In these times of economic uncertainty, wouldn’t it be nice to create a business opportunity that could provide you with a secondary income? This is exactly why most people enter the world of Internet home-based businesses: bills are piling up and they just can’t get ahead with their nine-to-five jobs.What is the difference between the average Joe and the successful Internet entrepreneur? Time, patience, commitment and adherence to some basic principles that anyone who wants to succeed at the world of home-based businesses should stick to.What are these five tried, tested and true pieces of advice to Internet home-based business success, you might ask? Find a mentor, develop a solid marketing campaign, stay focused and committed, don’t jump the gun at false leads and be realistic.Finding a mentor is not as easy as it seems. The Internet is still a fairly anonymous communication medium, which means that there are a lot of scam artists out there. When choosing a mentor, do some digging. Are there bad reports on this individual with your preferred business regulation agency? Does this person have an established online presence? Is this person actually available for contact, or are they little more than smoke and mirrors? Finding a mentor, someone who is available for continuing education, instruction and support, is one of the most vital components to your home-based business success – just be sure to do your homework so you don’t get duped.Developing a solid marketing campaign is a multi-level process that is crucial to your online success with your home-based business. A good mentor will advise you on such areas such as: content-based marketing, article and press release writing, promoting through social network mediums and other ways to boost your search engine status. The most important thing about your marketing campaign is to be relentless and never stop promoting.Staying focused and committed means setting aside time each day to work at your home-based business. At the beginning stage, this is easy – because you’re excited and eager to earn a secondary source of income. But, as time rambles on, you may find your home-based business sits on the back burner as kids, full-time jobs and other commitments override your Internet business in priority. If you’re going to succeed in the world of home-based businesses, you have to work at it every day, on both your business itself and your marketing campaign.Don’t jump the gun at false leads. Again, your mentor should show you the dangers in paying too much for false leads.Also, watch out for home-based business opportunities that simply sound too good to be true. Trust your instincts.
How To Succeed At Online Product Creation The Easy Way
Product creation could be a frightening subject for a lot of Internet marketers to face. Some folks who get in the game with the intention of making a full time income are completely ignorant as to how an online business operates. One of the most profitable ways to create online cash is by creating a product that others are happy to pay for.
Product creation is legitimate method of generating money through internet marketing but many entrepreneurs get it wrong. They start by imitating their Internet marketing gurus by creating information products on Internet marketing in hopes of getting rich the way their heroes did. The problem is that they usually don’t know what they are doing and enter a highly competitive niche with very little marketing experience or connections.
Here are a few tips for effective product creation that may help you get on the right track:
Start by finding a profitable niche with low to moderate competition. If you conduct some rudimentary market research and keyword research, you’ll find many opportunities in areas that will surprise you. Amazon and eBay are two great places to brainstorm for product ideas.
Developing Your Product does not have to be a difficult project. You can find experts in the right field for your niche and pay them to write the material while an artist designs the packaging and website or blog. You can outsource the entire product creation part of the project after you conduct the research and testing to ensure profitability.
Sales and marketing strategies should be created while developing the product and learning about the market. Some experienced marketers use pay per click to drive traffic to their offer page; some folks outsource the entire marketing campaign to affiliates through ClickBank or other affiliate programs.
Product creation does not need to be hard, particularly when the merchandise is electronic. E-books, videos, audio and multi-media products sell very well. They are distributed immediately to customers electronically. Once you have a good feel for a niche market, try to service your customers with associated products and upgrades. If you want to earn money online through product creation, you must understand supply and demand. The majority of new online marketers fail miserably because they go after highly competitive markets or forget to research their chosen niche properly. You have to create your products according to the needs, wants and desires of the prospective customers.
Make Finding a Property Management Company Easier on Yourself by Asking the Right Questions
This is part 2 of a 4 part series where we have outlined important questions to ask a property management company before hiring them.
Series 1 Companies Credentials
Series 2 Property Management Services
Series 3 Property Management Fees
Series 4 Tenant Screening Process
Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding services they provide. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.
Series 2 – Property Management Services
Properties they manage – Property management companies are as different as car dealerships are to each other. For example, a Mercedes dealership will have the best inventory and the most knowledge of the latest selection of new Mercedes. You could visit the Toyota dealership in your neighborhood, but chances are you will not find what you are looking for. Of course, they would love your business and will try and talk you into why a Toyota is a better fit for you than a Mercedes.
Same with a property manager, they are not created equal when it comes down to their property portfolios. You need to ask what types of property they manage and make sure your type of property is one they manage. If you own a single family home, a company that manages mostly large apartment buildings or commercial property would not be a good match. In this case, your best match would be a company that has a minimum 50% or greater of single family homes in their rental pool.
Some companies manage all types of investment properties…single family homes, apartments, commercial and community associations, but chances are they hold a specialty in one or two areas.
Inspections – A thorough property inspection should never be overlooked by a property management company. A property inspection needs to be conducted upon tenant move-in and at move-out. A property inspection can range from drive-bys, a walk-through or a video inspection. If disagreements arise between tenant and manager as to items missing or damaged, actual documentation from the move-in inspection and pictures of before and after hold validity versus a verbal agreement.
A video inspection of the interior as well as the exterior of property is the best option. Still pictures are good, but sometimes do not capture all areas of property. The video will not only capture all areas, but is easily interpreted and validated as the subject property. A signed checklist at move-in from tenant validates that tenant concurs with the inspection findings.
Maintenance – When it comes time to performing maintenance or repair work to their rental properties some property management companies have their own in-house maintenance personnel. These are usually employees of the company and are paid a salary through the company. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.
On the other hand, the management company may decide to outsource all or some maintenance work to outside vendors. These vendors could range from a handyman, specialized tradesman such as a plumber or a large facility that performs all types of maintenance work.
There are pros and cons to both and I do not advocate one over the other but will outline a few points of interest:
In-house Maintenance
Pros:
- More readily available, since they work within the management company
- Direct communication with management company and their policies
- More intimate with property…they are the “one” contact and know the history of your property
Cons:
- May be more of a “jack of all trades” versus being specialized in a certain field and having the appropriate licenses
- May not be as determined to perform or finish maintenance work in a timely manner as he/she is not being paid based on the job. Whether he/she finishes in 2 hours or 8 hours, its all the same.
- If in-house maintenance crew is not available, either the repair work waits or the company will need to search for a outside vendor on short notice
Outsourcing Maintenance
Pros:
- This allows the property management company the luxury of competitive bidding among vendors, which could equate to lower costs
- Vendors will be eager to sign contracts with a property management company that can bring stable business to them, and as a result will most likely perform quality work in a timely manner
- Most vendors will be specialized tradesman carrying all required licenses, insurance and being bonded
Cons:
- Some property management companies will add a surcharge or mark-up above the actual cost of any repair work to cover their time in acquiring these bids.
- If work was not completed properly, it may be difficult to get the vendor back on the job.
Another option is coordinating all maintenance work yourself. This may work for you if you have reliable contractors you have work with and are dependable. You can probably save yourself some money but this will involve a bit of your time on your part.
Accounting – Most full service property management company will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month. It will show rental income and any expenses such as management fees, repair costs, lawn care service, advertising charges, lease renewal fees and possibly utility charges. The monies owed the owner also referred to as the net amount should be clearly spelled out on this statement. The monthly statements are usually mailed every month to the owner along with a deposit check for the net amount. You should also be provided with a end year statement along with a 1099 for tax purposes.
With the advancement of online technology many management companies are now offering their owners the ability to view and print their monthly statements via the company’s’ website or online portal. These portals have the ability to store other documents such as the management contract, vendor invoices, pictures of property, inspection reports etc…all at your fingertips.
Another great advantage of working with a savvy property management company is their ability to setup automatic deposit of your monthly checks. No more waiting for the postal service, your deposit checks can be deposited directly into your bank account. Chances are they will also have the ability to setup automatic debit of tenants rent from either a checking account or credit card.
Coming soon: Part 3 of 4 “Make finding a property management company easier on yourself by asking the right questions – Property Management Fees”
Karen McDaniel
Principal/CEO
Property Management Profile LLC
Property Management Profile offers the most up-to-date listing of full-service property management companies nationwide. We have become a wealth of information and resource for the first-time landlord as well as the seasoned investors. We should know what we’re talking about, as owner and creator of Property Management Profile, Karen McDaniel, has owned and managed many of her own properties. Today, all are managed by professional property management companies, so she now has more time to continue her work educating and helping others make better choices when it comes to finding a qualified property management company.