The life of a real estate investor or agent is often romanticized on our TV screens. Similarly to wall street, the property market can be portrayed as a money-mad marketplace that suited business people manipulate to make millions of dollars. Although there are elements of truth to this stereotype, it represents a small minority of the market. In reality, real estate and property management is a business venture, just like any other.
It’s about connecting buyers to properties and fulfilling their needs.
There are several roles within the real estate market. Whether you’ve started a new role working for a real estate company or you’ve decided to enter the property ladder as a novice investor, there is a learning curve. As well as potentially having to get certified, you must get up to speed on the policies, procedures, legalities, and general processes involved in buying, selling, or leasing property.
While life as a real estate professional can be stressful, it can be very satisfying to see deals come through. There is also the potential for high levels of success. A small number of successful ventures can bring about significant returns.
If you’ve decided to pursue a career in real estate, here are five areas to focus on as a beginner professional.
As a specialized industry, experience is a valuable asset in real estate. Make up for your lack of background in the market by making connections with experienced investors. Establish relationships with reliable industry professionals who you can lean on for advice and guidance. Ensure that you have something to offer them in order to keep the relationship mutually beneficial.
Reach out through professional networking websites such as LinkedIn or attend real estate conferences and seminars.
Be calculated and avoid gambling
As much as real estate seems like a game at times, it’s important to take things seriously. Taking gambles can lead to serious financial implications, which should be avoided at all costs.
Establish an investment strategy that outlines your goals, action lists, financial projections, and investing philosophy. This will help guide you through each project and will be particularly useful in stressful times.
Connect with local communities
Certain neighborhoods, apartment complexes, and communities have agreements in place to effectively manage and maintain properties in the area. You must be aware of any homeowner associations (HOA) that your properties are linked to.
You might consider contacting tenants in the locality about hiring HOA property management if an existing community isn’t already in place.
Learn to negotiate
Negotiating is arguably the most important skill to have as a real estate professional. Between buying, selling, and leasing, you are likely to spend days on end negotiating deals.
Some people are naturally great negotiators. However, if you need to brush up on your skills, this must be a priority. Read some books or take a course to help harness your negotiating abilities.
Digitize your business
In the digital era, it’s vital to have an online presence. This goes for you as a professional and your business operations. Create a website and social media platforms to help expand your audience. Use video, quality photos, and targeted advertisements to give yourself an advantage over your competition.
By digitizing your business today, you are optimizing it for long term success.