Coastal Community Bank

Thinking about starting a business? You might consider purchasing one that is already established instead. It may be more cost effective, in the long run, to acquire an existing business that has a proven track record and positive cash flow. Build Relationships Early - Connect with potential sellers before they think about selling. Leverage Your Network - Talk to lawyers, accountants, or bankers. They can't disclose client details, but can point you in the right direction. Attend Industry Events - Conferences and association meetings are prime spots to meet business owners that can lead to private deals. A full breakdown of considerations are detailed in our latest blog. Link is available in the comments. #businesstips #buyabusiness #entrepreneurship #entrepreneur #moneytips #smallbusiness #business

New Rules for Buying and Selling a Home! Starting August 17th, real estate transactions are getting a makeover! Here’s what you need to know: For Buyers: Sign Before You Tour: You’ll need to sign a written agreement with your agent before touring homes. This agreement will outline how much you’ll pay your agent. Commission Clarity: Expect to cover a commission of 2.5% to 3% for now, this average percentage may lower over time. Consider offering a flat fee or paying by the hour for more transparency. Direct Conversations: Agents will now have more direct conversations about their compensation. No more “free” tours! For Sellers: Lower Commissions: You’ll only need to pay for your agent’s commission, typically 2.5% to 3%, however, this may lower over time. Competitive pressure might push this down further. Open Discussions: Talk openly with your agent about reducing or eliminating the buyer agent fee and how it impacts your sale. These changes aim to make the home buying and selling process more transparent and fair. Equal Housing Lender 🏠✨ #RealEstate #HomeBuying #HomeSelling #RealEstateRules #RealEstateTips #CommercialRealEstate #NewHome

Curious how commercial real estate sectors are doing in the current economic conditions? Multifamily - Stable. The sector has seen rents increase by 0.3% in the first half of 2024. The vacancy rates have remained stable at 5.7%. Industrial - Showing signs of slowing. New construction projects have slowed, and vacancies are on the rise. Retail - In a holding pattern. Vacancy rates remain flat and spending continues, with buyer preferences towards experiences. Office - Working from home means fewer people are going to the office, creating a record vacancy rate of 20.1%. Washington state is considering new policies for commercial-to-residential conversions to address the housing demand. Details are broken down in our latest blog --> LINK IN THE COMMENTS #realestate #commercial #cre #banktrends #banking #businesstips #realestatetips

You may have heard of Quiet Quitting, but have you ever heard of Quiet Vacationing? It’s the latest buzz in work-life balance! What’s Quiet Vacationing? It’s when employees sneak in some downtime without officially clocking out. Think working remotely while secretly soaking up the sun! Pros: Stress Buster: Say goodbye to burnout and hello to relaxation! Sneaky Breaks: Need a break but short on vacation days? Quiet vacationing to the rescue! Stay Productive: Keep up with work while enjoying a change of scenery! Cons: Blurred Lines: Work and play mixing too much? It might just stress you out more. Trust Issues: If caught, it could spark some serious trust issues with the boss. Ethical Dilemma: Is it fair to your team if you’re off gallivanting while they think you’re working? What’s your take on Quiet Vacationing? 1. Totally for it! Work hard, play hard, right? 2. Not sure, seems a bit risky… 3. Only in dire need of a break. 4. No way, I’m a by-the-book vacationer! Let’s see where we stand on this trendy topic! Drop your thoughts in the comments. #QuietVacationing #WorkLifeBalance #RemoteWork #HybridWork

Real estate developers and investors have a unique opportunity to help solve the housing crunch – while also capturing returns. Here is why: 📈 Supply & Demand Mismatch: With 251,894 new housing units needed in WA, rents and home prices are soaring. 🏢 Multifamily Magic: Unlike offices, multifamily housing isn’t facing structural demand issues. High mortgage rates? No problem! Buyers are still renting. 🤑 Cost Savings: Converting commercial spaces to apartments avoids pricey new construction. Think hotel rooms transformed into homes at 35% of the cost! 🏤 Empty Offices, Full Potential: Vacant office buildings can find new life as cozy apartments. 🖥️ WFH Revolution: Work-from-home is here to stay, causing office vacancy rates to climb, but class-A buildings are holding strong. Link to the more insight in the comments -- > #realestate #commercialrealestate #cre #businesstips #remodel #landdevelopment #developers #investors

Many organizations that own or lease commercial real estate have been waiting for the right time to give their space a little love. It costs money and much of the workforce has been remote. However, that might be changing. Some are bringing staff back to the office in a hybrid OR full-time capacity. And as they do so, now might be a good time to invest and spruce up your space. Consider these cost-effective ways to welcome staff and customers into your place of work. A fresh coat of paint can make all the difference Repave and clean up your parking lot to create a welcoming effect Plant trees and focus on beautiful landscaping to enhance curb appeal Add shade in outdoor spaces for comfort and relaxation Adding outdoor furniture encourages in-person conversation and camaraderie Carve out a space for a gym so employees have a place to focus on their health Investing in your office space vibe while bolstering your property value can provide positive returns – and that’s good for everyone. Happy office = happy employees. More details are linked in the comments. #remoteworker #businesstips #smallbusiness #business #localbusiness #shoplocal

Heads up to all business owners. There are a few new HR changes you should be aware of. Non-Compete Agreements The Federal Trade Commission (FTC) is banning non-compete agreements between U.S. employers and workers. Effective September 4, 2024. Washington State Changes Washington state now prohibits employers from considering off-duty cannabis use during pre-employment decisions. Employers can still test for other drugs. Minimum Wage Updates Washington state minimum wage increased to $16.28 per hour on January 1, 2024. Seattle’s minimum wage for 2024 is $19.97 per hour for large employers. Smaller employers must pay at least $17.25 per hour if certain conditions apply. Remember, employers need to review and update their employee handbooks. The National Labor Relations Board (NLRB) now requires fair work rules that don’t discourage employees from discussing employment terms. Stay informed! Details here --> https://lnkd.in/gBe-5XFW #business #humanresources #hr #smallbusiness #businesstips #moneytips

Recent labor reports indicate job growth is increasing. However, unemployment is also on the rise. Let’s break it down! Job Growth – The U.S. private sector employment rate reached 133 million in May. That is up from 131 million in January of 2024. Unemployment – National unemployment rate reached a new high of 4% compared to 3.6% from March of 2022. Still, current levels remain low relative to U.S. historical data. Industry Specifics – Manufacturing, leisure, and hospitality saw slight declines in hiring. Trade, transportation, utilities, education, health, and construction all saw steady gains. Geography Focus – Minnesota, Mississippi, Massachusetts, and Georgia all report declines in unemployment. While Washington, Connecticut, and Rhode Island are the only states reporting greater that 1% increases in unemployment year over year. Remote Work - Remote job growth, mostly in the professional and business services, continues to hold strong. However, some industries are requiring more employees to work on site. For specifics and more details on Washington State, cruise through our latest blog post here : https://lnkd.in/gZV9wWqX #jobs #smallbusiness #labormarket #businesstips #business #jobsreport #careers #jobgrowth #unemployment

Every year we find a way to help and better serve our customers, community, and staff. That is who we are. And, for the 12th time in a row - our community has recognized our efforts. Thank you for voting Coastal in the Stanwood Camano Best of Awards.

🏠 Attention Homeowners! Beware of home warranty scams that come disguised as urgent letters from your mortgage lender. Your trusted mortgage company, including Coastal, will never send you such letters. 🛡️ Stay Protected: ✔️Trust your instincts. ✔️Verify before you act. ✔️Report any scams to the FTC and the Washington State Attorney General’s office. 🚨 🤗 We’re Here to Help! For more tips on avoiding these scams, check out our latest blog post. https://lnkd.in/gsT9WAaA Member FDIC Equal Housing Lender #HomeWarrantyScams #HomeownerTips #StayInformed #ScamAlert #ProtectYourHome