Buying, selling, or mediating between the sale or lease of a property could sometimes be a testy one. Whenever home or property owners wish to sell their assets, or purchase new ones, they generally acquire the services of professionals called real estate brokers. A real estate broker is a party who acts as an intermediary between sellers and buyers of real estate, and also finds sellers who wish to sell and buyers who wish to buy.In the United States, this method or practice was first created by reference to the English common law of agency with the broker having a fiduciary relationship with his clients. In England, these people would be called Estate Agents, to describe a person or organization whose main business is to market real estate on behalf of clients. In the US, real estate brokers and their salespersons, or real estate agents, help home sellers in marketing their property and selling it for the best possible price and under the best payment terms.Common Functions Of Real Estate BrokersReal estate brokers or agents perform a wide array of services that fall under the umbrella of real estate or property development. One of the tasks of a real estate broker is to perform a Comparative Market Analysis, which is an estimate of the home’s value compared with others. The next task for brokers is to Create Exposure, by marketing the real property to prospective buyers.Brokers also assist or guide buyers in Facilitating A Purchase, as well as Facilitating A Sale. Brokers too could also help home owners who wish to sell their homes by themselves, normally called For Sale By Owner (FSBO). Brokers help in FSBO document preparation by providing necessary paperwork for FSBO sellers. Brokers also assist home sellers by providing them Home Selling Kits, which are guides on how to market and sell a property. Real estate agents also perform hourly consulting for a fee, based on the client’s needs.How To Become A Real Estate BrokerThe first step before a person fully becomes a real estate broker would be to contact the nearest Department of Real Estate in your respective state. Once you’re there, request a copy of the requirements needed to become a broker. Once you’ve gotten hold of the requirements, contact a real estate school that specializes in courses needed for taking the real estate broker’s exam. Check the yellow pages under the “Real Estate – Schools” section.Once you’ve enrolled, take effort in studying and doing class work, although these can be typically done at home. Once you’ve taken the required subjects, start to contact a local college or university that offers preparatory classes for real estate broker’s licensure exams. These classes, though, will require some class attendance. Once you’re ready and the designated examination time draws near, pay the exam fees, pass the exams, and after that get your state license.Once you’ve passed the licensure exams, Get real estate business experience, generally as a salesperson or in a position in a related field, such as title or escrow or property management at first. Then as you learn the ropes, move slowly up the ladder to become a full-fledged realtor or property management consultant, and you could choose to operate on your own, join a group, or manage a unit of brokers.Real Estate Press – http://realestatepress.org
Since I get over 1,000 real estate investors coming to my various real estate investor websites and registering with me each week, as you might expect, I get quite a few people asking me how to get started investing in real estate.When my business was smaller and I was just running my own real estate investing business and our local real estate investor group meetings, I used to sit down and meet with investors that asked me this question individually. We’d go to lunch at my favorite burrito place and I’d ask them many questions.I’d want to know about why they wanted to invest in real estate, what they expected to get from it, how they thought they’d be making money as a real estate investor, how much time and money they planned to invest in themselves and their real estate investing business, what their business and investing experiences had been so far, and so on and so forth. After a couple dozen of these meetings though, I noticed a pattern in what I suggested to each of them (and yes, it really took that many meetings for me to notice this pattern): I suggested that each one of them get started wholesaling real estate.After I told them that they should wholesale real estate first, I’d then run down–very haphazardly–a list of the things they needed to do to get started in their real estate investing business. A few years have passed since those first meetings and the first time that I made a quick list of how to get set up investing in real estate. Over the years, I’ve had quite a few people get started in the business based on those meetings with me. So, in this article, I’d like to share with you my Business Setup Checklist for Real Estate Investors.In the Business Setup Checklist, I am not going to have you spend tons of money at first to lease an office, purchase expensive computer equipment and otherwise commit to lots of expenses with no proven income from your business. Instead, I will share with you what I believe to be the most important things to do and to purchase to get started in your own real estate investing business.First, I believe you need to take time to sit down and decide where you are going. Stephen Covey says, and I agree, that you should “Begin With The End In Mind.” It is much easier to accomplish a goal if you know what you are trying to accomplish. Please, do yourself a favor, and don’t skip this critically important step.Second, setup, or at least figure out, the minimum telephone communication system you will be using. Many times, it will be using your cell phone (and changing the message from something unprofessional to something more business-like). Of course, there is a wide range of telephone services you can setup. Start very basic, spend very little and expand as revenue increases.Next, I am a big believer in using 24 hour recorded information lines in my marketing and so I do recommend paying the money to get this set up. With these, you can spend less on marketing and then have people call in to get more information about buying, selling, renting or private money before talking directly to you. You’ll be tempted to bypass this step and use regular voice mail (remember I’ve helped lots of other people get started investing in real estate) and that would be a mistake.The next step is the MOST IMPORTANT step of all: get your marketing and get it out. Nothing happens until you start talking to motivated sellers in this business, so you need to get them to call you (or start calling them). So, take some time to figure out your basic marketing. Depending on your budget, you may also consider getting a website and bandit signs at this point as well. If you are on a tight budget, use the free website route and skip the bandit signs until later.Once you have your marketing and are starting to get it out, you should then be getting organized and ready for seller calls. Make your Seller Presentation and Credibility Pack. Setup your office files to track income and expenses, marketing files and property files. Also, make sure you have the files and forms you need stored in your car. You never know when you might need to write up a contract and better to have them with you in your car at all times, then to miss out on a deal.And finally, set up your business entity. The reason I recommend this last is because most people will stall on this step and unless you have assets to protect, it is a mistake to get hung up on it to begin with. If you have significant assets to protect, you should meet with your personal attorney at the start of any new business to get personalized, professional advice relating to your unique situation.So, those are the basic steps to setting up your real estate investing business.
While many of today’s real estate investors are suffering from this massive, global economic meltdown that’s causing unemployment to rise to at least 10% by this fall, bank foreclosures to skyrocket and prices in most real estate markets to fall more than half from their peak, my students are making 6- and 7-figures with real estate investing syndication.For example:o My client, Jay Redding syndicated his first commercial real estate property in Indiana earning his investment business an immediate $250,000.00 in cash and equitable profits.o My client, Certified Financial Planner, Michelle Agar syndicated her first group of 5 investment properties in Edmonton, Alberta, earning her $269,000.00 in profits.Want to know how they’re making extraordinary profits in today’s real estate “Perfect Storm” of opportunity, and how you could do the same?6 Elements A Real Estate Investing Business Needs to Make Extraordinary Profit Gains with Less Than a Part-Time EffortProfit-making element #1: Vision and PlanningYou need to understand that your investing business should be treated like you would for your own baby in the beginning and it should be nurtured as such. I don’t believe that any parent in their right mind with a newborn child says, “I’m going to walk away from this baby and leave it to fend for itself without any help and check up on it every few weeks or months. Then I’ll see if it has fed itself, changed its diapers, growing strong and operating with positive values and ideals.”If they did this, their baby would die. Yet, I see one investor after another doing the same thing with their businesses and then they wonder: “what in the world went wrong.” They failed to plan. They failed to create a vision. They failed to implement proven business systems. Anf finally, they failed to focus their efforts on launching and nurturing their business so their investing business will be ready for more independence in the future.Profit-making element #2: Specialized KnowledgeAs an investor you need to know how to find, finance, hold and flip deals. You need to know negotiation strategies, NLP mind tricks, what’s-working-now techniques, real estate contracts, and how to adapt to opportunities in more than one marketplace, using more than one investing strategy. And, if you don’t have these specialized skills and knowledge then you need to find one or more partners that have the resources, skills and knowledge to help you close more deals. That’s what real estate investing syndication is all about. It’s the ultimate Joint Venture investment business.Profit-making element #3: Applied StrategiesThere are very specific strategies that you need to know in order to:o Set up an organization that generates huge profits on its very first transactiono Position yourself as a syndication expert so more people want to work with youo Create and generate profits 8 to 12 different ways on every dealo Deal with the legal ins and outso Finding the perfect syndication partnerso Leverage your knowledge into massive wealthProfit-making element #4: Mentorship and AdvisorsMy real estate investing syndication business generated over 3.2 million dollars in equity and cash profits within its first 93 days. In 26 months we had transacted over 14 million dollars worth of real estate across 5 markets in North America.I credit much of my success to Research in Motion’s CEOs Mike Lazaridis and Jim Balsillie. Working under two of the world’s most prominent self-made technology billionaire face-to-face for four years certainly helped me hone my business and relationship skills fast. Remember, behind every successful entrepreneur is a mentor that has helped guide he or she in the direction they want to go.Profit-making element #5: Strategic PartnersWhen you become a real estate syndicator and partner with other investors who have money to invest in the market you:o Build a formidable reputationo Do more deals by leveraging this concepto Create a fortune for yourself without using your own moneyo Become a major player in the market without risking any of your own capitalIn other words, when you transform your real estate investing business into a syndicator, you create a win/win/win for everyone involved.Profit-making element #6: Systems and ProcessesOnce you have launched your real estate investing syndication business and put the right systems and processes in place, you can work part-time from your laptop and Blackberry. Re-inventing himself as a real estate syndicator, with just 10 hours of effort, Robert Beagle closed his first real estate deal and made over $61,000 in profits on a property he had never seen!As you complete more transactions and learn to master systems and processes you’ll be able to put your business on autopilot and complete even more deals in less time.