6 Ways to Improve Your Real Estate Investment Game in 2021
Your ultimate aim would be to make money steadily and retain sufficient funds with you to survive and excel in your real estate investment business. To stay ahead of the competition, you need to implement a multi-dimensional approach, diversifying your investment portfolio wisely.
The following are some pro tips that would help you to improve your real estate investment game in 2021:
Try Fixing and Flipping Properties
Flipping has been a popular yet tricky strategy to make good profits. Yet, while making your next real estate investment with this very idea in mind, you must consider the following factors:
- Make sure you are initially investing in a property at a discounted price. Finding off-market and foreclosure properties would be a challenge here.
- Calculate the expected cost for the upgrade of the property precisely. You can seek expert assistance from a real estate agent for this.
- You can try selling the property without investing anything, as a wholesale entity. This tactic may require less effort and time. Yet, your experience and expertise count.
- It is better to invest in multiple properties. Resell them at a better price making upgrades. So, you need to execute your real estate investment management accordingly.
Focus Vacation Rental Properties
Investing in a luxury property at a popular vacation destination and renting it out during the peak season is a good option for long-term real estate investment. However, you must be aware of the maintenance and management costs of the property throughout the year.
It is wise to keep your rents reasonable so that tourists occupy your vacation rental properties throughout the year, irrespective of the seasons. Undertake effective real estate investment management measures to be able to pay your debts and earn a handsome amount by the end of every year.
Again, effective property management for upkeeping the property, marketing it to get tenants consistently, collect rents timely, and offer better services to the occupants would be the key to success.
Find Properties in Depressed Market
It is vital to develop your sourcing skills to look out for properties in the depressed real estate market. The owners would be eager to sell out their properties for many reasons, like a couple getting divorced, family members selling property belonging to a deceased parent, an individual going through a financial crunch, and so on.
You may need to look out for the hoardings next to such homes and commercial properties, disclosing that the property is on sale from the owners. Yet, make sure you crack the deal at a discounted price compared to the market value.
Again, finding the right buyer and the right time to sell such properties takes some real estate investment management expertise. Your holding capacity to wait till you get the desired price is another strategic factor in this scenario.
Leverage Multiple Channels for Lead Generation
There cannot be a typical source to find great leads every time. You must be open and innovative to use multiple channels for finding potential buyers for properties. This article would bring various advanced methods to light. Here are a few ways you can try to find leads for buying your properties:
- Keep updating your website frequently, allotting a dedicated area for hot deals.
- Improve your digital presence through social media channels. Social Media is a powerful mode of communicating about your business and offers.
- Try direct mailers to grab the attention of potential investors.
- Creating a waitlist for potential investors and maintaining consistent communication through your well-designed email newsletter would be a good option too.
- Promote your properties on popular property listing sites.
Market Your Properties Adding An Emotional Touch
This pro tip relates to pro tip#1 in this article, Flipping. The most critical and result-driven approach to sell properties is to add emotions to your presentation tactfully.
Undertake repairs and upgrade the overall aesthetic appeal of your property. The crucial part is to create the first impression for a potential buyer by making him feel and visualize the ‘value addition’ the property can make to their lives.
So, never post photographs of empty rooms on any channels. Try to add life to your images by creating real-life scenarios. This tactic helps you to improve your conversion rate.
Become a Certified Broker
Understand the steps in climbing the ladder of success in the real estate sector. Firstly, it is advisable to clear your license exam organized by the state. Analyze the syllabus, apply for the certification, study well, and pass this exam. The license adds value to your profile and identity.
You can start with working with a broker or a real estate management company as an agent. After an adequate experience, you can later think of becoming a broker through due compliance. Then, you can operate your business by hiring agents under you.
Apart from the conventional ways to operate your business, you can also venture into an online real estate investment syndication business adopting the right real estate syndication software.
The Takeaway:
The discussion covers the six most significant touchpoints to help you improve your real estate investment game in 2021. We hope that the pro tips provide you a unique perspective towards real estate investment management, and we wish you would succeed by implementing these tips for your upcoming real estate investment endeavors.
