Professors – Use The Concept Of ‘Prime Real Estate’ At Your Desk, Workstation
The first 4 weeks of a property coming on the market are the most important to optimise the enquiry that could come in. A good percentage of your advertising funds should be directed into this window of time.
Many large and small tenants had got stuck during the global turn down, by signing long term leases in the past with their land lords. Keep your lease tem short, a three to four years term and a minimum lock in period would work better. Security deposits asked by land lords are negotiable. (Your broker should help you with this). For retail spaces tenants, it’s always better to sign in a lease which starts during the peak season and ends during an off season.
The business person is required to pledge a commercial or residential property for finding these loans. It is on the basis of value of collateral that the loan amount is determined. So, you can place any commercial property for borrowing huge amounts that may go up to half a million pounds as well.
So how many people should you have in your database? Personal database numbers should be based on your location and your property type. I would say however that you should have several hundred quality contacts that you work in a continual way. By ‘continual’ I mean once every 90 days or less. In that way you can build a relationship of relevance. If you consider a client as ‘active’ or soon to be, then the cycle of contact is shortened to at least once a month.
You are the business owner and your business’ cash flow should cover the mortgage expense. Remember you are buying the property and planning to operate the business out of this location for the next 5 to 10 years. Even though your property value may not increase in the short term, think of the long term. When you decided to retire or sell your business you will have so much more to offer in the Sale. For example you can sell the business with the property which would increase the sales price. You could also sell the business and lease the property back to the buyer. Or you can even sell the business and the property to two different buyers.
Selling Real Estate is about getting out there. If you prefer to spend time in front of your computer, try real estate investing. You do not need a license and can make a great deal more money. What you do need is a good knowledge of your local Real Estate market and an ability to close deals that will provide good returns. It’s all about flipping properties and avoiding the rental money pits that sucker in many novice investors.
Rentals are a haphazard way of making money as an Agent. You have to rent a large number of apartments, houses and condominiums to make a decent buck. Even after you do start to see leases signed, the properties that pay your Broker tend to hold back the commission for extended periods of time just in case the tenants bug out of their lease. Most Brokers add two to six weeks on to that hold before they release your money. Whether any of this is legal or not doesn’t seem to matter. It’s just the way things are done. When rental agents finally do get paid, it always seems to be less then expected. That’s because your beloved Broker probably forgot to explain the extra fees charged for office space, phone use, website and email sharing, lead generation and advertising.