5 Ultimate Traits of New Real Estate Investors
Investing in real estate is perhaps the most common ways people take to increase their wealth. Buying homes, house flipping, rentals etc are all popular methods of wealth generation. However, 2008 taught us that not everyone does it right. And there are people who taste success even in tough financial times. So, what makes them invincible?
There are certain characteristics of real estate geniuses that differentiate them from normal investors. It is what makes them unique. It’s not rocket science but distinct character habits that help them reach the top. Its critical that you learn these traits especially during the initial investing days. Here are 5 traits every newbie investor should learn.
- Knowledge – Learning is one process that never stops in real estate industry. Real estate education should be an ongoing process where you choose a niche and then specialize in that particular area. This way you can brand yourself as an authoritative figure in condominium market or single-family homes. You should also know how to converse with agents, fellow investors and attorneys. Pay due attention to increasing your education by dedicating at least half hour every day to reading. Read real estate magazines, blogs, online forums etc. Collect and maintain a full database of your local area information. A well-read man will surely make a good first impression on the clients.
- Be Available – If you are hard to reach, sorry to say that you won’t taste much success. It is often said that you need to devote time to people in order to do business with them. When you put yourself out there, you enter their comfort zone. Scheduling at customer’s favorable time and maintaining constant communication helps you gain their trust. Attend networking meetings, arrange successful open houses and communicate through online channels. Good deals will come to you if you have a good network. Be present, meet new people and get yourself noticed.
- Reputation – Reputation is the most important factor for any real estate investor. People want to work with someone who has a commanding reputation in the industry. From the minor conversations with the attorney to discussing a deal with a referral, reputation is built on small things. Today’s fast paced technology means that gossips travel super fast. You may be struggling to close a deal but that does not mean compromising or doing grey work. No deal, no matter how big, is worth wrecking your reputation.
- Persistence – Time makes an investor. If it were easy, everyone would do it. Don’t think that you will be an overnight success. Real estate is a roller coaster ride. There are times when people enjoy the money and there are times when they have to just get by. Realistically speaking, most people struggle in the beginning and that’s when a majority leaves the industry. It takes time to build a network, unearth good deals and find profits. Deals will not close smoothly in the beginning. But that does not mean you run at the first sign of trouble. Stay there! Give your career some time to make things happen.
- Organization – Real estate investing may include many things, but at the end of the day, it’s just another business. And just like any other business, it must be organized. Lack of organization will lead to data loss, which will ultimately lead to loss of deals. Stay on top of everything with a well-organized 9 to 5 job life style.
Try to master these traits and you will soon be making your mark in the local housing market.
Revive Property Group