When the new year rolls around, everyone start to make resolutions. Whether it is to loose weight, find a new job, or even buy their very first investment property. However, after a week or so, people often throw their resolutions to the wayside. In 2020, don’t let this happen! As a real estate investor, here are a few new year’s resolutions you can make for the upcoming year.
Examine Your Short and Long Term Goals
The beginning of a new year is the perfect time to look at your goals. If last year you got off track, this is the time to plan how you are going to achieve those short term goals. Something that is beneficial to do at the beginning of the year is to meet up with a financial advisor. Sometimes after investing for a few years, you find that your long term goals have evolved. A financial advisor will be helpful in discovering what new long term goals you want to achieve in 2020.
Refine Your Investment Portfolio
This year, is the year, that you get the perfect portfolio. Last year you may have found your niche, so it’s time to look at properties that just don’t fit anymore. Or maybe this year, you want to diversify your portfolio, and that’s okay too! Start off 2020 planning how you portfolio will change and evolve throughout the upcoming year.
Develop Your Network
When hearing the word networking, many professionals groan. Yes, it may be a chore for some, but it is vital for any business, especially in real estate. If you think you have let a few relationships fall through the cracks, spend 2020 reconnecting. You never know who you can help or who will be able to help you reach your goals if you don’t reach out more.
Expand Your Knowledge
Throughout the year, it can be easy to get wrapped up into your own investments. It’s important to step back once and while and take in the world. In 2020, learn something new about the real estate market. There is always something new to learn, from strategies to new trends. By expanding your knowledge you are sure to experience new things, whether they are successes or failures.
Be More Disciplined
You last New Year’s Resolution should be the promise to be more disciplined with your real estate investments. In 2020, be more organized and communicative. Be open with your team, and be sure that they know the ins and outs of your vision. Try looking at where you can make improvements. An improvement doesn’t have to be big to be impactful, you can get a new planner, or you can go big and rearrange your approach entirely.
The new year is almost here, so it’s time to start thinking about where your next investment property will be. For real estate investors there is a rising risk for recession and economic growth may start to slow. Even with these possibilities at hand, the US housing market for 2020 is still quite favorable. Today we will look at what cities are taking the top five spots for real estate investment in 2020.
#1: Austin, TX
Looking back at 2019, Austin took 6th place, but now this city has risen to the top. Austin is a sought-after city due to its unique lifestyle as well as its promise for business and real estate expansion. The city has quite a strong economy, and many of its residents pick up high-paying tech jobs with companies like Google and Apple. It is projected that Austin will have the highest population growth rate in the United States for the next five years.
#2. Raleigh-Durham, NC
Next on the list is Raleigh-Durham. In the past year, the Raleigh-Durham market has had quite the impressive real estate investment performance. One of the most profitable sectors has been in multi-family real estate. In the first half of the year, Raleigh-Durham had reached $385 million in investment activity.
Part of why Raleigh-Durham is such a desirable place to be is due to their fine educational institutions such as the University of North Carolina, North Carolina State University, Duke University. The city is also known for its availability in tech jobs. Ranking 3rd, behind Silicon Valley and San Francisco, Raleigh-Durham has a thriving tech industry and offers more than 89,000 jobs. A diverse economy such as this, is a strong market fundamental that real estate investors are sure to get a great return rate on.
#3. Nashville, TN
For quite some time, the Nashville real estate market has been an attractive location for investors. Nashville moved up from 5th to 3rd place this year, and it’s expected that the demand won’t go away any time soon. Nashville has one of the lowest unemployment rates, 2.6%, out of the other large metropolitan cities in the United States. The economy is both diverse and fast-growing which makes it attractive for commercial and residential real estate.
Digital trading is the fastest growing trend in real estate investment. The frontrunner of virtual trading is Blockchain, a form of technology that maintains time-stamped records in the form of interconnected “blocks” of data. Each block is connected to one another through cryptography, creating a “chain” that results in data that belongs to no singular person.
Blockchain real estate investment will make buying and selling in-demand real estate faster and more lucrative than ever.
The Basics of Blockchain Investment
Blockchain builds trust through the use of Distributed Ledger Technology (DLT). With DLT, transactions are shared in real-time, which reduces the risk of cyber-security attacks and creates viable records of data for both institutions and individuals.
Decentralized, cryptographically-protected ledgers will make real estate investment safer, faster and more economical in the long run. Updating to a Multiple Listing Service (MLS), brokers and real estate agents will be able to access the entire history of a property in seconds.
Cryptocurrency was once regarded as a strange, off-the-wall notion that would never take off. Now, people are making millions and buying properties with it. Bitcoin real estate investment started in 2018, thanks to the company Prime Trust.
Property investment done virtually limits the potential for fraud or fallout. When transactions are conducted online, third-party risks are rendered obsolete, and both buyers and sellers are held more accountable.
As blockchain becomes integrated into more economic industries, real estate investors will receive greater protection. Information will be handled swiftly, sent and received almost instantaneously and all parties’ best interests will be at the forefront of operations.
The digital age of real estate investment is going to explode, so all professionals are being encouraged to educate themselves and jump onto the bandwagon as soon as possible.
Without proper investment knowledge, it’s likely that agents will find themselves being passed over for more independent and fair trading options. The argument that traditional business will always reign supreme is quickly disintegrating in an era of personalized digital services; people no longer feel like they’re missing out when they turn to technology. Instead, they see greater potential as technology can provide them with customized feedback and a catalog of choices ripe for the picking.