Investing in real estate can be a nerve-wracking process that some might feel isn’t for the faint-of-heart — but it doesn’t have to be that way.
With the real estate process involving large amounts of money at stake, it’s understandable why nerves can feel like they’re running high. When it comes to our money, most people are smart to move tactfully, strategically and confidently.
From the countless business lessons I’ve learned, confidence is oftentimes the leading factor between a move being made well or having the entire deal fall apart. A lack of confidence in ourselves, and in our strategies can completely kill success.
The reality is, the investment game is rigged in favour of the player who’s tenacious in his pursuit, knows how to confidently make a decision, and stays self-assured during high-stake moments.
If confidence doesn’t come naturally to you, I have some tips to help you develop more of it. Trust me, by the end of this — you’ll feel that much closer to becoming a natural.
Keep these steps in mind for your next real estate venture and you’ll be cashing in your chips sooner than you think.
Tip #1: Knowledge is power
One of the quickest ways to ease your nerves about buying or selling your home is to do a general analysis of the current market, your personal neighbourhood and get a pulse-check for the home-prices of your competitors.
Whether you want to make a large purchase or have assets to sell, do some research online and find out what's happening in your market.
Are prices going up, down or holding steady? What's the average days on the market in your neighbourhood? What's the average sale price? Are there any future developments you don’t know about that could drastically alter the price of your home?
These are just a few of the questions you need to answer as a realtor or a homebuyer. These are also the questions that a realtor answers for you. If you’re unsure about a process, protocol, terminology, or just how this whole real estate game works, consult a professional who can instruct you on how to move forward successfully.
Tip #2: Practice, practice, practice.
The reality is, you can’t get good at the game if you’re always watching from the sidelines.
The number one rule to building more confidence in real estate happens through taking educated risks and practice, practice, practice.
Put simply: experience builds confidence and you can’t get around that no matter how much research you do.
Take educated risks, always ensure you have access to as much information as possible and then lay your cards on the table.
Tip #3: Hindsight is 20/20
Sometimes it sucks but looking back on your past mistakes can often be your greatest learning lessons.
If you want to get good at making solid real estate investments, you have to be willing to take a look at your past choices, analyze them and look for opportunities of improvement. If missteps happen along the way, they’ll inform your future investment moves and you’ll be better for it in the long-run.
At the end of the day, investing in real estate can have huge gains, help you build an investment portfolio quickly and lead to some seriously lucrative deals.
Regardless of how many tips you read up on, you have to be willing to sit down at the table, put on your poker face and play your cards right.
If you follow these three tips, you’ll be better positioned for success and well on your way to making your real estate deal a profitable one.
Matt Sloan
Sales Representative
Royal LePage Signature Realty Inc., Brokerage
30 Eglinton Ave. W. Suite 200, Mississauga, Ontario, L5R 3E7
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