As a real estate investor, getting familiar with retail homes is a must. Real estate sales training deals with a lot of retail property since the most basic type of property to sell is a fixed house. Let us first define “retail” property or retail home. A retail home is basically a property that is already completely fixed up and ready to be sold. Retail homes are in top notch condition and what you should learn is what are you suppose to do with it. Since we are talking about real estate sales training, let us talk about selling your retail home.
Here are a few things you want to know when it comes to selling a retail home or any type of property:
Knowing your customers usually, take the least of your time even though you may think this is the most tedious task of the three. Knowing your customers helps you understand the market. Understanding the type of customers you are going for is a complete necessity. Homeowners and investors are different. Homeowners tend to focus on how good the condition of the property is in its current state. An investor likes the challenge of having a broken down or a problematic property for a really good deal because as in the mindset of an investor, buy low sell high.
Once you are aware of your type of customers, learning about the market should not be that hard for you. Buying capacity and property presentation may come into place as you are now trying to find out what the market is looking for and trying to sell to the market what they want. Finding the demand allows you to go straight to being able to supply and that is the point of sales. People make purchases and treat them as solutions. Therefore, look for their questions and give them the answers.
Finding the possible value of a property can be a bit tricky but with the proper research and analysis of the market, you will be able to compute or estimate the possible value of the property. Although most real estate properties appreciate in value, some of them do not. Some of the property appreciate but at a slower rate which really requires your patience should you choose to invest in those types of property. Unlike other markets, real estate is easier to learn as the market is more predictable and thus safer than other markets.
Knowing these can serve as your real estate sales training. Retail properties are properties which you usually want to sell to homeowners since they are already up and running and selling them to investors would usually mean them asking you for a lower price. The current state of a retail property usually matches the customer’s wants and needs which would put homeowners at the top of your client lists.
Training as a real estate investor can be a bit tricky and even so expensive as you are spending thousands of dollars on a certain property. Real estate trainings have been harder to do because of the expensive form of business you as a real estate investor is involved in. This does not mean that it is impossible to train though, as stated in my other articles, there are a lot of different forms of training that do not end up emptying your wallet or leaving you with a huge loss and no lessons learned in the end. The stock market is a form of trading and investing that you may want to practice with. Still, investing is complicated and you might not get the hang of it right away but here are some tips that could help you with your real estate training:
Do not train with the money you do not have. The biggest mistake of some people is that they believe that everything they have is already their capital without leaving anything for security purposes. Leave a certain amount of money for yourself in case emergencies can happen. Furthermore, save up for your training. Invest in knowledge and invest in practice.
- Do not consider your training fund as a business
Some people consider their training platform as a business which is why it devastates them should they lose their training money. You have to be ready to lose your training money because you are investing in KNOWLEDGE. A lot of people want to get it right the first time which is a reason why they put themselves down if they do not get things right the first time. That is perfectly normal. It is actually advised that you experience loss or failure at an early stage to teach you how to deal with them later on.
- Learn from both your gain and your loss
Lessons can be found everywhere and your goal in training is aside from making a profit but learning. Learn from both your success and your failures. Learn to humble yourself and learn from some embarrassing decision-making you might have gone through.
- Apply what you have learned
Do not let what you have learned to go to waste. Some people leave what they learn in training and think that even if it may be a simulation, the real thing is totally different. That is why we have real estate training to make sure that you are used to the system or should we call it, the game.
These are just a few tips you have to remember when you are training, do not feel bad should you fail since that is what training is about. It is not just about learning how to succeed but also how to pick yourself up should you fall down. As a real estate investor, we have to play it wisely and not play it too aggressive that we end up putting ourselves through great risks that could be the downfall of our career.
A lot of people think that there has to be this perfect platform wherein you can train your skills as a real estate investor. If you are still asking where to train real estate, well the answer is simple, you can look at everything as a form of training. Even conversation! Yes, although hard to believe, talking with other real estate investors usually help you improve and also serve as a training for you.
Still, have a hard time picturing out how conversations are where to train real estate?
Well, here’s how:
- Investing in a good conversation
Investing in a good conversation means picking the people who you should converse with. Everyone has something to say but the sad part is that not everything people say are useful. Although it is nice to get to know other people, some people just do not have a positive effect on your growth as a real estate investor.
Gaining someone’s trust is really hard especially when it comes to their money. Do not be nosey and demand their trust. Instead, earn it! Once you know how to make people trust you, you will turn your reputation around! People will want to be friends and be connected to you. This is not just a training but this is also a practice that you should adopt. Do not start with getting them to trust you with their money right away. Instead, get them to trust you as a person.
Establish a plan for your relationship. “I want to be a good friend.” “I want to be a good business partner.” These are two different things and although it is nice to have a good friend who is a good business partner, it is kind of hard to have these two coexist. Yes it is possible and it is also so much beneficial but in the case that it is not, you will have to choose which would you rather pick.
The best investment you can ever make is people. Once people trust you and believe in you, you will reach so much farther than you already are. As a training, learn to value people as well and later on, see how that value reciprocates and affects not just them but also you. Spreading positivity usually results in positivity coming back to you. You reap what you sow and it is better to reap a good dead than a bitter friendship.
Although these are very basic and simple training, they have a huge pull on you and your career as a real estate investor. Being a real estate investor does not just involve buildings, land, and property value but being a real estate investor involves people. Clients, friends, and partners are things that are essential to not just your growth but also your success. So to answer the question “where to train real estate?” The answer is training in conversations.
We have already discussed certain traits to look out for in the best real estate investor trainor but finding those traits were a bit easy. Some people say never judge a book by its cover but then again how do you know if a certain person is worth trusting before you waste your time? Sad as it seems, you must be observant as possible for certain traits that can reveal to you the true identity of any person. As a real estate investor, building conversations and having a lot of friends is always a good thing, but who do you think you should trust?
Here are a few traits you must look out for in a real estate investor:
This is obviously a let down since greedy people want more for themselves thus the one on the other hand of the bargain is always at loss. Be careful going into business with greedy people as they do not usually play fair and just for a few couple of bucks. When finding the best real estate trainor, no matter how good that person is if he is greedy, do not heed his advice. Be careful which advices you listen to because they will end up shaping you.
- Flexible Morals
When some are flexible on their morals, this means you can not really trust them. Someone who so easily changes sides is someone you should watch out for. Doing business with people like this is a bit scary because if things go down, they may find a way to throw you under the bridge to save their own skin. Having a mentor or a trainor who has flexible morals is not really good for you because they will not teach you how to be true to your word and to your morals.
- Not true to their word
What is a man without his word? This question says it all. Being a real estate investor, your word dictates your reputation and your reputation is everything. It is better to watch and keep your word from the start than to change lose it along the way.
- Not genuine
What a genuine person shows you are who they actually are. People who walk the talk are people you should treasure because you have no worries and problems trusting. In the world of business, genuine people are hard to find and when you do, try your best not to let them go because people you can trust are the kind of people you need on your side.
Save yourself from learning from the wrong people and start finding yourself the best real estate trainor. Although you should learn from everyone, this does not mean that you should follow from everyone. As a real estate investor, a trainor and mentor are very important things if you want to succeed in the real estate business. Find yourself a trainor and mentor that you do not just learn from but whom you can also trust.
There are different types of property namely the residential property and the commercial property. Let us talk more about the commercial real estate investment properties. As a real estate investor or as an investor in general, finding out the potential value of a property is a necessity. Weighing the price if it is a good investment is also very important. A lot of people tend to focus on the value of a property now and forget to look out for the potential value when these two should be done together.
Here are certain points wherein they differ:
Let us discuss both the cash flow, tenants, and property value:
Commercial property usually deals with long-term leasing to make sure that a specific tenant can guarantee you a long-term cash-flow. Long-term cash flow is something you want to secure by factoring in the possible appraisal of the property. Deciding on a certain price that is beneficial for both you and your tenant is something which must be done accordingly because even if you own the property, there can still be a possibility that the value of that property will depreciate and that is something you want to watch out for before buying. Finding good tenants is also a must because there are some businesses which can depreciate your commercial building in terms of property value. Pick your clients wisely to save both you and your property from possible depreciation. As a real estate investor, you have to make sure that the contract to leasing your property is beneficial for both you and your tenant.
The maintenance and repairs of your property are usually assigned to the tenants but this depends on your contract. Having a solid and thorough agreement can save you from a whole lot of trouble. Having a thorough contract includes agreements on who is responsible should a fire break loose or should other unforeseeable events happen. This is necessary because if you do not come to terms, you may even have to spend more than you earn on repairs and maintenance. These contracts should also include certain possible circumstances that could disrupt the property value. Commercial real estate investment properties will only work if the owner and the tenant are working in perfect harmony. Establishing a healthy owner to tenant relationship is something you would want to do to make sure your property is in good hands.