Real estate is without doubt one of the most paying businesses these days. It is also the one that is most prone to bad decisions. Many people have made millions through it but unfortunately there are others who lost millions because of some very bad decision.
Therefore, when one is new to real estate, it helps to understand all the dos and don’ts of the game before diving in.
Here are some tips that will help even the most amateur of realtors.
When you are starting new it is best that you start from an area that you understand really well. This will always be the area that you are living in at present. Having grown up and lived there you would understand which parts are profitable to market and which are not.
The biggest mistake most realtors make is that they do not show enough interest in the area they are comfortable with and try to conquer something that is beyond their understanding yet. You cannot always start with the hottest properties always. In fact, making a moderate amount of profit in your own area is better than losing a huge amount trying to sell big.
Use Brain over Heart
You are in this business to make money and provide homes to people but also to make money. So do not let a nice person let you strike a bad deal. These are your formative years and you do not want to start on the wrong foot. There will always be sellers who are very good at marketing either their property or their problems. You analyze and make a decision that favors your cause not theirs.
Do Not Compromise On Your Homework
Never compromise on the research part. When buying a house for investment purposes or any other purposes for that matter, always find out everything about it. You can start with finding out why the previous occupants want to leave, which kind of families will like this house, how much can you make on it and of course how much will you have to invest on it before making it marketable.
Numbers Should Matter To You
Always track your progress and a great way of doing so is through the numbers. These are the numbers of houses you sold and the number of the amount you sold it in.
Provide the best services in the market but also ask for your well deserved numbers!