Studies on Rent Control

I like to keep apprise of what is going on in our nation and government. Here is what National Association of REALTORS® has to say about rent control . . . https://www.nar.realtor/washington-report/nar-opposes-rent-cap-proposal

Real Estate Relationships

In a nutshell . . . There are different types of relationships between real estate brokers and clients. There are buyers’ agents, sellers’ agents, dual agents and statutory agents. Depending on the mutually agreed upon contractual relationship an agent may be acting as a fiduciary agent for a buyer or a seller. A fiduciary agent has the duty to act in the best interest of his or her client. In the case of dual agency, an agent is equally responsible to the seller and the buyer, simultaneously.

It’s important that you understand how an agent would be representing you. Be sure to read through forms / contracts and satisfy answers to your questions before signing documents. Check out this resource from National Association of REALTORS® https://www.nar.realtor/agency.

Planting the Seeds of Success: Monetizing Your Small Farm

Article by Claire Wentz
From Caring from Afar (https://caringfromafar.com)

With sustainable living becoming more popular, The Free Range Life notes that many people are turning to farming as a way to make money. But starting and monetizing a small farm is no easy task. It requires dedication, hard work, and lots of planning. Today, Realtor Jenny Hershberger Bushman shares precisely how you can get started on your journey to success.

Find the Right Place

Finding the right land to set up your small farm is a crucial first step. You need to consider factors such as soil quality, access to water, and climate, which are essential for the growth of your crops or livestock. If you're not planning to live on the farm, it's equally important to find a suitable home in a nearby city.

Online search tools can be incredibly helpful in this process. They allow you to filter based on your preferences and needs, providing a comprehensive list of potential homes within commuting distance to your farm. This way, you can ensure a balance between your farming operations and personal life.

Create a Solid Business Plan

Creating a business plan is essential when starting and monetizing a small farm. A business plan should include your goals, objectives, strategies, and financial projections for the next few years. Having this written down will help you stay organized and focused on achieving success with your small farm venture. A critical part of this could be surveying the land so that you know its full potential when planning the future of your business. Additionally, it will also be useful when seeking investors or applying for loans or grants.

Set Up an LLC

As you start your farming business, look into forming an LLC. This will protect your personal assets from liabilities that may arise. There are several formation companies that can assist you with the process, so check out which one will work best for you with online reviews. Research the laws and regulations in your area before making any decisions. Further, have the necessary paperwork filled out properly and filed with the appropriate government agencies.

Identify In-Demand Products or Crops

Starting a small farm is an exciting venture, but in order to succeed, GroCycle points out that it's important to understand which crops or products are in demand in your local area. Visit farmers’ markets and retailers in your area to gain an understanding of what they currently have available, as well as what customers are looking for. This research will yield a valuable strategy for monetizing your small farm and ensuring its long-term success.

Price Your Products the Right Way

When running a small farm, it's important to determine the most effective pricing strategy. Cost-plus pricing involves adding up all expenses associated with producing an item with an additional 10-20% per item on top. Alternatively, competitive pricing involves matching prices set by competitors. Researching different pricing strategies will maximize profits while keeping your prices competitive enough to attract customers.

Establishing a Budget

Creating a budget is essential when monetizing a small farm, as it will help you stay organized and ensure that you don’t overspend or take on too much debt at once. Create separate budgets for each aspect of the business, such as production costs, labor costs, and marketing costs, so that you know exactly where each penny is going each month. Additionally, having this information on hand will help if you apply for loans or grants down the line.

Creating Connections with Local Suppliers

It's important to develop relationships with local vendors, as they will be instrumental in buying and selling your goods. Establishing such connections will all but guarantee that your farm has regular income streams while also helping create awareness about your farm in the community, which could potentially lead to more customers further down the line.

Marketing Your Farm Online with Digital Marketing

Content marketing can be an extremely effective tool for promoting your small farm.When you leverage technology and data to create personalized campaigns, such as blog posts about your farming methods, social media updates on what's currently growing, or even video tours of your farm, you can connect with your audience on a deeper level. This not only helps to educate them about your products but also builds a sense of community and trust.

Free online resources, like marketing blogs and webinars, can provide valuable insights into how to create compelling content and effectively distribute it across various platforms. They can also offer tips on SEO strategies to increase your visibility online. By continuously learning from these resources, you can refine your content marketing strategy to better promote your farm and its offerings.

Starting a small farm seems like a huge task, but it’s doable with dedication and careful planning — not to mention, very rewarding! Creating (and marketing) an LLC is a big step towards success, while an effective business plan and digital marketing will go a long way in helping your farming venture become profitable and successful.

Real Estate Market in Three Forks, MT

It is always interesting to watch what is happening in the #realestatemarket. If you ever have questions about specific markets in #southwestmt, give me a call. Jenny 406-570-5869.

Decoding the Home-Buying Puzzle: From Budget-Friendly Starters to Lifelong Abodes

Article by Claire Wentz
From Caring from Afar (https://caringfromafar.com)

Choosing the right home is a monumental decision in anyone's life.  Many factors come into play when you’re faced with the dilemma of selecting an affordable starter home or making a longer-term investment.

This guide from Jenny Hershberger Bushman will take you through the critical considerations, from weighing advantages and disadvantages to thinking about future requirements and making savvy financial decisions. We'll examine essential elements to help you make the best choice in your home-buying journey.

The Upside of a Budget Residence

The allure of starter homes lies in their affordability. They offer a manageable investment for first-time buyers or those on a tight budget. Plus, you can start building equity right away, which provides you with financial flexibility for future endeavors. Another upside is the minimal upkeep required due to the smaller size of the home.

The Downside of a Starter Home

Starter homes come with their own set of limitations. For instance, if you're planning on expanding your family, you might outgrow the space sooner than you think. Also, starter homes may not appreciate in value as quickly as forever homes, meaning they may not be the best long-term investment.

The Benefits of a Lifetime Residence

Buying a forever home offers long-term stability, as you'll avoid the hassle and expense of frequent moves. One of the joys of a forever home is the opportunity for personalization; you can customize it in ways that may not be feasible in a starter home. Plus, these homes are often a solid investment because they’re more likely to appreciate in value over a longer period.

The Pitfalls of a Lifelong Investment

While forever homes have their perks, they also come with challenges. The most immediate concern is the higher upfront cost, which can put a strain on your finances. Also, you're committing to a long-term mortgage that can prove daunting if your financial situation is unstable or unpredictable.

Securing Your Haven

Irrespective of your choice, having a home is a must. Standard homeowner insurance usually covers structural damage, theft, and injuries occurring on your property.

That said, you might consider a home warranty for comprehensive protection (give this a view). This annually renewable contract covers breakdowns of essential home systems such as heating, cooling, electrical, and plumbing in addition to appliance repairs.

Pondering Future Possibilities

Think about what the future could hold when weighing your options. Will your family grow, or will you need to downsize? You’ll also want to evaluate the neighborhood in terms of its potential for growth, accessibility, and the availability of essential amenities.

Assessing Your Financial Viability

Sit down and run the numbers before making your decision. What can you afford regarding a down payment, monthly mortgage, and maintenance costs? Financial stability is key, so make sure you have the means to sustain homeownership in the long run.

Investigating Mortgage Alternatives

Selecting the mortgage that aligns with your financial situation is a crucial step in your home-buying journey. Investigate various mortgage options, keeping an eye on factors like interest rates, loan terms, and down payment requirements.

Understanding these elements will offer you a clearer picture of what you can truly afford. Conducting research is essential for making an informed decision that won't strain your finances in the long run.

Wrapping Up

The choice between a starter home and a forever home is monumental and has long-lasting implications for your future. Consider the benefits and drawbacks, think about your long-term aspirations, and critically examine your financial capabilities. Whichever route you decide to take—be it a budget-friendly starting point or a long-term investment—make an educated choice that sets you on the path to acquiring the home of your dreams.

Are you looking to buy your dream home in Southwest Montana? Connect with Jenny Hershberger Bushman today!

Real Estate Market in Gallatin County, MT

If you ever have questions about the #realestatemarket in #southwestMontana, contact me. Jenny 406-570-5869.

I Love Hearing From People . . .

Tell me, what is something in your home that you couldn’t live without?

Real Estate Market in Butte, MT

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