Like everything, real estate definitely shifts with the market. Occupancy rates, property availability, lending options, interest rates, etc. are areas that can be affected. All of these variables will fluctuate in any given market. However, every market is a good time to invest, with the right formula.
Where to start? To help guide you, below is an outline of the main areas to focus and why it’s important for any business, but especially when you’re just starting.
Prioritize.
Many people ask the questions, where should I start?
Should I get investors, or find the exact property I’m interested in first? Or what about financing, should I secure lending first?
Prioritize your goals and your research.
Sit with what you want to accomplish and why. When you have a clearer idea of where you want to go, then list your goals out in order. What’s your biggest vision? Now research them. Research the market, the deals that have succeeded and failed. What are the takeaways you can learn, and how can you apply them to your goals.
Talk about your goals.
People invest in their belief in you. When you are passionate about your ideas and researched what you want to accomplish, people will know how serious you are. Always lead a conversation with your vision and why it’s so important to you. Leading a discussion with your vision is a business tactic for any business type. By nature, people do business with those they know, like, and trust. In real estate, this is especially true. This is talked about a lot in the mistakes to avoid with David Lindahl at his consulting tips site.
Know what you want and don’t be afraid to talk about it. Begin to develop your Standard Operating Procedures (SOPs). By creating guidelines of how you like to do different tasks in your business and what the procedures are for various issues, you can begin your system efficiently. Understanding this will serve you in your future; now, keep track of your goals and potential guidelines for each. The goal in the future is to set clear metrics for success that your team can follow.
Develop relationships.
Nothing grows a business better than real relationships. Seek them all. Relationships will aid you in all areas of your growth. You will want to connect and collaborate with as many people as possible. There are a couple of things to know about growing a network.
First, Seek Diversity: It’s easy to want to be around people who are experts in your industry. Yes, it would help if you had those people, but also try to seek a variety of people that can troubleshoot different problems and provide new and exciting insights. This means different age groups, different genders, different work-place strengths, and industry backgrounds. This diversity will aid you in growing your ideas and achieving your goals.
Secondly, Seek investors, brokers, and mentors. A successful business in Real Estate can take years to master all the nuances involved, especially if you’re starting during a turbulent time. Seeking out mentors and brokers who have been in the industry for some time, can aid you and reduce your learning curve drastically.
Now that you understand the importance of understating your own goals and seeking out a network of people to talk with about your goals, it’s time to leverage.
Leverage.
Leverage: Use the power of leverage to grow.
Leverage your relationships to help you by finding the best deals, the best financing options, and the best market options.
Each deal is different, so know the unique challenges and opportunities of them.
Leverage the expertise of your network. Ask for clarity on financing options for particular types of property. Have them help you construct the best options.
Leverage market advantages. Knowing the unique opportunities in each market can help you put together deals that can become creative. Each market will have distinct advantages, so use them.
The tips above will help get you started on your real estate dream. There is no replacement for hard work and dedication, but with the right mentors, and the right connections, your success can advance, and your goals can be accomplished before you know it.