According to the IRS, in the past 50 years, 71% of Americans that reported $1+ million on their income tax returns were involved in real estate. If you have ever wanted to unchain yourself from your 9-to-5 or wanted to provide financial freedom for yourself and your family, you might want to consider starting a real estate business.
In this blog, we’ll explain how to get started with your very own real estate business and build the life you always wanted.
How to Get Started
Before we go too much further, the first thing you need to know is this: owning a real estate company isn’t easy. Starting a business, no matter what industry, requires lots of research and a detailed business plan. Consider the following tips:
Set Your Goals
Take some time to consider your plans for the future and decide what is most important to you. This means that you need to consider all of your goals: professional, personal, and financial. Ask yourself where you see yourself in the next 5, 10, or 15 years. Then, consider the steps you need to take to get there. Consider using the SMART goals framework:
S: Specific
M: Measurable
A: Attainable
R: Relevant
T: Time-bound
Conduct Research
To create a successful business plan, you must take the time to do some in-depth research into the industry. This means identifying your niche, market area, and competitors. When it comes to real estate, there are several options you could focus on- but most investors opt for wholesaling when they are just getting started.
Organize Finances
While it’s true that there are several ways you can get involved in real estate without putting money down, you should still take some time to consider your financial situation. After all, if you approach a lender, they are going to want to know this information. Therefore, get a copy of your credit report and review any investments or accounts you already have.
Create Your Strategy
Once you’ve done your research, you should start thinking about what will help your business succeed. Draft your business plan that includes the resources/tools you plan to use.
Form Your Real Estate LLC
An LLC, or limited liability company, is a business structure that is designed to keep your finances separate from the business. This means that you can purchase/own real estate without being personally liable. Each state has different fees, but the process is the same.
Plan Your Marketing
A great marketing strategy is critical for any business. Think about what your unique value proposition is. This will help you establish your brand and marketing campaigns. This is the time when you will design a logo and determine your core values and mission statement.
Create Your Website
In today’s world, it’s critical to have a web presence- especially in the real estate industry because most home buyers are searching through their options online before they reach out to an agent. Therefore, it’s critical to have a decent website to help attract clients.
Launch Marketing Campaigns
Consistency across all marketing channels is key. Make sure that you schedule follow-ups on the campaigns that you deliver.
Reach Out to Leads
When it comes to running a business, one of the worst things you can do is launch a campaign and not know how you plan to track/follow-up with leads. Even if there’s not an immediate opportunity for a particular lead, something may come up in the future.
Build Your Support Network
Finally, you must keep in mind that you’re not alone. Many of your leads will come from your network. Therefore, make sure that you’re taking the time to cultivate these relationships.
Conclusion
If you are looking to become a millionaire, real estate is the ticket. Of course, one thing you must understand is that it’s not going to happen overnight. You must take the time to follow the proper steps and soon, you’ll be able to join the ranks of the 71% of Americans that can put $1+ million on your tax return. Reach out to Achieve Captial Advisors to learn more.