Five Basic Tips for Investing in Real Estate

There are a lot of things to learn in Real Estate before you start investing. In fact, investing in Real Estate is much more complicated than the stocks investing. That is why Real Estate has become the common investing area for many people and thus have become more popular over the years. One needs to have financial and legal knowledge before investing in the Real Estate.

So, here we are providing you five basic tips which helps you to familiarize yourself with the basic concept of Real Estate.

1. Location:

Location Matters which is an old age saying perfectly suits when we think of the investing in Real Estate. The first thing you should make sure while investing in a property or proceeding forward is whether it is located in a good place or not.

If it is the best location, it can be the worst house there, but that doesn’t matter as you can just fix the issues or resell it to someone who wants a house in the best location. This is called as the Fixing and Flipping formulae by the professional Real Estate investors.

2. Wholesale properties:

Being wise is also very much important while investing. You need to follow the Warren Buffet formulae from the stock market investing which says “You need to be greedy, while everyone else is feeling fearful.” You need to look out for the wholesale properties that are being offered at great discounts and thus avoid paying full prices.

Using this technique, you can buy the property at low price and keep the selling price twice the buying price which helps you in maximizing your investment return.

3. Connect with local investors:

Hanging out with the local investors and talking with them about the local Real Estate market will help you in knowing the things better. Ask them to show their properties and take in every single bit of information they give you.

4. Reading helps a lot:

There is a tremendous amount of information available online these days. You can also gain information that you may need regarding the Property field and investing as well. Buy and read books that give you practical knowledge about buying, flipping, renting and selling the properties.

5. Find a good Realtor:

This is the best part. When you are all set and finally ready to invest in some property, then a Realtor is the person who helps you with it. And a good Realtor who understands the concept of investing returns and also have sold a number of properties can be the best choice.

Qualities of a Top Real Estate Broker

The real estate business sees different people playing different roles. These include mortgage brokers, bankers, home inspectors, contractors, appraisers, property managers, and several others. That’s not even counting the seller and potential buyers, for any property listed. The various contributions they make are too numerous to list, but are all very important. One thing that remains constant: it is the Real Estate Broker who ties it all together. That’s right, he or she calls all of these different people out where needed, to get the client’s needs met. They facilitate communication between all of the people involved, and keep track of the progress. So the question begs asking: what are the qualities of a top Real Estate Broker?

Many people can become a Realtor of one sort or another and start a real estate career. Only a rare select few rise to the top. One of the qualities they require from Day 1? The ability to wear several “hats” at once. At various stages in the process, a great Broker alternates between consultant, buyer’s advocate, salesperson, analyst, and negotiator… to name a few. Naturally, not everyone is born with the ability to juggle all these tasks at once. Some skills are instinctual, some are taught, and some we copy from other successful people. Similar to other fields, however, certain characteristics keep coming back when top Real Estate Brokers are studied.

PASSION

It’s extremely difficult to make it in this business without a genuine heartfelt passion. Many long hours, hard work, persistence, and a commitment to long-term goals lead the list. You don’t accept so many rejections and keep working that darn hard, without passion. Enough said.

ENTREPRENEURIAL SPIRIT

This isn’t just about becoming wealthy, it’s the intangibles: self-starter, endless motivation, strong drive, free thinker, patience, and good instincts. Staying open to new ideas -because you’re not convinced you know everything- allows for learning. Being cooperative with other Brokers around town allows for joint efforts down the line. Putting their motivation to grow the business ahead of their ego.

Being your own boss is a lot easier than it sounds, but it’s not for everyone. Only those with the desire to control their own professional destiny. To be successful in real estate requires large amounts of “guts” and a risk-taker attitude. Lastly, being persistent and tenacious, without being annoying to the other side. These are the qualities of a top Real Estate Broker.

GREAT COMMUNICATOR

This not only means the ability to speak freely, sound educated, or knowing how to pick up a phone or compose an email. This also refers to passing along important details to the right people, and leaving out unnecessary stuff to others. It’s a regular flow of info via phone, text, e-mail, or whatever medium the client prefers; while expressing yourself effectively on each. Saying more while using less words is also among the qualities of a top Real Estate Broker.

BE POLISHED

Punctual, well-dressed, well-groomed, using proper language skills, chewing with your mouth closed, and always maintaining class and sophistication. Most of this category is superficial, indeed, but the exterior is what makes the first impression. This also includes not taking 7 other phone calls or texts while meeting your new client for coffee. Remain confident but never arrogant.

PART-TIME PSYCHOLOGIST

There’s so much emotion involved in Real Estate transactions -especially residential- that removing the human element is almost impossible. This means that reading people, both in what they do and do not say, is crucial. Interpreting your customer’s non-verbal signals and behaviours allows you to better understand their needs.

There is so much they will not tell you outwardly, but from the small cues you need to get a feel for:

A client’s time frame. Are they in a hurry?

The real motivation to buy or sell, which affects their decisions.

Are they more price-sensitive than willing to admit?

Who’s the opinion leader in a married couple?

How much information becomes too much?

Knowing when to use humour to lighten the mood.

LARGE NETWORK

Another of the qualities of a top Real Estate Broker. They start with a small network of people (family, friends, etc.) but have the ability to grow it very quickly. This is done in many ways, and the most important are:

1- Being a people-person, not shy to introduce themselves.

2- Surrounding themselves with top professionals in complementary businesses.

3- Staying true to their word as they ask clients for referrals.

MOVING QUICKLY

A top Real Estate Broker returns calls and e-mails at crazy fast speed, recognizing that every lead for a new client or scoop on a property is invaluable. They make immediate contact and always follow up, since time is of the essence in keeping that lead “warm”. They are the champions of quick communication and use technology all day long. IE. Not falling asleep at the switch, so their new client doesn’t think they forgot about them.

PATIENCE

Everyone in this business eventually learns that this is a marathon and not a sprint. Many seeds are planted, months and even years, before the crops can be harvested. Most of the cold calls for soliciting new clientele are met with a “No”, and the majority of viewings don’t end with a sale. A top Real Estate Broker also needs to deal with many interesting characters along the way: some unreliable, some dishonest, some anxious, some indecisive, and the list goes on. The most patience is needed with the clients who ask as many questions as humanly possible, then pause to think of some more. This is normal, and part of human nature. Another of the qualities of a top Real Estate Broker is the patience to answer every question and stay on the phone with nervous clients as long as necessary.

ALWAYS PROSPECTING

This absolutely has to be one of the top qualities of a top real estate broker. This refers to finding new leads, or prospective clientele, on a regular basis. How it is done could fill an entire book (or at least another article) all on its own. For the time being, let’s recognize that one can never have too many potential customers in their pipeline. The well can “run dry” for anyone at any time, and there are no shortage of ways to prospect in our times.

Technology has added so many mediums to the traditional TV, radio, magazines, newspapers, and billboards. The number of web-based available tools are almost uncountable, but sufficed to say that a real estate website and strong social media presence are absolutely essential. There are also specialized lead generating platforms which could make life a lot easier. A top Broker uses all of them.

BEING A “NEIGHBOURHOOD EXPERT”

Local knowledge is extremely important among the qualities of a top Real Estate Broker. Not only will it save time when searching listings and answers to specific questions, it also provides immediate selling points. Nearby schools, daycares, sports arenas, churches, local shopping malls, and public transportation are great seasoning on the dish a Broker is serving up to buyers in his/her neighborhood. Knowing what developments are coming down the road is even more impressive. Future plans for a region are helpful, and so is knowing the history. Don’t get caught off guard with a question about an old burial ground or water contamination issue from last year, from a buyer who did their homework.

A broker who shows they’ve never done business in that part of town looks like a beginner (even with years of experience elsewhere), and that doesn’t inspire confidence in anyone.

ORGANIZED AND DETAIL-ORIENTED

This is absolutely essential to managing a busy schedule. If a Broker can’t keep their commitments straight on an hourly basis, they’ve lost already. If electronic tools don’t work for him or her, they should keep an old-school planner book in their pocket. The more appointments they keep and phone calls they return, the more impressed their clients and contacts will remain.

Attention to detail can mean all the difference in closing a sale. A top Real Estate Broker knows that the smallest changes can make a property far more attractive. They are creative with their beautiful real estate listings and take the best photographs of every home. Spotting the key details in homes they deal with can give a Broker the upper-hand in negotiations.

Commit To BETTER Real Estate Practices

There are thousands of real estate agents, in the United States, and in nearly every location. Clients and customers expect, and deserve the best from their agents, but, before this can happen, real estate professionals must become the best they can be. How can anyone perform to the best of their abilities, if they fail to make a concerted effort, to be better at what they do. This article will use the mnemonic approach, to examine and consider, what some of the essentials might be, of developing and using BETTER real estate practices.

1. Benefits; beliefs: It begins with focusing on, and emphasizing benefits, and considering whether others might also perceive your practices, as being beneficial. How strongly do you believe in your stated beliefs, in terms of why they should select you, as their agent?

2. Excellence; empathy: Are you an empathetic agent, and have you made the effort to learn, and address the concerns, needs, priorities, and perceptions of your clients? Are you dedicated to excellence, in all you do, and how you do it?

3. Timely: Instead of procrastinating, will you take timely action, to serve your clients, effectively and thoroughly? Focus on disclosure, integrity, and quality, effective service.

4. Trustworthy; tells: How trustworthy are you, in everything you do? Will you commit to tell your clients, what they need to know, not just what they want to hear?

5. Elicit; earn: Will you elicit positive responses, because of how you perform and behave? Will you earn and deserve respect from others, because they will be able to depend on you?

6. Relevant; reliable: Commit to continuing education and training, so you are the best agent possible. Use all relevant approaches, methods, technologies, and techniques, to best serve your clients. Will others consider you to be dependable and reliable?