The Six Must-Dos in Real Estate
Achieving something in life is usually everyone’s aim, and many people turn to real estate to accomplish this goal but before you embark on the exciting world of Real estate entrepreneurship. Here are 6 must-do tips to apply.
Ø Real Estate is a full-time job
Real estate is a full-time job. No matter whether you purchase one property, or a building do not kid yourself, real estate is time-consuming. Make sure you bring in the right professionals to help you like a licensed and insured property manager, well respected real estate agent, stager if needed and landlord and tenant lawyer. Real Estate entrepreneurs with the right team can minimize their personal time which can allow them the time to expand their portfolio.
Ø Be a visionary in an Area you Know
Making strategies is important in real estate but the action is required. You have to make an effort to manifest your vision, nothing comes effortlessly. Real estate like all other businesses is competitive with everybody wanting to predict where the next regeneration or hot location in their city is going to be many people get their too early and many get their too late so a good understanding of city planning, your own community is incredibly helpful. Have a big vision but always start in an area that you know.
Ø Understanding a market always works best
It is essential for any real estate entrepreneur to have a deep understanding of each and every aspect of the real estate market. The property follows simple demand and supply economics, expert Mr Philip Marley said “when I started in student housing in Ireland there was a massive undersupply and I saw this as my opportunity. Traditional landlords did not want to rent to students and did not like the fact that they only rented for 9 months a year. Therefore, there was a gap in the market. Now, 16 years later the market is oversupplied with new student complexes and the category is experiencing vacancy and empty space. “
In the last 20 years self-storage, data centres and student housing were popular and now it is shifting to property related to online logistics such as Amazon warehousing so know where you are with regard to what people want, how the world has changed year to year and how people’s habits alter the dynamics of real estate.
Ø Don’t be fooled by false leads
As a property entrepreneur be aware of the term “off-market” as it is often used as a way to sell you something that is special or secret however the truth is these properties are being positioned this was as they would likely not sell for as much “on the market”. In fact, most property investors will go to the market to attain the best price when they are confident they have something of value.
Ø Don’t be a tire kicker
Remember property is a small industry in every city make sure that when you are talking about buying that you are serious, or you will quickly be established as a time waster and possibly denied opportunities. Mr Marley says, “Don’t be afraid to say where you are in the process in regard to funding so you can be pointed at deals that suit your timing and needs.”
Ø You are your best consumer
Trust your gut not the agent, if you would not live in it or by it yourself then the problems that worry you are real. Mr Marley with 20+ years of strong experience said, “never be afraid to walk away from a deal if you know something won’t work.”
Ø Real Estate is a full-time job
Real estate is a full-time job. No matter whether you purchase one property, or a building do not kid yourself, real estate is time-consuming. Make sure you bring in the right professionals to help you like a licensed and insured property manager, well respected real estate agent, stager if needed and landlord and tenant lawyer. Real Estate entrepreneurs with the right team can minimize their personal time which can allow them the time to expand their portfolio.
Ø Be a visionary in an Area you Know
Making strategies is important in real estate but the action is required. You have to make an effort to manifest your vision, nothing comes effortlessly. Real estate like all other businesses is competitive with everybody wanting to predict where the next regeneration or hot location in their city is going to be many people get their too early and many get their too late so a good understanding of city planning, your own community is incredibly helpful. Have a big vision but always start in an area that you know.
Ø Understanding a market always works best
It is essential for any real estate entrepreneur to have a deep understanding of each and every aspect of the real estate market. The property follows simple demand and supply economics, expert Mr Philip Marley said “when I started in student housing in Ireland there was a massive undersupply and I saw this as my opportunity. Traditional landlords did not want to rent to students and did not like the fact that they only rented for 9 months a year. Therefore, there was a gap in the market. Now, 16 years later the market is oversupplied with new student complexes and the category is experiencing vacancy and empty space. “
In the last 20 years self-storage, data centres and student housing were popular and now it is shifting to property related to online logistics such as Amazon warehousing so know where you are with regard to what people want, how the world has changed year to year and how people’s habits alter the dynamics of real estate.
Ø Don’t be fooled by false leads
As a property entrepreneur be aware of the term “off-market” as it is often used as a way to sell you something that is special or secret however the truth is these properties are being positioned this was as they would likely not sell for as much “on the market”. In fact, most property investors will go to the market to attain the best price when they are confident they have something of value.
Ø Don’t be a tire kicker
Remember property is a small industry in every city make sure that when you are talking about buying that you are serious, or you will quickly be established as a time waster and possibly denied opportunities topfactorywatches. Mr Marley says, “Don’t be afraid to say where you are in the process in regard to funding so you can be pointed at deals that suit your timing and needs.”
Ø You are your best consumer
Trust your gut not the agent, if you would not live in it or by it yourself then the problems that worry you are real. Mr Philip Marley with 20+ years of strong experience said, “never be afraid to walk away from a deal if you know something won’t work.”