Real estate investment is not a game for every player in the industry. You need to have the right personality when it comes to transactions dealing with clients. Let’s explore some of the major personalities and questions you need to answer before investing in a real estate property.
1.Are you a collective person?
Real estate dealings is all about meeting new people every day. You need to extensively deal with realtors, bankers, contractors, and government officials. Sometimes you may come across a difficult negotiator with a shrew personality, but you need to keep your calm and be likeable at the same time. In short, you need possess the quality of being effectively able to deal people with varied personalities.
If you are investing in a property and will become landlord, then you’ll need to interview prospective tenants for things like collecting rent on time, noise complaints and other conflicts, maintenance requests, etc.
2.Are you afraid to fail?
In this sector, if you are afraid to fail, then you surely will. The complex business aspects will make you expect to fail at least in one of them. For example, your entire investment could go disastrous, or you may have difficulty of finding a descent tenant. The point is how you will succeed after that. Quitting, blame game or refusing to take responsibility will not take you far in this field.
3.Do you take initiative?
A career in real estate is not a job of defined timings and restrictions. You are not obliged to get up in the morning and go to work. Due to this, you need to be an initiator and self-motivated.
There is no boss above you who is going to provide regular guidance, so you must look for opportunities yourself. Real estate investing opportunities and a line of tenants are not just going to land in front of you automatically. You will be responsible for all the efforts you have put in making these chances work.
4.Can you handle pressure/critical decision making
As seen, real estate is an ever changing and evolving market. You need to be at the top when it comes to dealing with stressful transactions, be pro-active in decision making, and have the ability to adapt. Consider the following scenario:
Tomorrow is your final home inspection. Your contractor calls you in evening and says there is a terrace leak and there is not enough time to fix the problem before the inspection. In such emergency what would you do?
•Panic out in front of your family?
•Have an intense argument with your contractor till he walks off from the job?
•Leave everything, and take the matter of fixing the leakage problem in your hands?
•Reschedule the inspection?
For a naïve starter, the first two might be the most likely actions, which would do nothing but elevate the problem itself. The issue could be better dealt if choosing the third or fourth action. You can also merge, by driving over to the property while trying to reschedule the inspection. Remember, you are your own boss in hold of finding solutions to the issue or let someone else deal with it.
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