Hi, I’m Mike Pollak, real estate agent trainer. In real estate sales there are always clients who will test you. They will challenge you. It’s up to you to learn how to deal with it and make bad situations better. I want to illustrate this for you by relating a story to you of how a crazy experience turned out to be money in my pocket.I had a client some time ago who was very peculiar. I was representing him as a buyer’s agent. One day I was talking to him on the phone about a relatively minor issue that needed to be resolved before he could continue with the purchase of his home.I explained over the phone to him what the issue was and how to resolve it. He immediately blew up and threatened to sue me and my broker for trying to force him into doing something he didn’t agree with.Whoa, is this guy for real? At first I was shocked. I quickly realized I had a choice to make. Do I go crazy and argue back to defend myself or do I stay clam and dig deeper to find out what made this guy go nuts on me? Well, I chose the latter. Despite it being very difficult, I kept a cool head and began asking questions to discover the true source of this guy’s crazy blow up. The more questions I asked the closer I got to understanding why this happened. It turned out that he misunderstood me.Wow, going to court over a misunderstanding would have been ridiculous!The point of this is to realize that just because we understand what we are saying doesn’t mean the other person understands. Asking questions to discover the source of the problem is the most effective way to resolve a problem with your clients or anyone for that matter.Even if the person you are talking to is not mad, it’s a great idea to always ask questions to make sure the other person understands you. This can be done by asking open-ended questions to allow them to talk.Let me tell you that this takes practice. If you are prone to get excited quickly, then it will take you more practice. Just remember that you can do it and you’re awesome. That’s your real estate training for the day. Now go get ’em!Did you want to know how the story ends? We closed escrow on a nicely remodeled home that he is very happy with and I got my commission. Just think what would have happened if I blew up at him when he was angry.
Investing in real estate is not complicated as you think. It is become easy and fun when you are getting used to. I will give you 10 tips for your real estate business.1. Think one step ahead. It is better for you if you invest in emerging real estate market. In this market the price is steadily increasing, which is very profitable to enter.2. Getting up to date with tax rules. Taxation is very important in real estate investing. Unfortunately tax rules are changing frequently, so you need accountant with up to date taxation knowledge.3. Inspect your property before you buy. Inspection is very important, so you should bring your checklist and ensure that your property is in good condition. You do not want another unexpected cost, right? So a proper survey would be good.4. Check utility expenses. Confirm to your local utilities to verify recent utility expenses5. Check property market value and rent. Do not rely heavily on financial statistics, instead always measure nearby properties sales and rent price.6. Assemble a professional team for you. Real estate business needs specialized knowledge. Different country means different rules to play. They will be an indispensable part of your business.7. Do not attached to your properties. Sometimes an investor attached to his/her properties emotionally, making wrong decision because of this. You need cool head, what most important is profit.8. Make sure your property have insurance. You do not know what future risk lies ahead, so it is better to “prepare the umbrella before the rain”. Do not forget to investigate your insurance coverage.9. Leverage your business by using mortgage. A smart player can acquire properties without his own money. Learn this kind of technique and your real estate business will booming.10. Specialize. It will become easier to invest in your next properties if you have some background experience. Focus on foreclosures, condominiums, small apartment building, or anything else is good. This is a good advise especially if you just already start in real estate business.About The AuthorLeon Reinhart wrote many tips for real estate investing in his blog at http://realestateinvestingjournal.blogspot.com. Visit his blog to read his article about investment prospect in wallington nj real estate 2-family [http://realestateinvestingjournal.blogspot.com/2006/08/wallington-nj-real-estate-2-family.html].
When I was starting out and money was a primary obstacle, I was working hard as a Real Estate Bird dog. It was a little frustrating because the deals were there but they were falling over or I had to work extra hard to make them stand. All this effort taught me something that Im going to now share with you.The one thing I would tell you above all else when you begin your career in Real Estate is this. Never catch a falling knife.This term is heavily used in the stock market, but I have borrowed it here to illustrate this tip about Real Estate. When you knock a sharp knife of the dining table your first initial reaction is to try and catch the object before it hits the ground. A split second later your brain registers its a knife and you let it fall to the ground.Just as well you didn’t catch it. A trip to the emergency room would spoil dinner.The point is that all those years ago I was straining my engines to manufacture results that were very heavy. The types of investors I was involved with were just too general. There was not a clearly defined market to sell to. I didnt know what these investors wanted, what sort of deals they were looking for and whether they even had funding.It was hard going because I didn’t have a pre-existing demand. We live and we learn and I learned from that 3 month period. What happened next is that I got organized. I focused my energies on a handful of worthwhile investors that I began to know well. I created my own pre-existing demand by qualifying the people I did business with and made sure I knew exactly what they wanted first, before I found houses for them to buy.But this advice has broader applications in real estate then just being a bird dog. Read these next words carefully.A pre-existing demand is cash on trees and money in the bank.To become an expert in spotting good and healthy demand is the quality of a million dollar investor. If you know how to see demand and find it and asses it accuratley for its specific needs, then you will have a healthy career in Real Estate.Sell to people what they are buying and you have the whole thing figured out. That is the ultimate Real Estate tip.To your health and rapid success,