Real Estate Mastermind

You’ve decided to start a real estate company. Now you have to name it. It sounds like a simple task, but you would be surprised how many people mess up this part of the process. The trick is to be both anonymous and specific. And don’t make it complicated.

Each real estate transaction has its own story. But when you are presenting a wholesale opportunity to a cash buyer, there is no story. It’s only math. Line-item the statistics and present the data in as few words as possible. Each investor has received thousands of pitches that year and knows instantly whether or not he/she is going to do the deal.

Sometimes we take the wrong advice. Maybe you’re in a rush, firing from the hip as you build your business. You trust another person’s expertise without doing the research to confirm that he/she is an expert. These mistakes are excusable; the brain can only focus on so many things. But, if you catch your mistake early enough, figure out how to reverse it before it’s too late.

You saw a property you like. Now it’s time to make an offer. But how do you know what to ask? Sure, whatever number you put into the fire will just incite negotiating. So the better question is: how do you know what number to start the negotiating at? Well, it’s not just a guessing game. Rather, there are calculations to make this most optimal for you.

Learning from others’ experiences makes our lives easier. And that’s especially true for real estate. There is no reason to jump off the cliff into a risky investment when learning other people’s stories can teach you how to scale down the cliff in the cautious yet profitable way.

We’re always seeing signs open houses. But how often do we stop in to take a look? If you’re not a prospective buyer, then there’s no reason to. But in the real estate world of buying/selling, any property is worth purchasing if the deal is good enough.

Securing funds is necessary for any real estate project. More often than not, the cost of the endeavor will exceed what your wallet has to offer, and you will have to seek financing from outside sources. In these moments, knowing where and who to go can mean the difference between ultimate success or failure.

When buying and selling real estate, don’t operate as you. Instead, form a Limited Liability Corporation (LLC), so that if any misfortune occurs on your grounds, you are not the one subject to lawsuit. Setting up an LLC requires minimal paperwork, protects your personal assets, and allows you to operate more freely as a real estate entrepreneur.

Real estate agent isn’t the only path. There is another way to buy/sell real estate, and it’s called wholesaling. Unlike the job title ‘real estate agent’ that has you buying/selling on behalf of the homeowner, wholesaling has you buying under purchase and sale agreements, which can then be sold off for a profit.

Real estate can get expensive. For the new buyer, a down payment on a property can press the wallet beyond its capacity. This is when you must seek out financing. While yes, there are routes that involve starting an investment portfolio and seeking out funders, sometimes traditional financing is the best path available.

No question today, we live inside our screens. From Instagram to email to FaceTime, our days are spent jumping from one interface to another. Our interactions with the physical world are limited. But it turns out that mail, yes mail, the ancient medium of envelopes and U.S. postage stamps, is still an effective marketing tool.

Real estate doesn’t need to be your full-time job. If you study for your real estate exam on nights and weekends and pass the test, then you are suddenly a licensed real estate agent able to sell property during your off-hours. In an age when so many of us get bogged down by the weight of full-time jobs, this is a promising venture for us looking to create that extra stream of revenue.

It’s not just about working hard. It’s about working smart. And for those of us in real estate, we have the opportunity to work smart. In the management and ownership of property, you have access to many different revenue streams outside of what you think real estate traditionally has to offer.

Like many industries, real estate requires a certain level of presentation. The agent who appears the most professional will undoubtedly influence the buyer’s perception of the property he/she is showing. Suddenly the age of the drywall isn’t an issue because a clean-shaven suit-and-tie has confidently explained how easy it is to fix. From touring to signing the papers, the level of presentation needs to be a focus across all touchpoints in a real estate customer journey.

So much of real estate involves people. From talking to the property owners to negotiating the contract details, every touchpoint of a real estate sales funnel involves direct contact with people. Those of us who know how to read people can make each of these moments memorable by adapting to the other person’s personality type.