Marketing includes matters such as pricing and packaging of the product and creation of demand by advertising and sales campaigns. There are other options, of course, like product creation, resale rights marketing, joint ventures and the likes, but they are merely secondary to the above.

If you take the freelance route, it is important to ensure that all rights to profit from the final product, or any materials produced in its making, remain yours. Bookkeeping, physical product creation or delivery of goods can be done better with specialized help. Determining the purpose of the product is vital in niche product creation.

Implementation of Methodology – The choice of implementation of Six Sigma methodology depends on whether development is required on existing processes (DMAIC) or on new process/product design creation (DMADV). Determining what you really want to sell, something that you can be relaxed selling is the first step at the creation of a niche product. With the technological advancements in the hosting industry, from automated control panels and scripts that simplify creation of accounts; to complete turnkey solutions, there is no excessive need to worry about spending time on the actual product sold to the customer.

For instance, you should be prepared to either perform yourself or to subcontract the completion of the following tasks:- Product idea research (are there any existing products or patents already existing for this idea)- Product specification document training (what it will do, how it will look, how will it be powered, and how the user will interface with it)- Marketing study (what it will be named, who would buy this, how much would they pay, how will we get customers to purchase the product)- Schematic or electronic circuit design process- Creation of a bill of material or BOM and an approved vendor’s list or AVL for each component in the design, preferably with multiple sources identified, with a BOM and AVL for each assembly level in the product- Printed circuit board layout design process (single sided board, double sided board, or multilayer board; size of the PCB; board material)- Mechanical packaging design with user interfaces (displays, buttons, switches, key. This removes all product creation costs from your budget as a marketer.

No other database of affiliate programs offers such a possibility for profit on either the affiliate side or the product creation site. Your chosen niche should allow for the creation of more than one product or service.

There are several marketing strategies that are necessary in the creation of a successful e-commerce web site – Email marketing (broadcasting) of prospects/customers – Effective use of auto responders (generate automatic email messages) – Online Newsletter – Online Form / Survey to capture your prospect’s email address – Electronic Product Delivery (if you sold a digital product) – Advertisement (Ad) Tracking – Back End Sales – Affiliate program etc.

Whilst many people can see the benefits in firing a property management service to help them deal with the pressures of being a landlord over a residential or commercial property, they are often hesitant to sign on the dotted line because of the costs involved. There are a number of different fees that your management service may impose for one reason or another, but we have aimed to outline the most common ways that you will be charged.

Commission

This is the name given to an ongoing monthly fee that you will be charged to compensate for the time the property management service puts into your portfolio. This fee could be as little as 3% of your monthly gross rent or it could be over 15%, it just depends on the service that you have chosen. Others will choose to charge a flat rate, but this is uncommon.

Lease or Setup

This is a one-off fee charged to compensate the property management team for the time and resources needed to set up your portfolio, to show the property to potential tenants and other responsibilities related to the procurement of tenants. Many people like to look at this charge as more of a ‘finders fee’, as this is essentially what the manager is doing.

Lease Renewal

This is a fee that you will be charged every time your property management service renews a current tenant’s lease. It covers the costs of having paperwork drawn up (as this often involves some legal aspect) and any communication involved in having the documents signed. Some services also believe that this fee covers an annual inspection.

Maintenance Markups

This is a fee that many people are often unaware of until some sort of maintenance is performed on their property. It will be disclosed in the contract that you hold with the manager and will list a percentage above the final invoice amount that you will be charged additionally (it is often around 10% and is to compensate the manager for their hassle).

On top of the four fees outlined above, many property management services will also charge what many people have dubbed “you’ve got to be kidding me fees”; costs that the service may believe are fully justified but that you can’t believe you are being asked to cover. These fees include being charged commission even though your property is empty, a preventative maintenance fee that isn’t refunded even if nothing goes wrong, and costs for signage.

“What the heck is RESPA?”

Many attorneys try to handle real estate matters in addition to their regular practice. Very few lawyers are aware of the complexities of the Real Estate Settlement and Procedures Act (RESPA) enforced by the Department of Housing and Urban Development (HUD.)

RESPA statutes are consumer protection laws that impact virtually all single family to four family homes. RESPA compliance issues and the remedies available to borrowers who have been victimized by unscrupulous mortgage lenders, title companies and other real estate settlement providers are a real challenge. Even for full-time real estate attorneys, RESPA is a very complex statute. You must be careful and ask questions of the attorney you choose in order to make sure you get the proper legal protection that the RESPA statute i is designed to accomplish. Consumers and Businesses alike are protected when RESPA is in compliance.

Question #1

“What RESPA experience do you have?”

No doubt about it. Start with the big one. Real estate laws and regulations are complicated enough without adding RESPA to the equation. Have they prepared marketing agreements that comply? Have they attended RESPA specific training courses and seminars? Have they kept abreast of the most recent HUD guidelines and court cases nationally regarding RESPA? How many RESPA cases and clients have they handled? What types of RESPA cases did they handle? Were the issues similar to yours? What were their results? Don’t be shy!

Question # 2

“What type of reputation does the attorney have?”

This is a tough one to figure out – so do your homework! Is the attorney primarily a transaction attorney or a litigator skilled in courtroom procedures if necessary? Your attorney must have the communication skills necessary to work with the other attorney as well as you. The other attorney, if more knowledgeable on RESPA can run over you and your lawyer. Remember that many cases are won or lost on the attorney’s knowledge and high ethical standards. Check the local Bar association for background. Get references and check them out thoroughly.

Question # 3

“What type of resources does the attorney have?”

No attorney can do everything well. Make sure that your attorney has the resources available to work your case efficiently. Does the attorney have a well established network of experts and fellow attorneys who can network with to add value and expertise to your problem? Some attorneys try to do it all and act as a one man band. Your attorney’s ego should not be larger than your case. A good attorney quickly involves others with higher degrees of expertise in areas where it is needed to represent you properly. The experts they use are a reflection of your new attorney.

Question # 4

“What about communications and follow up?”

The hallmark of a good attorney is the degree of communication he has with his clients. If you have to ask “What’s going on with my case?” then you have a problem. You don’t want to have these types of issues after choosing an attorney. Be blunt and ask how often you will be contacted and updated. How will you be contacted? Will the attorney just send you a form letter or use personal communication and contact? How do you prefer to be contacted? E-mail, phone calls, letters? Ask for it. “Are you too busy to handle me? Are you going to push me to a lower level staffer or junior attorney?” Clear communication and updates can ensure success and results.

Question # 5

“How do they charge?”

Some attorneys charge a flat fee, some charge a contingency based upon results and some charge hourly rates. The type of problem or case generally dictates the type of charge. There is an old saying, “Speed, Efficiency and Price – pick TWO!” The cheapest attorney may not be the best and the most expensive attorney may not be the best either! Make sure that you are not penny wise and dollar foolish. You are choosing an attorney for results. Make sure that your attorney has the financial incentive to work your case efficiently and successfully.