How To Start A Real Estate Business In 8 Simple Steps
Starting a real estate business takes hard work, determination, and dedication. In this video, we'll show you how to start a real estate business in 8 steps.
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VIDEO TRANSCRIPTION:
The benefits of investing in real estate are endless. For one, the value of real estate has historically appreciated, which gives many investors a sense of security that their investments will produce positive cash flow over time. For another, real estate business owners are rewarded with significant tax deductions! But arguably the greatest benefit of being a real estate entrepreneur is the control that comes with job -- You call the shots, you manage your time, you are the CEO of your company!
Step 1: Identify your personal goals. Ask yourself questions like, “do I want to invest part time or full time?”, “am I financially ready to start investing?”, “do I have a support system?”, and “what is my motivation?”. Your answers will help determine your initial strategy and business plan.
Step 2: Research. This includes making a decision about your specific exit strategy (whether that be wholesaling, fix and flips, or rental properties), an in-depth analysis of your local market, and a review of your biggest competitors. After studying those external factors, begin to examine the internal factors. This means pinpointing your strengths and weaknesses as well as deciding how to differentiate yourself from the competition.
Step 3: Craft your business strategy. After you’ve conducted sufficient research, you should be able to formulate several ideas on what exactly will help your business succeed. If you lack liquid capital, you may consider real estate wholesaling. If you’re aim is to build wealth over time, buy and hold properties are a smart strategy. Whichever niche you choose should be highlighted in your business plan as well as which resources and tools you plan to leverage.
Step 4: Choose a business name and set up an LLC. When picking a name for your new venture, be sure that it is memorable, creative, catchy, and accurately describes your business. You can draw from inspiration, but be sure to do your research in advance. Only after you’ve named your business should you start an LLC. An LLC will protect you and your business from future liabilities as well as reward you with additional tax benefits.
Step 5: Build a website. A web presence is a must for any business owner, especially those in the real estate world. Why? Because many potential leads will come from online! Don’t feel overwhelmed! There are plenty of free or low-cost website builders online designed for beginners. Another option is to hire a professional web developer.
Step 6: Establish a marketing strategy. There’s social media marketing, email marketing, direct mail, bandit signs, and a myriad of other tactics. Each strategy has its own set of pros and cons, so choose wisely. Start by identifying what it is that makes you and your business uniquely valuable. Answering this will help drive your marketing campaigns.
Step 7: Launch your first campaign. Whether this means sending your first email, buying your first Facebook ad, or creating your first flyer, be sure you are consistent in representing your brand across all marketing channels.
Step 8: Follow up with each and every lead. The worst thing a real estate business owner can do is launch several marketing campaigns at once only to ignore the increased stream of incoming leads. Just because a lead may not result in a lucrative opportunity right away doesn’t mean the lead won’t turn into something valuable in the future. When it comes to lead generation, make it your goal to build a genuine relationship with every potential client.
Lastly, build a support system. Investors, treat this tip as an ongoing exercise more so than a final step. This is because the importance of a solid network and support team is unparalleled if you want to succeed. In fact, many leads and deals in real estate will likely come from your personal network. So be sure to invest time cultivating relationships with anyone from colleagues to clients to mentors, and watch your business grow.
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