Properly Selling Property As An Amateur
Is now a good time to invest in real estate? What about now? You can keep asking yourself these questions, but the market will always be something in the middle of perfect and terrible. If you want to sell properties on the real estate market, you should be taking the plunge and getting started, as there’s never really a good or a bad time to start. The market fluctuates constantly, so even if you start at the perfect time, it’ll be a terrible time for the market months later. The key to success in this industry does not lie in how the outside market changes, but how you, as the developer, respond to these changes.
To properly sell property is about knowledge, and experience will come with time. Still, even as an amateur, you can be successful when investing in the real estate market, as there are certain core tips and tricks when it comes to getting properties out there and finding interested buyers or renters. If you’re struggling with where to begin, though you have the motivation to get started with selling property, then here are some great pieces of advice for success with properly selling property as an amateur.
You need funds.
I won’t beat around the bush here. Property prices are slowly increasing, and the market is becoming more and more difficult to break into, but it’s also more difficult to shift properties at all. Many first time buyers are deterred from looking into the property market at all, which makes it harder for you as a seller to find your target audience, much as it would if the potential customers vanished from any industry of business.
The key to success is to ensure you’ve saved up a reasonable sum of money. Yes, this is obviously important when it comes down to putting the deposit on the first property (of many, hopefully) that you buy to get your real estate career underway, but having a large emergency fund ready for any hiccups which may pop up down the road is also important, as you don’t want to be left high and dry in an emergency situation. As with running any business, you always need a plan B to pull you out of the dust so that you can try again.
You need to aim bigger.
Unlike other businesses, in which running before you can walk is a recipe for financial disaster, in real estate you aim for the big properties as soon as possible. Larger and more expensive properties appreciate faster, and they’re the key to building a real property empire, rather than a collection of a handful of small, cheaper properties which will rise in value much more slowly, and, in turn, improve your business much more slowly.
The best thing about the real estate market, when compared to other industries, is that your assets are much more secure. When a market crashes, assets usually become next to worthless (especially if they’re non-physical), but a property is an asset which always holds some worth, no matter what happens to the market, as a home is always of great value to someone.
You need to understand technology.
This is so important in any modern business. If you don’t want to be eaten up by the competition, you need to do more than follow the latest trends at the back of the pack when they are no longer the latest trends. You need to be understanding the technology at your fingertips and how it can further your marketing game. You could consider looking into real estate sites if you want to get word of your property or properties out there on the internet. These are the platforms on which potential residents are browsing for places to rent, and you’re losing out to competition if you don’t keep up to date with the latest methods in online marketing for realtors and property developers alike.
You need to know your area.
You’ll likely be starting small in the property game, but even the big players in the real estate industry are operating with a small, local area, as that’s how they maintain their image as an expert of the neighbourhood. You need to understand the neighbourhood at a core, foundational level too, if you want to succeed. You need to know how properties are doing on the market on every street in the area.
You also need to know what’s selling well in the area and what isn’t. You need to be approachable, friendly and “localised” for potential buyers or people looking to rent, as they’ll likely want to know a lot about the area before they invest. Remember that people aren’t just investing in a home; they’re investing in the location of that home. You’ll succeed in the property market once you realise that, as people will get a better impression of how they’ll feel living in the homes you’re selling.
You need to understand the pricing of the market.
Overpriced properties are the main reason for failure in the market today and will likely be the same reason for failure tomorrow. The economy changes, the buyers change and the real estate industry as a whole changes. When the prices of houses don’t change, then they’re not going to shift off the market. Sometimes a big drop in price is what it takes, and that isn’t a sign of admitting defeat, but feeling the market and understand that you were pricing out any potential buyers who saw value in your property.
The key is to look at other properties in your area offering similar features in terms of size, modernity, excellent location, maintenance and any other desirable trait. Taking a look at the value at which such properties have sold is a great place to begin, but, if properties similar to yours also aren’t shifting, then it’s a likely sign that the valuations are all set far too high. Remember to look at the prices for which other properties managed to sell on the market, but also look at, perhaps, what it took to increase the value of certain houses. This takes me on to the next point…
You need to offer curb appeal.
In a highly competitive market, this is a necessity for success. Perhaps you’re already valuing your properties at the same price as so many other similar houses on the market in your local area, but you’re wondering why they’re all being snatched up being sellers whilst you’re continuously being overlooked. The answer is most likely that other properties are offering curb appeal, whilst your property is not. It simply isn’t enough to stand out in virtue of owning a property which offers a lot in terms of size and modern features. You need to be making this property stand out from the curb.
This doesn’t have to be costly. If you’re an amateur who has only just entered the property game, and maybe you’re only working with one or two properties to begin with, then money is likely tight. You’re trying to get a foot in the door and take your property business off the ground, but you just need to make that first sale. It’s going to take some hard work, rather than just throwing money at the situation. Beautifying the exterior of the property can be achieved with a little gardening; some vivid flowers full of colour, and a new paint job for the front door are changes which could completely raise the value of your property or properties at barely any cost at all, as slight aesthetic changes make all the difference for a buyer.