Have you ever daydreamed about skipping the next meeting, hopping out your office window and escaping your executive job for good? Perhaps you’ve also thought about a new career in real estate investing, where you can be your own boss, set your own goals, and make your own hours. I can empathize because I am among the many who waited too long before making the transition from my going-nowhere career path to running my own real estate investment business. Taking that step was a bit anxiety-provoking, but breaking it down into a simple plan of action can give you the confidence you need to transform your career dreams into a reality!
Developing Your New Real Estate Career
The desire to become a real estate investor can arise amidst many different career circumstances. Sometimes the grind of commuting and work-related travel just gets to be too much. Other times, a person finds that they’ve hit the ceiling for what can be accomplished in their current position and are left wanting more. Maybe your company is downsizing and you realized that you lack real job security. Whatever the case, you may find yourself at a crossroads, faced with the decision of whether to make a transition into real estate investing. But, how? Here’s a five-step list to help you along your new path:
Step 1: Determine if real estate investing suits your personality.
Before you begin your transition to real estate investing, you must do some soul-searching to decide if it’s the right choice for you. Some personalities are better suited to a career in investing than others. Successful real estate investors are opportunity seekers who know how to build a network of support for developing a solid business reputation. Ideally, you should feel comfortable with networking, approaching new people, and building rapport, as more reserved, shy, and introverted people are more likely to struggle.
Step 2: Get training and education.
Sure, you have some business skills that will be useful on your new career path, but you are not going to want to start investing willy-nilly—that’s too risky. Instead, seek out some training in real estate investing strategies. And I don’t mean simply picking up the hottest book on the subject or trying some “can’t-lose” seminar by the latest guru. You’ll need solid training on strategies with a proven record of success.
Step 3: Start networking.
Real estate investors can’t go it alone. They need a strong network of people from real estate agents to contractors and even other investors. Some new investors try to build a network by attending club events and conferences, but it can take a while to gain others’ trust and to get fully immersed in the real estate investing community. Others find more success building their network quickly by buying into a real estate investing franchise.
Step 4: Find a mentor.
Transitioning to a new career might feel overwhelming, but a mentor can help you through the rough patches. They may even be able to help you make in-roads with their own real estate investing network!
Step 5: Gain experience.
Experience is the best teacher, as they say. It’s true, but you’ll need a way to get leads for sellers so you can land your first investment opportunity. There are lots of outbound marketing strategies, like direct mail, email drip campaigns, and newsletters, but those have a fairly low response rate. Developing a known brand that sellers recognize can significantly increase the chances of leads coming to you.
Some people find that making the transition all at once is overwhelming for their particular circumstances. The good news is that a career in real estate investing doesn’t have to be an all-or-none proposition. Many new investors stay in their current job while building their new business part-time.
Finding Support for Those Next Steps
This all sounds great, right? But you may still be wondering where to find the resources to accomplish all this. One solution is to become an independently owned and operated HomeVestors® franchisee. HomeVestors provides their franchisees with practical training in the how-tos, proprietary software that helps you evaluate properties, and a ready-made network of other franchisees. In addition, each new HomeVestors ® franchisee is paired with an experienced mentor to help guide them along while the mentee gains experience and builds an independently owned and operated business. Even better, the nationally-trusted “We Buy Ugly Houses®” brand brings the leads to you! Don’t postpone the next step toward a fulfilling new career. Give HomeVestors a call today to find out more about the supports available for your new career!
Each franchise office is independently owned and operated.
Photo Credit: Flickr CC user Peter Blanchard