A call center may handle either inbound or outbound calls exclusively or might deal with a combination of the two. An inbound call center is one that handles inbound calls from our potential customers whoever looking for any information about products or services. As customer are main asset of any successful business, so its mandatory for any organization to provide best customer support services to their valued customer. Inbound call center are strongly growing in recent time. Inbound call center agents oftenly communicate with customers through telephone calls as well as email and chat. Advantage of Inbound Call Center is that it allows companies to avail high-quality services.
In this highly globalized world where there is tight competition among businesses, its not easy to find a good quality skilled and specialized call center services provider which can help your company to further expand their business. As customer is the key for any business and by outsourcing customer services, you are directly giving that key to these call centers. So its very important to opt any organization for outsourcing your inbound and outbound call center services.
Inbound Call Centers are very helpful to improve business performance and increased value of the products and services. Qualified and well trained Customer care representatives are the main strength of any organization because these agents are directly connected with your potential customers and show the image of organization to the customers. Lear more at
http://www.callcenterinindia.net/call_center/services/inbound_call_center.html
Most of the call centers from India have the ability to answer and deal with any call at anytime from any place across the world. These call centers provide following Inbound call center services by consider all the areas that your business could benefit from:
1) Phone answering service – Well trained customer care representatives effectively response your customer calls and provide excellent services that save a lot of time and money. Indian call centers are committed to provide 24x7 hrs Inbound Call Center Services which are accurate and perfect to answer the calls at any time from the caller.
2) Order Taking Service - Inbound Call Center is open for your calls 24x7 hours, to handle order inquiry of your customers.
3) Helpdesk Support – Outsourcing companies from India offer Help Desk services and back office support services to provide cost reduction, maintaining best quality and coordinates with seniors to solve problems.
4) Technical Support Service – Call centers from India provide answer to all calls concerning technical questions and all technical support outsourcing for both onsite and offshore. Indian Call centers offer a wide rang of technical support services 24x7 hrs through email, chat, voice and the web. Teams of well trained technical staff always ready to provide immediate answers for technical queries.
5) Customer Service – The relationship with potential customers will make or break business of any organization, so you should be very choosy before handed over your customer services to any organization. Indian call centers have a large pool of well educated professionals who take pride in their quality of services and keep you connect with your potential customer. These call centers have a proven record of success in developing a comprehensive Customer Relationship Management program to give you the results that you need to wait.
6) Live Chat Support - The live online chat is useful in applying online for credit cards, medical claims, purchasing products or obtaining technical support services. Call centers from India can answer any suggestion or complaint and solve them right away.
About The Author
Indian call centers can work with your goals to ensure that every customer that interacts with your company leaves satisfied. Offshore Inbound Call Center services help you to provide best services to you customer by cutting your operating costs and without ever compromising the goals of your business. These call center make assure you that your phones are answered 24/7 hours a day, seven days a week, without requiring either the labor or financial resources to do so. Your feed back comment and suggestions will be highly appreciated at http://www.callcenterinindia.net/call_center/services/inbound_call_center.html
Friday, May 1, 2009
Translations: 14 Things You Should Do to Stay on Budget by: Janine Libbey
Costly delays and budget overruns in translation projects usually occur because key information is not clearly communicated at the onset. Because translation comes at the end of the project cycle, time is often an issue. Translation quotes are requested on a rush basis and confusion over final edits and internal approvals may ensue.
Below we offer some helpful tips on how clients can avoid these pitfalls while meeting deadlines and staying on budget.
1. Be direct - say what you mean in the original document so that the translation will also clearly communicate your message.
2. Eliminate sports analogies - expressions like "he went the whole nine yards" are meaningless to foreign readers who do not follow American football. A similar expression may not exist in the target language.
3. Longer is not necessarily better - Keep in mind that the number of words or characters may increase by 20 when they are translated into many other languages. This "expansion" can affect the layout of PowerPoint presentations, marketing materials, and your website.
4. Keep internal acronyms and jargon to a minimum - Who is the intended audience? If they don't work for your company or if they are not in the same line of business, the translation could miss the mark.
5. Include country codes for telephone and fax numbers in your text. If your product instructions are going to Mexico and your call center is in the U.S., your consumers need to have the complete phone number in order to make the call.
6. Measurements in inches, feet and quarts need to be converted to the metric system. Even the British stopped using English measurements.
7. Check your dates. Formats vary from country to country so spell out the month. 8/9 is August 9th in the U.S. but it is September 8th in many countries.
8. Make sure that the original document is finalized and will not need any more editing. If you make changes to the original after you have submitted it for translation, you will be paying for extra, unnecessary work.
9. Run a spelling and grammar check before submitting your materials for translation. If your document has a typo and it says "weed" where you meant to write "seed", the same mistake will probably be in the translation.
10. Be specific. The more information you provide at the beginning will pay off with a more targeted translation. Useful information includes where the translation will be used, and who the audience is (consumers, B2B, engineers, etc.), and if there are graphics or tables. Sending a sample of the piece is always a good idea.
11. Plan ahead. If it took you a month to write it, it may take the translator just as long. Look at your schedule of international trade shows for next year and pick up the phone.
12. Send only what needs to be translated. If the notes on Powerpoint presentation are for internal use only and don't need to be translated, remove them from the file before sending it to your translations company.
13. Translation pricing is per word. That's the industry standard, and that's why tips #8 and #12 are included in this list.
14. Ask questions. Your translations service provider is there to make your job easier. If you are unsure of something or have questions about some of the material to be translated, they can help. Just ask.
About The Author
Janine Libbey is a partner at P & L Translations in Nashville, TN. The company partners with government agencies, private industry and non-profits on language translations. P & L Translations is a certified Women Business Enterprise in the state of Tennessee. Call 615.460.9119 or visit http://www.pandltranslations.com for more information on how translations can be part of your growth strategy.
Below we offer some helpful tips on how clients can avoid these pitfalls while meeting deadlines and staying on budget.
1. Be direct - say what you mean in the original document so that the translation will also clearly communicate your message.
2. Eliminate sports analogies - expressions like "he went the whole nine yards" are meaningless to foreign readers who do not follow American football. A similar expression may not exist in the target language.
3. Longer is not necessarily better - Keep in mind that the number of words or characters may increase by 20 when they are translated into many other languages. This "expansion" can affect the layout of PowerPoint presentations, marketing materials, and your website.
4. Keep internal acronyms and jargon to a minimum - Who is the intended audience? If they don't work for your company or if they are not in the same line of business, the translation could miss the mark.
5. Include country codes for telephone and fax numbers in your text. If your product instructions are going to Mexico and your call center is in the U.S., your consumers need to have the complete phone number in order to make the call.
6. Measurements in inches, feet and quarts need to be converted to the metric system. Even the British stopped using English measurements.
7. Check your dates. Formats vary from country to country so spell out the month. 8/9 is August 9th in the U.S. but it is September 8th in many countries.
8. Make sure that the original document is finalized and will not need any more editing. If you make changes to the original after you have submitted it for translation, you will be paying for extra, unnecessary work.
9. Run a spelling and grammar check before submitting your materials for translation. If your document has a typo and it says "weed" where you meant to write "seed", the same mistake will probably be in the translation.
10. Be specific. The more information you provide at the beginning will pay off with a more targeted translation. Useful information includes where the translation will be used, and who the audience is (consumers, B2B, engineers, etc.), and if there are graphics or tables. Sending a sample of the piece is always a good idea.
11. Plan ahead. If it took you a month to write it, it may take the translator just as long. Look at your schedule of international trade shows for next year and pick up the phone.
12. Send only what needs to be translated. If the notes on Powerpoint presentation are for internal use only and don't need to be translated, remove them from the file before sending it to your translations company.
13. Translation pricing is per word. That's the industry standard, and that's why tips #8 and #12 are included in this list.
14. Ask questions. Your translations service provider is there to make your job easier. If you are unsure of something or have questions about some of the material to be translated, they can help. Just ask.
About The Author
Janine Libbey is a partner at P & L Translations in Nashville, TN. The company partners with government agencies, private industry and non-profits on language translations. P & L Translations is a certified Women Business Enterprise in the state of Tennessee. Call 615.460.9119 or visit http://www.pandltranslations.com for more information on how translations can be part of your growth strategy.
101 Things That Everyone Should Know About Real Estate and Real Estate Investments
1. When buying Real Estate you understand the market environment in that area.
2. Understand the implications of the area and the history of the property that you are examining.
3. Be aware of other developments planned for that area.
4. Research the area before you invest.
5. The more knowledge you have, the better prepared you are! For example: reading this article is a good start!
6. Learn everything you can about that Real Estate marketplace.
7. Do your homework on the property! Research the property and the surrounding neighborhood at the local city, town or municipal hall. Ask neighbours in the area about the uses of the property and its impact on them. Do a title search any outstanding charges, liens or covenants.
8. Do your own study on local pricing. Call a few successful Realtors and Appraisers. Most are quite happy to help.
9. Remember when getting information, get conformations in threes. This means have three separate sources of information so you can identify facts from fiction.
10. As a potential Investor, look to see if the price of one piece of Real Estate is accelerating faster in one area as compared in other areas.
11. Check to see how the average price compares with the average price on similar properties in other neighboring towns or cities, the development costs, constructions costs and most importantly the vacancy rate and the potential return on investment.
12. Always be ahead of changes in the Real Estate market. When the market cycle turns downward, sales fall off and you will not get the price you planned. Many people are finding this out right now!
13. Understanding information is power! The more you know, the more you can evaluate the return on your investment. This will help you negotiate the purchase price of the property. Just because someone wants $500,000 doesn’t mean they won’t sell it for less, given a convincing presentation on current market values.
14. Real Estate Agents are a great source of information.
15. Always do your own research to determine fair market value.
16. Real Estate Agent commissions are always negotiable. Just because they ask for 5-10% of the sale price doesn’t mean that you can’t negotiate.
17. If you want to negotiate fees with Real Estate Agents, always research the Real Estate commissions charged by Real Estate Agents in the area.
18. Remember, the more you are willing to pay in Real Estate commissions, the harder your Realtor is prepaid to work on your behalf.
19. Learn to develop a sense for fair market values. You can do this by taking multiple similar local properties and that have sold and finding an average price. For example, take 5 similar properties in the area and divide the sum of their values by 5. So anything that is less than the average would be a good deal and anything over would be paying too much. Of course, don’t make your decision on price only. Not always, but most times there is a reason why the asking price could be lower or higher!
20. MLS.com (Multiple Listing Service) is a great place to find information on Listings as most Real Estate Agents use this site to share listings information with other Real Estate Agents.
21. Local papers are also a great place to look for local Real Estate Information.
22. The internet is also a great place to find local Real Estate information.
23. For more information on local transactions, research the land title Registries. They will carry information on Real Estate transactions that can be used to identify average prices.
24. When striving for the leading edge on investment, look for a catalyst in the area.
25. The increase of development display signs in an area makes a statement to an Investor, that the area maybe ripe for investing.
26. If you are interested in investing or buying and reselling residential Real Estate, keep an eye on new roads, proposed new schools to be built or old schools to be renovated and expanded. If this is happening, you can be fairly sure that Real Estate values in that area, in the near future, will be impacted by supply and demand. The more demand for property in an given area, the more you can resell it for.
27. Don’t be afraid to ask for more than your property is worth! Remember, you can always go down in price but it is hard to go up after you are for sale.
28. Another great thing about asking for more is some people will actually pay it with out bargaining because they FEEL the value is there for them!
29. Looking for and investing into growing communities at the very beginning, is a very profitable time for reselling.
30. New development of shopping malls in either mature or growing communities is a good tell-tale sign for a profitable investment area.
31. Never review Real Estate taxes and government assessment when buying.
32. Learn to spot new developments. Examples: land clearing, surveying for new construction in and around major roadways are pretty good indicators. Also, look for widening of traffic lanes, the installation of turnaround lanes and the installation of new traffic lights. All these activities suggest the possibility of increased property values in the area.
33. If you are looking for new developments, a great place to start is to contact the local town or city road and building department. They will be aware of new and future developments for the area.
34. Another avenue for finding out about new developments is contacting the city, province or state department. Ask when and where new developments will be coming up.
35. Always be aware of the property taxes. If the property tax is lower on the property of interest than others around it, find out why and be prepared for it to increase.
36. To find out information about property taxes you can always call the local Tax Assessor and they can reveal how much the town or city is charging. It is called the mill rate.
37. Keep an eye on school rankings. Remember the better the school does in over all marks; the more people want their children to go and learn there! This creates more of a demand to live in the area. This demand will create an increase in the value of property in that area.
38. Watch the Outskirts. If the properties in a major city or town have become overpriced, the areas on the outer fringes most likely will soon be in demand. Areas in close proximity to major bus and rail transportation are even more desirable. Nearly any area that is about to install a major train stop or a new major bus route will see its property go up in value.
39. There are 6 main groups of Real Estate. They are Industrial, Commercial, Investment, Recreational, Agricultural and Residential.
40. Residential Real Estate is the most common. It has been our experience that people believe that this is the best investment to start. This Real Estate is mainly known as houses, duplexes and condominiums.
41. Commercial property is the second most popular and is for the more sophisticated investor. This type of Real Estate includes shopping malls, strip malls, theatres, retail stores or main line office buildings.
42. Recreational property is the third most popular investment and is usually done by very sophisticated investors and Trust Funds. These are the “get away” locations like hotels, resorts and spas, golf and nature retreats.
43. Industrial properties are the least popular because most people have a difficult time understanding the development and construction process especially for a specific need. You will find large Investment Trust companies and more highly sophisticated buyers involved in these types of projects.
44. Agriculture property surrounding populated areas are a valued investment for land developers. For long term holding properties.
45. Did you know? Usually in a Real Estate transaction, it takes just as much effort to buy or sell a residential property as it does a Commercial property! Most times, the only difference is the number of 0’s at the end.
46. Appraisals are important and you should get one before closing a purchase on a property.
47. Borrowing money is just as important as buying the property. Remember to find the right Lender with an affordable interest rate.
48. Meet Lenders in the local area… They are your business partners.
49. Meet and interview lawyers in the local area. As the Real Estate zoning process is municipally controlled, a Real Estate Lawyer represents your needs to know the municipal idiosyncrasies.
50. Last but not least, meet local Accountants and ask questions about tax implications of buying and selling Real Estate in their area. Property in different states or provinces has different rules when it comes to taxation.
51. A good way to find competent people in lending, law and accounting practices, is to ask a successful Real Estate Agent in that area. You will know who is knowledgeable by how much they advertise and provide creditable information. Those that advertise the most, tend to do the most business. Building strong relationships with competent people gets the job done right.
52. Banks aren’t the only place for money. A Lending Broker is another source however, there could be a price.
53. Understand “Cap Rates”. To understand this definition see capitalization rates on our website under “glossary”.
54. Different Real Estate assets have different asset classes, and depending on the class, can value or devalue the asset.
55. If you are still reading this, good for you! And if not we understand but here is a fun fact. Did you know that the Guinness Book of World Records holds the record for being the book most stolen from Public Libraries?
56. A condominium, or condo, is a form of Real Estate where the specified unit is for the free use and enjoyment of its owner. A specified part of the property and buildings is owned by the strata corporation and the use of and accesses to common facilities are identified as limited common property. The lands upon which the building is located is mostly identified as common property.
57. Condos use what most people call Strata Titles.
58. Look at insurance and understand what you have and don’t have insured. Understand where your unit and or property are located and make sure that all common elements in that area have been covered.
59. Keep everything insured! The last thing that you want is to lose a substantial investment as a result of a fire or earthquake. Surprisingly, this happens a lot more often then people think.
60. Banks and Real Estate Trusties are also a good place to look for Real Estate investments.
61. Another place to look are public auctions. These usually have foreclosure sales, estate sales, etc. at a great price!
62. You don’t need to pay the asking price for a property if you can’t get conventional or high ratio financing. You can ask the Vendor (Seller) to participate in a “Vendor Take Back” second Mortgage. This is the cast when the Vendor (Seller) takes a second mortgage on the property and you can pay it off over a period of time, to be agreed upon the time of sale.
63. “Agreement For Sale” is another method of financing. This is when the Vendor (Seller) retains title in their name and the amount of funds to be paid are calculated in the same manner as with a convention lender and with a specified term. Upon the maturity of the term, the Agreement For Sale must be paid out in full to the Vendor (Seller) and at that point, title is transfer to the buyer or the Agreement For Sale can be renegotiated as long both parties agree. As an additional tip, the renegotiation process should start well in advance of the term due date so as not to jeopardize any part of this process.
64. Land is the one asset base that will out last any generation.
65. Land will always carry a value no matter what happens in the world unlike metals and money.
66. In some places in the world, property is sold under a 99 year lease. Make sure you know what you are buying. This is why it is so important to learn how to read a land title.
67. When buying Investment Real Estate, be sure to have identified the carrying costs and the length of time required to sustain the mortgage payments.
68. There are four typical ways Investment properties generate cash flow – these are NOI (Net Operating Income), Tax shelter offsets, equity build-up, and capital appreciation.
69. What is a NOI (Net Operating Income)? It is the sum of positive cash flow from rent and other sources of income generated from the property minus the sum of ongoing expenses.
70. What is a tax shelter offset? Tax shelters can happen one of three ways – depreciation, tax credits and carryover losses. These can reduce income tax liability charges against income from other sources. So when looking for investments, some may find a loss attractive!
71. Equity build-up is the increase in the Investor's equity ratio as the portion of debt service payments devoted to the principal accrued over time.
72. Capital appreciation is the increase in market value of the asset over time, realized as a cash flow when the property is sold. Capital appreciation can be very unpredictable unless it is part of a development and improvement strategy.
73. Learn to manage and evaluate risk in Real Estate.
74. Always verify ownership of property… do a Title search!
75. Learn what Title Insurance is and make sure you get it if you feel you will need it.
76. Make sure when purchasing Real Estate that you get a property survey from a licensed property surveyor and determine that it is acceptable to the local government authority.
77. Obtain an environmental study when purchasing or even selling the property.
78. Contact a local Real Estate Property Inspector. Have them inspect the premises for structural, mechanical and maintenance deficiencies. Surprisingly, many people want to believe people are honest. Over and over again, we hear buyers complain that the property was misrepresented. The truth be known, many times the Sellers have not known that there were deficiencies, or if they had acknowledged the deficiencies they would have received less.
79. Yet again, we are stressing that a third party appraisal and inspection are always obtained.
80. Cash Flow! Take care of cash shortfall. This mean to maintain sufficient liquidity or cash reserves to cover costs and debt service for a potential shortfall period.
81. There is nothing wrong with selling or leasing a property before you have received a Certificate of Title. This is called an Agreement For Sale. We have talked about this before but we need to show it in another light. This is risky but can be done. Have long term leases signed with Tenants with Conditions in the Agreement For Sale.
82. Before you lease, Confirm in writing that the potential tenant is financially responsible. Specifically address the terms of the lease with the tenant including the tenants responsibility to keep the premises clean and free of any environmental issues.
83. Learn how to find and hire proper and experienced Property Management Companies.
84. Always analyze financial performance using conservative assumptions to ensure that the property can generate enough cash flow to support itself.
85. There is more than just a conventional mortgage/loan that you can obtain from your bank on the Real Estate. You may want to explore other types of loans and mortgages. Examples are: Assumable mortgages, Balloon mortgages, Blanket loans, Bridge loans, Discounted mortgages, Commercial loans, Equity loans, Flexible mortgages, Graduated payment mortgage loans, Offset mortgages, Participation mortgages, Reverse mortgages, Interest-only mortgages, Wraparound mortgages, and other Non-conforming mortgages. Theses are just to name a few!
86. When buying and selling Real Estate, always be aware of the financing rules of the individual Lenders. For example if you are trying to buy a property to get more money because the appraised value is more than the purchase price, be aware that most Lenders will only give you a percentage of the appraised value or purchase price which ever is the lesser.
87. Understand how your Lender works and how they lend money.
88. Learn how to understand payment and debt ratios.
89. Learn how to manage and build a credit score.
90. When building, buying and/or selling Real Estate, in most cases it make more sense for liability purposes, to purchase through a legal entity rather than own the Real Estate as an individual.
91. Most Banks will finance 60-80% of the Commercial or Industrial project. This means that you will have to come up with 20-40% of the cash for the project. You can raise this cash either from family, friends or third party Investors and allow them a second mortgage as collateral.
92. Most typical small Real Estate loans are ammortized over 10 to 25 years.
93. Always keep an eye on interest rates because sometimes it makes sense to break loans and get them refinanced. Take a look at your current interest rate on your loan and compare it to today’s interest rates and see if it makes sense.
94. Net Lease is becoming more common, as it requires the tenant to pay additional rent to accommodate some or all of the property expenses which normally would be paid by the property owner.
95. There are four types of Commercial and Industrial net leases: single, double, triple and bonded. Triple or net lease is the most common as it requires the tenant to pay all common expenses and if there is an increase in utilities, insurance or taxes the tenant not the property owner pays!
96. Typically, well thought out, implemented triple net leases are 'safe, secure equity investments', rather than 'just cash flow investments'.
97. Always have a backup plan. Some times when you purchase a property life unexpected occurs. Have a plan to re-organize; if the first idea does not work or if a sale is necessary because of life’s issues, make sure you know someone that you trust so that you can transfer it in a moments notice.
98. If looking at a new development, have a professional developer analyze the project in advance. Contact them at http://www.pro-land.ca/index.php/contactproland and just ask for a Business Development Officer.
99. Get organized – most competent Lenders can give you a checklist of the documents required to obtain your financing.
100. Get pre-approved – this saves you time by knowing what you can “afford to shop for". There is no sense wasting your time or your Real Estate Broker’s time looking at three million dollar buildings if you can only afford $ 300,000.
101. Consider low down payments and longer-term loans -- this preserves your capital for better utilization, keeps your cash flow high, and allows you to redeploy the "capital savings" into other profit-generating business activities.
102. Last but not least, only work with specific Real Estate Specialist – again, your time is precious so only deal with specialists that are involved in that type of Real Estate.
Well, if you have read this list all the way through, we complement you! Success will occur only if you understand, address and implement the use of the points referred to herein. We hope that .pro-land.ca is able to inspire you and give you ideas on how to enter the Real Estate market and become successful. Life is a journey and is always worth living, so enjoy the opportunities out there.
If you enjoyed or found this article useful let us know and book mark it!
Questions and comments can be placed at:
1-780-479-7767 or email: team@pro-land.ca
http://www.pro-land.ca
About The Author
Joe Lawrence has been in the business world since he was born. Started his first business when he was 8 years old and now helps lead a aggressive Commercial, Industrial and Recreational Property development company call Pro-land. On his spare time he helps manage other Real Estate Investments but building and developing projects are where he shines most.
2. Understand the implications of the area and the history of the property that you are examining.
3. Be aware of other developments planned for that area.
4. Research the area before you invest.
5. The more knowledge you have, the better prepared you are! For example: reading this article is a good start!
6. Learn everything you can about that Real Estate marketplace.
7. Do your homework on the property! Research the property and the surrounding neighborhood at the local city, town or municipal hall. Ask neighbours in the area about the uses of the property and its impact on them. Do a title search any outstanding charges, liens or covenants.
8. Do your own study on local pricing. Call a few successful Realtors and Appraisers. Most are quite happy to help.
9. Remember when getting information, get conformations in threes. This means have three separate sources of information so you can identify facts from fiction.
10. As a potential Investor, look to see if the price of one piece of Real Estate is accelerating faster in one area as compared in other areas.
11. Check to see how the average price compares with the average price on similar properties in other neighboring towns or cities, the development costs, constructions costs and most importantly the vacancy rate and the potential return on investment.
12. Always be ahead of changes in the Real Estate market. When the market cycle turns downward, sales fall off and you will not get the price you planned. Many people are finding this out right now!
13. Understanding information is power! The more you know, the more you can evaluate the return on your investment. This will help you negotiate the purchase price of the property. Just because someone wants $500,000 doesn’t mean they won’t sell it for less, given a convincing presentation on current market values.
14. Real Estate Agents are a great source of information.
15. Always do your own research to determine fair market value.
16. Real Estate Agent commissions are always negotiable. Just because they ask for 5-10% of the sale price doesn’t mean that you can’t negotiate.
17. If you want to negotiate fees with Real Estate Agents, always research the Real Estate commissions charged by Real Estate Agents in the area.
18. Remember, the more you are willing to pay in Real Estate commissions, the harder your Realtor is prepaid to work on your behalf.
19. Learn to develop a sense for fair market values. You can do this by taking multiple similar local properties and that have sold and finding an average price. For example, take 5 similar properties in the area and divide the sum of their values by 5. So anything that is less than the average would be a good deal and anything over would be paying too much. Of course, don’t make your decision on price only. Not always, but most times there is a reason why the asking price could be lower or higher!
20. MLS.com (Multiple Listing Service) is a great place to find information on Listings as most Real Estate Agents use this site to share listings information with other Real Estate Agents.
21. Local papers are also a great place to look for local Real Estate Information.
22. The internet is also a great place to find local Real Estate information.
23. For more information on local transactions, research the land title Registries. They will carry information on Real Estate transactions that can be used to identify average prices.
24. When striving for the leading edge on investment, look for a catalyst in the area.
25. The increase of development display signs in an area makes a statement to an Investor, that the area maybe ripe for investing.
26. If you are interested in investing or buying and reselling residential Real Estate, keep an eye on new roads, proposed new schools to be built or old schools to be renovated and expanded. If this is happening, you can be fairly sure that Real Estate values in that area, in the near future, will be impacted by supply and demand. The more demand for property in an given area, the more you can resell it for.
27. Don’t be afraid to ask for more than your property is worth! Remember, you can always go down in price but it is hard to go up after you are for sale.
28. Another great thing about asking for more is some people will actually pay it with out bargaining because they FEEL the value is there for them!
29. Looking for and investing into growing communities at the very beginning, is a very profitable time for reselling.
30. New development of shopping malls in either mature or growing communities is a good tell-tale sign for a profitable investment area.
31. Never review Real Estate taxes and government assessment when buying.
32. Learn to spot new developments. Examples: land clearing, surveying for new construction in and around major roadways are pretty good indicators. Also, look for widening of traffic lanes, the installation of turnaround lanes and the installation of new traffic lights. All these activities suggest the possibility of increased property values in the area.
33. If you are looking for new developments, a great place to start is to contact the local town or city road and building department. They will be aware of new and future developments for the area.
34. Another avenue for finding out about new developments is contacting the city, province or state department. Ask when and where new developments will be coming up.
35. Always be aware of the property taxes. If the property tax is lower on the property of interest than others around it, find out why and be prepared for it to increase.
36. To find out information about property taxes you can always call the local Tax Assessor and they can reveal how much the town or city is charging. It is called the mill rate.
37. Keep an eye on school rankings. Remember the better the school does in over all marks; the more people want their children to go and learn there! This creates more of a demand to live in the area. This demand will create an increase in the value of property in that area.
38. Watch the Outskirts. If the properties in a major city or town have become overpriced, the areas on the outer fringes most likely will soon be in demand. Areas in close proximity to major bus and rail transportation are even more desirable. Nearly any area that is about to install a major train stop or a new major bus route will see its property go up in value.
39. There are 6 main groups of Real Estate. They are Industrial, Commercial, Investment, Recreational, Agricultural and Residential.
40. Residential Real Estate is the most common. It has been our experience that people believe that this is the best investment to start. This Real Estate is mainly known as houses, duplexes and condominiums.
41. Commercial property is the second most popular and is for the more sophisticated investor. This type of Real Estate includes shopping malls, strip malls, theatres, retail stores or main line office buildings.
42. Recreational property is the third most popular investment and is usually done by very sophisticated investors and Trust Funds. These are the “get away” locations like hotels, resorts and spas, golf and nature retreats.
43. Industrial properties are the least popular because most people have a difficult time understanding the development and construction process especially for a specific need. You will find large Investment Trust companies and more highly sophisticated buyers involved in these types of projects.
44. Agriculture property surrounding populated areas are a valued investment for land developers. For long term holding properties.
45. Did you know? Usually in a Real Estate transaction, it takes just as much effort to buy or sell a residential property as it does a Commercial property! Most times, the only difference is the number of 0’s at the end.
46. Appraisals are important and you should get one before closing a purchase on a property.
47. Borrowing money is just as important as buying the property. Remember to find the right Lender with an affordable interest rate.
48. Meet Lenders in the local area… They are your business partners.
49. Meet and interview lawyers in the local area. As the Real Estate zoning process is municipally controlled, a Real Estate Lawyer represents your needs to know the municipal idiosyncrasies.
50. Last but not least, meet local Accountants and ask questions about tax implications of buying and selling Real Estate in their area. Property in different states or provinces has different rules when it comes to taxation.
51. A good way to find competent people in lending, law and accounting practices, is to ask a successful Real Estate Agent in that area. You will know who is knowledgeable by how much they advertise and provide creditable information. Those that advertise the most, tend to do the most business. Building strong relationships with competent people gets the job done right.
52. Banks aren’t the only place for money. A Lending Broker is another source however, there could be a price.
53. Understand “Cap Rates”. To understand this definition see capitalization rates on our website under “glossary”.
54. Different Real Estate assets have different asset classes, and depending on the class, can value or devalue the asset.
55. If you are still reading this, good for you! And if not we understand but here is a fun fact. Did you know that the Guinness Book of World Records holds the record for being the book most stolen from Public Libraries?
56. A condominium, or condo, is a form of Real Estate where the specified unit is for the free use and enjoyment of its owner. A specified part of the property and buildings is owned by the strata corporation and the use of and accesses to common facilities are identified as limited common property. The lands upon which the building is located is mostly identified as common property.
57. Condos use what most people call Strata Titles.
58. Look at insurance and understand what you have and don’t have insured. Understand where your unit and or property are located and make sure that all common elements in that area have been covered.
59. Keep everything insured! The last thing that you want is to lose a substantial investment as a result of a fire or earthquake. Surprisingly, this happens a lot more often then people think.
60. Banks and Real Estate Trusties are also a good place to look for Real Estate investments.
61. Another place to look are public auctions. These usually have foreclosure sales, estate sales, etc. at a great price!
62. You don’t need to pay the asking price for a property if you can’t get conventional or high ratio financing. You can ask the Vendor (Seller) to participate in a “Vendor Take Back” second Mortgage. This is the cast when the Vendor (Seller) takes a second mortgage on the property and you can pay it off over a period of time, to be agreed upon the time of sale.
63. “Agreement For Sale” is another method of financing. This is when the Vendor (Seller) retains title in their name and the amount of funds to be paid are calculated in the same manner as with a convention lender and with a specified term. Upon the maturity of the term, the Agreement For Sale must be paid out in full to the Vendor (Seller) and at that point, title is transfer to the buyer or the Agreement For Sale can be renegotiated as long both parties agree. As an additional tip, the renegotiation process should start well in advance of the term due date so as not to jeopardize any part of this process.
64. Land is the one asset base that will out last any generation.
65. Land will always carry a value no matter what happens in the world unlike metals and money.
66. In some places in the world, property is sold under a 99 year lease. Make sure you know what you are buying. This is why it is so important to learn how to read a land title.
67. When buying Investment Real Estate, be sure to have identified the carrying costs and the length of time required to sustain the mortgage payments.
68. There are four typical ways Investment properties generate cash flow – these are NOI (Net Operating Income), Tax shelter offsets, equity build-up, and capital appreciation.
69. What is a NOI (Net Operating Income)? It is the sum of positive cash flow from rent and other sources of income generated from the property minus the sum of ongoing expenses.
70. What is a tax shelter offset? Tax shelters can happen one of three ways – depreciation, tax credits and carryover losses. These can reduce income tax liability charges against income from other sources. So when looking for investments, some may find a loss attractive!
71. Equity build-up is the increase in the Investor's equity ratio as the portion of debt service payments devoted to the principal accrued over time.
72. Capital appreciation is the increase in market value of the asset over time, realized as a cash flow when the property is sold. Capital appreciation can be very unpredictable unless it is part of a development and improvement strategy.
73. Learn to manage and evaluate risk in Real Estate.
74. Always verify ownership of property… do a Title search!
75. Learn what Title Insurance is and make sure you get it if you feel you will need it.
76. Make sure when purchasing Real Estate that you get a property survey from a licensed property surveyor and determine that it is acceptable to the local government authority.
77. Obtain an environmental study when purchasing or even selling the property.
78. Contact a local Real Estate Property Inspector. Have them inspect the premises for structural, mechanical and maintenance deficiencies. Surprisingly, many people want to believe people are honest. Over and over again, we hear buyers complain that the property was misrepresented. The truth be known, many times the Sellers have not known that there were deficiencies, or if they had acknowledged the deficiencies they would have received less.
79. Yet again, we are stressing that a third party appraisal and inspection are always obtained.
80. Cash Flow! Take care of cash shortfall. This mean to maintain sufficient liquidity or cash reserves to cover costs and debt service for a potential shortfall period.
81. There is nothing wrong with selling or leasing a property before you have received a Certificate of Title. This is called an Agreement For Sale. We have talked about this before but we need to show it in another light. This is risky but can be done. Have long term leases signed with Tenants with Conditions in the Agreement For Sale.
82. Before you lease, Confirm in writing that the potential tenant is financially responsible. Specifically address the terms of the lease with the tenant including the tenants responsibility to keep the premises clean and free of any environmental issues.
83. Learn how to find and hire proper and experienced Property Management Companies.
84. Always analyze financial performance using conservative assumptions to ensure that the property can generate enough cash flow to support itself.
85. There is more than just a conventional mortgage/loan that you can obtain from your bank on the Real Estate. You may want to explore other types of loans and mortgages. Examples are: Assumable mortgages, Balloon mortgages, Blanket loans, Bridge loans, Discounted mortgages, Commercial loans, Equity loans, Flexible mortgages, Graduated payment mortgage loans, Offset mortgages, Participation mortgages, Reverse mortgages, Interest-only mortgages, Wraparound mortgages, and other Non-conforming mortgages. Theses are just to name a few!
86. When buying and selling Real Estate, always be aware of the financing rules of the individual Lenders. For example if you are trying to buy a property to get more money because the appraised value is more than the purchase price, be aware that most Lenders will only give you a percentage of the appraised value or purchase price which ever is the lesser.
87. Understand how your Lender works and how they lend money.
88. Learn how to understand payment and debt ratios.
89. Learn how to manage and build a credit score.
90. When building, buying and/or selling Real Estate, in most cases it make more sense for liability purposes, to purchase through a legal entity rather than own the Real Estate as an individual.
91. Most Banks will finance 60-80% of the Commercial or Industrial project. This means that you will have to come up with 20-40% of the cash for the project. You can raise this cash either from family, friends or third party Investors and allow them a second mortgage as collateral.
92. Most typical small Real Estate loans are ammortized over 10 to 25 years.
93. Always keep an eye on interest rates because sometimes it makes sense to break loans and get them refinanced. Take a look at your current interest rate on your loan and compare it to today’s interest rates and see if it makes sense.
94. Net Lease is becoming more common, as it requires the tenant to pay additional rent to accommodate some or all of the property expenses which normally would be paid by the property owner.
95. There are four types of Commercial and Industrial net leases: single, double, triple and bonded. Triple or net lease is the most common as it requires the tenant to pay all common expenses and if there is an increase in utilities, insurance or taxes the tenant not the property owner pays!
96. Typically, well thought out, implemented triple net leases are 'safe, secure equity investments', rather than 'just cash flow investments'.
97. Always have a backup plan. Some times when you purchase a property life unexpected occurs. Have a plan to re-organize; if the first idea does not work or if a sale is necessary because of life’s issues, make sure you know someone that you trust so that you can transfer it in a moments notice.
98. If looking at a new development, have a professional developer analyze the project in advance. Contact them at http://www.pro-land.ca/index.php/contactproland and just ask for a Business Development Officer.
99. Get organized – most competent Lenders can give you a checklist of the documents required to obtain your financing.
100. Get pre-approved – this saves you time by knowing what you can “afford to shop for". There is no sense wasting your time or your Real Estate Broker’s time looking at three million dollar buildings if you can only afford $ 300,000.
101. Consider low down payments and longer-term loans -- this preserves your capital for better utilization, keeps your cash flow high, and allows you to redeploy the "capital savings" into other profit-generating business activities.
102. Last but not least, only work with specific Real Estate Specialist – again, your time is precious so only deal with specialists that are involved in that type of Real Estate.
Well, if you have read this list all the way through, we complement you! Success will occur only if you understand, address and implement the use of the points referred to herein. We hope that .pro-land.ca is able to inspire you and give you ideas on how to enter the Real Estate market and become successful. Life is a journey and is always worth living, so enjoy the opportunities out there.
If you enjoyed or found this article useful let us know and book mark it!
Questions and comments can be placed at:
1-780-479-7767 or email: team@pro-land.ca
http://www.pro-land.ca
About The Author
Joe Lawrence has been in the business world since he was born. Started his first business when he was 8 years old and now helps lead a aggressive Commercial, Industrial and Recreational Property development company call Pro-land. On his spare time he helps manage other Real Estate Investments but building and developing projects are where he shines most.
Considerations Before Cancelling a Merchant Account by: Jonathan Hewitt
Cancelling a merchant account is as simple as contacting your merchant service provider and requesting that the account be closed. For security reasons, some providers may require you to submit information verifying your identity before they will process a merchant account cancellation request. Although the process of closing an account is simple, it is sometimes accompanied by a surprise in the form of a potentially large early termination fee.
Early termination fees range from $50 up to $500 or more and they're used by merchant service providers to retain merchants for a specified period of time. Finding out that you have to pay a hefty cancellation fee in order to close your merchant account can be a very frustrating experience, but there are things that you can do to lessen or even eliminate the fee.
The first thing to do is to check whether or not the early termination fee is still valid. Many merchant service agreements have a clause that voids the termination fee if processing rates are raised within the contract term. For example, if discount rates are raised on a merchant account in the first year of operation the early termination fee for that account would be waived regardless of the contract term.
Due to the high turnover in the merchant services industry contributing to the lack of knowledge of many sales representatives, you can't rely on you merchant service provider to bring this loop-hole to your attention. Even if they insist that such a provision doesn't exist in their agreement, check for yourself to be sure. It's not uncommon to find a salesperson in the merchant service industry that has never read their acquiring bank's processing agreement in its entirety.
If you can't get around the cancellation fee to terminate your account, you may find that's it's cheaper to leave the account open until the contract term expires. Depending on the total of monthly fees your merchant account has, it may be less expensive to leave the account active and pay the monthly fees until the terms ends and you can close the account without penalty. For example, a merchant account with a $20 monthly minimum and a $10 statement fee costs $30 per month if there is no processing volume. If the cancellation fee for the same account is $250 and there are four months left in the account's term, a merchant would save $130 by leaving the account open instead of cancelling and paying the fee ($250 – ($30 * 4months) = $130).
This last point is for merchants that are cancelling their merchant account to open a new, less expensive account with another provider. Merchant service providers hate to lose a client to a competitor and they will always try to retain a your business. The first thing that a provider will ask when you call to cancel your merchant account is "why" and the second is, "what can we do to keep you." The answer to this question is usually lower rates and fees. This is where many merchants get frustrated because they realize they didn't need to cancel their existing account and devote time and energy into finding a new one. A single phone call to their existing provider may well have produced lower rates and fees at a fraction of the energy they've expended finding a new account.
The lesson here is to save yourself time, energy and money by periodically calling your merchant service provider to let them know that you're shopping the competition. You can even use a free comparison service like CardFellow.com to get merchant account quotes that you can send to your existing provider. This will help to keep your rates low and it will eliminate the hassle of cancelling one merchant account just to open another.
About The Author
This article about considerations before you cancel a merchant account and more can be found at Merchantcouncil.org to help you find the best merchant account for your credit card processing needs.
http://www.merchantcouncil.org
Early termination fees range from $50 up to $500 or more and they're used by merchant service providers to retain merchants for a specified period of time. Finding out that you have to pay a hefty cancellation fee in order to close your merchant account can be a very frustrating experience, but there are things that you can do to lessen or even eliminate the fee.
The first thing to do is to check whether or not the early termination fee is still valid. Many merchant service agreements have a clause that voids the termination fee if processing rates are raised within the contract term. For example, if discount rates are raised on a merchant account in the first year of operation the early termination fee for that account would be waived regardless of the contract term.
Due to the high turnover in the merchant services industry contributing to the lack of knowledge of many sales representatives, you can't rely on you merchant service provider to bring this loop-hole to your attention. Even if they insist that such a provision doesn't exist in their agreement, check for yourself to be sure. It's not uncommon to find a salesperson in the merchant service industry that has never read their acquiring bank's processing agreement in its entirety.
If you can't get around the cancellation fee to terminate your account, you may find that's it's cheaper to leave the account open until the contract term expires. Depending on the total of monthly fees your merchant account has, it may be less expensive to leave the account active and pay the monthly fees until the terms ends and you can close the account without penalty. For example, a merchant account with a $20 monthly minimum and a $10 statement fee costs $30 per month if there is no processing volume. If the cancellation fee for the same account is $250 and there are four months left in the account's term, a merchant would save $130 by leaving the account open instead of cancelling and paying the fee ($250 – ($30 * 4months) = $130).
This last point is for merchants that are cancelling their merchant account to open a new, less expensive account with another provider. Merchant service providers hate to lose a client to a competitor and they will always try to retain a your business. The first thing that a provider will ask when you call to cancel your merchant account is "why" and the second is, "what can we do to keep you." The answer to this question is usually lower rates and fees. This is where many merchants get frustrated because they realize they didn't need to cancel their existing account and devote time and energy into finding a new one. A single phone call to their existing provider may well have produced lower rates and fees at a fraction of the energy they've expended finding a new account.
The lesson here is to save yourself time, energy and money by periodically calling your merchant service provider to let them know that you're shopping the competition. You can even use a free comparison service like CardFellow.com to get merchant account quotes that you can send to your existing provider. This will help to keep your rates low and it will eliminate the hassle of cancelling one merchant account just to open another.
About The Author
This article about considerations before you cancel a merchant account and more can be found at Merchantcouncil.org to help you find the best merchant account for your credit card processing needs.
http://www.merchantcouncil.org
REITs and Real Estate Mutual Funds Profile – Aim Real Estate B by: Robert Shumake
As you consider your real estate mutual fund and REIT investments, it is important to take a closer look at many of the offerings out there. This article will focus on Aim Real Estate B (AARBX).
Fund Profile
Aim Real Estate B is a member of the Invesco Aim family of funds. The focus of this fund is to purchase stocks of real estate companies and those companies that are real estate related and grow capitol for investors.
Fund Performance and Ratings
With a five-star Morningstar rating, Aim Real Estate B is a heavy hitter in the real estate mutual fund market.
While the current economy has had a negative impact on the fund, as it has the rest of the market, it has not taken the same kind of deadly blow as many of the other similar funds out there. Over the past 5 years, the fund is down 8 percent, most of that coming in the past year of market crashes. Consider how low some other investments have fallen in that same time and you will see that this fund is a strong competitor.
Where Does It Invest?
As assets are brought in, at least 80 percent of the funds go into securities in the real estate field. These could be in real estate holding companies or real estate related companies.
Up to 10 percent of the fund's assets also may be in debt securities of the non-investment-grade variety.
Liking more than just this diversity, the fund also has money in at least three countries at all times. One of those is the United States.
Who's in Charge?
Managing Aim Real Estate B is Paul Curbo. Curbo has been with Invesco since 1998. Not only does he manage the Aim Real Estate B fund, but he has also been put in the top decision making role for many of the other funds throughout the Aim family.
How Does it Choose Investments?
The focus of Aim Real Estate B real estate mutual fund investments is middle sized value and blended stocks. More than ¾ of the companies stock and securities purchases are in this range.
What's in the Portfolio?
Among some of the memorable names in the Aim Real Estate B portfolio are Simon Property Group, Public Storage and Equity Residential.
Adding To Your Portfolio
There are two reasons that many people look into purchasing shares in real estate mutual funds. The first reason is that it is a more solid market. While all markets carry risk, purchasing real estate mutual funds offers some sense of stability as it is all built on the grounding of a tangible asset – real estate.
Additionally, purchasing a real estate mutual fund not only offers you one stock option, but a number of options that are all in the single fund portfolio.
When you are ready to buy, look for a broker that is able to handle your specific needs. In this market that broker is REITBuyer.com. REITBuyer.com is the first and only online brokerage that specializes in REITs and real estate mutual funds.
About The Author
Robert Shumake's mission is to inform the public about mortgage fraud and real estate scams and to provide tips on how to avoid being a victim. "Sometimes people will commit identity theft to obtain a housing loan, sell someone else's house or take over someone else's property," says Shumake. "It is my goal to inform the public on how to protect themselves from being victims of this crime."
http://reitbuyer.com
http://reitbuyer.com
Fund Profile
Aim Real Estate B is a member of the Invesco Aim family of funds. The focus of this fund is to purchase stocks of real estate companies and those companies that are real estate related and grow capitol for investors.
Fund Performance and Ratings
With a five-star Morningstar rating, Aim Real Estate B is a heavy hitter in the real estate mutual fund market.
While the current economy has had a negative impact on the fund, as it has the rest of the market, it has not taken the same kind of deadly blow as many of the other similar funds out there. Over the past 5 years, the fund is down 8 percent, most of that coming in the past year of market crashes. Consider how low some other investments have fallen in that same time and you will see that this fund is a strong competitor.
Where Does It Invest?
As assets are brought in, at least 80 percent of the funds go into securities in the real estate field. These could be in real estate holding companies or real estate related companies.
Up to 10 percent of the fund's assets also may be in debt securities of the non-investment-grade variety.
Liking more than just this diversity, the fund also has money in at least three countries at all times. One of those is the United States.
Who's in Charge?
Managing Aim Real Estate B is Paul Curbo. Curbo has been with Invesco since 1998. Not only does he manage the Aim Real Estate B fund, but he has also been put in the top decision making role for many of the other funds throughout the Aim family.
How Does it Choose Investments?
The focus of Aim Real Estate B real estate mutual fund investments is middle sized value and blended stocks. More than ¾ of the companies stock and securities purchases are in this range.
What's in the Portfolio?
Among some of the memorable names in the Aim Real Estate B portfolio are Simon Property Group, Public Storage and Equity Residential.
Adding To Your Portfolio
There are two reasons that many people look into purchasing shares in real estate mutual funds. The first reason is that it is a more solid market. While all markets carry risk, purchasing real estate mutual funds offers some sense of stability as it is all built on the grounding of a tangible asset – real estate.
Additionally, purchasing a real estate mutual fund not only offers you one stock option, but a number of options that are all in the single fund portfolio.
When you are ready to buy, look for a broker that is able to handle your specific needs. In this market that broker is REITBuyer.com. REITBuyer.com is the first and only online brokerage that specializes in REITs and real estate mutual funds.
About The Author
Robert Shumake's mission is to inform the public about mortgage fraud and real estate scams and to provide tips on how to avoid being a victim. "Sometimes people will commit identity theft to obtain a housing loan, sell someone else's house or take over someone else's property," says Shumake. "It is my goal to inform the public on how to protect themselves from being victims of this crime."
http://reitbuyer.com
http://reitbuyer.com
How to Keep Your Financial Records Organized by: Linda Siniscal
People just have too much paper to deal with – even though computers were to help us in that area – it just has not happened for most of us. I am going to offer you some quick tips to help you in keeping your financial records and receipts organized throughout the year.
1. Monthly Transactions. I have found that this system works well for many small business owners. Create a file folder January through December. Keep two months on your desk (January – February; April – May) in an area that is easy to get to – colored file folders really help too. When you make an online purchase, print out the receipt and place it in the file folder marked for that particular month. The same holds true for those toll receipts or the lunch you purchased when you met a potential client. When your credit card statement comes in, and after you have paid the bill, place the statement along with your month-end bank statement in the file folder. Now you can either send the file to your bookkeeper or if you are the designated bookkeeper, once you have reconciled your accounts file the completed month away in your file cabinet.
2. Client Invoices. When a client invoice is prepared, print out an extra copy and file it in an invoice file marked for that particular year. At the end of the year you will have a record of all the income you have billed. In case of a computer hard drive crash, at least you will have a record for tax purposes.
3. Mileage Log. You can easily create a mileage log in Excel to track your trips to client meetings, running to your local office supply store to purchase the ink cartridge that just ran out or perhaps the run to the post office for postage or mailing of the proposal to a new client. We also can’t forget about the networking events that you are attending as part of your stepped up marketing plan. The spreadsheet should have a column for date, odometer start/end, total miles, and description.
4. Out of Pocket Expenses. For those cash outlays we do throughout the year – the coffee at the airport, the tolls paid to a meeting, or the quick lunch at a seminar, keep these receipts in a colored envelope marked with the year and keep track of the expense in an Excel spreadsheet. You can then total either monthly or quarterly and reimburse yourself for those expenses. Please be sure to hand off the receipts and the spreadsheet to your accountant at year-end.
5. Tax File. Create a tax file folder at the beginning of each new year. Throughout the year, place any tax related expense in that file such as medical receipts, prescriptions, monthly or quarterly investment statements, property tax bills, and year-end bank interest statements. At the end of the year when you are gathering paperwork for your accountant, most of the information will already be there for your accountant and you won’t be wondering where you placed the tax refund notice you received in April.
6. Bank Statements. For those that do not receive monthly bank statements in the mail, I suggest you create a file folder for bank statements on your computer. Each month, download the file from your banks website and save in this folder. You can set up the folder as a password protected file if you have other people using your computer. At the end of the year, burn all the monthly statements onto a CD and store with your income taxes for that year. Most banks only hold 18 months of statements, some only 12 months on their server. The IRS requires you to hold 7 years of bank statements in case of audit. Once the CD is created, you can then delete the files from your computer and create a new folder for the new year.
I hope you find these tips helpful and soon will not feel so overwhelmed at the beginning of the new year trying to get all your files in order for tax preparation. If you are interested in receiving a Record Retention Schedule that the IRS recommends for businesses, please email me at linda@yourextrahand.com and I will be happy to forward it along to you.
Happy organizing!
About The Author
Linda Siniscal is the owner of Third Hand Secretarial Service LLC which she started in 1994. THSS is a virtual assistance company that assists small business owners with their administrative and bookkeeping tasks allowing her clients more time to focus and grow their business. THSS is an “extra hand when you need one.” She served on the International Virtual Assistants Association (ivvaa.org) Board of Directors for the term 2005-2008. You can email Linda at yourextrahand@gmail.com or call 732-899-0810 – http://www.yourextrahand.com.
1. Monthly Transactions. I have found that this system works well for many small business owners. Create a file folder January through December. Keep two months on your desk (January – February; April – May) in an area that is easy to get to – colored file folders really help too. When you make an online purchase, print out the receipt and place it in the file folder marked for that particular month. The same holds true for those toll receipts or the lunch you purchased when you met a potential client. When your credit card statement comes in, and after you have paid the bill, place the statement along with your month-end bank statement in the file folder. Now you can either send the file to your bookkeeper or if you are the designated bookkeeper, once you have reconciled your accounts file the completed month away in your file cabinet.
2. Client Invoices. When a client invoice is prepared, print out an extra copy and file it in an invoice file marked for that particular year. At the end of the year you will have a record of all the income you have billed. In case of a computer hard drive crash, at least you will have a record for tax purposes.
3. Mileage Log. You can easily create a mileage log in Excel to track your trips to client meetings, running to your local office supply store to purchase the ink cartridge that just ran out or perhaps the run to the post office for postage or mailing of the proposal to a new client. We also can’t forget about the networking events that you are attending as part of your stepped up marketing plan. The spreadsheet should have a column for date, odometer start/end, total miles, and description.
4. Out of Pocket Expenses. For those cash outlays we do throughout the year – the coffee at the airport, the tolls paid to a meeting, or the quick lunch at a seminar, keep these receipts in a colored envelope marked with the year and keep track of the expense in an Excel spreadsheet. You can then total either monthly or quarterly and reimburse yourself for those expenses. Please be sure to hand off the receipts and the spreadsheet to your accountant at year-end.
5. Tax File. Create a tax file folder at the beginning of each new year. Throughout the year, place any tax related expense in that file such as medical receipts, prescriptions, monthly or quarterly investment statements, property tax bills, and year-end bank interest statements. At the end of the year when you are gathering paperwork for your accountant, most of the information will already be there for your accountant and you won’t be wondering where you placed the tax refund notice you received in April.
6. Bank Statements. For those that do not receive monthly bank statements in the mail, I suggest you create a file folder for bank statements on your computer. Each month, download the file from your banks website and save in this folder. You can set up the folder as a password protected file if you have other people using your computer. At the end of the year, burn all the monthly statements onto a CD and store with your income taxes for that year. Most banks only hold 18 months of statements, some only 12 months on their server. The IRS requires you to hold 7 years of bank statements in case of audit. Once the CD is created, you can then delete the files from your computer and create a new folder for the new year.
I hope you find these tips helpful and soon will not feel so overwhelmed at the beginning of the new year trying to get all your files in order for tax preparation. If you are interested in receiving a Record Retention Schedule that the IRS recommends for businesses, please email me at linda@yourextrahand.com and I will be happy to forward it along to you.
Happy organizing!
About The Author
Linda Siniscal is the owner of Third Hand Secretarial Service LLC which she started in 1994. THSS is a virtual assistance company that assists small business owners with their administrative and bookkeeping tasks allowing her clients more time to focus and grow their business. THSS is an “extra hand when you need one.” She served on the International Virtual Assistants Association (ivvaa.org) Board of Directors for the term 2005-2008. You can email Linda at yourextrahand@gmail.com or call 732-899-0810 – http://www.yourextrahand.com.
Bad Credit Cards - Offering More than One Way Out by: Margaret Winfrey
Bad credit cards are those specifically aimed at helping those with poor credit ratings, or even no credit ratings. Although at the moment the credit industry is feeling the pinch, there are still credit cards available for those with poor or bad credit. However, if you consider that you fall into this category, or have been experiencing difficulty obtaining a credit card because of your credit file, there are a few aspects of adverse credit cards that you need to be aware of.
The first is that credit companies offering cards to those people who have an adverse credit history are taking a greater risk than they might be with those who have good credit ratings. You might consider this unfair - perhaps there are mitigating circumstances in your past that mean that you are being declined for reasons that don't seem entirely clearer to you.
If this is the case, then you have a certain amount of control, and whilst the figures in black and white seem to suggest that the offer on the table is fixed, in many cases you might find that the underwriters have some control, and if you do have mitigating circumstances and can prove the case, then although there is no guarantee, you might find that the rate is reduced slightly. In some cases what might happen is that the account is monitored and after a period of a few months, as long as the account has been kept in good order, the rates may be reduced, the limit raised or some other benefit provided to you.
In some cases this happens automatically, and you might find that if you open a bad credit card account you will receive notification a few months later advising you that your credit limit has been raised or the interest rate lowered. This will provide you with an incentive to keep your account in good order.
Another major benefit of this relates to your credit file. If this contains adverse credit information, whether a few missed or late bills or even court judgements or bankruptcy, then it will be important to repair this and improve your credit score. If you have successfully secured a bad credit card you will have the opportunity to take the first step to achieve this. By making payments regularly, and in full if possible, with no late or missed payments registered, you can help to improve your overall score.
By improving your credit score using this credit card you provide the option in the future for opening a standard card that will almost certainly have a much lower rate of interest and fewer charges. For many people, a credit card for those with bad credit is the first rung on the ladder to recovering or rebuilding a good credit file.
Credit cards for those with bad credit are not guaranteed, and if your credit file is very poor you might find it difficult or impossible to be accepted. For most, however, options are available, although they could take a bit of finding. You should be aware of the fact that if you make too many applications to firms specializing in bad credit cards this will reflect on your credit record. Each company to which make an application will carry out a credit search, and this search will be recorded on your record, leaving a bad credit search footprint. The more such footprints, the lower your credit score.
It is often worth getting hold of a copy of your credit file so that you can see specifically what is on it that could be preventing you from being able to open a standard credit card. If the information is inaccurate, this needs reporting and you should be able to have it removed.
You may also be able to include your own notes on your file which explain certain entries, giving additional information. If notes exist on an account then a credit company cannot automate a credit check, and it will need to be flagged for an underwriter to have a look. This can help you open a bad credit card that might have a lower rate.
Bad credit cards are of great benefit to those people who have poor credit, perhaps through circumstances in the past that were beyond their control. The convenience of being able to pay using a credit card, particularly over the phone or online, is undisputed, and not having access to a card can present real problems. However, it is important to be very aware of not only the increased charges associated with bad credit cards but also the consequences of not maintaining such a card in good order.
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For more information on http://www.mycreditcard.com/credit-cards/credit-cards-for-bad-credit.php bad credit cards, credit cards for bad credit, and more, go to MyCreditCard.com where you can http://www.mycreditcard.com compare bad credit cards and other credit card offers and applications from major banks and issuers.
The first is that credit companies offering cards to those people who have an adverse credit history are taking a greater risk than they might be with those who have good credit ratings. You might consider this unfair - perhaps there are mitigating circumstances in your past that mean that you are being declined for reasons that don't seem entirely clearer to you.
If this is the case, then you have a certain amount of control, and whilst the figures in black and white seem to suggest that the offer on the table is fixed, in many cases you might find that the underwriters have some control, and if you do have mitigating circumstances and can prove the case, then although there is no guarantee, you might find that the rate is reduced slightly. In some cases what might happen is that the account is monitored and after a period of a few months, as long as the account has been kept in good order, the rates may be reduced, the limit raised or some other benefit provided to you.
In some cases this happens automatically, and you might find that if you open a bad credit card account you will receive notification a few months later advising you that your credit limit has been raised or the interest rate lowered. This will provide you with an incentive to keep your account in good order.
Another major benefit of this relates to your credit file. If this contains adverse credit information, whether a few missed or late bills or even court judgements or bankruptcy, then it will be important to repair this and improve your credit score. If you have successfully secured a bad credit card you will have the opportunity to take the first step to achieve this. By making payments regularly, and in full if possible, with no late or missed payments registered, you can help to improve your overall score.
By improving your credit score using this credit card you provide the option in the future for opening a standard card that will almost certainly have a much lower rate of interest and fewer charges. For many people, a credit card for those with bad credit is the first rung on the ladder to recovering or rebuilding a good credit file.
Credit cards for those with bad credit are not guaranteed, and if your credit file is very poor you might find it difficult or impossible to be accepted. For most, however, options are available, although they could take a bit of finding. You should be aware of the fact that if you make too many applications to firms specializing in bad credit cards this will reflect on your credit record. Each company to which make an application will carry out a credit search, and this search will be recorded on your record, leaving a bad credit search footprint. The more such footprints, the lower your credit score.
It is often worth getting hold of a copy of your credit file so that you can see specifically what is on it that could be preventing you from being able to open a standard credit card. If the information is inaccurate, this needs reporting and you should be able to have it removed.
You may also be able to include your own notes on your file which explain certain entries, giving additional information. If notes exist on an account then a credit company cannot automate a credit check, and it will need to be flagged for an underwriter to have a look. This can help you open a bad credit card that might have a lower rate.
Bad credit cards are of great benefit to those people who have poor credit, perhaps through circumstances in the past that were beyond their control. The convenience of being able to pay using a credit card, particularly over the phone or online, is undisputed, and not having access to a card can present real problems. However, it is important to be very aware of not only the increased charges associated with bad credit cards but also the consequences of not maintaining such a card in good order.
About The Author
For more information on http://www.mycreditcard.com/credit-cards/credit-cards-for-bad-credit.php bad credit cards, credit cards for bad credit, and more, go to MyCreditCard.com where you can http://www.mycreditcard.com compare bad credit cards and other credit card offers and applications from major banks and issuers.
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