find a way to work with them, or simply give them their money back.
Losing customers is something you cannot afford when you are starting a business of real estate investing!
Many people simply don’t make the time to provide quality service to their customers. Do not let that happen to you!
A little up front planning and goal setting, then follow-through each week, then simply repeat the process.
You will change your business from flat to cash in a short amount of time!
Follow the steps above and it can be done in as much or as little time as you have.
When starting a business of real estate investing, if you follow the simple plan I have outlined here, you are already a success!
Steve Majors - The Lazy Investor Profit from Real Estate Investment articles, real estate investing information and news from one of the most creative investors on the planet ~FREE MEMBERSHIP & real estate training course~ http://SteveMajors.com
About the Author
Before his wild success in Real Estate investing, Steve Majors fixed stereos, was a radio DJ and owned several successful businesses. Completing 40 deals his first year in real estate investing, he now teaches others the secrets of Real Estate investing with his very own LAZY methods (minimum effort = maximum results). Profit from articles, news and information from one of the most creative investors on the planet! http://SteveMajors.com
Virtual Business Ownership - - Marketing The Best You
November 28, 2011 by Kenny Santos
Filed under Uncategorized
When you think of the word “marketing”, most people automatically associate the term with a business, however, in this article it will be associated with you, the virtual business owner.
Now picture this, Zipgirl is attending a network gathering and someone walks up to her and says “Hi there, my name is ABC and I represent XYZ company” Zipgirl responds, pleased to meet you, my name is Zipgirl and I work from home. Well, ABC simply nodded and walked away. Would you have done the same as ABC? Did Zipgirl say enough to attract your attention or enough to make you want to stay and listen? I think we both agree in a resounding NO.
To often times when we are asked who we are and what we do, we short change ourselves by not marketing the best in ourselves. How can I do it better you ask? Below are some questions that will help you to identify your marketing strengths as well as your challenges:
- Can you describe your personality in just five words?
- Are you totally committed as well as passionate about what you do?
- Are you always optimistic about what you do in spite of the challenges you face?
- Are you happy doing what you do?
- What’s unique about your service or product?
- What type of energy do you release when you talk about your business? Do you leave people fascinated and wanting to learn more or bored and uninterested?
- When out promoting your business, what does your outward appearance say about you? Do you walk with your head down? Do stay cooped in the corner of the room or are you out in the crowd taking charge, meeting people with a smile, standing tall and bringing out the best in those you meet?
Next, I’ll share with you some tips on how to market the best in you:
- Always present a pleasant smile, whether on the telephone, in person, in email or even in a fax (SMILE)
- Do what you love (you’ll be more fulfilled)
- Dont try to be the jack-of-all-trades (you do everything and anything) rather, specialize (promote the one thing or area you do best)
- Be unique (original)
- Always be professional
- Always be yourself
- Always express a sense of passion in what it is you do
- Always explore ways to enhance yourself (personally, professionally, and/or spiritually)
As you can see, marketing the best you is more than just selling or promoting your business and it’s products or services. As a business owner, you are in most cases the business (when people meet you, they are immediately exposed to the quality of your service or product). In the virtual world however, people won’t necessarily meet you face-to-face but they too are exposed to the quality of your service or product. How? Through your website, telephone conversation, and/or via email responses.
In closing, remember this, first impressions are everlasting, so when given the opportunity always remember to market the best in You…
To learn more about the Virtual Business Owners Initiative go to: www.vsscyberoffice.com.
Now picture this, Zipgirl is attending a network gathering and someone walks up to her and says “Hi there, my name is ABC and I represent XYZ company” Zipgirl responds, pleased to meet you, my name is Zipgirl and I work from home. Well, ABC simply nodded and walked away. Would you have done the same as ABC? Did Zipgirl say enough to attract your attention or enough to make you want to stay and listen? I think we both agree in a resounding NO.
To often times when we are asked who we are and what we do, we short change ourselves by not marketing the best in ourselves. How can I do it better you ask? Below are some questions that will help you to identify your marketing strengths as well as your challenges:
- Can you describe your personality in just five words?
- Are you totally committed as well as passionate about what you do?
- Are you always optimistic about what you do in spite of the challenges you face?
- Are you happy doing what you do?
- What’s unique about your service or product?
- What type of energy do you release when you talk about your business? Do you leave people fascinated and wanting to learn more or bored and uninterested?
- When out promoting your business, what does your outward appearance say about you? Do you walk with your head down? Do stay cooped in the corner of the room or are you out in the crowd taking charge, meeting people with a smile, standing tall and bringing out the best in those you meet?
Next, I’ll share with you some tips on how to market the best in you:
- Always present a pleasant smile, whether on the telephone, in person, in email or even in a fax (SMILE)
- Do what you love (you’ll be more fulfilled)
- Dont try to be the jack-of-all-trades (you do everything and anything) rather, specialize (promote the one thing or area you do best)
- Be unique (original)
- Always be professional
- Always be yourself
- Always express a sense of passion in what it is you do
- Always explore ways to enhance yourself (personally, professionally, and/or spiritually)
As you can see, marketing the best you is more than just selling or promoting your business and it’s products or services. As a business owner, you are in most cases the business (when people meet you, they are immediately exposed to the quality of your service or product). In the virtual world however, people won’t necessarily meet you face-to-face but they too are exposed to the quality of your service or product. How? Through your website, telephone conversation, and/or via email responses.
In closing, remember this, first impressions are everlasting, so when given the opportunity always remember to market the best in You…
To learn more about the Virtual Business Owners Initiative go to: www.vsscyberoffice.com.
ABOUT THE AUTHOR
Pitfalls Of Real Estate Investing
November 26, 2011 by Kenny Santos
Filed under Real Estate Investing
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Investing in real estate most likely won’t produce the get-rich-quick results promised by many a late-night infomercial. But for investors willing to do some homework, make a good purchase and properly manage a piece of property, the rewards can be substantial. There are some common mistakes made in real estate investing that almost every novice makes. These pitfalls of real estate investing can easily be avoided. You need to know these mistakes or it could cost you a fortune. Paying attention to the smallest detail could net even more profits than you could imagine. The first mistake you must not make is not formulating a plan. Every successful business has started with a marketing plan. They recognized the marketing niche which needed filled and offered the service to fill the void. This is what you must do to avoid the pitfalls of real estate investing. The marketing plan is easy to write. You must write it down. This gives you a visual of what you are doing. When you seem to get lost in the transactions, you can refer to this plan and get back on track. The marketing plan should include how many deals you want to process. You will want to list how much money you want to make. You will also want to put down how long this is going to take. Setting goals and sticking to them will make it easier to realize your real estate dreams. Another pitfall of real estate investing is not knowing the market. You must know what areas are growing and which ones are becoming depressed. The last thing you want is to buy the dream home in an area where no one wants to live. This can be a costly mistake. Getting to know your market means knowing the price you can buy at and sell for. This is one thing that is a must when investing in real estate. Expecting every deal to be like the last one is a mistake many novice investors make. They get frustrated and disgusted when the second or third deal does not go as smoothly as the first. Some times the first deal is harder to put together than any other. Each transaction is going to be different. The home is different. The sellers want something different. You may have to use a lender or you may not. Each deal should be treated as though it were your first. This way you pay close attention to every detail and the risk of making a mistake is lower. One of the biggest pitfalls in real estate investing is not properly estimating the property. The home you are looking at must be able to yield a profit. It does not matter if the neighborhood is great or that you would love to own that house. It must make sense financially to buy the property. If it is not a sound investment, do not do it. There may be a snag in the deal where the net profit is jeopardized. If this happens, check to make sure you are still going to gain. At any time, you can walk out of the deal should it turn sour. Do not try to salvage a sinking ship. Let someone else do that. Cut your losses before it is too late. Avoiding these common pitfalls when investing in real estate can save you headaches and finances. Remember to set up a marketing plan, know your market, research the property, and bail if the deal goes bad. If you remember these points you should succeed in the real estate investment market.
Article Tags: estate, investing, make
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