Real Estate Success Tips
The new year has arrived, and with it comes the chance to evaluate your goals for the future. Your real estate dreams might seem out of reach, but with a little planning and assistance, you can set yourself up for success in 2020.
How can you use the turning of the year to your advantage? Sit down and make a plan for how you’ll make real estate work for you this year. Four simple steps can lead you to success.
Step 1: Dream Big
We’ve all heard the criteria for SMART goals: specific, measurable, achievable, relevant, and time-bound. But when you start to consider your real estate goals, it can help to dream big.
What would your ideal life look like if your real estate dreams came true? A million-plus modern home in the city? A sprawling mountain cabin? A home to raise your children? A comfortable nest to live out retirement?
Put as much detail into your dream as you can. Write a description of your dream property, or visualize it in your mind’s eye.
You may find, as you consider your real estate options, that your goals are more about your life than about a property. That’s the heart of real estate—it allows people to live their best lives. Once you have an ideal vision, you can return to it again and again during the course of your real estate journey. It can inspire you during tough times, and help you make decisions during complicated moments.
Many people see real estate as a financial industry, but it’s also an emotional one. Being true to your vision and values can help guide you on your real estate journey.
Step 2: Be Realistic
Dreams are great for inspiring and guiding you, but being realistic about your resources and abilities is critical.
Start by making sure your financial affairs are in order. Make a list of your assets, including intangible assets such as free time, family support, or flexible work hours.
Make a list of all your debts and see how solvent you are. Include “intangible” debts–weaknesses that could hinder your real estate goals. For example, if you hate the idea of renting out space in your house, or you feel unqualified to be a landlord, make a note. This will help you determine the best options for investing in real estate.
Finally, decide how much of your assets you can afford to invest in your real estate dreams. Other decision-makers in your family, such as your spouse, will have to weigh in. At the end of this step, you should have a list of assets, a list of debts, and an idea of how much time and money you can invest.
Step 3: Call The Pros
A licensed, experienced real estate professional will be your greatest asset. When you look for a real estate Agent to add to your team, you’re looking for more than knowledge. You want someone who understands your specific market, who has the time and acumen to support you, and who has a good personality that jives with yours.
A real estate professional can do more than handle buying and selling for you. They can advise you on elements specific to your real estate market, such as bylaws, rental standards, and zoning issues. They can help you clarify your goals and plan the best way to reach them. They can show you new properties the moment they come on the market, or help you divest a vacation property.
At View Canmore Homes, we have over a decade of experience in Canmore, Banff, and surrounding area. Our expertise may be what you need to realize your real estate goals. Give us a call at 403-775-6950 and we’ll be happy to set up a free consultation to discuss your dreams
Step 4: Make A Plan
By now, you should have a clear idea of what you want to accomplish and what assets you have to get you there. With your real estate professional guiding you, you can make a plan on how to reach your goal.
You’ll find many different ways to achieve your real estate dream. Consider these possibilities:
Rental Income. In today’s mobile, gig economy world, reliable rentals are a strong market. You can go as small as renting out a room in your house, or as large as maintaining multiple rental properties. Be cognizant of the bylaws in your area, and learn as much as you can about what it means to manage a rental property.
Real Estate Renovation (Flipping). This was all the rage a decade ago, and now flipping is making a comeback. Flipping involves buying a low-value property and renovating it before selling at a markup. For DIY-ers with considerable skill, this can be a way to gain real estate capital.
Invest in Real Estate Funds. There are many ways to invest in real estate without buying property. Talk to your financial advisor and real estate professional about investing in an ETF (exchange traded fund) or REIT (real estate investment trust) to build capital.
Vacation Income. Similar to rental income, this strategy focuses on short-term rentals in a desirable destination. In beautiful vacation spots, including Canmore and Banff, vacation rentals can be smart way to start investing.
Step 5: Stay Committed
Real estate investment is a lifetime journey. Your goals and dreams may change over time. Revisit step one periodically. As your life and circumstances change, you may find your real estate goals changing as well.
As with any endeavour, your path to your dream will experience ups and downs. Ensure you have a strong support network of friends, family, and real estate pros at your side. Support each other through the hard times, and you can celebrate together as you reach milestones.
Let the new year inspire you to commit to your real estate goals, and start on an exciting and fulfilling path!