Mastering the Fundamentals

There is nothing wrong with chasing deals but by knowing how the business works you will build a strong foundation for long term success. Mastering the fundamentals of the business gives you the best chance at succeeding today and for years to come. Here are the five most important fundamentals of the real estate business.

 

 

 

 

 One By One

Analyzing One Deal at a Time – You should make notes of the location, condition, current list price, repair
estimates and any offer you made on the property. Until you have truly mastered the business you should
only work on one task or one deal at a time. Only when you have looked at the property and deal from
every angle should you move on.

 Generate Deals

Deal Generation – Instead of entering the business assuming that deals will fall on your lap you need a
plan for generating them. There are literally dozens of ways to find deals or to put yourself in front of
people that can lead to deals. You are only as good as the amount of deals you can generate. The more
leads you can generate the greater number of deals that will eventually come your way.

 Understand Markets

Understand Markets – Additionally you need to know everything about local crime rates, new housing
permits, area schools, unemployment, foreclosures rates and current housing supply. Understanding the
market means that you have a good idea of why a property is listed where it is and where the value may
be headed.

 Value

Value – By doing the right work you generate the greatest amount of demand that allows you to get the
biggest bang for your buck. You need to focus on doing work that buyers find appealing over work that
you deem acceptable.

 Social Media

Networking – Instead of scrambling around looking for someone to work on a rental property you can use
your networking team to help find the right person. Not only does networking help in finding deals it will
also makes working on deals easier and less expensive. Between investment club meetings, networking
clubs and social media groups there are more networking resources today than ever before.