How Target Market And Focus Improves Real Estate Investing
How Target Market And Focus Improves Real Estate Investing
One thing that most real estate investors waste a lot of time on is not focusing on a specific target market. some people think you can buy and sell houses nationwide without ever seeing those properties. this article allows you to focus on what works best for maximum profits.
Lots of real estate investors waste a lot of time by not focusing on a particular market. However, some real estate investors support virtual real estate investing where you can invest nationwide without seeing the properties.
this article allows you to focus on what works best for maximum profits.
I got my first deal one and a half hours away when I started investing. Due to my lack of experience, I did not pay attention to where the properties were located when I sent out my mayketing materials. The Dallas Fort Worth metroplex is big so I figured that was a good target market.
Since this was a wholesale deal, I had to go and show the house to other real estate investors. It was not vacated yet, so I could not give them the lockbox code.
I visited the house 9 times in total and spent about 40 hours driving or at the property. Yes, I was relieved when it was over!
No matter which market you look at, there are always deals around you. It does not matter how many real estate investors are in your local area.
Once you target a specific geographical area and price range and focus your marketing there, you will be surprised how many deals you can do in that area.
I rarely drive more than 20 minutes away unless the deal is too good.
Choose a particular area where you can manage a deal from start to finish with little stress. It does not matter what your exit strategy is.
Choose a specific farm area and stick to it. You can expand with time once all your systems are in place.
What about virtual real estate investing?
It may sound easy and convenient to buy properties you have not seen. Possible if you partner with other investors who buy nationwide.
I never buy properties I do not see and recommend you do not do it. Work with simple straight forward deals you can handle and grow your real estate investing business as time goes.
Also important is to focus on the types of properties you buy - wholesale deals, rentals, lease to own, subject-tos, etc. This helps you decide the price range and the best neighborhoods that have your kind of properties.
Your marketing method needs to be well targeted both on the internet and direct mail such as letters, post cards, etc. In both cases, you must have a real estate investing website that runs your business, increases credibility and tells your story for you.
This way, your real estate investing business will succeed more by spending less time money and effort to close more deals.
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