Although real estate is one of the most lucrative businesses, it can be risky if done wrong. With several fluctuations in prices and demand, GTA’s real estate is a market worth researching. That is why it is more important than ever to have a plan. As someone who prides themselves on strategizing to maximize, I’ve listed five simple hacks for you to help you maintain and improve your finances as you go through the real estate journey.
1. Timing is everything – know your “WHEN”
What most people miss in the real estate investment process is time management.
The trick here is simple: share your property before it hits the market.
Toronto’s real estate market is growing at an exponential rate. The demand for housing in the GTA has increased to unprecedented levels, which has caused many homeowners to sell their properties before they hit the market. This way they can provide more information about the property and allow potential buyers to view the listing without having to wait until it's officially launched.
2. Know “WHO” to talk to
The second most crucial step that most real estate processes lack is to know whom to communicate with.
The trick here is simple: you need to have a streamlined communication with your prospects and clients.
You should reach out to new prospects through email or phone calls instead of sending letters, which are too formal for many people nowadays. You should also introduce yourself by providing contact information within these communications channels. Then wait for responses before starting any conversation about possible listings or informing them about your property, so you don’t give away your leverage but looking too anxious. Remember, know your prospect and target audiences.
3. Prioritize Reviews – this is your “WHAT”
Whether online or in-person, reviews are an important asset for a real estate investor – especially if you’ve got a company.
The trick here is simple: establish a process for customer reviews.
Obtaining customer reviews will not only improve your current real estate processes but will also increase consumer engagement. Moreover, it will also help you find out what your customers want, likewise help you to compete with other professionals in the market.
4. Remember your “WHY”
Another thing that can take your real estate process down the drain is panicking. Remember why you got into this business and know that sometimes these things take time.
The trick here is simple: don’t create panic.
There are many factors that influence home prices, but the reality is that the market is not always in favor of buyers. You should take into consideration the needs of investors and try to match what they offer with their needs.
Creating panic with a "the sky is falling" attitude will only result in loss. You still need to be aware of how the market influences prices and act accordingly.
5. Network to your “WHERE”
Real estate is a vast industry. What most real estate investors miss is “expansion.”
The trick here is simple: Use networking possibilities to their fullest potential.
Real estate professionals should know the importance of networking and use networking possibilities to their fullest potential.
Networking is not just about meeting your professional network, but also making it a habit to be friendly and outgoing. Networking will help you to build connections and improve your business. You should also try to get involved in other industries that are related to real estate, such as banking or architecture.
Whether you’re an aspiring real estate agent looking for a little mentorship, a potential client looking to buy or sell your home, or someone looking to get into real estate investing – I can help you make a plan customized to your wants and needs. Contact me for more information and a free consultation!
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