Real estate investing offers a path to financial freedom. However, many women find entering real estate investing intimidating. It’s a traditionally male dominated career path that isn’t always welcoming to female investors.
At Real Estate Investing for Women (REIW), we understand your concerns and hesitation. However, we also know that with the right information and strategies, success is possible. We’ve experienced this first hand, and we built REIW to help other women gain the confidence you need to launch a successful real estate investing business.
Steps to Success in Real Estate Investing
1 – Grow Your Knowledge
Knowledge is power! One of the best ways to grow your confidence with any new venture is to learn about the industry. Investing in knowledge helps you to avoid mistakes and understand the best ways to enter the market.
In addition to understanding the larger industry is education on the details of how to invest. This includes the types of investment strategies, like wholesale investing, probate deals, virtual investing and more. Real estate investing is so much more than flipping houses or owning rental properties.
We offer both online and on-site training. Our online resources include webinars, eBooks, videos and courses. On-site, we offer retreats and other events designed to build community and increase your knowledge of real estate investing. Another great way to grow your skills and confidence is with real estate investing coaching. One-on-one coaching helps you create and follow through on your investment strategies.
2 – Build Relationships in Real Estate
Relationships are key in real estate investing. Whether you are looking for funding sources, want the advice of a real estate attorney or need a buyer for your latest investment property, these all require trusted connections.
Your network is critical to your success. In fact, one of the benefits of the REIW community is the access you have to other people within the industry. While it’s tempting to see other investors as the competition, it’s more beneficial, especially as a woman, to work together with other investors.
Another key component for success in real estate investing is a solid buyer’s list. A buyer’s list is unique to each investor and includes qualified leads to pull from when you have an investment opportunity that requires a buyer. A buyer’s list speeds up the process for locating a buyer because you already have contacts and relationships with individuals interested in specific types of properties.
Overall, relationships drive the real estate business. Your success depends not only on having relationships with people that you trust, but also being a business person that other people trust. This means it is critical to operate ethically and responsibly with your real estate investing business.
3 – Understand the Market
The introduction of the internet changed real estate investing. As an investor, your local market is no longer your only investment option. You now have the choice to expand your reach into markets throughout the country.
However, your local market is still a good place to start. Research and explore real estate reports. Build your local network to have a head start on new investment opportunities in your local area.
Don’t be scared to expand into virtual real estate. Especially if your local market doesn’t present the best investment opportunities, you can reach outside of your local area. Online communities offer a great way to learn about different markets.
4 – Create a Plan
A business plan is a paramount part of any business venture. Don’t skip this step! Writing a business plan forces you to think through the details for your business. We understand writing a business plan may feel intimidating, but REIW is here to help. Also, a simple internet search yields countless tips on how to write a business plan. You can do it!
The two most important parts of the business plan are your financial plan and your marketing plan. Without these pieces in place, it’s hard to find success in real estate investing. Creating these plans can save you from many potential mistakes and pitfalls.
The financial plan includes how you will secure funding. It is possible to invest in real estate with little or no money, but you must figure out how to locate other people’s money for your investment deals.
The marketing plan helps you decide how to build your buyer’s list and how to promote your real estate investing business. What are your options for marketing? Are there free resources, like social media? Where should you invest your marketing dollars? These are all important questions to ask when writing your marketing plan.
5 – Be Resilient
Real estate investing requires a certain tenacity to thrive. You can’t give up the first time it feels hard! That’s why joining REIW is a smart decision. You have access to a community of like-minded women in your corner to cheer you on.
If you’re serious about real estate investing, you must also learn from your failures. Failures aren’t a sign you should quit, they are how you learn. If one type of real estate deal doesn’t work out, take the time to figure out what went wrong and do it differently the next time.
Women have the strength and intuition to run successful and productive real estate investing businesses. Resilience means you don’t quit and you keep trying. Plus, with the right support group in place, you’ll have the resources you need to succeed.
Join REIW Today!
If you are interested in building or growing a real estate investing business, REIW offers resources to support your goals. Schedule a coaching consultation to start or sign up online to join our community of real estate investing women.