Whether you are a real estate agent, a seasoned property investor, or someone just starting down the road of property-based profits, you have one goal in mind: increasing revenue by maximizing opportunities. At Star Max Real Estate School we teach our Rancho Cucamonga real estate license students everything they need to know to avoid legal issues in this profession, as well as how to make this career work for them. If you are looking to increase your profits, follow these simple tips we have accumulated:
Keep up on prices
In real estate, we all make a living in the margins. A small price shift can make a huge difference in profits or losses, and predicting local market volatility is what separates experts from amateurs. Many factors determine price changes outside of the overall housing market, from corporations moving in or out of the area to a change in property taxes. It is important to study price trends, but crucial to get out in front of them by staying up-to-date with changes in the business or governing structure. The more informed you are, the more easily you can navigate your own money, as well as that of clients or investors.
Check the signs
If you wait to hear of the next hot neighborhood through the grapevine, then odds are you will always stay behind your competition. Watch for the signs of development, such as new roads or schools going up; similarly, private sector commercial developments can be a large indicator as well, such as a shopping center or new office building. While spotting these developments as you drive by is certainly useful, getting ahead of the competition may mean keeping your ear to the area’s building board, or attending occasional city council hearings.
Every hot real estate area has a fringe area that is set for growth or decline. Investigate surrounding areas and townships for the signs listed above, and keep your search broad. A 15 minute drive is a small price to pay to pursue a new opportunity, and that same principle will apply for clients or investors. Making a name for yourself or snatching up properties in a sure-to-grow place is the type of risk that pays off huge when executed properly. If your area is experiencing property values rising or falling, there will certainly be a rubber band effect that you can capitalize on by timing when to invest in outlying areas.