Businesses For Sale – Common Pitfalls to Avoid

The ability of our economy to prevail through the recent economic hardship felt worldwide, not only relatively unscathed, but in a stronger position than nearly all modern western economies, highlights the real strength of business, entrepreneurial ability and innovation in New Zealand. The opportunities for those with entrepreneurial skills and the desire to drive one’s own destiny, businesses for sale in New Zealand provide the perfect medium to achieve these ends. However, ensuring the correct business is purchased which matches your budget, experience, skills and knowledge is essential. Many new businesses for sale in New Zealand fail within the first year of operation, but there are several key decisions that will ensure success.Firstly, the decision to purchase an established business comes with it an established customer base, turnover, goodwill, staff and history of trading. Secondly, utilising a reputable and trustworthy real estate agency who is experienced in the sale and purchase of businesses in New Zealand will ensure that you are able to peruse a diverse range of potential companies, with the guidance and advice of a professional to aid in the final and correct decision.Real estate agents will guide you through the common pitfalls to avoid when searching for businesses for sale in New Zealand. One of the key pitfalls is lack of preparation prior to making an offer. The best business decisions are based on timely and accurate information. Real estate agents will ensure you have all the correct documentation to base an informed decision, including financial data, employment contracts and staff details, property and lease details, along with any other information pertaining to the long term viability and profitability of the business. Furthermore, the decision to purchase a business should be made on the financial acumen of the business and not a personal desire or liking. Obviously the business must suit the lifestyle desired and skills brought to the business; but only when the proposition is feasible.The unwillingness to leverage professionals, such as real estate agents, is another key mistake. Professional business consultants representing leading real estate agencies in New Zealand thoroughly understand the marketplace, often with insider information pertaining to the number and quality of businesses that are soon to be listed in the marketplace. Additionally, with their knowledge of available businesses for sale in New Zealand, they are able to provide a measure of comparative shopping, where the pros and cons of numerous enterprises can be assessed and evaluated to ensure that the business purchased is the best fit for you which will realise your dreams.

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How to Find a Great Realtor to Run Your Property “Comparables” (Comps)

Establishing value on your property is critical. Skill number one above all other skills to master.

The most important aspects of being a real estate investor is the ability to establish value on houses or properties you are considering buying, wholesaling, or flipping. Irregardless of location, be it California, New York, Houston, or Dallas its a must know skill to learn in time.

But how do you master comping property if you do not have Multiple Listing Service (MLS) access? How can you practice and practice running comps (like I have until you breeze through it), looking at land, comparing variables like year built, location, lot square feet, bed and baths, subdivision and lastly what is the property next too? Is it next to a commercial center, stinky ranch or pig farm or a nice area with a creek or lake? These factors are important to know in learning to master running comps on property.

Before you can become proficient with running comps you need MLS access from a realtor if you are not one already. And this is how you do it. You want to find a realtor you know on a personal level, maybe a friend, friend of the family, or relative. If you don’t have a realtor on hand you need to make friends with one.

This is how you go about making friends and getting MLS access. Drive for dollars and find a vacant, boarded up house ones you want to consider buying or wholesaling. Find two or three, then call a few Realtors up tell them you are real estate buyer or investor and need a good realtor to buy through and run comps.

Start off only giving them a few addresses to comp then a week later give them a few more, meanwhile take them out to coffee get to know them, their likes dislikes, hobbies, etc. Form a relationship with them. A week later give them a few more comps to run, be sure the houses are in your actual buying areas of interest. In other words make sure its real comps of real houses. Its one way to get to know your platinum areas.

Phone your realtor talk to him or her about the houses he or she comped. Make the chat a casual conversation. Ask them if they would like you to refer them (realtor) to the sellers who want to list. Of course the realtor will say yes! Let them know not all sellers you meet are desperate or motivated sellers and some simply need a good realtor to list with.

Then when a seller does not want to sell ask them if they would like to talk to your realtor to see if listing is right for them. Call the Realtor and give them the seller’s name, phone, address, and the condition of the house. This will show the realtor you are serious. No one works for free. Keep track of those referrals maybe the realtor will give you a small finders fee once listed and sold, just don’t ask for one at this point. Your sole goal is MLS access! The gold standard of running comps.

Somewhere in the discussions you are giving them the comps to run, they start to get a bit overwhelmed at the extra work load of running the comps for you. This is what you want. They need to realize in the back of their minds without you mentioning it, they should just give you MLS access.

However, when you feel its a good time tell them you can “save them time buy getting MLS access as an “real estate assistant” or such, just whatever is easier for them” which they can ethically do. This is why, they have real estate assistants who run comps for them, look up properties on the MLS and help out in the office for them.

If you are giving them leads they are going to be more than happy to give you the access you need once you establish trust with them. It is wise to be working about 2-3 Realtors at once to see who is actually a big picture or forward thinker. Do this until they get you the MLS access. Do this until you can speak their language. Do this until you get your MLS access. But stay in touch with the other Realtors, because you never know when you will need them too.

Let this soak in a bit and see if it helps you to get the MLS access you need. Zillow or no other comp service is worth a darn, hey its hard enough to establish value with the MLS as it is. Some Realtors will say they can run the comps but a realtor see’s comps through a different light than the investor. Here is one major difference, WE write the $200,000 check to BUY the house, Realtors only list the house. We better be right-on with our comps! Get it!?! So they see running comps through a different pair of glasses, and this is one of many reasons why you need the actual MLS access yourself.