Real estate investing isn’t easy, but it’s also not impossible. It takes lots of hard work and even more time, but it can be incredibly rewarding when you finally make your first property sale. Whether you’re just getting started or you’ve been in the game for years, here are 10 tips to help you succeed in real estate investing.
1) Work Hard
In business, most things take hard work. You have to make sacrifices and give up time spent with friends and family, as well as money spent on entertainment and traveling. If you really want to succeed in real estate, you must be dedicated and willing to work hard. There’s no substitute for it! It is absolutely essential that you love what you do. It is also crucial that you understand that success takes time and effort. Many of those who are successful didn’t start out that way; they worked hard to get where they are today. Success doesn’t come easy or quickly; if it did, everyone would be rich!
It is important to surround yourself with positive people who believe in your abilities and are willing to help out when needed.
2) Use Systems
There are an infinite number of ways you can succeed in real estate, but if you rely on making it up as you go along or just winging it without a plan, then you’re playing a risky game. Instead, develop systems and processes that work for your business so that your successes are repeatable and predictable. This will ensure your success! And don’t be afraid to ask questions from others who have been successful; other people’s experiences are often times valuable tools for our own use.
3) Be Creative
In real estate, creativity is critical. When you’re working with a limited amount of space, an old layout or a tight budget, you need to be able to think outside of traditional real estate parameters. That’s why being creative is key to success. For example, if you have a small apartment and need to make it look bigger than it really is, use mirrors—they can trick your eye into thinking there’s more room than there actually is. If you have an extra bedroom that doesn’t get much light during the day, try installing skylights for added illumination and visual appeal. And if your house has high ceilings but small rooms, consider adding crown molding for added height and grandeur.
4) Learn From The Best
While there are plenty of great resources out there, books by successful investors (like Robert Kiyosaki) can be a fantastic way to learn about investing for beginners. Reading about how others built their empire is a good way to see what tactics you might want to try and which ones you don’t. Plus, you can’t beat learning from someone who was able to succeed! And if you think your local library doesn’t have any finance or real estate books, think again—they probably do. The library has lots of books on all sorts of topics—you just need to know where to look. Most libraries have business sections that include information on startups, franchising, small business management and more. You can also search online databases like EBSCOhost or ProQuest , which have hundreds of thousands of articles related to real estate investment and starting your own business.
From novice networker to power player, everyone says it’s important. But what are you supposed to do? How do you know who and how often you should reach out? And how will they know who you are anyway? If it seems daunting, take heart: Making friends and professional connections is a little easier than most people think. Here’s our step-by-step guide for getting a broad net of contacts—and reaching out effectively. 1. Register your name with key players. That means anyone from headhunters to fellow brokers at your company, along with companies like LinkedIn that let you connect with professionals around town or across industries (if you want to be known as an expert on startups, sign up on AngelList or Mattermark). You don’t have to commit yet; just start building a roster of names. (Here are 5 more ways to find new contacts.)
6) Invest Time
Successful real estate investors invest time, not just money. It’s easy for novices to be awed by shiny objects like flashy websites and top-of-the-line gear, but these things don’t guarantee success. Those who want their business to thrive must first spend time finding a great property—and then learning how best to manage it. This can mean getting professional training or reading up on best practices online.
7) Educate Yourself On Markets And Trends
If you’re getting into real estate investing with only a vague understanding of markets and trends, you’re missing out on key information about what properties will do well. Consider taking a class on real estate investment or brush up on your business skills by learning from how-to books, magazines, and online resources. The more you know about markets and trends, the better decisions you can make about which properties to invest in.
8) Invest In Yourself and Others
It’s easy to make excuses and not put yourself first, but without learning new skills, getting additional training, or following your dreams, you won’t be able to build lasting success. Investing in yourself is one of the best investments you can make—it builds confidence and gives you additional tools for your toolbox. You can never get better if you don’t practice what you preach, so don’t be afraid to invest time and money into improving your craft. The easiest way? Join a professional organization that supports your industry, attend conferences, read books, take classes and seminars (often free), volunteer to teach others what you know (teaching others helps clarify your own knowledge), find mentors who have already achieved where you want to go. And then there are all those other things: exercise more regularly, eat healthier meals at home and while dining out, meditate daily… All these things are a great investment in yourself that will pay off over time.
10) Maintain Discipline
If you want to see success, you need to be disciplined. This means exercising self-control and keeping your mind focused on your goals. Keep these things in mind as you work toward your ultimate goal of making it big in real estate. By doing so, you will make positive choices that will lead to success—no matter what obstacles may arise along the way.
9) Manage Expectations
A Realtor is not a miracle worker. There’s no easy way around it: finding and buying a home takes hard work and perseverance, even with an experienced Realtor at your side. During your search, make sure you and your Realtor are on the same page by managing expectations; if you want her to help you find an affordable starter home in 6 months’ time, let her know—and don’t complain when she doesn’t move faster than that!