12 Tips to Make Money in Real Estate

12 Tips to Make Money in Real Estate

When you invest in real estate, you invest in something tangible. You can look at it, feel it, drive by with your friends, point out the window, and say, “I own that”. For some people, that’s important psychologically.

Real estate investments have traditionally been a terrific inflation hedge to protect against a loss in purchasing power of the dollar.

When it comes to real estate investing there are multiple ways to earn a dollar. Here are

12 tips to make money in real estate.

1. Taking calculated risks by implementing the LOANs strategy
This is a real bonafide strategy. Using other’s money can help you get started. You can make a fortune in real estate by taking out loans. You might not even be able to get a credit card so you try to put deals together with no expenses other than a phone number.

If you are going to own real estate, on the other hand, then you need to be prepared to take out a lot of debt — or leverage — to finance your property with the least amount of down payment. This can be risky because there are laws stating the minimum that you must put down to buy property in different jurisdiction. Some articles recommend risking it all by taking out credit cards. This is fine if this fits your appetite for risk and using hard money. Just be respectful of the fact that you have to pay this money back. In most cases loans with higher interest rates are meant for short term uses. Some people buy their property free-and-clear.

Leveraging Other’s Assets Now Strategy

2. Care about your tenants by improving your property
What’s the point taking all of the risk if you don’t care about the property?

Many investors don’t care about the condition of the property. They care about getting paid. Some investors would rather offer discounts on rent than make an improvement to their property. This tells me that they are undercapitalized or just aren’t good business people. If you want to invest in property you should care about making improvements to it to optimize the property’s value.Plan for your property to be damaged, budget to repair your property, and take people to court to recover costs. Real estate is built around contracts. If you want to enforce your contracts you have to take them to court often to get liens, judgments, and help getting tenants out of properties. Make sure to talk to your lawyers.

3. Condos vs SFR (Single Family Residence), make for better rental properties
What property type should you choose? Your property type should depend on the real estate itself, however most real estate professionals prefer a specific real estate niche. If you are in real estate you have probably heard the industry adage, “Never fall in love with real estate…fall in love with the ROI.” So what real estate ventures can provide a return on investment (ROI) a real estate investor can love? It’s been said by sites and realtors that condos make for better investments than single family residences, however, it really is based on the numbers. Decide whether you are a cash flow investor or capital gains investor, analyze your deals and make your decisions. It seems that mobile homes and mobile home parks are popular right now.

4. Find partners that you can trust
At some point during business growth, it may make sense to take on a partner. Too much work, you’re stretched too thin, missed opportunities. A good business partner may be the solution – and you can take a day off once in a while.

Finding a business partner is a lot like finding a partner in life. A solid foundation is based on trust and respect for each other. Your business partner will be an integral part of your life.

Finding partners you can trust is a key element for all types of relationships in real estate. Like all relationships, business partnerships are built on trust and mutual value. The beginning phases of these relationships are critical to establishing that trust and value. You need to prove to a potential partner that working together is in both of your best interests, right from your initial conversations.

Eight Ways To Build Trust-Based Relationships With Potential Business Partners

5. Diversification is key
Diversification is important, as with any investment, so plan to buy lots of property, a big portfolio of real estate assets, or do deals. If you do deals by being the middle man, you only need a few good connections to strike it rich. Consider investing in assets outside of real estate to diversify as well.

6. Start local
Robert Kiyosaki mentioned in one of his real estate courses to focus on your local neighborhood and get to know the market well. Focusing locally is a great strategy because you are not far from your property and know what is going on. It can be more difficult doing out-of-state deals because you have to build trust with the people you are dealing with at a distance. It’s good to be able to fly to meet cash buyers and motivated sellers face-to-face. Once you connect with buyers and sellers, you can meet them face-to-face — it’s up to you! You have the potential to become an international expert when you start local.

7. Know Your Neighborhood
As we mentioned previously, starting local is a great strategy. Get connected with local experts who know about the specifics of each neighborhood before you invest. There are such drastic demographic changes between close neighborhoods in the U.S. that it’s good to know people in those locations who you trust, you can joint venture with or consult and to visit those locations yourself so you can see the difference in the areas which you are investing. Some of you invest in such big packages which make it prohibitive to visit every single neighborhood but it’s a good idea for smaller investors to visit where they are investing. Even some coaches visit where they invest.

8. Find a niche
Finding a niche is really important. You do not need to be expert in everything. You need to be exceptional at a few things and customers will buy, tenants will rent, cash buyers will invest. You can try to be an expert in many phases of real estate, or you can specialize in a niche market and become the authority in that market. There are many highly successful real estate agents and brokers that have narrowed their real estate marketing niche focus to a specific geographical area, a type of property or a category of consumer. Recognizing the opportunities that are out there and selecting a niche that appeals to you can be a lucrative strategy. Here are just a few niches to get you started…

• For Sale By Owner Properties (FSBO's)
• Resort and Vacation Homes
• Hispanics are a growing home-buying group.
• More and more Singles are buying homes every year.
• Baby boomers, or Seniors are a huge market influence.
• Luxury Homes - A market requiring specialized skills and money.
• Condominium buyers and sellers offer a great niche opportunity.

9. Pick Trending Markets
In tip 6 remember Robert Kiyosaki mentioned to focus on your local neighborhood? Contrary to starting local, Forbes recommends going where the money is. In this article, David Lichtenstein recommends following hot industries in order to know where prices will go up. He believes that trend spotting is very important to accumulating wealth in real estate quickly. Getting a jump on the upcoming trends can have a positive financial impact on your real estate business. Here are Housing Market Predications for 2019.

10. Have good tax accounting
Claim capital expenses on your taxes to defer paying taxes. Rollover your properties to new investment properties so you don’t have to pay taxes on the sale of one property when upgrading to a bigger one with more doors which cash flows better. Learn the different tax laws in each market so that you don’t miss out on investing in all of the hot markets with the biggest price appreciation. Consult your tax professional.

11. Get control of as many properties as you can while mortgage rates are at historical lows
Debt is still debt. You have to be careful of taking on too much debt because interest rates can rise and you can be over leveraged, unable to refinance, and go bankrupt. With so many countries going into negative interest rates, who knows where interest rates will go. With low interest rates it is more affordable to own property.

Good Debt - There's no better example of the old adage "it takes money to make money" than good debt. Good debt helps you generate income and increases you net worth.

Bad Debt - While even "good debt" can have a downside, certain debts are downright bad. Items that fit into this category include all debts incurred to purchase depreciating assets. In other words, "if it won't go up in value or generate income, you shouldn't go into debt to buy it."

12. Build a lead generation system
“Systems and technology have leveled the playing field.” - Josh Altman, the star of the hit TV show Million Dollar Listing. Some real estate investors have their own IDX integrated sites with lists of 80,000 cash buyers, which really help them, get deals done in their local market when a distressed seller calls them. However, you need to have your own lead generation system to make this happen. Placester provides tools that will help you increase your sales however, look to pay an annual fee of $1,200 to $3,000 if you need an entire IDX integrated site and email marketing. Your real estate leads are your bread and butter. However, you don’t have to start from scratch and you don’t have to pay thousands of dollars to get started. This is why RECBL provides verified real estate cash buyers for agents, brokers, wholesalers and investors to help real estate professionals with real estate ventures. RECBL provides real estate cash buyer packages starting at only $10. Also, with each package, we make sure you are able to access the free real estate property software and free real estate email marketing software.

Here is an article on the marketing trends to pay attention to in 2019.

How much are you going to make in real estate in the next ten years?

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The Tao of SEO: Mastering Website Advertising

The Tao of SEO: Mastering Website Advertising

RECBL - Real Estate News

Referrals are your best leads, but the next best way to get leads that convert is with a good SEO (Search Engine Optimization) strategy. What is SEO? It’s simply the practice of increasing the quantity and quality of traffic to your website. SEO helps the people who are looking specifically for what you have to offer find you easily and quickly.

Albino Garcia, SEO expert and CEO of iIntercept Media and Director of Marketing for AZ Social Realty, has dozens of suggestions for helping REALTORS(R) get more attention online with his spotlight on Mastering Website Advertising. We’ve included just a few strategies to create more website leads.

As a REALTOR(R), you sell a lot of different types of homes, but to capture the attention of homebuyers who want to buy a specific kind of home, the more descriptors you can link to your site, the more buyers you’ll attract. If someone is looking for their dream cabin, castle, four-bedroom ranch, or tree-house, you want to let them know you have a listing that matches what they’re looking for.

SEO produces the highest-converting leads.
SEO helps people find you, but, more importantly, it helps people who are ready to buy, looking to buy, and eager to buy. That’s why it’s such a valuable tool-but unfortunately not one many REALTORS(R) use as effectively as they should. Garcia has three steps REALTORS(R) can implement immediately to start generating leads:

Step 1: Add your business to mobile and online maps.
Do this by claiming and optimizing your company on Google My Business, Bing Places profile, and other social media sites.

• Have a unique description that links back to your site.
• Select the right category for your business. Have as many photos as possible-the more, the better.
• Have a complete profile.
• Get as many reviews on your site as possible.
• Make sure your name, address, and phone number are the same across all your social media pages, including Google My Business, Yelp, your website, and any other social media sites (Facebook, etc.). Google looks for that when ranking sites.
• Get local reviews. Not every customer or client will leave a review, so make sure to ask your happy clients to leave a review. Most are happy to rave about you when you’ve done a great job.

Step 2: Optimize your website for Google and other search engines using SEO.
Make sure you optimize your title and your meta description tags on each page. If you’re not sure how to do that, there are online tutorials and articles to help you figure it out, or you can hire someone. Title tags need to have a unique description. In fact, Garcia said, "Every page on your website should have a title and a description relevant to the information on that page. It’s how Google ranks pages."

• Use an additional markup called "schema markup." Schema is a process that allows your web manager to mark up your web pages with additional coding that allows search engines to find your site easier.
• Optimize page content. Does your content relate to the title and heading? Is the information useful? Longer is better when it comes to content, and content is important when it comes to SEO.
• Images can also be optimized. Make sure your images have a keyword related to your title. Make sure there is an "alt-image" tag on all your images. It should also be keyword-related.

Step 3: Create interest in your brand.
"Generate buzz around your business," Garcia said. There’s only so much buzz you can create at an open house, so take to the internet. Use link-building, guest-posting, and news or public relations stories on your website to help build the buzz. "Google is in the business of providing searchers the best results possible, so their algorithms are all about doing that. Your business should also follow that model. How can your website deliver the best results possible and be a resource for your searchers?" Garcia asked.

The best ways to help generate buzz and visitors to your site are:

Link-Building - Links that come back to your website from quality sources that people trust can help build your reputation with search engines. Make sure your business is found on legitimate sources across the web like Yelp, Google My Business, Bing Profile, Craigslist and Realtor.com, or sponsor a local sports team that will link back to your website. Follow influencers in your industry. Have a LinkedIn profile.

Guest-Posting - The objective is to create a blog which links to your website which someone else will post on their website. Find good writers in your niche and engage with them, follow them, retweet them and reach out to them and ask if you can write a guest post for their site that links back to yours. This creates links back to your website, increases traffic to your site, and legitimizes your ideas.

Press Releases - There are more newsworthy things happening around your business than you realize. By putting out a press release, you’ll get the attention of journalists and others who will want to know more. The more information, quality content, news, and updates you can get online, the better.

Garcia shared a variety of apps, tools, tips, and websites which can help REALTORS(R) learn more about SEO and apply it to their websites. If you would like to learn more, view the entire 5 part series, Mastering Website Advertising or pick up the free eBook, REI Marketing Solutions: How to Market Your Real Estate like the Professionals.


For more tips on how to increase your website traffic, please visit www.iinterceptmedia.com

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Why You Should Never Skip Out on Lead Generation

Why You Should Never Skip Out on Lead Generation

RECBL - Real Estate News

The real estate industry is full of peaks and valleys. For many agents, these peaks and valleys are often reflected in their incomes, making it difficult for them to build profitable, successful businesses.

Almost all agents find themselves facing one or more of the common challenges of the business, which include inconsistent income, difficulty generating high-quality leads, weathering the emotional highs and lows, lack of structure and inability to stand out among the competition.

If you’re stuck in the cycle of peaks and valleys, there’s one thing that can help you break out: having a system. When you have a system to follow, you have the tools and strategies you need to stay focused and on track to build your business. The right system not only helps you earn more; it’ll help you save time and create consistency and predictability in your business. While the market may experience peaks and valleys, your business doesn’t have to.

Target Market Your Database
The most effective way to build your business is to tap into your existing relationships and ask for referrals. Working by referral allows you to target market your database, nurturing your relationships through consistent contact and providing your clients with valuable information and insight, as well as a high-level of service. When you talk to them, listen for a need you can meet and act on it right away. If your client mentions they’re thinking of replacing the roof on their home, connect them with reputable roofers in your network. Or, if they mention they’re thinking of starting a business, give them a book from your favorite business leaders to help them keep their motivation high. These seemingly small gestures have a big impact and help to build your relationship.

A benefit of building your database with people you enjoy working with is it helps you better manage your time and prioritize your day. You won’t waste time dreading an upcoming interaction with a mean or overly-demanding client; instead, you’ll do your proactive lead-generating activities with a smile on your face. Boost the effectiveness of your interactions by tracking your activities and results; that way, you can see where you stand in your business, tap into more opportunities to connect with your clients and fill your pipeline with a steady stream of leads.

Once you’ve developed a relationship with your clients-whether you’re currently working with them or you helped them buy or sell a home a few years ago-ask them for referrals to other great clients like them. Most people will be eager to refer you to their friends, family and co-workers, if asked. Since "birds of a feather flock together," asking your best clients for referrals helps you ensure youll continue to build a database of great people you enjoy working with.

Lead-Generating Habits Necessary to Success
If you want to succeed, be sure to cultivate these habits. They’re imperative to developing a lucrative and predictable business.

1. Commit to two hours of proactive lead generation activities each day. This includes calling your clients to check in, writing personal notes to thank clients for their business or delivering small gifts of appreciation to your client’s homes or offices.

2. Mail an item of value each month to help you reinforce your character and competence as an agent. While these marketing pieces don’t necessarily have to discuss real estate each time, they should cover a topic of interest to your clients, whether they’re current or aspiring homeowners.

3. Always follow up with a phone call after you’ve sent your marketing piece to see how they’re doing and ask if there’s anything you can do to help. This is the best time to listen for a need you can fill, so listen closely.

4. Send a personal note after you speak with your client on the phone to express how much you enjoyed catching up with them.

5. For your best clients, deliver a small gift of appreciation to their home or office to further build the relationship.

Don’t forget to ask for a referral each time you speak with your clients. A gentle reminder will help them remember to refer you when a family member, friend or co-worker mentions they’re thinking of buying or selling a home. If you’re not sure how to ask, we’ve created a resource to help you start the conversation.

For more information, please visit www.buffiniandcompany.com.

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Build Rapport and Convert More Leads

Build Rapport and Convert More Leads

RECBL - Real Estate News

"Know, like and trust" is a three-step process that agents need to master in order to convert more of their own lead database. Most leads start out as strangers who transition into a warm lead and then evolve to someone that "knows" you as their sales person. Getting to the "know" stage is essential in the lead conversion process.

Prospects must know you because, when they do, they’re more likely to like you and refer you to other buyers and sellers.

Trust is also an important part of the equation. When your clients trust you, your advice has greater weight and the sales process goes more smoothly.

There are many ways to build "know, like and trust," and they all begin with building rapport with your leads. Here are 10 tips to start your relationships off right!

1. Make a good first impression. Whether your first meeting is over the phone or in-person, you have to make the best impression possible. Speak with confidence and greet them with a smile. Make sure you present the image of a relatable professional. If you dress too nice, you could ostracize your more casual leads. If you dress too shabby, however, they won’t see you as a pro.

2. Small talk. Don’t dive straight into questions about income, savings and credit score. Break the ice with some safe, comfortable small talk so they can get comfortable with you.

3. Call them by their name. Start using your leads name right away. Not only will this help you remember it; it will also give you a psychological foot in the door. People love hearing their names. Using it can help endear you to your lead.

4. Open-ended questions go a long way. People love to talk about themselves. Let your prospects share information about themselves by asking open-ended questions like, "What’s the most important thing you must have in your house?"

5. Find common ground. Finding out what you have in common can help you bridge the gap between you and your lead. Do they like basketball? Do they enjoy cooking? Have they been to that coffee shop downtown with the really great biscotti?

6. Offer a compliment. Make sure any compliments you give are honest and sincere. Otherwise, they may come across as condescending and damage your relationship with your lead.

7. Model your body language. Observe your lead to determine how loud your body language is. This will help ensure you don't intimidate them.

8. Adjust your tone of voice. People typically like people who are similar to themselves. Try to adjust your pace, volume and tone to be closer to that of your lead.

9. Be genuine. If you don’t like football, don’t pretend you do. If you aren’t feeling bright and bubbly today, don’t force it. Real estate relationships aren’t about acting. Let your leads like you for you. Be yourself.

10. Be empathetic. People buy and sell homes for a variety of reasons. They could be going through a divorce or having a new baby. They may need a larger home to take care of an aging family member. Whatever is going on, there is an innate desire in most people to be understood. Give your leads that understanding by acknowledging their hardships, triumphs, and other driving emotions.

Now that you have the "know, like and trust" process to convert your leads, if you are looking for ways to attract first-time millennial homebuyers, Homes.com can help. With over 13 million monthly visitors, Homes.com can connect you with quality leads in your area by giving you the ability to target consumers during the initial stages of their home search process. Don’t let any more of your local millennial homebuyers slip away to your competitor. Start connecting with them today.

For more information, please visit connect.homes.com.

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Don't Back Down on Lead Generation During the Off-Season

Don't Back Down on Lead Generation During the Off-Season

RECBL - Real Estate News

On the east coast, October is a time of transition, when the days get shorter and the nights get colder. Unless you live and work in the Sun Belt, you’re probably seeing similar shifts in the weather-along with slower real estate markets.

Even though it’s tempting to take a break in October, especially after a hectic summer season, it’s also the perfect time to fine-tune your lead generation efforts and rebuild your pipeline. After all, you want to make sure your firm is positioned as a top-of-mind resource when things pick up again.

Here are five ways to do it:

1. Don’t scale back. This is not the time to trim your budget. Consumers need to see your ads again and again. In fact, the Rule of 7 says that a prospect must see or hear your message at least seven times before they’re prompted to take action. By sticking it out during the slower months, you’ll be more likely to capture buyers and sellers interest later, when they’re closer to taking action.

2. Tag along. In addition to holding the course on your current ads, explore ways to create additional impressions with your prospects by advertising on other online platforms. For example, if you always use Google AdWords, try adding Facebook ads to your campaign. Retargeting ads is another way to travel with prospects as they visit other sites. Google AdWords offers this option, and Facebook recently launched a similar product specifically for real estate brokerages.

3. Tweak your message. Instead of running generic real estate ads, get creative. Consider what will appeal to buyers and sellers, especially during the off-season. This includes holiday themes or focusing on a particular niche market. One caveat: If your ads include graphic design elements (photography, fonts, logos, etc.), its best to maintain some visual consistency to reinforce and build upon your brand image.

4. Test and evaluate results. Not sure your new headline will work better than the old one? Try testing them side by side. Called A/B testing, both Google AdWords and Facebook ads have built-in tools that make it easy to set this up. (Most email marketing platforms let you do the same thing: send an initial distribution testing two subject lines, then complete the mailing using the headline that garnered the higher open rate.)

5. Make adjustments. The best part about testing and evaluating is that it allows for constant refinements and stronger results. Yes, it may be faster and easier to keep doing what works, but that approach eliminates the possibility of discovering new and better advertising tactics. Besides, in a constantly changing marketing landscape, standing still actually translates into falling behind.

Marc D. Gould is vice president, Business Specialties, for NAR and executive director of REBAC. A wholly-owned subsidiary of NAR, The Real Estate Buyers Agent Council (REBAC) is the worlds largest association of real estate professionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyers Representative (ABR(R)) designation to REALTORS(R) who work directly with buyer-clients.

For more information, please visit REBAC.net.

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Real Estate Myths Debunked: Lead Generation Reminders

Real Estate Myths Debunked: Lead Generation Reminders

RECBL - Real Estate News

Lead generation is the key to selling real estate. In today’s digital world, 80 percent of buyers search for homes online which is why agents rely on websites, social media, and email to attract potential buyers.

However, agents can’t rely solely on digital marketing. A good old-fashioned phone call can still go a long way. To understand how to find qualified leads, well debunk three myths that many believe are true:

The identity of the agent is most important.
When a buyer searches a real estate website, they’re most interested in finding a list of homes for sale. While the identity and background information of an agent is valid, it’s not what drives buyers to the site. First and foremost, a real estate website should cater to the buyer by providing a searchable database of homes.

Asking buyers to fill out a short form online is best.
Most real estate sites encourage buyers to fill out short forms to save homes they like, learn more about a specific house, or get in touch with an agent. Many believe longer forms bother buyers and may even cause them to leave the site; however, that’s not the case. Conversion rates stay generally the same whether or not they include a comment section. Giving buyers the chance to ask a question or leave a comment allows agents to personalize their responses and provide better customer service.

Online responses are better than phone calls.
While many buyers conduct research online, that doesn’t mean it replaces a personal touch. Agents should use a balance of online tactics and more traditional communication options, such as a phone call or a face-to-face meeting.

Real estate agents must build relationships, which should be done through a combination of online and traditional communication. For a real estate agent to succeed it’s not about collecting hundreds of potentials, it’s about collecting qualified contacts. You want leads that are serious about buying a home.

If you need assistance finding quality leads, you can reach out to a marketing company to help you establish an online presence that attracts qualified buyers.

For more information and to begin building your online brand, please visit LeadHax.com.

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