Real estate is like a smorgasbord! You can pick and choose the foods you’ll eat, keep returning for more helpings, and learn what areas you like and which areas you love. Like food, once this information is digested by your brain you will then make an educated business decision to continue practicing this method or leave it for later or never.
As a real estate investor and mentor I speak with sellers, buyers, and other investors who know exactly what they want from real estate, however there is a far greater percentage of sellers, buyers, and investors (professionals in your own respects) who are living life not as the driver but as a passenger with regards to their past and/or present real estate endeavors.
Pick and choose the areas, skill-sets, techniques, abilities, niches, traits, tactics, and tricks you like from other investors you see and disregard the others. Do not blindly disregard aspects you do not understand yet. Only with a clear head and understanding of each technique can you make the rational decision if you like or dislike anything. Below is a short list of some of the topics you’ll be bombarded with on a weekly basis to either incorporate, omit, or comeback to later.
Niches: Within real estate there are dozens of areas where you can aim your focus. Investing your time and resources in everything from beach-front condos to commercial centers, from a short-sale specialty to buy-and-hold mobile home deals. There is money to be made in all of these areas so get educated on a multiple of niches and make your best educated guess based on your own passions, desired outcome (cash or cash-flow), and your local backyard market supplies/demands.
Negotiations: Types of negotiation styles vary from person to person. It is likely that a successful mentor in any particular field will have sage advice particular to that niche. Most of us are not born negotiators, few of us are; with that said there is a point for each of us where our natural abilities end and we must request training or (by default) experience to better close a higher percentage of incoming leads.
In addition to simply improving your techniques there are some attributes of negotiating that can be consciously steered away from, such as; being too aggressive, being too confrontational, being too soft, being too rigid, etc.
Purchasing and Exit Strategies: As an investor the more strategies you have to purchase and resell a property the more likely you may be to solve this seller’s problem (assuming that you are regularly talking with sellers). Adding purchase strategies to your ammo-of-investing and/or the business cards of other investor who specialize in other niches can open your circle of influence and the amount of deals you may profit from. Learn to listen for alternative strategies to help future sellers and buyers; these strategies may be taught online, at your local REIA, a seminar, or another venue.
Building experience is comparable to a muscle – the more you work correctly on any one aspect of your real estate business the stronger you’ll become in this field.
Love what you do daily,
Image: freedigitalphotos.netChoosing from the Real Estate Smorgasbord by John Fedro