One of the pleasures I gain from being a professional real estate agent is the unique opportunity to serve as an information resource in my field of work. Staying on top of the latest trends and movements in the market allow me to share valuable insight to buyers, sellers, onlookers and would be investors. So, today's article is written for all of the individuals considering making an investment in real estate, but find themselves gripped with the uncertainty of such a decision. It's time to tackle the FEAR of real estate investing!
First, I commend you for desiring to take the plunge into the world of property investments, and I believe you too will enjoy the many benefits offered. As with any investment there are no "sure-fire" return mechanisms, but there are various real estate investment strategies that each would be investor can take into account. I will not be reviewing those strategies in this article, but rather, I would like to discuss the most common fears associated with investing in the real estate market.
The possibility of loss is a basic age old philosophy that must be recognized in every legitimate investment opportunity, and the world of real estate is no different. I realize there are many books and motivational speakers on the market that would attempt to convince you otherwise. The reality is simply this: all investments carry a degree of risk, and you must make your investment decisions knowing there is a chance that your investment may not pay off. I do not say this to add more fear to your process. On the other hand, my hope is that you will make your investment choices with full confidence and a realistic picture of what could happen in the best or worse case scenario. You must set your personal risk threshold as a first step in the real estate investing process. Properly dealing with the fear of loss is a real key that will unlock your investment horizon.
On that note, let's deal with the fear of the unknown. The market is constantly changing and real estate investing has many moving pieces. Price, location, maintenance, ordinances, and demand are just some of the factors that must be considered prior to making a purchase. Although, there is no way to answer every question for every possible scenario, I do highly recommend aligning yourself with a proven real estate professional in your area. A real estate agent will help put to rest many of the fears of the unknown because they will be able to shine a light on certain variables to improve your purchase confidence. A thorough market analysis is a must-have before making your investment. This will give you valuable information concerning market value and trends to help set your purchase price. Unlike online sites available to the public, real estate agents have access to more detailed and often more accurate information. As an investor, having the ability to access and review the market analysis from a real estate pro is a vital building tool to help create a sound investment strategy. This will certainly help defeat the "fear of the unknown".
Be watchful of the parlysis of analysis syndrone that many first time investors suffer. The desire to make the right choice can often times inhibit your ability to make a decision in a timely manner. Be diligent in your information gathering, but be courageous when it's time to use the information to make the desired purchase. The fact is that sometimes mistakes are made and this is especially true in real estate investing, but the rewards can far outweigh the possible mistakes if you have done proper due diligence and are willing to take a step forward. Do not be distracted by the hecklers that will try to make you feel unreasonable for doing your homework. Proper analysis is a key to success in the buisness, so do not be afraid to use the information to go forward in your investment opportunity.
Lastly, be mindful of procrastination by setting goals and monitoring your progress. Putting off for tomorrow what you should do today will arrest even the finest thinkers, planners, and go-getters if you are not aware of the cunning nature of this trait. Set reasonable goals documenting what you would like to accomplish each week, month and year as a real estate investor. Then track your progress based on the metrics you set and hold yourself accountable. Putting your plans under review with a trusted ally, business partner or mentor is another good step to implement. The latest real estate course, book on investing or infomercial guru can only take you so far in the investing process, so don't let procrastination derail your dream altogether!
Good luck with your future investment plans and feel free to contact me if you want more information concerning your next real estate investment! Email: firstname.lastname@example.org
Remember, the best is yet to come!!!