I don’t mind if you agree with me or not but good deals are created and not found. With more and more people jumping into the real estate business, your profits will largely depend on your capability to get better deals and even create some by making use of different strategies.
Below are some of the points, supported by industry leaders like Matthew Sawyer Hamden, which can help you, find or even create better deals.
- GENERATE AS MANY LEADS AS POSSIBLE
Let’s get real; you are not going to get good deals very quickly. It may look a bit intimidating but is not. If you can understand the importance of proper networking by meeting a lot of people daily, then getting good deals must not be intimidating for you. Like any other business, real estate business also depends on numbers. Not every client you are going to meet will turn into a good deal but you should not give up. The more you will put in finding your potential clients, the better are your chances of finding or creating better deals. You can relate this to the 20-80 rule. According to this rule, “if you have met or have made 100 lead generations then only 20 will turn into great deals”, says Matthew.
- TIMING DO MATTERS
While making your deals you should be aware of the timing because good deals do happen at the right time. It is not like you should wait for the ideal time, it is just to realize and look for the right opportunity. In the property business, you either have to be the first or the last to buy. The idea behind buying first lies in the fact that most people are in a hurry to sell things, and the more people they meet, the more they are likely to revise their prices. If you are the first person to meet a seller then you can bring down the prices as they must have not met other clients. Having said that, you should also not come across as a person who is too desperate to buy anything at any cost but you should not procrastinate either. The bottom line is to know the market trends and buy accordingly.
- SAVE MONEY ON RENOVATION
In real estate, you can only make huge profits unless you could buy at lower prices. Hence, you should be focused on buying cheap rather than selling high. It is very likely to find houses which need a little renovation and this is where you can save your money. Simply by taking the responsibility for the renovation of the building in your own hands, you can save some extra bucks. In many cases, it is usually the sellers, who renovate the building before selling off. The biggest disadvantage of allowing them to renovate lies in the fact that most of them charge heavily, which anyway will come right out of your pocket only. Moreover, it is you who have to sell it further so renovation should be done by you after understanding market trends.
CONCLUSION: With more and more people getting into the real estate business, it is a little difficult to find better deals. Like any other business, your profit in it will hugely depend on your capability to find better deals. Some of the points like generating leads and meeting as many people as possible, knowing market trends and saving money on a renovation can help you make better deals and the same has been supported by noted industry leaders like Hamden.
