How to Start Your Small Real Estate Company-pt. 3

1. Always look for and use business coupons to save on business purchases.
2. ASK FOR DISCOUNTS ON ANYTHING YOU BUY.  It might surprise you what will you receive.   REMEMBER     “ask not,        receiveth not”.
3. Buying online??   Insist on free shipping.  Amazon and others do it regularly and routinely to keep business customers.
4. Find –good quality, well lit place to do business which is already confiqured and do not spend anything on Tenant Improvements as you may not be there that long to amortize the high cost of built outs. ( The landlord will be more amenable to free rent or rent reduction if there are not major capital costs incurred for the owner.)
5. Take a short lease with an option to extend   ie   One Year lease with One Year Option at the Tenant’s sole discretion.   There are simply too many unknowns for a new business to commit to a longer term.  In this economy many landlords are eager to negotiate for anything but …
6. DON’T GET GREEDY!!!.   That will just alienate the landlord and he might not want you as a tenant after that.
7. Office image should reflect only what your new company “really needs” to be credible.   If customers do not visit your office , then why go with fancy digs and pay more than you need to?
8. Think – “Good quality, well lit place to do business.”
9. One of the best alternatives to a real office is the “virtual office” at an office business center, which will furnish you with a business address to receive your mail and a live receptionist to answer your phone professionally and courteously in your company’s name.  Then, when you need a real office for a week or a year or a board room to meet clients, you can rent that space by the hour, day or week.
10. Your office should be very convenient to you and your clients/customers to save on commuting time and expense.   You should have access 24/7 though you may only drop in on weekends or work a few late nights.  The hours of access should fit your schedule when you need it too.   If you are paying rent on it then you should have access at all reasonable times. Good Idea! Make sure that is part of your lease contract.
11. Your initial office equipment should be minimal and used—just what you need to start.   It should include computers, back –up data drive, business card scanner, calculator/adding machine with tape, mini-fridge and a good one-cup at a time hot drink or coffee maker .
12. Furniture should or could be discounted, good quality and show signs of being only slightly used.  Your furniture should include desks, file cabinets, conference table, book shelves, white boards, office supplies, etc.
13. Seriously consider going wireless versus land line for your office telephones.   Also, investigate the Follow Me-Find Me technology for salespersons and or agents.
14. Consider a pay-as-you-go cellular phone plan to pay for only what you use.
15. Seriously consider a VOIP  or Voice over internet Protocol phone system to work with your computer system to save on phone charges.   Study other services like Skype for use in long distance and conference  calling.
16. Bundle your internet, cable and phone services from one provider to save money.
17. Let someone else carry the burden of technology and find a building with commercial cable such as Cox, Comcast Broadband or Williams because T-1 lines are very expensive and you will need them for speed over the internet.
18. Today, your really may not need a receptionist so have someone double up on those duties or use a Virtual Office service to field and forward calls through their receptionist at a reasonable cost.
19. Contract with a knowledgeable Social Media Consultant to develop your email addresses, Twitter, Linked In, Facebook and website.  This should be a really concerted effort that bundles all these and other upcoming techno-geekish kind of marketing avenues.  Use your designer for the look and a qualified media consultant to tie it all together and help your people manage it for a very low cost and keep you look and content fresh daily or at least weekly.  Find domain names on Go Daddy or other online sources for them at the lowest costs.  Once you have a domain name, keep it current and under contract where you can control it for the life of your company.  The domain name will become a valuable company asset , just like your company name and logo.
20. Website should be started early and be up before your business launches even if it is a place saver until you get all the whistles and bells installed.
21. Consider ELECTRONIC BANKING.  Set up a company bank accounts for checking, savings, CD’s and lines of credit if possible in these days.  Get initial checks printed.
22. Set up as many company billings to be paid online by checking or credit cards.
23. Set up Intuit/Quickbooks online ( gives your accountant online access also) to manage company accounts, payroll, business accounts, invoicing, etc.
24. Begin early to build a company database for future mailings and promotions.  Buy lists or use your ACT or Microsoft Outlook software to begin collecting names for the database.
25. Hire a Public Relations firm or an Intern from a local college to develop your PR/Publicity strategy.
26. Join clubs and association related to your passion (charities) and or you business interests.   Have newcomers to your company do the same to spread the word about your new venture and securely tie you and your company to the community.
27. Make sure that everyone who does business with you knows “ your word is your bond.”   Fiercely protect your reputation and that of your company.
28. Completely read and understand every contract you enter into and keep a chronology or time line to prevent surprises in expirations or terminations or automatic extensions.    READ YOUR LEASE FULLY and seek legal advice on it if necessary.

Source- NAIOP Development/ Ron Derven/  Vic Donovan -1.5.2009

Tagged as: Business Start-Up, commercial real estate, Real Estate Business, residential real estate