Real Estate Investing Requires a Particular Set of Skills
Real estate agents are typically well-organized, people-pleasers with very flexible schedules. What about real estate investors? Pursuing a career or hobby in investment takes a special kind of personality, and is certainly not for everyone. Investing in property can also put you into the role of landlord, and taking on that responsibility can be a lot to handle—especially if you are just getting started. One thing most—or all—San Antonio property investors have in common, is a very particular set of personality traits that help them flourish in their business.
Whether you're a veteran to real estate investing or just getting started, take a look at these character traits that the best real estate investors share.
1. Self Discipline
Its no secret that being a property investor takes a great deal of discipline in more than one way. Investors have to know when it's okay to say no to either acquiring or selling more properties. Investing in more properties can mean more income in the long run, but you also run the risk of your property sitting vacant. Knowing the housing market trends and whether or not it is a buyer's or seller's market can be immensely helpful. Take care to hold off on purchasing new properties when it is a seller's market when costs will be high enough to dent any returns. Research whether or not people are renting more than purchasing in your area: if the rental market is down, hold off on new properties until conditions improve.
Being a San Antonio investor also means making sure you are disciplined when it comes to your schedule. You will have appointments to keep, routine maintenance to plan, and last-minute emergencies that come up. Along with maintaining your property schedule, you will also have to keep up with your career schedule (if you are currently working) and your calendar. Consider using your cell phone or laptop calendar or a scheduling application to keep everything tidy and to assure your tenants that you are on time.
Patience and discipline tend to work hand in hand for investors. Knowing the market cycles and trends and waiting for the housing market to resolve itself can prove tedious—but it can also have huge payouts. If you are in a rush to purchase your next property in the wrong market, you may end up spending far more than you need to. If you wait, you could potentially be paying less for a home and then make more of a profit on rent. Look at your investments in the long term, rather than what is going to benefit you immediately. Being patient, especially in real estate, can keep you from making costly mistakes in the future. More importantly than that, being patient can lead you to better property acquisitions.
3. Networking Skills
I'm sure you're familiar with the adage, "It's not what you know, its who you know." This saying cannot be more accurate in real estate. Successful investors are also great networkers, and great networkers know that social media is only the beginning. As a property owner; consider partnering with contractors, real estate agents, and lenders. Finding a contractor you trust, and that does quality work can be imperative for large projects—or even maintenance emergencies—on your rental properties. Real estate agents can help you find the next big deal or can give valuable insight into the market fluctuation. If you can find a lender that you can work with time and time again, you can build a very symbiotic relationship with them. There are many out of the box networking ideas available, and while social media is very much at the forefront, do not underestimate the power of a simple conversation with someone and an exchange of business cards.
4. Knowing When to Ask for Help
Deciding that you want to pursue real estate investment is an enormous decision, and one that comes with many financial risks and rewards. Along with buying and selling properties; you are also opening yourself up to taking on home repairs, finding tenants and collecting rent, creating a schedule to show your properties and many other small jobs here and there. Partnering with an expert property manager can help to ease any stress that may come with investing in your San Antonio properties.
Property managers are well trained and educated in creating leasing documents, preparing taxes for your rental income, handling difficult tenants, fielding maintenance requests, and many other challenges you might encounter. There is absolutely nothing wrong with asking for help if and when you need it, and Real Property Management Campanas is ready to serve you. To find out how an expert property manager can assist you with growing your property investments, download our FREE Guide to Finding the Best San Antonio Area Property Manager.