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The 8 Traits Of A Successful Real Estate Mogul
Investing in real estate can be risky. It’s been the making or breaking of countless individuals, but some people seem to thrive more than others. What are the common traits that these real estate moguls all shared?
Read on to find out what skills you need become a top notch real estate investor.
8 Skills Real Estate Investors Have
One thing that many real estate king pins have shared, is the confidence to convince others that they are the real deal. This is not only important when talking to clients, but also important when trying to attract investment from wealthy backers.
Donald Trump is the master of convincing both financial institutions and wealthy individuals to back his ventures.
As with making any kind of financial investment, when investing in real estate you only lose out if you sell for less than you’ve bought. This means holding out and selling at the right time, and not being put off by a temporary downturn in the market.
Patience is a virtue in this game, understand that and you will go a long way.
The good sense to know when to cut their losses
Contrary to the last point, sometimes hanging on in there for a good offer is counter productive. Sometimes knowing when to take a step back and make a minor loss is a very useful trait. It’s far better to free up capital and start again, than to lose it all slowly on a bad investment.
In a case like this you should go with your gut feeling, somehow we sub consciously know what is good for us and when we should follow our intuition.
The ability to avoid money pits
Maintaining real estate can often be expensive. The purchase costs are not the final costs.So a building that requires a large amount of money or resources to maintain can drain a fortune fast.
Successful real estate investors usually run a complete check over the investment before committing, make sure there isn’t anything fishy going on that the seller isn’t telling you about that will cost you dearly down the track.
They possess Marketing skills
Youtube is a great new avenue for those who are looking at showcasing their properties for sale. Create a YouTube channel and have it listed on your business card and e-mail signature to keep your clients u to date with the latest properties you have on the market.
The ability to spot trends
As with investing in the stock market, investing in real estate requires the ability to notice changes in trends and act upon them. Look at cities like Las Vegas in the 60s for example. What once was a dusty desert became Sin City almost overnight, and millions of people flooded there for their vacations. Imagine how much profit was made by those who got in on the ground.
This is not a one time thing. Houston Texas is becoming a major tech capital of the world, and money is flooding into the city. There are many opportunities that present themselves for those with the foresight to see them.
A knowledge of what they are signing up for
This doesn’t mean being fluent in legalese, that’s why they employ lawyers to read the contracts on their behalf. It simply means not getting into a bad deal. The ability to sense when they’re being led astray by someone looking to make a quick buck.
Investing in real estate requires a shrewd sense of business, and a healthy distrust of things that are “too good to be true”.
Seeing potential in run down buildings
A talented real estate agent like Barbara Corcoran, will totally disregard the cosmetics of a building, and look at the building in purely financial terms, rather than forming an emotional attachment.
Things like the interior aesthetics, and the grounds around the building can be fixed up very cheaply, as long as there’s no major structural damage, looks do not matter.
Barbara Corcoran grew her real estate company “The Corcoran Group” from $1,000 to $8 Billion over the years using her smart and persuasive real estate techniques. Here is a video by Barbara Corcoran on how she made it BIG in the Real Estate market:
(Video) Barbara Corcoran’s Lessons On Real Estate Investment
Barbara Corcoran’s current Net Worth is $66 Million
Article By Joel Brown | Addicted2Success.com