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Title: 

What Does A Real Estate Investor Need To Know About Hiring Contractors?

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1479

Summary:

What Real Estate Investor Need To Know About Hiring Contractors with a sample contract.

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Article Body:

Copyright 2006 National Real Estate Network LLC

Where do you find contractor? Ask for referrals from other investors. You can also go to Home Depot early in the morning where the contractors check out. Talk to the clerks about who are the regulars and talk to the contractors in line. Check out their work start to finish and their references. Home Depot is a great place to find a reasonable crew that works for builders.

Does the contractor need insurance? You need to make sure you or your contractor has two types of insurance.

The Two Types Are:

A. Workman’s Compensation Insurance: If you are doing a lot of rehabs, you will want to get a minimum workman’s compensation insurance. If your contractor has workman’s compensation insurance, you will want him to give you a copy of his insurance with you shown as an additional named insured. You then have proof of coverage. Even if you have a minimum policy covering you, you will still need the proof of coverage for your insurance carrier or you will be charged for their cost on your own policy. If you hire a contractor working by himself he can choose to exempt himself from workers compensation, but he needs to sign a form that you get from your insurance company.

B. Liability Insurance: Make sure again that you are named as additional insured on your contractor’s policy or have your own policy. You should talk to insurance experts to determine the amount of coverage you need.

C. Builder’s Risk Insurance: You may want to check on getting builders risk insurance for other coverage on your equipment, tools, and etc.

How do you pay your contractor?

If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I donít care how long you have worked with contractors you have to inspect the job before paying. If you donít inspect the work, donít get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.

Should you have a contract with your rehab crew?

I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.

Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.

The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.

A Sample of Contract I Have Used:

INDEPENDENT REHAB CONTRACTOR AGREEMENT

This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:

Contractor: ________________________________________________________

Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )

Street Address: ____________________________________________________

City, State, and Zip: ___________________________MI___________________

Phone: ( ) ___________________ Fax: ( ) _________________________

Pager: ( ) ____________________ Cell Phone: ( ) ____________________

Emp. Fed. Tax ID No (EIN):_________________ Soc. Sec. No._____________

Contactor License No (s):__________________ Type of License: ____________

Person authorized to sign and bind Contractor: ____________________________

1. Schedule: The Contractor agrees to commence work on: __________________, 20 . The Contractor agrees to complete all work by: ______________________, 20 , subject to excusable delays such as strikes, unavailability of building supplies or acts of nature. Owner reserves the right to cancel this agreement and Contractor agrees to forfeit the balance of money due under contract if work is not completed by this date. The contract herein shall be void at the option of Owner, if contractor does not commence work within ___________________________ (____________) days from the date of the signing of this contract.

2. Scope of Work: Contractor agrees to provide the following described labor, materials and construction in accordance with plans and specifications as may be referred to herein on the following described property:

(A) Address of work site: ___________________________________________________

(B) Description of work (Describe Labor, materials and Equipment to be furnished. Attach additional pages, estimates, and work sheets if necessary. ___________________________________________________________

Other Special Provisions:__________________________________________________

The Contractorís supervisor/project coordinator of this project shall be designated agent for the Contactor. The name of the person is: ___________________________________

3. The Contractor agrees to perform this work in a workmanlike manner and to comply with applicable building and construction codes for residential and commercial structures. The Contractor warrants that his work will conform with such codes and pass any governmental inspections. (If any plans or specifications are part of his job, they are to be attached and made part of this contract).

4. Price: Owner agrees to pay to the contractor for the satisfactory performance of the contractorís work subject to the terms and conditions of this agreement:

Total Contract amount: _________________________.

Initial Payment Amount: _________________Payable on _________________.

Extra work, if any, will be priced as agreed.

Payments will be made only on satisfactorily completed work based on progress inspections done by Ownerís approved supervisors. Contractor has the responsibility of arranging time for inspections. All check requests must be submitted by Wednesday proceeding for Friday payments. Should work not be performed to Ownerís satisfaction and /or accordance with the codes and standards in paragraph #2, Owner will retain a sufficient amount to complete the work as a final payment until the contractor brings the job up to code and/or Ownerís satisfaction.

5. The following is prohibited unless agreed to in writing and signed by Owner and Contractor: extra services and work, deviation of the work as specified herein, or assignment or subcontracting of the work to be performed.

6. The Contractor agrees to indemnify and hold harmless the Owner of the property from any liability or claims arising directly or indirectly from the Contractorís work under this contract whether due to Contractor, its employees, workers, and agents or any other person hired by the contractor. (This includes Construction (including mechanics and materials) liens). Contractor agrees to pay all fees and costs incurred in defense of Owner and or Owner. Contractor specifically agrees to assume and pay any liens that shall be filed by its sub-contractors.

7. The Contractor agrees to obtain and pay for: Workers Disability Compensation Insurance, Personal liability Insurance, Errors and Omissions and/or contractual Insurance, Public Liability Insurance, and any other Insurance or Bond coverage, or submit appropriate waivers which may be necessary or required by Owner, the municipality and/or State of Michigan. Copies of such documents, binders, declaration sheet, proofs, or waivers will be presented to Owner before commencing work.

8. The Contractor agrees to pay and withhold where required all federal, state and local taxes on the money earned from Owner for itself or its employees and to file all proper tax returns. Owner will not withhold any sums for any sums for any taxes due Contractor. Contractor’s relationship to the Corporation shall be that of an independent contractor and not of an officer, employee, or agent of Owner. No partnership, joint venture, or similar relationship is created by this Agreement. The Corporation shall have no liability to Contractor except to pay its compensation under this contract.

9. Building permits will be pulled by: _______________________. Costs will be paid by: __________________________. City certificates will be obtained by: ___________

_________________________________.

10. No modification of this contract will be effective unless itís in writing and is signed by both parties hereto. This contract binds and benefits both parties, assigns, personal representatives and any successors. Time is of the essence of this Contract. This document, including any attachments, is the entire agreement between parties. The laws of the State of Michigan govern this Contract.

This is a legal contract. If there is anything you do not understand about this contract or the language, DO NOT sign it. It is recommended that you consult with a legal or tax advisor of your choice. It is assumed by you signing this contract that you have either consulted with your advisors or have decided not to do so.

The parties accept the terms and agree to abide by them.

Owner:

Dated____________________20___By:___________________________               Contractor:

Dated____________________20___By: ___________________________

Title: 

Success of Short Sale Investing

Word Count:

533

Summary:

The bank, by encouraging a short sale, also saves a lot of its effort and money, which otherwise would have been spent on conducting a foreclosure auction, refurbishing the property, finding an investor, and so on and so forth.

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Article Body:

Eye opening, but true - millions of citizens of the United States are facing or have faced foreclosure due to a missed payment or delay in repayment of there mortgages. The phenomenon of property foreclosure is escalated in the United States in 2008-2009, and more and consequently more people are selling off their homes at lower prices than their actual market value to avoid this unfortunate predicament of real estate foreclosure and seizure of the property by the lender organization. This is providing the real estate investors with magnificent opportunities of buying off property at much reduced prices and selling them at normal industry rates, thereby being able to keep a massive profit margin on each transaction.

The phenomenon is given more impetus by the property short sale option that more and more homeowners are availing these days, which helps them avoid foreclosure and losing home. Since the homeowners can conveniently avoid and overcome foreclosure and the consequent forfeiture of their property by the lender entity, short sale is coming by as a very viable option. Short sale in most cases equips the homeowners with the authority of selling their homes at a rate less than what they owe the lender institution, that is, less than the loan balance, thereby clearing off the mortgage balance at a single go. The homeowner, instead of losing one’s entire property to the bank or the mortgage company, becomes entitled to receive whatever remains excess from the short sale proceedings after paying off to the mortgage company.

This, combined with the bank’s willingness to short sale a property, has contributed towards the excess of short sale properties in the market. The bank, by encouraging short sale, also saves a lot of its effort and money, which otherwise would have been spent on conducting a foreclosure auction, refurbishing the property, finding an investor, and so on and so forth. The two factors have flooded the market with valuable property options, which provides the ideal platform for the US realtors and foreign investors to invest here. As a real estate investor, you can find yourself some good short sale companies, who will assist you in every aspect involved in closing a successful short sale deal.

The short sale experts also offer you assistance in negotiating with the seller party and save you the otherwise involved hassles. You can simply relax and take count of the money the industry can fetch you. All you need to do here is simply contact the best short sale expert company and supply him with all the needed information that will help them negotiate each aspect of the deal. You can initiate with buying some of these properties and see what benefits and profits each of them reaps you in no time at all. The further impetus is provided by the increasing demand of real estate in the United States, which foresees no decline in the recent future.

Possibilities are abundant in real estate in the US and greater are they if the property under consideration is a product of short sale. Massive interests and huge benefits - this is what the industry believes and this is what you to can get.

Are You Committed to Your Real Estate Investment?

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There are many questions that should be asked before embarking upon a career of real estate investment. The first and foremost question however should be whether or not you are truly committed to making real estate work for you. This is not a business for the faint of heart. In order to truly turn a profit you must be at times ruthless when dealing with buyers and sellers but ethical to a fault when it comes to the work that must often be done in order to get a property in sellable condition.

The reason a serious commitment is needed in order to make real estate work for you is simple. There will be ups and downs along the way. The stock market experiences rises and falls on a regular basis. Just as you cannot dump all of your stock over one bad day the same holds true even more so in the realm of real estate investing. Property values in general rise gradually over time. This means that even if the values in a community falter chances are that they will eventually recover. 

Those who bank on the slow and steady growth in the value are referred to as buy and hold investors. These investors are truly committed to their investment. Some of them elect to hold the property as a vacation property while others opt to earn an income on the property by renting it out to other families or vacationers, whatever their choice may be. 

This is a great way for many people to enjoy the luxury of a vacation property without absorbing all of the expenses involved in owning a vacation property as the rentals will help compensate some of the costs when the owners (investors) are not in residence. This is a fairly common practice in high demand tourist areas in which people often enjoy vacationing. These types of investors are what some people refer to as serious real estate investors though all real estate investors need to take their purchases seriously.

Those who own rental properties must also be committed to making their investments work for them. Rental properties are not a 'hands off' type of investment, as they will need to be maintained in order to remain in demand by tenants. You must also make constant efforts to keep these properties managed and filled along with remaining certain that you are collecting your rent each month and that the properties aren't falling into a state of disrepair or abuse by tenants. 

Many investors retain the services of property management agencies in order to handle the minutia of month-to-month details and collections. This is a great idea whether you have one lone rental property or a vast portfolio of rental properties. Even better however, is the fact that if you keep your rental properties in reasonable repair throughout the years they can become liquid assets in time. In other words, they may actually pay for themselves a few times over if you invest for the long-term rather than focusing on the moment.

No matter what type of real estate investment you intend to have it is important that you are prepared to make the commitment to profit or profitability that is necessary in order for your venture to be deemed a success.

Title: 

Are FSBO's Worth The Time & Effort?

Word Count:

351

Summary:

Many people have asked whether or not FSBO's are really worth the time and effort involved in the sale. The simple answer is, Yes! It stands to reason that the FSBO industry is based on some amount of success or else it would never have grown to the size it currently is. And the industry is growing in size every year.

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Article Body:

Many people have asked whether or not FSBO's are really worth the time and effort involved in the sale. The simple answer is, Yes! It stands to reason that the FSBO industry is based on some amount of success or else it would never have grown to the size it currently is. And the industry is growing in size every year. Part of the reason for this phenomena is the fact that home sellers are becoming more and more educated on the involved process and as such are demanding a level of service that many real estate agents are not willing to provide, or able to provide due to a high number of clients. 

The resolution to this problem has been the education of sellers and the drive to eliminate the middle man. For years people were convinced the the only way to sell a home was to contact their local realtor and then wait for the offers. But what if that agent was not providing enough service to sell the home in a timely manner? Was there any real way to ensure that this was being done? It can be hard to trust someone in such a way when nothing appears to be happening. But you can trust yourself right? So, why not give yourself the tools you need to become your own real estate agent? 

The part that cannot be stressed enough is the need to educate yourself on the process before you undertake the selling of your own home. Start investigating the rules and regulations concerning real estate contracts and conveyance. Find out about liens and easements and inspections. In selling your own home there are a lot of hats that you will have to wear. Of course it never hurts to get legal advice and guidance from a lawyer educated in real estate law. There is also an abundance of information available online to help guide your education. The web is a great resource for almost every aspect of the home sale process so take the time to investigate these things to the full extent. Good luck!

Title: 

Architect or Building Designer ñ Who Do You Choose?

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753

Summary:

Thinking of building a new home or complex? Will you use an architect or a building designer? Both are involved in the design of buildings ñ their appearance, layout, structure, and so on. But what is the difference?

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Article Body:

Thinking of building a new home or complex? Will you use an architect or a building designer? Both are involved in the design of buildings - their appearance, layout, structure, and so on. But what is the difference?

The simplest difference is a legal one. To be called an ‘architect’, you have the proper qualification and certification. The title ‘building designer’ can be used by anyone designing buildings. 

But that is hardly even scratching the surface.  Building designers are generally less expensive, and mostly involved in less flamboyant buildings. I is horses for courses. Most architects probably would not want to design a single bedroom extension for a pensioner, whereas most building designers have done a lot of that.

Brian (a building designer) also stressed that there are quite often overlaps between what architects do and what building designers do. There is no simple rule. ‘But no matter what the job, good building designers and good architects both produce quality work’, he says.

Architect Gary Kurzer agrees that architects are more likely to be involved with more distinctive, ‘up-market’ buildings. But not because of cost. ‘Architects work to your budget just like building designers. The real reason is that architects are a little more likely to stretch the boundaries and challenge convention.’ 

According to Gary, you should generally choose an architect if you want more than just a literal translation of your brief. ìMy clients normally have a rough idea of what they want. I take that idea and transform it into something they love, but could never have imagined themselves.î 

The most important thing is knowing what you want from the service, and choosing someone that suits your job.

And whether you choose an architect or building designer, remember, qualifications are no guarantee of quality. Always ask to see previous examples of their work. Ask for references from previous customers. Ask to see their qualifications. Ask how long they have been working. Do they have professional indemnity insurance? Are they a member of an accredited body?

In the end, it is like anything elseÖ there is no substitute for common sense.

Thanks to Gary Kurzer, Architect, and Brian Basford, Building Designer.

FAQs

Q: Are architects and building designers the same thing?

A: No. Architects must be registered with the Board of Architects of NSW.

Q: Will I get a better design from an architect?

A: Not necessarily. The only guarantee is a minimum level of qualifications. Architects must have a Bachelor of Architecture degree (4 years) and the proper graduate degree for the industry. Architects should also be able to demonstrated ability to deal with clients and satisfy their requirements. Generally this means at least a couple of years experience in an architect’s office.

Q: Are building designers more in touch with builders and other trades?

A: Not necessarily. Architects are trained to deal with and manage all aspects of the building project. It all comes down to the individual’s experience and abilities.

Q: Are Building designers ‘would-be’ architects?

A: No. Building design is a recognized profession with its own national body (the BDAA) offering 3 levels of accreditation based on experience and quality - but registration is not compulsory. Many building designers have the qualifications to register with the Board of Architects but they choose not to because they do not think the name ‘architect’ is worth the ongoing cost of registration.

Q: Are architects more expensive?

A: Not necessarily. An architect will work to your budget like a building designer. They can do anything from a simple design to very complex interior and exterior detailing to superintendence of the building process. Your building costs and ongoing running costs may also be less. For example, find out if your architect is incorporating cost-saving measures into the building process. They may also design to take advantage of natural lighting, ventilation, heating, cooling, etc. which will save you less in electricity.

Selling Real Estate in a Sluggish Market

Title: 

Selling it Yourself versus Paying a Realtor

Word Count:

508

Summary:

Almost every homeowner considers the possibility that they could go it alone and sell their own home, in order to save on real estate commissions. Selling a home without professional help is often a quick path to significant savings, because paying commissions to real estate agents is expensive

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Article Body:

Almost every homeowner considers the possibility that they could go it alone and sell their own home, in order to save on real estate commissions. Selling a home without professional help is often a quick path to significant savings, because paying commissions to real estate agents is expensive. The thing to determine, however, is whether or not that expense is justified and whether or not it pays for itself in terms of convenience or higher sales price. Good arguments can be made for both choices ñ using a real estate agent or just going it on your own ñ but the important thing to do if you are making this kind of decision is to explore your options beforehand. Once you know the facts, you can take an informed and educated plan of action. 

 ‘For Sale by Owner’ is a do-it-yourself project that certainly can save you a serious chunk of change. The broker commissions on real estate sales vary from one jurisdiction to another, but are generally in the 5-7 percent range. Hire a pro to help you sell a home for $225,000 ñ which is close to the median price of a home in the USA right now ñ and chances are you will pay somewhere in the neighborhood of $12,000. 

And if you are planning to sell yourself, the biggest advantage you will have compared to 10 or 15 years ago is that you can now participate in the official Realtor property database or Multiple Listing Service (better known as the MLS). For a set fee, you can upload a detailed advertisement along with photos of your property to the MLS and gain immediate computerized access to potential buyers, to let them know that your property is on the market. With that kind of exposure, you may not have to spend any other money on advertising.

You will have to go through a licensed Realtor in order to list your property in the MLS, and pay fees associated with the service. But if you are selling a house, the MLS is worth every penny. Step it up a notch by using an ‘upgraded’ arrangement such as a ‘discount broker’, and you can get additional benefits and services. For example, you can sell your own home but still hire a so-called ‘discount broker’ to help with the nitty-gritty details of the transaction. Real estate agents who hire-out for part time work will offer you a menu choice of various professional services, for things such as making appointments, conducting tours of your home, and writing legal contracts for purchase offers. You do part of it yourself, and pay a pro to do the rest.

One thing that many people forget is that if they set out to sell their home by themselves and it does not work out the way they planned, they can also exercise their option to hire someone else to do it for them. So not matter what you decide to do, it does not hurt to first experiment and find out first hand what you are comfortable with and capable of doing.

Important Tips to Remember when Selling Homes

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Do you think selling homes is easy? Definitely not. It is not like a piece of cake which you can give to anybody whenever you no longer want to finish it up. Deciding on selling your home is a major decision to make. In whichever way, however, selling homes require a lot more considerations to take charge of. 

Do you have a new target house to buy? Are you leaving the country? Do you want to transfer to a smaller house because you need to cut down the expenses that your family incurs? There are several reasons why an owner would want to sell their homes. Whatever the reason may be, selling homes is still one major task to attend to. 

Today, the market value of properties has increasingly changed. Selling of homes is one part of the industry. Selling homes is letting go of one major investment. Everyone knows how hard it is to work on the achievement of investments such as homes. Owners would at least want to get the most profit when they sell their homes. Nobody for sure would want to sell their homes in an underrated amount as compared to their original expenses. 

After finally having thought of it, selling homes require the most important person, and that is the buying party. The seller must attract buyers of his home. And how can this be possible? 

One who is selling homes has to open the doors for worthy buyers. In order to attract worthy buyers, the person selling homes needs to take note of special tasks to fulfill. These days, the real estate market is continuously changing. That is why someone who has to venture into selling homes must be very particular with the details that must be taken cared of.

You may think that if the home you are selling exudes a fine aroma or if the frontal phase is too pretty to look at, the buyer will already be left in awe and amazement, thus, finally deciding on buying it. Well, you are wrong as this may not always be the case. Home sellers need to prepare their homes to be able to reach a top-dollar sale. 

The prospect home buyers will first look at a line of choices of homes to buy before finally pinpointing to one particular investment. So the chance of a home to be bought lies in the hands of the home owner. The seller of the home must do everything to let his home be a standout in the list of choices considered by the buyer. What are the tips to be followed by the one who is selling homes in order to attract the buyers?

Take a look at the house from the street. As the one who is selling homes, pretend that you are the buyer who happens to pass by the home up for sale. What do you see? What do you think are the points that will first capture the buyer’s interest? If you are the actual buyer, will you be tempted to get off your car and try to have a peek of the home? Take note: place well-trimmed plants and fresh seasonal flowers. Make sure that the frontal phase already exhibits an appealing sensation. 

Remember to make repairs. 

Buyers are very particular with details. Light scratches and dents when noticed can turn them off. One who is selling homes must note to have faucets, doors, toilets, and lights repaired.

Exterminate the living insects. 

Have a deep cleaning scheduled. When there are pests around or the surrounding is very messy, the buyers will automatically leave at once. Clean the carpets or replace them if necessary. Plus, a bad reputation will go along with your home. 

Remove all clutters. 

Always arrange things in an orderly manner so the prospect buyer will enjoy touring around to see the home’s features. 

Lighten up the home. 

Ensure a good lighting system that will enhance the atmosphere of the home. Let the home shine with a warm glow and a cozy feeling.

Never fail to wash the walls and apply fresh paint.

Buyers would want the best from their money spent. So naturally, they will not long to have too much repair expenses in the future.

When selling homes, it is important to prioritize the appeal that will be created. In selling homes, first impression lasts. When any flaw has been seen by the buyer, then you can say goodbye to a possible handsome amount as well.

Title: 

A Sophisticated Way To Buy Undeveloped Land

Word Count:

349

Summary:

There's good news for those who want to buy unimproved parcels of land. Using a Web site, one company has developed an innovative way to match buyers with property that fits their needs--ranging from a first-time buyer to the experienced land purchaser.

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Article Body:

There's good news for those who want to buy unimproved parcels of land. Using a Web site, one company has developed an innovative way to match buyers with property that fits their needs-ranging from a first-time buyer to the experienced land purchaser.

Since 1990, a company called LandAuction.com has specialized in the auctioning of unimproved land. This company has created a specialized niche in the market and has been described as a leader in the industry of auctioning raw land all across North America. 

The company has developed a reputation for finding property that matches the individual buyer's needs, and is said to have established a solid, credible track record in the marketplace.

At the same time, the auction process offers buyers the comfort of knowing that they are buying property at a price determined by the market. 

Here's how the process works. Visitors to the Web site can click on the calendar page to learn when and where a land auction will be held. Auctions are held throughout the country in some of the fastest-growing areas of the U.S. at various convention centers and hotels.

Visitors to the site can then view the list of properties that will be available at the auction. Each property has a brief description and links to pages where buyers can see maps, aerial photos and any legal documents available for that property. 

Once a potential buyer has identified a property he or she wants to purchase, the Web site suggests that the buyer contact a county planning department, speak with local realtors, read through area real estate ads and decide how much the property is worth. That way, at the auction, buyers can set the price for the properties they want and bid accordingly. Buyers are urged to decide on a maximum bid before they go into the auction. 

Prospective buyers are encouraged to inspect a property before they buy. Walking the property, asking local developers pertinent questions, and meeting with brokers and bankers in the area are all steps they can take. 

Title: 

A Slice Of Success: Ways On How To Succeed In Real Estate Business

Word Count:

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Summary:

With a relatively increase of the everyday commodities, more and more people are finding ways how to earn additional sources of income so as to compensate their expenses. That's why most people who look for alternative ventures resort to real estate business. 

However, even if real estate business appears to be lucrative to many, it still needs a lot of effort and skills to survive in the industry. So, for those who want to succeed in real estates business, here are some t...

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Article Body:

With a relatively increase of the everyday commodities, more and more people are finding ways how to earn additional sources of income so as to compensate their expenses. That's why most people who look for alternative ventures resort to real estate business. 

However, even if real estate business appears to be lucrative to many, it still needs a lot of effort and skills to survive in the industry. So, for those who want to succeed in real estates business, here are some tips to ponder: 

1. Set practical and sensible objectives. 

Just like any venture, the key to a successful real estate business lies beneath a sound and sensible target. This will serve as the guiding principle of those who wish to make it to the top. Through these objectives, people who are involved in real estates business can focus more on areas that need concern like the market, clients, and strategies that will make their business profitable. 

2. Choose the right real estate strategy. 

The key to a successful real estate business is to come up with a certain strategy that will supplement the objectives stated on the entrepreneurs' business plan. This strategy will also provide the right moves to take based on the kind of profit the real estate entrepreneur wants to achieve like an express cash or wealth establishment. 

3. Entrepreneurs should acquire the characteristics of an ideal real estate agent. 

In order to succeed, people involved in this kind of business should acquire the characteristics of an ideal real estate agent. He or she should be adept in finding the motivated seller, determine the value of properties, and knows how to negotiate with their clients. 

4. It's a must to know the laws. 

Part of being successful in real estate business is to know the existing laws of the state such as tax laws. Such that, if a real estate businessman does not know the laws, he or she may end up losing a lot money or worst end up in jail. 

5. It is important to hire a reliable accountant. 

This is extremely important to almost any type of business. This is, in reality, significant in order to succeed in real estate business because the transactions involves money, and one of the person who is skilled to analyze and interpret monetary information is a certified accountant. Through the help of an accountant, people behind the real estate business will be able to track the ebb and flow of the market.