Step 1: Identify your personal goals.
Ask yourself questions like, “do I want to invest part-time or full-time?”, “am I financially ready to start investing?”, “do I have a support system?”, and “what is my motivation?”. Your answers will help determine your initial strategy and business plan.
Step 2: Research.
This includes making a decision about how your specific exit strategy (whether that be wholesaling, fix and flip, or rental properties), an in-depth analysis of your local market, and a review of your biggest competitors. After studying those external factors, begin to examine the internal factors. This means pinpointing your strengths and weaknesses as well as deciding on how to differentiate yourself from the competition.
Step 3: Craft your business strategy.
After you’ve conducted sufficient research, you should be able to formulate several ideas on exactly what will help your business succeed. If you lack liquid capital, you may consider real estate wholesaling. If your aim is to build wealth over time, buy and hold properties are a smart strategy. Whichever niche you choose should be highlighted in your business plan as well as with resources and tools you plan to leverage.
Step 4: Choose a business name and set up an LLC (Limited liability company).
When picking a name for your new venture, be sure that it is memorable, creative, catchy, and accurately describes your business. You can draw from inspiration, but be sure to do your research in advance. Only after you’ve named your business should you start an LLC. An LLC will protect you and your business from future liabilities as well as reward you with additional tax benefits.
Step 5: Build a website.
A web presence is a must for any business owner, especially those in the real estate world. Why? Because many potential leads will come from online! For this reason, your next action plan is to build a website. Don’t feel overwhelmed! There are plenty of free or low-cost website builders online designed for beginners. Another option is to hire a professional web developer.
Step 6: Establish a marketing strategy.
There’s social media marketing, email marketing, direct mail, bandit signs, and a myriad of other tactics. Each strategy has its own set of pros and cons, so choose wisely. Start by identifying what it is that makes you and your business uniquely valuable. Answering this will help drive your marketing campaigns.
Step 7: Launch your first campaign.
Whether this means sending your first email, buying your first Facebook ad, or creating your first flyer, be sure you are consistent in representing your brand across all marketing channels.
Step 8: Follow up with each and every lead.
The worst thing a real estate business owner can do is launch several marketing campaigns all at once only to ignore the increased stream of incoming leads. Just because a lead may not result in a lucrative opportunity right away doesn’t mean the lead won’t turn into something valuable in the future. When it comes to lead generation, make it your goal to build a genuine relationship with every potential client.
Source youtube: How To Start A Real Estate Business In 8 Simple Steps (FortuneBuliders)
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