How to Achieve Real Estate Success

Renting out your house fast, inexpensively, and to good tenants who will treat your house like it's their own is the fastest path to real estate success.

Bart Beale shared 5 real estate success tips that have worked for me and that I hope will be successful for your house rentals as well.

1. Set the Property Expectations

Setting the right expectations with your tenants will pave the way toward success in real estate.

With your renters, enforce the date that the rent is due and send out notices if you have to. If you send out rent statements, do it on the same day each month, make sure that repairs are done promptly, and deposit their rent checks on a regular schedule.

Depositing rent checks right away sets the right expectation with your renters and lets them know that they won't be able to float checks.

2. Have Reliable Go-To Repair People

Ask for referrals from vendors you have now and that work well with you. People know and work with people like themselves, and odds are having one good supplier will lead to a long list of others.

You'll achieve real estate success much quicker by paying your vendors on-time - or even early - and by not nickel and diming them. I've found that when I do this, that in return I get very competitive pricing and extremely reliable service.

3. On-Line Billing and Payment Options

Sending your monthly rent statements by email and giving your tenants the option to pay on-line can improve the timing of your cash flow and give your property management a more professional look.

One word of advice: I find that when you ask tenants if they'd like to pay on-line almost all of them will say yes. In reality, only a small percentage may actually do this. The rest will simply print out the rent statement you send them and mail their check in or drop it off at the office.
The take away?

I think it's still a great service to offer, and can definitely contribute to your success, just don't spend a lot of money setting up a system like this. Most banks will offer one for just a few dollars a month.

4. Websites and the Internet

If you don't have a property website set up, make that one of your resolutions.

So much marketing is now done over the internet today. If you don't have a web presence, you'll run the risk of being viewed as backward and unprofessional - and end up attracting tenants that will try to take advantage of what they see as a novice real estate investor.

One of our sister websites has in-depth information on website development and internet marketing. Take a look at Easy Real Estate 101 when you have a minute.

5.  Real Estate Flyers

You simply don't have to spend a lot of money - or no money at all - in designing a real estate flyer.

What works best for me is create a template that I can use for any house for rent, then simply change a little bit of copy and pictures for a quick-and-easy real estate flyer.

Know About the Real Estate Developers Job

A real estate developer specializes in remodeling existing developments, establishing new developments and then publicizing and selling them successfully. Real estate developers sometimes work with partners to share the workload and share the risk. Most real estate developers work for big companies that conduct real estate development on a large scale. Ina diverse portfolio they can also use a real estate development as an investment. According to Bart Beale a successful real estate developer, if you want to become a real estate developer there are so many ways it can be done. Some developer comes from real estate agent, architect, or contractor background.  Some may even hold a degree in a real estate development.

A real estate developer role can be very challenging working as a developer as they have to assess a wide variety of future sites for development and be able to figure out whether these sites will be workable and acceptable or not. A real estate developer must have the capability to look at an empty lot and be able to find future potential in the lot. A great sense of converting a decaying building into a profitable site is the key feature of a good real estate developer. A developer usually works on big projects, renovating building in order to create a number of units in the form of apartments, offices, retail spaces and more. Afterward, they work on selling or renting the spaces.

To know whether a project will be successful or not a real estate developer should know the real estate market trends very well. Various approvals need to be taken by the local government. Being a good developer you have to take care of every aspect of the project construction. You also work with architects, landscapers, contractors, politicians and other professionals who will help to see the project from the beginning to the end. You should have good leadership skills and select a good team to achieve your desired goal. Managing your team efficiently can help you to attain the desired goal of the development or renovations project.

There are ample opportunities in the real estate market for developers. You can start taking experience by getting involved as a team player in a small project. Make a vision to accomplish the small goals of developing projects. Experience will polish your skills of being a good real estate developer. 

Bart Beale and Beale Corp have decades of experience serving home builders, architects and other wholesale clients throughout the Greater Houston Area.
 

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