No matter your age or expertise, a career in real estate investing can be well-paying and comfortable. The hours are flexible, you can often work from home, and the profits can be incredible if you’re good at your job. But everyone has to start somewhere; it’ll take a lot of long hours, stress, and effort to build your investment career from the ground up.
It’s important to know that being a real estate investor is more a way of life than it is a talent you have on the side. The real estate market is constantly fluctuating. Sometimes things are up, other times they’re down and the shifts between prosperous times and lean times are difficult to predict. Jumpstarting your career in real estate means you’re ready to roll with the punches and follow a few loose guidelines.
1. Don’t wait for the “perfect” time.
Just like everything you do in life, there will never be that one time that’s just perfect. Most often, something will come up, finances will be a little tight, and your personal situation will be a little volatile. But if you wait for the perfect moment, you’ll be waiting for the rest of your life; stuck in a career that you don’t have passion for.
If finances are tight or there’s a time commitment issue, just start small. Buy one or two small properties and work on those in your spare time. The point is to get started and once you’ve made the commitment, you’ll put the necessary time into it if you’re dedicated to a successful real estate career.
Starting small is great advice for those who have tight finances or aren’t sure if real estate is for them, but those who are dedicated to the real estate business should begin growing their investments sooner rather than later. The quicker and bigger you expand, the more profits you’ll see since larger assets tend to appreciate faster than smaller ones.
As you seek to expand your business, always keep financial stability in mind. Expand your real estate career as far as your financial situation will allow. This may require a certain amount of risk on your part, but it should in no way compromise your ability to pay the bills.
Kick starting your career means nothing if you’re not aiming for an ultimate goal with several milestones along the way. Orienting yourself with goals keeps your focus where it should be. You can decide what you want to accomplish and where you see your business in five years.
When you’re building your real estate career, these goals will serve as landmarks that ground you when your focus starts to shift. Just remember that there should always be flexibility in order to keep your goals attainable, but don’t let minor setbacks ruin your entire career path. Just pick up and start all over again.
There’s more than just a financial investment when it comes to growing your career in real estate. You also have to invest a lot of time, particularly when you’re just starting out. It’s true that your schedule will be flexible, but that doesn’t mean you put in fewer hours while pursuing a lasting career. In fact, you might find yourself working much more than a typical nine to five schedule in the beginning.
You have to work round the clock to keep clients invested. Your job is to give your clients the best experience possible, and you can’t do that if you take some extra time off during the closing portion of your deal.
Additionally, it’s nearly impossible to take a break when it takes constant attention to watch the market and choose the right time to buy or sell properties. If you take your eye off the prize for too long, you’ll miss out on some great deals. Be ready for this life-changing aspect of your new career.
Whether you’re investing in real estate to purchase an income property, you’re buying or selling, or you’re flipping houses, you’ll have to work with people. Clients and tenants both need some extra attention, and they need to know you genuinely care for and understand their emotions relating to a given property.
It’s easy for things to get tense, for you to lose your temper, or for you to give into the stress and anxiety of the housing business, but it’s important to resist. Work on your people skills, learn to act happy even when you’re feeling down and to keep interactions civil and professional, even when the process is trying. Be patient and passionate about your craft at all times in order to attract clients and keep the business running smoothly.
A major part of maintaining good people skills is communicating effectively with your clients. Good realtors keep clients, tenants, brokers, and other invested parties constantly in the loop as they go about their business. If there’s a sudden change, make sure the relevant parties are aware of it. If there’s a problem, send a quick email.
Brush up on the appropriate communication skills. Write some policies for yourself to keep on track. For example, you might institute a policy of answering emails within 24 hours and returning phone calls at the beginning of every business day. Inform clients about these policies so they can help you remain accountable. When you maintain communication, people begin to trust you in every capacity. They recognize your professionalism and spread the word about your reliability.
Consistency may be hard to achieve when the market is always up and down, but there are certain policies and responsibilities you can keep up with in order to keep yourself consistent as you invest. Your days might not follow the same schedule, but your actions can reflect a steadiness of character.
For example, you can answer emails regularly, return phone calls, and remain professional. You can also develop some buying and selling policies that you stick to, even when the market is going through a rough patch. When building a successful real estate business, some risk is always necessary, but maintaining an air of consistency can help you avoid major mistakes that could shut you down.
The profits of selling your first investment property can be amazing. You might have more money at one time than your bank account has ever seen, but it’s important not to let it go to your head. You could easily blow the cash on an expensive investment that turns sour.
Every move you make financially should be carefully planned. If possible, run your ideas by a financial advisor to make sure your personal feelings and perceptions aren’t masking your judgment. Each investment you make should be wisely calculated and thoroughly planned for ultimate investment success. That’s how you build an empire.
When you’re just beginning, it’s always wise to receive some guidance from a professional with extensive background in the industry. Green Residential has been working in real estate in the Houston and Katy areas for more than 30 years. We understand the market and what your income properties need to stay profitable. For more information about how our services can benefit your real estate career, contact us today!
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