Since the average real estate investor can make from $60,000 to $90,000 a year, getting into real estate is a lucrative path toward financial success. If you didn’t focus on real estate in school, you can still find ways to invest in an informed way. If you take the time to learn real estate investment strategies, you could make even more than the average salary.
Working in real estate offers many lucrative paths to success. You could begin as a broker to get to know what goes into a sale and what buyers are looking for. If you have the capital to start, you could start investing today.
Real estate is a sound investment and a career that will offer endless opportunities. If you’re trying to learn the real estate industry’s ins and outs on your own, follow these 10.
1. You Might Have To Pull The Plug
Firing your clients is something you might have to get comfortable with. You should also be comfortable with having clients fire you. Not every relationship is meant to be and not every professional relationship is built to last.
Make the decision that you know is right every time. Don’t work with someone you don’t get along with because you’re worried about their feelings. They’ll appreciate the fact that you didn’t waste their time.
If you’re not meeting the same ethical standards, be honest. Either they can change their perspective or else you can move on with a clean conscience.
2. Be Patient
You need to make sure that you’re not spending on your next investment ahead of your bank account. Ultimately, the first few years of working in real estate will be challenging. Each project will help to fund the next until you have a handful of simultaneous projects are feeding into one another.
Once the settlement is funded and recorded, the rest of the steps are up to you. Until then, be patient and wait for the deal to be settled. Keep your eye on your next move but keep an eye on your bank account.
3. Sometimes You Have To Say No
Saying no to a listing doesn’t make you a bad person. Saying no can sometimes save everyone a lot of trouble. If you’re unsure about a listing, don’t be afraid to pass.
Listings that are in a neighborhood that you don’t know well could be hard for you to market. A house that will cost you too much to maintain and repair could be better left to someone else.
There’s someone for everyone. The same is true for investments.
4. Contracts Are Your Friend
Make sure you get everything in writing. If someone says they’re interested in buying from you, get the contract drafted up ASAP. There are even contract drafting apps out there that could help you hit the ground running.
If someone wants to sign a lease, you should have a lease on you. If they shrink or shiver at the sight of paperwork, you know they weren’t into it to begin with. You should be able to speak the language of business with everyone you interact with.
Otherwise, you don’t want to be working with those people.
5. Get Yourself An Accountant
If you’re starting to invest in multiple properties or have accrued a lot of travel expenses going from one place to the next, hire an accountant. Doing your taxes on your own could be a nightmare. Having a professional in your corner could save you many a headache while you learn real estate.
While you’re working on finding new leads and making deals, you can’t be tied up for two months out of the year worrying about your taxes. Put an accountant in charge so that you can focus on being the center of your own brand.
Don’t forget to write off any promotional materials or postcards you generate to represent your business.
6. Don’t Lead A Seller On
It’s just plain cruel to tell a seller that you’re expecting an offer that you haven’t received yet. It can create bad blood between the seller and the perceived buyer.
If you’re in the commercial real estate sector, you might notice that it’s a small world after all. Burning bridges or talking about presumed offers could come back to you. It could damage your credibility and lead to bad reviews on consumer review or reputation sites.
If sellers are vital to the success, you need their trust and their business. If they own multiple commercial properties, they might not want to have different people handling their assets. If you build yourself up as honest and reputable, you could become their number one.
Your sellers are looking for a little more attention than the people who advertise “We Buy Houses“, but you might have to point them in that direction.
7. Don’t Be Pushed Around
Lots of clients will try to call you at strange hours. Resist the urge to answer your phone and take calls from desperate clients late at night. You don’t need the unnecessary stress of being called during off hours.
If your clients don’t seem to respect your free time or your space, it’s okay to cut them off. They’re not your family and you don’t owe them anything. If you’re just beginning to learn the real estate field, you might think you need to be at the beck and call of your clients.
If clients still don’t get it, confront them head-on. Tell them what your professional limits are and that you need space. Otherwise, you can use a call forwarding app to send your calls to an answering machine or answering service.
The latter makes you seem very professional.
Learn Real Estate Through Practice
Getting comfortable in the real estate field will take time. Just like any profession, seeing through the fluff for what’s really going on takes some focus. Once you learn real estate, you’ll be able to navigate every position like a pro and build a strong career with a positive reputation.
If you’re ready to learn about other careers whether in real estate or not, contact us for more ideas.