Real Estate Business: Most Popular Articles
To calculate capitaliztion rate (cap rate) for an income property that sold recently, you would divide the net operating income by the sold price to determine the capitalization rate. This percentage number could then be used to determine the value of another property if you know it's net income.
Passing the test gets you the license, but it's far from enough knowledge to be successful in becoming a real estate agent for the long haul. Learn the top ten things you can do to help assure that you'll make the cut.
Gross Rent Multiplier or GRM is a tool used to assess the approximate value of a rental property by comparing its rental income with other like properties.
One of the advantages of owning rental real estate is tax deductions that can offset income from operations of that property as well as others in some cases. Here's how depreciation works on a rental property.
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Net operating income or NOI is the monetary result of subtracting operating expenses from Gross Operating Income. Gross operating income is that income after deductions for vacancy and credit loss for a rental real estate investment property.
Choosing a real estate career is a big step. Find out if you are suited to work independently and without a fixed salary, as well as if you're up to the task of building your own real estate business.
Many a wealthy person got that way with real estate. A smart buy on a rental property and good management can provide cash flow for other uses or investments. Here's a fourplex example.
A spreadsheet real estate financial calculator solution. Set up to quickly calculate gross potential income, gross operating income, gross rent multiplier, net operating income, cash flow before taxes, cash flow after taxes, break-even ratio and return on equity.
Free online real estate courses for new and experienced agents, brokers and real estate investors. Real estate math, expenses, income, investing, risk management and much more.
If the net operating income of a property is known, and it is divided by the capitalization rate for similar properties, the approximate current value of the property will be determined.
Assure your success in a real estate career by knowing the reasons others fail and taking action to overcome them. Competition, variable income commissions, burn-out, and unrealistic expectations are all important contributors to failure in the business.
Benefits and pitfalls of a career as a real estate agent include things related to income, liability, control of your business and your personal skill set. Page 2.
If becoming a real estate agent is in your career plans, pick up some tips here about how to become a successful real estate agent, not just how to pass the test and get a license.
Far from just driving buyers around or placing for sale signs in yards, the daily routine of a real estate agent involves a great many interactions with title companies, other agents, brokers, attorneys, home inspectors, appraisers and more. Then there's the marketing and paperwork activity to top it off.
Find out the pros and cons of starting your career as a part time real estate agent. See what it takes to make the part-time strategy successful.
Many believe that consistently better returns on investment can be realized in real estate investment rental property than can be gained in stocks or bonds investments. The start of the process is an accurate estimate of rental yield for a property. See how to calculate it here.
Real estate career benefits are many, and include the ability to be your own boss, set your working hours, build your own independent contractor business, create financial security and more. Pursuing a career in real estate has created many successful business people.
Can you have a full-featured real estate web site powered by Wordpress? You bet you can. And some of the great features you pick up from the thousands of Wordpress plugins and widgets can make your site an informative and lead generating powerhouse.
Real estate property management is an area of specialization that involves four basic areas of responsibility. Marketing/Financial, Tenant and Occupancy, Facility, and Administrative are those four areas. Get more detail here on these four areas of real estate property management responsibility.
Successful business people know their costs as well as their projected income. To remain in your real estate business, you must cover your real estate agent expenses as well as personal costs.
Easements generally pass along with ownership changes in real estate. However, there are ways to terminate a real estate easement. Generally, this is not an automatic event, but will require some legal action. Learn about release, merger, non-use, adverse possession, destruction and quiet title action.
A common question is whether a person new to real estate should start out as a commercial real estate agent, or work into it from residential or another area of real estate. The decision requires an assessment of finances and abilities. A different skill set is required, and the first commission can be a long way in the future.
Commercial real estate agents have unique work environments and income structures that may not be right for everybody. Additionally, those who want to become commercial real estate agents should consider the personal qualities and education levels that agents successful within the commercial real estate industry possess.
Every real estate agent has a sphere of influence, a group of people upon which they have some influence, if for no other reason than they know you. This group will be a future source of business. Increasing the size of your sphere of influence will bring you much business over time.
The vast majority of people who do not make it in real estate fail in their first two or three years in the business. These 3 secrets for new real estate agent success can get you started right and make real estate your lifelong career.
Traditionally, agents are sponsored by brokers and receive certain services from their broker. Commissions coming into the brokerage are split on a percentage basis between the broker and the agent. Learn more about how that split works here. Page 2.
Beginning a new real estate agent career is exciting, but it is a business. Since it's a business, you need a new real estate agent business plan. What you do early on can make the difference between success and failure. Find out the most important first things to do. They involve education, marketing, budgeting, determining costs, prospecting, your sphere of influence and more.
Using an example fourplex rental property, we analyze how it cash flows and the tax advantages of ownership.
When working with real estate clients, agents and brokers are frequently tasked to help buyers to determine what they can afford in a home. One of the factors is the size of the mortgage they can get. The loan to value ratio is the percentage of a property's value that is mortgaged. Lenders will make mortgages based on maximum loan to value for different types of properties.
Many real estate investors, both new and very experienced, have made a lot of money using assigment contracts. Learn the basics here. Using little or none of your own money, make money assigning property contracts to other buyers.
The Multiple Listing Service is by far the most prolific source of buyers for your listings. Since the MLS is made up of cooperating brokers and agents, you're really presenting your property listing to these agents and brokers. However, flyers, personal visits, virtual tours, email and open houses are also used to market listings to other real estate agents and brokers.
Compound interest is interest on principal plus interest on the accumulated interest. Real estate investing requires a knowledge of how to calculate compound interest.
Obedience: As an agent of your client, you must obey their instructions. That's only if their instructions
The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Learn here when a BPO might be used, the types of BPOs and more.
So you've got your license and you're settling into your new office space. You need to make sure that you meet the experienced agents and listen more than you talk. Whether they're bragging or complaining, things that might help you slip out in conversations.
Gross Potential Real Estate Income - This is an easy calculation of the expected gross revenues from an income property. For rentals, the monthly or annual rents for all the units is totaled. No losses for vacancy or non-payment are considered. In other words, the property is considered fully occupied with all payments collected.
Too many new real estate agents think that to choose a real estate broker is primarily based on commission splits. It's not all about the split, as the final in-your-pocket income has to do with many variable services provided by brokers. What training and education do you need and they offer? Do you need lots of floor time and leads provided by the broker?
Rental vacancy and credit loss is the estimated dollar amount of lost rental income due to vacant units and non-payment of rent.
The capitalization rate, or cap rate, of a property is a percentage number applied to future income to determine current value. This formula is written as Cap Rate = Net Operating Income / Value.
Types of deeds used to convey real estate. Learn types of deeds and what each conveys from grantor to grantee.
A commercial leasing agent works with landlords or tenants to secure a lease that is agreeable to both parties. A sales agent works with property owners or potential owners who are looking to buy, and attempts to close a deal between the two parties.
Getting your license soon, or a new real estate agent? Here's a detailed plan for start-up success. Learn what you have to do for income and expense budgeting, choosing a broker, new agent marketing and more.
Real estate investors can frequently make very profitable purchases of real estate through a short sale. Many short sales do not get approved or fall through for a variety of reasons. Learn here the step-by-step process to initiate a short sale, starting with the homeowner-borrower and moving through lender negotiations to the closing.
In our series examining a fourplex rental property's income and taxes, we're now looking at the mortgage interest deduction. This is frequently one of the largest write-offs for the owner.
If you need to do a fast CMA and have three comparable properties, here's a CMA to make it easy and do the calculations for you.
With millions of sites on the internet, It's easy to disappear. Your domain name is how people get to
The break-even ratio of a real estate investment is the total of the debt service and operating expenses divided by the gross operating income. It is expressed as a percentage, the lower the better when lenders are looking at a deal.
During the real estate purchase process, the title company will search the public records, and issue what is called a title insurance commitment or a title insurance binder. This document binds the title company to issue the insurance policy subject to the requirements being met. The list of exceptions are those items that will not be covered by the insurance policy.
Commercial leases for real estate are quite varied in types and terms. Learn about Gross, Triple Net and Modified Net leases here.
An addendum should not be confused with an amendment. While an amendment modifies a previously accepted contract, an addendum is part of the original contract. It adds necessary information, requirements or explantory documents to the original contract or purchase agreement. Once an agreement is reached and the contract accepted, additional documents are not added as addendums.
A real estate assistant, un-licensed or licensed, can be an excellent way to enter the business. Learn by assisting an agent or broker in tasks involved with listing properties, selling homes, creating marketing literature and brochures, and service buyers and sellers.
Before you get in front of that listing prospect, be sure you have your ducks in a row. You're presenting your experience, expertise, marketing and transactions services.
A good comparative market analysis, or CMA, is simply defined as one that helps to yield an accurate and reasonable listing price for a property. However, easily defined and easily produced are not the same. A good CMA requires attention to detail, mathematical skills, experience and a bit of creative thinking.
The triple net lease in commercial real estate is used extensively in industrial and retail multi-tenant properties. In this type of lease the tenant pays certain expenses directly in addition to their rent.
Before you start investing in real estate, know the math to identify good opportunities and manage them for profit. Understand the issues landlords face. Understand leverage, mortgage options, property suitability evaluation, and repairs and maintenance issues.
A contingency, or condition, is written into a real estate contract to specify an event that, if it happens, the contract would cease to exist. An example would be a purchase contingent upon the buyer obtaining a loan at a specified interest rate or lower. Should the buyer be unable to do this, the contract would end.
C.L.U.E. (Comprehensive Loss Underwriting Exchange) Reports give the insurance claim and loss history for a residential property. Insurers regularly report property losses to a company that compiles the C.L.U.E. Report to a homeowner. Only the homeowner or a prospective insurer can order it.
Subagency refers to a relationship between the listing and the selling agents in a real estate transaction.
Take care in assigning duties to an unlicensed real estate assistant, or if you are one, make sure you know what you are allowed to do according to your state's regulations. In most states, an un-licensed assistant cannot discuss property specifics, advise clients, or draft documents.
Basic description of the major types of real property as marketed by real estate agents and brokers. Vacant land, residential, commercial, and multi-family are included.
Cash flow is all the in and out flows of cash through a business, without regard to tax considerations. All money in or out is considered. This is Cash Flow Before Taxes or CFBT. The cash flow of a real estate investment is an important part of its viability as an investment. Rental properties are expected to cash flow more than mortgage payments and expenses to generate a profit.
A comparative market analysis or CMA in real estate is normally done to determine the current market value of a property to list it for the seller, or to help a buyer to determine what they would like to offer for the purchase.
A fee simple estate in land is the highest form of ownership recognized by law. The property owner is entitled to the full enjoyment and use of the property subject only to limitations such as deed restrictions or zoning.
Buyers frequently deposit earnest money in a real estate transaction. Learn how real estate earnest money is accounted for, handled, and refunded in the real estate purchase transaction.
Broker and agent commission split, 100% commission, referral fees, and other real estate agent compensation models explained.
Real estate agents need to be sure that they know the difference between an amendment and an addendum to a real estate contract or purchase agreement. In real estate contract law, using the wrong document could lead to more than just a red face. An amendment changes an already-executed agreement, while an addendum is an additional document included in the original agreement.
The bundle of rights that the owner of real property has are those legal rights of ownership including, enjoyment, exclusion, disposition, possession and control.
Real estate investing frequently involves the purchase of a property in need of work, getting it repaired or remodeled and then selling or flipping it at a profit. This requires the ability to determine approximate repair and remodel costs and the value of the property after completion. This value is the ARV or After Repair Value
Which of our qualities and skills do our clients value the most? This is a bit different from which services they value. Learn what they want most in personal qualities and job skills.
Using Evernote, the real estate professional can bring a number of virtual real estate office functions into one application in the cloud for use on all of their mobile and office Web devices. Learn how to do it here.
As a real estate agent or broker, you're an independent contractor. Expenses and income for your business should be estimated carefully and a plan put in place to create the income to surpass expenses. With spreadsheets and the sales funnel process, it's not difficult and well worth a couple of hours of your time.
A special warranty deed provides less protection for real estate buyer than a general warranty deed. The grantor warrants that they have legal title, and have not encumbered the property during the time they've held title.
Many an agent has built their new career on contacting expired listings and impressing them with their ability to do better than the last real estate agent or broker. The consultive approach, with straight-forward information and a formula to help you introduce hard facts about property condition and pricing is presented in this hard-hitting flyer.
Planning real estate income is accomplished by determining your needed income, planning behaviors and activities, knowing the approximate results of these activities and behaviors, and developing a plan. You can determine precisely what you need to do each day to fill your sales funnel. A lot goes in the top and the sales dribble out the bottom. Knowing the ratio of what goes into the top of the funnel to what comes out the bottom tells you what you need to do.
Though not a full-featured task management system, being able to do simple listings and transactions task management with Evernote brings almost all of your virtual real estate office management and marketing into one system. Page 4.
You can take your Evernote virtual real estate office just about everywhere, as the Web version is synced with Mac and Windows desktop software, as well as syncing with an iPad and even a Blackberry app. Page 3.
In most real estate deals involving a lender, the lender has their own source for getting a flood certification on a property before making the loan. A third party provider produces a report certifying the flood zone status of the property based on the most current FEMA flood maps. If your client is doing a cash deal, you might want to get them to do their own flood cert, or you can get it for them inexpensively.
There are three basic types of real estate listing agreements, Open, Exclusive Agency, and Exclusive Right to Sell.
Using Evernote, the real estate professional can find in one tool the ability to accomplish a great number of things for a virtual real estate office management system, as well as to enhance customer service. Here's how you add information into Evernote. Page 2.
An estate for years, or estate for term, is one type of leasehold estate in real estate. This type is a lease for a specific period, with a beginning and an ending date. No notice to vacate is required, as there is a definite date for the lease to end and the tenant to vacate.
There are three main office building classes available on the market today. Which one your client chooses will depend on her business needs and financial abilities.
A condominium is one of a group of housing units where each homeowner owns their individual unit space, and all the dwelling share ownership of areas of common use.
I am almost totally online now, operating in the cloud for my real estate business. Learn here about my top ten real estate technology tools, and most are free. The rest are cheap, costing a grand total of only about $10/month to use them all.
In real estate investment, we want to estimate the income of a property with a realistic estimate of losses due to vacancy and bad credit. This is called gross operating income or GOI. We subtract those estimated amounts from Gross Projected Income to arrive at Gross Operating Income.
Get experienced advice and specific plans for setting a real estate agent marketing budget for your new real estate agent business the first year or so.
The 1031 Exchange is named after section 1031 of the Internal Revenue Code. Using the 1031 exchange, an investor can exchange real estate and defer capital gains taxes on the profits from the sale. As the investor realizes appreciation, they can continue to trade up to more valuable properties, deferring capital gains taxes at each step.
Though most all real estate agents are independent contractors, the REMAX franchise was founded to advance the concept to the next level. Based on a 100% commission to the agent, the REMAX franchise and its brokers make their money via fees charged to the agents for office space and services.
The commercial gross lease is sometimes also called a full service lease. The landlord generally agrees to pay all expenses in this type of lease, including taxes, insurance and maintenance.
Appraisers and real estate investors use the income method to value properties that produce rental income in some form. The net income a property generates is used to determine its fair market value. Primarily, capitalization rate and gross rent multiplier are calculations used in this method.
Whether you're trying to decide if an iPad is worth the investment for your real estate business, or you have one and you're trying to get the most out of it. These are tips and tricks to make it a replacement for your notebook most of the time.
Learn the types of encumbrances on real estate properties, including liens, deed restrictions, easements, encroachments and licenses. Real estate encumbrances can adversely impact the sale of a property.
Real estate consulting combines some of the practices of fee for service with an hourly fee delivery for services. The consumer, buyer or seller, can select services individually at flat rates, services in pre-packaged bundles at flat rates, or elect to have their needs met via an hourly rate.
Best practice tips for studying for the real estate agent licensing exam. Helpful advice for taking and passing the test.
The modified net lease is so-named because it is a modified version of the triple net lease. Rather than paying all expenses, the tenant may pay taxes and insurance but share maintenance expenses with the landlord.
Easements are the right of someone to utilize the real estate owned by another. Real estate easements can be created by written agreement of the parties, a deed conveying a property, condemnation, court order, prescription or by necessity.
One of the first things every new real estate agent should learn is the HUD-1 Settlement Statement inside and out. After all, you'll be going over it with clients and frequently be asked to explain items or how they're calculated. Here's a completed example HUD-1 on a .pdf with live links to instructional quick tips for the items.
One of the calculations lenders use to determine whether they'll do a mortgage on a commercial property, and how much they'll loan, is the DSCR, or Debt Service Coverage Ratio. Learn how to use the DSCR.
A step-by-step plan for any agent, but really great for new agents. Learn how to spend very little to realize a lot of real estate marketing clout.
Prioritizing your study subjects, and getting reliable resources and information are key to successfully passing the real estate license test. Real estate license exam tips are outlined here.
A licensed real estate assistant will add additional abilities, as most real estate licensing boards limit what an un-licensed assistant can do. These include document preparation, advice and interpretation, delivery of financial and title documents. attending closings and telephone marketing.
Whether you're a new, or an established agent, keeping up with income, expenses, and mileage shouldn't take up large amounts of your time. Learn how to do it with your voice and be up-to-the-minute with your records.
Return on equity, as calculated in the first year of a real estate investment, is the cash return after taxes divided by the cash invested in the property.
Net operating income, or NOI, is rental income of a property after operating expenses. These expenses would include all operating expenses, including maintenance, insurance, janitorial, supplies, management, accounting, etc.
A General warranty deed legally binds the grantor with certain covenants or warranties. Covenant of seisin, covenant against encumbrances, covenant of quiet enjoyment, covenant of further assurance, covenant of warranty forever.
Appraisers will report and lenders will use the land to building ratio in many commercial and industrial valuations, and in some residential ones as well. Learn how to calculate.
I can always generate an argument when other real estate people hear me saying that real estate isn't
If you're considering investing in real estate rental property, be sure that you understand the way that expenses and income are calculated and discussed. Operating expenses is one area of misunderstanding.
Capitalization rate is a common method used in the process of arriving at the value of an income property, such as rental units, commercial rental space, etc. Learn the calculations you'll need as a real estate agent to work with your investor clients.
From this article, you are linked to detailed explanations of the sections in an example real estate brokerage office policy manual.
Periodic tenancy, or estate from period to period, is one type of leasehold estate in real estate. There is no defined ending date for this type of lease, but usually a defined period of tenancy, such as month-to-month. Proper notice of termination must be given according to the agreement.
RESPA, the Real Estate Settlement Procedures Act, covers the vast majority of residential loans. Learn the loan types not covered by RESPA and why.
Rate of return is a measure of profitability; it measures the cash that a project will generate vs. the cash that you have to put into the project. Page 4.
There is an allure to commercial real estate. Many a residential real estate agent has considered the switch. However, know what's required first, and try to plan for your success.
Real estate wholesaling is a viable real estate investment activity, even for those who have little or no cash to invest. Learn the basics of how it works and how it's funded here.
The amount of the outstanding mortgage divided by the property's value is the LTV or loan to value ratio. The value is normally either the appraised value or the selling price, whichever is less. This is used in regular owner occupied mortages as well as properties purchased as real estate investments.
The formula and method for simple interest calculation, using principal amount, rate and time is presented here. Used frequently by those in real estate investing.
There are ways in which to make money in real estate investing without cash out of pocket. If you want to get started in real estate investing, these are strategies that work.
Real estate investment property provides numerous advantages over other types of investments. This is primarily due to the different ways in which the real estate investor can realize returns on their property investments. These include mortgage payoff, appreciation, tax advantages, gains from inflation, and more.
Certain elements are required to make a real estate contract valid legally. These are that it be for a legal purpose, voluntary, there be agreement as an offer and acceptance, the parties must be legally competent to enter into the agreement, and there be valid consideration or exchange of value.
The real estate referral agent is one of the highest paid non-entertainment jobs on the planet. Where's the value in this antiquated procedure?
If you want to get the listing, no matter what the listing price, then don't read this. If you actually want to have a chance of selling the home, talk about absorption rate with the listing prospect.
Using lease option strategies, a real estate investor can control a property and rent it out for positive cash flow. Using sandwich leases, the investor can get the cash flow and a profit on the sale at the end of the lease period. Page 4.
Many highly successful real estate agents and brokers get that way by concentrating on one real estate marketing niche and serving it well. Learn some of the best niche market opportunities here for real estate. Commercial properties, FSBO's, resort and vacation properties, minorities, first time buyers, singles,luxury homes and condominiums are included.
This update on how real estate agents are paid addresses the real estate agent commission model, as well as other and newer ways in which real estate professionals are being compensated.
Knowing your duties and obligations in representing your client in a real estate transaction is critical. These obligations vary depending on your status. Are you an agent, subagent, transaction broker, etc? Learn what they mean here.
Using a least purchase agreement can be beneficial to both buyers and sellers of real estate. Learn why and how here.
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The commission split in real estate is a multi-level sharing of the gross commission as charged to the buyer or seller of real estate. Two brokerages can split the commission and then it can be split again between the broker and the agent(s).
Using legal royalty free images, photos and video for real estate sites.
A real estate listing agent will be involved in a myriad of details and activities. From checking the morning hot sheet, to doing comparative market analysis and making listing presentations, the listing agent is kept quite busy.
Real estate supply and demand are different than in many fields or markets. That's because each real estate parcel is unique and real estate cannot be moved. In many fields or markets, if there is a shortage, more of the same product can be manufactured. The unique nature of real estate makes this impossible. You also cannot move more real estate into an area that has a short supply.
Create the rule to tell Outlook which messages you want to have automatically sent to your cell phone as sms text messages. This could be several rules, possibly for clients or with certain words in the subject or body of the email. Page 2.
The annual price to be featured in this program was $468. I'm going to show you the results for leads right out of my report from Zillow as of May 27, 2011.
The vast majority of independent real estate agents are statutory independent contractors. This is a statutory status rather than common-law. The right of control and the 20 tests of the Internal Revenue Service to determine if one is an employee or independent contractor do not apply.
Facility or physical maintenance is an important function of real estate property management. Regular preventive maintenance, as well as repairs when things go wrong, are quite important to tenant retention, higher occupancy and greater return on investment.
As a real estate niche, working with FSBO sellers can be challenging, but it can also bring listings faster than other types of marketing.
Pretty straight forward, the HUD-1 settlement statement, in the 800 series items, will show an item for the loan origination fee. This is a fee, usually based on a percentage of the total loan amount, paid by the borrower up front for the ability to obtain the loan. A common percentate is 1 point, or 1% of the loan amount, however it varies with several factors.
A real estate drip email follow-up campaign is effective if it retains the prospect in your email list, they read some or all of the emails, and they deal with you when they're ready to buy or sell real estate.
An encumbrance is a claim or liability against real estate. This can include liens, deed restrictions, easements encroachments or licenses.
Taking the step from buying and selling real estate properties to buy-and-hold strategies and landlord status is a large one. Be sure that you examine your capabilities and desires, plan for management, and that you're capable of dealing with tenants, managing rents, repairs and vendors. This landlord guide will help.
Bird Dogging in real estate investing refers to bringing investment deals to real estate investors who pay a fee to the bird dog for finding profitable deals. It requires on cash investment by the bird dogger. Page 2.
Using Evernote to make your business life more productive is as easy as setting up some automated systems and getting into data saving habits. Never lose anything again, including notes you used to put on yellow stickies. Evernote is a very useful tool for real estate.
The cost of income producing property is recovered through depreciation, a non-cash accounting entry which may produce yearly tax deductions. You cannot simply deduct your mortgage or principal payments, or the cost of furniture, fixtures and equipment, as an expense. Depreciation must be calculated in accordance with the rules stipulated in IRS Publication 527.
Successful real estate investors have a pipeline of resources that provides leads for locating deals. One component of their pipeline is a buyer list. Learn here how to build one that will provide you with buyers for deals.
Unimproved land in real estate is defined as land that does not have certain basic required services necessary to utilize it for other purposes. These include electricity, telephone, street access, or water available.
If you practice real estate in a rural area, take a look at the USDA program that can get your buyer into a home with no down payment, and sometimes even no money out of pocket.
The WordPress Dashboard is your control panel. This is your spot on login where you build out your site, set up the design, and post all of your items. It all happens here. This tour will hit the high points of all your options.
Real estate mediation and arbitration are used in place of formal litigation, two alternative methods are used frequently for dispute resolution with regards to real estate transactions. These are mediation and arbitration. Real estate agents and brokers need to know the differences, appropriateness of each, costs, and whether the contract binds the parties to either or both.
Real Estate agency law says that agency is a representational status that defines the duties of the agent and the rights of the client. An agent has fiduciary duties to the client evolved in common and statutory law. There are two ways to create agency, express and implied.