Are you one of the real estate businesses facing a 99% chance of failure?
If so how can you turn it around now before your model flops and sucks an enormous amount or your time and money down the drain with it?
The real estate market has been turning around and there is a large rush of new buyers and investors out there. However, with an incredibly high dropout rate within the first 5 years starting a successful business is already very challenging and worse if you are going in with the wrong strategy.
So what makes the difference between those who are wildly successful and those whose business plans fall apart before they even really get going?
Fix 1: Market Research
This doesn’t just mean knowing your local real estate values, how many potential transactions are out there and what makes a good acquisition from a bad one. It also and just as importantly means researching what the competition is up to and having the right real estate investing system and model.
Real estate investors are becoming increasingly creative in how they do business but sometimes they are sealing their own fate by just jumping onto what they are told is a hot trend without making sure that the numbers work and they are staying competitive.
Key to winning here is investing in a good real estate education and a system which has been proven to work while really finding out what else is being done which is similar.
Fix 2: Revamping Marketing Strategy
Just because someone else is doing it doesn’t mean that it is right for you or even that they are making money from it.
Depending on which real estate investing niche you are in and your business model you may be better off focusing on outbound marketing versus inbound and vice versa.
However, there is also now a very good argument for ditching some old school marketing methods and instead of pitching and hitting up everyone for their business focus on a platform which really provides value and brings people together, while developing a reputation as a powerful resource.