Real estate investors must understand the value of looking beyond the next deal. Setting short-, mid- and long-term goals are necessary to expand your portfolio and your revenue. Use this New Year to set investment resolutions to carry throughout the next 12 months to grow your business.
The New Year is the perfect time to look at areas where you have opportunity to improve and where few changes are needed to stay on the path to success. Here are the most popular real estate investment resolutions of 2019.
Improve Your Network Efforts
Getting the best deals in real estate is equal parts who you know and what you know. To expand your options of investors, buyers, and mentors, look into networking outlets. Think beyond the happy hour mingle sessions and try these modern takes on networking:
- Enhance your online presence. Having a professional blog and website are essential in 2019, so think beyond your own URL. Engage in Facebook groups that concentrate on real estate investment. Respond and offer advice to those asking questions on online forums like Zillow or Quora.
- Use social media connections. There’s a world of prospective clients beyond Facebook groups. In order to find, sell, or rent properties, social media should be a core part of your digital marketing strategy. Use Facebook, LinkedIn, Twitter, Instagram, and Pinterest to connect with prospects.
- Attend real estate conferences. Whether it’s an event or conference in your hometown or you travel across the country, attending reputable events not only grows your networking portfolio, but you’ll also stay current on industry trends and forecasts.
- Stay active in your community. Look for opportunities to be involved in community events. Try sponsoring a local 5k or set up a booth at the next community fair.
Expanding your list of connections will extend your name recognition and give you more opportunities to invest in 2019.
Strengthen Your Team
Real estate investors depend on a number of people for each deal. Real estate agents, attorneys, appraisers, title loan firms, contractors, and property managers are just a few of the people on your team. Relying on the same team members will build your trust in their abilities and help deals process faster as you become use to their work style. Take inventory of the jobs that can be completed by a virtual team – like marketing or bookkeeping – to save you time and money.
Stay Updated On Regulation Changes
Before jumping into a real estate deal assuming your local laws and regulations are the same as the previous year, find ways to stay up to date on changes. It’s best to prevent mistakes than go through the red tape to fix your misstep.
- Emails from the National Association of Realtors and your regional real estate board are a good way to stay in the know about changing legislation.
- Join or follow the National Real Estate Investors Association for legal and industry updates.
- Partner with a knowledgeable lawyer. Keeping a keen legal mind on your team will help you avoid legal issues and the occasional conversation will keep you in the know on any upcoming changes in real estate laws.
Use these steps to stay ahead of changes in the real estate industry and sidestep legal battles or misunderstanding current legislation.
It’s nearly impossible to be an expert at every step in the real estate investment process, which makes keeping a strong team one of the most important resolutions to keep this year. Digitize and network your business to make new, profitable relationships as you grow your portfolio.