Bring Something Unique To Every Deal
By Paul Esajian on November 18, 2013
Every investor has something unique they bring to each real estate deal. However, discovering this trait for yourself will help separate you from your competition. For some investors, it is the knowledge of a particular property or area. For others, it is their extensive contact list or ability to raise capital. Whatever it may be, focus on it and make it the reason people would want to work with you over someone else. There are many investors out there. Unless you bring something unique to every deal, you will find yourself and your deals getting passed over.
There are basically three ways in which you can separate yourself from the rest of the investing herd: knowledge, expertise and resources. To be successful, you need to be strong in at least one of these areas. If you have knowledge of a specific market and know the area, your offers will reflect it and you can maximize profits. Things can change with a market in as little as one mile away. If you know when it changes and what types of properties buyers want, you are creating value for yourself or your partners.
The second thing you can bring to the table is expertise. Do you know what you are going to do with the property and how you are going to do it? Do you know the best type of financing for the deal you are trying to do? Have you closed on properties in the same complex or from the same seller? It is not enough to know what you want to do, you need to know exactly how you are going to proceed. Until you gain this expertise for yourself, you can learn it from the people around you. Everyone starts out as a new investor, just make sure you are learning from those with more experience.
The biggest things you can bring to the table are contacts and resources. If you have access to a realtor that can put you first in line for short sale opportunities or an anxious hard money lender, you have valuable contacts. Knowing a contractor that can work with your budget and produce a quality product is another prime asset. The more people that you know and want to work with you, the more valuable you are. This is why networking is always so important. You will be much more efficient if you can easily find deals, financing, contracts and buyers all from your existing contact list.
If you are not strong in one of these areas, you need to make this a focus of your business in 2014. This will not happen overnight, but everything you do and everyone you talk to should focus on these three areas. You can gain knowledge in every investing club meeting or every investing website you go to. Expertise can be gained by learning how to do things the right way and making it a point to follow through with them until they are done. Resources are gained with how you do your business and how aggressive you are on meeting people and networking yourself. It doesn’t take much, but it does take a little action every day.
The more you bring to every deal, the more successful you will be. If you focus on these three areas at all times, you will quickly find yourself with more opportunities.