How To Determine Your Value In The Real Estate Industry
How can individual investors determine their value within the real estate industry?
It’s a great time to get into real estate and, for that matter,to get back into it. However, some are still struggling to find their place. Should they be real estate agents or investors? Should they remain independent professionals, work for someone else, or start their own businesses? If they are going to invest, what are the best strategies for them to get going with?
If that wasn’t enough, there are also ongoing debates about how technology is changing the real estate industry. Will Realtors still exist and be relevant 10 years from now? Do people even still need real estate agents at all? Will crowdfunding make bank and mortgage loan officer jobs extinct?
These are all questions worth asking. If you are going to invest in real estate education, training, branding, marketing, and bet your income or financial future on real estate, you want to know it is worth it. Not just for the quick bucks to be had immediately, but to develop lifelong income, bigger wealth, and sustainable finances. Those that really care want to make sure they are doing something that has real value. So how do you determine the best spot for you in the real estate industry?
1. Research: Start with some market research. Real, in-depth market research. Read up on the industry, know your historical data, go to real estate seminars, and talk to industry leaders and real estate coaches. Analyze the landscape, recognize what is there, what’s coming in terms of trends and new technology; then recognize the gaps that you can establish yourself in.
Forget price. Competing on price alone is just a self-defeating strategy. Period. So is there a certain niche group that is under-served? One that could be served better? One that needs help, but isn’t getting it?
2. Listen: Don’t just survey the landscape and rely on what you see initially. Listen to more than the marketers. Most of them are there to take your money. Just a few will really want to make you money and boost your success. So listen to consumers and peers. What are their challenges? How do they feel about the options, products, and services out there? What do they want? What don’t they want? Trade shows, conventions, social media, restaurants, the gym, and the local coffee shop are all great places to listen.
3. Ask: Sometimes you’ve got to ask questions. Ask what people are looking for, and are willing to pay for or not. Ask what they love about their real estate experiences, and what they hate. Ask them in person, on Facebook, via Twitter, through email, via surveys, and in person. Compile and organize that data.
4. Take Inventory: Now that you’ve piled up all the data, it’s time you also took stock of yourself. Take inventory of you, your resources, and your interest. What are you good at? Where are your weaknesses? What are you passionate about, or not? What about real estate appeals to you the most? What resources do you have? This includes skills, knowledge, assets, money, and contacts. How does that match up to some of the voids in the market, and the different options for getting into real estate? Is your place in ultra-luxury real estate? Affordable housing? Training others?
5. Educate & Create Your Space and Value: Truth be told, people don’t know what they need. That’s one of the downsides of social media and the constant regurgitation of information on the internet. However, these tools can also be used for good. Sometimes these disrupters have to create their own markets and get out there and do some educating, and demonstrate what is possible. So get out there and test, give people more, give them what they didn’t know was available, desired, and needed. Then give them more, and serve their friends and contacts too.
Everyone’s circumstances are unique. There are endless options and configurations for participating in the real estate industry. There will always be room for innovation, and those that can do it better. Do your homework, know what you have to bring to the table, and then create your space and deliver value.