The Hardest Parts of a Real Estate Business
Running a real estate business is going to be challenging, no matter how long you’ve been in the business of flipping houses or being a landlord. But when you’re new to the market, things can easily get on top of you, and there’s so much uncertainty in the housing market that keeps even a veteran of the sector gritting their teeth.
House prices go up and down, certain styles go in and out of the common cultural conscience, and having a house sit on your portfolio for months on end is not a good look at all! So, if you’re new to the market, and want to know what you’re going to be up against, make sure you keep the elements below in mind before you set up shop.
Having Time for Every Property
If you’ve got quite a few properties on your plate, because you’ve invested a good bit of money and have some quite attractive and well positioned properties to show off because of it, there’s a good chance you won’t have the time to oversee them all. You might be rushed off of your feet with some flipped houses that need a lot of renovation work, and you might just forget about a couple of houses at the bottom of your portfolio that you’ve only recently acquired.
Don’t worry, you don’t have to struggle alone with a caseload like this. You can always depend on condo management services and similar rental management companies to help you out; get a few agents on your side, as well as an easy to access dashboard of all your property details. Cut down on your working hours, work with the houses that need it most, and all thanks to a bit of organisation.
Finding the Right Agency
Of course, you’re going to need to find the right estate agent to help you sell homes and let out apartments. Combing through all of the estate agents in your area may have left you with a few doubts – Who has the best rate for getting properties off of the market? Who seems like the most helpful team, just after speaking to them on the phone or meeting in person for the first time? Who would you trust to help with your portfolio?
Answer these questions carefully. Make sure you keep your options open at first, and create a list of who would be best for you. Narrow agencies down from there; look at the properties that are on sale with your shortlisters already, and see how they compare to your own.
The Varying Pay
And of course, it can be hard to have a scheduled payday. You only get paid when you make a sale, or when it’s time to collect rent, so keep this uncertainty over revenue in mind at all times!
A real estate business is hard to set up, and even harder to run without any help. Make sure you reach out when things get complicated.