Smart women know to succeed you need a plan! That’s why at REIW, our top tips for new investors include a focus on your real estate investment business plan.
As we’ve seen over the last year, even the best laid plans can change. Yet, that’s not an excuse to avoid preparing and planning for your business.
Many steps in the real estate investing process include a business plan, like locating funding or co-wholesaling. Revamp your business in the new year with a new or updated plan.
1. Create a Written Business Plan
Don’t just make a mental plan. Produce a written real estate investment business plan. Your plan needs both long-term and short-term goals so you have a vision and path for the future.
Create short-term plans with a focus on the next year. For instance, if your goal is to wholesale consistently two deals a month over the next year, define what steps it will take to accomplish the goal.
Specifically, what marketing tools do you need to consistently generate enough leads? Do you have a buyer’s list to support these deals? You want to create predictability in your real estate business which leads to consistency.
Reverse engineer your plan so you understand each detailed step to set your business up for success. At REIW, our online training and courses walk you through this process. You don’t have to navigate your business plan alone. We are here to help!
2. Conduct Market Research
Different strategies work better in different markets. You must understand each market you plan to work in to maximize your profits. For example, some areas are better for buy and hold while others are better for wholesaling.
Determine the supply and demand for each area by researching local market reports and expert predictions. We know research can feel intimidating, but with time and effort, you’ll minimize your risks and protect your interests.
Getting into investing without doing research first is simply too risky! Start with the National Association of Realtors for reliable data. Build out your research resources from there.
3. Act with Transparency to Build Trust
Over the years, real estate investing developed a bad reputation based on greedy behavior and a lack of integrity. This is not the path to success and longevity. You can be successful and make a lot of money in this business by being honest and transparent.
Real estate is a relationship business. When you act with integrity, you give yourself a competitive advantage. Add the Golden Rule to your investment strategy not only because it’s the right thing but because it’s a smart way to do business.
4. Learn from Others and Ask for Help
You don’t need to reinvent the wheel! Many other women have gone before you and laid a foundation for real estate investing success through trial and error. That means you don’t have to go through the same mistakes. You can learn from their experiences and accomplishments.
In fact, that’s why we created REIW. We didn’t see the resources we desired, so we created them for other women investors. REIW shares our legacy of achievement in real estate investing. We offer coaching, mentoring, events, training and free online resources to help women investors gain the knowledge and insight to build a real estate investment business.
5. Find Your Unique Lane
What’s your niche? Once you’ve researched, learned the business and created your business plan, consider how to differentiate yourself from the competition. Create your own niche and style based in your strengths, interests and market demand.
The beauty of real estate investing is the dynamic nature of the business. Real estate changes constantly. Strategies. Niches. Seller and Buyer perceptions. When you do your homework and prepare, you’ll see areas of opportunities.
What’s your niche?Part of REIW’s history includes wholesaling. In fact, Laura stumbled into the concept of wholesaling by chance. It wasn’t even a strategy yet. As a pioneer in this field, Laura was doing options and lease options. She ran across someone who was selling contracts without closing on the properties by doing double closings. It seemed as a good idea! Wholesaling became a new part of the strategy and the rest is history.
Find what works best for your business and where you can shine. Use marketing tools, like social media and podcasting to expand your reach and build your unique brand.
6. Build Relationships and a Network
Technology and automation are powerful tools for real estate investors. They streamline processes and expand reach. Unfortunately, too much reliance on automation takes away from the most important part of this business. Human interaction!
Real estate thrives on relationships. Your personality, your brand and your vision are crucial to the longevity and success of your real estate career. While, you can and should use automation and technology, your brand is you.
Don’t skip the personal connection. Build relationships and invest in a strong network. If you don’t, eventually someone like you, with a similar vision and personality will over shadow you. Grow slow and solid while never losing sight of who you are and what your business is about. Be yourself and stay connected!
7. Invest in Ongoing Education
Real estate investing is a dynamic business that constantly evolves. To achieve success and remain relevant, you must think ahead. Stay informed with ongoing education. If an approach or strategy doesn’t work, scratch it and go back to the drawing board.
Be both progressive and proactive. Invest in training, events and coaching to keep your knowledge up-to-date. Adjust your business plan as needed based on the most current information and training.
Plan for Real Estate Investing Success
At REIW, we walk beside women investors to empower you with the knowledge and tools you need to succeed. To start on your path to real estate investing, download our FREE eBook “7 Simple Steps to Creating an Online Real Estate Investing Business.”
Get your FREE copy of the ebook
“The 7 Simple Steps Guide on Closing a Real Estate Deal in 3 Weeks”
and jumpstart your real estate investing career now with recession proof strategies.