One of the best ways to pump up your real estate professional muscle is to build your own social media following. Learning how other “real estate stars” participate online with the large followings they have engineered can give you a clue about what’s been working for them –- and which might work for you. These folks also frequently offer valuable insights into the industry that you can use.
Here are some examples:
This guy made his name with the high-profile New York real estate operator, Douglas Eillman. It doesn’t hurt that he has a starring role in “Million Dollar Listing New York,” the Bravo channel TV hit. To top it all off, he’s the best-selling author of “The Sell: The Secrets of Selling Anything to Anyone.”
So, sure, a guy like this is going to garner gazillions of followers. However, other real estate professionals can learn from his high-flying lifestyle and the tenor of what he posts. It’s all about “creating an aura of success” on social media that helps nurture even more success.
He happens to be the co-founder and CEO of Zillow Group. Barton launched Zillow in 2006 with partner Lloyd Frink and today the company is worth more than $3.4 billion. As a media company serving the real estate sector, Zillow and Barton offer endless insights into what’s happening and what you need to know. For example, his latest Twitter post offers insights on how “work” has been unbound from “location” and the consequences this has for real estate operators.
He is the chairman of HomeServices of America and the CEO of Berkshire Hathaway HomeServices. Houston Agent magazine recently named him one of the “10 Most Powerful Influential Leaders and Executives.” Following him on Instagram will help real estate pros find inspirational events and cogent information that can be put into practical use to further a career in this dynamic field.
He is the co-founder and CEO of OpenDoor. Before that, he founded Movity.com, a location and data analytics firm. He recently posted a guest article in USA Today describing how OpenDoor disrupted the $1.6 trillion U.S. residential market. Clearly a thought leader in the real estate sector, following Wu on Facebook, Twitter and Instagram is a steady source of information that will be relevant to your career.
Commercial real estate is closely related to residential property. So, many professionals still get confused when trying to tell the differences. Many property buyers remain uninformed about changes that are occurring in the real estate industry. Becoming a better buyer or seller starts by understanding the fundamental aspects of the industry.
Understand the Basics of Commercial Real Estate
Many commercial real estate owners lack a basic understanding of the business in which they work every day. Some investors continue to work for years without knowing all of the differences between commercial and residential properties. For instance, operating, repairing and maintaining a commercial property is more stringent than running a residential building. The work may require undergoing additional legal procedures along with additional paperwork and longer wait periods.
Think Like a Professional
Every commercial real estate buyer or investor must think like a manager or owner does. To reach professional levels, the buyers must do at least a year of research about commercial buildings and continue their education indefinitely. It’s important to become fully knowledgeable and confident to the point of knowing how to educate other people on the same topic.
Review Industry Trends
Within one year, the real estate industry can undergo several, major transformations. Each year, there are industry trends that affect the types of commercial properties that people buy or invest in. During a pandemic, investors may stop supporting restaurants altogether and invest in retail or grocery stores. Overall, if someone does not know the latest trends, he or she will make costly mistakes when dealing with real estate.
Learn About Specialties
Commercial real estate is not one large field where every business and building is the same. There are many specialties of commercial real estate, such as office, retail or industries, to choose from. Most clients look for professionals who have specialized knowledge in certain subfields.
Commercial real estate is never a simple or straightforward area of study. There are many different types of individuals involved from small business owners looking to rent buildings to companies looking to construct buildings on raw land. Understanding every aspect of commercial real estate is recommended to make the wisest decisions. There are plenty of tips, tricks and resources available to assist in the learning process.
There will be many things that beginners assume about real estate investing. There is also plenty of insider information to know if they want to develop successful careers. There are a few tips to learn to get started in real estate investing.
Look at Financing Options
Becoming a real estate investor is a wise method of earning a passive income, but it requires investing a large amount of cash upfront. The first yet hardest option requires years of savings in personal finances. If the initial payment cannot be made, investors can borrow an investment property loan to start the process, whether it’s a hard money loan, home equity, or personal loan.
Choose the Type of Property
There are different types of real estate to invest in, and it’s not possible to invest in all types. An investor has to choose one or two types and focus on each type’s specific features, benefits, and setbacks. A beginner investor may decide to invest in residential buildings and focus specifically on apartment complexes. Not all types of residences are easy to invest in and guarantee good profits, so it’s important to select the right type of property.
Analyze the Area
Not every city, county, or neighborhood is a good place to invest in either. An investor may find an attractive apartment building in a clean, safe suburban neighborhood, but if very few people are applying to become tenants, making a deal here will not guarantee steady profits.
One of the most important steps is to avoid investment scams that are often heard of in the news. Individuals or companies should have professional credentials that can be verified. Before they buy, potential investors should review and compare different products and services online. The main point is to look for a person or company that already has an established reputation.
Investing in real estate is one of the smartest financial decisions to make. This type of investment means a passive income with a predictable cash flow and a continuing appreciation in value. People are constantly moving around and renting or buying homes, apartments, condos, and townhouses—real estate investing starts by learning more about the process and how to earn the highest returns.
In 2019, Vacasa released its report of the best places to purchase a vacation home. The key takeaway is that locations within the Smoky Mountains and Florida beaches are the top contenders. Further, you do not have to be a millionaire to consider purchasing a second home as a getaway. The median home costs within the report range from $178,000 to more than $708,000. Feel free to read through the entire report. It lists 25 different locations in total. However, the below list contains the top 5:
This city is located in the Orlando Metro Region and is housed right near several of the most popular theme parks in the nation. These parks include SeaWorld, Legoland, Universal Studios, and the famous Walt Disney World.
Whittier, North Carolina
Whittier is nestled between the Smoky Mountains and the Nantahala National Forest. This small community houses approximately 5,600 people and is close to several attractions. The Eastern Cherokee Reservation, Harrah’s Casino, and Dollywood are all within driving distance. Other interesting and family-oriented activities nearby include gem mining, hunting, fly fishing, and river rafting.
Davenport is a small city sandwiched between Orlando and Tampa. It is a city that is growing daily, but it still only houses about 5,400 residents. This is a great location for individuals who want some distance from the big cities, but still close enough to enjoy them when necessary. Tourist locations near Davenport include True Blue Winery, Providence Golf Club, and Lake Davenport.
Killington is a tiny little town of only 800 people. However, it is famously known as the largest ski area on the east coast. Not only is Killington great for skiing, but hiking enthusiasts will feel right at home as well. The Appalachian Trail runs right through Killington. Individuals will also be able to enjoy biking, ATV rides, local restaurants, and shopping centers.
Sevierville, nestled near the Great Smoky Mountains National Park, is best known as the hometown of the famous singer and actress, Dolly Parton. In 1986, a local theme park by the name of Silver Dollar City was renamed to Dollywood after Ms. Parton purchased an interest in the park, sparking an uptick in tourism.
For any Millenials considering or even beginning to scope the real estate world, you’re on the right track. Real estate investing is one of the smartest moves anyone could make, considering the versatility and potential returns. Investing in property comes with neat benefits like passive income, tax benefits, and full control over not only the property and your investment strategy but also your profits.
That being said, deciding to invest in property can be super daunting. Where do you start? What do you do with the property?
To nudge you in the right direction, here are some essential things that Millenial real estate investors should know before jumping in.
Know your budget and credit score
While it’s not necessary to be wealthy to invest in real estate, having some savings will help buffer any risks from investing or at least reduce the uncertainty.
Establish a financial goal and investment strategy
Know your goals and the best plan to get there. Generally, most investors don’t need to pay for an entire, say $250,000 property. This is for the Millenials who are still struggling to pay off school debt: don’t worry, you can invest as well. The cool thing about real estate investing is you can purchase most properties with a down payment, which tends to about 20% of the total price. Options like getting a bank loan or lending from a trusted partner are also helpful for millennial real estate investors with limited cash at their disposal.
Scope the market
Knowing where to look for viable property options requires looking at patterns like population growth, rental demand, and job availability.
Consider the type of property.
Here, you have a few choices at your disposal. The top types of real estate include single or multi-family properties, syndications, or buy & hold turnkey funds. Single or multi-family properties are in high demand and involves a short-term strategy. Syndications are larger, commercial properties with a group of investors, resulting in less risk. Turnkey real estate funds are longer-term investments that offer immediate passive income from tenants already living there.
When you know the type of property you’re looking for, it’s time to take a look at locations you’ve identified based on the real estate market. With your budget in mind, figure out if you want to flip a house or if you’d rather be a long-distance landlord for a turnkey property.
Above all, millennial real estate investors must continue learning and growing. While the first step is to try it out without hesitation, further education will make Millenials savvier in their real estate journey.