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By Art Gib

 Business owners are buying real estate in order to relocate their businesses, or start new ones. Provo has proven to be a great place to own a business due to the economy along with the wide variety of employees. Businesses are able to set up residence and then grow because of the conditions. That has made commercial real estate a hot commodity in recent years.

One of the reasons commercial real estate is so popular is because of the funding opportunities the city makes available. With the Business Development Corporation, new businesses can apply for funding and resources. Once they find their commercial real estate, they can get the help of the corporation so they can grow and thrive in the market.

There are conditions that must be met in order to get funding through this corporation. New businesses need to show they will provide jobs to area residents, and they also need to prove they are providing a product or service the community needs. Many businesses have found their commercial real estate and then received help from this corporation.

Another reason business owners are looking at area real estate is because of the low unemployment the area offers. Areas of low unemployment are often the best to buy commercial real estate because the economy is in good shape.

Businesses are more apt to stay in business in areas that are enjoying a good economy. Business owners know they are getting a good investment when they buy their real estate and run their offices out of the city.

The great diversity of the businesses is another reason commercial real estate is being bought in large amounts. Different industries are able to come in and compete because of the wide variety of offerings.

Currently, there are many blue collar and white collar industries in the area. Because of that, there are many different types of employees. Real estate is purchased for construction businesses as well as information technology businesses. The area does not limit the growth in regards to business and industry.

The tax rates also keep businesses booming in the area, which is another reason that real estate is so hot for new businesses. With the low taxes available, people keep coming back to the area to buy their goods and get their services. This allows for businesses to succeed. The businesses themselves also benefit from the low tax rates when it comes time to pay their local taxes.

Real estate is very popular right now, but businesses who are looking to move to the area can still find the property they need to set up their business. The real estate market has not been as damaged as many of the others around the United States, so businesses know they are safe when they purchase property in the area. Those looking for real estate can take advantage of the many sources available to find the listings they need to move into the area.

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Art Gib is a freelance writer for PayneSmootGroup.com (http://www.paynesmootgroup.com), a website featuring Provo Real Estate.

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The Art of Negotiation….Are You a Skilled Negotiator?
By Peter Vekselman

 As a real estate investor and coach, negotiations are a part of my everyday life. As a Realtor, Seller or buyer the art of negotiation can mean the difference between great success and dismal failure. Everyone should take a lesson in the art of negotiation as it is an integral part of your life and your business.

Artful negotiation is what separates the men from the boys so to speak. Can you say as a realtor that you are a true negotiator or just the presenter of an offer? If you are a true negotiator, then selling yourself to potential clients should be like breathing in air. Once people realize that you have the power to make deals happen and make everyone in the transaction happy or at the very least feeling good about the deal, then you are worth your weight in gold…Add this to your resume or marketing campaign “I am a skillful negotiator”

You have to know your opposition in the negotiation game and understand their motivations. Successful negotiation is when both sides feel like they walked away with what they wanted. This is a true skill and anyone who is in the real estate business knows that this can be the most difficult, challenging part of your job, but it is also in my opinion the most rewarding when done right.

When it comes time to making a deal of any kind, you first must establish your bottom line. In other words it is sort of like gambling. If you go to the casino with a set amount of money that you are willing to lose and walk away from it when that money is gone, then YOU are in control of the situation. If you do not have a plan then the casino is in control of the situation. All too often it is the latter.

As a buyer and especially if you are a real estate investor, you have to have a ceiling or a maximum amount that you are willing to pay in the back of your mind and stick with it. Start lower than that of course, but walk from it if your ceiling is broken. They say in the real estate investment world your profit is made at the time you buy the home, think about that for a moment! If you go over “the budget” so to speak you are eating right into your profits right off the bat. Not a good way to start.

If you are a seller it can be a little more difficult, you want to set a price at which you will not go below, but you also have to take into consideration your carrying costs to hold the property whether you are a real estate investor or not. You want to get that home sold as fast as you can for as much profit as possible. This is where a good Realtor comes into play to help you determine where that fine line falls.

As a realtor you are the one that has to make the 2 ends meet if the buyer and seller are too far apart. Many times quick action in other words thinking on your feet is required to make the deal come together, strike while the iron is hot so to speak. I remember when we were selling one of our first homes and we were back and forth on the price. We countered one last time to the buyer, our Realtor was on the phone with the buyer and it looked like they would walk.

This was the first good offer in months. Our Realtor said to the buyer as soon as there was hesitation on the buyers part that they were only talking about $50.00 a month more over the term of the loan and were they willing to lose the home over this small amount…That was a lot better than focusing on the few thousand dollar more that we wanted on the home. It worked and they accepted our counteroffer.

The whole point is if you find you are in a negotiation that is not going to go anywhere, you walk…I know it is easier said than done, but you have to be in control of the situation and not let others control you. This is true not only for buyers and sellers but for Realtors dealing with potential clients. If they are making you jump through hoops that you would rather not or they are not worth your time and effort…walk away.

Negotiations occur in all phases of life both business and personal. How about negotiating with your spouse, family members or friends…this can be especially tricky as personal feeling are involved. You may have to do a little more compromising in these situations, but true negotiators get what they want and the other party feels as though they got what they wanted…big difference from compromising.

So review your business and personal situation and consider how you can hone the art of negotiation.

Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1000 real estate deals, owned a construction company, been a private lender, and owned a property management

company. To learn more about Peter please visit

http://www.coachingbypeter.com.

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