Habits of Successful Real Estate Investors

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There are characteristics that help to make someone successful in real estate investing, including intuition, organization, and tenacity. It is important to develop relationships with people who will be a part of your real estate investing journey. By developing habits that complement this type of venture, you will grow your ability to be successful.

  1. Plan Your Strategy

When you invest in real estate, you need a business plan. What is your strategy and how will you accomplish your goals? You need a plan so that you will stay focused.

  1. Learn As Much As You Can

Knowledge is the key to success. You need to learn everything you can about your market, the current trends, and real estate values. This will help you stay on top of your goals. In addition, you need to stay on top of the business side of real estate. Stay informed about current laws, taxes, and any changes that take place.

  1. Be Realistic About the Risk Factors

All investments carry risks and real estate is no different. You need to be realistic about the risks and calculate where you stand. Determine what you can do to minimize your risk factors. Use your understanding of the risks to develop a sound business plan.

  1. Develop Strong Business Relationships

You need other people in order to succeed in real estate investing. You should have a reliable accountant who understands the tax laws and knows how to make sure that your books are accurate and up to date. Lawyers can offer expert advice on the ever-evolving laws surrounding real estate. In addition, you should attend meetups and get to know other investors so that you can exchange ideas and information.

  1. Specialize

Instead of dabbling in many different types of real estate investments, choose one area and specialize in it. You can master this area before branching out to another. Your success rate will be higher if you focus on one area.

  1. Have Integrity

Your reputation can make or break your business. Be honest with people and encourage referrals. Have respect for other professionals in your field. By building a good reputation, you will grow your business.

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The Importance of Authentic Leadership

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The world needs more authentic leaders who are willing to help guide others toward necessary goals. If you want to develop into an authentic leader, then you need to make sure that you’re approaching leadership roles with the right mindset. Leaders such as this are needed greatly in many areas of the business world. Keep reading to examine more about the importance of authentic leadership and how it can be achieved.

Bettering Yourself

Those who want to become authentic leaders need to focus on bettering themselves. As a leader, it’s important to understand that the quest for knowledge never ends. You keep learning and you keep trying to become a better leader each day. Even after many years of being in a leadership role, it’s still important to keep trying to grow so that you can effectively lead others.

Being Self-Aware

Authentic leaders are very self-aware and they understand how to best utilize their skills. You should be able to assess your strengths and weaknesses. You’ll be able to perform better by being able to honestly assess yourself and how you’re perceived by others. It can be useful when you’re trying to improve in various areas as well.

Discipline

Discipline is another area to focus on when you’re trying to develop into an authentic leader. Authentic leaders are very disciplined and they’re ready to put in the hard work each day. It isn’t always easy to be a leader but you have to be disciplined enough to continue to move forward even when facing tumultuous times. Your discipline ensures that you won’t crumble when facing tough situations and it also keeps you focused on important goals.

Being Goal-Driven

Being goal-driven is something that all authentic leaders have in common. You should have clear goals in mind and you should be able to take steps to achieve those goals. Having a sense of purpose will help to guide your decisions and this can also be passed down to the team that you’re leading.

Ability to Inspire Others

Finally, an authentic leader needs to be able to inspire others to do good work. You need to be able to lead by example so that your team will follow suit. They will be able to grow under your leadership if you’re willing to put in the effort. Your leadership can inspire when you have passion and dedication toward a cause or goal.

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How to Build an Efficient Workplace

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Learning how to build the most efficient workplace involves examining how you’re approaching your leadership role. You can improve your business and how your team interacts with each other. This could lead to a better business that is more capable of meeting the needs of your customers. Read on to learn how to build an efficient workplace reliably.

Develop Your Leadership Style

You want to work on developing your leadership style so that you can guide the team down the right path. Some leaders try to micromanage employees too much and this winds up creating situations where employees never improve. If you can be a good leader who watches out for the team while trusting in them to do their best, then you’ll be much more efficient. Try to be an approachable leader who is ready to help and is always ready to communicate.

Learn About Your Team

Learn about your team so that you can use them effectively. Each team member is likely to have certain strengths and weaknesses. When you know the team well enough, it’s going to become easier to help them develop in their roles. Give your team tasks that are well suited to each individual and also take the time to help them grow to become more well-rounded employees.

Delegate Properly

Delegating properly can make the workplace substantially more efficient. You cannot handle every little thing that pops up and you need to count on your employees to share the workload. Understanding the skills that your team possesses will make it simpler to delegate tasks. Use your team wisely and you should be able to keep your company running as if it is a well-oiled machine.

Create Goals and Milestones

Creating goals and milestones will give everyone in the company things to work toward. These could be simple sales goals or they could be milestones relating to making progress on certain projects. It can be motivating for people to have real goals to strive toward. You’ll also be able to keep tabs on the progress without having to gaze over your employees’ shoulders every few minutes.

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How to Prepare to Sell a Real Estate Investment

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When you invest in real estate, you should always have an exit strategy. No matter how many times the exit strategy changes, it is an important part of the process to ensure that the investment stays viable. Once you are ready to sell your property, there are steps you should take to make sure that it is prepared for the sale.

Make Sure That the Property Is in Marketable Condition

The curb appeal of your property is the key to getting potential buyers in to door to see it. You don’t need to invest a fortune in the appearance but you can take steps to clean up the landscaping and install strategically placed exterior lights. Make sure that you take care of any obvious flaws; you should touch up the paint, repair any damage to the flooring, and keep the property clutter-free.

Do Not Make Capital Expenditures

The benefits of capital expenditures such as roof replacements or major appliance purchases are more of a long-term benefit. You should not begin those kinds of projects once you have decided to sell your property. Only do the work that needs to be done to sell the property.

Make Sure That Paperwork Is in Order

Once you sell your property, it needs to be up to code with the appropriate certificates of compliance. Make sure that there are no outstanding contracts as any of these items can hold up a sale. If you aren’t up to code or have any violations, you will have to fix it before the sale can go through so it makes sense to take care of this before you start to sell.

Be Transparent with Employees

You should let any contractors or employees who do regular work for you know before you place the property on the market. It helps to maintain a good relationship. You can offer to recommend their services to the new owner. Maintaining a good relationship will ensure that they don’t interfere in the sale.

Make a Plan for Taxes

Make a plan with a professional who can advise you on taxes. There are ways to offset a tax penalty from your real estate sale and you need to know your options and make a plan ahead of time.

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Setting Goals for Real Estate Investment Success

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Goals are the key to success in real estate investment. You need to know your goals so that you can set a plan in motion to achieve them. Without goals, you can get lost and lose focus. Using a goal-based strategy will lead to a successful outcome.

Outline Your Goals

Your goal is the key to your success. It’s a known fact that people are more focused and work harder when they know what they are trying to achieve. Don’t limit yourself. How much money do you want to make each month? Is your goal to make income or is it to build your overall wealth? You need to answer these questions so that your plan will come into focus.

People often make the mistake of underestimating what they really want. It is beneficial to set your goal higher than what you need and if you meet that goal, raise it again. Successful investors reach for the stars and they keep raising the bar to see how far they can go. Determine exactly what you want to get out of this journey with specific yet realistic goals.

Determine What Properties Will Help You Achieve Your Goals

Once you know your goals, you need to determine how to get there. There are many different options for real estate investing and the one that is best for you will be based on your specific goals. For example, if your goal is to generate monthly income, you will look at income-producing properties to get you there. If your goal is long-term growth of wealth, you might look at investments that you turn over for a profit.

There are many factors to consider in real estate investing from the type of properties to the number of properties to the specific details about properties including square footage, neighborhoods, and floor plans. You will have an easier time meeting your goals if you know how you plan to invest to make it happen.

Build Contacts

You need to meet and learn from as many people as possible to reach your goals. From investors to realtors to contractors, these people have valuable advice to offer based on their own successes, failures, and experiences. Build your contact list and learn as much as you can.

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Customer Experience Strategies for Small Businesses

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You need to make sure that you’re paying attention to the overall customer experience. Customer experience (CX) is often going to play the most important role in how your customers see your business. Having a solid CX strategy will put your business in a better position. Take a look at the following strategies that are worth considering.

Improving CX with Online Content

Online content can be used to improve your CX. Many customers look things up online before they decide to make purchases. If you have content on your website that will be useful to your customers, then you can improve the way that your customers view your business. Try to make your website more useful by providing customers with informative content that will also be very engaging.

Connect with Customers on an Emotional Level

Connecting with customers on an emotional level will be helpful as well. Personalizing your interactions with customers can help to give a human touch that will make things real. This is easier for small businesses to pull off than it is for larger companies. A personalized email or a special thank-you note to a customer can help to turn him or her into a loyal customer who will do business with you for a long time.

Use Analysis Tools

Using analysis tools will help you to learn more about what customers want. If you want to provide the best CX possible, then you need to use data to your advantage. You can tailor your experience online and in your physical storefronts to meet the needs of your customers. It can also be helpful to get direct feedback from customers via surveys or social media responses.

Let Customers Send You Ideas

Some small businesses have found success by involving customers in the CX process. Letting customers send you ideas for how you could improve or certain types of products that would be interesting could be a good idea. Customers who feel involved with your business will be substantially more engaged. Depending on what type of business you’re running, this idea will either be practical or impossible.

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How to Identify a Viable Investing Market

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Most real estate investors want to make investments that will maximize their return and provide tax advantages without a lot of risk. One of the best ways to achieve this goal is by investing in income-generating properties.

Benefits of Properties That Generate Income

When you purchase a property that is already generating an income, you have a built-in safety net. You are spending money on the investment but you can start earning money right away. This makes it a much safer investment than those where you have to wait until the sale to see a return.

You can research the property to see how well it has done before you invest so you will know how stable the return is. This makes it a low-risk investment if you do your research.

In addition, these properties come with tax benefits that provide deductions for depreciation, repairs, and interest payments. You can also receive a deduction of 20 percent on income, thanks to the Tax Cuts and Jobs Act of 2017. With the built-in income, the low risk, and the tax benefits, these properties are great investments for many people.

Property Value and Property Class

No matter which property class you choose to invest in, the benefits remain the same. It is best to stay with the type of property that you have experience in whether that is commercial, single-family homes, or an apartment building. The risk factors vary between property classes but the benefits remain the same.

There are several ways to determine property value with this type of investment. One type is the fair market value, which is based on capitalizing the net operating income. This gives the investor control over what the property is worth because it can change by cutting expenses, making improvements, raising rent, or any number of other factors.

Location

Location is always a key factor in determining how well your income-producing property will do. A market that is experiencing growth will be a better investment than one that is stagnant or has falling prices. Always choose properties in a growth market.

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How to Get Started with Email Marketing

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It is hardly a hot take or the toast of the marketing industry to suggest that email campaigns can be used to get the message out about your company. They have been used for that purpose for decades now. With the rise of social media, email campaigns have been overshadowed of late but they nevertheless remain a critical tool for keeping customers informed and engaged.

While they may be old techniques, these tips for increasing engagement via email campaigns remain as effective as ever.

Calls to Action

First and foremost, it is vital that most general emails and especially those sent out to highlight a specific target audience contain calls to action. While a conversational tone may be useful for establishing a rapport with a base, unless they are actually moved to do something, the emails will be in vain.

Calls to action should be clear and succinct, in the subject line or opening lines of the email, and compelling without coming across as too “demanding” or “pushy.”

Keep and Collect Data

Simply shooting out emails into the void is an inefficient way of running email campaigns. Rather, they should be targeted with generalized emails reaching a mass audience and more particularized messages being sent to those who have engaged before. The latter group’s track record may suggest that they are more likely to engage again or else may be interested in new products that are similar to ones they have previously purchased. In order to make such calculations, however, it is vital to keep and collect data on past engagement.

Change up the Messaging

Simply sending out the same old emails time and again is a fast way to get them deleted or labeled as spam and filtered out by recipients. Instead, it is vital that email messages remain fresh. Calls to action and the body of the text should be changed regularly. In addition, new images, products, services, and events should be regularly worked into the messages.

While they may be old, these classic tips for improving email engagement are as important and effective as ever.

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Financial Mistakes That Solopreneurs Make When Starting Out

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Taking the jump and going into business for yourself can be exciting but there are also risks involved. You want to be able to do your best to avoid financial mistakes so that you can have the best shot at success. Take a look at the following common financial mistakes that solopreneurs make when starting out. Having knowledge of the mistakes ahead of time might help you to avoid various pitfalls.

Not Keeping Track of Expenses Properly

If you aren’t keeping track of your expenses properly, then you could get yourself into some real trouble. Having no clue where your money is going each month will put you in a bad position. You need to have the data in front of you to help inform your decisions. It might seem to be a pain but it’s definitely a good idea to track your expenses meticulously.

Not Setting up an Invoicing System

You need to have a system for receiving payments in place for your business. If you don’t have a good invoicing system, then you might not be getting paid on time. This could lead to issues where you might not have enough money to keep financing your operations. Establish a plan for how you’re going to get paid and then create an invoicing system that works for you.

Taking on Unnecessary Costs

Taking on unnecessary costs could put you in a bad position as well. For example, you could decide to rent out an office space where you can work. If you can reliably work from home, then you would be better off and you’d avoid wasting money on an unnecessary monthly expense. Consider what you’re spending your money on and only make purchases that are necessary for your business success.

Not Making Personal Changes

You’re likely going to have to make personal changes to adjust to the challenges of being a solopreneur. You won’t be receiving a steady paycheck any longer and it’s going to mean less money coming in at first. Your business might become a huge success down the line but failing to make personal changes to your spending habits could put you in a tough spot. Be mindful of your personal spending and try to save as much as possible to weather the difficult days of getting your business up and running.

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Common Real Estate Investing Mistakes

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Whether you are purchasing a home to live in or trying to earn extra money, real estate is an investment. It has the potential to increase in value but you have to be smart in how you approach it. You need to learn about the market and understand where your property’s value lies. The key to this is planning and educating yourself.

Procrastination and a Lack of Planning

One mistake that many people make is not taking action. Many people focus on what might go wrong instead of figuring out how to make it go right. If you don’t take the initial step of buying a property, nothing else will matter because the opportunities will not exist.

For those who are ready to jump in, not planning can be the culprit. While it is necessary to take action to become a real estate investor, don’t go into it blind. Learn as much as you can about real estate investing and make a plan that includes your goals, how you will finance it, and what kind of investor you want to be.

Relying on Emotion

In any business, you need to take the emotion out of it and use planning and logic. Often, people enter real estate blindly trusting everyone. You need to work with people to be successful but be thoughtful and analyze the information that people give you. Consider their potential motives and focus on people who are worthy of your trust.

In addition, you don’t want to become emotionally connected to your investment. Falling in love with a property doesn’t necessarily mean that it is widely marketable. Use the data that is available and base your decisions on current trends in the market. Listen to your instincts but back them up with solid data-driven research.

Don’t Overspend on Improvements

Make sure that you analyze how much value improvements will add to your property and then stay on or under budget. Research is critical here. Certain improvements may be fantastic but if research shows that the value increase is minimal, stay away from them and focus on what will increase your profits.

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