5 Mistakes to Avoid as a Real Estate Investor
August 12, 2013
There is a learning curve with everything we learn in life. Mistakes are what usually separate those who succeed and those who move on to other ideas. Sometimes it is luck or a mentor that saves an individual from those ever-present land mines. Sometimes it is reading an article that connects with them. Hopefully reading this will help you keep some of those mistakes to a minimum.
This is Not a Hobby
Real estate investing is a serious business filled with experienced people, both professional and not so. If not taken seriously, you risk damaging opportunities before you even get started. Just like any other industry and business, it is about building a brand. To start, you need a business card. Leave them everywhere â€“ on bulletin boards in coffee shops, garages and anywhere else you can pin them up for free.
Websites, blogs and articles can also help you get your name out there. Connect with the other business people in your area. Use Facebook, LinkedIn and Twitter to start building a web presence. You also need to set yourself apart from the â€œamateursâ€ by setting up an LLC, getting a Federal Tax ID number and opening a business checking account.
Education is Key
Everything you need to know in real estate investing does not end with your first purchase. Sometimes the key to getting an edge on your competition is keeping abreast of all new trends, strategies and techniques being used in this business. Keep reading blogs, websites, articles and books on real estate investing.
Donâ€™t Forget Technology
Some real estate investors are â€œold school.â€ They still work through paperwork, rifle through court documents and carry everything they need to know in their notebook. This may work for them, but in some cases, they have no idea what opportunities are going right by them. 92% of all sales start online. You need to create a website and use the Internet to search for opportunities.
Real Estate Agents are Not the Enemy
Realtors are not uneducated investors, and often uncover opportunities in their daily business. Yes, there are commissions involved, but it may be worth the fee. Finding the right realtor who understands what you are trying to do can be a very worthwhile relationship.
Use the Media
Becoming a â€œlocal expertâ€ can open doors all over for either more or larger opportunities. Media of all kinds (TV, print, Internet, etc.) are always looking for credible sources and interview targets for quotes. There are ways to get on the radar of the press. One way is actually reaching out to a local establishment explaining a real estate-related concept or principle â€“ keeping in mind that it has to have a local spin. If youâ€™re feeling particularly bold, issue a press release.
One other way is taking advantage of the website Helpareporter.com. Over 50,000 journalists from around the country use this service looking for experts and quotes. A list of queries is sent out to all subscribers three times a day. It is very possible you could position yourself as an expert using this service where journalists will search you out for quotes regularly. Any and all quotes can be used in any of your other marketing.
With a little effort, you can set yourself apart from the crowd and increase your visibility and your credibility. The more mistakes and landmines you avoid, the better off you will be. Take advantage of these ideas and keep learning from others. It can only help you in the long run. Go ahead, give it a try!
Are you a real estate investor? What tips do you have for the readers? Leave a comment!
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