When you think of having a profitable home based business, what kinds of images come to your mind? Business sounds important. To think of owning a business implies that we can create a product or deliver a service that others will value enough to spend money acquiring. What is the activity if it’s not a business? A hobby. Even the IRS says if you don’t make a profit in three years it’s not a business for the purposes of business deductions.Those deductions are an essential element of owning a profitable home based business. The ability to take business purchases and equipment off your taxes is a vital part of the strategy of every successful company. Knowing what to do takes knowledge, which at the very least means study, and which may mean seeking professional counsel. A basic knowledge of the principles of accounting, including cost accounting often spells the difference between success and failure in business. A famous line from “The Lucy Show” has Lucille Ball commenting that she loses a quarter a jar on the salad dressing she is making. When asked how she plans to succeed, she says,”I’m going to make it up on volume!”Home based is an important part of having a profitable home based business for many people. Some people romanticize the idea of working from home. While this can be freeing in terms of commuting in heavy traffic and worrying about an appropriate business wardrobe, the pressures of balancing home life and work can be frustrating unless or until a person develops the ability to separate the work from the personal in the home environment. If you can organize and segregate the tasks and distractions, this can be a dream come true with freedom and flexibility beyond anything the traditional work environment can offer.The profitable aspect of owning a profitable home based business carries its own set of challenges as well as tremendous opportunities. Home based businesses are often, but not always, single person enterprises. This means when you are not working you are not earning. Hiring people to work for you means training, supervising, discipline and sometimes firing. A lot of businesses never make it over that threshold, and that is fine if that meets your needs for income and freedom. Profitability and productivity often have a direct correlation, so the challenge of the owner of a home based business is to increase productivity without sacrificing the advantages of freedom and flexibility.A profitable home based business really can be a dream come true. Or it can let you do what you like with a lot of flexibility as to where and when you do it. It can be a great way to blend family life in with a less rigid business schedule and more relaxed environment. A person considering this move should evaluate his or her own style of working, scheduling and relating to others. It is also advisable to seek the advice of those you trust to see how they think you will adjust. It can be the greatest thing you ever do for yourself and your family.

If You are Perfectly happy with accepting the way things are in your life, then a Home Based Business Is Not for You! Questions You Should Be Asking Yourself:Q: Do You have all the vacation time you need and deserve?Q: Can You write off a portion of your home and utilities in your present situation? Some of the best tax benefits this country has to offer are available only to business owners!Q: Do you work for a company that has mandatory overtime? with a Home Based Business the only overtime you put in is self-imposed and because you want to do it!Q: Do you work a night shift job? If you do you probably work the night of a Holiday such Memorial Day like I did because the company delivers their products early the next day! With a Home Based Business you can party as long as you want on holidays and get some extra sleep the day after!Q: Do You have an alarm clock? With a Home based business you don’t ever need one!Q: Do You have a long commute to work? Wouldn’t it be cool if your commute consisted of going from your bed to the coffee maker and then to your laptop? In your pajamas!Q: Does your company have a dress code? With your own home based business you can save the dress clothes for parties and entertaining. Work in your PJ’s or Buck Naked if you prefer, as long as you are not video conferencing!Q: Has anyone at your company been laid off in the past 2 years? Does that worry you? You can only lay yourself off if you have a Home Based Business and that’s only if you give up! You are better than that!Q: Are getting the raises you deserve? Or any raise at all? With a home based business you will dictate how much you make by how much effort you put into it.Q: Does your company allow you to be a part owner? If they are a publicly traded company you can buy stock but can you afford to invest your hard-earned money and gamble on their success?Q: Do You like your Boss? With a home based business I’m pretty sure you would!Q: Do your co-workers pull their own weight or do you find yourself working harder to pick up their slack? With a Home Based Business you decide who you will work with!Q: How many years until you can retire and live in the lap of luxury? Only You can answer that!OK, well hopefully this article and these questions served to get you thinking about your present situation and gave you a bit of a hint as to what you can do about it.

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.