How can you equip yourself for success in real estate?
Knowledge is power. Action may be necessary. Yet, the results you want are going to come from being educated to take the right actions at the right time.
Getting a good base of knowledge is critical for getting into real estate right, and launching yourself on a successful path. And as any leader will tell you; sustaining success and growing your results is reliant on continuing to learn.
So whether you are still just thinking about a career in real estate or investing in real estate, or you’ve already done 100 deals this year; what can you benefit from learning now? What real estate training options are available to you? Where can you find the best help getting to the next level?
Learn the Real Estate Business
Taking immediate and big action is important. You won’t see results unless you do. However, if you don’t really know what you are doing, or don’t have a plan you might not get far in the right direction.
You’ve got to have a good foundation of understanding so that you aren’t constantly getting stuck, doing things in the wrong order, or making critical mistakes. Getting it wrong in this business can be far more expensive than most realize.
Fortunately this doesn’t require going off to school for another 4 years. But you do need to understand how the real estate business works. You need to know the process of buying and selling, investing in property, and financing. You need to learn your market, and what factors influence the market. You need to learn best practices so that you minimize risk, and maximize your gains.
LEARN HOW TO CLOSE REAL ESTATE DEALS
One of the most important things you want to get out of real estate training is learning how to close deals, and how to get better at closing real estate deals.
This includes; getting better at negotiations so that you score better deals, knowing the technicalities so you don’t run into issues before your closing, the legalities so you don’t risk breaking the law, the paperwork so it doesn’t slow you down, and how to ensure smooth closings.
As a part of all this you need to understand the four main parts involved in the transaction.
1. Buyers
As a real estate investor or agent you really don’t get paid or get to calculate your final returns until you secure a buyer and sell a property. So you’ve got to understand buyers, what’s important to them, where to find them, and how to help them. It’s also important to understand the different types of buyers out there and which are the best fit for you. For many this will be cash buyers.
2. Sellers
In order to have property to sell to your buyers you have to connect with sellers. Again, you’ll have to master understanding what owners should be selling, what’s important to them, how to find them and reach them. You need to learn how to convert them and secure the best deals and terms, and keep them in the game until closing. Many will find they need to be targeting distressed properties and motivated sellers.
3. Lenders
More money can always be beneficial in real estate. You may desire funding for starting a real estate business, acquiring properties, marketing, rehabbing, or releasing equity in existing properties you own. Or you may need to connect sellers and buyers with funding sources. You must understand different types of real estate financing and how different lenders work. There are many choices, but they aren’t all the right fit for every scenario. In some cases you may be happy with bank financing. Other times you may need real estate crowdfunding, hard money lenders, business loan lenders, unsecured lines of credit, transactional funding, specialist rehab loan lenders, seller financing, lease options, or highly flexible private mortgage lenders.
4. Your Role
In some cases you may be the buyer, or the seller, or the lender. Or you may just be the wholesaler bringing everyone else together. You need to know what your role is, how it works, what others will expect from you, and how to outshine your competition.
LEARN HOW TO GENERATE REAL ESTATEE LEADS
Once you know what types of buyers, sellers, and lenders you need, and you have clarified your role, then it’s time to get busy generating those leads.
Where are they? How do you find out where they are? How do you actually connect with them in order to make offers, present your deals, and request loans?
You’ve got to not only learn how to identify who may be ready and willing to buy, or be needing to sell, or loan, but how to find their contact information, and the best ways to communicate with them. The smartest and most successful will want to go even further and learn the best way to handle the real estate leads that they do generate. Learn how to manage, protect, and maximize every lead.
LEARN HOW TO MARKET IN REAL ESTATE
There are ways to just buy or borrow leads and real estate lead lists. Most real estate investors, agents, and business owners will also want to learn to generate their own leads by advertising and digging in to scout them out. The most successful will go even further and learn branding and how to market themselves as well.
There are a number of sources to buy lead lists. Prices for buying leads can vary from junk prices in bulk to extremely expensive. A less expensive, but very temporary option is to rent lead lists or have someone send out your message to their lists. You may even be able to organize exchanges.
When it comes to real estate marketing there are many choices as well. Direct mail, cold calling, email marketing campaigns, signs and flyers, car wraps, Google ads, social media, open houses, and more can all be options. However, there is a massive difference between the results real estate pros and businesses will see based on how much they have invested learning about this very important area, or at least hiring the best help.
Branding is a little different. Branding can blend with marketing and advertising, but also builds value. It impacts attractiveness, market share, referrals, how easy it is to convert buyers, sellers, and lenders, who you can hire and on what terms, what investors and business partners you attract, and how much your business will be worth. In fact, brand building alone could make all the difference in millions of dollars for you. This is often neglected by new agents, investors, and CEOs as they chase the next paycheck. It should be one of the first things tackled, and a staple part of your ongoing plan every day.
Ways to Learn
You may need to invest a little effort in your real estate training, but there are many ways to being learning and earning too.
Real Estate Books
Leaders read. The more you can read the better. Add real estate blogs and news to this list too.
Real Estate Seminars & Events
Live real estate events, and even online real estate events are a fantastic way to learn more fast, get motivated, and enjoy being part of a group.
Mentors & Partners
For those eager to get started and who truly want to minimize risk while maximizing their chances of success it is smart to leverage the minds and skills of those who are already successful in this space. This may include partnering up, working for someone else, getting a mentor or signing up for coaching.
The SMART Suite
The Real Estate Worldwide S.M.A.R.T System suite is a great way to learn more about generating real estate leads and marketing yourself while actually putting it into play and beginning to close more real estate deals, and make more money.
The SMART System incorporates four leading real estate industry tools. This includes video training and support for finding cash buyers, motivated sellers, and private lenders right now, as well as the ability to check real estate comps and instantly send direct mail marketing to prime prospects.
This is ideal for those that already know something about real estate and how they want to be involved, but want to get going fast and take their game bigger, while earning and learning at maximum velocity.
REWW Academy
The Real Estate Worldwide Academy takes real estate training even further. Packed with hours of online on-demand video training, the ability to have more experienced investors help review your deals, weekly calls, and optional coaching and an industry changing Investor Concierge Service this is the ideal choice for those that are determined to win. Plus check out Boardroom Mastermind sessions with industry executives, training at a REWW corporate office, or on-site real estate training and coaching at your location with one of the best in the business.
Keep learning, boost your earnings.
