Whether you’re planning to sell your house or looking to invest in a condo, you want to end up on the profitable side. The good news is that the real estate industry has several ways to help you make the most of your property or investment. As things stand right now, a lot of people are second-guessing their real estate decisions. Will the market bounce back after a prolonged slump? Or should I sell my house right away?
Real Estate Sales & Brokerage in the US – Market Size 2002–2021 (source)
Until 2019, the real estate market in the US was doing pretty well, but then came the real dip. At this time, you’ll want to place your real estate bets carefully. We have compiled 10 great tips to help you do just that!
1. Connect with Local Investors
Real estate success has rarely come out of playing the lone game. It’s always beneficial to make friends with your next-door investors. Know what kind of investments they’re eyeing and if you can strike a deal.
Most people come with a “Winner Takes All” mentality, wherein they try to keep profits for themselves. These are the people who usually quit the real estate business the fastest. You don’t have to follow suit – be out there and start connecting with your local investors.
2. Make Quick Decisions
Although real estate demands patience as it’s a long and slow game, your decision-making needs to be pretty quick. Real estate opportunities don’t knock twice, and each lost chance in your close circle only makes it more difficult.
There are a lot of quick wins available for proactive seekers. There are fast home buyers that help you make a quick property sale without moving heaven and earth. After all, profitability favors those who arrive on the scene first. Everyone else picks up the leftovers. If you’re left with the question, “how do I sell my house for quick cash?” these companies may have a definite answer.
3. Think Like a Buyer—and a Seller
Your real estate agent will always speak about the benefits of a property first, even the non-existent ones. This is called thinking like a buyer when you’re selling. In the real estate business, it’s hard to sell things to people if you solely focus on the seller’s mindset.
The more successful real estate investors consider both sides of the coin before they place their bets. If you want to get the best value on your rental establishment, ask yourself, “If I were the tenant, why would I pay more to stay here?” – and there will be your answer.
4. Short Sales
If a homeowner is struggling with their mortgage repayment, you can buy the property for a lower price before it enters foreclosure. This is called a short sale, and it can prove helpful for the bank to get rid of a bad investment.
Short sales offer healthy profit margins if the negotiation goes well. You stand to make handsome cash ($5 – $100k+) almost instantly. The caveat is that short sales are hard to find and negotiate. Nothing is stopping you from trying, though. You need to search for fast home buyers in your vicinity.
5. Vacation Rentals
Since the dawn of Airbnb, homeowners have found a recurring form of passive income. The same goes for you too. Vacation rentals will only grow popular as travel bands are lifted across the world, and if you have a property that can attract rental income, you’re all set.
While you can always link up with Airbnb and similar middlemen, it’s equally smart to go independently. The key is to reach the right audience on Google Maps, travel sites, and word-of-mouth, of course.
6. Contract Flipping
Contract flipping is not new, but it is still quite a lucrative option for making real estate gains with almost no investment. The concept is simple: you sign a contract offering to make a quick sale with a property owner and find a buyer to whom you can sell the property for a higher price.
You act like a property wholesaler who finds fast home buyers. The seller gets to keep a good 80% of what you sell, and you make a handsome amount by flipping the contract. While it may seem a smart option, it’s tricky to execute, and you will need some experience in the trade.
7. Network Actively
Qualifying leads in the real estate business trickle down an extended hierarchy of interconnected agents. The stronger your network is, the better leads you’ll be able to close and the more money you’ll be able to make.
A strong network underpins your money-making potential. Networking in the digital age has only gotten easier. Use your LinkedIn network to advantage, cover local real estate conventions, and follow the right Facebook communities.
8. Understand Your Circle
If you’re looking to relocate and make no compromises on the value of your current property, you need to dive deep into your property circle. Each area has its real estate economics which dictates the maximum value you can get out of a sale. Trained real estate agents or real estate virtual assistants always have their circle’s property rates, available properties, and distressed sellers – all on their fingertips.
Meet several agents, talk to homeowners, and try to self-evaluate your property before agreeing to a deal. Make your relocation rewarding!
9. Buy and Hold
Buying the property and holding it until it appreciates enough for you to profit from it is the most common way of making money on real estate deals. But while you’re holding it, you keep making more money out of it. Airbnb is one thing to look at; leasing your unused room to a college student is another, and then you can maybe turn your extra room into a home office.
Remember that holding the property for three years will mean that you’re battling inflation. But if you continue to make money throughout those three years, you’ll actually end up with more cash than you’d have expected.
10. Legal Education
The SB 1079 bill that now gives more powers to tenants in the case of foreclosure is an example of adjustments being made to battle the aftereffects of the pandemic.
With the change in administration and new laws pouring in promptly, it’s more important than ever to stay educated on the changing legal landscape. Signing a deal without full knowledge could lead to a compromise of your rights and monetary losses. Therefore, stay up-to-date with the latest events shaping the real estate industry.
You don’t need to be a real estate superstar to be among the wealthier lot. It applies to everyone – from homeowners looking to make a quick sale to agents looking to close more clients. More money in real estate is a reality for thousands of people. For now, we don’t have to worry about the real estate engine ceasing to put more money in the market; we only need to learn how to claim it. This article offers 10 great tips for doing just that!
The real estate business is quickly recovering from its slump, offering healthy returns to investors as well as homebuyers. Sharpen your real estate edge by learning these 10 tips that will help you make more money in your dealings. We have covered everything from smarter Airbnbs to hot-shot contract flipping.
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We hope you found this blog post 10 Great Tips To Earn More In The Real Estate Industry useful. Be sure to check out our post Things to Know Before Investing In Real Estate For The First Time for more great tips!
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