Many small businesses are experts in their field and know their own business inside and out. However lots of small business owners lack the time or expertise required to implement certain projects. That’s where a small business consultant can step in and help.In order to achieve a successful project it’s important to be clear about what you want your consultant to be able to do for you. Just as important is selecting a consultant with the right skills for the job, but how do you make sure you don’t get off on the wrong foot?Here are some things to consider:1. Are you looking for a research/diagnostic approach or do you need help with implementation?Firstly are you looking for someone to take a diagnostic approach to a business problem you are facing? For instance, which market segment should you enter? Or what product line should you sell? Or is your business need about implementation? For instance, you’ve identified that you need to be on Social Media and need a marketing consultant with the expertise to make this happen.The two needs are different and some consultants are better in one area than the other. To find out whether your prospective consultant prefers to work on implementation projects or research projects ask them. Don’t be afraid to ask them for specific examples of projects they have worked on and how they have tackled projects similar to yours in the past.2. Ask prospective consultants how their clients are better off after they leave.What sort of outcomes were they able to achieve for their clients? Look out for wishy-washy answers. Look for specific examples and outcomes. Does this fit with the sorts of outcomes that you would like for your business? Where they able to increase website traffic by a certain percentage, reduce staff turnover by a certain amount or generate more business for the client?Picking the wrong person for the job might end up feeling like you are pushing water up a hill with a rake. Not only will the results be less than optimal but it may end up being a costly and stressful experience also.3. Be careful of wanting champagne on a beer budget.Do you want fast, cheap or talented? You must pick two out of the three. There is a triangle trade off here. You can get premium talent, faster results or a cheaper cost but Taylor Swift won’t teach your team how to sing tomorrow for free if you see what I mean.Often a small business owner will set a budget and then begin the search for the best talent and/or fastest result within that budget. From my experience a budget-driven approach can often compromise results. Your best approach is to establish your desired outcome, then judge each potential candidate by how likely they are to be able to achieve that outcome.4. Look for a solid “About Us” page.Ask consultants about their qualifications and their approach. With so many so-called ‘experts’ out there it’s really important to identify who is qualified and able to do the job for you. Ask prospective consultants questions about their skills and experience to determine whether they are fit for the job. Are they methodical in their approach? Do have a history of achieving quality results for clients? This will help you to avoid being mislead by organisations with few processes, a glossy website and no real qualifications or experience.5. Ask yourself whether you think you will be comfortable working with the consultant.Do you think they are going to be the right fit for your business? Can you see yourself and your team working well with them? Sometimes it’s less about the exact industry experience they have had and more about their ability to get results.6. Think about goals and outcomes first.Don’t pick a technical specialist to do a job when you really need someone who can deliver a sales outcome. Think about your goal first, what are you trying to achieve? For instance, if it’s conversions and leads from your website then perhaps what you really need is a marketing consultant to advise on the layout of the website rather than just a technical person to do the build. A technical person can definitely build the website for you, it will function beautifully, but will it achieve your goal of converting traffic to sales?7. Be wary of small business consultants who are all things to all people.A good consultant will be honest about what their speciality is and will not simply be a ‘yes’ man or woman. They will push back on projects, ideas and suggestions that they don’t think are right for your business or are beyond their area of expertise. Look for a consultant with backbone not someone who lets you steer the project without alerting you to the danger that lies ahead because they are too afraid to question your judgement or afraid they will upset you. I’d rather have an expert question me and make suggestions than sit back and watch me sink the ship!So whether it is a marketing consultant or a small business consultant you are looking for, many of the same rules apply. Identify what you need and look at it from an outcomes perspective, work out who has the expertise to help you achieve your goals and whether or not you are comfortable working with them. Look for someone who is genuinely interested in working with you and passionate about what they do.
Real Estate Auctions – The New Land Rush
On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a group of bidders and bidder assistants fills the air. For several minutes the auctioneer asks for the next highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer calls for one more bid. In a loud clear voice which rolls over the audience he says, “Fair warning, last chance” the auctioneer pauses, “SOLD!” And in less than 10 minutes another multimillion dollar estate has changed owners.
Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have been on the rise, the increase in popularity is partly driven by growing inventories and fading buyer confidence. Properties that were selling in weeks using traditional methods are now languishing on the market unable to attract buyers even as seller’s lower prices. Many say the real estate boom is over but savvy buyers and sellers are profiting from real estate auctions.
Real Estate Auctions Work in Up or Down Markets.
Regardless of trends or market cycles, real estate auctions provide an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to act now.
The auction method removes the “wait and see” attitude which serves to further depress real estate values. Buyers are always concerned about overpaying. Buyers gain confidence with their purchases at real estate auctions because they can see what others are willing to pay.
When market demand is high and inventories low, real estate auctions can deliver selling prices well above what a willing seller would have accepted in a negotiated private treaty sale. In good selling climates many property owners using traditional real estate methods; negotiating with one buyer at a time, leave thousands of dollars of equity on the table. During up markets real estate auctions are the best way to establish top market price.
Evaluating Your Real Estate for Auction
Not every property or seller for that matter makes a good candidate for auction. First of all sellers must be ready to sell now and for the current market value. Also a real estate auction will not fix problems caused by a downturn in market value of your property, if you owe more than a willing buyer will pay, be prepared to come to closing with your check book.
Properties that do well in real estate auctions have a high uniqueness factor. Ask your self, “What makes my property different from most others?” Maybe you own a resort property or high end luxury home, commercial properties and land do very well at auction. Real estate auctions thrive on uniqueness. If your property is like everyone else’s, the best thing you can do is offer the most competitive price.
Most importantly sellers must be reasonable about setting a minimum bid. A seller must look at the lowest, most current comps and price below that to generate the interest and urgency necessary for a successful real estate auction. Once the auction begins and qualified bidders start competing against one another you can watch the selling price increase.
Locate a Qualified Real Estate Auctioneer
Start by checking with the National Auctioneers Association, the best real estate auctioneers belong to this organization. These real estate auctioneers are well trained and adhere to a standard of practice and a code of ethics. Many attend the annual International Auctioneers Conference where the latest techniques and innovations in the real estate auction industry are presented.
Find out if the company you are interviewing is a full time real estate auction firm. Many real estate agents are getting auction licenses yet have no experience with the auction method of marketing. Conducting a successful real estate auction is nothing like (private treaty) traditional real estate sales. Go with a real estate auction pro.
You’re probably better of with an auction house that specializes in real estate auctions. There are many qualified auctioneers who have generations of experience selling personal property; furniture, dishes, lawn equipment and the occasional rare painting. Selling real estate at auction is a complex matter that should only be attempted by full time experienced real estate auction professionals.
Commissions and fees may vary, sellers must pay all marketing expenses up front and buyers typically pay 10% of the sales price to the auctioneer of which a share goes to participating real estate agents.
Types of Real Estate Auctions
Auctions are effective because they create a seller’s market. Professionally conducted real estate auctions create urgency, a reason to buy today and competition for the property. Terms and conditions of sale are established ahead of the auction. Real estate auctions will follow one of these three approaches:
Absolute Auction
The property is sold to the highest bidder regardless of price- using this process often returns the highest sale price.
Minimum Bid Auction
Seller agrees to sell at or above a published minimum bid price – this method is useful for internet auctions.
Seller Confirmation or Reserve Auction
With a reserve auction, the seller “reserves” the right to accept or decline any bids usually within 48 hours of the auction. Reserve auctions are used when there is a lien on the property from a lender or a court ordered sale with a minimum selling price.
Differences in the Types of Auctions That Take Place Around the World
Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.
Types of Auctions:
Different types of auctions take place around the world. Below mentioned are some types of auctions:
1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.
2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.
3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.
Examples of Auctions:
Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:
1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.
2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.
3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.
4. Horse auction: Bidders can bid for young horses of the best breed.
5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.
The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:
1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction
Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.