If you are considering getting started in real estate, or if you are wondering where you can expand your real estate business to, you are going to find that there are a number of different options open to you. You might find that your efforts are well suited to a number of different things, or you might find you are going to need to look into a joint venture. A joint venture, or a real estate partnership is something that organizations large and small are looking into, and if you are ready to try it out, there are a few things that you need to know.In a joint venture, you are going to be pooling your resources with another person or company. The percentage of the profit that you make together can be something that greatly eclipses the money that you are able to make on your own. You will find that the strategy that you use is going to need to be cooperative and that rather than working entirely independently, you are going to need to be working with people who have their own ideas and concepts. You need to be on the same wavelength, and you need to be someone who is ready to compromise when it comes to looking at how you are going to move ahead.When you are considering going into a joint venture in real estate with someone else, you need to make sure that you are both going the same direction. For instance, are you interested in purchasing a property together? While you might have the capital to put the money together, you will find that you might have very different ideas for how the property is disposed of. You might find that you are more interested in fixing the property up and selling it, while they are more interested in fixing it up and renting it out! This is something that can make a huge difference in what your goals are and how you can move ahead.Another thing that you need to think about is what kind of effort and money you are going to put in. Are you interested in being full partners, or are they more interested in only putting in a percentage of cash? There are a number of different options open to you when you are thinking about going into a joint venture, and the more clearly you sketch things out, the better off you are going to be. Take some time and make sure that you consider how you are going to be able to get ahead in this type of endeavor; it takes a great deal of work and communication!If you are interested in getting involved in a real estate partnership, remember that you should make sure you know what your options are going to be. This is something that can make a huge difference later on down the line!
The facts are that not all real estate agents are created equal, they are not trained the same way and they do not all get good education. Most agents come into the real estate business thinking all they have to do is go to school and pass a test to get licensed and their ready to hit the streets to sell homes.This something that further from the truth just because someone passes a test does not mean they have the knowledge and expertise to handle the largest purchase of someone’s life. One of the biggest issues that are always apparent is the lack of education agents receive after they receive their license.So how can you identify a true Professional?This is something that is really easy to identify who has invested in training and education it all in the letters after the person’s name. If you see and agents sign or ad and you see letters after their name this means they have continuing education. Don’t think for one moment that just saying they are a Realtor means they have training and the experience to help you make the purchase of a lifetime.So what Letters are important to see?Well for starters there is the GRI if you see this it means this agent a Graduate of the Real Estate Institute. But it does not stop there because there is GRI 1 through 6. The agent who graduated from all six levels has over 180 hours of classroom study and has been in the real estate business for over two years.If you see CRS this means Certified Residential Specialist meaning they have been in the real estate business for some time and have taken extensive training not just anyone can receive this designation it’s an honor.The letter ABR is that this person has taken training as a Accredited Buyers Representative to work with buyers and offer special knowledge that focus on buyer needs which are different then Seller of Real Estate.There are many different designations that one could achieve in real estate and the more letters after ones name the more this professional believes that by receiving extensive training and education the more they believe in the service to their clients. It also shows that they are at the top 1% of all real estate people because just having a license and paying the real estate board dues does not make one a professional in the field of Real Estate.In fact even attorneys who do not practice real estate and take on a client without the knowledge and training are not doing their clients a service. Think about this in law school they only have about 30 hours of real estate in all the years in school but they have a license to give advice more than a professional Real Estate Expert who has Hundreds of hours of classroom training and thousands of hours of practical experience.So when you are thinking of Buying or Selling look and ask about the agents training and background the agent who has advanced their career through education and training will proudly display this to the public they want all to know that they are the very best and always striving to be better.Remember the More Letters after their name the more they know they more they will give the guidance and expertise to make your best purchase or sale.
However good your skills are in negotiating and selling real estate, any marketing professional will tell you that they are not enough to retain your clients. Communication is vital to winning and keeping clients for your business – building rapport and earning respect are vital. Clients do not just buy your services; they buy your continuous support and that means maintaining that important element of human contact.Without that human touch, your business will lose clients. With it, not only will you retain clients but you will gain referrals. Statistics show that it is less expensive to keep a client than gain a new one. Most of us know the 80/20 rule – that 80 % of business comes from current clients and 20 % from new ones. But were you aware that according to the Harvard Business Review it costs up to 8 times more to gain a new customer than retain an old one (“Zero Defections” by Frederick F. Reichheld & W. Earl Sasser, Jr.). If you do the math you will find that the 20% is only worth 4 % of your business in real terms. You do not want to lose your past clients!As president of Creative Agent Solutions, an Arizona based virtual real estate marketing company; I can say one of the main features of our real estate marketing service is to utilize a Client Database Management system that allows us to maintain communications for our agents with little effort on their part. We formulate a desired contact strategy with agents and produce 100% customizable direct mail to their clients on an annual, quarterly or monthly basis. Designed pieces include postcards, letters, and folded card formats and can include calendars, recipes, sports schedules, magnetic dry erase boards and more. The contents are fun and full of helpful and informative tips for the agents’ clients. Some subjects for example can include home improvement tips or knowing when to refinance. Each piece works to keep our agents name in front of their clients year round and also prompts their clients for onward referrals.Agents can keep their client list up to date all year round by simply faxing a client update form to us, that way the mail count is always accurate. The service is competitively priced and pays dividends as agents get referrals from clients already in their book of business by the most powerful medium of all – word of mouth. In the competitive world of real estate, that’s a solid gold guarantee not only of continued repeat business but of new business as well.