Nowadays, everyone wants to be an entrepreneur. Specifically, people want to be entrepreneurs in the real estate industry.
Why? It’s simple: the real estate industry is highly profitable. If you flash back a couple of years to 2018, the real estate industry contributed more than $2.7 trillion – ‘t’ for trillion – to the US economy. If that’s doesn’t blow your mind, nothing ever will.
Whether you’re a fresh college graduate or an experienced business professional, becoming a successful real estate entrepreneur can be made easy by following these tips and tricks. Let’s go through them one-by-one.
1. Get a Loan to Flip Properties
Loans are the heartbeat of the real estate industry. Even large global companies often have to take loans out to acquire properties – which should help to ease your mind.
Your aim should to get a ‘Fix and Flip’ loan i.e., a loan that you use to buy a property and then sell for profit. For example, you might buy an apartment for $200,000 with your loan and then sell it for $230,000 – you get the idea.
So, where you should you begin when it comes to getting real estate loans? Easy. Use Sachem Lending. They will fix you up with a loan in no time – plus, you don’t have to provide proof of income.
2. Look for Properties with High Potential
If you consistently make mistakes with the properties you invest in, you won’t last long in the industry. Therefore, you need to be smart and only invest in properties with high potential.
You can find new properties lists from various real estate listing websites like Zillows. Home owners list their homes for sale on these sites. You can hire a real estate vitual assistant who will be responsible for collecting leads and then process the data with batch skip tracing.
For example, investing in studio apartments in busy cities and towns (with high student and young people populations) is a good idea, as you know your properties will always be in demand.
3. Use Social Media to Your Advantage
In the real estate industry, social media is your best friend. It allows you to promote your products on your business page, interact with buyers and potential buyers, as well as post updates on your latest properties.
At a minimum, you should be active on Facebook, Twitter, and Instagram. Make sure that your social pages include all the relevant contact information so that people can get in touch with you in seconds.
Also, lots of social media groups allow you to post advertisements on them. Therefore, you should search for Facebook groups in the areas where you own a property and let the locals know about your purchasing and renting price models.
4. Network with Other Industry Pros
On platforms like LinkedIn, you have a great opportunity to network with other industry pros who you can collaborate with and receive advice from. So, if you don’t already, sign up to LinkedIn and send connection requests to real estate entrepreneurs in your city.
5. Focus on Images and Videos
Lastly, focus on images and videos when you’re promoting your properties. The higher the quality, the better the response you will get. Also, make sure to include local images that highlight the surrounding area and tourist attractions.