Important information
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Start-up investment
Low - $ 3000 (using family car for word processor and camera)
High - $ 10,000 (Including office, car lease and advertisement)
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Time at break-even point from 2 months to 1 year
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Annual revenue and profit estimate
Revenue $ 70,000 - $ 3 million (one at the low end; supervising staff of the appraiser at the high end)
Profit (before tax) - $ 60,000 - $ 500,000
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Real estate detective
The function of a real estate appraiser is to determine what a particular piece of property is worth. Customers in this industry can be found in various fields:
Government: Every time the government criticizes property or revaluates taxes, they need to know the value of property.
Lawyers: They need to distribute real estate, or couples or partners need to split real estate, business partnership clients in break-ups and marriages
Buyer and / or seller: Before listing or purchasing a house, the individual will want to know the value of his property.
Insurance company: Before making a property damage village, the insurer would want to know the current value of the property they guarantee.
Bank: Loans are not done, or the house is established Foreclosure without property value.
The appraiser specializes in any of the above, or simply deal with residential or commercial real estate, but many large companies can cover all bases. Not all areas of real estate are running at the same pace at the same time. If the expert witness can process the cross section of the market, when it is the commercial software and vice versa, he can stay busy treat the housing.
Method to Madness
Real estate appraisers simply do not make well informed guesses when evaluating the value of a particular property, looking on top of the property. Real estate appraiser's society and real estate appraiser's American laboratory - Applying the next approach requires a real estate appraiser in the two professional societies representing the industry;
Cost approach: first identify all the different parts of the property - the structure and characteristics of the property paid first. You do not need to be an engineer, because you are not looking for construction defects, but you must have basic knowledge of construction. Then if you build today, you need to establish what construction costs are. After that purchase and deduction of depreciation of existing property since construction. Final result: cost of property.
Market data approach: Compare sales of the same community to compare with the characteristics you are evaluating. You must be something to thank us for any other sizes or upgrades such as difference for adjustment of depreciation expenses.
Profit Approach: In this approach, the owner obtains the property he / she wishes to obtain and profits are borrowed. Compare the royalties charged for a similar commercial or residential structure of the same community and determine whether your customers make it as net profit before paying for the mortgage
Experts say that except in cases where income production properties do not exist in the same area, they are all in order to reach the fair market value of the property being appraised
Just go to the court to determine the value of the property and determine the reason for the property sold for what it sold, including much more effort than finding what similar properties are selling recently need to do it. The expert witness needs to see beyond the bottom line of the deed. Perhaps negotiations stretch over a long period of time - acts (and agree with the price) can be dated a year or two years ago than it actually was, maybe the seller is in tie, I sold under the market because he / she was traveling overnight. When deciding what to judge for all of these factors is the value of the property.
If you do not like Sherlock Holmes, you need to dig through clues through your detective work - consult with attorneys and real estate brokers who are involved in buyers and sellers and sales Good transactions of expert opinion fees, their It is based on the ability to get to the bottom of good judgment and real estate transactions and find accurate and meaningful numbers.
If you can evaluate multiple similar properties within a reasonable period, you can truly take advantage of your foot work. The most lenders are needed compared with the housing Within 6 months except for the period of staying commercial facilities.
Nut and bolt
Some appraisers strictly charge by time. The type of valuation required is dramatically changed from customer to customer. For example, because banks provide lots of backup information and you can provide a form to fill in, the amount of time needed to make an assessment On the other hand, residential broader research and more We may write written reports that require a lot of time. Commercial real estate appraisers usually take a much longer time than for housing. So when configuring your tariff schedule, you need to consider all of the above factors and more.
The most successful company evaluation The following two categories: a fictitious large company with no solo appraiser is 15-30 employees. Because they need the same data as large companies and do not generate revenue to meet expenses, companies during the insurance have problems satisfying their overhead.
A single operator can easily move his / her office from his / her reserve room, and there must be a minimum equipment: the phone, the tape measure and the camera. You can use your own car to travel from property to property and if you can enter, typewriter (or preferably also in professional banking business or legal journal or yellow page, maybe you need to advertise There is.
Grow: - Yes or no?
It seems that it will be left to the additional office space, working director, which means it will be an additional partner. These two additions to your overhead formula can match 50% of your fee. And with such materials such as social security, car insurance, and taxes, you are adding 0% to 25% of your fee anywhere.
Marketing can grow as fast as you can to keep the fee growing at the same rate as your overhead So you grow up As you mentioned above, the three appraisers are the same as 100 appraisers Medium-sized enterprises are not cost effective because they need about the data.
The network also deducts high. If you have strong real estate contacts you may be able to go with the file instead of crossing by the accumulation of information in the court. The number of real estate appraisal companies will participate in real estate organizations that provide updated selling prices and property descriptions.
Another area where you can become income production is real estate brokerage. Some appraisers consider this conflict of interest, but there is no law against putting a portion of your profits in investment or property development. If you are confident of your own ability as a skilled detective, who knows better deal than you?
resource
Industrial Association
American Institute of Real Estate Appraisers, 430 N Michigan Ave., Chicago, IL 60611 (312) 329 - 8559
Real Estate Appraisal Association, 645 N Michigan Ave., Chicago, IL 60611 (312) 346 - 7422
American Association of Certified Appraisers, 7E. Dr. Swin, Cincinnati, Ohio 45218 (513) 825-1603
Additional information That setting New business, business such as tax, insurance, etc. - startup is in the finder manual
Real Estate Agent
Important information
_______________________________________________________________________________
Start-up investment
Low - $ 1000 (to become a license)
High - $ 30,000 (to open a securities company)
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Break-even point time - January to 2 years
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Annual revenue and profit estimate
Revenue $ 300,000 - $ 10 million
Profit (before tax) - $ 18,000 - $ 300,000
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Your work in the American dream
In 1986, the National Real Estate Association census indicated that there were 12 thousand real estate agents in the United States. Most Americans dream of owning their own house and 82% of all houses being sold are sold through real estate agents, so around
From the viewpoint of tax changes that will come into force in the next 5 years and the current economic downturn, one expects a number of houses to change hands that are decreasing, but with a significantly lower interest rate, Regardless of what is going on, households are still being formed and you need a place where anyone of them will live.
2 years until takeoff
As real estate is a regulated industry, you can not decide to go to the next business once your agent is on the first day. Also you can open before you to follow Tickets:
1. License: You need to spend at least a couple of weeks, perhaps a couple months getting ready to take a real estate examination of your condition leading to licensing. Many community colleges and universities offer night and evening courses.
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