How to Build a Better Business Plan

How to Build a Better Business Plan

RECBL - Real Estate News

(Family Features)-Creating a business from the ground up is no small endeavor. From planning to financing to putting standard business services in place, there’s a lot to tackle. All of that is in addition to operating the day-to-day business.

Once you’ve settled on a business model that meets your needs, developing a business plan is an essential next step. These five tips can help you get started:

Think long-term. A solid business plan should account for your start-up, of course, but also the longer range future of your operations. Consider how you want your business to look five years down the road. Create goals and build in milestones to chart your progress on that long-term path.

Write it yourself. No one can embrace your vision as completely as you can, and developing the plan yourself gives you a deep understanding of every aspect of the business, which is essential for good management. Even if you hand over certain responsibilities down the road, being aware of each aspect of your business can make you a stronger, more successful leader.

Review the plan over time. Understand time brings change. The business climate, which originally influenced your business plan, will likely shift over the course of your ownership. That’s why it’s important to revisit your plan at least annually to ensure your original road-map is still on the right track strategically.

Share your plan with others. Inviting input from an adviser or experienced friend or colleague is a great way to spur new ideas and identify potential problem areas. Be sure you’re prepared to accept constructive criticism to help shape the best possible business plan.

Stick to it. After all the sweat equity you invest in creating your business plan, the worst thing you can do is allow it to collect dust on a shelf. Use the plan to guide you in launching and growing your business. When business is booming and you’re too busy to think strategically, you’ll be grateful to have a well-conceived plan to rely upon.

Source: Family Features Editorial Syndicate

Are you looking for help creating your own business plan?  View the following resources.

Business Plan: How to Write a Business Plan - Business Plan Template and Examples Included!

The Secrets to Writing a Successful Business Plan: A Pro Shares A Step-by-Step Guide to Creating a Plan That Gets Results



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5 Steps to a Healthier Kitchen

5 Steps to a Healthier Kitchen

RECBL - Real Estate News

Trying to lose a few pounds or simply boost your nutritional intake? Well, what you eat and how you eat all starts with how you stock and organize your kitchen. These foundational steps will put you on the path to a cleaner diet and an all-around healthier lifestyle.

1. Lose the preservatives. The reason that loaf of bread and box of crackers in the cabinet lasts so long is because they're loaded with preservatives. But all those ingredients you can't pronounce on the nutrition label are really bad for you. Opt for organic breads or buy them fresh from the bakery, then freeze them. Sliced options let you conveniently grab just the servings you need at any given time.

2. Buy then eat. Do you often encounter a rotten tomato or two at the bottom of your vegetable bin? To avoid the common problem of being unable to consume fruits and veggies before they go bad, get into the habit of swinging by the grocery store or produce stand on the way home from work and buy just what you need for that evening and lunch the next day. Not only will this prevent food waste, it will ensure you're consuming these nutrient-rich foods in their freshest possible state.

3. Store properly. Fruits and vegetables should be removed from those plastic grocery bags before being stored in your fridge. Remember to store fruits and vegetables separately, on different shelves or in different bins.

4. Grow your own. You don't need to have a green thumb to grow a few of your own cooking ingredients, such as herbs. A sunny window can provide all the tools you need to grow basics such as basil, oregano and rosemary.

5. Keep food organized and accessible. It's one thing to buy the right foods, but if they get lost in the recesses of your fridge, what's the point? Wash and chop fruits and vegetables and place them in clear plastic containers at eye level. Buy healthy snacks like yogurt, hummus and nut butters in grab-and-go friendly sizes.

With these few small adjustments you'll be on your way to a healthier way of life in no time!

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How Much Do You Know About Your Credit Score?

How Much Do You Know About Your Credit Score?

RECBL - Real Estate News

While your credit score affects everything from your ability to buy a car or a home to how much interest you will pay on the loan, many people don't know how these scores are calculated or what impacts them positively or negatively.

Moreover, says the Credit Federation of America (CFA), more than 25 percent of respondents in a recent survey did not know that a low credit score could increase the cost of a car loan by $5,000.

More than half didn't realize that utility companies, cellphone companies, and even insurers sometimes check credit scores before issuing services - or that multiple inquiries in a short time, as when you are shopping for a loan, are treated as one inquiry in order to minimize the impact on your score.
The CFA provides more about credit scores that every consumer should know:

All your credit scores are not the same - Most people assume their credit score is a single three-digit number, but each of the three major credit bureaus (Experian, Equifax, and TransUnion) scores you differently, since they don't necessarily have the exact same data in their files.

Closing old accounts will not necessarily boost your scores - Closing old or inactive accounts may inadvertently lower your credit score because now your credit history appears shorter. If you want to simplify, close newer credit accounts first or put the cards away so you don't use them but your credit history stays intact.

Paying off a bad debt will not erase it from your score - Once a debt goes to collection, or you've established a history of late payments, you will deal with the consequences even if you pay off what you owe. It will show as paid, but it is not erased. Also, while your score will get a boost if you pay off an old debt, it may not be by as much as you think. The best way to increase your scores and keep them high is to make payments on time every month over the long haul.

Co-signing for a loan impacts your scores - When you co-sign for someone else's loan, you are responsible for the debt - and if the person you’re co-signed for does not pay, your credit score will be impacted.

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Homeownership and Well-Being: A Complicated Relationship

Homeownership and Well-Being: A Complicated Relationship

RECBL - Real Estate News

Homeownership has come to represent security and wealth-the American Dream, realized, for millions who place their stake through property. There is evidence, even, that homeownership lends itself to overall satisfaction.

Financially, homeownership is also associated with well-being, according to a new report by the Consumer Financial Protection Bureau (CFPB). The CFPB defines "financial well-being" as "a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life."

The first factor is key. The ability to afford a home affects sense of well-being, the report shows. The CFPB assigned respondents to a survey, on a scale of zero to 100, scores of well-being. In comparing homeowners and renters, homeowners averaged a 58, while renters averaged a 49. (As a whole, respondents to the survey averaged a 54.) Generally, Americans in good enough financial straits (in the context of income and savings) are in a position to purchase a home; the capacity to own, therefore, rather than ownership itself, is a predicator of well-being.

Affordability is also impactful in that those with a lower share of their income spent on housing have higher scores of well-being. Respondents paying more than 50 percent of their income on housing averaged a 46.5, roughly 10 points below the 56.51 of respondents who shell out 30 percent or less.

Respondents with "non-retirement investments" have higher scores of well-being, as well. (A house, often, is an appreciating asset, building wealth, as other investments do, over time.) Respondents with even one non-retirement investment averaged a 62, while those without averaged a 51. (Real estate, relatedly, has ranked as the No. 1 investment in several studies.)

"Housing satisfaction" is connected similarly. Respondents "very satisfied" with the place they live averaged a 60; those less than "very satisfied" averaged a 50. One distinction, however: The ability to improve level of satisfaction (buying in a more costly but safer neighborhood, for example) hinges on having the wherewithal to do so.

Financial well-being is also linked to homeownership in unanticipated ways. According to the report, age, education and physical health are the top three influences on financial well-being. Age has implications: Americans at a certain life stage, for instance, could be of the perception that "now" is the time to own a home. If they do not meet that expectation, their sense of well-being could suffer.

A cushion for emergencies, likewise, is related. Respondents with access to at least $2,000 for the unexpected (within 30 days) averaged a score of 62-leaps ahead of the 39 for those without. On the other side of the coin: Respondents who have experienced a "financial shock," such as a major home repair, averaged a 52, while those who have not averaged a 57.

"The strongest relationships to financial well-being appear to be related to savings and security nets," the report states. Homeownership, for most, is both-but its relationship to well-being? Its complicated.

Source: Consumer Financial Protection Bureau (CFPB)

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Commercial Real Estate to Grow 'Moderately' Through 2019

Commercial Real Estate to Grow 'Moderately' Through 2019

RECBL - Real Estate News

A recent forecast out of the Urban Land Institutes (ULI) Center for Capital Markets and Real Estate predicts moderate growth for the commercial real estate industry through 2019.

The ULI Real Estate Economic Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017 and $427 billion in volume in 2018 and 2019.

All are declines from the previous year. On the broader economy, the forecast expects GDP to grow 2.2 percent in 2017 and 2.4 percent in 2018.

"Respondents to the October 2017 ULI Real Estate Economic Forecast downplayed the possibility of a spike in economic growth through 2019," said William Maher, director of North American Strategy and Research at LaSalle Investment Management, leader at ULI and a survey respondent. "At the same time, they confirmed that the current expansion could become the longest one since records were kept starting in the 19th century.

While real estate will benefit from continued growth, U.S. property markets are close to equilibrium, which should result in inflationary rent growth and returns in the single digits for core real estate and equity real estate investment trusts (REITs)."

The forecast expects 960,000 single-family housing starts in 2019, and home prices to appreciate an average 4.8 percent through 2019.

Source: Urban Land Institute (ULI)

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‘Rental Inform' Dashboard for Property Managers, Marketers

‘Rental Inform' Dashboard for Property Managers, Marketers

RECBL - Real Estate News

Zillow Group has introduced a dashboard for property managers and marketers, Rental Inform?, now in beta for selected users, the company recently announced. The cloud-based dashboard helps property management companies make more informed decisions by offering the companys exclusive, real-time rental market and aggregated consumer insight data.

"Rental Inform will provide our valued property management partners with exclusive data to help them understand real-time consumer and economic trends, customized for their local market," says Michael Sherman, vice president of Rentals at Zillow Group.

"The first of its kind in the rental category, this platform offers access to Zillow Groups proprietary search data to help marketers make more informed decisions about their business. This level of competitive and consumer intelligence is unmatched in the industry today, and were excited to bring this new dataset to our clients."

Powered by aggregated search data from millions of renters on Zillow Groups Rental Network, as well as by Zillow Groups unique economic insights, Rental Inform includes a wide range of data to help marketing professionals and property managers identify business opportunities. The platform includes tools to help marketers better understand consumer preferences-for example, what type of floor plan, amenities or price point is most desired in an area-as well as insights to the current rental market and pricing trends.

Rental Inform allows marketers to view and compare currently listed apartments by type and location. This competition view shows marketers traffic volumes across listings in a given region, helping them understand what type of community prospective renters are interested in within a given geography.

The company announced the dashboard at its third annual Multifamily Forum in Miami. The dashboard will be available soon to all who participate in Zillow Groups Rent Connect.

For more information, please visit www.zillow.com.

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Costly Fixes & Home Repairs

Costly Fixes &  Home Repairs

RECBL - Real Estate News

(TNS)-Unexpected repairs can cause financial stress for homeowners. When crises occur, homeowners can find themselves in a financial pinch, needing to rely on professionals like a general contractor to get the issue fixed quickly.

Emergency repairs typically come with hefty price tags, but with proper planning, you can avoid draining your bank account.

Experiencing Unexpected Roof Repairs
One of the most important things to maintain is a solid roof over your head, so when that starts to deteriorate, it can quickly descend into a nightmare.

Although many roofs are guaranteed for around 30 years, it’s better to take preventive action than wait until a crisis occurs to start thinking about how your house can weather the next storm.

A new roof for an average-sized house-using medium-priced asphalt shingles-can cost at least $5,000 in most parts of the country, assuming that the sheathing is still sound, says Timothy G. Wiedman, a retired professor of management from Doane University in Nebraska. Wiedman-who has bought, maintained, upgraded and sold several homes-says homeowners would be wise to start putting $600 to $700 per year into a roof replacement fund.

Handling an Unplanned HVAC Breakdown
When it comes to maintaining your heating system, don’t find yourself left out in the cold.

"This equipment will last 12 to 15 years before it should be replaced," says Gene Amick with Climate Control Heating near Kansas City, Mo. Depending on size and efficiency, he says replacement costs range from $5,000 to $14,000.

Your best bet would be to find a local heating and cooling contractor who offers a maintenance program.

"This will prolong the life of your existing equipment," Amick adds. "The proactive approach of being ready for the eventual changing of your equipment will save you money."

Managing Old Window Emergencies
Old, drafty windows are a significant source of heat loss in a home.

"You’re literally throwing money right out the window," cautions Phil Eby, owner of Eby Exteriors, Inc. in Lancaster, Pa. "Replacement windows are a home improvement necessity you should be saving for."

In addition, he pointed out energy-efficient windows can be tax deductible, and to save more money, homeowners should look for window manufacturer rebates. In Ebys area, replacement windows can range anywhere from $4,500 to nearly $9,000.

"It really depends on how many windows need replacing and sizes," Eby says.

Mending Crumbling Driveways
A compromised driveway can be dangerous. Not only can someone fall, but also vehicles can be damaged. A quick fix can cost only a few hundred dollars, but depending on the length, some repairs can easily cost over $1,000, according to Teris Pantazes, CEO of home improvement platform EFynch.

For a complete repaving project, a good place to start is to ask a trusted neighbor for a recommendation. A smooth driveway not only has aesthetic appeal, but could also increase your homes curb appeal and value should you choose to sell.

Understanding Chimney Maintenance
Blocked chimneys are a serious fire hazard, so proper cleaning is a must.

"With each chimney sweep, the professional should also inspect the chimney for cracks, nests or damage," says Pantazes. "Gas should be every two years; wood every year."

Typical costs are about $100 per sweep, and a maintenance contract with a reputable chimney sweep company might reduce some of these costs. DIY-ers beware: Leave this job to a professional.

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