5 Tips to Help You Find Success in Real Estate Today
In just a blink of an eye, we're almost halfway through with 2020. Needless to say, the year so far has been quite the rollercoaster ride, but it has definitely taught everyone to always expect the unexpected and be ready for anything the world can throw at you. That being said, there are still many ways to get ahead and be on top of your real estate investments. The five following tips are catered specifically to the current state of the world, and will help you find success in the real estate market this year:
Protect Your Investment: We mean this in both in a financial and literal sense, and thankfully it's easy to do both. Simply having a full coverage insurance and ensuring your tenants have renters' insurance will protect both you and your tenants from any unnecessary liabilities that may arise. Additionally, keeping yourself up-to-date with housing laws will also put you in the best position to navigate the ever-changing real estate market.
Educate Yourself: The ongoing commitment to learn is one of the best ways to help you find success through your real estate investment. Listen to podcasts, read articles and blogs, and participate in forums to better understand the dynamic real estate market. BiggerPockets and The World Property Journal are both widely-regarded platforms that offer a range of educational resources. In particular, the 'Blogs' section on BiggerPockets can help you specify your search to what type of real estate you are investing in. The more you can learn about your investment, the more likely it would be for you to find success with it.
Stay Organized: Set up processes that will help your business succeed. For example, create a procedure on how you want to minimize turnover and vacancy costs. Right from the beginning of your land-lording experience, keep track of the steps and actions you take and record how they impact your business, regardless of whether they yielded good or bad results. This is essentially a learning process where your past experiences will drive future success, as you're now able to avoid making the same mistakes.
Understand Your Technology. In 2020, the technology to help you manage your investment is practically limitless. From simple document creation to complex data analytics, the technology that is readily available in today's world will almost only benefit you. And so, it is highly advisable to take advantage of technology to help automate the processes you require for your business. By doing so, you'll be able to focus more time and attention to more important things such as family, friends or hobby.
Be Personable. Following on from the recent boom in technology, the level of connectivity among the world granted by social media platforms and video-calling softwares is unprecedented. There are so many ways to be personable without being face-to-face with someone in today's world, so leverage that. Send your tenants a text every once in a while to check in on how they are doing. Don’t make it all about your property, but also show that you are invested in them as well. A happy tenant will bring you more business and will make life easier for you.
In this ever-changing and unexpected world that we live in, it is so important to be adaptable in order to stay ahead of the market in the pursuit of success. And while the economy continues to be hindered by the effects of the coronavirus, these five skills will almost certainly ensure you continue to find success through real estate.