Want to be a Successful Real Estate Investor? Avoid these Rookie Mistakes.
Beginning any new venture can be intimidating. You’re stepping out of your comfort zone; putting yourself out there, taking a chance for the whole world to see. In the case of real estate investing, getting started can be nearly overwhelming, especially if it is an industry you are unfamiliar with.
But with proper education, a goal-oriented game plan, and dedicated marketing strategies, real estate investment can be a rewarding endeavor. To ensure your best chance of success, avoid the same mistakes these rookies made:
They didn’t learn the business.
An investment in real estate first requires an investment in yourself. Would you attempt to fly an airplane without first going to flight school? For Heaven’s sake, at least read the manual! Investing in real estate is no different. Instead of “flying blind,” take the time to educate yourself so you are capable of making informed decisions, and, therefore, wise investments.
There are endless resources available to you in the form of websites (many with free memberships), articles, forums, blogs, specialized courses and seminars. Take some classes locally. Get to know the other like-minded individuals in your area; chances are they will have some valuable advice and experience to share, and they will become a powerful part of your network down the road.
They didn’t have a plan.
Clearly defining your goals is an important part of any endeavor. What are you trying to accomplish for yourself by investing in real estate? Be specific. Do you want to make a quick return on your investment? Then invest in real estate that you can “flip.” Want to develop a steady, long-term stream of income? Then invest in a property you can rent.
By developing a clear and specific plan in the beginning, you will be better able to select the investments that are right for you.
They didn’t see the “bigger picture.”
Investing in real estate involves more—much more—than just buying that cute little house down the street and trying to resell it for a profit. Your marketing strategies are just as important, if not more so, than finding those investments that are just right for you. How you market yourself and your services will make the absolute difference between your chances for success or failure.
If you’re serious about becoming a real estate investor, you’ve been developing your network throughout this whole process. It’s time to let these people know that you’re ready to roll, and get that powerful word-of-mouth marketing in motion. Pair that up with a targeted direct-response marketing campaign (classified ads, signs, flyers, mailers), and you’ll have more qualified leads and investment opportunities than you know what to do with.
So, do your research and educate yourself, define your goals clearly and form a plan, and market yourself and your services to a targeted audience, and you will surely avoid showing up on a list like this in the future. You may even be writing your own “How To” article as an expert in real estate investments!