6 Best-Practices All Real Estate Investors Should Keep Top-of-Mind

Are you thinking about venturing into the world of real estate investment? There are plenty of things you should know before making the plunge and signing on the dotted line. If you are just starting out you may be wondering where to even begin, but the good news is, every successful real estate investor wondered the same thing. Here are six best-practices all real estate investors should keep top-of-mind.

 

Hire a Bookkeeper

The first thing you should do is hire a bookkeeper because keeping up with documents and paperwork is a lot less stressful if you do it from the start. The documents will come in handy when tax season rolls around and you can write off your bookkeeper as an expense for your business on your taxes.

 

Learn How to Find Deals

One of the hardest parts about investing in real estate is finding the deals. This is a primary function of the business because it’s really what all of real estate investing comes down to. Without a deal, you can’t invest. If you have not, you need to set up your real estate team and systems to be part of finding the deals. An automated lead machine can help you generate leads at all times of the day so you are never losing out on deal opportunities.

 

Be Consistent

Consistency will always beat out talent, resources or experience. Think of real estate investing as a marathon, not a race. You need to accomplish little goals each day to make it to the finish line of this long process. Be sure to track and measure all of your lead-generating efforts. All you need to do to be successful in this is put in the time and effort needed to accomplish these daily goals.

 

Document Everything

You will be swamped if you don’t document and systemize all of the operations of your business and will thus limit your income and growth as well if you are disorganized. As a self-employed individual, the power and control are solely in your hands. First, you need to document and systemize everything, then you need to delegate tasks to others while maintaining clarity and control over the business. Make sure you stay as involved as possible with the business while utilizing documentation and organizing systems.

 

Buy More & Sell Less

Intend to hold every property possible. If you need more cash flow, you may need to flip occasionally, but this is fine because cash pays the bills and keeps the business going. The more properties you hold, the more money you will make in the long run and the quicker you will make the money. Any seasoned real estate investor will tell you to buy more and sell less.

 

Underpromise to Partners

When it comes to investing, people know that there are a lot of variables that are in play and that risk comes with the territory, but when things don’t work out as planned, it’s easy to point the finger. Try to avoid by underpromising to your partners, but overdelivering. Do not borrow more money than you can use.

 

With these six best practices, you will be ready to invest in real estate.

NAI Elite Summer Day Trip 2018: Mystic Whaler Sailboat Luncheon

Team building is an integral part of our our success at NAI Elite. We strive to create a positive and uplifting space for our agents to promote personal growth, celebrate achievements and collaborate ideas… while having a little fun!

This year’s outing was a Sailboat Cruise Luncheon aboard The Mystic Whaler.

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The Mystic Whaler is a reproduction of a late 19th century coastal cargo schooner that was designed for the passenger trade by Chum Crockett of Camden, Maine.  She was built in 1967 in Tarpon Springs, Florida and was rebuilt in 1993 in Providence, Rhode Island.

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We set sail out of New London, Connecticut’s City Pier to enjoy a picturesque afternoon on Long Island Sound.

The team lent a hand to raise sail!

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Captain John, American Schooner Association board member & 2015 Sail Trainer of the Year, manned our tall ship with ease!

A picture perfect day sailing with NAI Elite!DSCN0091

 

CRE Summer Survival

10 Best Practices During the Slow Summer Sales Season

1) Keep the Momentum Going! Do more site visits. Make more calls. Send more emails. The time you put in now may not pay off right away but you’ll be heading into football season with a solid pipeline.

2) Database Housekeeping. Go through your contact lists to see where there may be some hidden opportunities to develop new business and Create call lists.

3) Connect with Clients. Reach out to clients to catch up and see how their summer is going (i.e. – are they going anywhere special this summer). Give them a call… send them a handwritten card… Connect on a personal non-business level.

4) Go to Summer School – Improve Yourself. Read, attend classes, learn new subjects, improve skills, refresh topics you already know…. exercise both your body and mind!

5) Update all of Your Social Media. Make sure all of your information is up-to-date, accurate and compelling. Institute a plan to ramp up your social media efforts.

6) Summer Blogging. Think of creative ways to incorporate summer themes into your online marketing content to keep readers engaged… “grilling tips”, “summer salad recipes”, “instructions on fish cleaning”, “explain how to crack a lobster”, “best local boating trips”, “golf course review”, “wine trails”, “craft brewery visits”, “beach fun” etc.

7) Tax Prep. Take this time to get all of your tax information on track for the year.

8) Volunteer. Spend time giving back to those who are less fortunate then yourself, it’s also one of the best opportunities for networking & self branding!

9) Review Your Annual Business Plan. Are you on track to achieve your goals? How will you attack the rest of the year? Do you need to update your goals and your plan to achieve them?

10) Re-Charge and Relax. Take one or more well deserved vacations so you are fresh and ready for Fall Time Action!

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