subject: Home-based Business: Real Estate [print this page] Real estate is a home-based business that does not require high startup capital. To make it lucrative, it is wise if you become a licensed real estate broker. This should be the first requirement that you need to meet.
In North America, the licensing requirement varies from State to State. Hence, it is best if you check your State's real estate commission for specific details. Nonetheless, there are states that have reciprocity, so that, your real estate broker license is honored in another State.
If the State does not allow that, the common and easy alternative is to hire a real estate broker who has a license in that particular State. Many entrepreneurs are confused between starting their own home business and buying a business franchise.
Although there can be more benefits in buying a business franchise, it is however, more expensive as the business has established clientele and reputation, both of which you will benefit.
Starting your own home-based business can be a real challenge. Yet, once you have made your reputation and established your client base, your rewards can be fulfilling. The key to being successful in real estate business is to determine the strategic location of your area.
Take time doing research on how to determine a good location for a certain project such as hospital, schools, residential community, senior center, hotels, condominiums, shopping malls, and more.
Understand though that selling is different from buying. Acquire the skills in both trade and your clients will start coming in. As you become adept at it, more investors will hire for your services.
Some of them will make you a consultant on certain projects. There are also others that will turn to you to for their home buying and selling purposes. Developing a business plan is very important in any home-based business.
When you are working on yours, include the details on your financial plan and budget, as well as your plan on running your real estate business. If you plan to hire additional real estate agents, advertising your business and purchasing necessary insurance to protect your business from possible lawsuits, you need to specify them in your business plan.
If your startup capital is not sufficient, funding your real estate business can be made from obtaining loan from friends and family, and not just from commercial banks and lending institutes.
One of the ways to promote your business and at the same time build your reputation is by becoming a member of clubs and organizations such as the National Association of Realtors.
By joining these trade organizations, you will gain credibility and access to relevant information like the precious home listings. Also, join and participate in the activities of your local chamber of commerce.
The internet is among the best mediums in promoting your home-based business. There are sites that offer free services like creating your own website. You can also make use of the free online classified sites where you can post photos of houses and establishments and land real estate that you are trying to sell.
by: Charles Godbout
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