Recently, the Internal Revenue Service (IRS) reported that 71 percent of Americans who had declared more than a million dollars of earnings were involved in the real estate business.
This shows how massive of an opportunity building a business around real estate can be. A very lucrative field within the field is commercial real estate. It is said experts in this field are very high earners.
That being said, everyone has their lifestyle – their comfortable space. Although building a real estate business is no easy feat, it can fit into your normal everyday life. This blog will help you do exactly that.
Prioritize Your Business
Building your business from the ground up can be physically and mentally demanding. While it needs constant hard work, this does not mean you have to sacrifice your social life or free time.
Good time management is imperative to building a real estate business around your everyday lifestyle. Getting your priorities in check will keep your lifestyle balanced and healthy.
Starting from scratch can be hard and confusing at first, but the more you learn the clearer things begin to get. Having a colleague or even a mentor to get you started can help tremendously. This makes concepts like commercial property immediately begin to click.
Not only that but ignoring laws and regulations or trends can quickly slow your momentum. This can even lead to legal consequences if laws are broken.
Build A Network
Having a supportive surrounding network is synonymous with having a successful business model. Building a genuine connection with your colleagues, clients, and personal network can open up a considerable number of opportunities.
This phenomenon is increased tenfold in an area like commercial real estate. This is simply due to fierce competition, so make sure you don’t miss out on these opportunities.
“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin
Planning your maneuvers is just as important as executing them. Here’s what should be done beforehand:
Set Your Goals
Ask yourself “what is my ultimate goal with my business?”. How does your future business look in your eyes? Visualizing this can help tremendously in manifesting your desired results. Prioritize your goals and constantly evaluate how far you’ve come, and how much there is left to do.
Breaking down these goals into smaller achievable milestones can make things easier to tackle, whilst being rewarding in both the long and short term.
Conduct Your Research
Deep research can reveal potential customers, competitors, opportunities, threats, and profitable niches. It is then vital to consider what niche you should – and want to – invest in. This is done by evaluating different factors like profit and maintenance levels. For example, commercial property tends to return higher earnings than residential real estate.
Plan A Marketing Strategy
This involves launching campaigns on different platforms: social media, emails, direct mail, as well as bandit signs. If no one knows who you are, you’re out of business. Having a clear value that you can provide clients with is essential to establishing a presence in a crowded market. This is the perfect opportunity to make your mission statement. You can also come up with an attractive logo for your brand.
Make It A Habit
In his best-selling book “Atomic Habits”, James Clear talks about a concept he calls the Compound Effect. This means that breaking down a single habit into multiple small actions throughout the day can massively help you build the former.
If you’re interested in commercial real estate, for example, one of the habits you can incorporate into your lifestyle is daily research. Sticking to these smaller habits tremendously increases the likelihood of you becoming better at what you do.