"You gotta crawl before you can walk. You gotta walk before you can run."
Before you jump in feet first because your acquaintance made a killing in the local real estate market or swear off real estate forever because another person you know crashed and burned, get some perspective.
You’re bound to hear the good and bad when talking to people in the real estate market, but don’t rely on a biased view of only the winners or you’ll be in for a surprise. Consult those people getting out and those just starting before you make a move.
Understanding the failings and pitfalls of anything is a better way to be prepared, so find out just what didn’t work for those on their way out of the real estate industry. Ask them:
What did you do wrong? What would you do differently? How would you change the system if you could?
The real estate market is a fickle thing, and it’s likely to leave some disgruntled people in its wake. These people have seen the worst of the industry, and while you shouldn’t expect it, you should definitely be prepared for it.
These people aren’t that much farther into the process than you will be, but their perspective will help you lessen the growing pains. Ask them:
How is your experience buying, renting, and repairing a property? Why are you doing it? What was the biggest surprise about entering real estate? What are you most stressed out about?
Insight from newcomers will help you speed through the first steps while understanding how the market is today. Veterans might have more experience, but they may have also forgotten what it’s like to start off and the game is always changing.
What You Need To Ask Yourself
In the end, your success or failure will come down to you. Sure, you can’t control the market, but you can control how you prepare for it, adapt to it, and capitalize on it. You just need to ask yourself if you have what it takes.
Can you hustle? A lot of the motivation needed comes from within. Leads and listings won’t come to you, so you’ll have to put in the time.
Can you turn raw data into opportunities? The only real way to get a leg up is to do your homework on the market and conditions that affect it. Figuring out your chances can take a lot of the luck out of the process.
Can you handle the relationships? Real estate is not about property, it’s about people. You could be a prodigy when it comes to reading the market, but if you can’t sell yourself and maintain healthy client relationships, you won’t get far.
Take A Good Look
Perspective will help you come out of the corner swinging. You’ll only get that by considering a variety of people including yourself, what works for them, and - more importantly - what doesn’t.
The real estate market isn’t going anywhere, so take the time to prepare and decide if it’s the right place for you.
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The Hartley Law Group
636 Cedar Road, 2nd floor
Chesapeake, VA 23322