5 Risky Mistakes Real Estate Investors Are Making Now
Watch out for these common mistakes many real estate investors are making now and determine to excel.
There are still lots of profits to be made in the real estate market. Some are enjoying more than others. Some are positioned to keep growing in the months and years ahead, while some may be feeling like their businesses have already peaked.
These are the blunders investors need to avoid and overcome now so they can make more money and sustain their success…
Marketing
Many investors are not marketing nearly enough. They aren’t investing enough in their channels to really make them work. Or they aren’t diversifying into enough channels to keep business consistent. Some keep floating between what they see others doing or promoting, without listening to their marketing teams who already know their business. What works may be slightly different for each entrepreneur and brand. Though, even once you’ve stumbled on it, you’ve got to put enough effort into it to yield good results.
Market Changes
It’s undeniable that the market is changing and evolving. How long this run will last in some areas may depend a lot on changes in the economy and lending world, as well as the media. Yet, investors should have already been preparing to adjust and thrive ahead. That may mean withdrawing from speculative investments in new construction, switching markets, exiting declining investments, and releasing or leveraging equity which is a sitting target for deprecation.
Personal & Business Brands
A recent executive survey shows that the online reputation of the CEO of a company is critical for being able to attract and retain talent, attracting investors, and growing a business. Yet, many real estate execs are not putting a priority on building their own personal brand. Or they have a confused relationship between their personal and business brand. Reputation management should be a proactive mission, that has its own budget and tasks to be done every month. Separating personal and business branding carries all the advantages of separating personal and business credit.
Hiring Remote Workers & Experts
Despite the fact that some real estate businesses have been run entirely virtually for over a decade, and that even in industrial cities like NY 40% or more of the population are freelancers, many investors are still struggling to hire and manage great talent in this environment.
In many ways it is the opposite of old school HR. Instead of making it tough to get hired or micro-managing, you’ve got to make it incredibly simple for great talent to start working with you, and just let them get on with their best work. At least if you want the best results in your business, and to remain competitive.
Taking Advantage of the Market
While most are bullish on the current property market, and are enjoying great incomes, most are not taking full advantage of the opportunities while they are here. They are doing mediocre volume. You might have to look in new neighborhoods or states, find new ways to fund deals, or reach more of the buyers out there. Make the money while the going is good, and build up a chest of capital for when times are leaner.
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