By Kelly Quigley, REALTOR® Magazine
The Insiders Guide to Making Money in Real Estate by Dolf de Roos and Diane Kennedy (John Wiley & Sons Inc., 2005)
Buy this book from the REALTOR.org Store
You’re a real estate expert who helps others buy and sell properties, but are you using that knowledge to make your own real estate investments? If not, now’s the time to start, say the authors of this book, the second in a series of products recommended by the NATIONAL ASSOCIATION OF REALTORS® that focus on real estate investment. De Roos, an international real estate investor, and Kennedy, a tax expert, shoot down popular excuses for not investing, including “myths” that only the rich can do it or that there are no good deals left. Although this book is primarily geared toward consumers, it provides some practical tips for making money, lowering taxes, and building a team approach to property investment that also can aid in your own investment plan.
Tips From the Book:
- Tidy up to increase property value. One of the most simple things you can do to increase the value of your investment is to tidy up the property. Groom the landscaping, pick up the trash, put on a fresh coat of paint inside and out, replace old carpeting, and fill in those driveway potholes. A weekend of general tidying can make a big difference in an appraiser’s report.
- Take a team approach. To go from one property to 100, you’ll need to leverage your time through the use of a team of advisers. Any team should include a real estate practitioner, property manager, closing agent, mortgage broker, tax expert, attorney, insurance pro, and contractor. Learn about each of these specialties and ask smart questions when you interview so you know each member supports your goals.
- Consider commercial investments. Most investors focus only on residential real estate and overlook the many great advantages of commercial properties, which typically offer more stable rental income and less of a property management burden. Also, commercial tenants tend to pay for property taxes, insurance, and interior maintenance.
By Kelly Quigley, REALTOR® Magazine
5 Minutes to a Great Real Estate Letter: A Desk Reference for Top-Selling Agents by John D. Mayfield (Thomson Southwestern, 2005)
Buy this book from Amazon.com
Writing an effective real estate letter can be tougher than it sounds, especially if it must address a sticky situation with a client such as lowering the listing price or contacting a FSBO again after you’ve already been turned down. What should you say? How should you say it? Will you sound professional? This book will ease your letter-writing anxieties and help you craft succinct messages for a wide variety of scenarios, including those mentioned above.
Unlike an instructional book, 5 Minutes simply provides a collection of templates for letters and e-mails to prospects, buyers, sellers, vendors, and colleagues. It includes examples for asking for referrals, following up after a sale, and promoting your Web site. The book also comes with a CD-ROM, so you can download templates directly to your computer and personalize them. With this ammunition in hand, you’ll find more reasons than ever to keep in touch with prospects and clients.
Tips From the Book:
- Know your client’s e-mail preferences. Some clients prefer to communicate via e-mail and will check their inbox a dozen times a day—expecting an immediate response from you. Others would rather hear from you on the phone and receive documents in the mail.Find out your client’s preferences before you make assumptions. And remember that some conversations, especially those that involve complex or touchy issues, probably don’t lend well to e-mail.
- Communicate, even if it’s bad news. Sellers often complain that they don’t hear from their real estate practitioner enough. To develop a long and successful relationship with your clients, communicate diligently—especially with sellers. Even if you call or write to say there hasn’t been very much activity on their property, they will appreciate your efforts to keep them informed.
- Vendors deserve a ‘thank you,’ too. Don’t forget to thank the lenders, appraisers, closing agents, and others who help you get business done. Send a letter to acknowledge your appreciation for their quick responses and the time they devoted to the deal. Adding a personal touch will always set you apart from the crowd and they’ll remember you in the future.
Recent Comments