by Shawn Boday | Sep 16, 2021 | Business, Real Estate, Real Estate Investing, Real Estate Tips, Shawn Boday
Real estate development is an enticing endeavor for people who want to see significant gains on their investments. The market is one of the most dynamic, though, so you should take each step with careful consideration and due diligence. As you begin in real estate development, here are five things to always keep in mind.
Be Conservative While Taking Risks
If you start out in real estate development investing a huge amount of capital and overnight success, plan to be disappointed. This is a highly competitive and complex environment, so it is best to take risks while remaining conservative with your expectations. Two distinctions to make in the beginning is that between discipline and differentiation. Discipline refers to projections about how much you plan to make each time you sell or lease a space. Differentiation is what sets you apart from the competition. Balance the two just right, and you have a winning combination.
Know the Value of Reliable Data
As technology has evolved in recent decades, we now have access to almost any type of information. Before you decide to take on a real estate development project, research, and then research again. Use reliable sources, and compare the findings across multiple platforms. Always look for data that contradicts what the masses are saying. There may be some insight that saves you time and effort.
Have the Right Team
When you are putting together a team to make your dreams of real estate development come true, choose the right people. This means always choosing the best people in the business, even if you have to pay more. Your team is what will carry your projects through from start to finish and help you build lasting relationships that add value now and in the future.
Learn the Laws
You are certain to have times when you will need to work with local communities, organizations, and governments to secure access to water, land, and even air. Understanding the laws ahead of time makes you prepared for any barriers and challenges that may arise. You will need to know about environmental impact protections and zoning. In large metropolitan areas, air rights are a current consideration, but the advent of drones will make this issue much more common in real estate development.
by Shawn Boday | Oct 19, 2017 | Real Estate, Real Estate Tips
The industry of real estate continues to grow at a rapid pace all around the country. With more people wanting to buy earlier in life than previously, the markets are booming with properties needing sold. Real estate agents are in high demand right now and getting into the field is proving successful for many. If you’ve ready the previous installment of this blog series, you know that having good communication skills and being knowledgeable will get you far. Being a real estate agent encompasses a great deal of responsibility and pride. Here a few more habits that will help any new agent take their career far.
One of the most crucial steps a real estate agent can take in order to further their career is to expand their professional network. Attending networking events in your area is a great place to meet others in your profession. Although some people may be your “competition” it is always good to know fellow agents that you trust for times when you’re in a bind. Making connections with investors, contractors, and developers will give you a great platform for references down the line. In addition to personal networking, real estate agents should be utilizing social media tools to promote themselves. Most people will buy a house in their lifetime, so posting on properties such as LinkedIn, Facebook, and Instagram can capture an untapped audience you may not have known existed. Consistently networking should be a habit of any real estate agent that truly wants to thrive.
Invest in Yourself
Though you may be working for a home sale company, most real estates have the flexibility of setting their own schedules and rules. A successful real estate agent makes sure to invest time and money into bettering themselves personally and professionally. You’ll notice that most real estate agents present themselves very poised and put-together. Image is important (but not everything) in real estate. New clients are trusting you to help them find something that will mean so much to them. This being said, your presentation plays a major role. And as in any profession, take the time to learn and cater to yourself. Know your own strengths and weaknesses and use them to your advantage.