Despite the rising popularity of cryptocurrencies and NFTs minted on the blockchain, more traditional investment instruments continue to stand their ground, with real estate still regarded as the best hedge against inflation and an excellent way of enhancing your portfolio. In fact, simply going by numbers and trends alone, 2021 marked one of the most significant home price growth rates in real estate history, with the median still ranging well above pre-pandemic prices and more people eager to break into the business.
However, what most newbie real estate investors and entrepreneurs in the making don’t realize is that knowing your way around housing developments and the local neighborhood valuation isn’t enough, even if textbook knowledge alludes to saying otherwise. That’s because mastering the art of buying, flipping, renting, or selling homes requires a distinct understanding of different crafts, something that money alone can’t match no matter how hard you try.
Market Knowledge Is Helpful, but That’s Not a Novel Concept
Of course, there’s no denying that real estate market knowledge will help you; that’s basically a given in every industry. And because of that, it’s a concept that most budding real estate investors already know themselves, and if that’s all it takes to become uber-successful in the business, then why isn’t everybody a real estate millionaire by this point?
You see, in practice, it takes more than just an understanding of the markets and trends to get anywhere meaningful, and if you want to transform your real estate career for the better, you mustn’t limit yourself to these constraints.
Reinforce Your Knowledge With Relevant Skills
Firstly, an excellent way to set yourself apart from the vast competition of aspiring real estate investors and entrepreneurs is by reinforcing your knowledge with relevant skills to buying and selling homes. At the end of the day, while a great backsplash and a reasonable price can attract potential buyers, numbers won’t do the negotiating for you, nor will home designs be immediately perfect the second you step foot on the property.
Learn More About Home Design
While some homes and properties can be immediately bought and listed right after on better platforms with minimal effort to earn a quick profit, your real margins come from putting in the work through renovations. But, if you had to rely on a third-party interior designer for every project, it adds extra costs, increases project time, and still puts you in the dark. So, learning a bit more about home design can help you go independent or allow you to be more hands-on with every property.
Work on Communication and Negotiation
With home prices so high, not every potential homebuyer will be too keen on settling with the actual offer price or might even need a bit of encouragement to close the deal. And while giving them extra time and space to discuss things by themselves is important, it’s part of your job to communicate and negotiate. Therefore, brushing up on your negotiation skills is equally important in the real estate business.
Expand Your Working Capacity to a Professional Level
Secondly, besides adding to your repertoire of skills, there’s only so much you can do by yourself or utilizing traditional means of expanding your business. In today’s digital age, nearly anyone can expand their working capacity to a professional level, and hiring a real estate assistant to help with the paperwork and building your brand on social media is necessary to get some much-needed organic attention.
Hire a Real Estate Assistant
We know how enticing the idea of building a business by yourself and working on properties solo sounds like an entrepreneur’s fever dream, but if we’re being realistic, one working brain to fulfill 10 to 12 hours of work is not enough. So, instead of hoarding all the work yourself, hiring a real estate assistant is an effective way of divvying up the responsibilities. Plus, you can spend more time hunting for properties and finalizing deals with clients.
Build Your Brand on Social Media
No business can truly thrive without a social media presence. Since the real estate market relies on being seen and reaching customers, you shouldn’t pass up on the opportunity of building your brand. Yes, managing leads and creating a robust network will take some time, but everything will pay off in the future. And if you struggle with the details, working with a business growth consultant can smooth out the kinks in the process.
There’s More to Real Estate Than Just Knowing Houses
Houses won’t sell themselves, but don’t get carried away thinking that the presence of a relatively experienced entrepreneur will make dreams go wild. Even in the real estate market, putting in the time and work to learn new skills is necessary, and taking the opportunity to expand your knowledge ASAP will put your light years ahead of the competition.