3 Secrets Real Estate Newbies are Using to Beat Pros
2020 has seen some pretty crazy real estate investment trends. According to Lightstone Property’s December newsletter,
House price inflation rates are increasing, particularly in the Eastern Cape and Mpumalanga where rates are above 5%
The majority of first-time homeowners are single women. This group made purchases valued over R26bn in 2020 alone.
The agriculture sector is the most profitable commercial property sector to invest in- property transactions totaled over R10bn this year.
However, there’s another emerging trend that’s taking over the real estate investment industry: real estate newbies gaining more success than industry “pros.”
When I first got started as a real estate investor 4 years ago, I was both excited and apprehensive. A simple Google search will reveal that there are both success stories and horror stories when it comes to real estate investment. Some investors make millions in their first few years, while others invest for years and years before making a high ROI. I was passionate about real estate investment and wanted to see success fast- but I also wanted that success to be sustainable.
Don’t get me wrong- there are several well-known, long time real estate investors that are still very successful. However, there is a growing trend of real estate investor newbies gaining success faster than those who have been in the business for decades. I wanted to be like them. Don’t you?
Thankfully, I was able to network with some of these newbies early on in my career and learn their secrets to success. Here are the top 3 secrets successful real estate newbies are using to beat out the pros:
1. Evolve with the market
Home trends, home prices, market trends, interest rates- all of these things change constantly and they directly affect your investments. The most successful real estate investors evolve with the market. How? By keeping up with real estate market news daily.
In 2020, we have all of the information we could ever need at our fingertips. It doesn’t take more than half an hour to research changes to the market. Make it a part of your daily routine and you won’t regret it!
2. Keep learning- even when you think you know it all
Complacency kills investment careers. The most successful real estate investors do thorough research about the industry, take several courses and even attend seminars about investment. However, far too many investors stop there. They educate themselves on the industry, close a few dozen deals and think they know everything.
That’s where they fail. The industry is constantly changing. When you stop learning, you get stuck in time and let all of the newbies pass you up! Don’t stop reading real estate blogs, networking with other investors and learning about this ever-evolving industry.
3. Get a mentor
Wouldn’t it be great if you had a real estate investor in your corner who had first-hand experience in the industry, knew the answers to all of your questions before you even asked them and could help guide you through the process of investing? Well you can! They’re called mentors. Getting a mentor is the first thing you should do as a beginner real estate investor.
In fact, it’s one of the main reasons why real estate investor “newbies” are gaining so much success in the industry! Because they have an experienced investor behind them! Many of the investors that came before us tried to do it all themselves. Instead of working smart, they just worked hard. Some of them were able to see success, but it took twice as long!
These real estate investment secrets will help you build a successful, sustainable and profitable career as a real estate investor in no time at all. Want a bonus tip?
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