12 Key Questions To Ask Before You Hire A Commercial Real Estate Attorney
Top of mind marketing is what a newsletter is all about. The newsletter has to be of interest but short, useful and factual. Build your newsletter around the well-known AIDA principle of marketing (Attention, Interest, Desire, Action), and then keep it going out to the market in print and email form on the monthly basis.
As to how much money should be spent on marketing, it is really a subjective question to the property and the local area. The media channels that you use should be the right ones and the timing of promotion should be suited to the local area property investors and business community.
Let’s begin with your motivation and qualifications for becoming an agent. If you want to make money, it’s there to be made. If you’re looking for a way to dig yourself out of a financial hole in a hurry, this isn’t it. The big payday will be a long way off and you shouldn’t expect any earnings whatsoever for three to six months. Oh, yea, and you have to be a terrific Salesperson! If you are not a natural born Seller, decent conversationalist and self-starter who makes Donald Trump look lazy; you will not earn big money as a Realtor. You have to be smart, tough, good with math and have a knack for understanding complicated paperwork. You also have to have startup money and plenty of patience.
There have been times we have suggested a seller just pay the tax! Sometimes depending on your particular situation it may be a better route to just pay the tax. For example: You have a pension and social security and just want a junk of money in a safe CD. The gains tax is 15% of the difference of your basis value less capital improvements. Your gains tax is much less then income tax, but the cash flow decreases to whatever the CD offers.
Grants are usually awarded to people with a solid business plan. Develop your strategy for success and be ready to prove it when you apply for the grant money. Determine what skills you have to offer and why people will want to use your business. You should decide if your business will be based from your home or if you will need to rent a commercial property. Include all of these details in your business plan so you will be ready for action when your first grant money arrives.
You want to hone your skills so you can become a great landlord down the road. A lot of people who become landlords do not actually have the skills to do that. They have properties that sit vacant. They don’t know how to fix problems. They let contractors take advantage of them. They end up with negative cash flow.
Sure all unnecessary lights are turned off. Review any light timers and reset them. Heating and cooling costs are always an issue with retailers. Look at raising your thermostat 1 or 2 degrees in the summer months and lowering them in the winter months.