How to Expand Your Real Estate Career

For those people who have already ventured into the world of real estate investing, they know it’s a never-changing, dynamic industry with plenty of room for growth. Regardless of your investment portfolio or your position as a landlord or agent, there is always room for expansion.

Self-evaluation is an important first step in any life journey. Be as honest as possible when assessing both your strengths and weaknesses. That way, you can focus on where you need to improve, especially in a business that requires extensive socializing.

A lot of the real estate game is marketing and first impressions. Appearance is very important and people need to feel confident in doing business with you. If you are not comfortable handling your own public relations, consider hiring a third-party reputation management team. In addition to paid marketing campaigns, be sure to request reviews from happy clients to help spread word of mouth.

The more responsibilities we take on, the more necessary it becomes to have a handle on time management. There are many free project trackers you can use such as Trello that can break down large projects into smaller, more manageable to-do lists. It also has the ability to collaborate with a team.

Another important thing to keep an eye on is moderation. It’s ok to be ambitious, but there are only so many hours in a day. At some point, the demand on your time, money, mental health, and resources will exceed your ability to operate at maximum efficiency. There have been numerous studies performed about achieving a life/workflow balance. Delegation is not something that should be perceived as a weakness – there is nothing wrong with asking for support.

The real estate industry is a dynamic landscape that is constantly changing. Neighborhoods appear and fall off the lists of most coveted places to live, and home prices rise and fall based on subjective happenstance. For anyone to succeed in the business, it’s imperative to always know your demographic and be sure to cater to the right audience. For example, millennials dominate first-time homebuyers with 38% of the market and they tend to use younger-based social media such as Instagram. By focusing all of your advertising on sites like Facebook, you risk alienating a huge potential group of home seekers.

This article was originally published on https://jasoncohenpittsburgh.org/

The Pros and Cons of Multi-Family Rentals

Multifamily rentals are a type of housing, defined as units within a single structure meant to accommodate more than one household. Apartment buildings and duplexes are just two examples of multifamily rentals. If you are interested in purchasing property suited for this type of real estate, it’s important to weigh all of the pros and cons surrounding this decision.

Pros

There is more money to be made from multiple tenants. If you decide, once you’ve examined all the caveats and expenses, that it will be more profitable and satisfying in the end for you to pursue this type of real estate venture, then the rental income will be considerably more substantial than a single property. Another advantage of a multifamily rental is the simplicity when it comes to mortgage loans. It is much less paperwork and hassle to structure a bank loan when you have fewer properties to discuss. Likewise, with insurance, there is only one policy to worry about.

The pricing methodology is also completely different than single-family homes. They are often subjective and can change according to neighborhood value. Comparable home sales in the vicinity hold a lot of weight. By contrast, apartment buildings are seen as a long-term investment based on their income-generating potential.

Another advantage of having multiple units is the less likelihood of vacancy. Having more units to fill means a more consistent chance of getting monthly income from tenants. In addition, most people seeking entry into the real estate investment world are looking at single-family units. This means that you will face less competition when searching for the desired property.

Cons

There are, of course, negatives when it comes to multi-family investment deals. Initial investments into this type of real estate will require significantly more cash up-front to gain a foothold. In addition to money, your time will also be taken up. As a landlord, you will have many responsibilities regarding property management, maintenance issues, and rent collection. The more units you own, the more of a demand there will be on your time. If you are not prepared to commit to a full-time lifestyle change, it might be wise to either reconsider your decision or to hire a property management company. Third-party property management firms will cost you money, but also relieve you of a lot of day-to-day stress.

This article was originally published on https://jasoncohenpittsburgh.org/

Top Podcasts for Real Estate Agents

The word podcast is a blend of the words iPod and broadcast. It refers to a digital audio file that is released in a series format and can be downloaded to any electronic device. People often subscribe to numerous genres at once, and there is a reason that podcasts have become so popular over the past few years. The idea of being able to play them anywhere means you can essentially bring an expert along with you no matter where you are, such as combining a daily workout with gardening tips, or driving long distances while learning investment strategies. For people in the world of real estate, there are many options to choose from when it comes to staying at the top of their game.

Real Estate Today is for buyers and sellers who want to stay informed about the latest changes within the industry. It is a fast-paced show with many expert interviews and call-ins, as well as market predictions and field reports.

YES Talk is hosted by Kevin Ward, the author of The Book of YES: The Ultimate Real Estate Agent Conversation Guide. He has made it his mission to help others in the real estate field become as financially independent as he is. In addition to his podcast, he also has a very popular YouTube channel that offers advice and tips on making your mark in the industry.

One thing that has become very apparent is that there is an audience for everything. For every specific genre, there is an equally eager demographic. For people looking to be inspired, there are inspirational coaching podcasts aimed at real estate agents, both newcomers and ones looking to expand their portfolios. With a primary focus on portfolio diversity, this husband and wife team, Tim and Julie Harris have been helping guide real estate agents for over 20 years.

There is no shortage of flashy real estate moguls who love to tell origin stories, but for those looking for humility and mentorship, there are podcasts for them as well. Keeping it Real features insightful interviews that provide genuine tips on how to not repeat mistakes made by people in the industry.

This article was originally published on https://jasoncohenpittsburgh.org/

Home-Buying Tips for Millennials

The largest demographic for purchasing a first home lies between the ages of 22 and 38, also known as Millennials. They comprise 38 percent of the first-time home-buying population. They are also different than older generations in that they have different wish lists and priorities and approaches when it comes to choosing and narrowing down their first home.

The first thing is to examine finances to confirm you are, in fact, ready to become a homeowner as opposed to a renter. You should definitely check your credit score and clean up any issues before approaching any financial institution about a loan. Take stock of all your income and expenditures. Do you have enough remaining to pay for a mortgage? Calculate the potential down payment you will be required to make. Keep in mind you will also have innumerable unforeseen maintenance and repair issues when it comes to homeownership. You will also need insurance, money for closing costs, and a moving budget, in addition to other expenses. Make sure you fully do your due diligence before beginning down the path of buying your first home.

Working with an agent might cost you more money, but they are a good buffer when it comes to negotiating deals and making offers. Make sure you check online reviews about agents in your area and be honest about your must-haves vs your wants so they can do the best search they can.

Millennials are being subjected to online media and television on a constant basis, and a lot of content shown is created by influencers trying to sell a product, image, or lifestyle. There are countless DIY and dream home and garden blogs and shows that they want to emulate, they tend to approach a first-time home buying experience with delusions of grandeur and visions of beauty and/or technological features that are not really practical. Often, these lists start big, then start getting smaller as they begin picking and choosing their most sought-after priorities until they eventually narrow down their choices to something more feasible. Anyone with buyer’s remorse will tell you that It is dangerous to fall in love with something that is outside of your price range. For this reason, the number one tip is to not look at a property with your heart but to look with your head. While it is true that you need to love where you live, it can be very easy to see a home through the tinted lenses of adoration while ignoring red flags like budgetary limits.

This article was originally published on https://jasoncohenpittsburgh.net/