TitleCard Capital confirms the skills you need in Real Estate
TitleCard Capital is a private equity firm with many years’ experience. Starting your own real estate business needs a lot of guts and a lot of stamina. It is likely to start off quite slow and according to statistics over eight out of ten new businesses in this field will close within their first five years of trading. So, how do you prevent becoming just another statistic? Well here are some tips for your success:
Plan, plan and plan again, many who are attracted to this line of work love the idea of being their own boss. They may have tried several careers of working for people and it never really lasted as well. But you may have the freedom, but you also have all of the responsibility. So, you need to make the perfect plan for you and it should include the following:
- Set your financial goals and your life ones.
- Set your daily routine including start and finishing times, thus optimizing the best times of the day for you.
- Put aside an admin day, no matter how much you dislike it, it will need to be done.
- What do you hope to make initially and eventually being realistic?
- Write a business plan and do all the research you need to complete it successfully
- Decide on your moral compass for your craft and what are your main principles
- What will set you aside from your competitors
- Understand the IRS and administrative side of things and make a plan for this even if it is to eventually outsource this work.
Let us now focus on a marketing plan this will come after you have done the initial steps listed above as well as passing your licencing exam. The next step is working out the best way to get yourself out there. So the marketing ideas that you will need to consider are
- What will be your niche market, your unique selling point to set you apart from competitors?
- What skills have you got that you can exploit for marketing e.g. social media expertise.
- What are the latest trends in this market place and how can you use them effectively?
- What are the competitors pricing structures like, how will you compete?
The next consideration is how are you going to manage it all alone, you are responsible for it all. Finance to letter writing to marketing it is all down to you. This is where the planning comes in, everything needs to be done and in a sensible order
In the modern climate it is preferable that you are very proficient at social media and web skills. The first place that people turn to is the computer to look for properties or property management companies, to check their reviews and ratings and so on. A modern website will attract your customer base and social media and blogging will keep them interested. You need to continuously be on the lookout for new clients and working out how to get them. Nurture and follow up any leads you get and look after your current clients to, both will pay your bills and make your business successful.