In our current real estate market, there are lots of great opportunities. Unfortunately, anywhere there are opportunities you will find lots of competition. Good things attract lots of attention. However, the question that you as a real estate investor must ask is, “How can I effectively compete against other investors to win deals”?
There are 3 “tried and true” strategies that you can employ to outperform and outwit your competition.
PUT IN TIME AND EFFORT
This might sound like plain common sense; however, it is advice that many people do not follow. People who get results are the people who put the time and effort into researching, finding, negotiating, and doing what is necessary to acquire the property. Yes, sometimes you lose a deal but if you consistently put in the “time & effort”Â you will win more than you lose.
You have to know what efforts will bring you the best results. Be calculating. What many real estate investor do in a competitive market is a shotgun approach. They work really hard, make lots of phone calls, mail out a bunch of letters, put in lots of prospecting efforts but get absolutely no results. They have no strategy and there is no calculation behind their efforts.
The lesson here is to become a strategic thinker. Focus your prospecting efforts in a particular niche within real estate or within a geographical area. For example, you may want to pursue property opportunities that are within a certain distance from your office. Or maybe you are more interested in houses that are of a particular structure such as a duplex. Perhaps you are interested in single family homes. Bottom line put the majority of your time within the space you choose to focus and you will start to see results.
In competitive markets, many investors tend to quit to early when they see that their efforts are not producing sufficient results. For instance, there are lots of opportunities in the probate real estate market, and investors pursue these opportunities but many of these same investors do not have the willingness to stick with market.
Unfortunately, many investors want results yesterday. Experience tells us that the best and most consistent opportunities come with patience and consistent efforts. You put the time and effort in. You plan your efforts strategically and you stick with it.
About the Author
Ernie Vargas provides more real estate investing information, especially for the novice and sophisticated probate real estate investor but also applies to anyone who wants to be successful in real estate. Stay up-to-date at ProbateFox.com and while you are there, don’t forget to sign up for Ernie’s popular, no-cost online probate real estate training course!