A smart woman knows that for succession – you need a plan!
That’s why at IPG, we offer guidance and tips, face-to-face and via this blog page. This text will continue the row of our top tips for new investors, including highlights on what to focus on in your real estate investment business journey.
1. Make Sure To Create a Business Plan
Today it’s not enough to just think about an idea. You must have a plan. Work on details. Make sure it’s achievable.
And don’t just make a mental plan. Produce a written real estate investment business plan. Your plan needs both long-term and short-term goals so you have a vision and path for the future.
Short-term plans usually focus on the “next year” goals. For instance, if your goal is to consistently wholesale two deals a month over the next year, define what steps it will take to accomplish the goal.
You should also think about marketing tools that you need to consistently generate enough leads.
Do you have a buyer’s list to support these deals? You want to create predictability in your real estate business which will ultimately lead to consistency.
Reverse engineer your plan so you understand each detailed step to set your business up for success. At IPG, our training and guidance walk you through this process. You don’t have to navigate your business plan alone. We are here to help!
2. Conduct Market Research
Different strategies work better in different markets. You must understand each market you plan to work in to maximize your profits.
For example, some areas are better for buying and holding while others are better for wholesaling.
Determine the supply and demand for each area by researching local market reports and expert predictions.
We know research can feel intimidating, that is why IPG offers many real estate services with whom with time and effort, you’ll minimize your risks and protect your interests.
Getting into investing without doing research first is simply too risky!
Start with the IPG team for reliable data. Build out your research resources from here.
3. Act with Transparency to Build Trust
Over the years, real estate investing developed a bad reputation based on greedy behavior and a lack of integrity.
This is not the path to success and longevity. You can be successful and create a lot of income in this business by being honest and transparent.
Real estate is a relationship business. When you act with integrity, you give yourself a competitive advantage.
These are some of the basic, obvious rules, but you won’t believe how many people oversee them.
Transparency is a smart investment strategy not only because it’s the right thing to do, but because it’s an intelligent way to do (any) business long-term.
4. Learn from Others and Ask for Help
This is not a niche where you need to reinvent the wheel!
Many of our women investors have gone before a client and laid a foundation for real estate investing success through trial and error.
But that also means you don’t have to go through the same mistakes. By joining IPG and you can learn from their experiences and accomplishments.
IPG shares our legacy of achievement in real estate investing. We offer coaching, mentoring, training, and all needed resources to help women investors gain the knowledge and insight to build a real estate investment career.
5. Find Your Unique Lane
What will be your niche?
Once again, you have to research, learn and create your business plan. Consider how to differentiate yourself from the competition.
Create your own niche and style based on your strengths, interests, and market demand.
The beauty of real estate investing is the dynamic nature of the business. Real estate changes constantly. Strategies. Niches. Seller and Buyer perceptions. Do your homework and prepare, and then you’ll see areas of opportunity.
6. Build Relationships and a Network
Technology and automation are powerful tools for real estate investors. They can streamline processes and expand reach, but it is not the key component of the business.
It’s human interaction!
Real estate thrives on relationships. Your personality, your brand, and your vision are crucial to the longevity and success of your real estate career.
7. Invest in Ongoing Education
Real estate investing is a dynamic business that constantly evolves. To remain relevant, you must think ahead and invest in the following:
- Staying informed with ongoing changes and trends
- Investing in relevant (up-to-date) education and coaching
- Adjust your business plan as needed based on the most current information and training
At IPG, we walk beside women investors to empower them with the knowledge and tools they need to succeed.
As we’ve seen over the last few years, even the best-laid plans can change due to unexpected circumstances. Yet, that’s not an excuse to avoid preparing and planning for your business.
Revamp your business in the years to come, with a new or updated plan, and a team that roots for you!
