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3 Important Tips For Novice Real Estate Investors

December 18th, 2019 Posted in Investment
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Real estate investments are a very popular strategy and if you know what you’re doing, you can make a lot of money from them. However, a lot of people get the wrong idea about real estate investing. They assume that it’s easy money and as long as you have the money for a down payment on a property, you’re guaranteed to get rich. That isn’t the reality at all and there are plenty of novice real estate investors that lose money because they make poor decisions. If you are considering becoming a real estate investor for the first time, here are a few important things to remember.

3 Important Tips For Novice Real Estate Investors - attractive family home image
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Consider The Type Of Property 

You already know that location is one of the most important things to consider when investing in real estate, but it’s not the only thing that you have to think about. The type of property and how it performs in that location is important too. For example, a one bedroom flat aimed at young working professionals will be easy to rent out in the middle of a large city, but it is not going to be desirable in the middle of a small village. In that kind of location, you’d have more luck with a modest family home. You need to think about the kinds of people that live in the area and what type of property they want. 

Seek Legal Advice 

There is a lot of paperwork involved with real estate investment, but a lot of people assume that they’ll be fine because they have bought and sold their own properties in the past. However, you should always seek the advice of Residential Property Solicitors when investing in real estate because there are other issues to consider. For example, if you are buying commercial property, they may be issues around the use of the building and you may not be able to make alterations. In some cases, you may also inherit liability from the previous owner if there are health and safety concerns. It’s important that you have a legal professional to help you navigate these issues before you sign the contract. 

Start Small 

The biggest mistake that novice real estate investors make is trying to build a property empire straight away. They are counting on the fact that they’re going to rent all of these properties out right away and make loads of money, but that won’t always happen. There are a lot of initial costs to cover like renovations and repairs, and it can take some time before you find tenants. If you are going to be successful, you should stick with one modest property to make sure that you can cover all of the running costs. Once you have moved tenants in and you are earning money on your investment, you can put that money into a new property. 

Real estate investments can be very lucrative, but they are not without risk. If you are a novice, make sure that you follow these tips.

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How Employee Happiness Can Boost Your Company’s Profits

December 11th, 2019 Posted in Entrepreneurship
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Should you run your own business, the welfare of your employees should be your priority anyway. What kind of a boss would you be if you didn’t care about their happiness levels? Not a very nice one, we are guessing. On both a moral and an ethical level, you need to treat your employees well. 

However, ensuring your employee happiness will also bring about a boost to your company’s profits. How? Well, consider the following. 

How Employee Happiness Can Boost Your Company's Profits - satisfaction survey image
Image by mohamed Hassan from Pixabay

#1: They will stick around for longer

The employee turnover rate is high in some businesses. Many people leave within six months of joining a company, and this is often because of an unorganized and poorly handled onboarding process. Others leave because they don’t feel valued. And some employees leave because little is being done in the way of support for any problems they might be having. 

Should you lose an employee, you will have to suffer the expense of the hiring process again. This will obviously dent your profit margin. You also run the risk of losing your best employees, and this could affect your company profits. 

By ensuring your employee happiness, however, you won’t have to suffer losses associated with employee turnover. To care for them, you should:

  • Treat your employees like human beings and not mindless worker drones.
  • Pay attention to any problems they are having and support them accordingly.

#2: Your employees will be more productive

Low morale is the reason why many employees become unproductive. They might turn up to work late, leave work early, and work less efficiently within the working day. These behaviours are often born through resentment for their employer, but they are also caused by the stressed-out state that can interfere with their daily performance. 

When an employee is unproductive, your business will suffer as a consequence. If work isn’t being done, you won’t meet your targets, your customers and clients won’t be happy, and your bottom line will be affected. On the other hand, the happier they are, the more productive they will become. You will then be happier because of the profits they are making for you. 

To ensure your employees are productive, you should:

  • Give them more break times to ensure tiredness doesn’t set in.
  • Support them in their work, so they are able to carry out their jobs efficiently.

#3: The reputation of your business will be positively affected

With a poor reputation, fewer customers will head to your business, the best candidates will look elsewhere for work, and your business won’t have the opportunity to grow. As a result of all of these factors, your business could fail. 

And what could cause a poor reputation? Your employees! 

  • They might contribute to business review sites after leaving your company and criticize your business.
  • Their poor performance could cause your customers to use those very same review sites.
  • They might complain about your business to their friends and family face-to-face or on social media, and word might then get around about your company.

To secure your business reputation, treat your employees well, as the only word-of-mouth about you that follows should be a positive one! Your profits will surely rise as a reflection of this.

Today then, consider your employees. Are they happy? To ensure your business succeeds, you might want to check in with them to find out more and take the necessary next steps if they are unhappy in any way. Your business will profit if you do. 

Thanks for reading.

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