Real estate: Before you buy a property
Before now, the lack of coordinated real data bedevils real estate in some developing countries. I imagine that previous generations figured out how to make a profit from real estate through trial and error. Luck shone on some people. Many others have not been lucky to have the desired wealth that investing in real estate can offer.
In recent times, there is more access to pieces of information. Thanks to the internet and the democratization of data. You can now find real estate investing information and data on the internet. You can also find general opportunities. Although these pieces of information are at best considered as real estate investment introductory information. They are not usually detailed and sufficient for successful real estate investing. They necessarily do not mirror or address your peculiar need for real estate investment.
As the saying goes if you want to go fast, go alone but if you want to go far, go together. There are some real estate transactions and investment goals that defy self-help. The success of such investments defies applying random and generalized information. There is a need to engage sound professionals starting with a coach. The quality of this team determines to a very great extent the success of the goal that you set out to achieve with your investment in real estate.
Think of real estate investing as a standard game of soccer. The game itself has rules and has a standard team formation. The team members understand the rules of the game. The team play a specific type of round leather ball on a standard pitch against another team. Each member of the team understands the assignment; to score as many goals as possible against the opposing team without flouting the rules of the game.
The chances of your team scoring as many goals as possible against the opponent are dependent on the quality of the members. The coach’s dexterity, the player’s knowledge cum application of the rules and body fitness are major qualities.
So imagine that you have a real estate investment goal that you desire to achieve and you have decided to buy a piece of real estate. And since you want to win big with this investment, it is only okay for you to ask yourself a few questions before buying;
1. How knowledgeable are you about how real estate works and how a particular piece of property helps you score your goal?
If you find that you do not have enough knowledge, you could attend specialized master’s classes, hire a coach, attend a school, or read books. While being a knowledgeable and informed individual, you can’t play an exciting standard soccer game all by yourself. In a game that you aim to win with applause, you will need a standard team formation.
2. Who are the professionals you should engage to play with you as a team to win the game?
In order words, who will be on your team to buy the best-fit property at moderate cost and achieve your goal? Remember, you cannot desire to win big at a standard soccer game and you do not have a sound team that is also prepared to win with you.
In an ideal situation, a real estate investment coach is the first professional to enlist. A coach listens to your goal and can advise according to your peculiarity. The process with a coach makes your investment journey effective. A coach also knows and can list the next set of professionals that you will need on your team.
3. What will be your selection criteria?
Selecting professionals to work with you on a real estate investment goal is very critical. It can also be a very tasking thing to do. People make selections based on popularity, visibility, referral, confidentiality, expertise, reviews, brand projection and so on. You want quality deliverables hence you want to select quality people without sentiments. Also, bear in mind that remuneration or fees also has to be quality.
You can cut off this whole process by settling for a normal or popular property. But will that property help you win in the end? In the immediate, it may look as if you would be saving costs if you walk alone. In the end, would you have saved costs?