To find success in the real estate industry, you can’t just lean on one property to see you through. You have to expand to acquire more properties to grow your real estate investment portfolio. Every real estate agent needs a portfolio. It serves many purposes, from being a resume for your work to showcasing your personal investment goals and strategies to unveiling your success/fail rate. It can also serve as your personal marketing tool to help you gain funding for future deals. If you’re looking for ways to improve your real estate investment portfolio in 2020, you’ll want to read our tips below.
Have a Clear Objective
It’s always good to have a plan, but you’d be surprised at how many up-and-coming real estate investors don’t have one. Our advice is to create a clear objective for what you want to accomplish as an investor. Ask yourself where you aim to go, map out how you’re going to get there, and what you need to succeed. Set long-term goals like replacing your current day job’s income or retiring after a set benchmark. Be sure to define what exactly constitutes a good investment in your eyes. Having a real estate investment business plan is an excellent accountability tactic, and it will guide your investment path. You don’t want to fall prey to risky deals. And don’t worry about outgrowing your plans. As you continue to hone your investing skills, you can revise and refine your plan to match your progress.
Diversify Your Portfolio
Experts have been shouting this from the rooftops for years, and in 2020 it still rings true. You should diversify your portfolio. The most successful real estate investment portfolios are not only large, but they’re also diverse. We understand that it’s incredibly tempting to put all of your eggs in one basket, but it’s a huge mistake in our eyes. That’s because the housing market is notorious for fluctuating. And should there be a lull in niche properties, you could find yourself out in the cold. Diversifying your portfolio investments like commercial real estate, multi-family properties, and raw land reduces the risk of being at the mercy of the market.
Know the Market
Knowledge undoubtedly equals power, and it’s a smart move when looking for ways to grow your real estate investment portfolio. The housing market is typically dynamic, which means to stay relevant, you have to keep up to date on what’s happening in the real estate market. But you need to have the right knowledge. The best way to stay in the know is to study different aspects of the real estate industry and consult various outlets for the best insights. A few favorite resources to improve your knowledge include real estate blogs and books, magazines, webinars, and online courses.
Hire a Professional Management Team
There aren’t enough hours in a day, and chances are you’re still working a day job while you climb the ladder to success. There will be times when you feel like you’re drowning, but you don’t have to go at it alone. If you’re looking to grow your real estate investment portfolio, we recommend outsourcing some of your processes.
Many investors hire a team of professionals, such as property managers, attorneys, and accountants to handle daily operations. According to Forbes, hiring a property manager allows you to add more properties to your portfolio and invest outside of your local market. Enlisting in the services Call Motivated Sellers provides a way to outsource your process further. Our team of cold calling experts takes on your cold calling efforts, vetting your leads and allowing you to do what you do best — close deals!
Understand Your Budget
Your budget plays a huge factor in how you grow your real estate investment portfolio. It dictates where and what you invest in. Ultimately, it also governs how much of a profit you’ll be garner from these investments. So, before jumping in feet first, consider your options and what they would take to become a reality. If a home is out of your league, then opt for a townhome. These kinds of living structures are popular amongst single families and offer the potential to bring in a steady profit.
Market Your Properties
If your niche is to invest in rental properties, this one’s for you. Every day that your rental sits empty is money lost. We know that it’s not for lack of trying; it’s not an easy task to fill a property. Marketing, especially online marketing, is an excellent place to start growing your real estate investment portfolio. Nowadays, when people are searching for an apartment, they typically begin with an online search. This is where online marketing comes in handy. You can post free listings on sites like Craigslist and Facebook. This is beneficial because posting to sites like these increases your visibility.
Posting to your website gives you a leg-up on competitors who don’t have websites, increases overall engagement, and establishes you as a go-to resource to leads and customers. It’s wise to update your site regularly with blog posts and designs. It’s also beneficial to build a social media presence on favorites like LinkedIn, Twitter, and Facebook, as 70 percent of the world’s population is online. That number doesn’t look like it’s dropping any time soon.
Lastly, your keyword and marketing efforts can be used to take your Search Engine Optimization (SEO) to the next level, boosting your presence on Google result pages.
Call Motivated Sellers
Finding success as a real estate agent doesn’t happen overnight. It’s a steady marathon filled with trial, error, and lots of revisions to your investment plan. As you grow your real estate investment portfolio, let our team at Call Motivated Sellers assist you. Our cold calling services are run by experts, which ensures you’re getting genuine, qualified leads.
If you’re interested in growing your portfolio, contact our team to get started!