How to Start the Real Estate Business

Finding the best deals for investment in real estate is the most challenging part to most first-time investors. It is very important to have sufficient money to invest in the business. You should have a business plan before investing into it as it may lead to immense losses once poorly planned.Buying properties for business in real estate entails taking risk and making important decisions to avoid losing your money. You have to find contractual laws and the right procedures for buying and selling of properties.Steps to Start a Real Estate Business1. Establish Your own business NicheMany options are available, from which you can choose. Therefore, your interests and financial capability should guide you on which one to choose. Among the many available options are; rentals, commercial real estate, wholesale purchasing of properties, investment in foreclosures, owned properties, among others.2. Get a real estate attorneyThis is to make sure that you fully understand your state’s rule and regulations concerning the business. The attorney should conduct deals on assignment of contracts and double-dealing matters.The attorney should help you understand the laws and right legal procedures. He or she should also help you choose the best business structure and contracts to favor your interest and financial position.3. Conduct a market researchCarry out a market research in your local area. Through the research, you should be able to get the best rates, demographic factors, foreclosures, and market prices. You should also compare the properties you intend to sell with others previously sold in the neighborhood. This will help you gauge whether your investment will be profitable or not.4. Raise Sufficient FundsBuying of properties requires money. You therefore need to have enough money to buy the properties of your interest. Since the business entails taking risk, you should be careful of your sources of funds. Among the many sources that you can get financial assistance, include fundraising, loans, private investment among others.5. Find an agentAgents have connections to properties available for sale. Therefore, having connection with them guarantees you of business success. They should also seek potential customers to buy your property. They should also have access to the public and private businesses for them to be effective.6. Hire Staff and management TeamThe team should oversee your properties and monitor its performance in the market. They can also act as property owners for your property and correct rent on your behalf in case of rentals. They should also carry out maintenance problems, which hinder business progress.

Local Store Marketing: The Business Traveler

Ah, the glamour of business travel. The security lines, the $8 airport beers, the ongoing game of “how much can I stuff in an overhead bin”, all for the privilege of boarding a bus with wings. Well, this week I passed a milepost of sorts: 1.5 million airline miles flown in my lifetime – the majority of these miles business-related. This week’s trip was no different, a two-day, one-night trip to Ohio to evaluate a retail location. I prefer quicker trips – 2 nights is generally my limit – so as a business traveler, I do not get too acclimated with the places I visit. It is a quick in-and-out type of business travel.When I travel, getting a quick lay-of-the-land is critical in order to establish some sense of order while on the road. Every little helpful tip is appreciated and providing incentives or direction to the “local jewels” makes even business travel pleasant. Ironically and prior to my travel, I had targeted this week’s article to feature how store owners can capture the business traveler and when I checked into my hotel – viola! – a restaurant had done just that! The restaurant was in walking distance of the hotel and provided a perfect combination of proximity and incentive.Here is how store owners can attract and maintain a consistent flow of business travelers to their stores:Find The Sources: For store owners who target business travelers or provide products and services to the out-of-towner (such as food/drink), building strong relationships with local area hotels is an excellent way to continually feed your sales hopper. Hotel guests constantly ask hotel managers for their recommendations on restaurants, retail stores, gas stations and so on. Therefore, your store needs to be top-of-mind in order to be recommended by these hotel managers.Create Incentives: Consider developing incentive programs for hotels that recommend your store by offering discounts to their hotel guests or giving the hotel incentive prizes. Develop a tracking device so that you can ensure that the recommendation was solely due to a specific hotel and their front desk.Tap The Revolving Door: A hotel sales strategy can provide ongoing sales opportunities simply due to the ever-changing pool of hotel patrons. If a local hotel has 500 rooms, for instance, it is a reasonable bet that nearly half of those rooms will change over every day, providing your store with a constant new pool of prospects. Hotel sales, while they will not provide long-term customer retention (hotel visitors are from out-of-town), nonetheless provide incremental sales to your store and often repeat sales when hotel customers return to town.Diversify Your Approach: While the above strategy focuses on hotels, you should consider other key businesses (i.e. car rental places, etc.) to obtain recommendations to your store. Think like a business traveler and gain access to all the business that they will touch on their trip. Identify businesses that provide the opportunity for delivery/pickup orders.Make A Plan: Within your 3-mile trade area, contact every hotel and ask to speak to the hotel manager. Offer the hotel manager an opportunity to earn discount product vouchers based on how many hotel patrons they refer to your store. For every 10 customers from the hotel, provide the hotel manager with a voucher that their employees can use to receive discounts at your store.The business traveler is often overlooked with a store marketing strategy but executed correctly, can provide an unfettered stream of new business into your location. Being creative sometimes only means being “johnny-on-the-spot” for the oft-frazzled business traveler.

Business Travel Agents Tips: A Corporate Travellers’ New York Airports Guide

New York City is one of the most popular key travel destinations for corporate travellers worldwide. The city is the center of much that’s great, dynamic and profitable in America. It is home of one of the world’s principal financial centres (i.e. anchored by Wall Street), and a popular business hub for the publishing and entertainment industry at the same time. So, it’s no surprise it features three airports, Newark Liberty International Airport (EWR), LaGuardia Airport (LGA) and J. F. Kennedy International Airport (JFK). As a frequent corporate traveller you probably may have flown to one of the three New York airports at some point or another. With JFK being a major international gateway to the US, this city guide aims to provide some helpful travel agents tips for corporate travellers flying to or from JFK Airport.New York JFK Facts & FiguresLocated about 25km away from Manhattan in Queens, JFK Airport is the largest airport in the state of New York and one of the busiest business travel hubs (over 50 million travellers/year) in the US and internationally. It has six operating terminals (numbered 1, 2, 4, 5, 7, 8; terminal 6 was demolished in 2011, Terminal 3 in 2013). Currently, the 4th runway is under redevelopment to comply with the needs of Group VI aircraft (until December 2015 as planned so far), which may cause delays, but measures are in place to minimise them, so you shouldn’t be too much affected. With more than 90 airlines arriving and departing from JFK, various business travel solutions for flights to New York can be arranged. Points of origin and destinations include places within the US, Canada, Latin America, Europe, Africa, Asia and Pacific, Australia/New Zealand, basically all over the world. The airport offers corporate travellers a choice of non-stop flights to about 100 international destinations which may prove convenient for your next business trip. However, JFK is very susceptible to weather-related delays due to its position. Corporate travellers are well advised to consider and prepare for possible thunderstorms in summer, causing delays across the US, as well as snow, icing and assorted slush throughout the winter season. For the months between June and November the risk of potential hurricanes is increased.In general, our business travel agents team advise leisure and corporate travellers to allow plenty of time for getting to and from JFK. Serious traffic incidents on the way between the city and the airport left many wondering whether they’ would be able to make it in time or miss their flight. Furthermore, don’t forget that this is America. Therefore, bear in mind that the TSA rules supreme over security checkpoints. So, take a deep breath and take maybe a book with you or something else to keep you busy. Make sure you arrive early.Useful JFK terminal facilities for corporate travellers In most public areas within most terminals, corporate travellers will conveniently find that Wi-Fi is available for free for up to 30min. You can get online near the ticket counters, boarding gates, designated work stations and food courts. The Wi-Fi access is provided by Boingo Wireless Company. If you need to use the internet for longer than 30mins., consider the following options: 1) $4.95 (£3.01, €3.77) per hour (pay as you go), 2) $7.95 (£4.83,€6.05) for unlimited access throughout a 24-hour period (day pass), 3) $9.95 (£6.04,€7.58) per month (unlimited access via a monthly subscription, to be used worldwide), or 4) if you already have a user account, simply log in using your user name and password. ATMs, currency exchange options (Lenlyn or Travelex), a rental phone shop, and more than 100 shops alongside various dining options are available at the terminals.Ground transportation services from JFK Airport to New York CityThe most convenient, stress-free way for travel from and to JFK Airport is to take the AirTrain. It is a cost efficient and helps you make sure you arrive at the airport in time, whilst avoiding possible traffic jams. You can access AirTrain services via the New York City subway system, which is also connected to the Long Island Railroad (LIRR). The journey from/to the city takes just over an hour. AirTrain is operated 24 hours on 365 days a year. Within the airport area, it connects terminals and also enables you to easily access car rental services, hotel shuttle areas and parking lots. At peak times the trains depart every 7 minutes and at off-peak times they go every 15 minutes. However, be clever in choosing your business travel route, as various routes make different stops within the airport. Good news for corporate travellers is that travel within the airport is usually free of charge. However, travel outside the airport is subject to a fee. AirTrain prices generally start from $5 (£3.04, €3.81). For more details on ticket prices are provided on the JFK Airport website under costs and tickets. If you travel via New York’s public transport network, then it is a good idea to use MetroCard, which is widely accepted and is worth to purchase for travel via subway, local trains, or buses. You can find vending machines for buying a MetroCard at Howard Beach and Jamaica Station. A good alternative for corporate travellers would be to take a taxi (for up to 4 passengers). Simply wait in the cab line for a licensed and insured cab to take you to your destination (about $52, i.e. about £31.58, €39.59, flat rate between JFK and Manhattan, excluding tips and tolls). The time for this trip should be about an hour. However, it can take much longer during rush hour.Shared-ride shuttle services are a cheaper option than taxis, but can involve a lot of waiting and being driven around New York City to drop other people off first. You can find a full list of providers on the airport authority’s website. But remember to tip appropriately, as tipping (around 20% of transfer cost) is quite common and keep in mind that bridge/tunnel tolls are not included in the shared-ride shuttle services fares. Another option is to ask your business travel company to arrange a shuttle service for your trip from and to John F. Kennedy International Airport as prices can vary greatly depending on location and number of passengers. In this way you can ensure that you are travelling with a reliable supplier.An express bus service is also available for a nominal fee from Penn Station (reachable e.g. by AirTrain or taxi). The service operates from early morning to late night, with buses running at least every half hour.The airport is also home to several car rental agencies. Leisure and corporate travellers can choose between a number of car major rental companies including Advantage, Thrifty, Dollar, Enterprise, Budget, Hertz, National and Avis.So, which mode of transport should corporate travellers choose for a trip from JFK to Newark and LaGuardia airports? Usually the best way to get to Newark Airport from JFK Airport is to simply take the AirTrain. However, if you need to travel to LaGuardia during your business trip, it we recommend to take advantage of a convenient shuttle bus service, using the free Route A (running every 10-15 minutes from 4:00am to 11:30pm) or Route B (running every 10-15 minutes from 6:00am to 2:00am). In any case, more details, also for connections to other airports, are available on the JFK Airport Connections page.Hotels near JFK AirportHotel booking services for corporate travellers flying to New York JFK AirportAlthough there are no operating hotels at JFK Airport at the moment, New York provides corporate travellers a huge choice (from budget accommodation to luxury suites) of hotels and motels, which are conveniently located nearby the airport. Most hotel accommodations nearby offer shuttle services. Alternatively you can take the AirTrain to the Federal Circle station and follow the “Courtesy Hotel Shuttles” signs. There are telephone services for the hotel courtesy shuttles located at the AirTrain Federal Circle Station and in the arrival areas of the airport terminals ($5, i.e. about £3.04, €3.81, Service Charge for making reservations). The range of motels and hotels include the Hilton*, the Courtyard* by Marriott, Hampton Inn*, Sheraton*, Hilton Garden, Comfort Inn, Holiday Inn Express, Fairfield Inn* by Marriott, Days Inn, Best Western and Howards Johnson. The ones marked by an * are also offering conference and meeting rooms for corporate events.© Copyright Flightline Travel Management Ltd. All rights reserved. All prices correct at time of publication.In part two of our New York City Airport guide we’ll provide you with some business travel agents insider tips on Newark Liberty International Airport (EWR) and LaGuardia Airport (LGA).